Bitcoin Sees Major Hash Rate Recovery, Ethereum Mining Slows

Bitcoin's hash rate has been on the rise since its 50 percent drop last year and has regained over 80 percent of its all-time-high rate.

The Ethereum hash rate has fallen by almost 50 percent as the blockchain enters its transition from proof-of-work mining to proof-of-stake staking.

When it comes to cryptocurrencies, one of the best indicators of a recovering market is a growing hash rate.

As the largest cryptocurrency by market capitalization, Bitcoin and its hash rate are often taken as the most important indicators for the state of the entire market.

Back in 2018, Bitcoin's hash rate dropped from 60 million terahashes per second to just 30 million.

Bitcoin's ability to regain some of its lost hash rate has prompted many to believe better times are coming.

According to data from Blockchain.com, Bitcoin's hash rate has climbed up and now stands at around 50 million terahashes.

Ethereum has had a far worse month than Bitcoin.

The Ethereum hash rate has dropped 50 percent and is currently hovering around 150 TH/s. This is in sharp contrast to August of last year when the network had its all-time high hash rate of nearly 296 TH/s. Dovey Wan, the co-founder of crypto startup Primitive, tweeted "This is the most direct reflection of confidence from miners based on their expectation of that PoW coin."

The entire market is left wondering whether Ethereum will manage to get its network hash rate back to its peak before the blockchain transitions from proof-of-work mining to staking.