Bitcoin now runs 24/7 for 10 years with zero downtime
Bitcoin (BTC) has achieved a significant milestone in its history by running non-stop for a decade without downtime, paving the way for a new era of decentralized finance.
In particular, data obtained from BitcoinUptimeshared by Reddit user Tasigur1 March 17, indicates that Bitcoin has been running continuously, 24 hours a day, seven days a week, for the past 10 years without any problems at all. The period corresponds to 3,650 days of uninterrupted operation.
Since the cryptocurrency’s inception in 2009, the network has had two major downtimes. A notable incident occurred in 2010 when a block contained a transaction that created an astronomical number of Bitcoins due to an overflow in the code. The community quickly discovered and fixed the problem, ensuring the integrity of the Bitcoin network. Interestingly, Bitcoin’s uptime was 99.908% in 2010.
Another problem occurred in 2013 when a block with more transaction entries than previously seen was mined and broadcast, leading to a fork in the blockchain.
Likewise, the community quickly discovered and resolved the issue, preventing significant damage to the network. The event resulted in a Bitcoin uptime of 99.932% for 2013.
Implication of Bitcoin’s 10 year uptime
The fact that Bitcoin has run without downtime for ten years is a testament to the resilience and reliability of its underlying blockchain technology. In particular, its decentralized nature makes it extremely difficult for anyone to take down the network or compromise its security.
The uptime status further validates Bitcoin’s fundamental ideologies to address the shortcomings of the traditional financial sector. The 24/7 availability means that it is always available to users, regardless of their location. This has made it an attractive option for people who wish to transact outside normal banking hours or live in countries where traditional banking services are not readily available.
In addition, the milestone coincides with a period in which the US banking sector is facing a crisis following the high-profile collapse of three lenders within days.
Renewed interest in Bitcoin
In fact, Bitcoin’s ten-year milestone comes as the cryptocurrency is experiencing renewed interest from investors and traders.
The price of Bitcoin has risen steadily in recent days, reaching new multi-month highs. At press time, the first cryptocurrency was trading at $26,877 with 24-hour gains of over 7%. On the weekly chart, BTC is up 35%.
The digital currency has largely ignored contagion in the banking sector, leading the crypto market in recovery, as highlighted by the sector’s inflow of $200 billion in one week.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
