Bitcoin hashrate recovering from China mining crackdown

It is very hard, if impossible, to kill a truly decentralized system that anyone can join, and Bitcoin is a living proof.

Only last year big Chinese miners accounted for 65% of Bitcoin network’s hashrate (or computational power), and now they’re all out. The hashrate and the big amount of electricity that produces it guarantee network’s security, as adding blocks becomes ever more expensive. When hashrate falls, it becomes easier to attack the system, and after the Chinese crackdown it fell more than 50% from its all-time high.

And guess what? It’s going up again, recovering over 30% from its recent lows. As banished miners find themselves new homes in other countries, such as the neighbouring Kazakhstan or crypto-friendly Texas or El Salvador, the hashrate follows, proving once again the amazing resilience of a blockchain.