Bitcoin hashrate rises to an all-time high

It renewed the previous record from January 1

15.01.2022 - 08:30

231

1 min

What’s new? According to the Glassnode analytics firm, the hashrate of bitcoin hit the all-time high of over 215 Eh/s on December 14. Last week, the figure was down to 170 Eh/s amid an internet outage and unrest in Kazakhstan. This impact is since 18% of the world's bitcoin mining capacity is located in the country.

#Bitcoin Hash Rate has reached 183 Exahash, a new all-time high.After a -54% reduction in May 2021 resulting from a ban in China, mining rigs have returned to operation, growing network security by +117% since July.Live chart: https://t.co/oGhI4eM66z pic.twitter.com/AXZJc2J4hK— glassnode (@glassnode) January 13, 2022

What events preceded it? In December 2021, the first cryptocurrency's hashrate recovered from the great miners’ migration. In July 2021, the State Power Corporation of China informed all its customers that they would not be able to officially use the electricity to mine any cryptocurrency in every province.

Following this announcement, the miners were forced to migrate, triggering the biggest drop in the hashrate in the entire history of bitcoin. At the time, the figure was at a critical low of 84 Eh/s, down 53% from the previous high.

Author: