A recent update on Bitcoin’s hash rate shows that the cryptocurrency miners might have dropped concerns of Bitcoin’s halving aftermath and are rushing into the market. The network’s hash rate is reportedly seeing a significant increase, to the extent, it is nearing the all-time high (ATH).
Bitcoin’s hash rate recovering greatly from its low point in May
As per the information on CoinMetrics, Bitcoin’s hash rate looks well alive since the beginning of June. As of June 6, the hash rate reached 122 exahashes per second EH/s, representing about 11 percent below the recent ATH, which occurred last month.
Precisely, the current ATH in Bitcoin’s hash rate was recorded at exactly 137.57 EH/s on May 11, which was the halving day. From that point, Bitcoin’s hash rate began noticing a continuous decline, nosediving to as low as 82 EH/s on May 17, according to the report.
Following the 122 EH/s recorded on June 6, it is evident that the Bitcoin hash rate spiked by 48 percent from the low point in May. A glance at the network’s hash rate on June 7, showed a steady growth towards the all-time high. At that time, Bitcoin’s hash rate reached 126.52 EH/s. This shows that miners are 8 percent away from reaching the ATH.
Close to another mining difficulty
The development appears bullish for Bitcoin miners as blocks are being produced below the usual time, according to an associate of Fidelity’s Avon Ventures, Alex Thorn. Meanwhile, the increasing hash rate also puts miners closer to reaching another mining difficult.
Thorn said in a separate tweet:
Blocks are produced more quickly – we are averaging 1 block every 7 mins currently, instead of every 10. This clears the pool of pending transactions, typically making it cheaper in terms of tx fees. If continues like this over next 9 days, will see a jump in mining difficulty.