Bitcoin mining continued to report important news this week, among the highlights is the new miner from Canaan Creative. The manufacturer of Chinese origin announced the launch of a revolutionary ASIC that regulates its temperature with dielectric oil.
The cryptocurrency mining business continues to evolve and generate important news. In CriptoTendencia, as usual, we present this Sunday summary with the selection of the 5 most important news of the last 7 days related exclusively to mining.
Many other news set the tone during the week. Another one is about the intensification of the persecution against miners in Iran. Other no less important information is related to the increase in difficulty and the increase in the capitalization of Hive Blockchain and Marathon.
This is this week’s Bitcoin mining news
As already highlighted, in this summary, the five most outstanding news related to Bitcoin mining are exposed:
Canaan Creative launches an ASIC that regulates its temperature with dielectric oil. In Iran, the persecution against miners considered “illegal” intensifies. Hive Blockchain and Marathon join the club of mining companies that reach capitalization of $ 1 billion. ASICs are accentuated after early sales of Bitmain Bitfarms closed the private placement contract of CAD $ 20 million.
Canaan Creative launches an ASIC that regulates its temperature with dielectric oil
Bitcoin mining by immersion is one of the most prominent techniques when it comes to saving resources in the long term. With this, the operating expenses of cooling with air conditioning, regular maintenance, noise are eliminated and energy consumption is greatly reduced.
The problem with immersion is that it is very expensive to install and represents a considerable initial capital expense that not everyone can afford. Against this, Canaan Creative launched a revolutionary machine that self-regulates its temperature, not with air, but with mineral oil.
It is the “Avalon Immersion Cooling A1066”. With this rig mining up to 50 TH / s, significant operating expenses are saved, which could position Canaan close to its market rivals.
Among the most outstanding news of the week, highlights the new Bitcoin mining machine that the manufacturer Canaan Creative launched on the market. The main quality of this ASIC is that it self-regulates its temperature with dielectric oil. Source: Canaan
In Iran, the persecution against miners considered “illegal” intensifies»
Authorities in the Islamic Republic of Iran updated the numbers of “illegal” farms closed since 2019. The total amounts to 1,620 Bitcoin mining centers. This is one of the most prominent news because it sheds light on the deprivation suffered by miners in that country.
The authorities of the Persian country totally prohibit the private trade of cryptocurrencies. This forces miners to sell their bitcoins to the central bank exclusively at rates set by the financial institution. In addition, the electricity rates against the miners have increased in a staggered manner.
Under these premises, many miners have chosen to go underground. In response, the government has implemented a $ 450 reward plan. These are given to people who help the authorities close down farms classified as “illegal”.
Hive Blockchain and Marathon join the club of mining companies that reach a capitalization of $ 1 billion
The giant Riot Blockchain, in December became the first Bitcoin mining company to reach US $ 1 billion in capitalization. It hasn’t been long, since then, when her rival Marathon emulated her on Wednesday, January 6. Two days later, Hive Blockchain joined this club.
Since last year 2020, the aggressive rivalry and competition between these Bitcoin mining companies has occupied the most prominent news. These are joined by Core Scientific and other firms. Which have considerably expanded their computing power to mine cryptocurrencies.
So strong has been the “arms race” between them that they have left manufacturers such as Bitmain or MicroBT almost without response capacity. At the end of 2020, Marathon purchased 70,000 machines and announced that, by the end of 2021, it would purchase an additional 103,000 machines.
ASIC shortage deepens after Bitmain’s early sales
Another of the news related to Bitcoin mining that is among the most prominent, is about the shortage of mining equipment. The aforementioned fierce competition between large companies such as Marathon and Riot Blockchain, has left the market without offers.
Miners who don’t measure up to these firms must settle for second-hand equipment or older models. To illustrate this fact, it is noted that ASIC manufacturer Bitmain sold all its production of the S19 series until August 2021.
This is a strong blow against small and medium miners, who are being displaced due to the increasing centralization of the business. Other manufacturers such as Canaan and Ebang, two Nasdaq-listed firms, are expected to be able to develop competitive equipment that will alleviate the shortage a bit.
Bitfarms closed CAD $ 20 million private placement contract
The last but not least of the notable news related to Bitcoin mining has to do with the Canadian Bitfarms. This Vancouver-based company recently announced the private placement of CAD $ 20 million as reported by specialized media.
In the middle of this week, Bitfarms made the announcement about this placement, in which they would work with the private fund HC Wainwright & Co. The funds, they explained, would be placed in long-term contracts (warrants). These would have a three-year exercise period and were canceled for CAD $ 2.25 each, to be sold at that time for $ 2.75 Canadian dollars.
Thus, with the profits, the firm plans to make investments in infrastructure expansion. At the same time, it will accelerate plans for the purchase of mining equipment for its facilities. The number of shares is 8,888,889.
Data to take into consideration
Canaan Creative, the Nasdaq-listed maker of ASICs for Bitcoin mining, has launched a machine that is self-regulating with liquid. Bitmain, also dedicated to creating mining machines, reported that it has no sales available until August 2021. A shortage of mining equipment has been accentuated by competition between large purchasing firms such as Riot Blockchain and Marathon. Iran’s miners are forced to sell their bitcoins to the state in exchange for the devalued national currency, the Iranian Rial. Hive Blockchain, Marathon and Riot Blockchain, companies dedicated to mining, each spent $ 1 billion in capitalization.
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