Bitcoin node count hits new all-time high

Bitcoin node count hits new all-time high

The number of Bitcoin nodes is at an all-time high, with 11,558 reachable nodes currently active, according to Bitnodes.io. Another Bitcoin network statistics tracker, coin.dance, calculates the total number of Bitcoin nodes at 11,613, which is just above the previous high of 11,250 set one year ago this month.

The Bitcoin Core software update 0.21.0 was released for public download on Jan. 14 2021 and is currently the fourth most utilized version of the software among nodes

There are currently 619 nodes running this version of the software, which represents about 5.5% of all nodes running some version of Bitcoin Core. Almost 5,000 nodes are still running the second-most current release of Bitcoin Core, 0.20.1, which remains the most popular.

#Bitcoin node runners, consider upgrading your node to the latest version 0.21 to support Tor v3.

Close bitcoin core, download 0.21 and verify signatures, install new core, runhttps://t.co/f0D3eMXPrt

— [email protected] (@stephanlivera) January 17, 2021

The latest version of Bitcoin Core also introduces a way to create more predictable testnets and implements Taproot consensus rules without activating them on the main net.

The changes will ultimately serve to increase privacy in Bitcoin transactions as Taproot assures that outputs no longer reveal spending conditions which are needlessly exposed in previous implementations. Removing differentiating features from transactions will also help Bitcoin to become a more fungible asset, closer in line with Bitcoin inventor Satoshi Nakamoto’s original proposal for “digital cash.”

— Aníbal Santaella (@[email protected]) (@a_santaellas) January 19, 2021

Up to 25% of all available Bitcoin nodes run on hidden network Tor, which makes Bitcoin Core 0.21.0’s compatibility upgrade for Tor version 3’s hidden services essential as version 2’s hidden services will become deprecated later this year. Running a Bitcoin client using Tor adds a layer of privacy by obfuscating the IP address of a connecting node.

According to Satoshi, a robust amount of independently-operated nodes is considered essential to the success of Bitcoin, as its fundamental value relies upon its ability to remain decentralized. Running a node is also a more secure way to self-store Bitcoin, and a practice being adopted by a number of holders who are increasingly wary of custodial services.

If you are a Bitcoin HODLer who does self custody and runs a full node, then you are “one of the world’s leading blockchain experts”.

— The Bitcoin Rabbi (@thebitcoinrabbi) January 17, 2021

Previously known as Bitcoin QT, Bitcoin Core is a software client developed by Wladimir J. van der Laan which is based on reference code written by Satoshi. It is the most popular implementation of the Bitcoin protocol by far, with 98.5% of all nodes running a version of Bitcoin Core software.

The rise in Bitcoin nodes is correlated with an increase in the number of Lightning Network nodes and channels, which are also witnessing all-time highs.

Title: Bitcoin node count hits new all-time high
Sourced From: cointelegraph.com/news/bitcoin-node-count-hits-new-all-time-high
Published Date: Wed, 20 Jan 2021 03:27:14 +0000

Source: businessnewsideas.com

Author: Wayne Roberts


The Downside To Institutional Bitcoin Buying

The Downside To Institutional Bitcoin Buying

The recent Bitcoin rally to as high as $42,000 has been predominantly been driven by institutional investors suddenly waking up and realizing the asset’s long-term value potential. Buying in now, means not paying ultra-high prices some day down the line if it ultimately catches on.

And while FOMO from wealthy individuals seeking to protect that wealth has been rewarding for cryptocurrency investors, the ongoing centralization of BTC and wealth could have dangerous consequences down the line, that the asset’s creator had sought to avoid. Here’s why the wave of institutional buying might not be as positive as it seems on the surface.

Yet more capital is flowing into Bitcoin than ever before. And unlike 2017, it isn’t only retail money. Retail investors are back, but the price per BTC is even higher this time around. They aren’t the ones buying up a massive share of the limited cryptocurrency’s supply at these levels.

They’re buying negligible amounts that do contribute to the overall upside momentum, but the price appreciation has predominantly been due to wealthy institutions buying Bitcoin in large sums.

Institutional buying is said to be driving up the price per BTC | Source: BTCUSD on TradingView.com

However, with whales absorbing such a sizable share of the Bitcoin supply, in isn’t the same decentralized asset that caught the attention of early evangelists hoping for a better financial situation for all.

Bitcoin as a technology enables a free financial future, but because it is offered on a free market – as it should be – over time it is coming into possession and therefore the control of the world’s currently wealthy.

bitcoin wallet btc

Whale wallets with 1000+ BTC or more continue to accumulate | Source: glassnode via Arcane Research

Sadly, the answer is no. Even with the recent cryptocurrency “crash,” wallets who already own 1,000 BTC or more kept on buying coins. Only those already wealthy can afford to keep buying coins at $35,000 each, and those who already own $35,000,000 USD worth in a single wallet absolutely can be classified as “already wealthy.”

Bitcoin could have made them that wealth, and that’s wonderful. But will cryptocurrency evangelists cheer when the bulk of the supply is controlled and centralized at corporate treasuries and not citizens seeking financial freedom?

Over 2400 wallets own 1,000 BTC or more, for a combined 2.4 million of the 21 million total Bitcoin supply. That means only 2400 individuals or entities posses as much as 10% of the most scarce resource to ever exist.

And while these entities are pumping the price of Bitcoin for any crypto investors who got in before they did, the original intent of Bitcoin is becoming clouded by increased centralization of the same old wealth.

Without a real changing of the guard, the cryptocurrency will have failed at least a portion of its original mission.

Featured image from Deposit Photos, Charts from TradingView.com

Source: bitcoin-core-news.com

Author: by admin


Report – Mining Bitcoin News

Report – Mining Bitcoin News

Police in Iran have reportedly seized 45,000 bitcoin mining rigs for illegally using subsidized electricity from the state-owned power utility Tavanir, the local Tasmin News Agency reported this week.

According to Mohammad Hassan Motavalizadeh, head of Tavanir, the efficient application-specific integrated circuit (ASIC) bitcoin miners had been consuming 95 megawatts (MW) per hour of electricity at cheaper prices.

Authorized miners are charged around 4,800 rials ($0.11) per kilowatt-hour in autumn, winter and spring, says the Iranian Energy Ministry. Subsidized rates may be half as much.

Since 2019, when crypto mining became legal in Iran, the Islamic Republic has shut down 1,620 unauthorized mining farms, local media reported earlier this month. The farms consumed 250MW of electricity, it said.

Now, the Middle East country is currently facing severe power shortages due to rising winter demand, with rolling blackouts across major cities. The government decided to blame bitcoin (BTC) mining for the dire situation.

As a result, Iran’s Energy Ministry has temporarily cut the supply of 600MW of power to all authorized BTC miners in the country, redirecting the energy to household use.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Per the Tasmin News Agency report, authorities also put a halt to production at a vast mining operation in the southwest of Iran. The facility is owned by a Chinese-Iranian investment company and is reportedly using “tens of thousands” of ASIC miners to extract bitcoin.

Some cryptocurrency researchers have argued that although miners are being targeted, they were not responsible for the current blackouts. Ziya Sadr told the Washington Post that bitcoin mining accounts for a very small share of the national electricity consumption total in Iran, where demand peaks at 40,000MW in winter.

What do you think about the Iranian government’s bitcoin equipment seizure? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoin-core-news.com

Author: by admin


Goldman Sachs Can No Longer Dismiss Bitcoin

Goldman Sachs Can No Longer Dismiss Bitcoin

According to a Goldman insider, the investment bank will leap into crypto custody soon.

This episode is sponsored by Nexo.io.

  • Gary Gensler is officially Biden’s pick for SEC chairman
  • Investors are betting against the U.S. dollar
  • Grayscale has best day ever with $700 million in investment
  • Ethereum reaches new all-time high
  • Over the last year, many traditional financial institutions have recanted previous skepticism to join the bitcoin space. For most of that time, Goldman Sachs has been a noticeable holdout, saying as recently as last May that bitcoin and cryptocurrency weren’t an asset class.

    According to new reports from a Goldman insider, all that is finally changing as the bank prepares a crypto custody strategy. The change in attitude is inspired at least in part by the recent rulings from the Office of the Comptroller of the Currency.

    Image credit: Chris Hondros/Getty Images News

    Source: www.bit-cointalk.com


    Bitcoin node count hits new all-time high - 20 January 2021

    Bitcoin node count hits new all-time high – 20 January 2021

    10:14

    Bitcoin node count hits new all-time high

    Amid increasing distrust of custodial solutions and recent upgrades to Bitcoin Core, more Bitcoiners are starting to run their own nodes.

    The number of Bitcoin nodes is at an all-time high, with 11,558 reachable nodes currently active, according to Bitnodes.io. Another Bitcoin network statistics tracker, coin.dance, calculates the total number of Bitcoin nodes at 11,613, which is just above the previous high of 11,250 set one year ago this month.

    The Bitcoin Core software update 0.21.0 was released for public download on Jan. 14 2021 and is currently the fourth most utilized version of the software among nodes

    There are currently 619 nodes running this version of the software, which represents about 5.5% of all nodes running some version of Bitcoin Core. Almost 5,000 nodes are still running the second-most current release of Bitcoin Core, 0.20.1, which remains the most popular.

    The latest version of Bitcoin Core also introduces a way to create more predictable testnets and implements Taproot consensus rules without activating them on the main net.

    The changes will ultimately serve to increase privacy in Bitcoin transactions as Taproot assures that outputs no longer reveal spending conditions which are needlessly exposed in previous implementations. Removing differentiating features from transactions will also help Bitcoin to become a more fungible asset, closer in line with Bitcoin inventor Satoshi Nakamoto’s original proposal for “digital cash.”

    Up to 25% of all available Bitcoin nodes run on hidden network Tor, which makes Bitcoin Core 0.21.0’s compatibility upgrade for Tor version 3’s hidden services essential as version 2’s hidden services will become deprecated later this year. Running a Bitcoin client using Tor adds a layer of privacy by obfuscating the IP address of a connecting node.

    According to Satoshi, a robust amount of independently-operated nodes is considered essential to the success of Bitcoin, as its fundamental value relies upon its ability to remain decentralized. Running a node is also a more secure way to self-store Bitcoin, and a practice being adopted by a number of holders who are increasingly wary of custodial services.

    Previously known as Bitcoin QT, Bitcoin Core is a software client developed by Wladimir J. van der Laan which is based on reference code written by Satoshi. It is the most popular implementation of the Bitcoin protocol by far, with 98.5% of all nodes running a version of Bitcoin Core software.

    The rise in Bitcoin nodes is correlated with an increase in the number of Lightning Network nodes and channels, which are also witnessing all-time highs.

    Source:cointelegraph.com

    Start mining bitcoin now

    Start trading bitcoin now

    Source: www.btc-mania.com

    Author: Added by: rozhkovagency


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