Bitnet (BIT) is an open-source cryptocurrency network launched in March 2023 from a codebase derived from Bitcoin and later incorporating technology associated with Qtum.
The project initially focused on Proof-of-Work mining and described BIT as a standalone cryptocurrency with a maximum supply of 2 billion coins. Later Bitnet Core software added staking functionality, programmable blockchain components and support for Aurum CPU mining.
Bitnet should not be confused with the newer Bitnet cryptocurrency using the BTN ticker or Microsoft’s similarly named BitNet artificial-intelligence project.
As of September 2026, Chainquiry classifies this Bitnet project as Inactive. Its former official website and block explorer are unavailable, current mining trackers show no known active pools or observable network hashrate, and the latest identifiable Bitnet Core release dates from 2024.
Bitnet at a Glance#
| Project | Bitnet |
| Ticker | BIT |
| Network | Bitnet |
| Type | Layer 1 blockchain |
| Launched | March 2023 |
| Current status | Inactive |
| Original mining | SHA-256 |
| Later mining algorithm | Aurum |
| Staking support | Yes, in later Bitnet Core builds |
| Codebase | Bitcoin / Qtum-derived |
| Maximum supply | 2,000,000,000 BIT |
| Open source | Yes |
| Former website | bitnet-io.org |
What Is Bitnet?#
Bitnet was launched as an independent cryptocurrency network rather than a token issued on Ethereum, BNB Smart Chain or another external blockchain.
The original Bitcointalk announcement described it as a fork of Bitcoin Core 0.24 with BIT as the native asset.
At launch, the network used Proof-of-Work mining and a block reward of 10,000 BIT. The project’s announcement specified a total supply of 2 billion BIT.
Bitnet’s architecture subsequently changed considerably.
Later versions of the Bitnet Core repository incorporated staking controls, Qtum-related components, smart-contract tooling and a different CPU-oriented mining implementation.
That development history makes older descriptions of Bitnet as simply a SHA-256 Bitcoin fork incomplete.
How Did Bitnet Mining Work?#
Bitnet originally launched using SHA-256 Proof of Work.
Its March 2023 announcement described the project as a SHA-256-based cryptocurrency with a 10,000 BIT block reward.
The project later introduced a mining algorithm called Aurum.
Aurum was integrated into a dedicated Bitnet CPU miner and was also supported by third-party mining software.
The project’s Aurum repository identifies the algorithm as being based on Pomelo, a password-hashing design intended to make efficient use of memory and computational resources.
This represented a major shift from Bitnet’s original SHA-256 mining configuration.
For historical accuracy, Bitnet should therefore not be described as having used one unchanged mining algorithm throughout its existence.
Its network evolved from its original SHA-256 configuration toward Aurum-based CPU mining.
What Is the Aurum Mining Algorithm?#
Aurum was the later CPU-mining algorithm associated with Bitnet.
The project’s dedicated cpuminer-opt-aurum repository describes Aurum as being based on the Pomelo algorithm.
Bitnet provided instructions for both solo-style wallet mining and pool mining.
For wallet mining, the miner connected directly to a synchronized Bitnet Core wallet through RPC. Pool mining instead connected to a compatible Stratum server.
The addition of Aurum positioned ordinary CPUs as mining hardware for the network rather than relying exclusively on the SHA-256 mining model used at launch.
Historical mining capability does not mean Bitnet remains practically mineable today.
Current mining-tracker data shows no known pools, zero reported network hashrate and no recent observed blocks.
Did Bitnet Support Proof of Stake?#
Later Bitnet Core builds included staking functionality.
The public repository specifically provides a -staking=false option for operators such as exchanges or mining pools that wanted to disable staking.
This is one of the clearest indications that later Bitnet software evolved beyond the project’s original Proof-of-Work-only design.
The repository and release materials also reference later staking-related network data.
For that reason, the mature Bitnet codebase is better understood as supporting both mining and staking functionality rather than being described only through its original March 2023 launch configuration.
Researchers should nevertheless distinguish between functionality present in the software and measurable current network participation.
With the network now appearing inactive, historical protocol support should not be interpreted as evidence that an active staking network currently exists.
Bitcoin and Qtum Technical Roots#
Bitnet began from Bitcoin-derived software.
Its core repository describes Bitnet Core as being based on Bitcoin with modifications.
Later development also incorporated components associated with Qtum, a blockchain architecture that combines Bitcoin-style transaction accounting with smart-contract functionality.
The Bitnet repository includes references to QRC20 token deployment and Ethereum-compatible Solidity tooling.
Later build instructions also contain EVM-related components.
This means Bitnet evolved into something more technically ambitious than a simple payment coin.
The project experimented with combining:
- Bitcoin-derived blockchain infrastructure
- Proof-of-Work mining
- staking functionality
- Qtum-style programmable blockchain features
- token creation
- smart contracts
- CPU-oriented Aurum mining
Not every experimental feature should be treated as evidence of widespread real-world usage, however.
Open-source implementation and active network adoption are separate questions.
Did Bitnet Support Smart Contracts?#
Bitnet’s later source tree contains infrastructure related to programmable blockchain functionality.
The repository references QRC20 token creation, Solidity development through Remix and EVM-related software components.
QRC20 is a token model associated with Qtum’s approach to combining Bitcoin-style blockchain architecture with an Ethereum-compatible virtual machine.
This allowed the Bitnet codebase to move beyond simple transfers of BIT and toward programmable assets and smart-contract functionality.
The project’s GitHub organisation also contains numerous experimental and supporting repositories connected to blockchain infrastructure.
The existence of this code demonstrates development work, but researchers should avoid assuming that every repository represented a widely used production application.
What Was BIT Used For?#
BIT was the native currency of the Bitnet blockchain.
Its basic roles included transferring value and participating in the network’s block-reward system.
As Bitnet Core evolved, BIT also became connected to staking functionality and the project’s programmable blockchain environment.
Because BIT was native to the Bitnet network, it should not be confused with an ERC-20 token contract.
Historical exchange listings also existed, but older exchange announcements should not be treated as evidence that BIT remains actively tradable today.
Exchange support can disappear even when old listing pages or announcements remain indexed online.
Bitnet Supply#
The project’s original announcement specified a maximum supply of:
2,000,000,000 BIT
Early mining used a block reward of:
10,000 BIT per block
The developer also stated that the reward was intended to fall substantially after a specified block-height milestone.
Because Bitnet’s protocol changed after launch, historical reward figures should be treated as descriptions of particular stages of the network rather than assumed to represent its final configuration.
Is Bitnet Still Active?#
Chainquiry currently classifies Bitnet (BIT) as Inactive.
Several independently observable signals support that classification.
The project’s former official website at bitnet-io.org is currently unavailable.
Its historical block explorer at bitexplorer.io is also unavailable during Chainquiry’s September 2026 review.
MiningPoolStats currently reports:
- no known Bitnet mining pools
- zero reported network hashrate
- no recent observed blocks
- version 70037 from August 2024 as the latest tracked core release
The Bitnet Core GitHub repository remains publicly accessible, so the historical software and development record can still be examined.
An available source repository, however, does not by itself mean that the underlying blockchain remains operational.
What Was the Last Bitnet Core Release?#
The latest identifiable Bitnet Core release is 70037, published in August 2024.
Its release notes described a mandatory update involving Taproot/Tapscript reactivation and other changes to the client.
The release provided builds for Windows and Linux and referenced updated blockchain data for synchronization.
No newer production release has been identified during Chainquiry’s September 2026 review.
This development gap is another reason current Bitnet information should be separated from historical project descriptions.
Is Bitnet the Same as Bitnet (BTN)?#
No.
This is particularly important because another blockchain project now uses the Bitnet name with the ticker BTN.
That project has a different codebase, different network architecture and different development organisation.
The project covered here is:
Bitnet (BIT)
GitHub organisation: bitnet-io
The newer unrelated project uses:
Bitnet (BTN)
GitHub organisation: BitnetMoney
They should not be treated as the same cryptocurrency.
Is Bitnet Related to Microsoft’s BitNet?#
No.
Microsoft Research also uses the name BitNet for work involving highly compressed artificial-intelligence models and 1-bit large language model inference.
Microsoft’s BitNet project is an AI research and software initiative.
It has no connection to the Bitnet (BIT) cryptocurrency discussed here.
This naming overlap can make generic searches for “Bitnet” particularly confusing, so checking the ticker and official repository is important.
What Happened to Bitnet?#
Bitnet’s surviving public records show a project that developed significantly between 2023 and 2024.
It began as a Bitcoin-derived Proof-of-Work cryptocurrency, subsequently introduced Aurum CPU mining, incorporated staking functionality and experimented with Qtum/EVM-style programmable blockchain technology.
By 2026, however, the public network infrastructure associated with the project is no longer reliably reachable.
The official website and explorer are unavailable, mining trackers show no active pools or network activity, and no recent core release has been identified.
That does not erase Bitnet’s development history, but it changes how the project should be described.
Rather than presenting BIT as a currently expanding cryptocurrency ecosystem, Chainquiry treats it as an inactive Layer 1 whose historical software and blockchain design remain publicly researchable.
What Should Researchers Verify?#
Because several unrelated products now use the Bitnet name, verify the ticker before using information from search results.
For this project, the key identifiers are:
Name: Bitnet
Ticker: BIT
Original domain: bitnet-io.org
GitHub: bitnet-io
Launch: March 2023
Researchers should also distinguish historical exchange, mining-pool and explorer links from currently functioning services.
A listing from 2023 or 2024 does not establish that the service still supports BIT in 2026.
The Bottom Line#
Bitnet (BIT) was an open-source Layer 1 cryptocurrency launched in March 2023 from Bitcoin-derived software.
It initially used SHA-256 Proof-of-Work mining with a 2 billion BIT maximum supply and later evolved to include Aurum CPU mining, staking functionality and Qtum/EVM-related programmable blockchain components.
That development history makes Bitnet technically more complex than the original article’s description suggests.
Its present condition is equally important.
As of September 2026, the former official website and block explorer are unavailable, mining trackers show no known active pools or hashrate, and the latest identifiable core release dates from 2024.
Chainquiry therefore classifies Bitnet (BIT) as Inactive while retaining its profile and research article as a record of the project’s technology and history.
Frequently Asked Questions#
What is Bitnet (BIT)?#
Bitnet (BIT) is an open-source Layer 1 cryptocurrency launched in March 2023 from Bitcoin-derived software. Later versions added Aurum mining, staking and programmable blockchain functionality.
Is Bitnet still active?#
Chainquiry currently classifies Bitnet as inactive. Its official website and explorer are unavailable, and current mining trackers show no known active pools or reported network hashrate.
What algorithm did Bitnet use?#
Bitnet originally launched with SHA-256 mining. Later development introduced the CPU-oriented Aurum mining algorithm, which the project’s miner repository describes as Pomelo-based.
Can BIT still be mined?#
Bitnet historically supported CPU mining through Aurum, but current mining trackers show no known pools or active network hashrate. Historical mining software should not be interpreted as evidence of a currently functioning mining network.
Did Bitnet support staking?#
Later versions of Bitnet Core contain staking functionality and provide an option for node operators to explicitly disable staking.
What was the maximum BIT supply?#
The project’s original announcement specified a maximum supply of 2,000,000,000 BIT.
Is Bitnet (BIT) the same as Bitnet (BTN)?#
No. Bitnet (BIT) from the bitnet-io organisation and Bitnet (BTN) from BitnetMoney are separate cryptocurrency projects.
Is Bitnet connected to Microsoft’s BitNet AI project?#
No. Microsoft’s BitNet is artificial-intelligence research involving low-bit neural networks and is unrelated to the BIT cryptocurrency.
