Miners Complete Migration: Hashrate of BTC Network Tripled in 2 Months
The size of Bitcoin's processing power is gradually returning to the same values that were observed before the ban on mining cryptocurrency in China.
In particular, as of August 25, it is about 155 EH/s. Recall that the local minimum was reached on June 28 and was 52 EH/s.
The record was set on May 13, when the total hash rate stopped at 198 EH/s. However, it soon began to decline and showed a downtrend for six weeks. Against the backdrop of bans in the PRC, it fell by almost 65%.
In parallel with the recovery of the hashrate, the difficulty of mining the world's first cryptocurrency is growing. In the last automatic recalculation, it rose by 7%, to 15.56 T. The May value of 25.05T is still far away, but the network is moving towards that figure.
The complexity of the network dictates the amount of processing power required to mine a block for about 10 minutes. It changes every 2016 block, the equivalent of two weeks.
BTC is worth $47,000 with a market capitalization of $884 billion.