By George Ward
With Bitcoin (BTC) adoption growing daily, an analysis of the distribution of relative bitcoin nodes among top economies would reveal the comparative size of the peer-to-peer (P2P) network.
More than 30% of reachable Bitcoin nodes globally are situated in five nations – the US, Canada, France, Germany, and the Netherlands based on the latest data from the BTC nodes analytics platform, Bitnodes.
According to the data, the US is the leader among these nations, with 1,844 or about 13.2% of reachable nodes. However, it is trailed by Germany with 1,362 or 9.9% nodes, while France, with 434 or 3.1% nodes, rounds up the third position.
The Netherlands occupies the fourth spot with 374 or 2.8% of globally reachable Bitcoin nodes, while the fifth is Canada, which has 297 or 2.2% of the world’s reachable BTC nodes.
Unreachable And Reachable Bitcoin Nodes
In contrast to an inaccessible node, a reachable Bitcoin node is any device or app that runs and secures the Bitcoin mining protocol. Other networks can connect to this node so long as this node has yet to max out its number of allowed connections.
Also, a connection is possible if the node isn’t syncing up to the newest blocks. Generally, Bitcoin nodes keep a record of all BTC transactions, whether total or partial.
Also, these nodes need to connect with one another to vote on proposals, verify transactions and maintain consensus rules. Finally, Bitnodes aggregate data from all reachable nodes in the bitcoin network (starting from the set of seen nodes) to determine the relative size of bitcoin’s P2P network.
In the meantime, multiple data reveal that there are still many reachable Bitcoin nodes operating in China, regardless of the nation’s widespread restriction on crypto-related activities. However, the on-chain analytics firm, Bitrawr states that their number is now 65, down from 94 in June.
Nevertheless, there is a lax in China’s anti-crypto stance. For example, a recent Chinese court ruling states that interested persons can invest in and trade cryptos. However, they mustn’t treat these cryptos as currency but only as virtual assets.