In this new edition of our classic weekly summary on crypto mining, both Bitcoin and other cryptocurrencies, comes important information. Mining is one of the most thriving businesses despite the successive increases in network difficulty that are expected. In this work, we bring you the 5 news from this area that had the most impact in the last 7 days.
It cannot be emphasized that the recovery of the computing power of Bitcoin is accompanied by a strong rally in its price. This flood, drags the rest of the cryptocurrency market. At the time of writing, the price of Bitcoin, the most popular of virtual currencies, is $ 51.6K. The crypto community remains on the lookout for the likely breakout and rise to all-time highs.
Regarding the expansion of the mining business, it can be said that other countries are interested in it. One of them is Belarus, the eastern European nation whose President Alexander Lukashenko asked his government to venture into digital mining. That and other important news were part of the covers of the main portals during the week.
These are the 5 most important crypto mining news of the week
We come to the 52nd issue of our classic weekly crypto mining news roundup. In it, the 5 most important pieces of information from these 7 days stand out. These are the main headlines:
- Bitcoin miners and oil and gas executives held a secret meeting in Houston.
- President of Belarus asks the State to carry out Bitcoin mining projects.
- China’s digital mining crisis has not ended, experts say.
- ASIC manufacturer Bitmain, will increase its equipment by 20%.
- Miners are not primarily responsible for the electricity crisis in Iran, suggests a ministry.
Bitcoin miners and oil and gas executives held secret meeting in Houston
In a secret meeting, great oil and gas magnates met in Houston to discuss various points that were later made known. On the CNBC portal, he assures that several were the topics addressed in the meeting of the billionaires. Among them the influence in the upper echelons of the government to explain the real impact of mining on the environment.
Likewise, those gathered had discussed the use of electricity generated with natural gas for mining operations. With this, it would seek to avoid the use of coal or other polluting forms of energy to put the rigs to work. In this way, both miners and gas companies would benefit.
Hayden Griffin Haby III, an oil and gas magnate recently converted to Bitcoin, was the one who offered details to the aforementioned outlet. This is a historic meeting, since it was attended by people who have different business mentalities, but with similar objectives.
China’s digital mining crisis is not over, experts say
According to experts consulted on the CoinTelegraph news portal, In short, the crypto mining crisis in China will continue for a year or so. One of these analysts is Igor Rugnets, CEO of BitRiver, for whom the recovery of the hashrate is particular.
He considers that the accelerated growth of the computing power of Bitcoin is not due to the reconnections of Chinese miners. Rather, it is because batches of state-of-the-art equipment continue to reach North American mining companies. In that sense, each piece of equipment has a much higher hash power than the outdated machines of Asian miners.
This leads you to two conclusions. The first is that hashing power will hit new all-time highs in about two months. The other is that the vast majority of Chinese miners disconnected during the crackdown remain stagnant, waiting for an opportunity to leave the country.
ASIC manufacturer Bitmain, will increase its equipment by 20%
The most important of the equipment manufacturers for crypto mining, Bitmain, is another of the protagonists of this weekly summary. This is because the firm of Chinese origin assured that it will increase the price of its ASIC equipment by 20%. Thus, the reasons behind this are the increased value of many of its necessary assembly components.
The main of these components are semiconductor chips. It should be taken into account that the shortage of these products not only affects the mining business, but also various branches of the economy. Some of these are automotive, mobile telephony, computing, among others.
In this way, the increase in equipment would come into effect from the year 2022, that is, in about 4 months. As reported by some portals, one of the main Bitmain component suppliers, the Taiwanese TSMC, would increase them at the same level. The latter forces the ASIC manufacturer to do the same.
Miners are not primarily responsible for Iran’s electricity crisis, ministry suggests
In last week’s crypto mining roundup, it was highlighted that the state power company in Iran would lift the 4-month ban on mining. This would happen from September 22. However, this same company assures that the failures that caused this suspension measure were caused by illegal miners.
However, the Ministry of Industry, Mines and Commerce questioned Tavanir’s claim that these clandestine miners consume 2,000MW. Thus, according to information from important media, an official from that ministry would have described the assertions of the electricity company as exaggerated. “The consumption of illegal miners is much less than 2,000MW», Said the official.
To be consistent, each of the miners should have at least 3 million machines, which is unlikely, Alireza Hadi stressed. It should be noted that digital mining is legal in the Persian country. Despite this, the actions of the authorities against the business have seriously harmed legal miners.
Some mining indices this week
Over the course of this week that runs from August 30 to September 5, Bitcoin mining experienced significant movements. Here are some of the main indices related to this business:
- Regarding the hashrate, it started the week at an average of 126 EH / s. By August 31, it rose to 135 EH / s and then fell to 111 EH / s on September 2. At the time of closing the week, the computing power of Bitcoin is 160 EH / s. CoinWarz data.
- The difficulty remains the same as last week, since the next adjustment is scheduled for approximately Tuesday. The adjustment is also expected to be upwards by 3.76%, which would leave the level at 18.2Q. It is currently at 17.62T. BTC.com data.
- Finally, the income index of miners increases considerably considering the rise in price of BTC. From $ 41.6 million collected by miners on Monday, the amount has grown remarkably. The next day, it was over $ 47 million and on Friday it was close to $ 50 million. Blockchain.com data.