What now for Bitcoin (BTC) as mining hashrate rises twice in the last 90 days
Following a series of upward move in its activities spanning over 90 days, Bitcoin hashrate is moving forward again as it has recorded a 128 percent increase within this period.
China’s clampdown cut BTC hashrate
Recall that about two months ago, a series of institutional clampdown on various mining operation centres by the Chinese authorities made it difficult for miners to work as some of their facilities were closed thereby making hashing almost impossible thus, leading to a slide in the hashrate of the leading digital asset.
Interestingly, before the Chinese crackdown began, some of these miners had begun moving their mining centers outside of the Asian country which also contributed to the decline in the hashrate.
In April, a project research by the Cambridge Bitcoin Electricity Consumption Index (CBECI) revealed that China’s hashrate dominance had reduced to 46 percent because a host of these mining companies had moved to more mining-friendly jurisdictions.
All of these factors contributed to the rapid fall of BTC hashrate to a record of just 69 exahash per second (EH/s) as of June 28.
BTC hashrate steadily climbs again
About two months after the hashrate decline, it has climbed up to 158 EH/s. In fact, for context, it is important to note that in the series of rise that led to this stage, the coin has been able to hit 174 exahash per second (EH/s) on two occasions since June 28.
This rise in hashrate is significantly not limited to Bitcoin alone. It touches on a number of other hashrates in the industry.
For example, Ethereum’s overall hashrate was down to 504 terahash per second (TH/s) over two months ago and today it is 740 TH/s. Ethereums hashrate has increased roughly 46.82 percent since June 25, 2021.
However, in spite of this increase, unknown hashrate has subsided a great deal as 96 percent of the mystery miners recorded at the end of June have disappeared.
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Text source: CryptoSlate
