Bitcoin hash rate recovers to nearly same level when China cracked down

Bitcoin's (BTC-USD) hash rate, a measure of the BTC network's computing power on mining and processing transactions, is nearly fully recovered after the large drawdown seen after China's clampdown on the space earlier this year. Because of China's ban on crypto mining and transactions, about 50% of the globe's mining rigs went offline nearly overnight, Bloomberg cites a Nov. 8 report from BTIG. As a result, the crackdown gave the U.S. and Canada chances to fill in gaps. In the meantime, Bitcoin's (BTC-USD) hash rate soars to 176M terahashes on Wednesday - just a thread away from a peak of 180M in mid-May - from its trough of 86M in mid-July, Bloomberg cites data from Blockchain.com. "Unlike traditional data centers that require multiple redundancies to avoid going offline, one of the biggest advantages of a Bitcoin mining data center is its flexibility and the ease in which it can unplug and