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Bitcoin Hash Rate Hits New ATH After Chinese Dump Six Months Ago

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Bitcoin Hash Rate Hits New ATH After Chinese Dump Six Months Ago
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LEARN HOW TO TRADE, BITCOIN, EOS, ETHEREUM, LIGHTBLOCKS MEDIA

The Bitcoin network reached a significant milestone in network hash rate on the 13th anniversary of the genesis of the first Bitcoin block. The year began on a drab note, with BTC’s price falling far short of the grandiose expectations made by numerous prominent Bitcoin advocates. While 2021 was spectacular, the first week of 2022 saw the cryptocurrency market reach a familiar region of severe panic.

Bitcoin’s hash rate, on the other hand, has reached a new all-time high, signaling that the network’s stability has never been higher.

Bitcoin Hash Rate Taps a New Peak

According to data compiled by BitInfoCharts, the Bitcoin hash rate has maintained an upward trend since it hit a multi-year low about six months ago. The decline was temporary but destructive as the index went below 60 EH/s. 

The trigger was the departure of Chinese miners due to a nationwide ban on mining and trading activities. The recovery was quick and significant, demonstrating the strength and resilience of the Bitcoin network. Interestingly, the recent surge in the new ATH comes on a crucial day for the internet. January 2nd was the 13th anniversary of Genesis. 

Bitcoin Hash Rate

As early as January 3, 2009, the anonymous creator of Bitcoin, Satoshi Nakamoto, excavated the first block that marked the beginning of the financial revolution as we know it today. Also known as “Block 0”, the first batch of 50 BTC was mined that day. Unlike the highly specialized and powerful ASIC computers currently used by miners, it must have been mined with the Central Processing Unit (CPU) of general-purpose computers at that time. Also, the difficulty level of the Genesis block is 1, which means that it will be mined immediately.

In contrast, the mining difficulty level is close to the highest level in history at 25 trillion. Bitcoin miners saw a significant spike in mining difficulties late last year. It rose more than 8% on December 11th. There is a more humble one that is 0.32% at Christmas. According to Coin Warz, the next difficulty adjustment is expected to occur on January 8th.

El Salvador Bullish on Bitcoin

Although Bitcoin has yet to provide meaningful signals this year, Salvadoran President Nayib Bukele is bullish on Bitcoin.

Bitcoin, according to Bukele, will hit the $100,000 mark in 2022. He also stated that the asset would be accepted as legal money in two additional countries. Bukele anticipates an oversubscription of Volcano bonds due for issue this year, in addition to the construction of ‘Bitcoin City.’

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