According to the latest on-chain data from Glassnode, mining revenue has increased by 57 percent, hitting mid-2020 levels.
After major mining restrictions in China, the majority of hashrate power migrated back to Europe and the United States following a significant mining volume drop. Back in May, Bitcoin mining power peaked at 180 EH/s, then falling by more than 50 percent.
For now, the hashrate is progressively climbing back up with around a 25 percent recovery. Currently, the network is mining at 112.5 EH/s.