According to data provided by Blockchain.com, the Bitcoin hash rate, which shows the combined computing power of the network, rose to 177.5 EH/s on October 2.
As we reported earlier, in late June, millions of crypto miners in China stopped their activities due to the pressure. After that, miners from China started to migrate to more crypto-friendly countries like Canada and USA, Kazakhstan. The closely sought-after indicator suffered a major decline in late June after these developments. Now, it has managed to make a striking recovery after this decline.
The hash rate drop that took place at the same time of June also caused a significant decrease in the number of blocks mined. In early July, Bitcoin’s mining difficulty also dropped to a historic low of 27 percent.
In fact, the increase in the Bitcoin hash rate indirectly reveals the increased interest in Bitcoin mining. Hash rate is an indicator that measures the processing power of the Bitcoin blockchain. For the integrity of the decentralized system to exist, complex mathematical calculations must be performed quickly. In simpler terms, the mathematical processing power of the sum of all devices in the Bitcoin network is called the hash rate.
The Bitcoin network hit its highest hash rate of 198.5 EH/s, the day the price of the cryptocurrency hit the current all-time high of $64,804.
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.