Although the current Bitcoin price might make many people’s stomachs sink, there is still crucial growth to acknowledge. There is still over 1.6 million BTC in corporate treasuries, and the network is closing in on 750,000 blocks. More importantly, the Lightning Network capacity hovers near 4,000 BTC, which is all one can ask for.
Bitcoin Is Still Doing Alright
When one deals with bitcoin and other cryptocurrencies long enough, you learn to appreciate the broader picture. The price is still heading south and may continue to do so for some time to come. That doesn’t mean the ecosystem has stopped growing, let alone shrunk. If anything, things continue to look up across various key fronts.
First up is the amount of BTC held in corporate treasuries. Although it may be appealing for companies to cut their losses now and bail on BTC, they are not inclined to do so. Instead, corporate treasuries represent over 1.66 million BTC, valued at over $47.1 billion. It is good to see 8.71% of the current bitcoin supply in these treasuries, confirming long-term support for the leading cryptocurrency.
Second, the network still trucks along nicely without skipping a beat. Almost 91% of the Bitcoin supply has been mined by today – although not all of that will be in liquidity at any given time – confirming Satoshi Nakamoto put together crucial technology to build a sustainable long-term network. That network has not been halted – like Solana – or suffered from a smart contract-induced rollback – like Ethereum – either.
The Bitcoin network would not be where it is today without the miners. Those miners helped create over 740,000 network blocks so far. Moreover, the hashrate averaged over 212 exohash/second for the past 90 days, with annual mining revenue hitting $14.9 billion. All of these statistics are crucial, but there is much more to look at.
Lightning Network Growth and Difficulty Change
Continuing on the mining topic, miners will keep a close eye on the mining difficulty. It recently increased by 1.3% to usher in difficulty epoch 368. However, there may be another 7.2% difficulty increase on June 22nd, due to increasing overall hashpower. More miners join the network despite BTC prices falling further. The network is in a very good place today.
Additionally, the top micropayment solution for bitcoin, dubbed the Lightning Network, continues to make inroads. The network represents roughly 4,000 BTC in liquidity, which is a new high. Moreover, there are over 17,100 nodes and more than 84,000 payment channels. It is also worth noting that 71.7% of this capacity is accessible through Tor, a welcome development.
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