Bitcoin network turns 13, celebrates with new hash rate all-time high

Monday
marks
the
13th
year
since
Bitcoin’s creator,
Satoshi
Nakamoto,
mined
the
genesis
block,
or
block
0,
of
the
Bitcoin
network
and,
for
the
first
time,
mined
a
reward
of
50
Bitcoin
(BTC)
back
on
Jan.
3,
2009.
Fast-forward
to
2022,
the
Bitcoin
network
shows
no
signs
of
slowing
down,
reaching
a
new
all-time
high
hash
rate
of
207.53
exahashes
per
second
(EH/s).

The
Bitcoin
hash
rate,
which
correlates
to
the
strength
of
the
network
based
on
the
number
of
active
miners,
saw
a
temporary
downfall
after
China
banned
citizens
and
businesses
from

pursuing
crypto
mining
and
trading
activities
.
As
a
direct
result
of
China’s
blanket
ban
on
crypto
causing
a
sudden
shortage
of
miners,
the

Bitcoin
hash
rate
fell

to
58.46
EH/s.


Bitcoin
hash
rate
in
June
2021.
Source: YCharts

As
evidenced
by
the
above
graph,
Bitcoin’s
hash
rate
saw
an
eventual
comeback
as

Chinese
miners
began
migrating
to
friendly
jurisdictions
.
On
Saturday,
the
Bitcoin
network
recorded
a
new
all-time
high
of
207.53
EH/s,
reclaiming
the
network’s
security
by
increasing
the
mining
difficulty.


Bitcoin
hash
rate
in
January
2022.
Source:
YCharts

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



Related:




Bitcoin
holdings
of
public
companies
hasurged
in
2021

BTC
holdings
of
private
corporations
significantly
increased
last
year,
as
revealed
by
on-chain
analyst
Willy
Woo.

A
Cointelegraph
report
on
the
matter
highlights
that
purchases
made
by
Michael
Saylor’s
MicroStrategy
exceeded $6
billion
in
crypto
assets
.
In
December
alone,
the
firm
purchased
a
further
1,914
BTC,
worth
$94
million.

read original article here