Happy Birthday Bitcoin... All Time High Network Hash Rate
Evening
Bitcoin is celebrating its birthday, as 13 years ago on Monday Satoshi Nakamoto mined the genesis block of Bitcoin and mined a reward of 50 BTC. Ever since then, the network has weathered many storms and always came back even stronger.
Bitcoin is celebrating this Birthday with a bang, marking a new all time high network hash rate. The network hash rate, i.e. the computation power backing the network is a matric correlating the network strength, touched all time high of 207.53EH/s on Jan 1 and is now currently at 190.64EH/s. Back in mid 2021 the network hash rate took a serous hit after the China's crypto mining and trading ban came in effect. Network hash rate plunged to the last year's lowest of 58.46EH/s on July 27.
But after the July's dip the network hash rate has started a slow and steady recovery, as the displaced Chinees miner started coming back online by resuming their mining operation abroad. Latest all time high of 207.53EH/s marks a 9% increase from last year's all time 190.51EH/s(before the dip).
Meanwhile, Bitcoin mining difficulty is also on the rise, as increased network hash rate means more miners are competing to get a share of the pie.
A network hash rate all time time at the first day of the years marks a strong response by the Bitcoin. It might be a harbinger of next bulls run for the top crypto. It is noteworthy that Bitcoin has risen by 7%-36% in first week of January each year since 2018. How much it will gain this year? I guess we will find out soon enough!
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that's a good news for bitcoin. I hope the price will see a new all-time high soon
Many people predicted a $100k by now but it's impossible
Never say never 😉
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Very nice to see this development for BTC! I really hope this positive news will soon be seen in the price as well :)
I just hope that due to the upcoming cold months and the big portion of BTC mining in Texas wont have an influence since the electricity outages could have an impact on the BTC mining as well :/
Also quick question if you dont mind me asking: How is it possible to join the "mancave club"? :)
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Only few btcs are left to mine…so there is always gonna be supply crunch.
You can join Bro discord server…
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!BBH
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Because this is such an awesome post, here is a BBH Tip for you.
. Keep up the fantastic work