In July, the hashrate suffered its biggest percentile decrease in the network’s history after China (which once accounted for 75% of Bitcoin’s hashrate) told banks to stop facilitating cryptocurrency transactions and issued bans on mining.

China’s crackdown on crypto mining sparked The Great Mining Migration, which saw mining firms move their operations to more favorable regions. Bitcoin has seen multiple record highs since the ban and been adopted more by institutions investors. It even received legal tender status.

Bitcoin Mining Reaches New All Time High
At the peak of its crypto adoption, many referred to China as a nation that dictated the pace and direction of the world’s largest cryptocurrency. However, the nation’s crackdown on mining led many mining firms to leave the country, and the global mining power of Bitcoin fell under 70 EH/s (exahash per second).

The hashrate, or mining power, has continued to rise despite the crackdown. The hashrate reached 190 EH/s Friday, December 3rd, despite the bloodbath.

The Bitcoin mining hashrate continued to climb, and on Monday, December 6, peaked above 215.4 EH/s – a new record for the Bitcoin network.

Chart of the one-month Bitcoin Network Hashrate.

Flipside

• As of the writing this, Bitcoin’s mining hashrate was at 200 EH/s. Bitcoin hashrate currently stands at 169.8189EH/s.

The Rise of Bitcoin Mining Hashrate

As the difficulty level for mining decreased by 1.49% on November 28, the hashrate was rising. This is only the second mining difficulty drop since July 17.

Bitcoin mining currently has difficulty of 22.34 Trillion. Based on the current processing power, it is predicted that the next difficulty increase will be 1.17% to possible 22.26 trillion.

Mining companies have also sought locations that are friendlier to their operations, as well as cheaper, cleaner, more reliable energy sources for power hungry Bitcoin mining machines.

Hello Pal Mining and AGM Group Holdings, both giant mining companies, are moving to New York where they have access to clean, renewable energy (hydropowered). SOS Limited also plans to move to Wisconsin because of its rich natural resource and renewable energy.

Bitcoin (BTC). Hashrate Hits a New All-Time Record

Joining the hashrate in recovery, the price of Bitcoin has jumped above $51,000 after the weekend’s flash-crash led Bitcoin to trade as low as $42,874. Bitcoin is now trading at $51,263 as it surpassed its intraday high of $51,934.

This is the Bitcoin price chart for December 4-7, 2017. Source: Tradingview

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