As the World Celebrates Bitcoin’s 13th Anniversary, the Network’s Hash Rate Reaches an All Time High

A Brief Overview

Exactly 13 years before today, a person pseudonymously named Satoshi Nakamoto mined the block 0 or genesis block of the Bitcoin network. As a reward 50 Bitcoins in total were mined subsequently. The development of the Bitcoin network was intensified as a consequence of the White paper published on Oct 31 2008.

13 years fast forward we are in the year 2022 and arguably the biggest innovation of the 21st century seems unstoppable. The Bitcoin that was worth not more than a few pennies, back in 2010, is now more valuable than any other financial asset i.e. gold.

The man who owed 1000 BTCs worth $100 in say Oct 2010, is now standing at approximately $48 million. As Bitcoin’s current price is $48k, while in Oct 2010 it was merely $0.10.

Bitcoin’s Hash Rate Reaches an All Time High

One of the most crucial factors that influences the way the Bitcoin network performs is the Hash Rate. Recently, a couple of days earlier, the Bitcoin Network’s Hash Rate reached an all time high of 207.53 EH/s. A rather cheerful occurrence to rejoice Bitcoin’s anniversary.

Following a vigorous crackdown by China’s government on Bitcoin mining and trading in the country, the Hash Rate went down as low as 58.46 EH/s. It was a kind of devastation, the miners were displaced and exchanges had to stop their operations.

Later as the whole Bitcoin network in China migrated to alternative lands, the Hash Rate began to make a recovery. And after a six month long rally the Hash Rate has finally reached an all time. At the current moment the Hash Rate is fractionally above 190 EH/s, down 8% from the peak.

Moreover, Bitcoin is currently trading at $47k down 7% in a day.