Bitcoin (BTC) hashrate touches new ATH on 13th Birthday of Genesis Day
Bitcoin (BTC) network hashrate hit a new all-time high of 207.53 million tera hashes per second (TH/s) on Monday as the Bitcoin network turned 13. On this day in 2009, the pseudo-anonymous creator Satoshi Nakamoto mined the genesis block of Bitcoin and started a financial revolution that is standing tall today.
The new ATH hashrate comes just within six months of the Chinese miner exodus that started in May this year. China contributed more than 60% of the Bitcoin network’s mining hashpower, but in May the Beijing government started a countrywide crackdown on all types of crypto mining resulting in major Bitcoin mining farms shutting their operations and relocating to other crypto-mining compliant nations such as the United States, Russia, and Kazakhstan.
The following mining heat map represents China’s mining share in April and July that shows the drastic decline to zero post-mining ban.
China’s share in the Bitcoin network fell from over 60% to zero by the end of July. However, the mass exodus and shutdowns of mining farms led to a 60% decline in the Bitcoin network’s hashpower which fell to as low as 58.46 million tera hashes per second (TH/s) on June 27.
Can Bitcoin price follow the mining hashrate ATH?
Bitcoin price has slumped by 30% from its ATH near $69K in October. The last two months of 2021 have turned bearish resulting in the failure of several price predictions. While experts admit they overshot the price due to the October uptrend, they belive the Bitcoin market is far from the top and could see another leg of the bull run in the first quarter of the new year.
BTC is currently trading just under $46K and has been consolidating under $50k for quite some time now. With the Omicron variant starting to run havoc in major western nations, with the U.S and France seeing a world record number of new cases, institutions might turn to Bitcoin again as they did in 2021.
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
