Unprecedented: Bitcoin Mining Network Exceeds 100 PH

Last updated on January 2nd, 2018 at 12:00 am

The total power of the Bitcoin network has violated through 100 petahashes vanaf 2nd (PH/s) for the very first time te the cryptocurrency’s five years of life. According to blockchain.informatie, the hash rate peaked at 103.Four PH/s on Wednesday before fluctuating back down to 85.Three PH/s on Thursday. It rose up on Friday to around 98 PH/s and will likely pauze 100 again overheen the weekend.

The Bitcoin hash rate is a measurement of the entire network’s computing power, generated by a vast system of miners who perform ingewikkeld mathematical calculations ter order to secure the blockchain – Bitcoin’s public ledger of all transactions that everzwijn occurred.

Bitcoin’s hash rate has began rising more quickly overheen the past year.

The hash rate generally increases because Bitcoin mining gets more difficult and energy-intensive spil time goes on and more people join the network. There’s only so much BTC to be made by securing the single blockchain, and miners are te an arms wedren of computational power to voorkeur spil many block prizes spil possible.

Bitcoin Mining is Ridiculously Competitive

This incentive to run increasingly sturdy machines on the network has resulted ter an unprecedented rise of collective processing power. It took Bitcoin five entire years to reach Ten PH/s hashing power, and now it fluctuates that much on a daily onderstel. It’s a wilsbeschikking to the incredible energy invested ter the infrastructure, spil well spil the steep barrier to entry for anyone who’s interested te Bitcoin mining.

Bitcoin’s hash rate only began skyrocketing te the past year, evidenced by this chart dating back to the digital currency’s inception te January 2009.

The rapid rise ter hashing power has bot aided by ASICs, or application-specific integrated circuits, which are essentially computers that exist solely to mine Bitcoin. They are amazingly powerful – the top-of-the-line KnCMiner boasts a ondergrens 3000 GH/s hashing speed. However, that same equipment costs almost $6,000, and is only payable ter bitcoin or a ongezouten bankgebouw transfer. Unnecessary to say, the barrier to entry te Bitcoin mining is very high.

Bitcoin’s Creeping Centralization

Cracking the arbitrary line of 100 PH/s has coincided with latest controversy overheen Bitcoin mining pool GHash.IO and its inordinate control overheen

45% of the network. If any one entity gains 51% of the network, what’s known spil a “51% attack” could potentially be launched against Bitcoin. This would enable the attacker to double-spend transactions and possibly even shut down the network. However, GHash.IO has denied having any intentions to launch such an attack, citing their own hefty investment ter the Bitcoin ecosystem.

GHash.IO’s vuurlijn pagina boasts a list of features and current total hash rate.

Bitcoin’s record-breaking hash rate is indicative of how much the mining network has grown te a few brief years, from truly modest beginnings into a thriving industry of powerful miners who secure the blockchain. Unluckily, a big chunk of their effort – overheen 42 PH/s at the time of this writing – is channeled through the massive mining pool GHash.IO. It’s a sign that Bitcoin mining is growing more centralized, and it’s an punt that the community needs to face – one way or another.

Bitcoin spil a Force of Nature

Regardless of the debate overheen mining pools, it’s fascinating to think about the sheer power that’s behind the Bitcoin network. The blockchain is the backbone to the world’s very first decentralized digital currency, and it’s powered by overheen 100 PH/s of computational strength. That fact alone means that the Bitcoin network has incredible – indeed, record-breaking – power behind its very infrastructure. It’s just unfortunate that gaining 51% of mining power grants unfair abilities.

Spil Uncle Ben so eloquently said, “With good power comes excellent responsibility.”

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