Hashrate is the computational power that is needed to verify transactions within a proof-of-work blockchain.
The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data from Blockchain.com.
After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.
After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.
Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?
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