Bitcoin mining continues to generate news worldwide thanks to its exponential growth. Here we present a summary of the most outstanding.
The Bitcoin mining business continues to stand out in the news as it remains one of the most sought-after activities in the midst of the pandemic. In this sense, millions of people, of all levels of capital, are related to the extraction of cryptocurrencies.
It is noteworthy that there are elements that are influencing this business to continue expanding more rapidly throughout the world. This week we witnessed a key point, it is the rise in the price of the pioneering cryptocurrency.
Although the recent escalation in the price of Bitcoin has not been linear, but in zigzags, it should be noted that it widely exceeded the psychological barrier of $ 10,000 USD per coin. This has begun to attract new investors, and in some cases could mean S9 team reconnections.
Top 5 Bitcoin mining news of the week
Below, we present you the most outstanding information that set the standard in the news about Bitcoin mining:
- Iranian authorities authorize electric power companies to mine Bitcoin.
- The power struggle continues in Bitmain: 10,000 ASIC miners disappear.
- Bitcoin miners increased the sale of cryptocurrencies on exchanges.
- The price increase could directly influence Bitcoin mining activity.
- The network difficulty to mine Bitcoin decreased.
After repression and illegality, it can now be mined in Iran
This roundup of the week’s most notable news in the field of Bitcoin mining begins in the Islamic Republic of Iran. It should be borne in mind that this nation had been one of the greatest obstacles to people dedicated to the business of generating cryptocurrencies.
However, in recent months, more flexibility has been seen by the authorities of the Persian country in this regard. Now, the electricity companies have the green light from the government to provide their services to people or companies that engage in Bitcoin mining.
10,000 miners disappear
In another chapter of the endless drama that Bitmain’s internal conflict has become, thousands of ASIC teams are now disappearing. As reported in CryptoTrend since last year, the internal conflict between two founders of the Chinese manufacturer of mining machines for Bitcoin, has been exacerbating.
Also, among the highlights of the week in the field of Bitcoin mining, it was known of a possible definitive division of the firm. As a continuation of this, more than 10,000 mining machines have been known to disappear, taking the conflict to a new level.
BTC flow to exchanges increased
One of the factors that have the greatest weight when it comes to predicting the price of this cryptocurrency, is the flow of coins from Bitcoin’s mining centers to exchange platforms. It should be noted that a low sending of coins for sale can mean a price increase and vice versa.
During this week, despite the increase in the price of the main cryptocurrency, miners increased the amount of BTC sent to exchanges. Last week, a cut in the percentage was witnessed and the miners only sold what was necessary to maintain operating expenses.
Price rise, hash rate increase
The increase in the price of Bitcoin has been one of the best news for those who practice virtual mining. Likewise, the rise in the price, which at the time of writing is located at $ 11,000 USD, could lead to an increase in the hash rate.
Not long ago, S9 equipment was virtually disconnected at all Bitcoin mining farms. This was caused by the increase in the difficulty of the network and the prolonged time of low volatility in the price of the cryptoactive after Halving.
With this new escalation that, according to many analysts, could make the price reach $ 15,000, we could have, apart from the increase in the hash rate, massive reconnections of the S9.
Low difficulty in the blockchain network of the cryptocurrency queen
To make the price rise for Bitcoin mining more enjoyable, the decrease in the difficulty of the network is added. If these conditions continue, we could have two weeks of great income for miners.
According to the prominent news from the specialized mining portals of Bitcoin, the difficulty of the network decreased by 3.08% compared to the last fortnight.
Data to consider
- The difficulty of the Blockchain network for Bitcoin mining was located this week at 16.81T.
- The hash rate of the main cryptocurrency stands at 125 Eh / s compared to 108 Eh / s which averaged last July.
- Bitcoin price, at time of writing, is $ 11,000, representing a decline of more than -5% on the last day.
- Iran is ranked number 6 in the world mining ranking according to the Cambridge University Center for Alternative Finance.