In a significant development for the cryptocurrency market, Yassine Elmandjra, Director of Digital Assets at ARK Invest, recently disclosed that Bitcoin's hash rate has reached an unprecedented milestone of 500 exahashes per second, marking an all-time high for the digital currency.
Godfrey BenjaminElmandjra illustrated the magnitude of this achievement by drawing attention to several notable comparisons. Notably, the Bitcoin network is currently processing five billion computations per second for each star in our galaxy. To match the hash rate of the BTC network, the entire global population, with each individual contributing one hash per second, would require approximately 2,000 years. In terms of raw operations per second, Bitcoin surpasses the world's most powerful supercomputer by a factor of 500.
Reacting to this news, Elon Musk, a prominent advocate for cryptocurrencies, expressed his response with a succinct, yet powerful message.
Elon Musk, Bitcoin and Mars
Musk's enthusiasm for digital assets is well documented, with his Tesla maintaining a significant balance of 10,725 BTC. Furthermore, Musk's nod to Dogecoin in the past and his recent participation in Bitcoin ETF discussions underscore his continued interest in the crypto space.
Notably, at a recent conference, Musk entertained the idea of using BTC on Mars, asserting its feasibility despite the logistical challenges posed by the planet's distance from the sun.
Gamza KhanzadaevAs Bitcoin achieves new heights, Musk's reaction underscores the growing significance of digital assets in mainstream finance.
Tomiwabold Olajide
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U.Today Editorial Team
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