Bitcoin’s hashrate has returned to the ATH level despite losing a major contributing area. Meanwhile, amid Bitcoin’s lackluster price action, Block CEO Jack Dorsey has confirm the establishment of an open Bitcoin mining system.
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The BTC space continues to surprise and confuse critics and interested alike. Kazakhstan, the network’s second most important BTC mining country, experienced a network outage last week due to the civil unrest. However, the hashrate fell by no more than 13.4% before recovering to reach the ATH level.
According to Glassnode, with Bitcoin retesting the $42,000 range on Thursday, the network’s average hashrate hit 215 million terahashes per second.
Bitcoin Network Average Hashrate | Source: Glassnode
Bitcoin miners continue to show resilience, and as Fidelity Digital Assets observed, the network is even “more widely distributed around the world.”
Previously, according to the post Hiring on LinkedIn, Block has said it will develop open source Bitcoin mining systems by 2022. Dorsey confirmed this on Thursday when retweeting comments made by Thomas Templeton, general manager. at Block.
In a series of posts on Twitter, Templeton has mention to issues related to the availability, reliability, performance, and products associated with BTC mining. He also gave Block’s goals for BTC mining:
“We want to make mining more decentralized and efficient in every way, from acquisition, setup, maintenance, and mining. We’re interested in this area because mining isn’t just about creating new Bitcoins. We see it as the long-term need for a fully decentralized and permissionless future.”
Building a “public” BTC mining system and growing with the community is Block’s big goal, but getting there is not an easy process. Econoalchemist, BTC home mining company and BTC magazine contributor, suppose, I think Developing products with open source code will “build trust in places where there is no reputation and could also change consumer expectations in that direction.”
Ultimately, Block’s mining solutions could pave the way for more miners to freely enter the space.
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