Bitcoin hash rate hits all-time high as BTC price falls below $25,000

Bitcoin (BTC) hash rate, a measure of network security based on computing power for mining, hit a new all-time high (ATH) of 231,428 exahash per second. (EH/s) amid a bear market that sees BTC price plunge below the critical $25,000 level.

The hash rate is directly proportional to the computing power of the mining equipment to confirm the transactions, which discourages bad actors from manipulating the transactions on the chain. Complementing the new all-time high hash rate, the difficulty of the Bitcoin network sits at a strong 30.283 trillion.

The estimated number of TH/s that the Bitcoin network has been running in the last 24 hours. Source: Blockchain.com

Some of the most popular bitcoin mining pools based on market share are Poolin, AntPool, F2Pool, ViaBTC and SlushPool. Nevertheless, Most of the total hash rate is contributed by distributed miners, shown as “Other” in the table below.

An estimate of the hash rate distribution among the largest mining pools. Source: Blockchain.com
Bitcoin hash rate hits all-time high as BTC price falls below $25,000
Bitcoin hash rate hits all-time high as BTC price falls below $25,000

Despite the market crash threatening to wipe out numerous cryptocurrency projects, The Bitcoin ecosystem continues to strengthen its core by constantly posting new all-time highs for hash rate, network difficulty, and network capacity.

Likewise, Bitcoin’s Lightning Network — the Layer 2 technology built on top of Bitcoin — increased its capacity to 4,000 BTC, supporting its goal of enabling faster and cheaper peer-to-peer BTC transactions.

With the continuous support of miners, traders and developers, Bitcoin remains well positioned to be hosted on the world’s most secure blockchain network.

Block subsidiary TBD announced plans to build “Web5,” a new BTC-focused decentralized websitewhich underscores founder Jack Dorsey’s belief that the largest blockchain network will play a significant role in the evolution of the Internet.

Contrary to Web3’s goal of decentralizing the Internet, Dorsey envisions Web5 as an identity-based system running solely on the Bitcoin blockchain. As Cointelegraph previously explainedBuilding on the TBD prototype documents, Web5 as a Decentralized Web Platform (DWP) allows developers to build decentralized web applications via DIDs and decentralized nodes.A

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