The hash rate of bitcoin mining has risen significantly after a prolonged decline triggered by a Chinese ban on crypto mining.
Before the crackdown, China was the world’s largest Bitcoin and crypto mining center; after the ban, most of the country’s major mining farms had to shut down, resulting in a 50 percent reduction in Bitcoin hashing rates compared to May, as well as a 28 percent drop in Bitcoin mining difficulty.
In July, the hash rate made a significant comeback, and it is likely to continue to rise as more Chinese miners resume operations outside.
One of the most serious concerns about the Bitcoin network’s decentralization was the concentration of many such miners in one region. However, market proponents regarded it as a temporary adjustment and a huge relief for the Bitcoin community.
At present levels, bitcoin whales appear to be stockpiling the cryptocurrency. The overall number of people who own more than 100,000 bitcoins is still at a 27-month high. The accumulation looks to be taking place during bitcoin’s current price fall from its all-time high of $64,000.
According to Santiment, an on-chain analytical and market analytics business, Bitcoin addresses with more than 100,000 BTC account for 3.64 percent of the supply.
Many analysts have projected that the crypto market bull run may not be over yet, as negative sentiment continues to rule the market. Many analysts believe we are approaching the second phase of the bull cycle rather than the end.