Bitcoin’s hashrate, the total combined computation power being used to mine and secure the network, has been steadily rising since it hit a low in July seemingly related to its falling price. In April, when bitcoin surpassed $60,000 for the first time ever, its hashrate hit 160.93 EH/s.
By the beginning of July, its hashrate had dropped to 89.52 EH/s, meaning it was down by 45% at one point. Its latest recorded hashrate is estimated to be 140.36 EH/s. The hashrate drop in July was so significant that the maximum average block time then was of 23 minutes, while now it’s at 8.4 minutes.
On average, a Bitcoin block should be found every 10 minutes according to the network’s rules. When the hashrate moves significantly in either direction, mining difficulty is automatically adjusted to ensure blocks are found at a steady pace.
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Source: https://www.cryptocompare.com/email-updates/daily/2021/oct/04/
