Bitcoin Hashrate Recovers, Reaches A New All-Time High

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New Glassnode data revealed that the Bitcoin Hashrate has been recovering at a new pace, reaching an ATH of 208 million terahashes per second.

Earlier, the Bitcoin hashrate experienced a steep decline following the crypto crackdown by Chinese authorities. The anti-crypto policy of China had compelled miners to migrate to regions supporting cryptocurrency mining.

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Following the harsh crypto clampdown, Bitcoin's hashrate fell to 58.4 million terahashes. It mildly recovered in December, climbing to 172 EH/s.

Bitcoin Hashrate reaches a new ATH

The Bitcoin hashrate is the amount of computational power that the miners utilize to verify and authenticate the crypto transactions.

It had previously registered a sharp fall following the Chinese crackdown on cryptocurrency mining.

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The mass exodus of Chinese miners to other regions supporting crypto mining as well as the introduction of new mining equipment can be one of many reasons why the Bitcoin hashrate has registered a new all-time high.

Glassnode data further reveals that the Bitcoin hashrate had mildly recovered in December. The hashrate registered at 172EH/s from a stark fall of 58.2 EH/s in June 2021. Current metrics now indicate a complete recovery, hovering around 168.4EH/s at the time of writing.

A stable and increased hashrate metrics usually signify a secure and strong blockchain network that is resilient to frequent malware and hacking attacks attempting to jeopardize the network's overall equilibrium.

Read More: How Long Does It Take To Mine 1 Bitcoin?

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[Image by Chris Liverani via Unsplash]