Bitcoin’s hash rate, a metric used to measure the computing power of miners, hit a new record high in 2024. In total, estimates indicate that the machines securing Bitcoin generate more than 500 exahashes per second, i.e. 5 billion worth of mathematical calculations. per second.
The numbers even impressed Elon Musk, CEO of Tesla, SpaceX and other companies. On his social network X (formerly Twitter), the billionaire was impressed by the figures.
Elon Musk responds to Bitcoin’s computing power
Although Elon Musk is one of the largest Bitcoin investors in the world and owns 9,720 BTC (R$2 billion) through Tesla, the billionaire’s interest in the post may be related to the way the data was presented.
Yassine Elmandjra, director of digital assets at Ark Invest, compared Bitcoin’s computing power to stars in the Milky Way, another topic of interest to Musk, to show how big this number is.
“For every star in our galaxy, the Bitcoin network performs 5 billion calculations per second”Elmandjra began. “It would take about 2,000 years for the world’s population, each performing one hash/second, to reach Bitcoin’s hash rate.”
“The Bitcoin network executes approximately 67 times more hashes per second than grains of sand on Earth”the executive continued. “Based on the number of raw operations per second, Bitcoin performs approximately 500 times better than the most powerful supercomputer in the world.”
“However, there are skeptics who still believe that “Bitcoin is not backed by anything.”
Wow
— Elon Musk (@elonmusk) January 19, 2024
Although I responded with only one “Wow”Elon Musk’s response was enough to show that the billionaire was interested in the topic. As one of the most followed profiles on X, Musk has also contributed to the publication of Elmandjra, which already has almost 1 million impressions.
Tesla has an unrealized gain of R$315 million in Bitcoin
While some companies like MicroStrategy held firm during the past winter of cryptocurrencies, Elon Musk’s Tesla sold off a large portion of its bitcoins in 2022. Commenting on the sale, the billionaire called Bitcoin an “afterthought” and stated that the company needed money.
However, Tesla held 9,270 bitcoins in cash. At the time of writing, these coins have a 19% gain, leaving Musk’s company with an unrealized profit of US$64 million ($315 million).
Finally, with the approval of spot Bitcoin ETFs in the US, it is possible that Musk will become interested in the asset again. At its peak, Tesla had approximately 43,000 bitcoins in its cash.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
