Exactly 11 years ago, the first Bitcoin was mined. Today, more than 18 million of the 21 million total Bitcoin are in circulation, and more miners are contributing to the network than ever.
Bitcoin's hash rate has steadily increased over the last 12-months, and just days in 2020, it reached previously unseen levels. On Thursday evening, Bitcoin's hash rate hit a record high of 120 quintillion hashes per second on Blockchain.com.
Good for Bitcoin
In short, the hash rate measures the speed of Bitcoin miners. As Bitcoins are created, each block is "hashed" or verified before it's added to the blockchain. For this to happen, a computer needs to crack a complex mathematical equation. The hash rate measures the number of times per second the network attempts to complete this equation.
A high hash rate makes the network more secure, protecting it from the threat of a 51-percent attack. It also shows that miners are doubling down, investing more power to produce more Bitcoin, despite recent price declines.
Some analysts believe that Bitcoin's price will rise as hash rates continue to increase, pointing to the positive correlation between the two in previous bull runs. Following this week's all-time high, BTC spiked 7% in just a few hours. After dropping to a low of $6,873 on Voyager, Bitcoin recovered its losses, hitting a high of $7,365 Friday morning.
It's too soon to tell if the increased hash rate is to blame for Bitcoin's price spike, but either way, it signals increased interest from miners and piles extra pressure on BTC to be profitable.
Bitcoin (BTC) has already hit a new record in 2020 as the cryptocurrency’s network hash rate once again topped previous all-time highs. Read more.
The Ethereum network today implemented the Muir Glacier hard fork following the mining of block number 9,200,000. The Ethereum Foundation announced the fork on December 23 as an emergency precaution to prevent the so-called “Ice Age,” which would have caused the network to clog up and slow down. Read more.
The majority of asset managers that bank with State Street are interested in digital assets such as bitcoin, but none have asked the global custodian to store them yet. Read more.
A former MakerDAO contributor and Carnegie Mellon alumnus has committed 10,000 MKR — valued at just under $4.3 million at press time — to his alma mater to develop a research program for decentralized applications. Read more.
Beijing is preparing to launch its own cryptocurrency, a move that could potentially lead to greater state control. WSJ’s Steven Russolillo takes a look at official documents to find out more about China's plans. Read more.
YouTube Calls Crypto Purge a Mistake but Many Videos Still Missing
YouTube erroneously purged cryptocurrency education videos from its video-sharing platform this week but claims to have reinstated them, according to a spokesperson. Content creators, however, are telling a different story. Read more.
As another year draws to a close in the world of Bitcoin and blockchain, we’ve decided to look back at some of our favorite cryptocurrency tweets of 2019.
Some are funny, others are weird, but we’ve loved each and every single one. Read more.
As the decade began, only a handful knew anything about bitcoin, which was created on January 3, 2009 by a mysterious developer known to the world as Satoshi Nakamoto. Buried within the code of his “Genesis” block, Nakamoto embedded a reminder of what happens when too much trust is placed in banks... Read more.