Bitcoin Node Count Records New High

In Bitcoin’s (BTC) blockchain network, the number of nodes recorded a peak of 11,558, as per Bitnodes.io. As per coin.dance, which provides crucial network data on Bitcoin network, has assessed the aggregate number of Bitcoin nodes to be 11,613, slightly above the earlier high of 11,250 established in the same period last year.

On January 14, 2021, Bitcoin Core protocol version 0.21.0 was unveiled for public download. Among various versions used by nodes, it is currently the fourth most used variant of the software.

At present, there are 619 nodes running this variant of the software, which accounts for 5.5% of total nodes running some variant of Bitcoin Core.

Nearly 5,000 nodes are currently running the last but one release of Bitcoin Core, 0.20.1 and it is the most popular one as of now.

The recent variant of Bitcoin Core also facilitates a method of setting up foreseeable testnets and employs Taproot consensus laws without enabling them on the mainnet.

The modifications will eventually pave way for boosting privacy in dealings related to Bitcoins as Taproot guarantees that outputs do not disclose spending criteria that are unwantedly disclosed in earlier deployments.

Terminating distinguishing characteristics from dealings will also assist Bitcoin to turn into a better fungible investment vehicle, in accordance with Bitcoin creator Satoshi Nakamoto’s foremost suggestion for “digital cash.”

Nearly 25% off all bitcoin nodes function on Tor, which is a concealed network, and that makes it necessary to perform an upgrade of Bitcoin Core version 0.21.0 so that it becomes compatible with Tor variant 3’s concealed services as variant 2 concealed facilities will become unusable sometime this year.

Operating a bitcoin client using Tor causes addition of another layer of privacy via concealment of IP address of a linking node.

As per Satoshi, a considerable number of independently run nodes are regarded necessary for the success of Bitcoin as its core value depends upon its capability to stay decentralized.

Operating a node is also a better method of self-storing bitcoins, a habit usually followed by large holders of Bitcoin who are uncomfortable with custodial services.

Bitcoin Core, earlier referred to as Bitcoin QT, is a software client created by Wladimir J. van der Laan. The software client uses Satoshi’s reference code. So far, it is the most installed Bitcoin protocol, with about 98.5% of overall nodes running a variant of Bitcoin Core software.

The increase in the number of Bitcoin nodes is comparable to a rise in the number of Lightning Network nodes and channels, which are recording new highs as well.