Concludes a new week for the world of cryptocurrencies. In this 58th edition of our classic summary, we present the most important information about the mining of Bitcoin and other cryptocurrencies. To do this, we review the most current and impressive of this business throughout the week.
One of the news that reflects the most importance is the numbers of miners in the United States. The North American country already surpasses China in hashrate and now it becomes the epicenter of mining. With 30% of the global hash, that country is now the mecca of this futuristic business. As the hashrate recovers more, the gap between the United States and China opens.
Other important news are located in China, where the most important mining pool restricted access to users from the Asian country. On the other hand, also in China, it was discovered how officials used state infrastructure to mine Bitcoin and other altcoins.
This is the most important thing of the week in Bitcoin mining
In this new edition of our mining roundup, we present the top 5 Bitcoin mining news of the week. It must be taken into consideration that the news in this business is changeable, so it is likely that breaking news will emerge during the publication. These are the headlines:
The United States is now the epicenter of digital mining. Chinese government institutions mined Bitcoin with state resources. AntPool restricts users residing in China. Canada plans to supply digital mining heating. Square plans to build open source mining system.The United States is now the epicenter of digital mining
After the historic ban on mining in China, which negatively impacted the Bitcoin hashrate, there is now a new epicenter. It is the United States, the North American country to which a large part of the miners who were displaced from China migrated.
Now, the leading country in the Western Hemisphere accumulates 30% of the global hashrate. The fact that that nation now concentrates 1/3 of all the machines in the world, was ratified by the new update of the map of the Center for Alternative Finance at the University of Cambridge.
At the beginning of the year, the US was home to about 8% of the global Bitcoin hashrate. By May, it had risen significantly to 17%. Since July, the computing power installed in the North American country has already exceeded 30%. Other regions of the world are also experiencing increases in the number of farms in their territories, including South America and Canada.
Chinese government institutions mined Bitcoin with state resources
Although Bitcoin mining was strictly prohibited in the People’s Republic of China, some pockets of resistance remain. Even within the state offices themselves, some daring officials used national resources to mine digital currencies such as Bitcoin and other so-called altcoins.
But as is generally the case, in China there is nothing hidden between heaven and earth, at least for a long time. The most recent case occurred in the coastal province of Zhejiang. In that area, the authorities announced the beginning of an investigation to find those responsible for mining with resources from the State and the Communist Party.
According to the authorities, some 4,700 IP addresses would be on the list of those suspected of mining cryptocurrencies in that province. It is detailed that more than 70 state entities would be using resources for this illegal business. So far, some 20 institutions visited have been sanctioned and the mined assets have been confiscated.
AntPool restricts users from China
China’s sanctions against the cryptocurrency business continue to go into effect by the nation’s companies. Thus, last week it was known that Bitmain stopped selling Bitcoin mining equipment to people residing within the country. The same would have been done by some exchanges. Now, the same decision is made by Antpool.
It is the largest Bitcoin mining pool in the world. From now on, the people of China will not be able to access the site or open new accounts. There are two exceptions to this rule. The first is the province of Hong Kong, which has a more autonomous special regime when making decisions.
The other is the rebellious province of Taiwan, the same one that has maintained its separatist wishes since the end of the civil war in 1949. In this way, the chorus of firms grows that do not wish to disturb the strict national authorities of the communist country.
In Canada they plan to supply digital mining heating
In the Canadian city of North Vancouver, it is planned to use Bitcoin mining as a source of heating for the inhabitants. The heat generated by the mining machines would be used to heat more than 100 residential and commercial buildings in that town of 155,000 people.
The project would start operating in 2022 and would be carried out in a coalition between the mining company MintGreen and the electricity company Lonsdale Energy Corporation. According to the first company, “digital boilers” will be able to send 96% of their heating to residential and commercial centers.
Likewise, they emphasize that with this action, 20,000 metric tons of greenhouse gases are prevented from going into the atmosphere. In this way, the healthy use of Bitcoin mining becomes an example of coexistence between companies dedicated to business and citizens.
One of the key news this week is the positive use of Bitcoin mining to heat homes in the city of North Vancouver in Canada. Source: Lonsdale Avenue
Square plans to build open source mining system
Billionaire Jack Dorsey’s tech firm Square plans to create a complex open source Bitcoin mining system. With this initiative, the tycoon seeks to make mining more accessible to people and have a higher level of democratization by decentralizing this network.
On his Twitter account, he said: “Square is considering building an open source, custom silicon-based Bitcoin mining system for companies and individuals around the world. The more decentralized it is, the more resilient the Bitcoin network becomes, ”he wrote.
Dorsey’s enthusiasm for Bitcoin is long-standing. Even in some events at the beginning of the year, he assured that this was the most important thing in his life. He claimed that if it were up to him and if Bitcoin needed it, he would be willing to leave Twitter and Square to dedicate himself to the pioneering digital currency.