The Bitcoin hash rate (BTC), a measure of network security based on mining processing power, hits a new all-time high (ATH) of 231,428 ExaHash per second (EH/s) amid an ongoing bear market in which the price of BTC falls below a critical level in $25,000.

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The hash rate is directly proportional to the processing power of the mining hardware to confirm transactions, which deters attackers from manipulating transactions on the network. In addition to the new ATH hash rate, Bitcoin network difficulty is in a strong position at 30.283 trillion.

Estimated amount of TH/s that the Bitcoin network has executed in the last 24 hours. Source: Blockchain.com
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Some of the most popular bitcoin mining pools based on market share include Poolin, AntPool, F2Pool, ViaBTC, and SlushPool. However, most of the total hashrate comes from distributed miners, labeled as “Others” in the graph below.

Estimation of hashrate distribution among the largest mining pools. Source: Blockchain.com
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Despite a market crash that threatens to wipe out numerous crypto projects, the Bitcoin ecosystem continues to strengthen its core by constantly registering new ATHs for hash rate, network complexity, and network bandwidth.

In addition, the Bitcoin Lightning Network — a layer 2 technology built on bitcoin — has also increased its capacity to 4,000 BTC, advancing its goal of enabling faster, cheaper peer-to-peer BTC transactions.

With continued support from miners, traders, and developers, Bitcoin continues to be well positioned to be placed on the most secure blockchain network in the world.

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Blockchain subsidiary TBD has announced plans to create “Web5”, a new decentralized network based on BTC, highlighting founder Jack Dorsey’s belief that the largest blockchain network will play an important role in the evolution of the Internet.

In contrast to Web3’s goal of decentralizing the Internet, Dorsey sees Web5 as an identity-based system that only runs on the Bitcoin blockchain. As Cryptooshala previously explained, based on in the TBD Prototype Documents, Web5, as the decentralized web platform (DWP) allows developers to build decentralized web applications using DIDs and decentralized nodes.