Evening
Bitcoin is celebrating its birthday, as 13 years ago on Monday Satoshi Nakamoto mined the genesis block of Bitcoin and mined a reward of 50 BTC. Ever since then, the network has weathered many storms and always came back even stronger.
Bitcoin is celebrating this Birthday with a bang, marking a new all time high network hash rate. The network hash rate, i.e. the computation power backing the network is a matric correlating the network strength, touched all time high of 207.53EH/s on Jan 1 and is now currently at 190.64EH/s. Back in mid 2021 the network hash rate took a serous hit after the China's crypto mining and trading ban came in effect. Network hash rate plunged to the last year's lowest of 58.46EH/s on July 27.
But after the July's dip the network hash rate has started a slow and steady recovery, as the displaced Chinees miner started coming back online by resuming their mining operation abroad. Latest all time high of 207.53EH/s marks a 9% increase from last year's all time 190.51EH/s(before the dip).
Meanwhile, Bitcoin mining difficulty is also on the rise, as increased network hash rate means more miners are competing to get a share of the pie.
A network hash rate all time time at the first day of the years marks a strong response by the Bitcoin. It might be a harbinger of next bulls run for the top crypto. It is noteworthy that Bitcoin has risen by 7%-36% in first week of January each year since 2018. How much it will gain this year? I guess we will find out soon enough!