Bitcoin’s hashrate has almost returned to its highest level ever. This is just three months after China expulsed more than half its miners. Bitcoin’s hashrate is now at 177 exahashes per second (EH/s). This is three times more than the digital tokens’ June low of 58 EH/s. The all-time record of 198 EH/s, which was reached on April 15, is still below 177 EH/s. It is likely that this benchmark will be surpassed at this pace.
Some believe the recovery is due to El Salvador’s beginning volcanic Bitcoin mining . But, Nayib Bukel, the president of the Central American nation, stated that the initiative was still in the testing phase.
The hashrate growth has been steady over time, rather than rapid increases. Digihost saw a 218% increase in production to 133 BTC. This could also be because mining has become profitable again. This remarkable development occurred in the third quarter. Marathon saw a 91% increase in mining 1,252.4 BTC, which was worth approximately $60 million.
A rise in hashrate could also indicate a rising demand for Bitcoin. The token is now free from more business-oriented miners thanks to new entrants and holders of the digital asset.
Bitcoin currently trades at $48,500, and is rapidly approaching the $50,000 mark.
