FMI Coin Official
2 min readDec 23, 2022

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Bitcoin Protocol Development Steadily Progressing Despite Only 40–60 Monthly Active Developers: NYDIG

In a world where giants of the conventional financial system including Visa, Mastercard and PayPal employ tens of thousands of employees, Bitcoin continues to be run by a tight ship of just a few dozen active developers.

New York Digital Investment Group (NYDIG), a Bitcoin-focused investment firm, published a report in September chronicling Bitcoin’s 14-year evolution from a software development perspective. The report, titled “Developers of Bitcoin,” found that there are only 40 to 60 active developers. The document sheds light on how Bitcoin has steadily grown from an obscure technological breakthrough, to worldwide domination, and examines the software developers who made it all happen.

What’s most mind-boggling, perhaps, is how the world’s most dominant cryptocurrency, currently worth about $320 billion, has been chugging along with no major hiccups for almost 14 years, under the care of a passionate – but small – group scattered across the globe.

“The purpose of the report was to help people understand Bitcoin’s development cycle: How it evolved from an idea circulated on a mailing group, to a pervasive technology today. And then, who are the people who continue to update the [Bitcoin] protocol,” explained Greg Cipolaro in a recent interview with CoinDesk. Cipolaro is NYDIG’s global head of research and co-author of the report.

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