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 correlates to the network’s power, dropped temporarily when China barred citizens and corporations from participating in crypto mining and trading activities. The Bitcoin hash rate plummeted to 58.46 million TH/s as a direct result of China’s complete ban on crypto, which caused a sudden scarcity of miners.

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The Bitcoin hash rate eventually recovered, as shown in the graph above, when Chinese miners began relocating to more favourable jurisdictions. 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.

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.

According to on-chain researcher , private corporations’ BTC holdings have surged dramatically in the previous year.