Bitcoin kicks off new year with all-time high hashrate

Specialised computer used for bitcoin mining

What 

Data by Glassnode, an on-chain data company, shows that hashrates on the bitcoin network spiked to 201 exahashes per second (EH/S) on 1 January 2022, surpassing previous all-time highs recorded in April 2021

Why 

The new record indicates that the majority of bitcoin miners have migrated to other parts of the world and are back in full force following the ban on bitcoin mining by China, which, at the time, was home to the majority of bitcoin miners globally

What next

Bitcoin developer Jameson Lopp says the fast recovery from the drop in hashrate, due mainly to the mining ban in 2021, is a major milestone for network resilience

The story 

The Bitcoin network has bounced back from its low of 69 EH/S last year to a record new all-time high of 201 EH/S. It essentially means that the security and processing power of the bitcoin network has never been higher.

“Weathering and completely recovering from a 50%+ drop due to a mining ban by the country with the most hashpower was a major milestone for network resilience,” Bitcoin developer Jameson Lopp tweeted.

At the time of China banning cryptocurrency mining, an estimated 46% of hashpower was supplied by Chinese miners, which led to an exodus of miners to other countries such as Kazakhstan, Iran and the US. 

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