During these last 7 days, the information related to the mining business had a remarkable character due to its importance. As always, the crypto market is closely influenced by events related to cryptocurrency mining. Thus, we come to issue 57 of our classic weekly Bitcoin mining roundup.
Among the most striking news, it stands out that the authorities of the People’s Republic of China intensify the repression against the miners. In that sense, in the Asian country there would be tens of thousands of miners connected clandestinely. Now the authorities are making every effort to find them.
Another highlight of this summary focuses on the potential of firms such as Powercrypto and Bitfarms. Both plan to expand their hashing power and capabilities in different parts of the globe. On the other hand, important facts about Ethereum digital mining are also highlighted, which would be at an interesting time.
The 5 news highlights of this weekly Bitcoin mining roundup
As usual, in this weekly roundup on Bitcoin mining news, the top 5 are selected. It should be taken into consideration that, given the dynamism of this area of the crypto market, many of the news at the time of publication could lose interest due to other more important ones that emerge. The headlines below:
Chinese authorities go after clandestine miners. ETH miners accumulate large amounts of coins. Powercrypto Holdings announces that it will mine BTC and ETH in North America and Hong Kong. Bitfarms will install some 55,000 more machines in Argentina. Riot Blockchain multiplies its mining in September.
Chinese authorities go after clandestine miners
Like a comedy, the persecution of the Chinese authorities against everything related to cryptocurrencies, continues. When the Bitcoin hashrate seems to have recovered and the bitter memory of the ban remains in the past, Beijing says this is not over. Recently, important government agencies ratified the illegality of trading digital currencies.
As if that were not enough, the security forces maintain a fierce persecution against the clandestine miners. Machine owners in that nation could be hiding the equipment in hard-to-imagine places. Some outlets point out that data centers could be the ideal place.
The authorities of some provinces such as Jiangsu, would have pointed out that some illegal miners would be operating in their territory. Specifically, they explained, in the cities of Xuzhou, Suzhou and Nanjing. They affirm that they will act shortly to punish those who are carrying out this activity.
ETH miners hoard large amounts of coins
In another of the news of this weekly summary related to mining, although not of Bitcoin, but of Ethereum, the holding is pointed out. In that sense, the miners of the second most important cryptocurrency in market capitalization, would be accumulating in large quantities. They would be expecting a steep rise in the future.
In this way, according to some analysis firms, the amount of ETH in the hands of miners is the highest since 2016. The miners would be in the process of holding or hoarding, which means that they are bullish with respect to the native currency. of the Ethereum Blockchain.
The amount of ETH held by the miners would amount to more than half a million coins. In terms of US dollars, taking into account the current price, this figure would be close to $ 2 billion dollars. Only on July 13, 2016 was a similar accumulation seen. On the other hand, this number corresponds to 0.45% of all circulating ETH.
Highlights in this weekly roundup include holdign, the new trend in mining, but this time from Ethereum, not Bitcoin.
Powercrypto Holdings Announces Mining BTC and ETH in North America and Hong Kong
Another Bitcoin mining company that announces an increase in its operations and capacity is Powercrypto. This firm assures that it will start mining on a large scale in the United States and Hong Kong. The coins chosen for the process would be Bitcoin and Ethereum.
It should be noted that this company is a subsidiary of the Blockchain-related program provider, Powerbridge Technologies. Consequently, the firm announces that its project to mine virtual currencies would be sustainable. Some details of this deployment were recently announced by the company’s management.
Among these, it can be noted that some 2,600 mining platforms would be installed. Of these, 600 would correspond to Bitcoin and the rest to ETH. It is a new competitor that joins the fruitful business of digital cryptocurrency mining. It remains to be expected whether the Chinese authorities will also ban mining in Hong Kong province.
Bitfarms will install some 55,000 more machines in Argentina
Argentine-born Canadian Bitcoin mining company Bitfarms again enters this weekly roundup. It is one of the most dynamic firms in the crypto market, especially due to its global hashrate deployment capacity. On this occasion, they announced a new expansion in Argentina.
In this way, some 55,000 mining equipment would be being incorporated into new farms that are in the process of construction. It is noted that the farm will be located in four warehouse complexes. On the other hand, the firm’s directive does not clarify where in the South American country the ASICs will be installed.
On the other hand, the company reported that the agreement with the electricity supplier was $ 0.0022 per kilowatt per hour. This is an extremely low rate compared to prices in Latin America. Likewise, it was known that the new farm will work with 210 MW of energy.
Riot Blockchain multiplies its mining in September
Another highlight this week involves Bitcoin mining heavyweight Riot Blockchain. Taking advantage of the low mining difficulty during a good part of the year, which had its origin in the massive disconnections in China, the firm tripled (almost quadrupled) its generation of Bitcoin during the month of September.
This Nasdaq-listed company has about 25 thousand machines deployed and expects to install more than 80 by 2022. Also, so far in 2021, the company has mined 2,475 bitcoins, which translates into an increase of more than 246% compared to coins mined in the same stage during 2020.
It is noted that in September of last year, the company mined 91 bitcoins with its hash power. According to its most recent report, until September 30 of this year, the amount of accumulated cryptocurrencies would have been 3,534. The hash power of the company will continue to increase. It is an accumulation competition that will allow large income at the moment in which successive increases in the price of Bitcoin appear.
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