Bitcoin hashrate hits record high after December slump

The smoothed 14-day moving average (14d MA) hashrate of the Bitcoin network reached a new high of 270.25 EH/s.

The 7d MA metric also recovered to levels above 272 EH/s, which were observed in early November 2022.

In December, the network’s hashrate collapsed amid a US-blizzard. During this period, many local miners paused operations at data centres to balance power grids or for staff safety.

For example, Core Scientific, with a total hashrate of around 24 EH/s, reduced consumption by 17,179 MWh, and Argo Blockchain (2.5 EH/s) — by 1,500 MWh.

Against a backdrop of renewed capacity, Bitcoin breached the $17,000 and $18,000 levels, hashprice in January rose by more than 13%. The metric reached $0.068 per TH/s per day.

In ForkLog’s exclusive feature, what happened in the mining industry in 2022 and how its participants survived the bear market.

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