There is still a long way to go if the Bitcoin hash rate wants to return to the level of 2020

Research data from Arcane Research shows that the 14-day moving average hash rate of Bitcoin exceeds 100 EH/S. The last time such a level appeared was in May 2020.

As a result, the data analysis company concluded that the mining flight in parts of Asia has finally been completed. In addition, the research report shows that as miners settle in their new homes, the moving average hash rate is expected to increase even more .

But considering that before FUD happened, the hash rate was about 200 EH/S, we still have a long way to go.


When analyzing the Bitcoin hash rate, the 14-day moving average hash rate fell to the lowest point of 88 EH/S on July 9. Since then, the 14% peak has pushed the hash rate to 100 EH/S, marking the recovery of Bitcoin mining from FUD in parts of Asia .

Since April this year, some parts of Asia have taken actions to prohibit financial institutions from participating in Crypto transactions, and order miners to stop activities on the grounds of environmental protection.

This not only caused the price of Bitcoin to fall, but also caused a large outflow of miners. Analysts attribute the drop in hash rate to the suspension of operations by domestic miners in search of new, more secretive and friendly locations.

“With the introduction of mining bans in parts of Asia, the most serious impact has been settled. As more miners are moved to other regions, the hash rate is likely to show an upward trend in the next few months .”

Several countries have stepped up to welcome miners from Asia, including the United States, El Salvador and neighboring Kazakhstan.

Cambridge University’s research shows that Kazakhstan is emerging as a mining giant. As early as April 2020, Kazakhstan accounted for 6.2% of the global mining hash rate. One year later, the figure is now 8.2%.

Part of the reason is that the government of Kazakhstan changed its perception of crypto mining in 2019. Under the leadership of President Nursultan Nazarbayev, the Senate has implemented some measures to encourage the development of the Crypto industry. Including recognition of the legal status of Crypto mining and providing preferential tax treatment.


According to local media Astana Times, Kazakh citizens will soon have the opportunity to obtain a Crypto bank account. This will enable account holders to trade Bitcoin and other Crypto.

The pilot project will cooperate with local banks, and users can register for a Crypto trading account to obtain this service.

When talking about this situation, Sergey Ptrua, Government Relations Coordinator of the Kazakhstan Blockchain and Data Center Industry Association, talked about the daily global turnover of billions of dollars brought by Crypto technology.

He added that if Kazakhstan can obtain a small part of it, its economic benefits will be huge .

“Even if Kazakhstan only gets one percent, or even one percent of its turnover, this will be a large sum of money flowing into Kazakhstan in the form of investment, which will remain in the form of taxes, wages and bonuses. Kazakhstan.”

Although Kazakhstan supports mining, the use of Crypto is currently not protected by law. It is generally believed that if the pilot project is successful, local regulators will remove this restriction .

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