The first cryptocurrency's network computing capacity is returning to pre-China mining ban values.
Bitcoin's hash rate has reached 152 EH/s and tripled since June 28, when it hit a local low of 52 EH/s, according to analyst firm CryptoQuant. Total processing power on the first cryptocurrency's network hit a historic high of 197.6 EH/s on May 13, before falling 65% over the next six weeks. This happened against the backdrop of a mining ban in China.
Against the backdrop of the hash rate recovery, the difficulty of mining the first cryptocurrency is also increasing. It rose 7% to 15.56 trillion hashes (T) in the latest recalculation. At the same time, the value remains far from the peak of 25.05 T set in May. Network complexity determines the amount of computing power required to find a new block in the bitcoin blockchain. This parameter changes every 2016 blocks, or approximately every fortnight. This is necessary to maintain the block finding time at around 10 minutes.
The bitcoin exchange rate is also recovering. On August 25, the cryptocurrency is quoted at $48,400, according to CoinGecko. On July 20, the value of the asset fell below $30k, and since then it has risen 67%. The coin's market capitalisation has once again surpassed $910bn.