Bitcoin started the year safer than ever after the network’s hash rate hit a new record of 203.5 exahashes per second (or EH/s) on Sunday (2), according to data from the Bitinfocharts website.
Hash ratio is the amount of computing power that ensures network security and refers to the total and combined computing power for mining and transaction processing.
The higher the hash rate, the more secure the network is, as the computational power required to successfully attack the network also increases, that is, it becomes more difficult for a 51% attack to occur on the network.
BTC hashrate reaches new high.
An attacker with 100% of the current hashrate would have to spend more than 2 years mining in order to accumulate enough work to rewrite the entire bitcoin blockchain.
Over the past 12 months, Bitcoin hash rate has increased by 49% as 136.5 EH/s were recorded on January 2, 2021.
The growth is even more impressive (199.2%) when compared to the values recorded in July 2021, when the rate of hashes plunged around 58 EH/s after the major crackdown on the mining industry in China.
The network has been steadily recovering since then, as several large bitcoin mining operators migrated to other countries, including the US and Kazakhstan.
Read too: Hashrate recovers pre-ban mining levels as China’s economy slows
Meanwhile, Bitcoin mining difficulty is forecast to increase another 2.57% this week.
The network’s new milestone comes close to the 13th anniversary of Bitcoin Genesis Block Day.
On January 3, 2009, Satoshi Nakamoto, the anonymous creator of Bitcoin, generated the zero block, also known as the “Genesis Block”, as his data contains the famous headline of the British newspaper The Times: “Chancellor on brink of second bailout for banks” (or “Chancellor on the brink of the second bank bailout”, in Portuguese).
This Genesis Block, which was not “mined” in the same way as the subsequent blocks, was encoded in the protocol software and block number 1 was only mined six days later, on January 9, 2009.
Since then, Bitcoin has become an $890 billion network, with nearly 15,000 nodes holding a full or partial copy of the world’s first blockchain.
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