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If you were one of the millions of people affected in some way, shape or form by ‘The Great CrowdStrike Outage’ of 19 July, 2024 – we’re sorry.
As everyone with even the smallest amount of access to news knows, late last week CrowdStrike had an outage which impacted everything from government offices, to banks, and of course, airlines.
But it was business as usual for Bitcoin.
Crypto nerds (like us) are constantly touting how important decentralized systems are – but it’s rare that we actually get a chance to showcase just why that is the case in such a tangible way.
Here’s what happened to BTC last Friday:
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Bitcoin miners – who are mostly using Linux-based frameworks – did not go down.
In fact, roughly 144 new blocks have been mined each day between the start of the outage and the time of this writing which is on par with the weeks prior to the outage.
(Meanwhile, many banks across the globe did).
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The value of BTC rose from ~$63,500 up to ~$68,000 (roughly 7%).
While the value of pretty much all publicly listed banking stocks dropped during trading hours on Friday.
So while we continue to believe that BTC can only work within the existing system (and you shouldn’t put all of your investments into any individual asset class), The Great CrowdStike Outage of 19 July, 2024 illustrates yet again the power of decentralized networks and systems.
To quote Taras Kulyk, the founder BTC mining company, SunnySide Digital: “tick tock, next block.”
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