Bitcoin computing power has reached 10 billion, a record high

Author 丨莱道君

Source 丨莱道 blockchain (laidaoblockchain)

On August 8, the controversial bitcoin unit price has returned to around $12,000, and its total market capitalization has exceeded 1.5 trillion. Although bitcoin has a considerable volume in the overall market value, its true value is still questioned, and many people regard it as having no practical support for the air. In fact, at least tens of billions of funds directly reflected behind Bitcoin have been silently supported!

According to data from bitinfocharts on the 8th, the current computing power to participate in the maintenance of Bitcoin network security has reached 80E, a record high. When Bitcoin is priced at 20,000 US dollars at the end of 2017, its computing power is up to 60E, which means that if you want to For the world's largest distributed network attack (51% of the power attack), at least 40E of computing power.

What does the computing power of 80E (1E=1000P, 1P=1000T) mean? The simple calculation is carried out with the latest ant mining machine S9SE. (The parameter of S9SE is 16T, 1.28KW, unit price is 4700 yuan)

The computing power of the 80E is equivalent to 5 million S9SEs. The hardware cost alone is as high as 23.5 billion RMB. The power consumption per day is 1.28*24*5 million=1,536 million degrees. According to the unit price of 0.5 yuan, the daily consumption is 0.768 billion yuan. The annual consumption is about 28 billion yuan.

The cost of a double-strike attack on a Bitcoin network is at least 10 billion, which means that Bitcoin's electronic money transfer system is the safest transfer system in the world.

It is easy to know that for a currency system, the most important thing is security. The Bitcoin transfer system performs well in this respect, which becomes the basis for supporting the market value of Bitcoin.

Of course, in addition to security, a currency system must be fully free flowing. Looking at the global sovereign currency, the flow is all restricted. Each economy only stands for the self-interest of the country, such as trade protection, such as foreign exchange control, and other policies that restrict the full flow of funds. In this case, the situation is greatly reduced. The currency function.

In order to solve the liquidity restriction, it is necessary to integrate the various economies, but in reality, it is not allowed. The only thing that can be done is to overcome the restrictions and to resist the review. Bitcoin solves personal identity restrictions anonymously from accounts. People in all parts of the world can create their own accounts without review, thus realizing Bitcoin free transfer transactions, which proves to some extent that private property is inviolable. And it can achieve the state of free trade of money, and connect with real assets to realize economic freedom.

In fact, Bitcoin's network security and anti-censorship have been accepted by the public to a certain extent. The most difficult thing to endure is its high volatility, which is extremely hype. This is why many people still think that it is a scam.

The most fundamental reason why Bitcoin has the value of hype is that it is extremely scarce, with a total limit of 21 million. The background of Bitcoin was that under the global financial crisis caused by quantitative easing in 2008, the main purpose was to resist the adverse effects of excessive inflation on the economy.

What we can't deny is that in the long history of history, the sovereign currency of each economy is growing in quantity and total value, not to say that it is good or bad. After all, the total assets of the economy are also growing. Need more sovereign currency. However, Bitcoin's growth rate is far less than the growth rate of the French currency, which constitutes its extreme deflation characteristics, which means that Bitcoin has a growing trend relative to French currency, at least in terms of value. This can be achieved through Bitcoin for 10 years. History to argue. A simple example is to assume that the total amount of the renminbi has remained the same, and that the dollar maintains inflation, then the renminbi continues to increase in value relative to the dollar.

People who believe in Bitcoin are taking a fancy to their deflation, and they are not going to rely on policies, public opinion and other pressures to find ways to participate in investment or speculation. Today, with the Fed’s interest rate cut, the global trend of quantitative easing has strengthened the enthusiasm of people’s speculation.

Summary: Bitcoin system has the security of super-sovereign currency system. Anti-censorship guarantees currency freedom and economic freedom. However, because its deflation has hype value, as for whether it is a scam, we can compare the deflationary gold. It also has hype, but no one can say a gold scam. Of course, we still need to consolidate the consensus process, we need to bear the imprint of time, wait and see!