- Bitcoin and other digital assets are recovering previous losses as the crypto-market remains greener.
- The new data shows despite heavy rains in China, Bitcoin hash rate remains strong.
- Mining operations in China are continuing to surge as Bitcoin keeps making waves.
The new report published by the Stack Funds shows that heavy rains and monsoon season in China has not forced miners to step back from mining Bitcoin. Lately, China has been experiencing power outage issues because of the rains.
After China’s partial ban on Bitcoin, the mining operations taking place on Chinese soil doubled within instants. Even though mining was at stake amid the power outage issues and floods in August, a weekly average of Bitcoin hash rate stands above 120 terahashes (TH/S).
Earlier this month, the cryptocurrency market was thriving at the daily crypto-chart and so was the hash rate. According to the data analytics firm, Glassnode, the Bitcoin hash rate touched a new high on September 8th. Few days prior, BTC/USD hash rate was at 150 terahashes and this is the first time that Bitcoin has surpassed that boundary line.
Crypto-market rebounds following the recent downtrend
The previous few days were a complete disaster for the crypto-market as major assets like Bitcoin fell from 11k to 10k. Following Bitcoin, Ethereum, which was trading at $480, an all-time high in 2020 noticed a drop of more than 15%. In fact, Chainlink (LINK) which was hovering above $16 went down to $10. Such a downfall brought a little negativity in the cryptocurrency industry.
However, Cryptocurrencies are known to prove people wrong, so, the market than shifted from a bearish zone to a bullish road.
Bitcoin to stabilize above the resistance level
The Stake Funds report claims that Bitcoin hash rate has remained rather strong for the past few weeks. Perhaps, it will not be wrong to say that it will steed ahead in the near-term.
China controls more than 60% of the mining. At the moment, circumstances for the miners have been quite tough over there. For instance, mining operations in the Sichuan area are facing a threat due to heavy rains but it may end up pushing the hash rate even higher.
At the time of writing, Bitcoin is hovering at $10,288.90 with some bullish hope to it. The Stake Fund report predicts that Bitcoin will hit the $10,500 mark shortly.