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

Bitcoin’s 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
data below
from
Glassnode,
with
the
price
checking
into
the

$42,000
range
on
Thursday
,
the
mean
hash
rate
hit
215
million
terahashes
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 based
on
job
postings
on
LinkedIn
.
On
Thursday,
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
Bitcoin’s
hash
rate.
Well,
at
least
until
the
next
2,016
blocks,
when
the
network
difficulty
resets.

read original article here