On January 3, 2009, a person or group of people under the pseudonym Satoshi Nakamoto launched the main Bitcoin network, mining the genesis block with 50 BTC.
Its hash contains the title of the article “Chancellor on brink of second bailout for banks” by the British edition of The Times.
Thus, the publication of Bitcoin’s white paper precedes the launch of the network (October 31, 2008). Moreover, the first transaction took place on January 12, 2009 – Satoshi Nakamoto sent 10 BTC to Hal Finney. Three days before that, the Bitcoin 0.1 version was published.
The motives for creating Bitcoin still remain a mystery
Nakamoto’s identity and the motives for creating Bitcoin still remain a mystery that is being tried to solve in the crypto community and beyond.
It is possible that one of the incentives for the creation of Bitcoin was the global financial crisis that broke out in 2007-2008; accompanied by the collapse of the largest investment banks; a widespread decline in production volumes; falling demand and prices for raw materials; rising unemployment and active state intervention in the economy.
Earlier in November 2021, the first cryptocurrency updated a maximum of over $68,000. At the same time, miners mined 90% of the coins from the total Bitcoin issue. On block #714,000, the Bitcoin network has reached the point where it remains to extract 2.1 million BTC or 10% of the available issue volume.
A new all-time high hashrate of 207.53 EH/s
In 2022, the Bitcoin network has reached a new all-time high hashrate of 207.53 exahashes per second (EH/s); indicating that it is showing no signs of slowing down.
After China prohibited citizens and businesses from participating in crypto mining and trade, the Bitcoin hashrate; which measures the network’s power based on the number of active miners, dropped temporarily. The hashrate decreased to 58.46 EH/s as a direct result of China’s complete ban on crypto; which resulted in a sudden scarcity of miners.
Furthermore, the Bitcoin network hit a new all-time high of 207.53 EH/s on Saturday, January 1, recovering the network’s security by raising the mining difficulty. Today, the weighted average BTC exchange rate is at $47,000, and the market capitalization is $894.3 billion.