Bitcoin Hashrate V Shape Recovery

​The Bitcoin network’s one-month implied hashrate saw almost four months of steady increases since the beginning of 2021, topping at 166 exahashes per second (EH/s) in April. Throughout that month and the next, it lateralized but started dropping sharply as June began. By July 1, the Bitcoin network hashrate had fallen by nearly 30%, bottoming later that month at around 95 EH/s. But since then, hashrate has been recovering quickly, increasing by over 30% in about 30 days and setting a V-shape recovery in motion.