The hashrate (the network’s processing power and security dedicated) suffered one of its biggest drops in 2021 when China, which once contributed up to 70% of Bitcoin’s mining power, outlawed mining.

Bitcoin’s hashrate recovered steadily as miners fled to different regions. This helped it reach its previous peak in Q4. With Bitcoin now fully recovered from China’s crackdown, the hashrate of the network has set a new all-time high.

Bitcoin Hashrate opens 2022 with a new high

The hashrate for Bitcoin reached a lifetime record on January 1, 2022. It briefly topped 2.2 Zettahash (224.32 EH/s), or 0.02 Zettahash. The constant hashrate of 209.39 EH/s was maintained.

As of writing this, the Bitcoin hashrate was at around 194.8 EH/s. Since China’s crackdown, when the network’s hashrate dropped to 69.11 EH/s, the Bitcoin hashrate has grown ​​202.98%.

One-year Hashrate Chart of Bitcoin Network

Foundry USA, which has 19.45% of all the world’s mining power (or 34.79 EH/s) and only eleven other known pools, is the biggest contributor to the mining power. Antpool, which contributes 16.91% or 30.25 EH/s to Bitcoin’s total hashrate is the second-largest pool.

Analysts predict that Bitcoin’s mining difficulty will rise by 2.9% to 24.98 Trillion due to an increase in mining power. 25 Trillion is the highest recorded number.

To The Flipside

• Bitcoin’s energy consumption remains a topic of discussion. Bitcoin is expected to use more electricity in 2021 than Argentina.

What You Need to Care About

The hashrate recovery of Bitcoin proves that the network cannot be controlled by one region – as many believed was the case with China.

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