The Bitcoin hash rate (BTC) showed a positive change, now increasing over 100 EH/s. The record was last seen in May 2020.
On July 9, the BTC hash rate hit a record 88EH/s before jumping 14% and returning to a record 100 EH/s.
At the time of writing, BitInfoCharts indicates Bitcoin’s hash rate is at 104 EH/s.
Data analysis firms concluded this situation as a good sign, indicating the end of China’s mining transition. They also expect a higher hash rate spike once miners who moved overseas resume operations.
However, due to the hash rate record of around 200 EH/s before the occurrence of FUD, in fact this situation is still difficult to confirm as good news.
It is worth noting that China has begun to take firm action against the cryptocurrency mining sector, including blocking any financial institutions that offer cryptocurrency-related services.
Not only did the market see a collapse in the price of Bitcoin (BTC) but also a record hash rate dropped after Chinese miners suspended their operations.
Chinese crypto miners are fortunate that several countries such as the United States (US), El Salvador, and Kazakhstan welcome the arrival of those looking for a new place.
For example, Kazakhstan is seen as a center of crypto mining power under the administration of President Nursultan Nazarbayev. Found in April 2020, the country accounts for a 6.2% hash rate globally. Now, the rate has risen to 8.2%.
Perhaps, for now the country still does not accept the use of cryptocurrencies but they are showing interest in lifting the ban.
In fact, it was reported soon, the people of the country had the opportunity to open a crypto bank account and the effort was still in meticulous planning.
