• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Bitcoin hash rate recovers after China mining ban

Ajibola Akamo by Ajibola Akamo
October 5, 2021
in Cryptos, Markets
Bitcoin hash rate recovers after China mining ban
Share on FacebookShare on TwitterShare on Linkedin

Data from on-chain analytics provider Glassnode reveals that Bitcoin’s hash rate has almost fully recovered from the 50% crash it experienced in May following China’s crackdown on cryptocurrency mining.

Hash rate measures the total computational resources of a Proof-of-Work network.

The recovery means that Bitcoin miners in China have now moved their operations overseas, following the most dramatic short-term disruption in the network’s history earlier this year.

RelatedStories

Bitcoin

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025

What the report said

According to the report, to measure the performance of the hash rate, an on-chain metric called the mining difficulty is used. The report states that, “After bottoming out in late July, protocol mining difficulty has risen by 39%, with a further additional upwards adjustment of around 3.9% expected this week. Mining difficulty has now returned to last 2020 levels, requiring around 80 sextillion hashes to solve a block (that is 8 followed by 22 zeros!).”

Another on-chain metric, the difficulty ribbon is also used to illustrate the hash rate recovery. The report states that, “The Difficulty ribbon is also about to flip over and signal full recovery, as the slowest 200-day moving average crosses over the fastest 9-day moving average. The only comparable difficulty ribbon flip to the current market was following the December 2018 bear market capitulation event that took prices down 50% to $3k.”

The report also looked at the total miner’s revenue on-chain metric to assess how profitable mining is at current hash rate levels. The report stated that, “we can look to miner total revenues to assess overall income for the mining industry. Despite a 50% reduction in the block-subsidy from 12.5 BTC/block to 6.25 BTC/block in May 2020, total USD miner revenue is up significantly.

“Remember, miners have CAPEX (hardware, facilities, logistics) and OPEX (power, personnel, maintenance etc) costs that are denominated in fiat currencies. Comparing the current aggregate mining income of $40M per day to revenues observed around the 2020 halving event, we can see that miner revenues are up; +275% since the pre-halving period of $14M to $18M/day and +630% compared to the post-halving period of $6M to $8M/day.”

Bottomline

The hash rate recovery means that miners will be using more computing power to mine bitcoin. It also means that the computing power required to maintain the network is on the pathway to return to the level before the China ban on cryptocurrencies. The return in hash rate also means that bitcoin’s network integrity is very strong and almost unsusceptible to attacks.

Bitcoin is trading $49,370, up 3.43% as of the time of this writing.

Tags: BitcoinBitcoin hashratechinaCryptocurrencyGlassnode
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Bitcoin
Cryptos

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro
Digital Media

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin
Cryptos

Bitcoin blasts past $118K, short sellers lose $1.25 billion   

July 11, 2025
Bitcoin
Cryptos

Bitcoin surges to record $112K amid institutional demand 

July 10, 2025
Bitcoin
Cryptos

Bitcoin shows buyers’ exhaustion, struggles under $108K

June 27, 2025
Memecoins led the industry in Q2 2024 and total crypto market cap fell by 14% — Report
Cryptos

FATF raises alarm over rising illicit crypto use globally, urges stronger regulation  

June 26, 2025
Next Post
Health Regulator approves Pfizer COVID-19 vaccine for teenagers in South Africa

Study shows Pfizer covid vaccine effectiveness drops by 41% after six months

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 
  • Meta cracks down on Facebook content fraud, deletes 500,000 accounts in half-year 2025 
  • Dangote submits paperwork to begin construction of deep seaport in Ogun state 

Follow us on social media:

Recent News

PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

July 15, 2025
Meta announces Llama impact grant for Sub-Saharan African Startups, researchers

Meta cracks down on Facebook content fraud, deletes 500,000 accounts in half-year 2025 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics