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

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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: State-owned Bitcoin holdings increased in 2021

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

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.