The Bitcoin Network Just Reached An Insane Mining Milestone

Marty's Bent

Over the last week the bitcoin network has averaged 1.02 zettahashes per second of hashrate dedicated to validating and ordering transactions, securing the network and getting rewarded in bitcoin for the service. Put another way, all of the computers running the Hashcash SHA-256 algorithm and pointing their hashes at the bitcoin network are, collectively, producing 1 SEXTILLION HASHES PER SECOND in hopes of finding the hash below the current difficulty target that enables them to add a block of transactions to the ledger. Truly awe inspiring when you take a step back and think about it.

The collective capital, energy and risk that is taken on a daily basis to acquire bitcoins by participating in an open and free market for transaction validation and ordering that ensures that individuals who are so motivated have access to an open and permissionless monetary system with a hard capped supply and no trusted third parties is mind boggling. The most impressive part of this feat is that it materialized in a completely emergent and grassroots fashion. Sure, there are massive corporations that now exist with the sole intent of mining bitcoin at massive scales, but the path to this point was paved by a collective of individuals who plugged computers in, ran some software that enabled them to mine bitcoin, noticed inefficiencies and ways they could turn them into efficiencies, and built a multi-billion dollar industry to achieve those efficiencies.

The breadth of the bitcoin mining landscape spans from bookcases housing Bitaxes to gigawatt scale data centers participating in demand response programs to help balance the most important energy infrastructure that we depend on every day; grids. It's a beautiful thing.

Another thing that this milestone screams to me is just how resilient the bitcoin network is. For those who have forgotten, the Chinese government banned bitcoin mining in the Spring/Summer of 2021. As a result, the network hashrate fell by more than 50% from ~170 EH/s to ~83 EH/s.

via mempool.space

In just over 4 years hashrate has not only recovered from the post-China ban lows, it has increased by 12.3x. Simply remarkable. This is where the signal is today. Mining is the heartbeat of the bitcoin network. All of the miners producing 1 sextillion hashes per second exist to aggregate valid transactions in blocks and add them to the ledger every ten minutes on average. Individually dealing with infrastructure costs, execution risks, unknown competitors entering the market and pushing hashrate up, beholden to the whims of bitcoin price volatility and (funnily enough) the weather.

Bitcoin is doing just fine. Don't let anyone tell you differently.

The Deliberate Middle Class Destruction

Tom Luongo revealed how banking regulations systematically prevent middle-class Americans from building wealth through homeownership. He explained that Dodd-Frank and Elizabeth Warren's CFPB created barriers making it nearly impossible for small business owners to access mortgages, even with strong incomes. Luongo shared his personal struggle trying to refinance his Florida home, describing how underwriters are "working overtime every freaking day to deny people loans."

"The 30-year fixed rate mortgage says... build a business that's thrown off 7% a year, and your business is paying for your home." - Tom Luongo

This deliberate destruction serves those who want Americans to "own nothing and be happy." Luongo emphasized that restoring access to the 30-year mortgage through Fannie and Freddie's recapitalization is essential for rebuilding middle-class wealth and communities.

Check out the full podcast here for more on Charlie Kirk's impact, RICO cases against radical groups and Europe's military weakness.

Headlines of the Day

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MicroStrategy Buys 525 More Bitcoin - via X

Hyperscale Data Launches $100M Bitcoin Treasury - via X

Fed Set for First Rate Cut This Year - via X

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