Bitcoin (BTC) hash rate, a network security measure based on mining computing power, reached a new all-time high (ATH) of 231.428 ExaHash per second (EH/s) amid an ongoing bear market that has seen BTC price fall below the critical $25,000 mark.
The hash rate for confirming transactions is directly proportional to the computing power of mining equipment, which discourages bad actors from manipulating on-chain transactions. In addition to the new hash rate ATH, the Bitcoin network difficulty now stands at 30.283 trillion.
Poolin, AntPool, F2Pool, ViaBTC, and SlushPool are among the most popular Bitcoin mining pools in market share. However, distributed miners, shown as ‘Others’ in the graph below, contribute the vast majority of total hash rate.
Despite the market crash that threatens to destroy many crypto projects, the Bitcoin ecosystem continues strengthening its core by consistently setting new ATHs for hash rate, network difficulty, and network capacity.
Furthermore, the Bitcoin Lightning Network, a layer-2 technology built on Bitcoin, increased its capacity to 4,000 BTC, advancing its goal of enabling faster and cheaper peer-to-peer BTC transactions.
Bitcoin remains well-positioned to be hosted on the world’s most secure blockchain network, thanks to continued support from miners, traders, and developers.
The Web5 Initiative
TBD, a Block subsidiary, announced plans to build “Web5”, a new decentralized web centered on BTC, highlighting founder Jack Dorsey’s belief that the largest blockchain network will play a significant role in the evolution of the internet.
In contrast to Web3, Dorsey envisions Web5 as an identity-based system that runs solely on the Bitcoin blockchain. According to TBD’s prototype documents, Web5, as a decentralized web platform (DWP), allows developers to create decentralized web apps using DIDs and decentralized nodes, as previously explained by Cointelegraph.