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.