A glimpse at the chart shows the plummeting hash rate in June as Chinese miners disconnected from the SHA256 network and scrambled to move overseas to re-establish data centres.
While the migrating miners were offline for the best part of June and July, western miners still operating seized upon the opportunity to rake in bigger profits due to the lower difficulty.
This led to a suspicion in some corners of the crypto community that the recent break in resistance at $50k could be attributed to the supply of freshly-minted BTC decreasing amid increased competition.
Operations appear to have now largely resumed, with an intrepid 30% rise in the Hash Rate on the network which, at the time of writing, sat at 126 TH/s (Terra Hashes per second).
This has fuelled speculation about the potential for a super cycle.
More crypto news and information
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.