Home >
Bitcoin, Ethereum Hashrate Starts Recovering as Chinese Miners Relocate

Bitcoin, Ethereum Hashrate Starts Recovering as Chinese Miners Relocate

OXBTC, a brand with six years of cryptocurrency mining farms operational experience, has legal support from a Singapore company in June 2021. in addition, OXBTC has completed the brand upgrade, including the official website and official application update. With the crackdown of China's crypto mining farms, the mining machines, and mine operations behind the mining products of OXBTC online services have also been shipped and transferred to foreign countries one after another.

At present, the company has several overseas sites and has completed transporting mining machines to new mines. OXBTC bears the cost of mining machine migration caused by this emergency event for the miners. At present, mining machines are being transmitted one after another, waiting to go online and start mining.

With the move of miners abroad after China's crackdown on cryptocurrencies, the hash rates that protect the world's two largest cryptocurrencies-Bitcoin and Ethereum-have have begun to recover.

According to the cryptocurrency website The Block, Bitcoin's hash rate has climbed to a level of 100 EH/s in the past three weeks and remains consistent. The mining difficulty level on the Bitcoin network is updated almost every two weeks. Hashrate is described differently as the collective computing power of miners. Hash rate is the number of hash operations completed at each time or speed. It is an essential factor in cryptocurrency mining and blockchain operation logistics.

Mining farm.png

As China's crackdown on mines continues to increase, it has shown a trend of volatility since the previous adjustment. Bitcoin's 7-day moving average hash rate dropped from 136.47 EH/s to 85 EH/s, and it dropped by 35% in June. In addition, it was initially suspected that the crackdown only affected Bitcoin. However, Ethereum miners were also ordered to shut down, and then the Ethereum hash rate dropped by nearly 20%. However, as the miners complete the relocation process, this trend is slowly reversing.

OXBTC's new mining farms have adopted a multi-location. Therefore, the number of new mining farms is more significant, and the regional distribution is more dispersed. Still, the power supply will be more stable, and the overall operation will be safer. OXBTC hopes that all machines can be restored as scheduled and continue to bring mining benefits to OXBTC users.

At the same time, OXBTC will continue to promote the construction of overseas mines. In addition to the original Asian region (China, Kazakhstan), the North American area (the United States, Canada) will explore. Because going to sea involves issues such as asset safety and going to sea, it needs to spend more time to evaluate carefully to ensure that there is nothing wrong.

For more news about digital currency or the latest products and prices on the OXBTC Mining platform, please follow our social media or download our official app.