Bitcoin Node Count Falls to 3-Year Low Despite Price Surge

The number of computers running the Bitcoin program fell to its lowest level in almost three years, according to data calculated by one prominent Bitcoin developer. 

Bitcoin’s total node count fell below 47,000 on Monday, a level not seen since 2017, based on estimates determined by well-regarded Bitcoin developer Luke Dashjr. His numbers show a steady decline in the number of operational nodes from a peak of over 200,000 in January 2018.

A decline in total node count means fewer people are participating in validating new transactions and storing copies of the network’s shared transaction history. The new lows count comes at a time of recent surges in price and mining power.

Tallying the number of Bitcoin nodes typically relies on estimates instead of concrete data, and opinions on the best methodology for deriving these estimates differ. Dashjr’s estimate relies on a tedious and undisclosed proprietary methodology that could compromise the reliability of the data if it was…