Bitcoin’s mining hashrate declined over the weekend
The mining hashrate of the leading cryptocurrency declined over the weekend. According to the data obtained from CryptoQuant, Bitcoin’s mining hashrate dropped from above `100B to below 40B ((Unit: GH/s).The rapid decline in the mining hashrate was massive, and it was the lowest it has been since 2019. However, the hashrate partially recovered, rising above 80B at the time of this report. The decline this week signaled an over 70% drop in Bitcoin’s hashrate from its peak in mid-May. At the time, the mining hashrate peaked at 200B, the highest the cryptocurrency has experienced.
China’s ban continues to affect Bitcoin’s hashrate
The decline in Bitcoin’s hashrate over the past month was mostly due to the ban on mining activities in China. The Sichuan province became the latest Chinese province to ban mining activities. The government cut off the electricity supply to 26 mining farms in the region.The mining restrictions in Iran could also be another major reason why Bitcoin’s hashrate has declined in recent months. At the time of this report, the leading cryptocurrency is still trading below $35k, down by nearly 50% from its all-time high of $64k achieved earlier this year.
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