Bitcoin’s hashrate is almost back to its highest-ever level. This comes barely three months after China expelled more than half of its miners. Bitcoin’s hashrate now sits at 177 exahashes a second (EH/s). This is three times higher than the digital tokens brief low of 58 EH/s back in June. 177 EH/s still sits below the all-time high of 198 EH/s attained on April 15th. However, at this rate, it is only a matter of time before that benchmark is surpassed.
Some say the recovery owes to El Salvador beginning volcano Bitcoin mining. However, the Central American nation’s president, Nayib Bukele, said the initiative was still in its testing phase.
For the most part, the hashrate increase has been gradual over the months as opposed to leaps and bounds. This may also be because mining is profitable again with Digihost seeing a 218% production increase to 133 BTC. This remarkably happened during the third quarter. In addition, Marathon also experienced a 91% increase by mining 1,252.4 BTC worth about $60 million during the third quarter.
The hashrate rise may also be indicative of a demand increase in Bitcoin. New entrants, including holders of the digital asset, relieve more business-oriented mining entities of the token.
Bitcoin is currently changing hands at $48,500 and is fast approaching the $50,000 level.
Image Credits: Pixabay
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