⛏️💰 "Bitcoin miners are diving into mining investments," notes CryptoQuant CEO Joo Ki-young. 📈⛏️ With hash rate and hardware performance on their side, dumping BTC appears less appealing. 🚀💡 A testament to the miners' strategic approach and confidence in the crypto landscape. #BTCMining #HashRateStrength #CryptoOptimism

Are bitcoins safe?
The cryptography behind bitcoin is based on the SHA-256 algorithm designed by the US National Security Agency. Cracking this is, for all intents and purposes, impossible as there are more possible private keys that would have to be tested (2256) than there are atoms in the universe (estimated to be somewhere between 1078 to 1082).

There have been several high profile cases of bitcoin exchanges being hacked and funds being stolen, but these services invariably stored the digital currency on behalf of customers. What was hacked in these cases was the website and not the bitcoin network.

In theory if an attacker could control more than half of all the bitcoin nodes in existence then they could create a consensus that they owned all bitcoin, and embed that into the blockchain. But as the number of nodes grows this becomes less practical.

A realistic problem is that bitcoin operates without any central authority. Because of this, anyone making an error with a transaction on their wallet has no recourse. If you accidentally send bitcoins to the wrong person or lose your password there is nobody to turn to.

Of course, the eventual arrival of practical quantum computing could break it all. Much cryptography relies on mathematical calculations that are extremely hard for current computers to do, but quantum computers work very differently and may be able to execute them in a fraction of a second.

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What is bitcoin mining?

Mining is the process that maintains the bitcoin network and also how new coins are brought into existence.

All transactions are publicly broadcast on the network and miners bundle large collections of transactions together into blocks by completing a cryptographic calculation that’s extremely hard to generate but very easy to verify. The first miner to solve the next block broadcasts it to the network and if proven correct is added to the blockchain. That miner is then rewarded with an amount of newly created bitcoin.

Inherent in the bitcoin software is a hard limit of 21 million coins. There will never be more than that in existence. The total number of coins will be in circulation by 2140. Roughly every four years the software makes it twice as hard to mine bitcoin by reducing the size of the rewards.

When bitcoin was first launched it was possible to almost instantaneously mine a coin using even a basic computer. Now it requires rooms full of powerful equipment, often high-end graphics cards that are adept at crunching through the calculations, which when combined with a volatile bitcoin price can sometimes make mining more expensive than it is worth.

Miners also choose which transactions to bundle into a block, so fees of a varying amount are added by the sender as an incentive. Once all coins have been mined, these fees will continue as an incentive for mining to continue. This is needed as it provides the infrastructure of the Bitcoin network.

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📈 Bitcoin Hash Rate Hits Record 447 EH/s: According to Blockchain.com data, Bitcoin's hash rate reached a new all-time high of 447 EH/s as of the 12th. This marks a 170% increase since the November 2021 bull market. Mining difficulty is expected to adjust upwards by up to 6.18% on the 16th. BTC.com reports the current hash rate at 454.43 EH/s and a mining difficulty of 57.32T. 💪🚀 #Bitcoin #HashRate #BTCMining

**Just In: 🔔 Digihost Technology Mines 85 BTC in September, Holds $2.4M in Cash and BTC**
#DigihostTechnology #BitcoinMining #CryptoEarnings #CryptoNews #BTCMining