Sunday, January 23, 2022

BTC Mining Hash Rate Climbs 27% in 2021

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Bitcoin (BTC) skilled a unstable 2021 as the worth of the digital asset touched an all-time excessive of virtually $69,000 in November however misplaced practically 25% of its worth in the next weeks. Despite a turbulent yr, BTC remains to be up by roughly 80% in 2021.

BTC mining hash fee, one of many key drivers of Bitcoin’s community exercise, witnessed a pointy rise regardless of China’s crypto mining ban. Earlier this yr, China, as soon as often known as the hub of world Bitcoin miners, introduced a whole ban on the mining of digital property.

The mining fee crashed by greater than 50% following the announcement however recovered rapidly as massive BTC miners shifted to different areas like North America and Europe. The current information compiled by Glassnode exhibits that the Bitcoin mining hash fee jumped by 27% this yr.

“Hash-rate started 2021 at around 143 EH/s and increased to what was then an ATH of 180 EH/s in mid-May. This was followed by a precipitous decline of 53%, as miners in China were forced to cease operations, and relocate, or redistribute their hardware to new jurisdictions. Incredibly, the mining market has completely recovered from this enormous shift, with hash-rate pushing to new ATHs at 182 EH/s, closing out the year 27% higher. The success of this transition in the mining market is driven by the free-market incentive of miner revenue, offered by the Bitcoin protocol as a reward for solving blocks,” Glassnode famous.

Key Developments

BTC’s trade provide dropped considerably this yr. In 2021, Bitcoin’s web yearly trade outflows stood at virtually 68,000 BTC. Long-term Bitcoin holders added 1.8 million cash to their holdings. On the opposite hand, short-term provide decreased by 1.4 million BTC.

“All-in-all, 2021 has been a wild ride for Bitcoin investors, traders, HODLers, analysts, miners, and critics alike. The protocol saw Taproot implemented, miners’ relocate out of the historically dominant location, and multiple rolls of the FUD dice, landing on all sides at least twice,” Glassnode added.

Bitcoin (BTC) skilled a unstable 2021 as the worth of the digital asset touched an all-time excessive of virtually $69,000 in November however misplaced practically 25% of its worth in the next weeks. Despite a turbulent yr, BTC remains to be up by roughly 80% in 2021.

BTC mining hash fee, one of many key drivers of Bitcoin’s community exercise, witnessed a pointy rise regardless of China’s crypto mining ban. Earlier this yr, China, as soon as often known as the hub of world Bitcoin miners, introduced a whole ban on the mining of digital property.

The mining fee crashed by greater than 50% following the announcement however recovered rapidly as massive BTC miners shifted to different areas like North America and Europe. The current information compiled by Glassnode exhibits that the Bitcoin mining hash fee jumped by 27% this yr.

“Hash-rate started 2021 at around 143 EH/s and increased to what was then an ATH of 180 EH/s in mid-May. This was followed by a precipitous decline of 53%, as miners in China were forced to cease operations, and relocate, or redistribute their hardware to new jurisdictions. Incredibly, the mining market has completely recovered from this enormous shift, with hash-rate pushing to new ATHs at 182 EH/s, closing out the year 27% higher. The success of this transition in the mining market is driven by the free-market incentive of miner revenue, offered by the Bitcoin protocol as a reward for solving blocks,” Glassnode famous.

Key Developments

BTC’s trade provide dropped considerably this yr. In 2021, Bitcoin’s web yearly trade outflows stood at virtually 68,000 BTC. Long-term Bitcoin holders added 1.8 million cash to their holdings. On the opposite hand, short-term provide decreased by 1.4 million BTC.

“All-in-all, 2021 has been a wild ride for Bitcoin investors, traders, HODLers, analysts, miners, and critics alike. The protocol saw Taproot implemented, miners’ relocate out of the historically dominant location, and multiple rolls of the FUD dice, landing on all sides at least twice,” Glassnode added.



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