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Bitcoin Hash Rate Recovers to Pre-Halving Levels, But a Chinese Mine Just Burned Down


Bitcoin Hash Rate Recovers to Pre-Halving Levels, But a Chinese Mine Just Burned Down

In the wake of the Bitcoin halving, the hash rate of the network dropped dramatically. Due to an effective 50% decrease in profitability, around 30% of the machines mining BTC went offline from peak to the bottom of the trough, slowing transactions down and causing an increase in transaction fees. But as blockchain data firm Coin Metrics observed on June 14th, the hash rate has since recovered: “The CMBI Bitcoin Hash Rate Index demonstrates that hash rate has now largely recovered to its pre-halving levels.” It is unclear if the uptrend that Bitcoin’s hash rate has found itself in since the halving will continue though, with there being news that a large mining farm in China has recently had to shut down due to a large fire.

Chinese Bitcoin Mine Burns Down: Reports

According to BlockBeats, a “sharp observer” of China’s cryptocurrency scene, a Chinese Bitcoin mine with “thousands of machines” was destroyed by a raging fire “this Friday night.” The media firm explained: Read More...