This is what is called a beautiful recovery. While the Bitcoin network’s (BTC) average hashrate fell by half in mid-2021, it hit a new high yesterday. More proof of the resilience of the largest cryptocurrency?
Bitcoin network hashrate (BTC) hits record high
As data from Bitinfocharts shows, the average daily hashrate of the Bitcoin network saw a strong surge in the first two days of January. To the point of exceeding its previous record , which was set in May 2021:
Average Bitcoin hashrate over the year – Source: Bitinfocharts
On January 2, 2022, Bitcoin’s average hashrate therefore exceeded 200 exahashes per second (Eh / s) . For comparison, the lowest level reached in 2021 was 68 Eh / s, last June. At this time of year, the crypto-community feared a lasting drop in hashrate, as Chinese miners were forced to shut down in the face of new hostility from Beijing.
Towards new records in 2022?
The recovery has therefore been particularly rapid , and it shows that more miners are devoting themselves to BTC mining, although the price of the largest cryptocurrency has not been particularly upward in recent weeks.
It is also notable, if we consider that the profitability of Bitcoin mining has fallen since the beginning of December. In any case, this is what the Arcane Research analysis service noted ten days ago:
The indicator is therefore rather “bullish”: this shows that more and more miners are devoting themselves to network security. In return, the latter becomes more solid. As Jameson Lopp notes, an attacker would now have to spend 2 years mining the blockchain in order to be able to rewrite it:
If the price of Bitcoin is therefore struggling to return permanently above $ 50,000, indicators show, however, that the network continues to arouse interest. This is also confirmed by the progressive evolution of the mining difficulty , which should experience a further increase in a few days.
