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Bitcoin hash rate is almost back to pre-crash levels – Report

Cryptopolitan


TL; DR Breakdown

  • Bitcoin hash rate is recovering fast
  • The bulls are back from a quick retreat
  • BTC price and hash rate don’t correlate

Bitcoin has been in the news of late following the short-lived price crash. The crash brought the top coin’s price down to the $40k range before the bulls re-charged to take it back up to the usual $50k range. Since then, the coin has been swinging between $48k and a little over $50k. The crash brought some other issues, the most notable of which was the significant fall in BTC’s network hash rate. Basically, that’s to say that the processing power of the Bitcoin network was adversely affected.

Now that the price is back up, there seems to be a positive impact on the hash rate. According to a report by Glassnode, BTC’s hash rate is on its recovery path back to its previous high level. At the time of the report, the hash rate was only 4% away from reclaiming the earlier ATH of 180 EH/s. It was recorded at 172 EH/s (exahashes per second). This posts an over 90% recovery. The ATH in question was reached back in May.