Since the migration of miners from China, the hashrate has risen by 93% from the lows of June, reaching 172 EH/s

​Bitcoin’s hashrate returns to a record level

09.12.2021 - 14:15

106

2 min

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.

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.

Author:

Tatiana Darda Tatiana Darda

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy