Sunday, January 23, 2022

Bitcoin Hashrate Mints to New All-Time Highs

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The hashrate figures for Bitcoin hit new highs on Sunday night after breaking through previous highs in mid-2021, according to data from the Glassnode analytics tool.

hash rate refers to the amount of computing power used by miners dedicated to minting new bitcoins and verifying new transactions on the Bitcoin network. Millions of calculations are solved every second to “win” new blocks, in a process commonly referred to as mining.

Higher hash rates mean a stronger and more secure network, making it difficult for a group of attackers to execute an unfortunate 51% attack and take control of the network.

But maintaining such intensive machinery is expensive and requires high technical knowledge – which has historically led miners to settle in the interior regions of China, where labor is affordable and conditions. favorable climates.

The Chinese government, however, is not big on crypto. A crackdown on local miners and mining companies last year saw Bitcoin’s hashrates drop to 61 exahashs per second in June 2021, from more than 190 exahashs per second in April 2021.

Data At the time, it was estimated that over 46% of Bitcoin’s required computing power was supplied by Chinese miners. The ban has since led to an exodus of Chinese minors to other regions, such as Kazakhstan, Iran and the United States

But Bitcoin has since rebounded, and the network didn’t take very long to recover: Data from Glassnode shows hashrates hit 201 exahashs on January 1, surpassing April 2021 levels.

Some engineers say the recovery showcases the resiliency of the network after falling last year. “The inclement weather and the full recovery of a drop of more than 50% due to a mining ban by the country with the most hash power has been a major step for the resilience of the network,” said Jameson Lopp, founder of the Casa wallet and developer of Bitcoin, in a statement. Tweeter Sunday evening.

Bitcoin hashrates are hovering at 189 exahashs per second on Monday morning at time of writing, The data shows.



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