Bitcoin Computational Power Forecast to Double in 2023

In 2021, the crypto industry saw a shift from individual hobbyists to serious institutional investors. Meanwhile, Bitcoin mining changed its course as well, and according to some forecasts, its computational power may double in 2022.

Bitcoin Mining Changed

Until recently, only a handful of companies were involved in Bitcoin mining operations. Still, last year proved to be quite challenging for some miners. For example, Chicago-based Bitcoin miner Blockware Mining saw delays in equipment delivery due to the global disruption of the supply chain.

China’s crypto ban additionally wrecked the crypto industry and forced miners to either quit operations or change location. In addition, right after the ban, the Bitcoin hashrate fell by about 50%, meaning that the Bitcoin network was less secure during the time.

At the moment, the hashrate has recovered, reaching 182 EH/s, thanks to the miners that migrated to the US, Canada, and Kazakhstan.

The forecasts for 2022 show that more institutional miners will enter the market. Since the Bitcoin hashrate recovered, the network is highly secure, which also implies more competition in the mining industry.

This may lead to a double hashrate by the end of 2022. In addition, a higher percentage of Bitcoin mining operations will be powered by abundant and affordable renewable energy. This could make Bitcoin mining especially attractive to bigger investors.