ARK Invest Digital Assets Director Yassine Elmandjra, with a groundbreaking development, announced that Bitcoin‘s hash power has risen to 500 exahashes per second. This achievement stands as a historical high for the leading cryptocurrency, demonstrating its robustness and resilience in the crypto market.
The Magnitude of the Achievement and Comparisons
Elmandjra emphasized the significance of this milestone with convincing comparisons. Currently, the Bitcoin network is performing an astonishing five billion calculations per second for each star in our galaxy.
To grasp the scale of BTC network’s hash power, it would take the entire global population contributing one hash per second for approximately 2,000 years. In terms of raw processing power per second, Bitcoin leaves the world’s most powerful supercomputer behind by an impressive 500-fold margin.
Elon Musk’s Reaction: Short But Powerful Response
One of the leading advocates for cryptocurrencies and CEO of Tesla, Elon Musk, responded to this news with a short but effective message. Actively involved in the crypto space, Musk acknowledged the success of Bitcoin’s hash power reaching new heights.
Musk’s interest in crypto assets is well-documented with Tesla’s significant holding of 10,725 BTC. He has also supported Dogecoin in the past through his tweets.
His recent participation in discussions around a Bitcoin ETF further solidifies his active involvement in the crypto scene. Notably, Musk has even suggested the use of BTC on Mars, showcasing his futuristic vision for cryptocurrencies beyond Earth, despite the natural challenges posed by the planet’s distance from the sun.
Bitcoin’s Rise and Musk’s Endorsement
As Bitcoin continues to overcome obstacles and reach new milestones, Elon Musk’s response underscores the increasing importance of crypto assets in mainstream finance. Musk’s acknowledgment of Bitcoin’s technological prowess aligns with a broader trend of significant figures recognizing the importance and potential of cryptocurrencies.
In conclusion, Bitcoin’s record-breaking hash power, combined with Elon Musk’s positive reaction, underscores the resilience and growing significance of crypto assets. As the world of cryptocurrency evolves, endorsements from influential figures like Musk further cement the role of Bitcoin and other cryptocurrencies in shaping the future of finance.