If you missed the ins and outs related to Bitcoin mining this week, you should not stop reading this summary. This is a selection of the 5 most important events of the last 7 days in this business.
As it is an expanding business, the mining of the main cryptocurrencies becomes a permanent source of information. Many of these news are ongoing events. For example, the recovery of the Bitcoin hashrate takes two consecutive weeks.
It should be noted, at the same time, that other mineable digital currencies like ETH, are a permanent source of news. Therefore, the goal of this summary is to select the facts that have marked important guidelines throughout the development of the extraction of the most important currencies, led by Bitcoin.
The 5 most important news of the week in Bitcoin mining
The rise in the price of Bitcoin, has allowed to generate great changes during the week in all areas, including mining. It is important to bear in mind that the price of Bitcoin influences the behavior of the other cryptocurrencies. Here are the 5 most important news related to this:
- Obsolete Bitcoin mining equipment reborn after price hike.
- China’s leadership in mining would be destined to disappear.
- Binance Pool will now allow its users to mine ETH.
- Bitcoin commissions fell due to decongestion of the mempool.
- Graphics card from AMD would be better than the best from NVIDIA.
S9 and other old equipment, reborn after Bitcoin rise
Bitmain’s legendary S9 and other mining rigs came to life this week, thanks to the strength of Bitcoin’s price. Many of these ASICs, after the Halving of last May, were considered obsolete in most of the world, with rare exceptions.
The cost of electricity, compared to generating Bitcoin from them, placed them in the condition of negative performance machines. However, the escalation in the price of the most popular of the cryptocurrencies, made them revive, and they have begun to be reconnected, mainly in China.
In China, the cost of energy is, on average, $ 0.06 per kilowatt per hour. Which means that with a Bitcoin above $ 15 thousand, many miners, from 10 TH / s and up, can be profitable. In this field, the most popular and resistant is the legendary S9.
China’s mining hegemony could end
China is the country with the greatest computing power of Bitcoin, in its territory mining farms represent 65% of the global hashrate. However, the trend towards the reversal of this dominance seems to be gaining momentum as the business expands across the globe.
Last July, some reports showed that computing power in China was declining very fast. At the same time, other parts of the world such as Canada or the Nordic countries are experiencing significant growth in Bitcoin mining infrastructures.
The same thing to consider is instability. Although China has one of the strongest political systems, tightly controlled by the Communist Party, its drastic changes of opinion may at some point lead to bans. These are some of the reasons why Beijing’s hegemony over the Bitcoin hashrate could have an expiration date.
It is now possible to mine ETH in the Binance Pool
Last Friday, the world’s largest exchange, Binance, announced that its users could now mine ETH. The expansion of Binance Pool, which now includes Bitcoin and Ethereum, is a step by this firm to continue occupying ground in the crypto universe.
Although the more orthodox enthusiasts of cryptocurrencies see this centralization as dangerous, others see it with good eyes. The latter is due to the fact that, during the first month, the pool will offer zero commissions for cryptocurrency transactions.
After the first month, the commission will be charged, but at a competitive price of 0.5%. This would make it one of the most profitable options for mining ETH. If you want to know more about the process to start mining this cryptocurrency, visit the pool site where there is a list of everything you need to start.
Fees dropped after Bitcoin mempool decongestion
Another news, directly related to Bitcoin mining, that stood out at the beginning of the week, was the decrease in commissions. As is known, since last October 20, the increase in the price of the commissions per transaction in the network was important and kept the users of this cryptocurrency a bit upset.
The aforementioned increase in these was caused by a congestion in the Bitcoin mempool. In turn, this bottleneck was caused by the drop in the hashrate of this digital currency after the end of the winter season in China and the massive disconnections of equipment.
But as the miners were reconnected in their places of origin, the hashrate began to rise again. Likewise, the network began the process of decongestion, which allowed transaction fees to be moderated, which had reached a level not seen in more than two years.
New AMD graphics card had better mining performance than NVIDIA’s
According to data from this week, the characteristics of the new graphics card from the manufacturer AMD were leaked. This is the RX Radeon 6800, which, according to a user of a social network, has twice the performance in ETH mining, than the best card from NVIDIA, the GeForce RTX 3090.
Although it is not an official information, the important thing about the case is that the user who made the leak has one of these GPUs. He explains that its performance allows it to obtain an amount of ETH almost twice as high as that obtained with the powerful RTX 3090.
Another fact that stands out from all that is its price, which is priced at about $ 580, while NVIDIA costs $ 1,500. However, it all comes down to speculation, which will soon be cleared up. On November 18, the firm AMD will make the official launch of the GPU, where all its details will be known with precision.
Data to take into consideration
- The Bitcoin hashrate continues to grow and is now above 133 EH / s.
- The price of the main cryptocurrency influences practically every corner of the crypto ecosystem, including Bitcoin mining.
- AMD’s RX Radeon 6800 card leaks would have better cryptocurrency mining performance than NVIDIA’s GeForce RTX 3090.
- Among the equipment that was considered obsolete after the Halving in May, many of them like Bitmain’s S9 are coming back to life.
- For one month, ETH can be mined in Binance Pool without paying withdrawal fees. In December, however, they will cost 0.5%.