Milestone: The Bitcoin Network Reaches One Exahash

By Albert Szmigielski Sometime around January 24th 2016 the Bitcoin Network reached one Exahash per second for the first time ever. That is 1 quintillion, a 1 followed by 18 zeros or 1018 hashes per second. That is just an insane amount of computing power. Image: Bitcoin Network reaches ONE exahash. Image courtesy of blockchain.info Over the last two years the Bitcoin Network hashrate increased roughly 50-fold. Image: Bitcoin Hashrate over the past two years. Image courtesy of blockchain.info Why is this a big deal? Bitcoin currently has the most secure network in the world. To duplicate the network it would take a lot of resources. At a low price of $150 per Terahash, it would cost approximately $150 million

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Bitcoin Basics – Part One – Mining Basics

by Albert Szmigielski Mining serves different purposes in Bitcoin. Miners verify transactions, by making sure they are valid. Then they include these transaction in a newly created block. This is how the blockchain gets extended, miners add new blocks on top of it. Then there is the securing the blockchain function. The more processing power miners have the more difficult it is for someone to mount an attack against the Bitcoin network. Finding a new block. The terminology around this varies, some people say finding a new block, others refer to it as solving a new block. All the miners compete against each other in finding new blocks. They are motivated by the rewards they get when they do find one

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