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

Today marks the 13th anniversary of Satoshi Nakamoto’s creation of Bitcoin (BTC). He mined the block 0 or genesis block of the Bitcoin network and received a 50 BTC reward on Mon, 2009. Fast forward to 2022 and the BTC network has reached a record-setting hash rate (TH/s) of 207.53M Tera Hashes per Second.

After China banned individuals and businesses from engaging in crypto mining and trading, the Bitcoin hash rate, which is a measure of the strength of the network, experienced a temporary decline. The sudden shortage in miners caused by China’s ban on crypto led to the Bitcoin hash rate falling to 58.46 millions TH/s.

BTC hash rate June 2021 Source: YCharts

The graph above shows that the Bitcoin hashrate saw a resurgence as Chinese miners moved to friendly countries. The Bitcoin network reached a record high of 207.53 millions TH/s on January 1, 2022. This reclaimed the network’s security and increased the difficulty of mining.

BTC hash rate January 2022 Source: YCharts

The Bitcoin network hash rate is currently at 190.64 Million TH/s as of the writing. This is down 8.4% from its previous high.

Related: Bitcoin holdings by public companies have risen in 2021

Willy Woo, an on-chain analyst, revealed that private companies’ BTC holdings have increased significantly in the past year.

MicroStrategy’s February 2021 conference, “Bitcoin For Corporations”, has seen significant market share in spot ETFs** by public companies* that hold substantial BTC. This is a way for them to gain exposure on the public equity markets. * MicroStrategy & public mining companies ** Mainly Grayscale pic.twitter.com/e18OEfgiEW
Willy Woo (@woonomic), January 2, 2022

Cointelegraph’s report on the matter shows that Michael Saylor’s MicroStrategy has purchased more than $6 billion worth of crypto assets. The firm also purchased 1,914 BTC in December, which was worth $94 million.

https://cointelegraph.com/news/bitcoin-network-turns-13-celebrates-with-new-hash-rate-all-time-high