Last year started off to a rocky start for not only Bitcoin but the whole crypto market. At first, the bearish market and corrections were too intense, and then approaching May China declared war against decentralization and Bitcoin mining. It was banning all crypto mining and specifically targeting Bitcoin. As a result, many crypto exchanges and Bitcoin miners were forced to pack their operations up and look for other friendly frontiers. As a result, many of them settled across Europe and the United States but this whole thing put a heavy dent into the hash rate for Bitcoin.
The hash rate for Bitcoin determines how well the cryptocurrency is doing in terms of rounding up all the transactions taking place on its network which in turn correspond to its overall value and performance within the crypto market. China issued a severe crackdown, putting a dent into the overall Bitcoin mining operation as more than half of Bitcoin mining was being done in China alone. As a result, the hash rate for Bitcoin dropped all the way from 190 exahashes a second to 58 exahashes a second, in statistical terms dropping to a factor of 75% which is evidently very intense.
But now once again the hash rate for Bitcoin is at 190 exahashes per second and it is believed to remain consistent. The very reason for this is because those crypto miners that were firstly uprooted from China and were forced to settle somewhere else are now delegating their Bitcoin operation seamlessly. This in turn has produced enough hash rate for the whole Bitcoin network to return to its normal value and in doing so set a new all-time high.
As the hash rate for Bitcoin has returned to a normal value, there are talks of a bullish run returning to Bitcoin and the cryptocurrency setting a new all-time high by the end of the year. But these are only speculations and wishful thinking because not enough data is present to make such a prediction but still the hope among the investors regarding the replenishment of the hash rate for Bitcoin is pretty intense.