Bitcoin Network Celebrates 13 Years With New Record Hash Rate

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Today marks the 13th year since Bitcoin (BTC) creator Satoshi Nakamoto mined Genesis Block or Block 0 from the Bitcoin network, and for the first time mined a 50 BTC reward on Monday, 2009. Fast forward Until 2022, network BTC shows no signs of slowing down as it hits a new all-time high hash rate of 207.53 million tera of hashes per second (TH / s).

The Bitcoin hash rate, which correlates to the strength of the network based on the number of active miners, experienced a temporary drop after China banned citizens and businesses from continuing crypto mining and trading. . As a direct result of China’s blanket crypto ban and a sudden shortage of miners, the Bitcoin hash rate has fallen to 58.46 million TH / s.

BTC hash rate in June 2021. Source: YCharts

As evidenced by the graph above, the Bitcoin hash rate has seen a potential comeback as Chinese miners began to migrate to friendly jurisdictions. On January 1, 2022, the Bitcoin network recorded a new all-time high of 207.53 million TH / s, regaining the security of the network by increasing the difficulty of mining.

BTC hash rate in January 2022. Source: YCharts

At the time of writing, the Bitcoin network hash rate stands at 190.64 million TH / s, down 8.14% from its all-time high.

Related: Bitcoin Holdings of State-Owned Companies Raised in 2021

Private companies’ BTC holdings have grown significantly over the past year, as channel analyst Willy Woo has revealed.

Since MicroStrategy’s “Bitcoin for Corporations” conference in February 2021, public companies * with large BTCs have gained market share using spot ETFs ** as a means of accessing BTC exposure in public stock markets .

* MicroStrategy and public mining companies ** Mostly grayscale pic.twitter.com/e18OEfgiEW

– Willy Woo (@woonomic) January 2, 2022

A Cointelegraph report on the matter points out that purchases made by Michael Saylor’s MicroStrategy exceed $ 6 billion in crypto assets. In December alone, the company bought an additional 1,914 BTC worth $ 94 million.

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