The global hash rate of the Bitcoin network tanked<\/a>\u00a0to as low as 84\u00a0exahashes per second (EH\/s) at the start of June following the Chinese government\u2019s crackdown on the crypto mining sector<\/a>.<\/p>\n According to Blockchain.com, the global hash rate has increased<\/a> by 108% since June, with the Bitcoin network performing at a rolling seven-day average of 175 EH\/s as of Wednesday. <\/p>\n The figure is roughly 3% shy of peak levels of 180 EH\/s seen at the height of the previous bull cycle in May. It is a commonly held belief that the trends in hash rate correspond<\/a>\u00a0with the price of Bitcoin (BTC<\/a>), suggesting that there may be some positive price action on the horizon despite the overall gloomy sentiments<\/a>\u00a0in the market at the moment. <\/p>\n The actuality of the global hash rate ATH is hard to determine, however, as a lot of popular platforms differ in their estimates of the history and current performance of the Bitcoin network. According to data<\/a> from BitInfoCharts, the ATH in May hit 197 EH\/s before dropping to the 68 EH\/s mark in June. As of Wednesday, the platform had Bitcoin\u2019s hash rate at 191 EH\/s, while YCharts has the current<\/a> performance at 186 EH\/s. <\/p>\n Prior to the ban, China-based Bitcoin miners accounted for a whopping 70% of the global hash rate. The landscape has shifted dramatically since then, with the United States becoming the nation that accounts for the majority<\/a> of Bitcoin\u2019s hash rate at 42%, per estimates from the University of Cambridge\u2019s Bitcoin Electricity Consumption index. <\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/67d31428-08fd-48e9-916f-18940c78cd79.png\" "\\"\\"")