The Bitcoin Hashrate "V-Shape" Recovery
Under three months after the Chinese state council banned bitcoin mining, hashrate has been picking up momentum with a V-shape recovery. The Bitcoin network's one-month implied hashrate saw almost four months of steady increases since the beginning of 2021, topping at 166 exahashes per second (EH/s) in April. Throughout that month and the next, it lateralized but started dropping sharply as June began. By July 1, the Bitcoin network hashrate had fallen by nearly 30%, bottoming later that month at around 95 EH/s. But since then, hashrate has been recovering quickly, increasing by over 30%....
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Hashrate has now recovered to early June levels indicating that miners are coming back online after China’s crackdown. The hashrate for the Bitcoin network has made a remarkable recovery since it crashed following China’s crypto mining clampdown earlier this year.The Bitcoin hashrate has now topped 150 Exahashes, or one quintillion hashes, per second according to data from analytics provider CryptoQuant.On Aug. 24, the metrics provider reported a hashrate of 152 EH/s which has tripled since it bottomed out this year on June 28 at 52 EH/s.BTC hashrate - CryptoQuantThe recovery of the BTC....
On-chain data shows the Bitcoin Hashrate has made some notable recovery recently, a sign that optimism may be returning among the miners. Bitcoin Hashrate Has Been Recovering From The Crash The “Hashrate” is a metric that keeps track of the total amount of computing power that the miners as a whole have connected to the […]
An analyst explained that Bitcoin has historically seen recovery from bearish phases like the one the cryptocurrency is going through. Bitcoin Hash Ribbons Show Miner Capitulation Is Ongoing In a new post on X, analyst Willy Woo has discussed the relevance of the Bitcoin hashrate to the asset’s price recovery. The “hashrate” refers to a […]