Who would have thought the Bitcoin Network will outperform the top 500 supercomputers combined? A Bitcoin site, Genesis Block, recently publicized the data that shows how the raw processing power of every computer producing bitcoin went above the combined computing power of the 500 supercomputers, about eight times in fact.
And that is not all; the Bitcoin Network processing power passed one exaflops (108 floating point calculations per second). The world’s fastest supercomputer IBM Sequoia itself is capable of 16.33 petaflops, which is only 1.6% of the total power of Bitcoin Mining Network. The arguable exascale figures have raised the possibility of predicting climate change and its effects or producing fusion energy – capabilities which were expected to be achieved around 2020.
However, The Bitcoin Network allows its users to solve and decrypt hash problems by using their computer’s power – the process which generates Bitcoins and commonly known as Bitcoin Mining. The mining is distributed among the multitude of computers that provide their computing power to the network, by helping the network with solving complex cryptographic puzzle frequently. In return, sometimes they are awarded in Bitcoins.
Henceforth, miners are currently generating about half a million dollars’ worth of bitcoins. The critics also comment over the fuss made by bitcoins, which is costing a large amount of electricity. “Similar amount of electricity can be used for promoting scientific endeavors to accomplish something meaningful”, quotes one of them.