Bitcoin hash rate nears April peak

The daily hash rate of the leading cryptocurrency’s network reached 191 EH/s. It is the second-highest reading after the peak of 198 EH/s recorded on 15 April 2021, according to data from Blockchain.com.

The seven-day moving average, smoothing out short-term volatility, reached 168 EH/s, compared with 181 EH/s.

According to Glassnode, the smoothed seven-day moving average of the hash rate reached 172 EH/s. At its May peak it stood at 182 EH/s.

Hash rate collapsed from May highs amid the Chinese authorities’ repression against mining. As a result of miners’ equipment outages in the country, the hash rate fell to July 2019 levels.

The indicator showed signs of recovery a month later, as equipment removed from the PRC returned to the network. Experts named the United States, Canada and Kazakhstan as the main destinations for mining relocation from the country.

In August, the United States displaced China from its long-held lead in the hash rate share, accounting for 35.4% of the total. In May the figure stood at 17.8%.

Earlier, experts at Bitfury Group estimated that the total computational power of Bitcoin mining devices shut down in the PRC stood at 90 EH/s.

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