Bitcoin’s hash rate is back at all-time highs despite the loss of a major contributor to the hash rate. Meanwhile, amid lackluster price action, Block CEO Jack Dorsey confirmed Create an open bitcoin mining system.
The BTC space continues to surprise and confuse critics and fanatics alike. Kazakhstan, the second most important BTC mining country in the network, suffered an internet outage last week due to civil unrest. However, the hash rate did not falter more than 13.4% before regrouping to reach all-time highs.
As shown in the data below from Glassnode, with the price reaching the $42,000 range on Thursday, the average hash rate was 215 million TAH.
Bitcoin miners continue to show resilience, and as Fidelity Digital Assets notes, the network is “more widely distributed around the world.”
Cointelegraph previously reported that Block will develop open source Bitcoin mining systems in 2022 based on LinkedIn job postings. On Thursday, Dorsey confirmed intuition, retweet Comments made by Thomas Templeton, General Manager at Block.
In a Twitter thread, Templeton addressed issues related to availability, reliability, performance, and products related to BTC mining. In short, Block’s goals for BTC mining are as follows:
“We want to make mining more distributed and efficient in everything from purchase to creation, maintenance and mining. We care because mining goes beyond creating new bitcoins. We see it as a long-term need for a fully decentralized, unlicensed future.”
Related: Jack Dorsey announces Bitcoin Legal Defense Fund
Building a BTC mining system “out in the open” alongside the community is not an easy task. Econoalchemist, Founding BTC Miner and Contributor to BTC Magazine, chirp That open source product development would “build trust where there is currently no reputation and may also change consumer expectations in that direction.”
Ultimately, Block’s mining solutions may pave the way for more DIY miners to enter the space.
Bitcoin’s maximum hash rate appears to be heaven. Well, at least until the next 2016 block, when the network difficulty resets.