The world of digital mining, like any futuristic business, continues to advance and evolve. In this roundup, we present you the most prominent Bitcoin mining news of the last 7 days.
It should be remembered that the mining of other types of cryptocurrencies other than Bitcoin, has also generated important news events. One of them is the increase in the Monero hash rate on August 6.
Another noteworthy development is the proliferation of illegal Bitcoin mining farms. In this case, it was learned that the Kyrgyz authorities neutralized a clandestine operations center.
These were the 5 most shocking Bitcoin mining news of the week
- Altcoins consume a third of all the energy used in digital currency mining.
- Kazakhstan could impose a 15% tax rate on Bitcoin mining.
- Bitmain delays shipments of ASIC equipment due to internal conflicts.
- Kyrgyz authorities dismantle an illegal Bitcoin mining farm in a free economic zone.
- Monero’s hash rate experienced a historic increase in just one day.
Not everything is Bitcoin’s fault
Energy consumption is one of the great debates surrounding Bitcoin mining and which accounts for much of the news and criticism. However, Bitcoin is not the only cryptocurrency that generates high energy consumption.
A analysis from the Technical University of Munich, which was applied to the top 20 digital currencies in market capitalization, reveals important data. According to that study, Bitcoin mining consumes only 66% of the energy of all global mining.
Among these currencies, Bitcoin Cash, ETH, Litecoin, Dash and other important ones can be highlighted.
Taxes on mining activity
In Eurasia, one of the regions with the highest hashing power, governments fear the impact of Bitcoin mining. The main fear with this business is that the state infrastructures are not enough to supply the population and the mining companies at the same time. Therefore, governments claim to opt for the former.
One of the cases that stands out in this week’s Bitcoin mining news is that of Kazakhstan. Although mining activity in Kazakhstan has presented no recent problems, the authorities plan to impose a 15% tax.
This, according to Forbes, would occur as an effort by the authorities to obtain resources for the fight against the COVID-19 pandemic.
Internal conflicts in Bitmain continue
Something that no longer seems news due to its endless saga, is the internal conflict of the manufacturer of Bitcoin mining equipment, Bitmain. It is the dominant company in the ASIC sales market.
In this case, it was reported that mining shipments are still delayed due to the internal problem between the two factions fighting for control of the company. Customers have had to wait two and three months to receive their equipment.
The company reported that the delivery delays are due to “external negative influences”, alluding to the Micree Ketuan Zhan faction.
Illegal Bitcoin Mining Center Neutralized in Kyrgyzstan
A commission of the security forces of Kyrgyzstan discovered a Bitcoin mining facility in that nation’s free economic zone, local news revealed. Government officials would be involved in the illegal farm.
Thus, the anti-corruption entities acted to neutralize this center. In a video posted on YouTube recently, you can see the farm facilities.
Although in this nation Bitcoin mining is not considered an illegal business, it must respond to various forms of taxes. Kyrgyzstan is an attractive destination for this business due to low electricity costs.
Monero hash rate on the rise
One of the most controversial and safe digital currencies, Monero, experienced a historic rise in its hash rate on August 6. This is the biggest climb since 2014, when this project was created.
On August 5, the hash rate stood at 1.67 GH / s. With the aforementioned rise, it was at 2.2 GH / s. This is an increase of 0.52 GH / s, the highest in Monero’s history.
Although the reason for the increase in the Monero hash is not known with certainty, it should be taken into consideration that people are seeking privacy amid increased surveillance measures by governments.
Data to take into consideration
- Bitmain’s internal conflict stretches from last year and shows no sign of a short-term solution.
- The low electricity costs in Kyrgyzstan make it an attractive destination for Bitcoin mining.
- Since its inception in 2014, Monero has seen its biggest hash rate increase on August 6.
- Bitcoin mining consumes 66% of the energy in the range of the top 20 digital currencies.
The information in this content has been extracted from reliable sources detailed below.:
1- Professional content management by the authors of CriptoTendencia.
2- External sources: Forbes.kz.