The global hash rate of the Bitcoin network had slumped to 84 exahash per second (EH/s) in early June following the Chinese government’s crackdown on the crypto mining industry. According to Blockchain.com, the global hash rate has increased by 108% since June, and the Bitcoin network is performing at 175 EH/s in terms of a seven-day average as of Wednesday.
The value is roughly 3% behind the 180 EH/s peaks seen at the height of the previous bull cycle in May. There is a widespread belief that trends in hash rate correspond to Bitcoin (BTC) price. According to this view, which is common in the crypto market, the spot price follows the hash rate. Thus, this suggests that there may be some positive price action on the horizon despite the overall gloomy sentiment in the market at the moment.
Different sources give different results as to what the highest hash rate is. The reality of the global hash rate peak (ATH) is difficult to determine, with many popular platforms differing in their predictions regarding the history and current performance of the Bitcoin network. According to data from BitInfoCharts, an ATH of 197 EH/s was recorded in May and fell to 68 EH/s in June. On Wednesday, the platform set Bitcoin’s hash rate at 191 EH/s, compared to 186 EH/s according to YCharts.
Before the ban, China-based Bitcoin miners accounted for 70% of the global hash rate. According to the estimates of Cambridge University’s Bitcoin Electricity Consumption index, the United States has become the country that accounts for the majority of Bitcoin’s hash rate at 42%, and the landscape has changed dramatically since then.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.