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

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

The bitcoin network turned 13 on August 1, 2019. The crypto space has come a long way since Satoshi Nakamoto published the first whitepaper and that is not including all of the cryptocurrency-related projects that have since emerged in its wake.

The “3060 hashrate ethereum” is a new all-time high for the Bitcoin network. The Ethereum network also reached an all-time high with 3060 hash rate.

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

Satoshi Nakamoto, the founder of Bitcoin (BTC), mined the genesis block, or block 0 of the Bitcoin network, for the first time on Mon, 2009, and received a reward of 50 BTC. By 2022, the BTC network has reached a new all-time high hash rate of 207.53 million tera hashes per second (TH/s), indicating that it is showing no signs of slowing down.

The Bitcoin hash rate, which is based on the number of active miners and corresponds to the network’s power, dropped temporarily when China barred people and corporations from participating in crypto mining and trading operations. The Bitcoin hash rate plummeted to 58.46 million TH/s as a direct consequence of China’s complete ban on crypto, which caused a sudden scarcity of miners.

Bitcoin network turns 13, celebrates with new hash rate all-time highThe hash rate of Bitcoin in June 2021. Source: YCharts

The Bitcoin hash rate eventually recovered, as seen in the graph above, when Chinese miners started relocating to more favorable countries. The Bitcoin network hit a new all-time high of 207.53 million TH/s on January 1, 2022, recovering the network’s security by raising the mining difficulty.

Bitcoin network turns 13, celebrates with new hash rate all-time highThe hash rate of Bitcoin in January 2022. YCharts is the source of this data.

The Bitcoin network hash rate is 190.64 million TH/s at the time of writing, down 8.14 percent from its all-time peak.

Bitcoin ownership by public firms have increased significantly in 2021.

According to on-chain researcher Willy Woo, private companies’ BTC holdings have surged dramatically in the preceding year.

Public companies* owning large BTC have gained market share from spot ETFs** as a tool to get BTC exposure on public stock markets since MicroStrategy’s “Bitcoin for Corporations” conference in February 2021.

* MicroStrategy and public mining firms Grayscale mostly pic.twitter.com/e18OEfgiEW

January 2, 2022 — Willy Woo (@woonomic)

According to a report by Cointelegraph, Michael Saylor’s MicroStrategy has purchased more than $6 billion in crypto assets. The company bought 1,914 BTC worth $94 million in December alone.

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