During this week, the world of Bitcoin and cryptocurrencies continued to move and generate information about mining. We present a summary of the 5 news that were kept on the covers of the main pages related to digital currencies.
Among them, stands out in an outstanding way, the increase in the difficulty of the Bitcoin Blockchain network. Consequently, the rise in the hashrate of the last days, caused an upward adjustment of the difficulty. However, the hash rate plummeted again.
In this sense, both the difficulty and the increase in computing power are the result of an increase in the number of new miners. In other words, the increase in the number of new additions to the business means greater competition for mining blocks, which causes the network to adjust automatically.
These are the 5 information on Bitcoin mining of the week
We present our selection of the 5 most impressive information from the last 7 days related to the mining of various cryptocurrencies, mainly Bitcoin.
- Bitcoin’s hash rate plummets.
- Russia’s largest farm is built in Siberia.
- It is possible to mine Bitcoin with a Raspberry Pi.
- The future of crypto mining is green.
- What to expect in terms of Bitcoin network difficulty.
Bitcoin hash rate plummeted during the week
In what is considered one of the most impressive information in the field of Bitcoin mining, is the drop in the hash rate. On October 17, this index reached its all-time high, reaching 146.48 EH / s.
Later, in the course of this week that is coming to an end, it began to decline rapidly. Thus, between the aforementioned date, until October 23, that is, in 6 days, it decreased to the current 133.5 EH / s.
The reason behind this notable decline could be the capitulation of miners due to the increased difficulty of the network. For some analysts, it is about natural selection that operates in Bitcoin mining. Last week, state-of-the-art teams were brought in, taking as many out of the game.
The biggest are in Siberia
When you talk about Russia, you always talk about big things. The field of Bitcoin mining is no exception. What did surprise many is that the largest farm in the entire Eurasian nation, is owned by a relatively new player in the industry.
Consequently, it is about the company MineSpot, which was practically unknown, as CoinDesk reviewed. The farm that this firm is building in Siberia will have a consumption capacity of about 160 MW.
According to statements by Adam Aushev, co-founder of MineSpot, the farm would allow mining of Bitcoin and Ethereum. In this sense, the design is focused to house equipment with SHA-256 algorithm and GPUs. Once the equipment is installed, this farm will outperform BitRiver, which has 130 megawatts of consumption.
Raspberry Pi to mine cryptocurrencies
According to a recent creation by developer Tyler Jones, from Howchoo, Bitcoin mining is now possible from a Raspberry Pi. This computer, which is the size of a credit card, with some adaptations, it can function as a Bitcoin node.
The only point against it is the storage capacity, which, by default, comes with microSD cards. For its part, hosting the Bitcoin Blockchain to operate in its mining requires a space of 350 GB.
The solution to this detail was offered by the developer with the installation of an external hard drive. It must be installed and configured. If you want to know more details, you can enter the installation instructions post, where you will learn how to mine with this processor.
The future of crypto mining is green
Currently, the energy consumption by Bitcoin mining is one of the most debated topics. To take an example, in China, the mining of Bitcoin that takes place in Inner Mongolia and other regions that account for 40% of the global Hash Rate, is through energy obtained from coal.
Only during a short period of the year (winter), miners from these provinces migrate to Sichuan to take advantage of the low costs of hydroelectricity.
The key point to overcome the use of non-renewable sources of energy, is the infrastructure of Russia. In an analysis shared by CoinTelegraph, details of how the Soviet era left a large capacity for green energy sources are explained. They could open the doors to a more environmentally friendly form of Bitcoin mining.
Bitcoin difficulty hit all-time high
The latest automatic adjustment of the difficulty of the Bitcoin network, broke its all-time high. This is one of the most outstanding information related to virtual mining of the week. It increased by 3.61% in relation to the last adjustment of October 3.
It should be remembered that the difficulty settings occur every 2,016 mined blocks, which is equivalent to every two weeks. In this sense, the aforementioned historical peak reached by this index was caused by the increase in the Bitcoin Hash Rate.
However, the Hash Rate fell. All this suggests that the difficulty of the network will decrease in the next adjustment, scheduled for the end of this month of October.
Data to take into consideration
- Bitcoin’s Hash Rate plummeted over the course of the week, from 146 to 133 EH / s.
- The difficulty of the Bitcoin Blockchain network for mining this cryptocurrency, rose by 3.62% and stands at 20.00 T for the first time in its history.
- Raspberry Pi can now be used for Bitcoin mining, thanks to the creation of a developer.
- MineSpot, an unknown company in the Bitcoin mining business, builds the largest farm in all of Russia.