The Bitcoin hash rate is at an all-time high as the BTC price drops below $ 25K
Praising the new hash rate ATH of 231.428 ExaHash per second, Bitcoin’s network difficulty stands at a strong position of 30.283 trillion.
The Bitcoin (BTC) hash rate, a network security measure based on computing power for mining, has achieved a new all-time high (ATH) of 231,428 xHash per second (EH / s) which is witnessing an ongoing beer market falling below the BTC price. Critical $ 25,000 mark.
The hash rate is directly proportional to the computing power of mining equipment to ensure transactions, preventing bad actors from manipulating on-chain transactions. Appreciating the new hash rate ATH, the Bitcoin network difficulty stands at a strong position of 30.283 trillion.
Some of the most common Bitcoin mining pools based on market share include Poolin, AntPool, F2Pool, ViaBTC and SlushPool. Though, a majority of the total hash rate is contributed by distributed miners, shown as ‘Others’ in the graph below.
An estimate of the hash rate distribution among the largest mining pools. Source: Blockchain.com
Even with the market crash that threatens to wipe out numerous crypto projects, the Bitcoin ecosystem strengthens its roots by consistently recording new ATHs for hash rates, network difficulties, and network capabilities.
Additionally, the Bitcoin Lightning Network — the layer-2 technology built on Bitcoin, too increased its capacity to 4,000 BTC, advancing its goal to enable faster and cheaper peer-to-peer BTC transactions.
With constant support from miners, traders and developers, Bitcoin remains well-positioned to be hosted on the most secure blockchain network in the world.
Block minor TBD announced plans to build “Web5,” a new decentralized web centered around BTC, underlining creator Jack Dorsey’s confidence that the largest blockchain network will play a key role in the internet’s evolution.
Contrasting Web3’s aim to decentralize the Internet, Dorsey envisions Web5 as an identity-based system that runs only on the Bitcoin blockchain. As formerly explained by Cointelegraph, based on TBD’s prototype documents, Web5, as a decentralized web platform (DWP) permits developers to create decentralized web apps via DIDs and decentralized nodes.
