You're right that estimates for the total number of Bitcoin nodes (including both reachable and unreachable ones) can sometimes hover around or exceed 100k in older data or broader counts, but current figures are lower.

According to Bitnodes, the gold standard for tracking this, there are about 24,727 reachable nodes as of October 11, 2025—these are the ones publicly visible and connectable on the peer-to-peer network. However, their estimate for the full global network, factoring in unreachable nodes (like those behind firewalls or not advertising their IP), is around 70,252 as of October 10, 2025. This total has fluctuated over time but hasn't hit 100k recently

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So what's your theory? Why after 17 years are only ~70k people running Bitcoin nodes?

Money go up, easy use of exchanges. Few want to work anymore. OG Cypher punks have moved on.