Bitcoin’s hashrate has reached all-time highs, despite the loss of a key contributor to its hash rate. Despite the lackluster price action Jack Dorsey, Block CEO, confirmed that an open Bitcoin mining system was being created.
BTC continues to amaze and bewilder both critics and fans. The internet was blacked out in Kazakhstan last week, which is the second-most important BTC mining nation. The hash rate was able to recover from its previous lows of 13.4% and then resumed reaching all-time highs.
Glassnode data shows that the average hash rate reached 215 million Terahashes per second on Thursday with the price at $42,000.
Bitcoin miners are showing resilience and, as Fidelity Digital Assets noted, the network is “more widely distributed around world” than ever before.
Cointelegraph reported previously that Block would create open-source Bitcoin mining software in 2022, based on job postings made on LinkedIn. Dorsey confirmed this hunch on Thursday by retweeting comments from Thomas Templeton (General Manager at Block).
Templeton addressed issues related to availability, reliability and performance of BTC mining products in a Twitter thread. Block has the following goals for BTC mining:
“We want mining to be more efficient and distributed in all aspects, from purchasing, setting up, maintenance, and mining. Because mining is more than just creating new bitcoin, we are interested. It is a long-term requirement for a decentralized, permissionless future.
Related: Jack Dorsey launches a Bitcoin Legal Defense Fund
It is not easy to build a BTC mining network “out in public” and with the community. Econoalchemist is an experienced home BTC miner who contributes to BTC magazine. He tweeted that open-source products would help build trust and shift consumer expectations.
Block’s mining solutions could open the door to more DIY miners entering the space, ultimately.
Bitcoin’s hashrate seems to be unlimited. At least, until the next 2,016 block, when the network difficulty resets.