Digital mining is a sector that does not stop. Every day, the events related to it, leave society perplexed. Here are highlighted the most important of the week in terms of news about crypto mining.
During the last 7 days, the digital currency production sector experienced important movements. Some of them of expectations, as is the case of the arrival of the rainy season in the Sichuan province, in China.
At other times, of concern. Just as you are witnessing Ethereum mining. It is expected that, by the end of the year, the new version 2.0 of its network will mark the beginning of the end of mining as it is known in that cryptocurrency.
Cryptocurrency mining in context
One month after Bitcoin’s Halving, its influence on the generation of the main cryptocurrency is still being felt. As the crypto mining news puts it, outdated equipment is slowly pulling out of the network and new-generation miners like the S19 and T19 series begin to arrive.
Rains in Sichuan and consecutive decreases in mining difficulty are other latent factors. Those two events lowered the average cost necessary to mine bitcoins. At the beginning of the year, the firm TradeBlock predicted that after Halving the cost of mining Bitcoin would be between $ 13,000 and $ 15,000. However, due to the aforementioned, it ranges between $ 5,000 and $ 8,000.
But that decrease in mining costs could lead to a correction in the price of Bitcoin.
On the other hand, the slow but persistent decentralization of cryptocurrency mining continues to be witnessed. According to the latest TokenInsight report, the hash rate located in China has dropped almost 10%, while that of the United States has increased by more than 70%.
Canada also stands out. In that North American nation, the authorities of the province of Quebec agreed to dedicate 1/5 (approximately 300 Megawatts) of hydroelectric power to cryptocurrency mining.
The week’s top crypto mining news
Among the most prominent news events of the week, related to cryptocurrency mining and with the context highlighted above, the following stand out:
- Bitcoin’s low volatility was maintained for the third consecutive month.
- Miners’ transfers to the Exchanges decrease.
- The Bitcoin mining industry continues to detach itself from China.
- Illegal mining takes another hit in Russia.
- Report shows that using Timelock in transactions could open the door for miners to steal from each other.
- Ethereum miners will lose the battle before updating this cryptocurrency network from PoW protocol to PoS.
Important information to consider
- The price of electricity in Sichuan, China, with the arrival of the rains, is located at $ 0.04 per kilowatt hour.
- The mining mining consumption power is located at 69.03TWh, which corresponds to 0.33% of global energy use.
What is intuited for next week
Over the next 7 days, the strong movement and evolution of this business will continue throughout the world. Which will continue to impact the news about crypto mining.
Specifically, for Tuesday June 16, the Bitcoin Blockchain network has a new difficulty setting scheduled. It is expected to be on the rise. This could speed up the process of disconnecting outdated miners and a drop in the hash rate.
Possibly the relative stability in Ethereum’s hash rate is starting to fracture, due to growing rumors of the network update by the end of the year.
Reliable sources
The information in this content has been extracted from reliable sources detailed below:
* Professional handling of content by the authors of CryptoTendency.
* External sources: Cambridge Center for Alternative Finance (CCAF), TokenInsight Research, Tradeblock.com, Glassnode.com, Etherscan.oi, Intotheblock.com and Arxiv.org.
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