Bitcoin hash rate recovered to the same level as before China's regulation

Bitcoin mining speed (hash rate) has dropped to half as a result of China's tightening of regulations on crypto assets in May 2021, but a new survey shows that the hash rate is regulated by China. It turned out that it has recovered to the same level as before. Miners based in China are believed to have moved their bases outside of China, such as North America.

Bitcoin hashrate recovers from China's May crackdown | Bankless Times
https://www.banklesstimes.com/2021/12/09/bitcoin-hashrate-recovers-from-chinas-may-crackdown/

Bitcoin Hashrate Approaches Full Recovery From China Crackdown
https://www.coindesk.com/tech/2021/12/09/bitcoin-hashrate-approaches-full-recovery-from-china-crackdown/

It was reported that the price of Bitcoin soared in 2020 and reached a record high of 63,000 dollars (about 6.9 million yen) in April 2021, but it was a base for mining in May 2021. Following the announcement of Bitcoin regulations in China, the price has dropped to about 5.23 million yen.

Bitcoin prices have fallen further, maybe due to China's crackdown-GIGAZINE

The reason China regulated crypto assets was that mining, which consumes a lot of electricity, was in conflict with the government's 'carbon neutral' policy. Cryptocurrency regulations have been tightened since May, and in November it was announced that it would raise the electricity price of state-owned enterprises involved in cryptocurrency mining.

China announces 'raise the electricity price of state-owned enterprises involved in crypto asset mining' --GIGAZINE

However, a study by the University of Cambridge's Alternative Finance Center reports that Bitcoin's hash rate, which had fallen by about 50% due to the tightening of regulations by Chinese authorities, has recovered to the same level as before the regulation. Hash rate is a measure of computing power on the network, and China originally accounted for 71% of the world's hash rate. Hash rate recovery means that 'mining businesses are starting to develop outside of China.'

Studies show that miners are primarily based in North America, and BTC.com data show that hash rates average 182.83 EH / s over the last three days. This is almost the same as the hash rate of 190.55EH / s as of May before China issued the regulation.

Hash rate is mined degree of difficulty for directly proportional to, they tend to increase the mining degree of difficulty in the article was created. Jaran Mellerud of Arcane Research , a market report for crypto assets, predicted that mining difficulty would increase by 7% from Thursday, December 9th to the weekend. 'Everyone will want to mine as soon as possible because of the size of the profits, even after the adjustments have been made. Unless there is a new Bitcoin plunge shortly after the next mining difficulty adjustment,' Mellerud said. There is no doubt that the hash rate will reach a record high before the beginning of the year. '

After the regulation by China, Kazakhstan emerged as the 'next mining site' and the government welcomed it, but the power shortage made it impossible to continue the business and eventually restricted the power supply to mining. It came to be .