The Bitcoin price crash that happened in the middle of March caused a short-term loss of some miners operating old hardware. Even so, the Bitcoin hash rate made a new, all-time high of at least 142 exahashes every second on the third of May. That new record beats the previous record that of 123 exahashes every second, which was made on March 8.

Bitcoin's third halving is now about three weeks away. The mining hash rate is not aiming to meet any new highs, so it is difficult to say what might happen next. The hashing power crashed by more than 40 percent in the two weeks after the previous March 8 record was set. It fell from 123 exahashes per second to only 75 exahashes per second.

The rebound of Bitcoin prices saw a 90 percent gain in exahashes. A lot of analysts believe that the combined increase of cryptocurrency prices and the upcoming obsolescence of a lot of the older ASICs are what have caused the hash power to almost double in under two months. The halving is a good rebalance of the entire mining system, argue the same analysts.

Johnson Xu, who is the head of Token Insight's research and analytics division, made a prediction that a considerable percentage of the older generation of miners, such as S9s, will soon be shut down. He thinks this will happen after the halving event. Xu went on to describe the halving event as a balancing of the forces of the network. It will readjust itself in order to create a more efficient network. The result will be a place where the miners can have enough of a margin to make their mining efforts worthwhile.

Xu went on to add that the Bitcoin halving event will cause some short-term chaos in the network. Even so, after the adjustment has kicked in and the miners have gotten used to it, there will be a state of equilibrium. He thinks that the Bitcoin network will revert back to a stable position. Recent market volatility from COVID-19 may have caused some price drops.