Bitcoin Hash Rate Rises 60% After Sharp Downturn in October Bitcoin's valuation hash rate has risen sharply over the past week, gaining more than 60% from lows.

Bitcoin hash rate rises 60% after sharp collapse in October

Bitcoin's valuation hash rate has risen sharply over the past week, adding over 60% from lows.

According to Blockchain.com, the figure is now around 154 EH / s, while recently dropped below 100 EH / s.



The sharp decline in late October was associated with the end of the rainy season in China and the movement of miners' equipment to regions where they can use it more efficiently during the rest of the year. According to analyst Jason Dean, the jump in hash rate may indicate that Chinese miners have completed their migration and are back to work..

In addition, the latest increase in computing power was preceded by the largest recalculation of Bitcoin mining difficulty since 2011. A week ago, the figure dropped by 16%, which contributed to the readiness of miners to reconnect their equipment to the network.

The hashrate is estimated based on the current difficulty and block mining speed. If before the last decrease in complexity, users had to wait an average of 12 minutes or more for the addition of a block, now the indicator has dropped to 8 minutes 11 seconds.

Also, data from ByteTree indicates that miners sold 2,135 more bitcoins over the last week than they mined. Thus, they seek to take advantage of the recent rise. bitcoin rate to a three-year high above $ 15,000, increasing production while the market is ready to absorb their supply.

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