Bitcoin Hashrate Reaches New ATH In The Beginning Of 2022

The relocation of miners from China, as well as the arrival of new mining equipment, has aided the recovery of Bitcoin hashrate following China’s crackdown.

Last year, during the height of China’s anti-crypto crackdown, the Bitcoin mining hashrate fell to an all-time low of 58.4 million terahashes per second, as many miners were forced out of business owing to the country’s stringent anti-crypto policies.

However, according to recent Glassnode statistics, the Bitcoin hashrate has entirely recovered from last year’s lows. It has even gone on to reach a new all-time high only two days into the new year. The Bitcoin hashrate has reached an all-time high of 208 million terahashes per second, according to the statistics.

New All-Time Highs for Bitcoin Hashrate

The amount of processing power allocated to the minting of new coins, security, and transaction verification on the network of the flagship digital asset is referred to as Bitcoin hashrate.

A greater hashrate often indicates that there are more miners in the area wanting to assist protect the network; as a result, some experts view this as a positive indication for the industry.

Higher hashrates indicate a more robust and secure network. Higher hasrates makes it more difficult for a gang of attackers to launch a botched 51 percent attack and take control of the system.

A user clears the hashrate rise by sharing a graph with analytical studies.

However, maintaining such complex gear is expensive and demands extensive technical expertise. This has historically pushed miners to locate in China’s interior, where personnel is inexpensive and climate conditions are favourable.

The Chinese government, on the other hand, isn’t a huge fan of cryptocurrency. Bitcoin hashrates dropped to as low as 61 exahashes per second in June 2021, down from over 190 exahashes per second in April 2021, following a crackdown on local miners and mining enterprises last year.

In a tweet on Sunday night, Casa wallet creator and Bitcoin developer Jameson Lopp stated, “Weathering and totally rebounding from a 50%+ decrease due to a mining prohibition by the country with the greatest hash power was a big milestone for network resilience.”

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