The Bitcoin hashrate, a measure of the total computational power being used to secure the blockchain network, could return to record levels sooner than previously expected as Chinese miners speed up their migration to alternate locales and U.S. miners expand capacity, according to industry experts.
The blockchain network’s hashrate reached its all-time high of roughly 180.6 exahashes per second in mid-May, following the bitcoin (BTC, -1.25%) price rally early this year. It later plunged to about 84.3 exahashes per second in early July, after China started cracking down on crypto mining.
The seven-day moving average of bitcoin’s hashrate stood at 130 exahashes per second on Thursday, up more than 50% from the July low. And the network appears to be holding steady even after a difficulty adjustment this week that made it harder to mine new bitcoins.