The mining of Bitcoin and other cryptocurrencies continues to generate outstanding news. Amid the current Covid-19 pandemic, mining has become one of the most popular businesses in the world.
Like all booming businesses, this is the source of important events. In this roundup, we present to you this week’s hottest news in the field of Bitcoin mining.
It should be taken into consideration, that not only the most popular of cryptocurrencies generates news, but also other important digital currencies such as Ethereum.
These are the 5 most important news about Bitcoin mining
The hierarchical order of the most important news of the week about cryptocurrency mining, including Bitcoin, is this:
- Ethereum miners’ income reaches new all-time high.
- Impact of the price of Bitcoin will affect the mining process.
- Russia evaluates taking the Bitcoin and Ethereum mining business to zero profit.
- Two miners are arrested in Malaysia for theft of $ 600,000 USD.
- Kazakhstan is close to reaching the target of $ 700 million in investment in mining.
Historical income for Ethereum miners
According to a report from the Glassnode portal, the income of Ethereum miners increased again. But the important thing about this event is that they reached a new historical ceiling.
This is a total of 51,541 ETH, of which 12% comes from transaction fees. The portal also explained that the demand for this network is at the highest point since its creation in 2015.
The driving force behind this new boom in the Ethereum Blockchain network could be the DeFi and the overwhelming performance they have had during this year.
A miners’ war
Another of the most important news of the week about Bitcoin mining is the possible impact on the price of the digital currency. Consistent with a CryptoQuantun study, there could be two scenarios.
The first of these is for miners to make a mass sale that precipitates the fall in the price of Bitcoin. The other is that, given the competition, there is a miners’ war for maximum profit in this business.
The truth of the case is that the owners of the Bitcoin mining farms are transferring large amounts of money to the exchanges.
Not receiving bitcoins despite having mined them
In the Russian Federation, an amendment to the law on cryptocurrencies, has become one of the most curious news about Bitcoin mining this week. According to the Izvestia portal, the country’s finance ministry seeks to apply a zero-profit regime to miners.
The project stipulates an almost total ban on the circulation of cryptocurrencies, which in theory would make it a crime to receive bitcoins, even after mining them.
What has perplexed the experts is that Bitcoin mining as such is not illegal, but the rewards for exercising it are. It is believed that the government is developing a kind of intermediary in this process.
To jail for theft of $ 600 thousand USD
Malaysian police authorities revealed information about the arrest of two miners. As they explained, these people would have stolen about $ 600,000 USD in electricity.
The local media explained that the subjects had operated with impunity for three years before being discovered. The event occurred in the city of Iskandar Puteri.
The authorities explained that those responsible for the event installed the cables directly, bypassing the electricity company’s meters.
$ 700 million USD in investment
Kazakhstan’s digital development minister, Bagdat Mussin, assured that they are close to completing an investment project that would bring US $ 700 million to the country. The money would be obtained in the next three years.
The information, expanded by Reuters, explains that the country has installed some 13 Bitcoin mining farms. They are intended to attract international investors. Similarly, another 4 farms are in the process of being created.
Data to take into consideration
- Bitcoin mining center owners transferred some $ 12 million USD to the exhanges on September 2.
- 12% of the income of the Ethereum miners came from transfer fees.
- Illegal miners arrested in Malaysia were stealing approximately $ 20,000 USD a month in electricity.
- Russian authorities could be evaluating the creation of an intermediary between Bitcoin miners and the rewards for mining.
The information in this content has been extracted from reliable sources detailed below.:
1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: Glassnode.com, Cryptoquant.com, Iz.ru, Thestar.com and Reuters.com.