Decentralized mining pool OCEAN by Jack Dorsey joins Bitcoin hash rate surge

exchange68September 12, 2024

0 1 1 minute read

Quick Take

The Bitcoin mining hash rate continues to experience a significant upturn. The decentralized Bitcoin mining pool, OCEAN, spearheaded by Jack Dorsey, is noteworthy. It has recently commenced operations, reaching an impressive 126 ph/s, or approximately 0.024% of the total hash rate network, estimated at 550 eh/s. Given its decentralized nature, projections indicate a potential increase in OCEAN’s hash rate contribution over time.

Furthermore, a comprehensive review by mining analyst Sebastian Ski reveals that the percentage of the Bitcoin Network Hashrate for public miners sits at 25% for 2023, maintaining stability for the year yet representing a considerable rise from the 16% recorded at the start of 2022.

Public Bitcoin Miners percentage of Network Hashrate: (Source: @sebastian_ski)

These developments underscore the dynamic nature of the Bitcoin hash rate landscape, especially as the market prepares for the anticipated halving event in April 2024.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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