The BITCOIN hash rate has been exponential since they have started upgrading the blockchain. On the first day of 2022 itself, they clocked the rate at 209.39 EH/s (ex hash per second). This is an almost 50% increase in the last 12 months.
The processing power for BTC is at an all-time high and on Saturday it also reached 224.32 EH/s. This is good news considering how the blockchain in the past has let down people as they wanted to buy and sell the coins in the bear and bull runs, respectively.
But people who have been keeping a close eye on BTC could have predicted that it has been increasing steadily. In December itself, the BTC network reached 194.95 EH/s and is still increasing.
This might be good news for all crypto enthusiasts, but the Chinese government’s crackdown on crypto has been causing a lot of problems lately. They, in June 2021, outlawed all crypto-related activities.
After the crackdown, the hash rate fell down to 69.11 EH/s but since then has recovered. But since China has banned crypto activities in their country now, there will be a shortage of miners too. China has a lot of crypto miners that have now become redundant and it will become harder to mine crypto later on.
With no new miners coming up to take the place of China, crypto mining will face some major hurdles in the coming year. If you have been planning to mine crypto, right now would be the best time to do so.