Bitcoin’s hash rate has set a new record just eight days from the halving and six weeks after crashing by 40% over two weeks.

After the mid-March price crash led to a brief exodus of miners operating older hardware, the Bitcoin (BTC) hash rate posted a new all-time high (ATH) of more than 142 exahashes per second (EX/s) on March 3.

The new record beats out the previous ATH of 123 EX/s posted on March 8. BTC hash rate tags new record 8 days from halving

With Bitcoin’s third halving event roughly three weeks away, the BTC bitcoin to paypal mining hash rate is against pushing into record highs.

BTC hashing power crashed 40% in two weeks after setting its previous ATH on March 8, dropping from 123 EX/s to just 75 EX/s.

However, with prices rebonding, the following six weeks saw hash rate gain 90% — with analysts speculating that a combination of rising crypto prices and the impending obcelense of many older ASICs amid the halving have contributed to hash power nearly doubling in less than two months.