Bitcoin mining is an inexhaustible world of events. It is a business that is expanding and evolving, generating a wide variety of news. Here, we present you a summary of the most important of the week.
The impact of Halving seems to have not finished impacting when it comes to mining the main cryptocurrency. For example, in the case of continued disconnection of obsolete equipment.
Underperforming miners continue to leave the game. This week there was a new adjustment in the difficulty of the network, which was increasing, further hastening the capitulation of the machines that are not generating profits. Mining of other cryptocurrencies also generated news, such as the case of Ethereum.
Cryptocurrency mining during the week
As explained during last week’s Bitcoin mining news recap, capitulation continues. The low cost of electricity due to the rainy season in Sichuan, was not enough to stop the disconnection of obsolete mining companies.
The significant increase in the difficulty of the Bitcoin Blockchain network, the strongest in months, was decisive. As expected, it caused mass disconnects that brought Bitcoin’s Hash Rate back down from 123Eh / s to less than 110Eh / s.
As for Ethereum mining, there were also important events. The miners of that cryptocurrency voted to increase the Gas limit from 10,000,000 to 12,000,000.
The latter was an action that caused controversy among users on social networks. Although the increase accelerated the network’s ability to process transactions, it could have long-term consequences. This because, according to experts, it could cause the network to expand and become complex like that of Bitcoin.
These were the most outstanding Bitcoin mining news of the week
- Ethereum miners increased the Gas limit, causing the network speed to increase 25%.
- ASIC maker to mine Bitcoin, Ebang, declared big losses during the first quarter of the year.
- Bitcoin’s Blockchain network difficulty adjusts, in one of the strongest increases in recent months.
- Shares of Bitcoin mining hardware maker Canaan Creatives continued to plummet on Nasdaq. The negative record of the Chinese company in the stock market began in May.
- Bitcoin’s hash rate continues to recover to pre-Halving levels.
- Ethereum miners are preparing for the evolution to ETH 2.0 that could be operated at the end of the year.
Data to consider
- Bitcoin’s hash rate dropped from 123Eh / s to 110Eh / s due to the capitulation of outdated miners.
- Ethereum’s Gas Limit rose 25% from 10 to 12 million.
- Increased difficulty of the Bitcoin network, increased by 15%.
- Losses from the manufacturer Ebang, reached 2.5 million dollars during the first quarter of 2020.
What is expected for next week
For next week, more important events are expected in Bitcoin mining, which will generate outstanding news. For the next 7 days, the difficulty of the network will remain high, which translates into greater disconnection of obsolete machines.
Directly related to this, Bitcoin’s Hash Rate could continue to drop. However, the continuous activation of state-of-the-art equipment such as the Bitmain S19 series or the MicroBT M30S +, would be important factors when balancing this balance.
The distribution of new mining companies will continue to make the process of decentralizing Bitcoin’s hash power more remarkable. Although the first place in concentration of Bitcoin mining farms is occupied by China by far, other places in the world such as the United States, are rapidly gaining ground.
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: Blockchain.com, Etherscan.io, Ethgas.io, sec.gov.