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Bitcoin hashrate is a metric measured in quadrillions, quintillions, and quintillions of hashes per second. It is an important metric for proof-of-work cryptocurrencies, such as Bitcoin. It can be affected by double-spending and 51% attacks.

Bitcoin hashrate is measured in trillions, quadrillions and quintillions of hashes per second

The amount of computing power needed to mine Bitcoin is measured in hashes per second. As the number of Bitcoin miners increases, the hash rate also increases. Today, Bitcoin miners are estimated to be performing over a hundred quintillion calculations per second.

Bitcoin hashrate has recently surpassed 209 quintillion calculations per second (exahash/s), which is mind-boggling in terms of computing power. For perspective, it would take 32 quintillion years to reach this level. The universe is believed to be 13.8 billion years old. This makes the Bitcoin network one of the world’s largest computing networks.

A high hashrate is important for blockchain networks. It makes a network more secure from a 51-percent attack, as it requires more miners to make the same transaction. In 2009, the computing power required to calculate the hashrate of Bitcoin was very low, making it easy for users to mine Bitcoin on their home computers. The hash rate was so high that users earned around fifty BTC for every block they found. As of 2020, however, the block reward will only be 6.25 BTC.

It is an essential metric for proof-of-work-based cryptocurrencies

The hashrate of a particular cryptocurrency is an important metric to keep track of. The higher the hashrate, the more secure the network is. This metric can also help you identify which cryptocurrencies are in danger of being hacked. The more miners a cryptocurrency has, the higher its hashrate. However, a higher hashrate means more miners are required, which will increase the cost of energy and time.

In addition to the economics of this metric, hashrate also has significant environmental implications. Miners are responsible for the creation and maintenance of the blockchain, which requires a lot of energy. The more miners are involved, the greater the global energy consumption. The amount of electricity required for managing Bitcoin alone is equivalent to that of some small countries. This has prompted some critics to criticize bitcoin for its impact on the environment.

It is affected by 51% attack

A 51% attack is a method in which a single miner gains control over the majority of a network’s hashrate. This attacks the integrity of a blockchain, slowing down the confirmation of transactions and corrupting it. This can lead to double spending of coins and other problems. A 51% attack is one of the major concerns for cryptocurrency users and is a serious threat to the integrity of the blockchain.

Although a 51 percent attack has never been attempted against bitcoin, it is a possibility for some altcoins with low hashrates. The reason is that it would be too expensive for any one group to acquire the hashing power of every other miner. Moreover, since the majority of coins have a small hashing power, such an attack is unlikely to be effective.

It is affected by double-spend attacks

A double-spend attack is an attempt to spend more Bitcoin than is actually in your account. This type of attack requires massive computing power and targets cryptocurrency exchanges. A single attack can cause millions of dollars in losses. However, the good news is that a majority of this money is moving to other addresses. This attack is not completely impossible, however, as the Bitcoin protocol is designed to prevent such attacks.

Another type of double-spend attack is a race attack. In this type of attack, two transactions are sent in a short time frame, and only one of them is confirmed on the blockchain. The malicious actor then uses the unconfirmed transaction to purchase something. Unfortunately, the merchants aren’t always aware that the second transaction is invalid, so the second attack can be successful.

It is estimated based on public data

Population estimates are produced on a county level based on administrative records, such as births, deaths, and migration. Several data sources, such as Medicare enrollment and IRS data, are also used. These estimates are then used to calculate population changes at township and sub-county levels.

Forbidden to ban – So Russia will probably not follow in the footsteps of China, which had decided to ban Bitcoin and cryptocurrencies from its territory. The country’s institutions do not speak with one voice, good news for bitcoin (BTC), a defeat for the Russian central bank.
Ban on bitcoin and cryptocurrencies: no way, on pain of technological backwardness!

Ivan Chebeskov, director of financial policy in the Ministry of Finance in Russia, decided to put out the fire lit by the Bank of Russia, which advocated a total ban on mining and trading of cryptocurrencies.

At the January 25, 2022 crypto conference of the Russian central bank, Ivan Chebeskov actually indicated that he was more in favor of regulating cryptocurrencies rather than banning them.

“We must give these technologies the opportunity to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulation of this market.”

In particular, he mentioned the disadvantages caused by an outright ban on trading and mining cryptocurrencies. Such restrictions would, according to him, put Russia behind the technology industry globally.

Ivan Chebeskov is known for his stance in favor of crypto-currencies, which he has defended in the past. His background actually includes a stint in Texas, a pro-bitcoin state where he studied.

Ivan Chebeskov is thus taking the pressure off the central bank on the private sector. Telegram CEO Pavel Durov had expressed his opposition to a strict outright restriction on cryptocurrencies. He believed that the ban brandished by the Russian central bank would “destroy a number of sectors of the high-tech economy.”

Ivan Chebeskov is not the only politician in the country to have called the central bank to reason. Vladimir Gutenev, chairman of the State Duma’s Committee on Industry and Trade, had also defended cryptocurrency mining and stablecoins backed by physical gold for obviously economic interests.

Russia continues to have a complicated relationship with crypto-currencies. The central bank seems to be well insulated for the moment in its desire to chase crypto-currencies out of the country.

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Carrying markets are not necessarily the most popular or best understood by their contemporaries. A commonality that only lengthens the list of reasons to be interested in cryptocurrencies and CBD or cannabidiol (a form of medical cannabis). Because the world of tomorrow is built on the bridges that are being built between today’s forward-thinking players.

The list of similarities between the cannabidiol (CBD) and cryptocurrency markets could be the subject of an entire article. Perhaps simply because they are currently at the same stage of their respective developments. Between the massive adoption they deserve and the restraint that unfamiliarity with their offerings brings. All this against the backdrop of a regulation that does not seem to grasp their true potential.

It seems important to remember that the US or European Union authorizes the use of hemp flower when the THC concentration is less than 0.2%. This in fact authorizes the marketing of products based on or containing CBD.

The reality and similarities of these two markets could be summarized in three main points:

• Very high development potential
• Innovative market with proven usefulness
• Victim of unfounded prejudices

Already in 2018, an article from the news website Bloomberg highlighted the effective relationship between these two areas. This by calling them perfect bubbles in the face of the crisis.

CBD facing the banking challenge

The therapeutic cannabis (CBD) market suffers from a lack of recognition and misunderstanding of its products. Yet it is a non-psychoactive form of cannabis recognized as such and quite legal in many countries. A formula that retains its soothing and pain-relieving properties, but has nothing to do with its THC version. This makes it an advanced tool to fight against chronic diseases or anxiety, without any form of addiction.

Quite a few countries have made the substance legal and classified it as a non narcotic in the past months. Some like France, have authorised the sale of all types of CBD products aside from CBD flowers (Source).

But prejudices have a hard life. This is despite the many commitments of the players in this market to ensure perfect traceability, with the help of blockchain technology. It is enough to note the difficulties and pitfalls encountered by companies in the field. Especially at the banking level.

A reality that David Miguerès, founder of the company Chilled, relates in an article on the subject published in the French newspaper Les Echos last July. His company distributes CBD-based sparkling drinks.

“Our funds have been blocked several times on PayPal because they feel we are selling drugs. We had to go through an online service in the U.S.” – David Miguerès, Chilled

One of the reasons why some companies in the sector are wondering about the implementation of payments in the form of cryptocurrencies. A system that is independent of banks and impossible to censor.

A State turned upside down because of Bitcoin – Thanks to the unwavering support of its President Nayib Bukele, El Salvador made history this September 7, 2021, by becoming the first country to recognize Bitcoin as a legal tender.

Predictably, traditional finance and supranational bodies are not at all on board with this choice that is too cheeky for their liking, and this is reflected in El Salvador’s government bonds.

El Salvador’s short-term economy riskier?

So for a week now, the Ley Bitcoin (Bitcoin Law) has been in effect in El Salvador, making the king of cryptos the country’s second legal currency, on par with the US dollar.

While this is a historic moment in the cryptosphere, marking a milestone in the global adoption of Bitcoin and cryptocurrencies, bankers and some international bodies are not looking favorably on the matter, as we’ve already seen with threats from the International Monetary Fund (IMF).

As Bloomberg reports, all these enemies of Bitcoin seem to have gone on the offensive, to put their weight behind the country’s bonds. Indeed, El Salvador’s bond yield curve has inverted, meaning that short-term bonds are yielding more than longer-term debt:

“This is generally considered a bad sign, as it means that investors view short-term debt as riskier, while most [bond] yield curves are trending upward [with the number of years to maturity], given the inherent uncertainty in valuing long-term things.”

An attack that occurred as soon as the Ley Bitcoin was passed

This reversal in the Central American country’s bond yields seems to have started as early as June, when the Bitcoin Law had been passed by the Salvadoran Parliament.

Bond investors seem to be betting against this law and the adoption of Bitcoin in the country’s economy, although other factors may be at play.

The IMF has indeed made good on its threat to withhold a long-awaited loan to the small Central American nation, presumably “to make an example” and to discourage bond investors as well as nations from following El Salvador’s lead.

In any case, neither the drop in BTC prices nor the hostility of the bond market seems to have scratched the enthusiasm of the bold Salvadoran president. Indeed, Nayib Bukele proudly announced that his nation’s treasury had already acquired 550 bitcoins by the evening of September 7 and the establishment of Bitcoin as the country’s legal tender.

The convergence between cash and digital money in the financial services sector continues this past weekend. Visa unveiled a debit card that allows users to make purchases with cash converted from cryptocurrency stored in online portfolios.

The Coinbase Card is directly linked to the balance of the holder’s digital crypto money account managed by the eponymous exchange system. Coinbase allows you to exchange Bitcoin, Ethereum, Ripple XRP currencies, and Litecoin. And all these currencies can be used with the debit card.

Back to the roots

Successful or not, the Coinbase Card embodies what the Bitcoin was initially intended for. Satoshi Nakamoto, the pseudonym of the person or group who created the Bitcoin, had conceived crypto money as an electronic payment method and not as a currency to be exchanged on the stock exchange for its value.

Earlier this year, J.P. Morgan Chase announced his intention to launch his digital token backed by a currency. Tests of the new cryptocurrency should start in the coming months. In the Cryptomoney industry, an instrument such as the JPM Corner is referred to as “stable coin” because its value is intrinsic, unlike Bitcoin or Ethereum’s ETH currencies, whose value is based on the supply and demand for virtual money. However, when this currency is linked to a fiduciary currency, intrinsic value is created.

Stimulate the adoption of virtual currencies

Facebook would also consider developing its crypto money, an initiative that could bring billions of dollars to the social network and also help eliminate false news and robots. Facebook has already had contacts with crypto money exchange platforms to discuss the possibility of selling its crypto money to consumers. But some believe that the social network will not link payments to a strict cryptocurrency and that it will prefer to use a stable currency backed by the US dollar and other foreign currencies.

Reassure cryptocurrency holders

Visa provides not only a large merchant base but also high-level security, including two-step authentication and the instant freezing of their card if it is lost or stolen. Two characteristics of crypto money make it more expensive and slower to use than cash or traditional credit cards: the mining fees paid to Coinbase to encourage bitcoin and other crypto money miners to confirm transactions and the confirmation time required to authorize a purchase.

The blockchain technology of the distributed general ledger on which the crypto money is based requires that each transaction be verified by a consensus established between users before it is finalized. Currently, Bitcoin transaction costs are approximately $2.06. To artificially speed up the operation, the payment processor (Visa) will probably give instant approval and assume responsibility if something does not ordinarily happen with the transaction.

While Gartner’s Vice President of Research does not believe that there is a real market in the United States for retail purchases by bitcoin and other cryptocurrencies, she does believe that the Coinbase Card could be adopted in “other types of economies.” For example, in some African countries, China, Russia or Venezuela, in states where inflation is extremely high, where consumers do not have a bank account or try to hide their income from the tax authorities.