“Bitcoin mining hashrate has hit an all time high at 201 Exahash per second, after recovering from a drop of over 50%+ in the mid June 2021 reaching a low of 61 Exahash per second due to Chinese Ban on cryptocurrency mining. Migration of Chinese Mining operations to other countries is a possible reasons and a strong Bitcoin network resilience the other.”
The Analytics tool Glassnode on Sunday night revealed that the Bitcoin mining hashrate has hit an all time high at 201 Exahash per second. The Bitcoin mining hashrate has seen a drop of over 50%+ in the mid June 2021 reaching a low of 61 Exahash per second due to Chinese Ban on cryptocurrency mining. It was revealed that at the time of banning, 46% of the world’s mining power was dedicated by the Chinese miners who have now shifted their mining operations to other countries where there is no ban on mining.
More mining hashrate means that the network is more secure and the chance of an ill-fated 51% attack is minimized, which could lead to attackers gaining the control of the network. Casa wallet founder and Bitcoin developer Jameson Lopp in a tweet on Sunday night said “Weathering and completely recovering from a 50%+ drop due to a mining ban by the country with the most hashpower was a major milestone for network resilience”.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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