Bitcoin (BTC) achieved a jaw-dropping feat as its hash price surged to 500 exahashes per second, stirring a response from Tesla founder Elon Musk.
The event was shared in a tweet right this moment by Yassine Elmandjra, the Director of Digital Belongings at main asset administration agency Ark Make investments.
In keeping with Elmandjra, Bitcoin’s hash price reached a milestone of 500 exahashes per second this month, marking an all-time excessive for the world’s largest cryptocurrency.
Magnitude of Bitcoin’s New Feat
To shed additional mild on the most recent milestone, the Ark Make investments official illustrated the magnitude of Bitcoin’s newest feat by evaluating the information with relatable phrases.
Elmandjra identified that the Bitcoin community now has the capability to course of 5 billion computations per star within the galaxy.
This metric represents an astronomical amount of computational prowess in crypto mining. For context, one exahash equates to 1 quintillion hashes. This makes 500 exahashes as much as 500 quintillion hashes.
To match Bitcoin’s 500 exahashes, Elmandjra acknowledged that it might take all the international inhabitants 2,000 years for every particular person to contribute one hash on a per-second foundation.
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Moreover, he illustrated that the Bitcoin community can “carry out 67 instances extra hashes per second than there are grains of sand on earth.”
Moreover, Elmandjra stated the current feat means that the Bitcoin community is 500 instances sooner than a supercomputer.
Elon Musk Surprised
Elmandjra’s illustration of Bitcoin’s newest milestone stirred reactions amongst outstanding crypto lovers, together with Tesla and SpaceX founder Elon Musk.
Reacting, Musk was astonished by Bitcoin’s newest milestone, in addition to Elmandjra’s illustration.
Wow
— Elon Musk (@elonmusk) January 19, 2024
Musk Supporting Bitcoin
Whereas Musk’s enthusiasm for Dogecoin is effectively documented, the American businessman additionally has a major curiosity in Bitcoin.
In 2021, Musk publicly declared his assist for Bitcoin in February 2021 and bought $1.5 billion price of the asset. Musk’s vehicle firm, Tesla, additionally built-in Bitcoin as a cost methodology for its electrical autos, permitting folks to buy Tesla automobiles with BTC in March 2021.
Though Tesla halted Bitcoin funds a couple of months later as a consequence of environmental issues, the American electrical automotive firm nonetheless holds 10,725 BTC price $443.69 million.
BTC Plunges 2.6% in 24 Hours
Whereas Bitcoin’s hash price not too long ago achieved a major milestone, the value of the cryptocurrency has plunged over 2% up to now day.
Bitcoin was down 2.6% in 24 hours to $41,370 at press time. The highest asset can be down 40.2% from its all-time excessive of $69,044, which was recorded on November 10, 2021.
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Disclaimer: This content material is informational and shouldn’t be thought-about monetary recommendation. The views expressed on this article might embrace the writer’s private opinions and don’t replicate The Crypto Fundamental’s opinion. Readers are inspired to do thorough analysis earlier than making any funding choices. The Crypto Fundamental isn’t accountable for any monetary losses.
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