Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
, Bitcoin mining: the 5 most outstanding news of the week, Forex-News, Forex-News
Ethereum Classic

Bitcoin mining: the 5 most outstanding news of the week

, Bitcoin mining: the 5 most outstanding news of the week, Forex-News, Forex-News

, Bitcoin mining: the 5 most outstanding news of the week, Forex-News, Forex-News

In this weekly roundup, we introduce you to the top five Bitcoin mining news. The cryptocurrency extraction business has been one of the protagonists in the information portals. This is due to the complex movements of the hash rate of the most important of the digital currencies in market capitalization, Bitcoin.

Although the computing power or hash rate of Bitcoin has been the most popular information, it is not the only one. There is a series of events that have marked the news in this area. Among them we can highlight the new ASIC models of the North American company Bitwats, which have high efficiency, according to their manufacturers.

On the other hand, one cannot fail to mention the renewed debate about the supposed threats of mining to the environment. In that sense, the initiative of a New York electricity company is obvious, which is mining Bitcoin with an old plant formerly fired with coal and now with gas. This fact has set off alarms among environmental groups.

These are the five most prominent Bitcoin mining news

As usual, from the wide range of information related to Bitcoin mining, CryptoTrend selects the five most important. These are the main holders of the same.

  • Bitcoin hash rate continues to rebound after steep decline.
  • Crypto mining could be a threat to Chinese environmental goals.
  • Could digital mining be seen as a threat to other tech sectors?
  • Old New York power plant will be reborn thanks to cryptocurrency mining.
  • Manufacturers of mining machines claim to have the best ASICs.

Bitcoin hash rate continues to rebound after steep decline

The progressive recovery of the Bitcoin hash rate is, without a doubt, the most outstanding of the five news related to digital mining. After some events in the People’s Republic of China, it plummeted dramatically, directly impacting the development of this cryptocurrency.

Right after reaching a record high of around 200 EH / s, the computing power dropped to 98 EH / s. This situation made even the most convinced defenders of the invincibility of Bitcoin hold their breath. The result of this fall, could have a leading role in the loss of about $ 13 US dollars in the value of the currency.

In parallel, the drop in the hash also affected transactions. This explains why the rise in commissions has reached historical limits. However, the good news for Bitcoin advocates is that disconnected farms in China are reconnecting, allowing the hash rate to recover. Currently, it is already close to 140 EH / s according to data from Bitinfocharts.

Among the five most important information related to Bitcoin mining this week, the progressive recovery of the hash rate of the pioneer cryptocurrency stands out. Source: Bitinfocharts

Crypto mining could be a threat to Chinese environmental goals

Another of the five most important information of the week regarding Bitcoin mining, also occurs in China. It consists in that, according to a study by the portal Nature Communications, the carbon-emitting power of mining, could affect Beijing’s environmental goals.

Among other aspects, the article ensures that the progressive growth of the mining business increases carbon emissions in a worrying way. Among the outstanding data of the study, it is found that the current consumption of mining in the world is 128.84 terawatt-hours per year, equivalent to the consumption of Argentina.

In this sense, taking into account the rate of growth, by 2024, only China will have a consumption of 296.59 terawatt-hours per year. Consequently, this equates to 130.50 million metric tons of carbon released into the atmosphere, the study explains. This fact contradicts China’s goals of becoming a neutral nation in that area.

Could digital mining be seen as a threat to other tech sectors?

The shortage of semiconductor chips is one of the most important crises that the technology sector is going through in the world. The pandemic-related trade problem, the winter that devastated Texas in February and other events have exacerbated shortages of these materials. To this must be added that the companies that manufacture them are a limited oligopoly.

In the midst of this crisis, the manufacturers of Bitcoin mining equipment appear. Companies like Bitmain are the main buyers of the coveted 8 and 5 nanometer chips. But there are dozens of manufacturers like MicroBT, Canaan Creative, Ebang and others that are also in high demand.

This considerably sharpens the ability of chipmakers to serve the entire demand market. Some vehicle and mobile phone companies postponed the launch of their new models due to the aforementioned shortage crisis.

Old New York power plant to be reborn thanks to cryptocurrency mining

One of the points of greatest contradiction between the new cryptocurrency technology and environmental groups is the alleged contamination. Bitcoin mining, some claim, is one of the most polluting agents when it is produced with fossil energy, especially coal. In this area, China is one of the main emitters.

However, in the Western Hemisphere, there is an ongoing controversy in New York City. In that city, an old power plant, formerly fueled by coal and hourly with gas, resumed operations after 7 years of neglect. Now Greenidge is the nightmare of environmental groups.

By the end of 2021, the plant could reach 85MW of energy for mining, but the goal could be 300MW. Environmental groups such as Earthjustice explain that this is equivalent to 1,060 tons of carbon per year, which is 65% above the allowed limit. They also fear that another 30 coal-based plants will resume operations emulating Greenidge.

Mining machine manufacturers claim to have the best ASICs

One of the five most promising news when it comes to Bitcoin mining is the new ASICs that Bitwats claim to manufacture. The New York-based company claims that, using 5-nanometer chips, it has managed to assemble the most efficient miners in the world. They leave the powerful S19 of Bitmain in diapers.

However, CryptoTrend has no way so far to corroborate that the characteristics that the company says are true. In any case, the firm has three models available, which are specified in all their details on its web portal.

Models are identified as BT, DBT, and GBT. In summary, the first has a consumption of 550W and mine with a power of 360 TH / s. The second, consumes 900W and 750 TH / s. The third 2,200W and 2,250 TH / s. The prices of the equipment are $ 5,000, $ 10,000 and $ 25,000 in the same respective order.

CriptoTendencia does not endorse this or any other ASIC manufacturer company. The data presented is merely informative and is not, in any way, an invitation to invest or buy.

, Bitcoin mining: the 5 most outstanding news of the week, Forex-News, Forex-News

Get real time updates directly on you device, subscribe now.

, Bitcoin mining: the 5 most outstanding news of the week, Forex-News, Forex-News

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More