Crypto News - Bitcoin and Chinese Ban
Bitcoin mining has totally recovered from the Chinese crypto crackdown that took more than half the world’s miners offline virtually overnight earlier this year. The recovery is measured by looking at hashrate, a term used to describe the computing power of all miners in the bitcoin network. China had long been the epicenter of this industry, with past estimates indicating that 65% to 75% of the world’s bitcoin mining happened there. But after Beijing effectively banished the country’s cryptocurrency miners in May, more than 50% of bitcoin’s hashrate dropped off the global network. As of Friday, data from Blockchain.com shows that the network has completely pared back those loses. The network’s hashrate is up about 113% in five months. Bitcoin’s speedy recovery When half the bitcoin network went dark this spring, many experts said that miners would come back online in North America. A lot of predictions were also made about the timeline to restore the network to its previous high. R
