share

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

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 by 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 h banned citizens and businesses from pursuing crypto mining and tring 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 have surged in 2021

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

Since MicroStrategy’s “Bitcoin for Corporations” conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.

* MicroStrategy & public mining companies
** Mainly Grayscale pic.twitter.com/e18OEfgiEW

— Willy Woo (@woonomic) January 2, 2022

A Cointelegraph report on the matter highlights that purchases me 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.

META
ARTICLE: Bitcoin network turns 13, celebrates with new hash rate all-time high
PUBLISHED: 2022-01-03 08:43:16 
SOURCE: https://cointelegraph.com/news/bitcoin-network-turns-13-celebrates-with-new-hash-rate-all-time-high
  • bitcoinBitcoin (BTC) $ 20,291.00
  • ethereumEthereum (ETH) $ 1,356.08
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 295.26
  • usd-coinUSD Coin (USDC) $ 1.00
  • xrpXRP (XRP) $ 0.484011
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.433295
  • solanaSolana (SOL) $ 34.22
  • dogecoinDogecoin (DOGE) $ 0.065214

GET ALERTS

Latest crypto news straight to your mailbox