Bitcoin Hashrate Nears All-Time High Despite Facing A Drop in Prices

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Bitcoin's hashrate has recovered to near its all-time high after experiencing a significant drop in May following China’s crackdown on cryptocurrency mining.

According to Glassnodes, the current hashrate of Bitcoin is floating at 172 Exahash/second. This is just 4% below the network's ATH hashrate of 180 EH/s.

The network's hashrate was earlier sailing at 168 EH/s, which has now recovered despite the prices of Bitcoin dropping $50K.

Bitcoin Hashrate records a notable surge

Despite experiencing a drop in Bitcoin prices, the network's hashrate has been improving considerably. It currently sits at 172 EH/s which is just 4% shy of its earlier ATH of 180 EH/s.

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Bitcoin's hashrate refers to the total combined computational power utilised to mine and process crypto transactions.

An improved hashrate signals robust network security and mining capability. A fall in hashrate often makes a network susceptible to network disruptions making it vulnerable to online disturbances and distress.

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The 7-day average data acquired from Glassnodes displays the network's hashrate improving a great deal, recovering almost 93% since its earlier drop in May.

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The news of China banning Bitcoin transactions in the country saw the network's hashrate drop by 54%, while the price of BTC and other cryptocurrencies was also hit.

The three-month statistics indicate Bitcoin's hashrate hitting 190EH/s on December 3. Earlier today, the BTC hashrate climbed to172 EH/s - a remarkable improvement showing the network's strong resilience against impromptu market fluctuations.

Cryptocurrency mining may have recorded such a drastic improvement since May 2021 as cryptocurrency miners opt to set up operations in locations outside China. Popular locations include Kazakhstan and the USA.

Read More: Cryptocurrency Mining Is Still Happening In China, Even After Crackdown

[Image: Dmitry Demidko/Unsplash]