The last two weeks have been hard for the whole cryptocurrency market. Following the last correction, the market has yet to recover. Nevertheless, these days have been very fruitful for miners. The global hash rate of Bitcoin has experienced rapid growth, leading to a hash rate of 175 EH/s last week.
According to BitInfoCharts, the Bitcoin network hit an all-time high (ATH) of 197 EH/s in May, just before its dip in June. Afterward, the Bitcoin network dipped to as low as 84 EH/s following the Chinese government’s announcement regarding the process of mining cryptocurrencies. This led to Proof-of-Work (PoW) networks suffering a great hit on their price.
However, this network’s hash rate has grown greatly from that time. Sources such as Blockchain.com suggest that the hash rate of the Bitcoin network is around 105% higher than it was back in June.
Many believe that the price performance of Bitcoin is in tune with the network’s hash rate. So, this news suggests that the price of Bitcoin (BTC) might increase in the upcoming weeks. Following the previous weeks, there has been a lot of FUD regarding the future of the market. Even though many people are claiming that a bear market is emerging, this data suggests that the market is still bullish.
Determining the global hash rate precisely is hard, yet, there are several platforms that provide people with estimates. According to YCharts, the current hash rate of the Bitcoin network is sitting at 186 EH/s, just some exahashes shy of surpassing its ATH.