Transactional activity on the bitcoin network has surged to its highest level since late spring amid the recent sell-off on the crypto market.
The cryptocurrency price plunged below $ 43,000 as volatility escalated on Saturday. However, the computing power of the network, on the contrary, continued to increase even as capital left the cryptosphere. Today, the bitcoin hashrate has risen to the highest values since May.
According to BitinfoCharts, computing power reached 191,415 EH/s on December 9. The all-time high was recorded on May 13, when the hash rate exceeded 197.6 EH/s. After that, the activity of miners began to fall due to the repressive policy on the part of the Chinese authorities.
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The hashrate recovery began in August. Since June, this figure has skyrocketed by 108%.
The Celestial Empire has lost its status as the largest bitcoin miner. Now the lion's share of the network's capacity is generated by companies located in the United States. Kazakhstan and Russia, as a result of the flight of miners from the PRC, were also able to significantly increase their share in the BTC hashrate.