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Sunday, October 17, 2021

Bitcoin Has Tripled Its Hashrate Since The 28th Of June

The hash rate for the network of Bitcoin has been making quite a remarkable recovery ever since it crashed with the mining crackdown by China. The hash rate of the cryptocurrency has now gone beyond 150 Exahashes, or one quintillion hashes per second according to data which was provided by CryptoQuant, a famous analytics provider.

On the 24th of August, the provider of metrics reported an impressive hash rate for the cryptocurrency at 152 EH/s which is triple the value of the hash rate that was in operation on the 28th of June. 

Bitcoin Hashrate Going Back To Pre-Crackdown Levels

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The recovery of the hash rate of Bitcoin implies that the network is much harder to attack, as well as quite secure. The average hash rate of BTC, which is the amount of computing power required by the network- hit an all-time high on the 13th of May at 197.6 EH/s, as informed by Bitinfocharts.

Over the next six weeks, it went down by around 65% with mining rigs throughout China powered down for the great migration of the mining community. The metric is steadily going back to early June levels, and if the trend were to continue, it could definitely hit another all-time high in the next few months. 

Back in May, Cointelegraph mentioned that there was evidence circulating throughout the sector of cryptocurrency that the hash rate of Bitcoin was slowly inching away from China. The details on the migration are quite difficult to come by, with the well-sourced mining map of Cambridge University not being updated since April when it was reported that 65% of the hash rate resided in China.

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In any case, measuring the data of hash rate by mining pool is pretty inaccurate as several pools are simply a mix of hash power from physical facilities. 

Since the Bitcoin hash rate has recovered to a strong situation now, it would definitely indicate that the migration of the miners is almost complete. This has inevitably resulted in an increase in mining.

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