11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or group pseudonymously identified as Satoshi Nakamoto.

Bitcoin: A Peer-to-Peer Electronic Cash System - published on Oct. 31, 2008 - outlined a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions, prevent double-spending and generate a transparent record for anyone to inspect in nearly real-time.

The protocol represented a cryptographically-secured system - based on a Proof-of-Work algorithm - in which Bitcoins are "Mined" for a reward by individual nodes and then verified by other nodes in a decentralized network.

Eleven years on, Bitcoin is consistently setting new records for its network hash rate - a measure of the overall computing power involved in validating transactions on the blockchain at any given time.

More power and participation establishes greater network security and attests to widespread recognition of the profitability potential of Bitcoin mining.

As of the middle of this month, network data revealed that since the creation of the very first block on the Bitcoin blockchain on Jan 3, 2009 - known in more technical language as its "Genesis block" - miners have received combined revenue of just under $15 billion.

The figure includes both block rewards - "New" bitcoins paid to miners for validating a block of transactions - as well as transaction fees, which broke the $1 billion mark this week.

Bitcoin's first-ever recorded trading price was noted on Mar. 17, 2010 - on the now-defunct trading platform bitcoinmarket.com, at a value of $0.003.

The cryptocurrency's appreciation thus stands at a staggering 304033233% as of press time, with Bitcoin currently trading at $9,120.

As of this August, 85% of Bitcoin's supply in circulation had been mined - leaving just 3.15 million new coins for the future.