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.
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.
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.
Since MicroStrategy’s “Bitcoin for Corporations” conference in February 2021, public companies * that have significant BTC have taken market shares from spot ETFs ** as a way to access BTC exposure in public stock markets.
* MicroStrategy and public mining companies
** Mainly shades of gray pic.twitter.com/e18OEfgiEW– Willy Woo (@woonomic) January 2, 2022
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.
