Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block’s mining system


Bitcoin (BTC) hash rate has returned to all-time highs despite losing a key hash rate contributor. Meanwhile, amid lackluster price action, Block CEO Jack Dorsey confirmed the creation of an open Bitcoin mining system.

The BTC space continues to surprise and bewilder critics and fanatics alike. Kazakhstan, the network's second most important BTC mining country, experienced an internet blackout last week due to civil unrest. However, the hash rate faltered no more than 13.4% before regathering to reach all-time highs.

As shown in the below data from Glassnode, with the price checking into the $42,000 range yesterday, the mean hash rate hit 215 million terahash per second.

Bitcoin miners continue to show resilience and as Fidelity Digital Assets observed, the network is even “more widely distributed around the world.”

Cointelegraph previously reported that Block would develop open-source Bitcoin mining systems in 2022 due to job postings on Linkedin. Yesterday, Jack Dorsey confirmed the hunch, retweeting comments made by Thomas Templeton, a general manager at Block.

In the Twitter thread, Templeton addressed issues relating to the availability, reliability, performance, and products pertaining to BTC mining. In sum, Block’s goals for BTC mining are the following:

“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.”

Related: Jack Dorsey announces Bitcoin Legal Defense Fund

Building a BTC mining system “out in the open” and alongside the community is no mean feat. Econoalchemist, an established home BTC miner and BTC magazine contributor, tweeted that developing products in open source would “build trust where no reputation exists currently and also might shift consumer expectations in that direction.”

Ultimately, Block’s mining solutions may pave the way for more DIY miners to enter the space.

It seems the sky's the limit for the hash rate. Well, at least until the next 2016 blocks when the network difficulty resets.


Like it? Share with your friends!

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
admin

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format