Following a 90-day upward trend in its activities; Bitcoin hashrate is on the rise once more, with a 128 percent increase recorded during this time.
China’s clampdown cut BTC hashrate
Recall that about two months ago, the Chinese authorities imposed a series of institutional clampdowns on various mining operation centers; making it difficult for miners to work as some of their facilities were closed; making hashing almost impossible, resulting in a drop in the hashrate of the leading digital asset.
Interestingly, some of these miners began to move to mining centers outside the Asian country; which also helped to reduce the hashrate, before the Chinese crackdown started.
According to project research conducted by the Cambridge Bitcoin Electricity Consumption Index (CBECI) in April; China’s hashrate dominance had decreased to 46 percent as a number of these mining companies relocated to more mining-friendly jurisdictions.
All of these factors contributed to the rapid decline of BTC hashrate; which reached a record low of 69 exahash per second (EH/s) on June 28.
BTC hashrate steadily climbs again
It has risen to 158 EH/s about two months after the hashrate decline. In fact; for context; the coin has been able to hit 174 exahash per second (EH/s); on two occasions since June 28 in the series of rises that led to this stage.
This increase in hashrate is not limited to Bitcoin alone. It mentions a few other hashrates in the industry.
For example; over two months ago, Ethereum’s overall hashrate was 504 terahash per second (TH/s), and it is now 740 TH/s. Since June 25, 2021, Ethereum’s hashrate has increased by approximately 46.82 percent.
Despite this increase, the unknown hashrate has decreased significantly; as 96 percent of the mystery miners recorded at the end of June have vanished.