BTC (Bitcoin) is confirmed to be recovering its hashrate after the major crackdown against cryptocurrencies in China. In October, the Chinese government announced that all blockchain transactions were barred from the country.
A visual representation of the digital Cryptocurrency, Bitcoin alongside US Dollars on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD.
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The Asian nation decided to do this since digital coin mining is believed to be consuming a high amount of electricity. Meanwhile, the People's Bank of China, a Beijing monetary authority, released a statement against cryptocurrencies on Sept. 24.
The financial department explained that crypto mining lacks the status of other monetary instruments.
Then, they filed a notice with the Bureau of Public Security and eight other government bodies to completely warn Chinese residents that any cryptocurrency activity within the country would be considered a crime.
BTC Recovers Hashrate
After the massive ban in China, the hash rate of various cryptocurrencies, especially BTC, went down. However, Coin Desk reported that Bitcoin is now recovering from the crackdown.
A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it sees wider mainstreem adoption.
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Now, experts concluded that Bitcoin's hash rate would reach a new all-time high level before New Year arrives. In November, the digital coin's computing power decreased by around 1.49%.
But, new data reveal that the cryptocurrency has been making a huge hash rate recovery for the past three days, averaging around 182.83 exahashes every second.
Researchers claimed that BTC would be able to recover another 4% of its computing power this coming weekend. On the other hand, Arcane Research believes that a 7% increase would take place.
Although this is the case, this hash rate trend of Bitcoin could still change, especially if China suddenly decides to make another round of crackdown against the likes of BTC. You can view this link to see more details.
What is Crypto Hashrate?
According to The Motley Fool's explanation, hash rate is an important metric for proof-of-work-based cryptocurrencies.
This computer power measurement indicates the number of miners in a digital coin. If crypto miners are quite high, it has a high hash rate.
On the other hand, it would also mean that acquiring the digital coin you prefer would be much harder to pull off.
In other news, Kickstarter wants to transition to a blockchain-based crowdfunding site. On the other hand, Visa's crypto advisory practice innovation has rolled out.
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Written by: Griffin Davis
