Concludes a week full of outstanding news for the world of cryptocurrencies in general. As for the mining of Bitcoin, ETH and other currencies, the information is also abundant, we present a summary of the 5 most outstanding of the last 7 days.
The main cryptocurrency continues to be haunted by the shadow of regulators in the United States. This, of course, directly and negatively impacts the Bitcoin mining business.
It is important to note that another of the digital currencies that remains a source of information is ETH. The reason behind this is the so-called “Defimanía” or the boom of decentralized finance in the Ethereum Blockchain network..
Bitcoin and ETH mining again top 5 for the week
Within the wide universe of cryptocurrencies, whose mining works with the protocol Proof-of-Work (PoW), Bitcoin or ETH, generated the most important information of the week, this is the top 5:
- Riot Blockchain closes multi-million dollar purchase of Bitcoin mining equipment.
- ETH miners earn more than Bitcoin miners for the second consecutive month.
- ETH Mining reaches all-time high in its hash rate.
- Ebang shares on Nasdaq they were a roller coaster.
- Iranian miners denounce: only foreigners benefit.
Riot Blockchain seeks to consolidate
A new purchase of 2,500 Bitcoin mining equipment from the American company Riot Blockchain, has been the most important of the 5 news highlights this week. This recent purchase from the manufacturer Bitmain, closed with an amount of $ 6.1 million dollars.
With the new acquisition, the firm reaches an approximate of 22,000 latest generation ASIC equipment. They will finish being installed in June of next year 2021 and will bring the hash power of the company to more than 2 EH / s.
In this way, Riot Blockchain is positioned, together with Core Scientific, as the company with the highest disbursement for the purchase of ASIC equipment. Likewise, the claim that Bitcoin mining is gaining ground in the West while losing it in China is gaining ground.
ETH miners for second month in a row outperform Bitcoin
Another one of the news about mining, this time from ETH, explains that the miners of this cryptocurrency, earned more than those of Bitcoin in commissions. The fact stands out because it is the second consecutive month. In other words, it can be said that these last two months, it is more profitable to mine ETH than BTC.
According to data from Messari on the social network Twitter, It is the longest period in history that Ethereum surpasses Bitcoin in transaction earnings. It should be noted that the fees for the Ethereum network skyrocketed during the month of August and that trend is still ongoing.
The cause of this increase in the income of ETH miners is due to the boom in Decentralized Finance (DeFi). According to the Defi Pulse portal, the Total Blocked Value (TVL) of the set of these protocols, is located at $ 10.8 billion dollars.
Ethereum hash rate at its all-time high
Another news related to mining, this time not from Bitcoin, but from Ethereum, is the increase in the hash rate in this network. As already said above, mining the ETH cryptocurrency, right now, is 3 times more profitable than mining Satoshi Nakamoto’s coin.
Taking as reference the data of the analysis firm, Glassnode, it was known that the Ethereum Blockchain network reached 250 TH / s hash rate on October 6. For its part, the figures for F2Pool show that mining on Ethereum yields profits three times that of Bitcoin.
For many, this and other Ethereum metrics are the product of a “Inflated value“Or”artificial”Of the DeFi. Once the boom of “Defimania” passes, Bitcoin mining would remain the most important.
Heart attack: Ebang shares on Nasdaq
Bitcoin mining equipment maker Ebang had a heart attack week on the New York Stock Exchange. They exceeded $ 14 for a short time to go back again.
The importance of this growth is that, since its debut on Nasdaq on June 26, 2020, the share price had been very low. The expectation of the company when starting operations, were about $ 8 for each share. However, like those of Canaan Creatives, Ebang’s shares rarely rose below $ 3-4.
As of September 1, when they reached $ 6, they began to rise significantly. Last Friday, they hit a top of $ 14.80. That same day, they fell back to $ 10.58 and finally settled at the closing price of the week at $ 9.76. This data was taken from Investing.com.
Is Bitcoin mining in Iran as legal as they say?
According to complaints on social networks, the authorities of the Islamic Republic of Iran, despite the recent Honeymoon With Bitcoin mining, they continue to hamper indigenous miners.
In this way, from the Twitter account @Behzadmsk, it was reported that only large foreign Bitcoin mining firms have preferential treatment. But national entrepreneurs, he believes, suffer from a lack of attention.
At the same time, it shows images of a supposed project that has been paralyzed for a year and six months. It is a 25 MW project that would have been closed by the authorities and is now being denied a response to its request to reopen.
Data to take into consideration
- Riot Blockchain and Core Scientific are at the forefront in purchasing ASIC equipment. In 2020, between the two of them it has bought an approximate of 40 thousand last generation machines.
- Ethereum’s hash rate has increased 80% since January. It currently stands at 250 TH / s.
- Ebang shares on Nasdaq peaked at more than $ 14, then fell back to the current price of $ 9.76.
- Iranian authorities would be giving priority to foreign miners over nationals, Persian crypto enthusiasts denounce on social media.