Bitcoin’s hash rate reaches an all-time high as Block’s mining mechanism is confirmed by Jack Dorsey

0
2164

Despite losing a significant hash rate contributor, Bitcoin’s hash rate has recovered to all-time peaks. In the meantime, Block CEO Jack Dorsey announced the launch of an open Bitcoin mining system despite the poor market movement.

Critics and enthusiasts alike continue to be surprised and perplexed by the BTC space. Last week, social turmoil in Kazakhstan, the network’s second-largest BTC mining nation, caused an internet shutdown. On the other hand, the hash rate only fell by 13.4% before rising to new all-time highs.

The average hash rate reached 215 million terahashes per second on Thursday, as revealed in the data below from Glassnode, while the price was about $42,000.

According to Fidelity Digital Assets, Bitcoin miners continue to be resilient, and the network is now more widely distributed around the world.

Based on job ads on LinkedIn, Cointelegraph previously claimed that Block would create open-source Bitcoin mining systems in 2022. Dorsey validated the notion on Thursday, retweeting remarks from Block’s general manager, Thomas Templeton.

Templeton addressed BTC mining’s availability, reliability, performance, and goods in the Twitter thread. Block’s objectives for BTC mining are as follows:

“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.”

Building a BTC mining system out in the open and alongside the community takes a lot of effort. However, Econoalchemist, a well-known home BTC miner and writer to BTC magazine, stated that producing open source solutions will create trust where none currently exists and also might change consumer expectations.

Block’s mining solutions may eventually open the road for additional DIY miners to join the market.

Bitcoin’s hash rate appears to have no bounds, at least until the network difficulty resets in the next 2,016 blocks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here