When China banned all cryptocurrency-related activities in the country back in May 2021, many thought it would lead to a collapse in the ecosystem. However, Bitcoin has more than thrived since then, reaching all-time high prices. Now the Bitcinhash rate is also nearing its pre-China-ban stages, marking a full recovery from all losses dealt with by the China ban. The present hash rate of the Bitcoin network is 179.5 Ehash/s, which is very close to the all-time high rate of 182.9 Ehash/s. The Bitcoin network reached all-time high hash rates just before China banned all crypto-related activities. After the ban, there was a steep fall in the hash rate but has since recovered steadily. In July 2021, the hash rate dropped to its all-time low of 84.5 Ehash/s.
China’s decision to ban cryptocurrencies had a very mild impact on the broader growth of the ecosystem. However, it did cause severe problems for Bitcoin miners in the country who had to pack their bags and leave for other countries. Those who could not do that had to deal with financial losses along with regulatory pressures. Even 6 months after the ban, China is still looking to clamp down on Bitcoin mining operations. Prior to the ban, China was the biggest contributor to Bitcoin hash rates. Kazakhstan, Iceland, Russia, the United States of America have since contributed greatly to Bitcoin hash rates. If things go well, Bitcoin hash rates will soon reach a new all-time high