Bitcoin hash rate back to all-time high

After Bitcoin’s global hash rate dropped as low as 84 EH / s in June, the network has since rebounded to around 175 EH / s this week.

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The global hash rate of the Bitcoin network has returned to an all-time high (ATH) just six months after a severe crash as a result of the Chinese government’s mining ban.

The global hash rate of the Bitcoin network fell to 84 EH / s in early June after the Chinese government cracked down on the cryptocurrency mining sector.

According to Blockchain.com, the global hash rate has increased 108% since June, with the Bitcoin network operating at a seven-day average of 175 exahashes per second (EH / s) since December 8th.

This is about 3% lower than the high of 180 EH / s seen at the peak of the previous bull cycle in May. The hash rate trend is widely believed to be in line with the price of Bitcoin, suggesting that despite the overall gloomy mood in the market right now, some positive price movements may be in sight.

However, the reality of ATH’s global hash rate is difficult to pinpoint because so many popular platforms differ in their estimates of the history and current performance of the Bitcoin network. According to data from BitInfoCharts, ATH hit 197 EH / s in May before dropping to 68 EH / s in June. As of December 8th, the platform has a BTC hash rate of 191 EH / s, while YCharts has a current performance of 186 EH / s.

Before the ban, bitcoin miners in China made up 70% of the world’s hash rate. The landscape has changed dramatically since then, with the US becoming the dominant country in the BTC hash rate at 42%, as estimated by the Cambridge University Bitcoin Power Consumption Index.