Bitcoin mining operations are on the path to full recovery following the nearly dramatic short-term disruption in network history earlier this yr, and miners are reaping the rewards in revenues.

In its Monday "Calendar week On-chain" study, on-chain analytics provider Glassnode reports that Bitcoin's hash rate has largely recovered despite l% of the network's hashing power going offline in May following China'south crackdown on the sector. The hash charge per unit measures the full computational resources of a proof-of-work network.

Glassnode asserts that both the hash rate and mining difficulty — which measures competition among miners seeking to solve the network's next cake — are both on a "consistent path to recovery." Cointelegraph reported that difficulty slumped by 28% in early July.

Having increased 39% since late July, mining difficulty has nearly returned to its pre-Prc exodus levels, with an boosted upward adjustment expected to take identify this week. Glassnode likewise reported that the difficulty ribbon has posted its strongest reversal since December 2022.

Bitcoin mining difficulty. Source: Glassnode

As observed by Chinese media outlet Wu Blockchain, Bitcoin's difficulty increased past 4.71% at block acme 703,584 on Tuesday. It is the 6th consecutive increment since July 31.

Related: Bitcoin mining difficulty surges 31% since July

Despite cake rewards having been slashed by 50% from 12.5 Bitcoin (BTC) to 6.25 BTC in May 2022 halving event, mining profitability has increased significantly since.

Glassnode noted that the current mining profitability of $40 1000000 daily is upwards 275% since before Bitcoin'south May 2022 halving and has increased by roughly 630% compared to June 2022'southward lows of roughly between $6 million and $viii million.

"Despite dramatic shifts in the mining market, multiple deep price corrections, and a halving result in May 2022, the Bitcoin block reward value continues to rise, creating incentives for the marketplace to arrange, introduce and recover," the written report added.

Bitcoin mining acquirement. Source: Glassnode