Bitcoin mining has recently achieved a significant hashing milestone, greatly enhancing the network’s power and security. According to Vitalik Buterin, a renowned crypto expert and co-founder of Ethereum, Bitcoin mining has surpassed a total hashing power based on average difficulty of 2^96 hashes. This milestone helps maintain Bitcoin network security close to 128 bits, confirming existing security standards. Bitcoin, the world’s first and most well-known cryptocurrency, secures digital transactions through blockchain technology. Mining involves computers solving complex problems to create new blocks and verify transactions within the network. The increase in hashing power indicates a more secure network with reduced risk of attacks. This development shows that Bitcoin miners are expanding their computing capabilities, benefiting the overall security and stability of the network. Furthermore, this progress could help establish Bitcoin as a reliable digital asset in the future. However, the rise in hashing power also leads to higher energy consumption, raising environmental concerns. Consequently, ongoing discussions are expected regarding the energy efficiency and ecological impact of Bitcoin mining. This milestone exemplifies the continuous growth and increasing global acceptance of the Bitcoin network, symbolizing growing confidence in the cryptocurrency sector.
Source: binance
