Later the mid-March price crash led to a brief exodus of miners operating older hardware, the Bitcoin (BTC) hash rate posted a new all-time high (ATH) of more than 142 exahashes per 2nd (EX/s) on May 3.

The new tape beats out the previous ATH of 123 EX/due south posted on March 8.

BTC hash rate tags new record 8 days from halving

With Bitcoin's 3rd halving outcome roughly three weeks away, the BTC mining hash rate is against pushing into tape highs.

BTC hashing power crashed 40% in two weeks after setting its previous ATH on March viii, dropping from 123 EX/s to just 75 EX/s.

However, with prices rebonding, the post-obit six weeks saw hash charge per unit gain ninety% — with analysts speculating that a combination of ascension crypto prices and the impending obcelense of many older ASICs amidst the halving have contributed to hash power nearly doubling in less than two months.

Halving is a 'good for you rebalance'

Speaking to Cointelegraph, Johnson Xu, the head of inquiry and analytics at TokenInsight, predicted that "a large percentage of older generation miners such as S9s will be shut downwards" before long after the halving transpires.

Despite the disruptions the event has on the mining sector, Johnson describes the halving every bit "a healthy rebalance to force the network to re-adjust itself into an efficient network where miners can make sufficient margin."

"The bitcoin halving will issue in the network in short term chaos, nevertheless, once the difficulty adjustment kicks in and cocky-adjust to an equilibrium state, we volition see the bitcoin network dorsum to a stable position quickly," Johnson added.