- Bitcoin hash rates soared to new highs at the start of 2022.
- The new figures are a leap of 100% from figures 6 months ago.
- Bitcoin mining has experienced some traumatic blows but the future looks bright for the industry.
After a tumultuous 2021, Bitcoin mining hash rates have peaked in the first few days of 2022. Several reasons have played a role in the new metrics of the industry.
New Year, New Hashrates
According to figures obtained from Bitinfocharts, hash rates on Bitcoin’s network is now at 203.5 exahash a second (EH/s). This number is a new record high for hash rates on the network as these metrics have never been reached in its 13-year history.
The new record is staggering because hash rates plummeted to new lows as Chinese miners went dark during the cryptocurrency witch hunt by authorities. During that period, the asset fell to 94 EH/s as the regulatory noose tightened in China. The subsequent migration of miners to newer jurisdictions played an integral role in the rebounding of hash rates.
Hashrates is the sum total of computational power that is used to mine Bitcoin and validate transactions on the network. Generally, the rule of thumb is that higher hash rates mean a more secure network because attackers would need more computational power to attack the network. These new figures mean that the network is at its most secure level yet.
The rebound from the lows of July 2021 means hash rates have risen by over 100%. Apart from the dip, mining hash rates have risen by 49% from January 2021 to January 2022. Some experts are of the opinion that Bitcoin prices mirror hashrates.
“The constant 10-minute emission schedule of Bitcoin is the lure that will always attract miners – even acting irrationally – that pushes up hash rate with price following,” said Max Keiser.
The New Distribution
The US plays a key role in the new distribution of Bitcoin hash rate given the huge number of miners that have settled in the country within the last 12 months. Data from Coinmarketcap shows that the bulk of Bitcoin miners is in New York, Kentucky, Georgia, and Texas.
Kazakhstan is another major player in the game as it houses the bulk of fleeing miners from China. Russia comes in third place with its growing number of Bitcoin miners as the country’s parliament tries to work out legislation for the industry.
There are unconfirmed claims that as much as 20% of Bitcoin’s hash rates come from mainland China with several mining farms still operating under the radar. Other key players include Iran, Malaysia, Canada, and Germany.
Check live crypto rates here
Start trading today – See our list of exchanges
Great article, exactly what I was looking for.
I am curious to find out what blog system you have been using?
I’m having some small security issues with my latest website
and I would like to find something more safeguarded.
Do you have any solutions?
I think the admin of this website is really working hard in support of his website, as here
every material is quality based material.
of course like your web site however you have to check the spelling on several of your posts. A number of them are rife with spelling issues and I to find it very troublesome to inform the truth on the other hand I?¦ll certainly come again again.
Thank you a lot for sharing this with all of us you really recognise what you are speaking approximately!
Bookmarked. Please also talk over with my web site =).
We will have a link trade contract between us
What’s up everyone, it’s my first pay a visit at this site, and article is in fact fruitful for me,
keep up posting these types of articles.
I just like the helpful information you provide to your articles.
I’ll bookmark your weblog and test again here frequently.
I am quite sure I’ll be informed many new stuff right right here!
Good luck for the next!
Hi there! This post couldn’t be written any better! Reading through this post reminds me
of my previous room mate! He always kept chatting about this.
I will forward this article to him. Fairly certain he will have a good read.
Thank you for sharing!
I blog quite often and I genuinely thank you for your content.
Your article has truly peaked my interest. I am going to take
a note of your blog and keep checking for new information about
once per week. I subscribed to your Feed as well.
It’s going to be end of mine day, however before end I am reading this fantastic
paragraph to increase my experience.
I go to see day-to-day some web pages and sites to read articles or reviews, however this web site provides quality based posts.
An intriguing discussion is worth comment. I do think that you need
to publish more about this topic, it may not be a taboo matter but usually folks don’t discuss such topics.
To the next! All the best!!
Hey I know this is off topic but I was wondering
if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would
have some experience with something like this. Please let me know if you run into anything.
I truly enjoy reading your blog and I look forward
to your new updates.
When someone writes an piece of writing he/she maintains the image
of a user in his/her mind that how a user can know it.
Thus that’s why this article is great. Thanks!
I’ve been browsing on-line more than three hours lately, yet I never discovered any attention-grabbing
article like yours. It’s pretty price sufficient for me.
In my view, if all webmasters and bloggers made good content
material as you probably did, the web can be a lot more useful than ever before.
I’ll right away seize your rss as I can’t find your email subscription link or newsletter service.
Do you have any? Please permit me recognise so that I may subscribe.
Thank you for sharing your thoughts. I really appreciate your efforts and I am waiting for your
next post thanks once again.
Pretty! This has been an incredibly wonderful post. Thanks
for supplying this info.
Very nice post. I just stumbled upon your blog and wanted
to mention that I’ve truly loved surfing around your blog posts.
In any case I’ll be subscribing in your feed and I hope you write
You could definitely see your expertise in the article you write.
The sector hopes for more passionate writers such as you who are not afraid to mention how they believe.
All the time follow your heart.
Hi mates, fastidious paragraph and good urging commented
here, I am in fact enjoying by these.