Green Shoots of Recovery Sprout for Bitcoin Miners – Report

[RSRS]

After one of the most turbulent periods in bitcoin (BTC) mining history, miners have been handed a timely boost – with reports of recovery in hash-rate and signs that some of the BTC miners forced out of Mainland China earlier this summer are resuming their activities elsewhere in the world.
According to Glassnode’s latest on-chain report, a “Great Migration” away from China is “continuing,” with miners “transitioning out of China.” But some of these moves now appear to be complete, as “we have started to see a recovery in hash-rate from the lows set in July,” the report’s authors noted.

They claimed that hash-rate rose to a high of about 180 EH/s in May, after which rates dropped by a staggering 50% – proving that “the magnitude of affected miners” was “roughly half the network.”

But getting back online appears to have been a priority for migrating miners, as, during that past two months, Glassnode wrote that hash-rate “has increased by around 25% from the lows,” which appears to show that “hash-rate equivalent to around 12.5% of the affected miners have come back online.”

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