A Historical Achievement in the Bitcoin Blockchain
The Bitcoin blockchain just hit a new unimaginable milestone with block #632874, mined on June 3rd. The cumulative work now surpasses 292 double-SHA256 hashes, translating to a jaw-dropping 4951760157141521099596496896 hashes. In layman’s terms, that’s a brain-bending amount of computational effort!
What Does This Number Mean?
Pieter Wuille, co-founder of Blockstream, shared insights into the staggering rate at which the blockchain is working. Picture this: we’re adding as much work as what was accomplished back in November 2010 every 1.3 milliseconds. Those times were simpler, and likely involved a lot fewer pizza orders per Bitcoin. The last milestone, 291 hashes, was secured back in August 2019, making our progress feel like climbing an avalanche of digital data.
Blockchain: A Modern Marvel? Or Just Overhyped?
Crypto pioneer Adam Back took to social media to proclaim the Bitcoin blockchain as “the new wonder of the world.” He asserts that it required “more work and human ingenuity” than the Great Pyramids of Egypt. Now that’s a statement that’s bound to get some history buffs ruffled!
“Bitcoin blockchain is the new wonder of the world, a verifiable artifact of digital gold – the foundation of a new digital age.” – Adam Back
The Critique: Is It All for Naught?
Not everyone is ready to raise their glass to Bitcoin’s achievements. Daira Hopwood from Electric Coin Company raised concerns about energy usage versus security. Her tweet hinted at the notion that, perhaps, the energy expended here could use a bit of justification, especially when it’s making more noise than a rock concert.
Looking Ahead: Predictions in the Bitcoin Space
Adam Back doesn’t just stop at praising Bitcoin; he’s predicting a massive bull run that could see the price soar to $300,000 within five years! He believes that retail investors will flock to Bitcoin, regardless of whether institutional money joins the party. So, whether you’re accumulating hardware or just hoarding digital coin, it seems like the future is bright (and possibly filled with dollar signs).
