Bitcoin Hash Rate Returns to All-Time High: Report
Bitcoin hash rate is back at all-time highs after falling to 84 EH / s in June and bouncing back to 175 EH / s this week as we can see on our latest bitcoin news today.
Bitcoin hash rate has returned to an all-time high when it dropped to as low as 84 exahashes per second in early June following the Chinese government crackdown on the mining sector.
According to Blockchain.com, the glboal hash rate has increased 108% since June, with the BTC network posting a seven-day average of 175 EH / s on Wednesday.
This is about 3% lower than the high of 180 EH / s seen at the peak of the previous bull cycle in May. It is widely believed that the trends in hash rate versus BTC price suggest that despite the current gloomy market sentiment, it could be some kind of positive price action going forward. The actual global hash rate ATH is really difficult to determine, but many popular platforms differ in their estimates of the historical and current performance of the BTC network. According to data from BitinfoCharts, a new all-time high hit 197 EH / s in May before dropping to 68 EH / s in June 186 EH / s.
Prior to the ban, China-based BTC miners made up 70% of the world’s hash rate, so the landscape has changed dramatically since then, as the US has become the majority country on the index.
As recently reported, Bitcoin cleared the traces of the mining ban, causing the hash rate to drop by 50%, with the latest BTC hash rate rising, hitting levels in May five months since migrating the largest ever began in BTC history, the Fundamentals network has made a massive comeback. As the miners relocate, the hash rate recovery and network trouble draws near the crux of the matter. While the exact conditions cannot be measured, the hash rate explained all of China’s decline and has more than doubled from its low a few months ago.