The Bitcoin network's hashrate is close to a full recovery after a major migration of miners out on Chinese soil departed in May following a ban on mining and other crypto-related activities.
Based on a 7-day moving average of the hashrate, as of Thursday, December 9, the Bitcoin network's hashrate has accelerated higher throughout the month of December, reaching more than 179.5 Ehash/s.
According to the readings, bitcoin's price is approaching its all-time high from before the ban of 182.9 Ehash/s, which occurred just before the Chinese government forced miners there to shut down.
The hashrate is a statistic that measures the global amount of computing power dedicated to mining Bitcoin. According to data from BitInfoCharts, the number decreased to 84.5 Ehash/s in July and then increased again.
Following China's dramatic hashrate reduction, the Bitcoin mining difficulty plummeted in size before beginning to recover in early August.
While most miners have departed China for greener pastures abroad, bitcoin mining has grown to be a major business in the United States.
By the end of August, the US had already become the epicenter of global Bitcoin mining, with 35.4 percent of the overall hashrate coming from there, according to projections by the Cambridge Centre for Alternative Finance.
Meanwhile, CleanSpark, a publicly listed Bitcoin mining firm in the US, has taken advantage of the Chinese ban to increase its North American operations.
The company announced today that it has purchased a new kind of immersion cooling system for one of its mining facilities, which it expects will raise Bitcoin mining productivity by at least 20%.
Systems where mining machines are completely immersed in cooling liquids, according to the firm, have shown to significantly enhance the hashrate of the machines while also lowering power usage and increasing machine life time.
At 17:33 UTC, BTC traded at USD 48,610, dropping 3% over the previous 24 hours and 15% for the week.