Bitcoin Fee: 4 sat/vB #bitcoin #fees

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$93,002.21 / #bitcoin ≅ ₱5,471,133.69 🟢 0.32% ≅ ₱17,410.09

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Bitcoin’s Unique Self-Regulation: Proof-of-Work and Difficulty Adjustment Bitcoin stands apart in the cryptocurrency landscape due to its ingenious combination of Proof-of-Work (PoW) and difficulty adjustment, which together form a self-regulated, decentralized system. This design ensures Bitcoin remains secure, predictable, and resilient over time, making it the foundation of the cryptocurrency ecosystem. Proof-of-Work: The Core of Bitcoin’s Security At the heart of Bitcoin’s protocol is the Proof-of-Work (PoW) consensus mechanism. PoW enables decentralized decision-making by allowing miners to compete in solving complex mathematical puzzles. The miner who solves the puzzle first earns the right to add a new block to the blockchain and receives Bitcoin as a reward. This process ensures that the network achieves consensus without requiring a central authority, making Bitcoin truly decentralized. The energy-intensive nature of PoW is a critical feature, not a flaw. By requiring miners to expend significant computational power, Bitcoin’s network becomes extremely secure. For instance, Bitcoin’s current hash rate has reached an astounding 800 exahashes per second (EH/s), demonstrating the immense computational power backing the network. This hash rate, which fluctuates based on miner activity, is powered by approximately 20–25 gigawatts (GW) of electricity, enough to power several small countries. The hash rate can increase or decrease depending on various factors, such as the price of Bitcoin, the cost of electricity, and mining hardware efficiency. When Bitcoin’s price rises, mining becomes more profitable, leading more miners to join the network and increasing the hash rate. Conversely, if mining costs (e.g., electricity or hardware expenses) outweigh potential profits, miners may leave, reducing the hash rate. Despite these fluctuations, Bitcoin’s protocol ensures stability through its difficulty adjustment mechanism. Difficulty Adjustment: Bitcoin’s Self-Regulating Mechanism Complementing PoW is Bitcoin’s difficulty adjustment, a feature that ensures the system remains stable and predictable regardless of external factors. Bitcoin’s protocol is designed to produce a block every 10 minutes on average, maintaining a consistent issuance rate. If miners increase their computational power, causing blocks to be mined too quickly, the network automatically increases the difficulty of the PoW puzzles. Conversely, if miners leave the network, the difficulty decreases, making it easier to mine blocks. This adjustment occurs approximately every 2016 blocks (about two weeks), allowing Bitcoin to adapt to changes in hash power without human intervention. The difficulty adjustment is essential for preserving Bitcoin’s economic model. By keeping block production steady, it aligns the network’s supply schedule with its hard cap of 21 million coins. This ensures that Bitcoin remains a deflationary asset, with a predictable issuance rate that is unaffected by external economic pressures. The Unique Combination of PoW and Difficulty Adjustment The synergy between PoW and difficulty adjustment makes Bitcoin unparalleled in the cryptocurrency space. Together, these mechanisms eliminate the need for centralized control, creating a truly autonomous system. Unlike other cryptocurrencies that rely on alternative consensus mechanisms like Proof-of-Stake, Bitcoin’s combination of PoW and difficulty adjustment provides unmatched robustness and resilience. Furthermore, Bitcoin’s difficulty adjustment ensures long-term viability. As the network evolves and miners join or leave, this feature keeps the blockchain functional, ensuring that the system continues to operate smoothly until the last Bitcoin is mined around the year 2140. Conclusion Bitcoin’s Proof-of-Work and difficulty adjustment are the foundation of its uniqueness and success. These mechanisms ensure decentralization, security, and predictability, enabling Bitcoin to operate independently and self-regulate without the need for external intervention. With a hash rate of 800 EH/s and electricity usage of 20–25 GW, Bitcoin demonstrates the immense power behind its network. Its ability to adapt to market forces like miner profitability and Bitcoin price further underscores its resilience. This innovative design has established Bitcoin as the gold standard of cryptocurrencies, setting it apart from other digital assets and solidifying its role as a revolutionary form of money. #bitcoin #cryptocurrency #pow #work #future

I'm looking forward to it

I'm looking forward to it

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In 'Dissidents and Dictators,' Togolese activist Farida Nabourema delves into her life under dictatorship and discusses how Bitcoin and blockchain could address Africa's corruption and financial trust issues. Listen here: https://fountain.fm/episode/yftz1aWBRHN57jlI2ukN #Bitcoin #Africa #Blockchain

Bitcoin Lightning Network: 17252 Nodes 46105 Channels Avg capacity 0.1146 BTC Total capacity 5284.1721 BTC #bitcoin #lightning

今日は鶏もものトマト煮よー

From Ross Stevens investor Letter 2024. "DON’T PAY ATTENTION TO THE CRITICS. DON’T EVEN IGNORE THEM." That is giving sub-zero fucks, right there! Keep building #bitcoin plebs, we got this. https://www.nydig.com/research/stone-ridge-2024-investor-letter

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GM #nostriches! On my way to the fiat mine 🫤🙂 Have a great day! #photostr

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