Computing activity on the bitcoin network has begun to recover after falling last week.
On Tuesday, August 11th, BTC hashrate exceeded 124.6 exahsh per second (EH/s), the highest since the end of July. The hash rate dropped to 119.8 EH/s last week.
Despite small fluctuations, in general, throughout July, the computing activity remained at about the same level. So say analysts at CoinMetrics. They also point out that the value of the cryptocurrency usually has a strong influence on the hashrate of bitcoin.
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The activation of miners is observed at a time when BTC rises in price. Accordingly, if the price of bitcoin begins to fall, then miners are forced to reduce capacities since it becomes less profitable to mine cryptocurrency.
Observers believe Bitmain's power struggle is negatively affecting mining pool activity. At the moment, Chinese companies control the lion's share of the BTC hashrate.
However, as analyst Jameson Lopp recently predicted, in the future, the PRC will lose its status as the chief bitcoin miner. That will happen due to Beijing's raw policy on the cryptocurrency industry and the willingness of other countries to offer cheaper electricity to miners.