The global hash rate of the Bitcoin network dropped to 84 exaheshes per second (EH / s) in early June following the collapse of the Chinese government in the cryptocurrency mining sector.
According to Blockchain.com, the global hash rate has increased 108% since June, with the Bitcoin network operating at an average seven-day trading rate of 175 EH / s as of Wednesday.
The figure is around 3%, eclipsing the peak levels of 180 EH / s seen at the peak of the previous bullish cycle in May. There is a widespread belief that hashrate trends are in line with the price of Bitcoin (BTC), indicating that there may be some positive price action on the horizon, despite the general gloomy market sentiment at the moment.
Total hashrate of bitcoins. Source: Blockchain.com
However, it is difficult to quantify the significance of the global ATH hash, as many popular platforms differ in their estimates of the history and current performance of the Bitcoin network. According to BitInfoCharts, ATH hit 197 EH / s in May before falling to 68 EH / s in June. As of Wednesday, the Bitcoin platform has a hashrate of 191 EH / s, while YCharts has a current performance of 186 EH / s.
Before the ban on bitcoin miners, China accounted for up to 70% of the world’s hashrate. Since then, the situation has changed dramatically, and the United States has become a country with the majority of bitcoin hashrate at 42%, according to the Cambridge University Bitcoin Electricity Consumption Index.