Bitnet BIT

Bitnet (BIT) is an open-source Layer 1 cryptocurrency network launched in 2023. The project was built from Bitcoin-derived code with additional components influenced by Qtum, adding staking and programmable blockchain functionality alongside traditional UTXO-based cryptocurrency features.

The Bitnet network supported both Proof-of-Work and Proof-of-Stake functionality. Its source code includes dedicated PoW and PoS difficulty parameters, staking controls, offline-staking components and a configurable staking system. The project also maintained QRC20-related tooling and EVM-compatible components.

BIT is the native asset of the Bitnet network. The project's original announcement described a maximum supply of 2 billion BIT and an initial mining reward of 10,000 BIT per block. A 21 million BIT premine was also publicly disclosed.

Bitnet's mining implementation evolved after launch. The original 2023 announcement described SHA-256 mining, while later official releases provided an Aurum CPU miner and documented Aurum as the project's mining algorithm.

Development activity and infrastructure declined after 2024. The project's final widely published core release was version 70037 in August 2024. As of September 2026, the former official website is unavailable, the former block explorer domain is parked, public mining trackers show no active network hashrate or known pools, and major tracking services report no active exchange markets.

Chainquiry therefore currently classifies Bitnet as inactive. Historical source code and project releases remain publicly available through GitHub.