Bitcoin network has turned 13 on Monday and reached a new all-time high hash rate of 207.53 exahashes per second (EH/s).
It has been reported that the Bitcoin hash rate, which correlates to the strength of the network based on the number of active miners, saw a temporary downfall after China banned citizens and businesses from pursuing crypto mining and trading activities.
However, as a direct result of China’s blanket ban on crypto causing a sudden shortage of miners, the Bitcoin hash rate fell to 58.46 EH/s. As evidenced by the above graph, Bitcoin’s hash rate saw an eventual comeback as Chinese miners began migrating to friendly jurisdictions.
The report said that on Saturday, the Bitcoin network recorded a new all-time high of 207.53 EH/s, reclaiming the network’s security by increasing the mining difficulty.
Thus, in December alone, the firm purchased a further 1,914 BTC, worth $94 million.
Source: Cointelegraph