Bitcoin hashrate recovers 50% since mining ban in China
Bitcoin hash rate has improved by half since the fall in June. The moving average hash rate of the main cryptocurrency on the market is confidently recovering to the average value between the summer low and the ATH.
According to analysts at The Block, the medium hash rate of Bitcoin managed to gain a foothold above 135 EH/s. This is more than half the level of early July (about 90 EH/s), but still falls short of the all-time high of 180 EH/s, recorded before the widespread ban on mining in China. With a recovery rate equal to the current one, the BTC network could reach a record hash rate by the end of 2021.
Much of this growth is since North American mining companies that have placed their orders for miners have received the first few batches of rigs. At the same time, The Block did not take into account the equipment leaving China due to the ban introduced there. Therefore, when this part of the miners is installed, the increase in the hash rate will inevitably accelerate.
Based on previously published deals, tech giants of the crypto industry such as MicroBT, Bitmain, and Canaan will ship an average of more than 25,000 miners to buying companies every month until the end of the year. In addition, it is worth it because many miners have benefited greatly from the moment the difficulty of mining cryptocurrencies fell after the news from China.
The migration of miners is not happening as fast as most of the crypto community assumed. The problem lies in finding an area sufficient to accommodate the existing "mining park", as well as preliminary acquaintance with the regulatory and legal features of North America, to avoid further problems with the extraction of tokens.
Representatives of one of the companies hosting the migrant miners Compute North confirmed that the flow of customers is blocking their supply. Therefore, most of them will most likely have to wait until the first and subsequent quarters of 2022. Talking about the growth in infrastructure for miners in North America, Compute North employees announced the deployment of capacities from 30 to 150 mW.
Many companies also find their refuge in Kazakhstan, where today they are developing a set of rules for miners. Thus, the Bit Mining company, headquartered in Shenzhen, has already moved more than 10,000 Bitcoin miners to the country in recent months. However, the total amount of installations exceeds 50,000 machines, and how soon they will be able to send the remaining miners is still unknown.
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