The hashrate on the Bitcoin network has reached 208 million TH/s, which is higher than the last record recorded on April 15, 2021 at 198.5 million TH/s, according to data provided by analytical resource Glassnode.
Blockchain company Bitfury believes the Bitcoin’s hashrate has increased mainly due to “next-generation hardware connectivity.” The relocation effect of miners from China to other countries is greatly exaggerated, since they worked on outdated hardware.
We should remember that in April 2021, the Chinese authorities started examining the energy consumption of local miners, sending notifications to data centers to collect more information about mining cryptos.
The next month, China banned banks from offering Bitcoin-related services and started a systematic crackdown on crypto mining. This led to a continuous decline in the Bitcoin hashrate, and on July 21, 2021, it hit a record low of 58.4 million TH/s. Now the indicator has recovered.
The hashrate reflects the amount of processing power involved in the Bitcoin network. All verified transactions are recorded in a block and become part of the blockchain.
It is worth mentioning that the hashrate is difficult to calculate, so it is best to analyze long time frames such as weeks or months.