Bitcoin Hash Rate Returns to Earth After 30% Spike

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  • The Bitcoin hash rate is returning to previous levels after a 30% jump
  • The spike took place over the weekend and suggests testing by a new mining center
  • Bitcoin’s hash rate has been steadily recovering following China’s ban in 2021

The Bitcoin hash rate has returned to Earth after briefly visiting the moon following a 30% spike on Saturday. The Bitcoin world celebrated the jump over the weekend, suggesting that it showed a greater resilience at a time when Bitcoin mining is under attack. However, given that the hash rate has already dropped 16% since the jump it shows that the rise was temporary rather than reflecting a new normal, but given that a hash rate increase can only come from an increase in mining power it suggests that it could only be a matter of time before these levels are seen again.

Bitcoin Hash Rate Jump is One of the Biggest Ever

Bitcoin mining has been the talk of both the crypto and mainstream media outlets in recent years, with China’s ban in 2021 causing the Bitcoin hash rate to crash by 50% in July of that year. This followed years of consistent growth, and indeed the hash rate recovered to previous levels within five months.

Saturday saw one of the biggest single-day jumps in Bitcoin mining history, with the hash rate leaping from 188.4 million terahashes to 248 million:

bitcoin hash rate

Such a leap can only be caused by one thing – a huge amount of Bitcoin mining power coming online. The question is, where did it go?

Was a Mining Company Testing a New Setup?

As the 2021 crash showed, a sudden influx or efflux of Bitcoin mining power has a massive effect on the Bitcoin hash rate. The difference in this case however is that the reversal was instant rather than gradual, which means that the weekend’s spike was caused by a temporary surge in Bitcoin mining power which was then shut off.

This can only mean one thing – a mining company undergoing a short test with a new setup before taking it back offline. Assuming this is the case, this is one powerful mining center if it can move the hash rate by 30% overnight. Of course, mining hubs are always buying new equipment, and we could be about to see some of that new equipment making its presence felt in a very big way.