If you missed the details related to this week’s Bitcoin mining, you should not miss this summary. It’s a selection of the 5 most important events of the last 7 days in this business.
Being a growing business, the mining of the main crypto currencies, becomes a permanent source of information. Many of these news items are ongoing events. For example, the recovery of the Bitcoin hashrate, takes two consecutive weeks.
At the same time, other minable digital currencies such as ETH are a permanent source of news. That’s why the goal of this summary is to select the events that have set important guidelines throughout the development of the extraction of the most important coins, led by Bitcoin.
The 5 most important news of the week in Bitcoin mining
The increase in the price of Crypto Engine app has generated great changes during the week in all areas, including mining. It’s important to keep in mind that the price of Bitcoin influences the behavior of other crypto currencies. Here are the 5 most important news related to this:
Obsolete Bitcoin mining equipment is reborn after a price increase.
China’s leadership in mining is destined to disappear.
Binance Pool will now allow its users to mine ETH.
Bitcoin commissions are down due to mempool decongestion.
AMD graphics card would be better than NVIDIA’s best.
Bitcoin’s high price has been a determining factor in all the events related to crypto currencies during the week, including digital mining. Source: TradingViewThe high price of Bitcoin has been a determining factor in all the events related to crypto currencies during the week, including digital mining. Source: TradingView
New Binance pool will allow ETH mining
S9 and other old computers, reborn after Bitcoin upload
Bitmain’s legendary S9 and other mining equipment came back to life this week, thanks to Bitcoin’s solid price tag. Many of these ASICs, after last May’s Halving, were considered obsolete in most of the world, with rare exceptions.
The cost of electricity, compared to generating Bitcoin from them, put them in the condition of negative performance machines. However, the escalation in the price of the most popular of the crypto currencies, 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. This means that with a Bitcoin above $15,000, many miners, 10 TH/s and up, can be profitable. In this field, the most popular and resistant is the legendary S9.
China’s Hegemony in Mining Could End
China is the country with the highest Bitcoin computing power, in its territory mining farms represent 65% of the world hashrate. However, the tendency to revert this dominance seems to be gaining strength as the business expands across the planet.
Last July, some reports showed that the computing power in China was decreasing very fast. At the same time, other places in the world, such as Canada or the Nordic countries, are experiencing significant growth in Bitcoin mining infrastructure.
Another thing to consider is the instability. Although China has one of the strongest political systems, tightly controlled by the Communist Party, its drastic changes of heart can lead to bans at some point. These are some of the reasons why Beijing’s hegemony over Bitcoin hashrate may have an expiration date.
Obsolete Bitcoin mining equipment comes back to life
It is now possible to mine ETH in the Binance Pool
Last Friday, the most important exchange in the world, 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 most orthodox cryptology enthusiasts see this centralization as dangerous, others see it as a good thing. The latter is due to the fact that, during the first month, the pool will offer zero commissions for cryptomoney transactions.