It appears that China has finally overcame the impact of its mining ban, which caused China’s hash rate to plummet by as much as 50% in the first half of this year.

According to data from Blockchain.com, the network hash rate has now recovered to its May level, prior to China’s decision to crush its crypto mining industry.

Fast forward to five months after the largest-ever migration in Bitcoin’s history started, miners have staged a massive recovery. Now, miners are approaching an important milestone in the recovery of hashrate and network difficulty.

From its low point a few months back, the hash rate has increased by more than twice. The mining difficulty will rise by 5.7% next Wednesday, bringing it within 4 trillion of the 25 trillion mark. Bitcoin will experience its 8th consecutive difficulty increase, which is the first since 2018.

Charles Edwards, the founder of investment firm Capriole, commented that the “hash rate has only been higher than today on just 6 other days in history […]Our network security efforts are reaching new heights. That’s kind of unbelievable.”

Bitcoin’s value has risen 50% in May. China might be regretting its decision.

Data analyses also raised doubts about the stability of Bitcoin’s current price action. While the Bitcoin price dropped to $58,000 this week due to lower miner costs, it could indicate that there is a local top in light of historical trends. But miners are not eager to let go of the coin collection they’ve accumulated over recent months.

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