The pioneering cryptocurrency mining Bitcoin generated news of interest this week and, in this paper, a selection of the five most important is presented. It should be noted that not all the information refers to the extraction of the main cryptocurrency, but others such as ETH.
Among the main protagonists of this news week, the mining companies stood out. Specifically, the North American Marathon and Riot Blockchain, which maintain a fierce competition for hegemony in this field.
Also, other of the topics that he highlighted, it is the end of the rainy season in China. The closure of that station, caused a significant migration of miners in some provinces of the Asian country, where the highest percentage of total hash power of Bitcoin is grouped.
This is the selection of the 5 news about Bitcoin mining of the week
The news about the business of mining Bitcoin and other currencies, was mixed, In this selection, the 5 most outstanding ones are presented.
- Riot Blockchain and Marathon are fighting for the mining gold medal in America.
- Bitcoin hash rate drops after the end of the rainy season in China.
- Average Bitcoin commission increases 573% in 13 days.
- To jail for mining ETH with airport computer systems.
- New York regulators ask Bitcoin mining firms to avoid environmental damage.
Fight for the top spot
Earlier in the week, information was released that the company dedicated to Bitcoin mining, Marathon, had made a new massive purchase. In a statement, the firm’s board made it known that some 10,000 new S-19 pro had been acquired.
It is a massive purchase equivalent to the one made last August from Bitmain. On that occasion, $ 10,500 state-of-the-art units were purchased, valued at $ 23 million US dollars.
In this way, the competition for the supremacy in terms of Bitcoin mining in America, sharpens between Marathon, Riot Blockchain Y Core Scientific. By 2021, all the mining capacity of these purchases will be installed by these North American firms.
End of rainy season in China affects Bitcoin hash rate
After the end of the winter season in China, the Sichuan province began to experience an intense migration of miners. This is one of the most outstanding news of this selection of information on Bitcoin mining.
It affected the hash rate of the main cryptocurrency, this is because, in those times, electricity costs in Sichuan go down. Attracted by this, miners from many parts of China settle in that region to take advantage of surplus hydroelectric energy.
However, at the end of the season, prices increase again and the miners return to their places of origin. The disconnections reach important limits and cause the total computing power of the most important of the cryptocurrencies to plummet, as can effectively be seen in the charts.
Bitcoin transaction fees on the rise
Although the gains from the rise in the price of the queen cryptocurrency were outstanding, the increase in fees came to tarnish everything. Now, those who exercise Bitcoin mining, in the last 13 days, have had to cancel 128% more in transaction fees.
This is the highest rate hike since June 2018. According to the Glassnode analysis portal, posted in USD, rates average $ 11.66. Right now, the Bitcoin Blockchain network is in the biggest traffic jam in the last three years.
When there is a lot of traffic on the Bitcoin Blockchain network, the speed of transactions slows down considerably. Given this, miners increase the payment for transactions to have priority, which increases the amount of them on average.
An Italian goes to jail for mining where he shouldn’t
Another of the most prominent news of the week in terms of mining, this time not from Bitcoin, but from ETH, was the imprisonment of a miner. The incident occurred in Italy, where an individual was charged with mining the Ethereum digital currency, using the computer systems of an airport.
The news of the event was reviewed by a local media. It is detailed that in the city of Lamezia Terme, the person would have installed malware on the airport’s computer system. With its help, the employee obtained money in Ethereum illegally.
The subject would have been captured thanks to the supervision of the security cameras, the article emphasizes. Likewise, the investigation was able to determine the IP addresses associated with the machines where the program was installed, which made it possible to reach the suspect, who is now in custody.
New York financial regulator believes mining pollutes a lot
The financial regulator of the state of New York, asks commercial firms to pay attention to the climatic risks of their activities. In a letter to the legally established entities, the NYDFS asked that the necessary steps be taken.
Companies, including those dedicated to Bitcoin mining, must assess the risks of their activity in terms of the environment. Likewise, they are asked to take actions aimed at mitigating the problems related to climate change that they could cause.
Regarding Bitcoin, the letter assures that the value of the coins generated by mining is much lower than the cost of energy. In other words, it is suggested that the energy used for crypto mining could give better results in other areas of the industry.
Data to take into consideration
- Currently, the hash rate of Bitcoin stands at 113 EH / s. In the middle of the month, it reached its all-time high of around 150 EH / s.
- Bitcoin transaction fees are up 128% and currently stand at an average of $ 11.66 USD.
- New York’s financial regulator, asks mining companies to lower the intensity to avoid environmental consequences.
- The arms race between the American companies dedicated to mining, worsens with Riot, Marathon Y Core Scientific to the head.