BTC at over 50 Eh/s
With almost 10'000 full nodes spread out over the globe.
The number one Crypto
To some this was like a weird phenomena. Bitcoin price somewhere at 6350 USD for 1 BTC, while the hashing rate just keeps rising. And now it broke through the 50 Exa hashes per second threshold. Yes, that is a lot, it's huge a new All Time Heigh {ATH}. That, to me, is a bit strange, because I thought mining Bitcoin was not profitable below: 9700, 8500, 7100, 6800 and so on...
ASIC miners are becoming more energy efficient, measured in used KWh {Kilo Watt hour} per Ths {Tera hashes per second}. As in an analogy to cars, more miles to the galon. Or more kilometers per liter. Somehow low energy prices are an important factor. If a mining farm could run on solar and/ or wind energy, like a substantive self supporting system, than that would be quite profitable. Even after the next halfing.
Still, it is amazing to see that huge number on the mining counter. Because for mainstream Bitcoin, BTC, was declared dead, again, after the last absurd price pump 'n dump. And most do not even know there are other Cryptos too. Some even with ZERO transactions fees like Steem and EOS. So, what is the logic behind the ever growing Bitcoin mining numbers?
Time will tell
Well, it must be something justca few know about, or hope that is going to happen. Where Bitcoin, BTC, gets some major stable boost, or an important economical happening is ahead. Could be that mister MacAffee can keep his little 'John' after all. Maybe he is right and he can just celebrate BTC going past 500'000 in value by eating a real Wiener instead of his own.
And some speculators might be right in expecting Bitcoin, BTC, to become worth 1'000'000 USD. To which some add that this might happen in a different way than most people think. That could be because the USD plummits in value, for instance, devaluating extremely fast. What could happen if some countries would start to dump their USD FOREX {FOReign EXchange} reserve. As a counter measurement to some economical sanctions.
Highly unlikely
China has a 3.4 trillion USD FOREX reserve, for instance. And if they would choose to dump the held USD, then other countries would probably follow. In that scenario Bitcoin, BTC, would become worth millions in USD, almost in a split second. But it does seem highly unlikely that this is going to happen. Because the power structure of the world would be turned up side down.
China, the new world economical leader...!? Hard to imagine the IMF {International Monetary Fund}, WorldBank, BIS {Bank for International Settlements} and so on would let this happen, just like that. Because it would probably just cause a global economical meltdown. Could Cryptos then take over? Well, a blockchain like EOS could, with Bitcoin, BTC, as the equivalent to a digital gold standard, for all Cryptos that are going to be used.
So, what will give BTC value?
Yet, I highly doubt that the global banking monetary governance {bmg} system would allow this to happen. So even if the Chinese government would be tempted, they would merely just use the suggestion to put some pressure on the USA government not to push the sanctions too far. Though some countries might use a bit of USD FOREX reserve to stabilize their own currency, like Russia did, for example.
And Bitcoin, BTC, will it get to 500'000, or even beyond 1'000'000 USD in value, with the USD still having intrensic value of its own? Well, to be honest, I really do not know, but I'll be the last one to be sad about it if it did. On the contrary, there would be a party at my place.
Yet, I do find it tough to see a possible future where that is a reality. It could well be though that there is something key here that I have overseen so far. Therefore I HODL my BTC, the one true Bitcoin, as 50 Exa hashes per second might state something that could become clear in the near future...
May the Cryptos be with us!
Really BTC!? Yep, 50+ Exa hashes per second!
Screenshot taken at
https://pool.viabtc.com