A breakthrough has occurred in the world of digital currencies, which may seem abstract to the average observer, but its significance for the future of finance is undeniable. This refers to Bitcoin, the oldest and most significant cryptocurrency, which has just reached a new, record level of computational power of its network. This is a milestone not only for cryptocurrency enthusiasts but also for anyone interested in modern technologies and their impact on the global economy.
Bitcoin, often compared to digital gold, has set a historical record, demonstrating not only its resilience but also the growing trust of investors in this technology. Its computational power, known as the hashrate, has reached a level of 527 exahashes per second (EH/s). What does this mean in practice? Each “exahash” represents a billion billion hashing operations, which are crucial in the process of verifying Bitcoin transactions and maintaining network security.
The increase in Bitcoin’s computational power is the result of increased activity by cryptocurrency miners. These are individuals and companies that use powerful computational power to solve complex mathematical algorithms. As a result, they confirm transactions in the network and are rewarded with newly mined bitcoins.
Interestingly, the increase in hashrate is not the only positive indicator. This is also evidenced by the increasingly shorter time needed to mine a single block, which currently ranges between 8 minutes and 47 seconds to 9 minutes and 31 seconds. This is significantly faster than the standard average time of 10 minutes. Consequently, we can expect an increase in mining difficulty, which is a natural mechanism to protect the network from an excessive influx of new bitcoins.
The dominant force in the Bitcoin mining ecosystem has become Foundry USA, which has overtaken Antpool, achieving a power of 164.24 EH/s, which represents 31.76% of the total hashrate. In total, these two mining pools control over 56.22% of the network’s power.
Not only the hashrate is growing. In November, Bitcoin miners earned a record $142 million from transaction fees, and in December this amount increased to $202 million. Total revenue from block rewards and transfer fees this month reaches $953 million.
For the average user, this information may seem too technical, but it is important to note that the increase in Bitcoin’s computational power indicates growing trust in this cryptocurrency and its stability. This is a sign that despite numerous adversities and price fluctuations, Bitcoin continues its march towards widespread recognition and acceptance in the world of finance.
