While the banks were closed, Bitcoin reached 5,000 days online

Bitcoin celebrates a milestone of 5,000 days online on Sept. 12, 2022, as miners continue to solve valid blocks on average every 10 minutes.

The world’s largest cryptocurrency reached a milestone on Monday, Sept. 12 — Bitcoin (BTC) celebrated 5,000 days of uptime. The network has functioned almost without a hiccup for 13.69 years.

In Bitcoin speak, the blockchain has been online, confirming a valid block of transactions every 10 minutes, on average, for 753,782 blocks (5,000 days). Plus, 3,464 days have passed since the last downtime incident. 

The first Bitcoin block was mined by Satoshi Nakamoto on Jan. 3, 2009. Bitcoin spent 99.9% of the year online, confirming valid blocks on average every 10 minutes until what is known as the Value Overflow Incident. The incident refers to the creation of a “strange block,” block 74,638, which resulted in the creation of billions more Bitcoin. Five hours later, during block 74,691, the blockchain was soft-forked, and nodes reached consensus.

In 2013, Bitcoin software split, and the chain forked into two. The blockchain was down for 6 hours and 20 minutes causing a price drop of more than 23%, hitting lows of $37. Combining the downtime of the Bitcoin network between 2010 and 2013 creates roughly 0.01% of the total time.

Bitcoin uptime by year. Source: buybitcoinworldwide.com

Bitcoin influencers (Bitfluencers?) were quick to honor the occasion with celebratory boating accidents, events in which Bitcoiners lose their private keys. Others expressed their gratitude for the anonymous creator of the protocol:

5000 days of #Bitcoin pic.twitter.com/oTdbmJG0Tk

— Lina Seiche (@LinaSeiche) September 11, 2022

Popular cryptocurrencies such as Solana (SOL) or Ether (ETH) cannot currently compete with the uptime nor decentralization for which Bitcoin is known. Solana regularly experiences outages, labeled a “curse” to the network by its cofounder, while Ethereum’s creation was the result of a hard fork.

Related: The Fed, the Merge and $22K BTC — 5 things to know in Bitcoin this week

Vitalik Buterin, Ethereum’s cofounder, boasted in 2020 that “You can be net profitable with as little as 60% uptime.” Nonetheless, Bitcoin is still some way from reaching Nakamoto’s promise of a peer-to-peer cash system that removes third parties: Scaling payments on layer-2 are an uphill battle.

In the meantime, Bitcoin will have to settle for being the most secure, most decentralized and most popular cryptocurrency solution. 

Related Posts

Crypto Biz: NYDIG stacks sats, Elon buys Twitter

Amid the bear market, positive signs of crypto adoption continue to emerge. Also, Elon Musk is finally moving ahead with plans to acquire Twitter. For all the…

Bitcoin price finally made a move, and fireworks are sure to follow

New crypto market trends are starting to emerge now that Bitcoin and equities markets move closer to make-or-break levels, which will determine the markets’ direction. This week,…

How The Cardano Foundation Supported Launch Of This Hybrid NFT Project

The Cardano Foundation announced its support for the launch of a new non-fungible token (NFT) collection that will bridge the physical world with the digital. Created by…

FTT Spiked to 3-Week High as Visa, FTX Revealed Crypto Debit Card

The financial services corporation – Visa – collaborated with the cryptocurrency exchange – FTX – to offer debit cards in 40 countries across the globe. The cards…

Pace Gallery Announces Latest Artblocks NFT Drop

New York-based contemporary gallery Pace Gallery has announced a new development in its partnership with Artblocks. Launching on October 10, 2022, the new project is an NFT…

When Will Terra Victims Be Compensated?

It has been almost five months since Terra collapsed, and UST users are yet to be compensated as promised. The Luna Foundation Guard announced today that victims…

Generated by Feedzy