The year started off on a rather bland note, well below the bold predictions made by several notable Bitcoin supporters in terms of BTC prices. While 2021 was quite impressive, the cryptocurrency market entered familiar territory of extreme fear at the start of the first week of 2022.
In contrast, Bitcoin’s hash rate set a new all-time high, indicating that network robustness has never been so secure. The last peak came almost eight months after the previous one in May 2020.
Bitcoin hash rate hits new high
According to data compiled by BitInfoCharts, the Bitcoin hash rate has maintained an upward trajectory since it hit multi-year lows about six months ago. The drop was temporary but damaging as the metric fell below 60 pe / s.
It was triggered by the exodus of Chinese miners due to the nationwide ban on mining and commercial activities. The recovery has been swift and substantial, demonstrating the strength and resilience of the robust network.
Interestingly, the latest peak for the new ATH comes just after a pivotal day for the network – the 13th anniversary of Genesis Day. On January 3, 2009, pseudonymous Bitcoin creator Satoshi Nakamoto mined the very first block, which marked the start of the financial revolution we know today. Also known as “Block 0”, on this day the first set of 50 BTC was mined.
It was most certainly mined using the central processing unit (CPU) of a generic computer at the time, as opposed to the highly specialized and powerful ASICs that miners use today. Additionally, the genesis block had a difficulty of 1, meaning it was mined instantly.
Comparatively, the mining difficulty is now close to the record high of $ 25 trillion. Bitcoin miners saw a major increase in mining difficulties late last year. It came with a jump of over 8% on December 11.
There was another, more modest, at Christmas of 0.32%. According to Coin Warz, the next difficulty adjustment is expected to take place on January 8.
May Way for bold predictions
Bitcoin may not have generated any interesting clues this year yet, but Salvadoran President Nayib Bukele is bullish on the cryptocurrency.
Bukele predicted that Bitcoin would hit the $ 100,000 mark in 2022. He also said the asset would be adopted by two other countries as legal tender. In addition to the construction of “Bitcoin City”, Bukele also expects an oversubscription of Volcano Bonds which are expected to be released this year.
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