Bitcoin (BTC) Mining Hashrate Shows Strong Rebound as BTC Price Looks to Solidify $34K

Published by
Bitcoin (BTC) Mining Hashrate Shows Strong Rebound as BTC Price Looks to Solidify $34K

Bitcoin mining hashrate has shown a strong bounce from the downtrend caused by an extended Chinese crackdown on crypto mining. China was the biggest Bitcoin and crypto mining hub before the crackdown, most of the large mining farms in the country had to shut their operations post the ban, causing an immediate 50% drop in Bitcoin network hashtags compared to May. The hashrate has shown a strong recovery in July and is expected to grow further as more Chinese miners restart their mining operations overseas.

Source: Y Chart

The Bitcoin network hashrate is still more than 25% down from a year ago, but that is expected when a region comprising of more than 50% network mining capacity goes dark within days. Market proponents deemed it as a short-term change and a big relief for the Bitcoin community, as the concentration of such a high percentage of miners in one place was one of the biggest criticism against the Bitcoin network’s decentralization.

Read More: TikTok Bans Crypto Influencers Amid Rising Scams

Philip Swift, a popular crypto analyst on Twitter said the bounce back in hashrate would turn bullish for BTC if it manages to continue the climb.

Advertisement

Bitcoin (BTC) Price Looks to Claim $34K to Shed Weekend Blues

Bitcoin price has been in a two-month-long consolidation phase ranging between $30k-$40k. The top cryptocurrency has spent the majority of the last two months under $35K after the major sell-off in the second week of May. It has occasionally broken past $40K but couldn’t hold onto the gains.

BTC is currently trading at $33,782 reclaiming the key on-chain support of $33K after falling below it yesterday. The top cryptocurrency touched $34K briefly earlier today and looks to shed the weekend blues to target $35K key resistance again. Weekends are considered bearish for the crypto market owing to various external factors such as low trading activity, closed banks, and margin trading.

As bearish sentiment continues to dominate the crypto market, many analysts have predicted that we might not be at the end of the crypto market bull run. Many even suggest that we are nearing the second phase of the bull cycle rather than the end of the bull cycle.

Advertisement
Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?

Bitcoin, Ethereum, XRP, and other altcoins tumbled amid the latest crypto market crash. Over $1.2…

October 31, 2025
  • News

Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts

Sam Bankman-Fried (SBF) team on Friday revealed an estimated $136 billion in petition-date holdings of…

October 31, 2025
  • News

XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks

Asset manager Canary Capital has submitted an updated S-1 filing to bring its spot XRP…

October 31, 2025
  • News

Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch

Canary Funds has filed an updated S-1 registration for its XRP spot exchange-traded fund (ETF).…

October 31, 2025
  • News

CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement

The U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have entered…

October 31, 2025
  • News

Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days

The U.S. Senate committee is set to release an updated draft of the Crypto Market…

October 30, 2025