RATE Group | Regulatory Overview of Crypto Mining in Different Countries
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Regulatory Overview of Crypto Mining in Different Countries

28 Jul Regulatory Overview of Crypto Mining in Different Countries

Posted at 15:58h in Cryptocurrency News by

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A move by the Iranian government to cut off the power supply to local Bitcoin (BTC) miners grabbed headlines in June amid a soaring price gain by the preeminent cryptocurrency. As Bitcoin surged to prices not seen since 2017, a rising hash rate mirrored renewed interest in the cryptocurrency. By July 1, the Bitcoin mining hash rate surpassed 69 quintillion hashes per second.

Nevertheless, the action by Iranian officials is a stark reminder that regulatory moves can still hold sway over the use of cryptocurrencies around the world. The Bitcoin mining space has marched on over the last two years through the depths of a humbling and harsh environment for the entire cryptocurrency space. 

According to data from Blockchain.com, the Bitcoin mining hash rate has been on a steady increase over the last six months:

Hash Rate

These are encouraging signs for the mining ecosystem despite pressures on a number of fronts. Price volatility and regulatory efforts have been notable obstacles. With this latest…

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