Bitcoin’s Hashrate Surges To New All-Time High

Bitcoin’s hashrate surges to new all-time high as the new year started, so let’s take a closer look today at our bitcoin latest news.

Bitcoins are now as secure as ever after the network’s hashrate surged to a new all-time high of 203.5 exahashes per second as per the data from Bitinfocharts. Hashrate refers to the total combined computational power used to mine and process transactions. The higher the hashrate, the more secure the network is as the computing power required to attack also rises. Over the past year, Bitcoin’s hashrate increased by 49% from the 136.5 EH/s recorded on January 2^nd, in 2021.

13 years ago these words were stamped in the Genesis block of the #Bitcoin blockchain:

“Chancellor on Brink of Second Bailout for Banks”

It was the start to the peaceful revolution that has changed millions of lives, and soon will change billions of lives

Thank you Satoshi. pic.twitter.com/WUwKZQr5h6

— Blockstream (@Blockstream) January 3, 2022

The growth is even more impressive a 199.2% when compared to the values in July last year when the Hashrate dropped as low as 68 EH/s following China’s crackdown on the mining industry. The network was on a steady rebound ever since with a few BTC mining operators relocating to other jurisdictions like Kazakhstan and the US. In the meantime, Bitcoin mining difficulty as a measure of how difficult it is to mine new coins is projected to increase by another 2.57% and according to BTC.com, this would be a huge distance from its previous high recorded in May, according to the platform btc.com.

The network’s new milestone came in time to mark the 13^th anniversary of Bitcoin’s Genesis Block Day. Back in 2009, Satoshi Nakamoto who created Bitcoin generated the block zero which is known as the Genesis Block with a coinbase containing the famous headline that was featured in the British newspaper “The Times”: “Chancellor on brink of second bailout for banks.
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” While Nakamoto never said what the message really meant, most BTC enthusiasts see it as a reference from his motives to create a new digital currency without intermediaries such as banks. Blockstream wrote on Monday:

“It was the start to the peaceful revolution that has changed millions of lives, and soon will change billions of lives.”

The Bitcoin Genesis block was not mined and the same way the BTC blocks were. It was also hardcoded into the protocol software with the first block arriving six days later on January 9, 2009. since then, Bitcoin’s hashrate surges to new highs, and Bitcoin is the $893 billion network with more than 15,000 nodes holding full or partial copies of the world’s first blockchain.