Bitcoin (BTC) pulled off a stunning feat as its hash rate surged to 500 exahashes per second, sparking a reaction from Tesla founder Elon Musk.
The development was shared in a tweet today by Yassine Elmandjra, the director of digital assets at leading asset management firm Ark Invest.
According to Elmandjra, Bitcoin's hash rate reached a milestone of 500 exahashes per second this month, marking an all-time high for the world's largest cryptocurrency.
Extent of Bitcoin's new performance
To further shed light on the latest milestone, the Ark Invest official clarified the magnitude of Bitcoin’s recent performance by comparing the data with relevant terms.
Elmandjra noted that the Bitcoin network now has the capacity to process five billion calculations per star in the galaxy.
This metric represents an astronomical amount of computing power in crypto mining. In context, one exahash is equal to one trillion hashes. This turns 500 exahashes into 500 trillion hashes.
To reach Bitcoin's 500 exahashes, Elmandjra stated that it would take the entire world population 2,000 years for each individual to contribute one hash per second.
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Additionally, he illustrated that the Bitcoin network “can perform 67 times more hashes per second than there are grains of sand on Earth.”
Additionally, Elmandjra said recent performance suggests the Bitcoin network is 500 times faster than a supercomputer.
Elon Musk stunned
Elmandjra's depiction of Bitcoin's latest milestone drew reactions from prominent crypto enthusiasts, including Tesla and SpaceX founder Elon Musk.
In response, Musk expressed surprise at Bitcoin's latest milestone as well as Elmandjra's illustration.
Wow
— Elon Musk (@elonmusk) January 19, 2024
Musk supports Bitcoin
While Musk's enthusiasm for Dogecoin is well documented, the American businessman also has significant interest in Bitcoin.
In 2021, Musk publicly declared his support for Bitcoin in February 2021 and purchased $1.5 billion worth of the asset. Musk's automotive company Tesla has also integrated Bitcoin as a payment method for its electric vehicles, allowing people to buy Tesla cars with BTC in March 2021.
Although Tesla stopped Bitcoin payments a few months later due to environmental concerns, the American electric car maker still holds 10,725 BTC worth $443.69 million.
BTC crashes 2.6% in 24 hours
While Bitcoin's hash rate recently reached a significant milestone, the price of the cryptocurrency has plunged over 2% in the past day.
At press time, Bitcoin fell 2.6% to $41,370 in 24 hours. The top asset is also down 40.2% from its all-time high of $69,044 recorded on November 10, 2021.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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