Bitcoin's hashrate has surged back to levels not seen since just before the fourth reward halving event. As per the seven-day simple moving average, the network's hashrate hit a remarkable milestone of 657 exahash per second (EH/s) this week.

After experiencing a significant decline following the halving event, much of the lost hashrate has returned to the Bitcoin network. On May 8, the seven-day simple moving average indicated a low of 582 EH/s for the network.

This week, specifically on May 25, 2024, the hashrate reached an all-time high (ATH) of 657 EH/s. Presently, the seven-day SMA shows the hashrate at 652 EH/s. Additionally, the hashprice, which represents the daily expected value of 1 petahash per second (PH/s) of hashrate, has surged to slightly over $53 per petahash.

This marks a significant improvement from the hashprice below $45 per petahash observed at the beginning of May. Throughout May, despite fluctuations, the hashprice has climbed by 20.45%. Furthermore, the more volatile three-day SMA saw the hashrate peak at an ATH of 691 EH/s.

The recent resurgence in Bitcoin's hashrate and hashprice underscores the robustness and potential growth of the network. It reflects increased mining activity and confidence among stakeholders. As the hashrate hits new heights, it indicates a solid infrastructure capable of maintaining the network's security and efficiency, suggesting a positive outlook for Bitcoin's future amid market fluctuations.