According to data from crypto news and research firm, The Block, Bitcoin’s average hash rate reached 135 EH/s on Thursday.
Bitcoin's weekly moving average hash rate has gradually increased to the midpoint of its all-time high and recent lows. The network’s hash rate is now up by 50% from its low of 90 EH/s in early July and down by 50% down from its record of 180 EH/s before China's summer mining crackdown began.
Judging from the current recovery rate, Chinese miners may have completed half of their great exodus. This suggests that Bitcoin’s hash rate could surge past its all-time high by the end of the year.
In related news, North American miners who previously ordered mining equipment are finally receiving their machines in monthly shipments. This may have also contributed to the increasing hash rates.
Dave Perrill, CEO of US mining farm operator Compute North, opined that although there was an initial agitation from Chinese miners searching for hosting capacities, he believes "most miners are now understanding some of the constraints about getting [machines] online and the associated timeline with them."
Compute North has a number of Chinese customers migrating, but we were already fully sold out in Q3 and Q4. So for these clients, their migrations are occurring next year, […] We are seeing deployments ranging from 30 megawatts to 150 megawatts [from them].