The Bitcoin network turns 13 years old, celebrating with a new hash-rate all-time high

Monday marks the 13th year since Bitcoin’s creator, Satoshi Nakamoto, won the genesis block or block 0 of the Bitcoin network and for the first time won a reward of 50 Bitcoin (BTC) back on January 3, 2009. Fast forward to 2022 shows Bitcoin- the network no sign 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 with the strength of the network based on the number of active miners, saw a temporary decline after China banned residents and businesses from conducting crypto-mining and trading. As a direct result of China̵[ads1]7;s general ban on crypto causing a sudden shortage of miners, the Bitcoin hash rate fell to 58.46 EH / s.

The Bitcoin network turns 13 years old, celebrating with a new hash-rate all-time high
Bitcoin hash rate in June 2021. Source: YCharts

As the graph above shows, Bitcoin’s hash rate made a later comeback when Chinese miners began migrating to friendly jurisdictions. On Saturday, the Bitcoin network registered a new all-time high of 207.53 EH / s, and regains 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’s hash rate is 190.64 EH / s, down 8.14% from an all-time high.

Related: The bitcoin holdings of public companies have increased in 2021

The BTC holdings of private companies increased significantly last year, as revealed by chain analyst Willy Woo.

A Cointelegraph report on the case highlights that purchases made by Michael Saylor’s MicroStrategy exceeded $ 6 billion in cryptocurrencies. In December alone, the company bought an additional $ 1,914 BTC worth $ 94 million.