Total Fees Paid on Bitcoin Network Hit Monthly Low, Hashrate Records Historic Highs

Market analyst Will Clemente opined the Bitcoin network was presently safer than in the past in line with the recovery produced by the hashrate following China’s crypto mining ban.

Chinese government bodies managed to get obvious that crypto mining was unwelcome on Chinese soil in May 2021. Consequently, BTC miners wound up with no choice but to seal lower operations and relocate elsewhere, moving that made Bitcoin get rid of over fifty percent of their value by plummeting to lows of $30K.

In addition, the hashrate around the BTC network was nosedived by greater than 50%.

The hashrate can be used to determine the processing power the BTC network. It enables computers to process and solve issues that enable transactions to become approved and confirmed over the network.

Meanwhile, more participants still join the Bitcoin ecosystem, since quantity of BTC addresses holding greater than .1 coins lately arrived at an ATH of three,309,387.

In addition, Brazilian city Rio de Janeiro revealed intends to become “Crypto Rio” by getting 1% of their reserves in Bitcoin.