The two main digital currencies, Bitcoin and Ether, made the biggest news of the week related to crypto mining. We present a summary of the information that marked the news pattern in recent days.
News about regulations in Latin American countries, specifically Colombia and Venezuela, continued to echo. In the second country, forums were held in which the main aspects of the new providence that regulates crypto mining, specifically Bitcoin, were analyzed.
On the other hand, the other cryptocurrency that made headlines was Ether. The second coin in market capitalization in the CoinMarketCap ranking, it could be being manipulated by the miners themselves.
These are the 5 outstanding news about Bitcoin and Ether crypto mining
As already highlighted above, among the multitude of outstanding crypto mining news, Bitcoin and Ether took the top spots. We present a select summary of the 5 most impressive pieces of information of the week:
- Researcher assures that Ethereum miners manipulate blocks.
- 76% of crypto mining works with renewable sources of energy.
- Ethereum beat Bitcoin for the first time in cumulative fees.
- Bitcoin mining revenue fell 11% in September.
- Canaan Creatives shows signs of life on the New York Stock Exchange.
Ethereum miners manipulate blocks
The first of this week’s highlights news roundup on crypto mining, both for Bitcoin and Ether, kicks off with the second. According to researcher Fran Topbottom, Ethereum miners would be manipulating the blocks to exploit the benefits of DeFi.
By altering the Miner’s Extractable Value (MEV), from some pools like F2Pool, it would be “playing dirty”. In this sense, Topbottom explained that it is a not very honest move, although not entirely illegal according to the operation of the Ethereum Blockchain network.
The MEV allows miners to edit the order of the blocks. Thanks to which, people with very low commissions appear first than those with high commissions. Something that, according to the researcher, lacks logic.
Renewable sources of energy to mine Bitcoin
Another of the most important information about crypto mining, this time about Bitcoin, highlights a positive aspect for the environment. According to the third comparative study of the Center for Alternative Finance at the University of Cambridge, 76% of miners use renewable sources of energy.
The use of renewable sources for the crypto mining of Bitcoin, Ether and other cryptocurrencies that work with the Proof-of-Work (PoW) protocol, is increasing. For example, the study determined that hydroelectric power is the most used.
Meanwhile, 62% of the energy sources to power the mining of Bitcoin and other currencies come from hydroelectric sources. For its part, energy from coal and natural gas, occupy 38% and 36% in the respective order.
Ethereum’s cumulative fees exceed Bitcoin’s for the first time
For the first time ever, Ethereum’s accrued mining fees exceed those of the pioneering cryptocurrency, Bitcoin. These fees that Ethereum miners receive, reach $ 276 million dollars, while those of Bitcoin reach $ 146 million in the same monetary denomination.
It is an achievement that occurs for the first time and which is being widely celebrated by Ether miners. Consequently, according to CoinMetrics charts, Ethereum fees soared in the final stretch of the year.
The reading of this event is that other projects gain ground. If compared to 2019 data, this same comparison gave Bitcoin a 5 to 1 advantage over Ethereum. On this occasion, it should be noted, the second doubled the most important of the cryptocurrencies.
Income for miners fell 11% in September
According to information collected by the CoinDesk news portal, the income of crypto miners, specifically Bitcoin, fell in September. The percentage of losses in relation to the previous month (August), would have been 11%, according to the report.
According to the same study, this is a considerable drop, taking into account that, during the months of July and August, the gains were positive by 25%.
One of the reasons for this drop is the stagnation of the price of Bitcoin, after the last major decline. Given this, the crypto miners have been forced to sell their income in Bitcoin on exchanges, to compensate for operating expenses.
Canaan Creatives keeps fighting on Nasdaq
Shares of Canaan Creatives, one of the two ASIC equipment manufacturers listed on Nasdaq, rose 2%. Although it may seem a modest percentage, it should be noted that, since its debut on the stock market, it had never had a similar figure.
In this sense, it is important to mention that, since June, all trading sessions closed with relative stability. Specifically, since that month, the closings ranged between $ 1.70 and $ 2.70 USD.
Despite this, some analysts like Ethan Vera of Luxor Technology explain that true stability will come with positive market news. As the competition from Bitmain and MicroBT in the sales market is known, it has been inclement with Canaan.
Data to take into consideration
- Renewable sources of energy predominate in crypto mining, both Bitcoin, Ether and other currencies that are powered by PoW.
- Canaan Creatives closes the shares with 2% on the New York Stock Exchange.
- Between June and August, Bitcoin miners had revenues of 25%, while in September, they fell by 11%.
- Ethereum miners’ fee income was $ 276 million, while Bitcoin’s were $ 146 million.