Also, the overall hashrate of the Bitcoin network has reached a new all-time high of 69,000 petahashes per second which is two times the hashrate recorded in December when the market was still bearish.
In other news, the National Development Reform Commission (NDRC) in China has suggested that all Bitcoin mining activities in the country should be outlawed because of its negative effects on the environment. This will greatly affect the recent increase in Bitcoin’s value.
According to a report submitted by the Nature company, about one-third of virtual currency miners around the world are based in China because of the cheap computational power, hardware, low electricity fees, and other necessary components it offers which results in high profits for miners.
Therefore, the country has been taking measures to control crypto mining. It started this in 2017 when it banned ICOs, then forbade the local use of digital exchanges and made many miners to leave the country for other countries which supports crypto mining and mining does not have any bad effect on their environments like Canada, Iceland, Iran and so on.
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