Bitcoin (BTC) Hash Rate Reaches ATH Amid Weak Market Conditions
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- There was a 13.4% dip in the Bitcoin hash rate, last week.
- Block plans to provide open-source Bitcoin mining systems in 2022.
Bitcoin hash rate made a comeback to its ATH, despite the loss of a major hash rate contributor. Meanwhile, Block CEO Jack Dorsey announced creating an open Bitcoin mining system amid weak price movement.
Critical and ardent BTC supporters alike continue to be astounded and perplexed by the space. Last week, social turmoil in Kazakhstan, the network’s second-largest BTC mining nation, caused an internet shutdown. There was a 13.4% dip in the hash rate, but it quickly rebounded to achieve record highs again.
Read More: Bitcoin Price Prediction
Glassnode statistics show that the average hash rate exceeded 215 million terahashes per second on Thursday when the price touched $42,000. According to Fidelity Digital Assets, Bitcoin’s network is now “more widely distributed around the world.”
Open-source Bitcoin Mining System
According to various tweets, Block plans to provide open-source Bitcoin mining systems in 2022. On Thursday, Dorsey confirmed his thoughts by retweeting statements made by Block’s general manager, Thomas Templeton.
It’s a huge undertaking to construct an “out in the open” BTC mining system with the community. Finally, Block’s ideas may open the door for additional DIY miners to join the market.
Bitcoin’s hash rate seems to be inexhaustible. For the time being, at least until the network difficulty resets. On Thursday, Bitcoin (BTC) fell below the $44,000 barrier level, as bulls could not push the price above it. According to CoinMarketCap, the Bitcoin price today is $42,759.78 USD with a 24-hour trading volume of $33,856,383,285 USD. Bitcoin has been down 2.96% in the last 24 hours.
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