According to cryptocurrency website The Block, bitcoin’s hash rate has climbed to the 100 exahash per second (EH/s) level over the past three weeks and has maintained its momentum. The mining difficulty level on the bitcoin network is updated approximately every two weeks.
Hash rate is variously described as the collective computing power of miners. The hash rate is the number of hash operations performed in a given amount of time or speed. It is an important factor in the logistics of cryptocurrency mining and blockchain operations.
As China’s crackdown on mining farms continued, there was a volatile trend since the last adjustment. Bitcoin’s seven-day moving average hash rate fell from 136.47 EH/s to 85 EH/s, down 35 percent in June.
Furthermore, it was initially suspected that the action only affected bitcoin, however, shutdown orders were also placed for ethereum miners after which the ethereum hash rate also sank nearly 20 percent, the report said.
However, the trend is slowly reversing as the miners have completed the transfer process. The report, citing a statement from the company, said that the Shenzhen-headquartered Bit Mining, which had two operational mining facilities in Sichuan, had reportedly shifted operations to Kazakhstan.
Approximately 3,819 bitcoin miners with a total hash rate capacity of 172 PH/s are deployed at data centers in Kazakhstan and 4,033 bitcoin miners with a total hash rate capacity of 121 PH/s have been shipped to data centers in Kazakhstan And waiting for deployment.
The company said that ethereum mining operations were launched outside China with a hash rate capacity of 86.4 Giga hash per second (Gh/s) and an additional hash rate capacity of 4,713.6 Gh/s by the end of October 2021. expected to be deployed.