The cryptocurrency mining business, led by Bitcoin, experienced a week of important events. As the price of the pioneering digital currency recovers from the recent correction, news from this area continues to be the protagonists on the main portals.
On this occasion, we present our usual weekly summary, in which you can find out the most important things in terms of mining. Although the information is many, we tried to make a selection of the five most outstanding of the last seven days.
Importantly, among the most important news is the fact that the decentralization of mining continues. Some analysts, in a work published by CoinDesk, assure that the United States does not seek to take away China’s dominance in hashrate, but to diversify it around the world.
A week of major events for Bitcoin mining
The mining of Bitcoin and other important cryptocurrencies, presented a week of important events. These are the most important news:
Bitcoin mining continues to gain ground in the US and Canada Ethereum Classic hard-forked to restore GPU mining Consequences of ASIC supply crisis Miners’ income remains at pre-Halving levels Increased difficulty Bitcoin network is the fourth highest of all time.
The miners want to leave China
The decentralization of Bitcoin mining from China to other parts of the world continues to be a source of news week after week. More and more companies are leaving the Asian country in a climate of tension with the authorities.
The destination of a large part of these farms is the United States and Canada. These countries are among the favorites due to the security climate they provide to businesses, as well as the opportunity to access large sources of financing through the stock market.
The most recent analysis related to this was published by the CoinDesk portal. According to the website, the decentralization movement underway is not expected to strip China of its importance and give the United States dominance in mining, but rather to bring diversification.
Ethereum Classic can be mined again on 4 GB GPU
Another one of the important news this week in mining, this time not from Bitcoin, but from Ethereum Classic (ETC). As it became known from CoinTelegraph reports, the project suffered a hard fork.
The goal of this action is to allow the 4-gigabyte VRAM GPU cards to stay active in mining. At the same time, it is intended to discourage the incorporation of ASIC equipment to avoid a centralization similar to that which occurs with Bitcoin mining.
In this way, the Thanos hard-fork was applied to the 11,700,000 block of the network of that digital currency. It will technically reverse the epoch parameter for the Ethereum Classic mining algorithm, Ethash.
ASIC supply crisis
According to the 2020 Mining and Investment Summit discussions, in regards to the distribution of Bitcoin mining equipment, there is a crisis. The voracity of large Western companies such as Marathon or Core Scientific, who already have S19 orders for July 2021, has created a supply crisis.
This is a ruthless race for the accumulation of Bitcoin, which is causing it to hoard as much hash as possible. In this way, the computing power for sale is quickly acquired by the mining giants, which raises the prices of the machines.
The miners are turning to second-hand equipment to try to stay in the fight. However, the current trend could lead to a greater centralization of operations and the exit of small and medium miners from the game, experts said.
Miners’ income remains high
The equivalent amount in US dollars received by participants in the Bitcoin mining business remains high. The recent price drop did not move daily income far from the pre-May Halving levels that had been reached in recent days.
At the time of writing, the price of the most popular cryptocurrency is again heading for $ 19,000. All this seems to indicate that the income of miners will continue for a while longer in amounts similar to those of today, since a crash of the cryptocurrency seems unlikely.
The latest report from the Blockchain.com portal shows that income closed on November 27 at 17.6 million USD. On November 17, the amount for mining activity amounted to more than 21 million dollars.
Bitcoin mining income remains very close to pre-Halving levels, which is one of the most important information this week. Source: Blockchain.com.
Bitcoin Blockchain Network Difficulty Near All-Time High
The most recent adjustment of the difficulty of the Bitcoin Blockchain network for mining, it became the fourth largest of all time. It took place this Sunday, November 29 at the height of block 659,232, representing an increase of 8.87% compared to the previous adjustment.
In this way, the adjustment places the network difficulty at 19.16T, becoming the fourth highest level of difficulty. It should be remembered that the highest level occurred on October 17 when the network reached 20.00T.
At the same time, it is important to note that the Bitcoin hashrate, at the time of adjustment, is 137.12 EH / s. The next adjustment will be made in two weeks, which is the approximate time it takes to compute 2016 blocks on the Bitcoin Blockchain.
Data to take into consideration
According to data from the University of Cambridge, China occupies 65% of the global computing power of Bitcoin. The difficulty of the Bitcoin network is at 19.16T, very close to the historical maximum of 20.00T on October 17. Daily revenue from Bitcoin mining, remains at levels prior to last May’s Halving. Ethereum Classic hard fork, Thanos, seeks to keep mining alive with low-caliber graphics cards and slow the rise of ASICs. By accumulating as much Bitcoin as possible, it has created a high demand for ASIC equipment and a supply crisis.
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