The year started off on a rather bland note, well below the bold predictions made by several notable Bitcoin supporters in terms of BTC prices. While 2021 was quite impressive, the cryptocurrency market entered familiar territory of extreme fear at the start of the first week of 2022.
In contrast, though, Bitcoin’s hash rate has registered a new all-time high, indicating that the network’s robustness has never been more secure.
Bitcoin hash rate hits new high
According to data compiled by BitInfoCharts, the Bitcoin hash rate has maintained an upward trajectory since it hit multi-year lows about six months ago. The drop was temporary but damaging as the metric fell below 60 pe / s.
It was triggered by the Chinese miner exodus due to the country-wide ban on mining and trading activities. The recovery has been quick and substantial, demonstrating the strength and resilience of the robust network.
Interestingly, the latest peak for the new ATH comes just after a pivotal day for the network – the 13th anniversary of Genesis Day. On January 3, 2009, pseudonymous Bitcoin creator Satoshi Nakamoto mined the very first block, which marked the start of the financial revolution we know today. Also known as “Block 0”, on this day the first set of 50 BTC was mined.
It was most certainly mined using the central processing unit (CPU) of a generic computer back then as opposed to the highly specialized and powerful computers of ASICs that miners currently use. Additionally, the genesis block had a difficulty of 1, meaning it was mined instantly.
Comparatively, the mining difficulty is now close to the record high of $ 25 trillion. Bitcoin miners saw a major increase in mining difficulties late last year. It came with a jump of over 8% on December 11.
There was another, more modest, one on Christmas of 0.32%. According to Coin Warz, the next difficulty adjustment is estimated to take place on January 8th.
May Way for bold predictions
Bitcoin may not have generated any interesting clues this year yet, but Salvadoran President Nayib Bukele is bullish on the cryptocurrency.
Bukele predicted that Bitcoin would hit a milestone of $100,000 in 2022. He also said the asset will see adoption from two more countries as a legal tender. In addition to the construction of ‘Bitcoin City,’ Bukele also expects to see an oversubscription of Volcano bonds slated to be released this year.
