Bitcoin network is 13-years-old and celebrating a new hash rate all-time high
This week marks the 13th year since Bitcoin creator Satoshi Nakamoto had mined the genesis block (block 0) of the Bitcoin network, thus mining for the first time ever a reward of 50 Bitcoin, back in the year 2009.
Fast-forward to 2022; the Bitcoin network is showing no signs of slowing down as its journey is being marked by a new all-time high hash rate of 207.53 million tera hashes per second (TH/s).
The Bitcoin hash rate that correlates with the strength of the network is based on the number of active miners. It had seen a temporary downfall following China’s outright banning of citizens and businesses from pursuing crypto trading, mining or any crypto activities altogether.
Coming as a direct result of the Chinese blanket ban on crypto, a sudden shortage of miners had resulted in the Bitcoin hash rate falling to 58.46 million TH/s.
However, the Bitcoin hash rate charted an eventual comeback as Chinese miners began migrating offshore to relatively more friendly jurisdictions.
On January 1, 2022, the Bitcoin network had recorded a new all-time high of 207.53 million TH/s, hence reclaiming its network security by increasing the mining difficulty.
While writing this report, the Bitcoin network hash rate stood at 190.64 million TH/s, which is down 8.14 per cent from its all-time high.
According to news, Bitcoin holdings of private corporations have also significantly increased in the year 2021, as was revealed through a tweet on January 3 by on-chain analyst Willy Woo.
A report on the same published by Cointelegraph has highlighted the purchases made by Michael Saylor’s MicroStrategy exceeding $6 billion in crypto assets. In December 2021 alone, the firm had registered the purchase of a further 1914 Bitcoin worth $94 million.