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Home AUSTRALIA

As Bitcoin Turns 13, Its Hashrate Hits A New All Time High

CB4U by CB4U
January 6, 2022
in AUSTRALIA
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As Bitcoin Turns 13, Its Hashrate Hits A New All Time High
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January 3 marked the 13th anniversary of Bitcoin’s genesis block. Coincidentally, and within days, Bitcoin’s hashrate reached an all-time high of 228.92 exahashes per second (EH/s) – this despite the fact that Bitcoin’s performance of late has significantly undershot expectations. What gives?

Hashrate – What is it and Why Does it Matter?

Simply put, “hashrate” refers to the total computational power used to mine and process transactions on Proof-of-Work (POW) blockchains, such as Bitcoin. It is the most widely used metric in evaluating the strength and security of a POW blockchain.

All things being equal, the greater the number of honest miners and associated computational power, the more difficult it becomes for dishonest actors to disrupt or engage in a 51 percent attack.

Accordingly, a drop in hashrate typically makes it easier to perform a 51 percent attack, whereas the opposite is true when the hashrate increases.

BITCOIN POW EQUIVALENT DAYS HITS ALL TIME HIGH!

An attacker with 100% of the current hashrate would have to spend over 2 years mining in order to accumulate enough work to rewrite the entire bitcoin blockchain. pic.twitter.com/4bY9ldlR8H

— Jameson Lopp (@lopp) January 2, 2022

Hashrate Recovery Post-China Ban

As Bitcoin developer Jameson Lopp notes, Bitcoin’s hashrate increased by 10 percent in 2021, but that in itself is eclipsed by its recovery following China’s ban on mining:

Weathering and completely recovering from a 50 percent+ drop due to a mining ban by the country with the most hashpower was a major milestone for network resilience.

Jameson Lopp via Twitter

As Bitcoin miners fled China to more friendly regulatory regimes, the US has become the biggest beneficiary in what commentators have described as one of China’s most significant geopolitical blunders. For context, in this year alone an estimated US$900 million in mining equipment is expected to be shipped to the US from China.

What of Price Action?

Historically, the correlation between Bitcoin’s price and the hashrate is shaky, although drawing on historical data, some inferences can be made.

For example, Bitcoin OG Max Keiser suggests that “hashrate precedes price. New ATH hash means new ATH price incoming. $220k in 2022 [is] in play.” While he might have missed the mark in 2021, the chart below reflecting both hashrate and price does appear to indicate Bitcoin is trending lower than one would expect at the current hashrate.

Bitcoin Mean Hashrate. Source: Glassnode

Others in the Bitcoin community are more circumspect:

In #Bitcoin‘s history, this type of hashrate recovery does not seem like it’s going to a bearmarket, in fact, it seems more like it is starting a new bullmarket.

In Dec 2018, miners capitulated after #BTC dropped to $3k, soon after, hashrate rebounded & 2019 bullmarket started. pic.twitter.com/Z5BY1bC2Mx

— venturefoundΞr (@venturefounder) January 2, 2022

While some Bitcoiners bemoan recent price action, if you’re in it for the long haul, the fact that the Bitcoin network is stronger and more robust than ever ought to be sufficient cause for celebration.

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The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.

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