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



Monday marks the thirteenth 12 months since Bitcoin’s creator, Satoshi Nakamoto, mined the genesis block or block 0 of the Bitcoin network and, for the primary time, mined a reward of fifty Bitcoin (BTC) again on Jan. 3, 2009. Quick-forward to 2022, the Bitcoin network reveals no indicators 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 to the energy of the network primarily based on the variety of lively miners, noticed a brief downfall after China had banned residents and companies from pursuing crypto mining and buying and selling actions. As a direct results of China’s blanket ban on crypto inflicting a sudden scarcity of miners, the Bitcoin hash rate fell to 58.46 EH/s.

Bitcoin hash rate in June 2021. Supply: YCharts

As evidenced by the above graph, Bitcoin’s hash rate noticed an eventual comeback as Chinese language miners started migrating to pleasant jurisdictions. On Saturday, the Bitcoin network recorded a new all-time high of 207.53 EH/s, reclaiming the network’s safety by growing the mining issue.

Bitcoin hash rate in January 2022. Supply: YCharts

On the time of writing, the Bitcoin network hash rate stands at 190.64 EH/s, down 8.14% from its all-time high.

Associated: Bitcoin holdings of public corporations have surged in 2021

BTC holdings of personal companies considerably elevated final 12 months, as revealed by on-chain analyst Willy Woo.

Since MicroStrategy’s “Bitcoin for Companies” convention in Feb 2021, public corporations* holding important BTC have gained market share from spot ETFs** as a technique to entry BTC publicity on public fairness markets.

* MicroStrategy & public mining corporations
** Primarily Grayscale

— Willy Woo (@woonomic) January 2, 2022

A Cointelegraph report on the matter highlights that purchases made by Michael Saylor’s MicroStrategy exceeded $6 billion in crypto belongings. In December alone, the agency bought an additional 1,914 BTC value $94 million.

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