Bitcoin Hash Rate Returned To Its All-Time High Levels: Report

The Bitcoin hash rate returned to its all-time high after it dropped to as low as 84 EH/s back in June and recovered to sit around 175 EH/s this week as we can see further today in our latest Bitcoin news.

The Bitcoin hash rate returned to its all-time high as it tanked to as low as 84 exahashes per second at the start of June following the Chinese government’s crackdown on the mining sector. According to Blockchain.com, the glboal hash rate increased by 108% since June with the BTC network performing the rolling seven-day average of 175 EH/s back on Wednesday.

The figure is about 3% lower of peak levels of 180 EH/s seen at the height of the previous bull cycle back in May. It is a commonly held belief that the trends in the hash rate correspond with the BTC price suggesting that they could be some positive price action on the horizon despite the gloomy sentiments in the market at the moment. The actual global hash rate ATH is really hard to determine but a lot of popular platforms differ in their estimates of the history and now the performance of the BTC network. As per the data from BitinfoCharts, the new all-time high in May hit 197 EH/s before dropping to the 68 EH/s mark in June and the platform now has a hash rate at 191 EH/s while charts have a performance of 186 EH/s.

Before the ban, the Chinese-based BTC miners accounted for 70% of the global hash rate so the landscape shifted dramatically since then with the US becoming the nation that accounts for the majority of the BTC hash rate at 42% according to the estimates from the University of Cambridge’s BTC electricity Consumption index.

As recently reported, Bitcoin deleted the traces of the mining ban which saw the hash rate drop by 50% with the latest BTC hash rate increasing and getting to levels seen in May. Five months since the biggest ever migration of BTC history started, the network fundamentals staged a huge comeback. Coming in bounds as the miners relocated, the recovery in hash rate and network difficulty is approaching a seminal point. While impossible to measure the definitive terms, the hash rate accounted for the entire China debacle and doubled from its bottom a few months ago.