☃️At the back of a period of consistently sustained bearish price actions in the #bitcoinmining market along with three significant hashrate reductions in the final phase of last year, the top digital #cryptocurrency network now appears to be back on track making its way towards attaining optimum health!
The difficulty adjustment mechanism exists to ensure that regardless of price movements, the #bitcoinnetwork will always have adequate capacity to carry out #transaction hashing☝🏼As such, increased difficulty generally means that more miners are coming into the fray, which indicates that the #crypto winter may be experiencing a mild thaw.
It is also key to remember that despite the much-publicised woes of the Bitcoin price in 2018, the network’s current #hashrate is roughly three times more 😃 than at the same point in January 2018, with a difficulty approximately 2,5 times that of 12 months ago when it was coming off an all-time high. If #bitcoin is able to maintain its current price trajectory, 2019 might well turn out to be an interesting year for #miners👌
0 811 hours ago
The number of #bitcoin nodes is growing! And it's a good news for #cryptocommunity 🙌🏻 Data from earn.com monitoring resource confirm the growth, which has lately centered on Germany 🇩🇪 now contributing almost 19% of nodes.
In terms of distribution, 2486 reachable nodes were in the US, followed by 1953 in Germany. France, the third-largest node hub, was still significantly behind the two leaders with 675 reachable nodes. China had just 423 nodes, nonetheless giving it fifth place in the rankings, while Japan, despite its burgeoning Bitcoin consumer economy, came in tenth with 249.
Reachable nodes reached a peak of 12 500 in November 2017 during the run-up to Bitcoin’s all-time price high around $20 000. Since then, a pullback took over in the first half of last year, node numbers subsequently hovering around 9 000. That performance results in an overall 11% decline through 2018, with this year conversely seeing an approximately 2% rise.
What is Bitcoin Mining?
When we talk about Bitcoin mining, you maybe think is about digging the ground to find Bitcoin but that's not actually what it is.⛏⛏⛏ In Bitcoin mining we dig with computers🖥🖥. Bitcoin as a currency do not have a central control like government money💸💸. So how is it created if no one control it?.😳😳 The process through which bitcoins are created is called mining. People who mined bitcoins are called miners. ⛏⛏🖥🖥🖥. This #bitcoin miners are those who govern the network, secure the network, control the issue of new bitcoins and verify transaction on the #bitcoinnetwork.✅✅📚📚💯💯 #bitcoinminer does this by using they computer processing power to help do all the above in the network.🚀🚀🚀. #miners are rewarded transaction fees generated by the network.👍🏽💸💸. This transaction fees are given to miners in a form of new #bitcoin created by the network.
What short video above and don't forget to follow @ms_oluu so you don't miss our daily free lesson on #blockchain and #cryptocurrencies
At the beginning of last year, the Commission in the network of #bitcoin reached its historic high of the average cost of transfer BTC was $34 😱 This daily the #bitcoinnetwork is made up 308 thousand transactions. Now the weighted average cost of #transactions on the network first #cryptocurrency have dropped to October 2015 and is only $0,02!
It is noteworthy that the trend seen in the background doubling the number of transfers over the last six months 📈 The volume of operations increased by around 75%, but their processing is performed much more efficiently than before.
The increase of daily volume was made possible by the activation of the #bitcoin protocol Segregated Witness (SegWit) in August 2018 and the #payment protocol Lightning Network (LN) 💪🏻 According to the portal 1ML, the LN bandwidth is almost 559 bitcoins. The number of network #nodes today is 5179, and the number of payment channels through which #bitcoins are transmitted is 18 726.
🥳 Happy Bitcoin genesis block day!
3rd January is usually a big day for Bitcoin☝🏼since it’s the day that Satoshi Nakamoto launched the coin’s #genesisblock in which the founder revealed the reason behind creating #bitcoin and the failure of existing monetary policies to address diverse financial needs.
The genesis block, by all rights, is emblematic of monetary sovereignty 🗣 It’s the digital embodiment of Satoshi’s monetary philosophy, a rejection of the centralized policies of the fiat system. He believed the old mode was failing 💣 His intent is covertly coded into the genesis block, though the meaning of this message is clear. Embedded in the hexadecimal code on the genesis block’s coinbase, the #message, after being decoded, reads as follows 💬«The Times 03/Jan/2009 Chancellor on brink of second bailout for banks» and its really.
The message is a direct allusion to the headline for The Times the day Bitcoin launched. As the article details, Alistair Darling, the U.K.’s Chancellor of the Exchequer at the time, was debating a second bailout for U.K. banks 📜 The rest is obviously history.
And now Bitcoin has opened the year in the green and is currently trading at $3894 with analysts believing that it will test the $4000 mark!
According to Henri Arslanian - PwC China and Hong Kong Fintech Crypto Leader - 2019 will be a significant year for crypto partnerships. Arslanian stated that several known companies will partner with cryptocurrency companies to make their portfolios more attractive. Alternatively, some powerful companies may invest into crypto companies to diversify their assets, just like Goldman Sachs invested into BitGo. Crypto is invading the markets.