Bitcoin’s Hash Rate Rollercoaster Ride
At the start of June, the Bitcoin network’s global hash rate plummeted to a staggering low of 84 exahashes per second (EH/s). Why? Well, let’s chalk this phenomenon up to China’s crackdown on crypto mining—it’s akin to being in a relationship and suddenly finding out your partner decided to take a three-month vacation to a remote island without telling you. Sudden, shocking, and a bit ominous for the future!
A Comeback Worth Applauding
Fast forward to now, and the Bitcoin hash rate has demonstrated what can only be described as a phoenix-like rise, increasing by an astounding 108% since that fateful plunge. By Wednesday, the Bitcoin network was performing at a ~seven-day average of 175 EH/s. Not too shabby, if you ask me—but it still leaves us 3% short of the glory days and the previous all-time high (ATH) of 180 EH/s reached back in May.
Hash Rate vs. Bitcoin Price: The Dance of Destiny
There’s a widely accepted belief in the crypto world that when hash rate trends up, Bitcoin price tends to follow suit. So, what does this mean for the price of Bitcoin? Well, it cautiously suggests there may be good times ahead, at least if we ignore the doom and gloom that has filled the air recently. Position your popcorn, folks, Bitcoin’s next act could be worth watching!
The Great Debate: Who Has the Real Hash Rate?
Measuring Bitcoin’s hash rate isn’t as straightforward as it seems. BitInfoCharts and Blockchain.com, two platforms that should be best friends by now, can’t seem to agree on the actual figures. While Blockchain.com mentions a peak of 191 EH/s, BitInfoCharts is more generous, claiming it hit 197 EH/s in May before its dramatic summer meltdown. Talk about hash rate drama!
The Changing Landscape of Crypto Mining
We can’t ignore the significant geopolitical shift caused by China’s mining ban. Previously, 70% of the global Bitcoin hash rate was attributed to China-based miners, but now, the U.S. has stepped up to take the crown with a staggering share of 42%. It’s like an Olympic relay race, and the baton has clearly changed hands!
