Bitcoin Mining Leaves Negative Effects of China Ban

Noti Hash is a Bitcoin mining newsletter from CryptoNoticias. It is published on our website every two weeks, going on Thursday 5 November 2021 the seventh edition of the publication, at the height of mass 708.300.

Since we at CriptoNoticias started publishing this newsletter, miners have been recovering from the onslaught of the Chinese ban. The drop in mining power or hash rate, as well as difficulty, triggered alarms in that moment Because of the panic caused by China.

However, Bitcoin mining has been forced week after week, difficulty rises after another, and now its processing power Returned to May 2021 levels, Never target heights again.

Bitcoin’s hash rate is currently 175 Eh/s, according to Glassnode. For its part, according to BTC.com, the difficulty saw a positive adjustment of 7.8% on October 31, 2021, at the peak of mass 707,616, and remains at 21 tera, a number not seen since last October 30. .

While all this is going on, China seems to be suspicious of its decisions, Open a public consultation Until next November 21 on the mining ban, although it is not certain that he will change his mind.

China has banned bitcoin mining in all its provinces for high energy consumption, causing the emigration of miners, among other places, to Kazakhstan, a neighboring country is now the second largest mining country in the world.

However, this country also started Apply restrictions on electricity consumption About Bitcoin mining, we reported on CriptoNoticias on October 22, so it is not known what the future of activity in these lands holds.

Meanwhile, researchers published a list Countries with the cheapest electricity To mine cryptocurrency. Among them are Venezuela, Paraguay, the United States and Canada.

Mining Pools: Intense Competition

As mining companies open new farms and Bitcoin gets stronger thanks to the increasing number of miners working every day, mining pools are struggling to maintain their dominance.

While the leaderboard has not changed much historically, it is remarkable this week that the mining pool the shortest It will sneak into the top ten. Luxor, originally launched in 2018, provided software tools for mining farms, but now has a growing portfolio of its own.

remarkably, Reported by CriptoNoticias From an unlimited number of mining pools It controls over 12% of the Bitcoin hash rate. However, you don’t have to worry about these “ghost” puddles. These are likely new, emerging pools driven by small projects that have closely followed the mining growth of the past year.

Mining complexes strive to provide the best benefits and profitability to their customers: Bitcoin miners around the world, although there are not very popular ideas among developers for remove mempool bitcoin and assigning transactions directly to miners, something that would completely change the business model (and how the protocol works).

Mining companies do not stop their growth

But this does not distract the miners, who are growing by leaps and bounds as evidenced by their hash rate and difficulty. This is the case Bitfarms, which claims to double its hash rate by 2022 by adding 21,000 new Bitcoin miners to its operations, as we said in crypto news.

Bitfarms seeks to expand in different parts of the world, including Argentina, but the size of its investments in that country Already starting to worry some politiciansAnd we inform.

For its part, we also report on how companies do it Way Riot Marathon You have Largest Bitcoin Mining Presence in the United States, having received during this year more than 44,000 ASIC devices between the two companies, It also has astronomical increases in its value in the stock market.

This is how bitcoin and cryptocurrency mining companies operate in the stock market:

Mining from other networks or blockchain

picture of the week

This week’s photo is an excerpt from the mini-documentary Mining Bitcoin with Navajo NationProduced by Compass Mining Company.

This audiovisual piece succinctly tells how Navajo people in the United States are making better use of their electrical installations through bitcoin mining, as well as accessing opportunities that allow them to escape poverty.