The US Takes Center Stages as Bitcoin’s Hashrate Fully Recovers

The Chinese government has cracked down on cryptocurrency mining since the start of the year. However, Bitcoin mining continues to thrive as miners move to parts of the world with favorable cryptocurrency regulations.

Bitcoin’s Mining Hash Rate Close to the All-Time High

Bitcoin mining’s hash rate has been increasing in recent weeks and recently reached a new milestone. According to the latest data, the hashrate of the Bitcoin network hit more than 179.5 Ehash/s as of Thursday based on a 7-day moving average of the hashrate.

This is the highest the hash rate has been since China banned cryptocurrency mining earlier this year. Prior to the ban, Bitcoin’s mining hash rate reached an all-time high of 182.9 Ehash/s, which was attained right before the ban.

At the center of this recovery is the United States. China previously accounted for most of Bitcoin’s hash rate. However, the ban on cryptocurrency mining activities forced miners to move their operations to other countries, and the United States was the biggest winner.

The recent estimations by the Cambridge Centre for Alternative Finance revealed that the United States now accounts for most of Bitcoin’s hash rate. Cryptocurrency miners have shifted most of their operations to North America and Europe following China’s ban on crypto mining.

Mining companies are also immersing their machines in cooling liquids, a method that has proven to significantly increase the hash rate of the hardware devices while also reducing power consumption and extending their life span.

BTC Continues to Struggle Below $50k

Bitcoin has been struggling since it hit a new all-time high of $69,044 a month ago. The cryptocurrency’s price is down by nearly 30% from the all-time high price, and the losses could be extended if the market condition persists. At press time, BTC is trading around $49k per coin.

Bitcoin’s MACD line is deep into the bearish territory, while the RSI could drop towards 20 if the market condition persists. BTC is trading below the 100-day simple moving average of $54,542. The technical indicators show that Bitcoin is currently struggling and is experiencing a bear run.