Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block’s mining system
Bitcoin’s hash rate has reached an all-time high this week, with the current difficulty reaching a new record of 8.08 billion terahashes per second – more than double the level seen in November 2016. Block Cryptonight ASIC miner manufacturer introduced their new B2B model on September 5th and are now shipping to customers worldwide.,
Bitcoin’s hash rate has jumped to an all-time high, as Jack Dorsey announced that Block’s mining system was live. Read more in detail here: bitcoin price.
Despite losing a significant contributor to the hash rate, the Bitcoin (BTC) hash rate has risen to all-time highs. The introduction of an open Bitcoin mining system was announced by Block CEO Jack Dorsey in the midst of sluggish price movement.
Critics and enthusiasts alike continue to be surprised and perplexed by the BTC space. Last week, social turmoil in Kazakhstan, the second-largest BTC mining nation on the network, caused an internet shutdown. The hash rate, on the other hand, only dropped by 13.4% before rising to record levels.
As can be seen from the Glassnode statistics below, yesterday’s price check into the $42,000 zone resulted in a mean hash rate of 215 million terahashes per second.
The network is now “more extensively diffused throughout the globe,” according to Fidelity Digital Assets, and bitcoin miners continue to demonstrate tenacity.
As a result of job advertisements on Linkedin, Cointelegraph earlier claimed that Block will create open-source Bitcoin mining systems in 2022. Jack Dorsey verified the suspicion yesterday by retweeting remarks posted by Block general manager Thomas Templeton.
Templeton answered concerns about BTC mining’s availability, dependability, performance, and merchandise in the Twitter thread. The following are Block’s overall objectives for BTC mining:
“We aim to increase mining’s efficiency and distribution across all aspects, including purchasing, installation, maintenance, and mining. We’re intrigued by mining since it extends much beyond producing new bitcoin. We regard it as a long-term need for a completely decentralized and permissionless future.
Related: Bitcoin Legal Defense Fund announced by Jack Dorsey
It takes a lot of work to construct a BTC mining system “out in the open” and with the community. An experienced home Bitcoin miner and writer to BTC magazine named Econoalchemist tweeted that creating open-source goods will “create trust where no reputation exists today and also potentially influence customer expectations in that way.”
Block’s mining solutions may ultimately open the door for additional do-it-yourself miners to join the market.
The hash rate appears to have no upper limit. At least until the network difficulty resets for the 2016 blocks after that.
The “how long to mine 1 bitcoin” is a question that has been asked many times. The Bitcoin hash rate jumped to ATH on May 22nd, as Jack Dorsey confirmed Block’s mining system.