Bitcoin mining is reaching new heights, and it's creating a buzz in the world of cryptocurrency. The computing power used to mine Bitcoin has skyrocketed, jumping by more than six times since November 2019. But what does that really mean, and why is it so important?
The Race to Mine Bitcoin
Bitcoin has a fixed supply of 21 million coins, and a huge milestone has just been hit—94% of all Bitcoins have already been mined. To mine Bitcoin, powerful computers work around the clock, solving incredibly complex math problems. These calculations help secure the Bitcoin network and confirm transactions. The total computing power used in this process is called the "hashrate." Essentially, it's a measure of how many guesses per second these machines are making to solve the problems and validate the network.
In the past few years, the hashrate has been growing at an insane pace, reaching an all-time high of 693.1 million terahashes per second in late October 2024. To put this in ...
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