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

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Monday marks the thirteenth 12 months since Bitcoin’s creator, Satoshi Nakamoto, mined the genesis block or block 0 of the Bitcoin community and, for the primary time, mined a reward of fifty Bitcoin (BTC) again on Jan. 3, 2009. Quick-forward to 2022, the Bitcoin community reveals no indicators of slowing down by reaching a brand new all-time excessive hash charge of 207.53 exahashes per second (EH/s).

The Bitcoin hash charge, which correlates to the power of the community based mostly on the variety of lively miners, noticed a brief downfall after China had banned residents and companies from pursuing crypto mining and trading activities. As a direct results of China’s blanket ban on crypto inflicting a sudden scarcity of miners, the Bitcoin hash rate fell to 58.46 EH/s.

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Bitcoin hash charge in June 2021. Supply: YCharts

As evidenced by the above graph, Bitcoin’s hash charge noticed an eventual comeback as Chinese miners began migrating to friendly jurisdictions. On Saturday, the Bitcoin community recorded a brand new all-time excessive of 207.53 EH/s, reclaiming the community’s safety by growing the mining issue.

Bitcoin hash charge in January 2022. Supply: YCharts

On the time of writing, the Bitcoin community hash charge stands at 190.64 EH/s, down 8.14% from its all-time excessive.

Associated: Bitcoin holdings of public companies have surged in 2021

BTC holdings of personal companies considerably elevated final 12 months, 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 agency bought an additional 1,914 BTC price $94 million.