The Bitcoin hashrate (the network’s processing power and security dedicated) suffered one of its biggest drops in 2021 when China, which once contributed up to 70% of Bitcoin’s mining power, outlawed mining.
As miners migrated to other regions, the Bitcoin hashrate steadily recovered, reaching previous highs in Q4. With Bitcoin now fully recovered from China’s crackdown, the hashrate of the network has set a new all-time high.
Bitcoin Hashrate Opens 2022 with a New High
On January 1, 2022, the hashrate of the Bitcoin network set a new lifetime high, briefly peaking above 224.32 exahash per second (EH/s) or 0.2 Zettahash. The hashrate proceeded to steady 209.39 EH/s.
At the time of this writing, the hashrate of the Bitcoin network has steadied around 194.8 EH/s. Since China’s crackdown, when the network’s hashrate dropped to 69.11 EH/s, the Bitcoin hashrate has grown 202.98%.
The one-year hashrate chart of the Bitcoin Network
With only 11 known mining pools today, Foundry USA contributes the largest mining power, with 19.45% of the global hash power or 34.79 EH/s. Antpool ranks as the second-largest mining pool, contributing 16.91% of the total Bitcoin hashrate or 30.25 EH/s.
With an increase in the mining power, analysts have predicted that the mining difficulty of the Bitcoin network could increase by 2.90% in the coming days to 24.98 trillion. The highest ever recorded is 25 trillion.
On The Flipside
- The Bitcoin energy consumption is still an ongoing debate, with Bitcoin said to consume more electricity than Argentina in 2021
Why You Should Care
The hashrate recovery of Bitcoin proves that the network cannot be controlled by one region – as many believed was the case with China.
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