Bitcoin hash rate is an indicator of global bitcoin mining activities. It is one of the pillars of understanding the development of Bitcoin across the world. Bitcoin hash rate reached all-time high rates just before China imposed a ban on cryptocurrency in mid-2021. However, the hash rate continued to grow steadily following the sudden slump. It has now reached its new all-time high position, surpassing the pre-China-ban levels.
On 8th December 2021, the Bitcoin mining hash rate reached 194.95 exahash per second. It has come despite the increased difficulty in mining. On 9th May, Bitcoin’s hash rate was 191.42 exahash per second. Shortly afterward China banned all crypto-related activities, and hash rates fell as an effect. However, miners soon started leaving China to settle elsewhere. Many settled in countries like Kazakhstan, Iceland, Singapore, and the United States of America. Some countries like Iceland had surplus energy to facilitate crypto mining effortlessly. However, other countries like Kazakhstan and Iran struggled to maintain equilibrium between domestic and commercial electric supply. In the United States, both pro-mining and anti-mining lobbies are in conflict but miners continue to grow on large scales.
The major problem with Bitcoin mining pertains to environmental harm. Since mining consumes a lot of electrical power, it becomes a problem in places with shortages. On top of that, many countries struggle with illegal miners. Despite so many setbacks, Bitcoin mining continues to grow and shows no sign of slowing down.