Crypto

The Hash Rate of Bitcoin Has Returned to All-time Highs

Bitcoin Cryptocurrency

The Hash Rate Of Bitcoin (BTC) Has Returned To All-Time Highs.

After plummeting to as low as 84 EH/s in June 2021, Bitcoin’s global hash rate has since regained itself to roughly 175 EH/s this week.

Following the Chinese government’s assault on the crypto-currency mining industry, the Bitcoin network’s worldwide hash rate plummeted to as low as 84 exahashes per second (EH/s) at the start of June 2021.

The worldwide hash rate has climbed by 108 percent since June 2021, according to Blockchain.com, with the Bitcoin network functioning at a rolling seven-day average of 175 EH/s as of Wednesday.

The result is about 3 percent lower than the top levels of 180 EH/s seen in May 2021 at the end of the previous bull cycle.

It is a widely held opinion that hash rate trends correlate with the price of Bitcoin (BTC), implying that despite the current market’s negative views, there may be some positive price action on the horizon.

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The accuracy of the global hash rate ATH is difficult to determine, however, because several major platforms have different assessments of the Bitcoin (BTC) network’s history and current performance.

According to BitInfoCharts, the ATH peaked at 197 EH/s in May before decreasing to 68 EH/s in June 2021. Bitcoin’s hash rate was 191 EH/s on Wednesday, according to the platform, while YCharts put it at 186 EH/s.

Before the embargo, China-based Bitcoin miners were responsible for 70 percent of the worldwide hash rate.

Since then, the picture has evolved considerably, with the United States accounting for 42 percent of Bitcoin’s hash rate, according to estimates from the University of Cambridge’s Bitcoin Electricity Consumption index.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.