The hashrate of the bitcoin network has noticeably recovered after it crashed in May due to the restriction of cryptocurrency mining in China. According to analytical provider CryptoQuant, Bitcoin hashrate exceeded 150 exaches, or one quintillion hashes per second.
According to Bitinfocharts, on May 13, Bitcoin’s average hash rate (a measure of network computing power) hit a record 197.6 Eh / s. Over the next six weeks, it dropped more than 65% as mining rigs across China were shut down due to mining migrations .
Recovering the BTC hash rate means the network is safer and harder to attack.
On August 24, the company reported a 152 Eh / s hash rate, which has tripled since June 28 this year, when it hit a 52 Eh / s low.
This indicator is now approaching the levels of early June and, if the trend continues, over the next few months, BTC may reach a new all-time high .
“Bitcoin hash rate has recovered ~ 67% from the previous level. He did not die then, did not die now “…
The restoration of the hash rate led to an increase in complexity, which increased by about 7% on August 13. Accordingly, the competition for finding a block has also increased.
Today Bitcoin is trading at $ 48,000. At the beginning of the week, the coin tried to break above $ 51,000, but was unable to do so due to the lack of sufficient support from traders.
Santiment data shows that large bitcoin wallets periodically took advantage of the fall in cryptocurrency in July-August and boosted purchases at more comfortable prices.
The number of wallets controlling between 10 and 10,000 BTC has reached 146,950. The number of larger addresses has increased from 85 to 87, the team said in a report .