Bitcoin (BTC) The network hashrate hit an all-time high of 207.53 million tera hashes per second (TH/s) as the Bitcoin network turns 13 on Monday.
Exactly thirteen years ago, Bitcoin started a massive crypto network that still stands today and appears to be part of the financial revolution, with the blockchain started by an anonymous person known by the pseudonym Satoshi Nakamoto.
The new hash rate comes just six months after the Chinese miner debut, which started in May this year. China had more than 60% of the Bitcoin network’s mining hashrate, but in May, the Beijing government launched a nationwide crackdown on all forms of crypto mining, causing large Bitcoin mining farms to cease operations and relocate to other crypto-mining compatible countries. Miners have also moved to the United States, Russia and Kazakhstan following this ban.
The mining heatmap below represents China’s share of mining in April and July, showing the post-mining ban falling sharply to zero.
China’s share of the Bitcoin network fell sharply to zero from over 60% at the end of July. However, the mass exit and closure of mining farms led to a 60% drop in the hashrate of the Bitcoin network, down to 58.46 million tera hashes per second (TH/s) on June 27.
Will Bitcoin Price Be Affected By This?
Bitcoin price is down 30% from its peak near $69,000 in October. The last two months of 2021 have gone downhill, causing several price predictions to fail.
While experts admit that they have surpassed the price due to the October uptrend, they believe that the Bitcoin market is far from peaking and could see another leg of the bull run in the first quarter of the new year.
BTC is currently trading just under $46,000 and has been consolidating below $50,000 for some time. With the Omicron variant starting to cause turmoil in major western countries and the US and France seeing a world record number of new cases, institutions may return to Bitcoin as in 2021.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.