Bitcoin, Ethereum Hash Rate Starts Recuperating as Chinese Miners Relocate Overseas

Sahaj  |  Jul 29, 2021

The hash rate of Bitcoin and Ethereum is slowly recovering following the redeployment of Chinese miners after the crypto crackdown in China. The seven-day moving average of the hash rate of Bitcoin has slowly climbed up to 100 EH/s level over the past three weeks, based on the data shared by a crypto information platform.

Bitcoin and Ethereum Hash Rate Surges as Chinese Miners Relocate Overseas

Following the crypto crackdown in China on the Bitcoin mining industry, power stations across multiple territories have been ordered by the officials to suspend energy supply to mining facilities. 

As a result of that, the hash rate of Bitcoin slipped even below 90 EH/s, but now, with the slow recovery, the mining difficulty is expected to show a 4% rise in its next adjustment, after having recorded four consecutive slips since the month of May.

Initially, the crypto crackdown of China was about the mining business, but it eventually affected the farms that possessed graphic cards and ASIC miners securing the Ethereum network. Miners start shifting to different countries such as Kazakhstan.

Similarly, the hash rate of Ethereum also took a hit by more than 20%, but gradually recovered to 500 Tera hashes per second.

Half a Million BTC Shifted by Coinbase Over the Last 24-Hours

Whale Alert, a Bitcoin tracker, has recently revealed that around 50 transactions that carried a total of 456,000 Bitcoins, worth around $18,615,810,000 were spotted.

In four of the transactions, Coinbase, a major digital exchange took part and the rest are anonymous. 

The participation of Coinbase was in shifting 59,800 BTC in four transactions, 19,200 BTC, and four lumps that carried 10,200 each.

In accordance with the analytics data, these transactions were made between anonymous wallets, which could stand either for crypto whales or cryptocurrency exchanges. 

If measured in fiats, the total amount of crypto shifted by anonymous wallets is equivalent to $17,342,379,600.

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