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Brian Quarmby
11 hours ago


BITCOIN HASH RATE RETURNS TO ALL-TIME HIGH LEVELS

After the global hash rate of Bitcoin dropped to as low as 84 EH/s in June, the
network has since recovered to sit at around 175 EH/s this week.

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The global hash rate of the Bitcoin network tanked to as low as 84 exahashes per
second (EH/s) at the start of June following the Chinese government’s crackdown
on the crypto mining sector.

According to Blockchain.com, the global hash rate has increased by 108% since
June, with the Bitcoin network performing at a rolling seven-day average of 175
EH/s as of Wednesday.

The figure is roughly 3% shy of peak levels of 180 EH/s seen at the height of
the previous bull cycle in May. It is a commonly held belief that the trends in
hash rate correspond with the price of Bitcoin (BTC), suggesting that there may
be some positive price action on the horizon despite the overall gloomy
sentiments in the market at the moment.

Bitcoin's total hash rate. Source: Blockchain.com

The actuality of the global hash rate ATH is hard to determine, however, as a
lot of popular platforms differ in their estimates of the history and current
performance of the Bitcoin network. According to data from BitInfoCharts, the
ATH in May hit 197 EH/s before dropping to the 68 EH/s mark in June. As of
Wednesday, the platform had Bitcoin’s hash rate at 191 EH/s, while YCharts has
the current performance at 186 EH/s.

Prior to the ban, China-based Bitcoin miners accounted for a whopping 70% of the
global hash rate. The landscape has shifted dramatically since then, with the
United States becoming the nation that accounts for the majority of Bitcoin’s
hash rate at 42%, per estimates from the University of Cambridge’s Bitcoin
Electricity Consumption index.

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 * #Bitcoin
 * #Blockchain
 * #China
 * #Bitcoin Mining
 * #Data
 * #Hash Rate


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