As we all know, the crypto market witnessed a major crackdown a couple of months back and so did the Bitcoin price. But it has ended and the crypto market has recovered creating history now. The Bitcoin network‘s hashrate has climbed three times since China’s mining crackdown earlier this year.
According to Crypto Quant, the hashrate of BTC is quickly recovering. The report states that the Bitcoin hashrate has now surpassed 150 Exahashes per second, or one quintillion hashes per second. The metrics from CryptoQuant show that BTC went as low as 52B GH/s but now it has risen three times more to 152B GH/s.
Significantly, this recovery indicates that the Bitcoin network is much more strong and secure. The metrics show that Bitcoin hashrate is back on track to early June levels, if this trend continues then it might reach new ATH within months.
According to Bitinfocharts, the average Bitcoin hashrate reached an all-time high of 197.6 EH/s on May 13. Following that it dropped over 65% in the next six weeks as mining machines in China were turned off in preparation for the “great miner migration.”
Moreover, evaluating hashrate data by mining pools is not accurate. As many pools combine hash power from physical infrastructure with miners pooling computational resources globally.
Hashrate Has Recovered
Cambridge University’s ‘mining map’ has not been updated since April, where the last report is when China’s hashrate was 65%. Moreover, as the hashrate has recovered, it indicates that the mining migration has been completed.
This has led to an increase in difficulty, where the last increase was around 7% on August 13. The current estimate represents an increase of 12.37% where the next one is expected at any time.
However, mining migration was offline in June and July, during that period the difficulty was lower. This allowed miners in the United States to generate more profits.