[Bitcoin Now] 13th Anniversary of Bitcoin's Birth... Staying Around 56 Million Won

Bitcoin Hashrate Hits All-Time High Record

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has marked its 13th anniversary since its inception. However, the market remains somewhat sluggish, with prices hovering around 56 million KRW.

According to the U.S. economic media CNBC on the 3rd (local time), it has been 13 years since Bitcoin was first successfully mined on January 3, 2009. The person who first mined Bitcoin is Satoshi Nakamoto, who is also the creator of Bitcoin. He also wrote and distributed the Bitcoin whitepaper on October 28, 2008.

According to the introduction of the Bitcoin whitepaper, Nakamoto aimed to exclude central financial institutions. Instead, he adopted a method where all transaction participants verify the trustworthiness of transactions based on trust. This approach resonated globally and drew attention as an alternative currency or asset.

Since then, Bitcoin has shown a steep upward trend. Starting at 4.32 million KRW on Upbit on September 25, 2017, it rose nearly sevenfold in about three months. On November 9 last year, it also reached an all-time high of 82.7 million KRW.

However, on the 4th, Bitcoin is somewhat sluggish. According to the domestic cryptocurrency exchange Upbit, as of 3:52 PM that day, Bitcoin recorded 56.4 million KRW, down 0.43% from the previous day. After falling from the 57 million KRW range to the 56 million KRW range the day before, there has been little change. The highest price this year was 58.3 million KRW, recorded on the 2nd.

Nevertheless, Bitcoin's hashrate is showing an all-time high. According to BitInfoCharts data on the 2nd (local time), Bitcoin's hashrate reached 203 exahashes per second (EH/s). This surpasses the previous record of 197 EH/s set in May last year.

Hashrate refers to the computational processing power of the network involved in Bitcoin mining. A high hashrate means that mining difficulty has increased, and if mining becomes more difficult, Bitcoin supply decreases, which can lead to a price increase.

This content was produced with the assistance of AI translation services.