The cryptocurrency’s global hashrate has soared 108% since June.
The hashrate of Bitcoin, the largest cryptocurrency in the market by market capitalization, has rebounded to around 175 EH/s this week after plummeting to 84 EH/s in June.
Notably, the Bitcoin hashrate is near record levels just six months after the indicator suffered a major plunge following China’s mining ban.
In early June, the Bitcoin hashrate plummeted to 84 EH/s after Chinese authorities started taking measures aimed at banning crypto mining on its territory.
According to Blockchain.com, the global hashrate of the crypto has increased by 108% since June, and currently the Bitcoin network is running at a seven-day average of 175 exahashes per second (EH/s).
This is approximately 3% below the peak levels of 180 EH/s recorded during the height of the previous bull cycle in May.
Many experts believe the rise in hashrate is usually associated with a rise in the price of the cryptocurrency, so Bitcoin could start to rise in the near future.