After China's crackdown, Bitcoin's hashrate has stabilized.


Bitcoin China

After plummeting for ten days, the Bitcoin hash rate has stabilized, and industry analysts are thinking that the worst of China's recent mining crackdown may have passed.

On Tuesday, Bitcoin's seven-day average hash rate was 90.6 EH/s, up from 90.5 EH/s on Monday. According to Glassnode data, the figure is still around half of the high rate attained in mid-May.

According to Sam Doctor, chief strategy officer at BitOoda, a digital asset financial services platform, the majority of the reduction was due to China's decision to shut down cryptocurrency mining operations in the nation, with a small amount coming from Iran.

In an email to CoinDesk, Doctor stated, "We assume there isn't much active hash rate remaining in China." “What is left is probably not mining openly, and it is possible that they will continue until either they are shut down or they can get their equipment out of China and find a new home for it.”

Meanwhile, according to Glassnode, the mean block time for bitcoin, which measures the time it takes to create a new block, has dropped to 16 minutes after surging to 23 minutes on Sunday, the highest level since 2010.

According to various mining sites, the increase in block time could be the result of Chinese miners shutting down their current activities, despite the fact that block time changes normally. Miners take longer to solve the riddles and build new blocks as hash power decreases.

When block timings are longer than planned, the difficulty level of Bitcoin, which is designed to have a goal block time of 10 minutes, will be decreased.

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