The Bitcoin hashrate had dropped last year after a clampdown in China. But now the hashrate is recovering and has tripled from its levels in 28th June.
The Bitcoin hashrate is now one quintillion hashes per second (152 Exahashes/s). On June 28, this hashrate had fallen to its lowest at 52 Exahashes. This recovery in hashrate means that the BTC network has become safer and very difficult to attack for digital criminals. The average hashrate for Bitcoin reached its highest level on May 13th to 197.6 Exahashes/s.
But then, the great miner migration of China hit for the next six weeks, and the hashrate fell dramatically. But now the recovery is complete, and if it continues at this rate, then the Bitcoin hashrate is expected to reach all-time high levels in the coming months.
Measuring the hashrate from different mining pools is difficult. But according to some experts, the hashrate had started moving away from China as early as May.
The recovering hashrate now suggests that the miner migration from China is now complete. As a result, the difficulty level has now been increased. The last difficult level raise had been on 13th August, and another raise is also due soon.
The China-based miners are now completing their migration and coming back online once more. The increasing difficulty means that computation costs will also increase. The total rise in difficulty levels is expected to be around 12.37%.
But while the China-based miners were migrating, many US-based miners could take advantage of the lower difficulty levels.
BTC hashrate recovery is underway, and Chinese mining migration is almost complete. BTC mining is now entering another, more exciting phase in the next few months.