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Bitcoin turned 12 years old; An overview of the unique growth of this network


Twelve years ago on this day, Satoshi Nakamoto, the anonymous creator of Bitcoin, extracted block number zero, laid the foundation stone for Bitcoin and brought this phenomenon to life.

On January 3, 2009, at 9:45 PM Tehran time, the Bitcoin network began operating with the extraction of the Genesis block by Satoshi Nakamoto. One of the attractive features of Bitcoin is that the creator of a block can record the message of his choice in it to stay forever. To make his revolution public, Satoshi put this message in the first block:

Times, January 3, 2009: Royal Treasury chief seeks second bailout to bail out banks

This message was enough to make Bitcoin a competitor and alternative to traditional banking systems. Interestingly, the world was grappling with an economic crisis that year, and Satoshi’s message in the Genesis block was a reference to the Times headline about the same economic crisis.

Now, 12 years later, the message full of Satoshi philosophy in the Genesis block is still recognized as one of the goals of the Bitcoin community. During this time, the king of digital currencies has performed in a way that has challenged its opponents and even some of its supporters. The price of bitcoin has also grown significantly since 2020. This price increase has turned Bitcoin from a currency that no one knew into a global economic event. The value of the Bitcoin market, reaching more than $ 620 billion, is a testament to this claim.

The birth of bitcoin has become an excuse to take a closer look at the performance of this digital currency last year.

Bitcoin from 2020 to 2021

Over the past year, Bitcoin has continued to change rapidly; From 2020 until today, we have seen many changes regarding bitcoin.

Bitcoin development

Since the beginning of 2020, there have been some 5,000 developers (Comite in Gathab) on the Bitcoin network, and about 100 new developers have been added to the Bitcoin workforce. By the beginning of 2020, about 678 developers had worked on 22,536 development projects, and this number has now reached 770 developers and 20,027 development projects.

Bitcoin price and market

Perhaps the biggest change in bitcoin over the past year has been the price of bitcoin. Last year, on this day, the price of bitcoin was $ 7,180, today, the price of each bitcoin unit is in the range of $ 34,000, growing by more than 350%. On the other hand, the market value of this digital currency has increased from $ 131 billion (at the beginning of 2020) to more than $ 622 billion.

Bitcoin turned 12 years old
Bitcoin price chart

Bitcoin dominated the market last year by 68.3% and today we see 71% domination of Bitcoin over the digital currency market. This represents the share of Bitcoin in the total market value of digital currencies.

Number of Bitcoin units

Bitcoin supply has also increased from 18,135,846 units to 18,585,902 units during this year. With the move of bitcoin in 2020, the scarcity of bitcoin is being felt these days.

Bitcoin transactions

The daily volume of bitcoin transactions in 2020 was about $ 20.2 billion, which has now reached more than $ 50.7 billion.

Last year, 251,867 bitcoin transactions were recorded on this day, which now stands at about 309,675 transactions. About half of this is done with Segwit.

The value of daily bitcoin transactions at the beginning of 2020 was $ 4.3 billion and has now reached $ 22 billion.

The highest average Bitcoin network fees last year were around $ 8.13. At the same time, with the sharp rise in the price of Bitcoin and the setting of new price records, transaction fees have not grown much.

Bitcoin blockchain

The size of the Bitcoin blockchain last year was 256 GB, which has now reached 318 GB.

The bitcoin network hash rate, or the amount of processing power that miners have allocated to the network, has risen from 112 ex-hashes per second (112 million transactions) to about 143 exsheps per second over the past year.

Bitcoin turned 12 years old
Bitcoin network hash rate

The difficulty of extracting the Bitcoin network is another factor that has grown significantly over the past year. At present, the extraction difficulty has increased by about 6 trillion compared to 2020 and has reached 19 trillion.

Nodes and addresses

The number of nodes (validations) of the Bitcoin network, which play a key role in ensuring the security and operation of the network, has decreased over the past year, from 48,141 to 47,116.

The number of active addresses in the Bitcoin network last year was 524,360, and now it has reached a significant jump to 1.14 million addresses.

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