Bitcoin Mining Hash Rate Makes a Comeback
The price of Bitcoin may not be showing signs of strength, stuck around $31,000, but the mining hash rate is finally making a recovery.
Over the course of a month, the hash rate recorded a 65.5% drop from 197.6 Th/s all-time high hit in mid-May after China cracked down on cryptocurrency mining. This clampdown led the miners to shut down their operations in China and move overseas.
Hash rate found its bottom in late June, around 65 Th/s. Now that miners are coming online, having moved to North America and primarily using renewable energy sources, the hash rate is gradually increasing.
Currently, the hash rate is above 100/Th/s, as per Bitinfocharts.
With difficulty around 14.36 trillion, a level last seen a year back, the average block time has also returned to the normal 10 minutes after surging as high as 25 minutes last month.
The number of transactions in blockchain per day that fell to late 2015 levels at just about 120k in late June as trading volume and volatility continues to decline is currently above 225k. It, however, has been in a downturn right from the starting of 2021.
Similarly, the number of active (unique) addresses per day, which went down just under 475k, is currently around 750k ever since the mid-April peak of nearly 1.2 million when the price of Bitcoin was around its ATH of almost $65k.
Bitcoin's average transaction fee has also come down to a mere $3.2, 0.0001 BTC, while it was about $63 on April 21st.
Meanwhile, it is actually the Layer 2 solution Lightning Network which is seeing a record capacity of 1,850 BTC, 22,862 number of nodes which is a new high the same as 56,638 number of channels, according to 1ML.