Bitcoin hashrate returns to roughly pre-China-crackdown levels
By mid-December, Bitcoin’s network hashrate had returned to roughly the levels seen before China’s mining crackdown. The recovery documented the relocation and replacement of mining capacity after the sharp mid-year collapse.
By December, Bitcoin's network hashrate had recovered to roughly the levels seen before China's mining crackdown despite the forced shutdown and relocation of a large share of mining equipment. The recovery closed a year-long stress test in which mining capacity migrated toward North America, Kazakhstan and other jurisdictions while the network continued operating.
Closes one of 2021's clearest multi-stage narratives: mining capacity collapses and later recovers after geographic migration.