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

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.

Ocean Hash Rate: (Source: ocean.xyz)
Ocean Hash Rate: (Source: ocean.xyz)

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)
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.

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