The Bitcoin hash rate has recovered by 50% since the big drop in July.
However, the migration of Chinese miners has been slower than expected due to hosting location issues and monthly batches of mining devices.
Bitcoin hash rate continues to recover. The hash rate reached 135 exahash per second (EH/s) on Thursday, according to data from Block’s Data Dashboard. This means that it has increased by 50% since July. Still, this rate is 50% below the 180 EH/s peak.
Although the recovery of the hash rate may seem fast, it is actually a more complex process than it seems. Because miners who ordered mining devices last year receive their devices in monthly batches. These new equipment increase hash rates.
As we mentioned earlier, many leading companies have ordered devices from mining device manufacturers such as Bitmain, MicroBT and Canaan, and the devices are expected to be operational in the coming months.
On the other hand, the migration of Chinese miners is slower than expected. In order for miners to activate their devices, they need to find a hosting facility. However, Dave Perrill, CEO of Compute North, which operates a mining farm in the US, told The Block that their farms are running out of space for the third and fourth quarters, and their Chinese customers’ transitions are until next year.
However, it has been noted that there is some hosting space in Russia and Central Asian countries, but this is also quickly bought by Chinese miners. Bit Mining, for example, has only been able to move 10,000 Bitcoin miners to Kazakhstan in the last two months.
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