​Bitcoin’s hashrate returns to a record level

What’s new? Bitcoin's global hashrate returned to an all-time high (ATH) of 172 EH/s, six months after it crashed. In early June, the hashrate fell to 84 EH/s after the Chinese government imposed a ban on cryptocurrency mining. A new report was provided by Glassnode.

#Bitcoin hashrate has almost completely recovered, sitting only 4% below the ATH (7-day moving average basis).Network hashrate fell by over 50% in May following China's ban on #Bitcoin miningHashrate has since climbed by 93% from the lows, hitting 172 Exahash/s today. pic.twitter.com/nGd2uDhutX— glassnode (@glassnode) December 7, 2021

What did the analysts report? The Glassnode representatives highlighted that Bitcoin's hashrate has almost fully recovered and is just 4% below the ATH (7-day moving average). Since the migration of miners from China, the hashrate has risen by 93% from the lows, reaching 172 EH/s.

What are the prospects? Before the ban, the Chinese BTC miners accounted for 70% of the global hashrate. This has since changed dramatically, with the US becoming the country that accounts for the majority of bitcoin hashrate at 42%.

Given the rising hashrate, it becomes clear that more and more miners are joining the network. Previously was mentioned that the mining company BitNile will acquire 16 000 cryptocurrency mining devices. Bit Digital, another major organization, announced the purchase of 10 000 Antminer bitcoin mining devices.