Dec 14th 2021
Bitcoin on-chain summary: Hashrate at all-time high
Hashrate reaches all-time high, but the rest of the on-chain metrics are flashing red.
Source: Blockchain.com
When China banned bitcoin mining in June, more than half of the hashrate quickly went offline.
After bottoming at the end of June, the hashrate has grown 114% and reached an all-time high last week.
The reason behind the fast hashrate growth following China’s ban is the extreme super profits of bitcoin mining, incentivizing miners to plug in machines as fast as possible to reap the rewards.