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BITCOIN ANNIVERSARY: ​​HASHRATE AT ALL-TIME HIGH!

 


Bitcoin celebrates its 13th anniversary on January 3rd, 2022. Exactly 13 years ago, Block Zero, also known as the Genesis Block, was mined by Satoshi Nakamoto. On this anniversary, the Bitcoin hashrate reached a new all-time high.


The evolution of Bitcoin

Bitcoin is the first cryptocurrency to hit the market. In 2009 the pseudonym Satoshi Nakamoto published this digital currency and made history with it.


At the time, the world was in the midst of a global economic crisis. To illustrate the strong dependence on banks and governments, Satoshi immortalized the following words in the Genesis block:


Cancellor on Brink of Second Bailout for Banks


Translated, this means something like: Chancellor on the verge of the second bailout for banks


Since then, the market for digital currencies and the associated blockchain has developed strongly. These two factors have now become an integral part of this world.


Hashrate at all time high

Just in time for the 13th anniversary, the hashrate shot up and a new all-time high has formed. According to the analysis platform bitinfocharts.com, this is currently at a hashrate of 203.6 exahashes per second [EH / s].



A year ago today, this value was 142 EH / s and has therefore increased by 47% within one year. This roughly corresponds to the percentage increase in the anniversary from 2020 to 2021.


Severe loss of hasrate

The Bitcoin hashrate suffered a severe loss in the last year. This is due to the law that China introduced in mid-2021. As a result, mining plants are no longer allowed to be operated in China.



As a result, a large number of mining plants in China were rapidly dismantled and the hashrate fell to a value of 68 EH / s. The hashrate has increased by almost 200% since the end of June 2021. However, the mining systems were transported within a short time and rebuilt in other countries. Much of it has been connected in Texas. There the miners benefit from low electricity costs.

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