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Bitcoin hashrate has maintained a recovery trend from the low price, upward trend is very obvious

Bitcoin hashrate is temporarily below 100 EH/s, maintaining the trend of recovering from lows. The difficulty calculated from the mining situation for about two weeks has been positively adjusted twice in a row.

Bitcoin hashrate recovery trend US-China data remains firm

According to BTC.com, the average hashrate in the past day was 144.12 EH/s, the average hashrate in the past three days was 128, and in the past seven days was 118.22. The upward trend is very obvious.

bitcoin-hashrate-has-maintained-a-recovery-trend-from-the-low-price-upward-trend-is-very-obvious

Source: BTC.com

However, the accuracy of the entire network’s hashrate still depends on the seven days average. With authorities clamping down on cryptocurrency-related companies ahead of the 100th anniversary of the founding of the Communist Party of China, large mining pools concentrated in Xinjiang Autonomous Region and Sichuan Province have been forced to suspend operations move abroad. And that also resulted in the Bitcoin hashrate has dropped a lot.

Since cryptocurrency mining skyrocketed in China, it is said that the government has not cracked down on it. Therefore, the market uncertainty due to the situation in China since May is extreme. The fact that mining data is recovering is a point that can be seen as a positive factor.

On the other hand, it is necessary to keep track of the mining situation, including the shortage of semiconductors, to what extent miners can respond to changes, such as the established machine supply network and cheap electricity bills in China.

bitcoin-hashrate-has-maintained-a-recovery-trend-from-the-low-price-upward-trend-is-very-obvious

Source: BTC.com

Moreover, the recovery of Chinese mining pools such as Antpool, ViaBTC, and Poolin, which have the largest market share, is conspicuous. On the other hand, American pools like Foundry USA have been increasing their market share since July, and the expansion of the mining scale of the US market is also one of the factors that push the Bitcoin network’s mining situation up.

In terms of numbers, compared to China’s mining pool, the mining scale is expanding rapidly, and as of the 16th, it ranks 7th in terms of market share in the world.

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