Bitcoin's hashrate plunged more than 40% as Chinese miners turned off their machines after China banned bitcoin mining in early June. The removal of mining capacity from China created an unfulfilled gap in bitcoin mining, which suddenly made the activity much more profitable. The super-profits of bitcoin mining incentivized miners outside of China to increase their mining capacity as fast as possible.
In early December, the hashrate had more than doubled from the bottom. What is the takeaway here? The Bitcoin Network lost almost half of its computing power without severely impacting functionality and security, showcasing the most resilient computing network globally.
2022 prediction: Bitcoin’s hashrate will reach 300 EH/s in 2022.