Many people often question how robust and valid the Bitcoin network is. That is not entirely surprising, as the world’s leading cryptocurrency is an ambitious project. However, as the network surpassed bloc 700,000, the network hashrate appears to recover well.
Bitcoin Network Surpasses 700,000 Blocks
Any cryptocurrency network or blockchain will require the ongoing processing of network blocks to keep the ecosystem running. For Bitcoin, those blocks are created by miners solving complex mathematical puzzles. They receive a block reward and transaction fees in exchange for this task. Now and then, the network will achieve massive milestones which were perhaps undreamt of a few years ago.
As of today, the Bitcoin network has surpassed 700,000 blocks. An impressive feat, considering Satoshi Nakamoto didn’t know if his peer-to-peer digital cash project would ever gain traction. Even today, the concept of Bitcoin meets a bit of opposition and rejection. However, slowly but surely, the network gains more traction globally, and the use of BTC becomes more commonplace.
As 700,000 blocks now exist on the network, the Bitcoin blockchain trucks along nicely. The average block time is still around 10 minutes, just like Satoshi coded it to be. An average of 6 blocks is found per hour, which is still somewhat slow but acceptable. Bitcoin will need other solutions to scale beyond its current capacity, such as the Lightning Network.
The blockchain itself is now over 422 GB in size, which is rather significant. Data storage is not overly expensive these days, and powerful drives are relatively accessible. The blockchain will continue to grow for every new block found on the network. A size of 500 GB and more is a matter of time at this point. Whether that will become an issue for node operators remains unclear, although that seems rather unlikely.
Network Hashrate Picks Up Again
One interesting metric is the Bitcoin hashrate. Following recent developments in China, the hashrate decreased by a fair bit. However, as miners are now relocating and setting up farms elsewhere, the numbers go up again. Today, Bitcoin notes nearly 128 exohash per second of mining power. That is still below the peak of nearly 200 exohash, but a strong recovery since the dip to below 70.
Following this increase in mining power, Bitcoin’s network becomes more secure. The recent price increase may have something to do with the rising mining power. Mining Bitcoin is a matter of calculating potential profit. The higher the value per BTC, the better one’s chance at pocketing a profit.