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Bitcoin Mining Difficulty Eyes New ATH As Block Production Ramps Up

Bitcoin mining difficulty has been on the rise as the network has gained more popularity. This is a far cry from what was expected after China, which was known as the mining capital of the world at that point, had laid a blanket ban on crypto mining. Bitcoin miners had been able to successfully set up in other regions of the world and mining activities have ramped up since then. This time around, it comes along with the growth of blocks mined per hour which has smashed all expectations. Not only has the mining difficulty been affected by this but its effects are being felt all around the mining industry. Bitcoin Mining Difficulty At New ATH? Block production rates have risen higher than anticipated to beat the previous target of 6 blocks mined per hour. This number now stands at 6.2 blocks mined in an hour. This increase in block production has led to an increase in mining difficulty which has pushed it towards new all-time highs. Going forward, there is expected to be a 4-5% difficulty adjustment in mining difficulty. Related Reading | Cardano Turns Bullish In The Short-Term, But Is That All? If this happens, it will easily send the bitcoin mining difficulty towards a new all-time high. It continues to follow the growing trend that began in August of 2021 after the China ban had gone into effect. It would beat all expectations given that the China ban had seen the bitcoin hash rate crash 50% last year. BTC hash rate on the rise | Source: Arcane Research Miners Enjoy More Profitability The mining difficulty has not been the only thing affected by the increased block production rate. Other things like daily miner revenues have been on the rise. Bitcoin mines saw a 6.86% change in the last week ending on March 28th. This represents more than a $2 million increase over a seven-day period. Also important to note that the same daily revenues had been up 7% in the previous week. BTC declines to $45,000 | Source: BTCUSD on TradingView.com Daily transaction volumes also recorded an uptick in the same time period. It grew by a total of 11% touching $6.4 billion in transaction volume per day. It was a result of a recorded growth in the average transaction volume given that transaction volumes per day had only grown 1.5%. The average transaction volume was up 9% in the seven days this data was collated. Related Reading | SushiSwap Kicks Off Climb, Why This 40% Rally Is Just Getting Heated Transaction fees saw the highest growth for the week. Given that there is now more demand for block space, transaction fees had been on a steady climb since then. Daily transaction fees grew 20% and are now sitting at $460,000 per day. Featured image from Investopedia, chart from TradingView.com

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Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date

Liquid-cooled mining machines from Chinese chipmaker Bitmain have been unveiled. The S19 XP HYD is expected to be one of the company’s most energy-efficient models ever. The new mining setup employs liquid cooling. According to reviewers, it is the most power-efficient among all models of mining equipment from this manufacturer. These hydro cooling rigs are exclusively for usage in Bitmain containers. Bitmain Rig Packs A Punch The newly announced mining rig is dubbed “Antminer S19 XP Hyd.” It boasts 255 terahashes per second (TH/s) of processing power and 20.8 joules per terahash (J/T) of power efficiency while operating on 5,304 watts, according to Bitmain’s website. The machine features a liquid cooling system, which involves using a coolant flowing through pipes to dissipate heat from the device. The cooling rigs will launch in the first quarter of 2023 for a little under $20,000 per unit. Related Article | Abra CEO Predicts Ethereum Could Reach $40,000 – But Some Fintech Analysts Don’t Agree Furthermore, the energy efficiency of this new model slightly outperforms Bitmain’s previous best rig – the Antminer S19 XP. Notably, Bitmain has also announced the release of the ANTSPACE HK3, a new bitcoin mining container that can comfortably accommodate 210 mining machines and uses up to 1 megawatt of electricity. Aiming For Sustainable Bitcoin Mining Bitmain has been focusing on long-term bitcoin mining and has recently unveiled measures in this area. Bitmain will create up to 500 MW of clean digital mining infrastructure at Merkle Standard’s hydro-powered facilities in Eastern Washington as part of the joint venture. BTC total market cap at $767.68 billion on the daily chart | Source: TradingView.com Furthermore, the Beijing-based chipmaker has gained a significant stake in one of America’s major crypto-mining facilities via a collaboration with Allrise Capital. The move might help Bitmain’s market expansion in the United States even further. According to mining data, the bitcoin mining metrics have seen some intriguing developments in recent months, as the Bitcoin hashrate grew by more than 15% in a week as processing power steadily increased. Energy Efficient Mining Meanwhile, Block Inc.’s CEO, Jack Dorsey, revealed last October that the firm was exploring developing an open-source bitcoin mining system built on bespoke silicon to decrease entry barriers for both businesses and people. In January, Thomas Templeton, Block’s general manager for hardware, emphasized that the planned approach would improve bitcoin mining efficiency and other benefits. Templeton said: “We’re interested because mining is about more than just producing new bitcoin. We regard it as a long-term need for a decentralized and permissionless future.” In a related event, Hive Blockchain had signed an arrangement with Intel to acquire the latter’s recently introduced energy-efficient blockchain accelerators named Bonanza Mine. Related Article | Ripple Welcomes..

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Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why

Bitcoin mining is an important part of the bitcoin ecosystem. Miners who participate in mempools help to confirm transactions for which they receive a reward once a transaction is cleared. Usually, the mempool is ‘free’ and transactions go through easily with low fees but there are times when the mempool fills up causing transactions fees to surge. This was what took place at the start of March. Bitcoin Transaction Fees Surge At the beginning of the month, bitcoin had experienced higher transaction fees. These higher fees were as a result of transaction clustering in the mempool. Once the mempool has filled to a point where there were too many transactions to confirm, fees had invariably gone up given that transactions are confirmed based on the fee they carry. So transactions with higher fees had been confirmed first. Related Reading | Why Is Bitcoin So Volatile, Anyway? Fidelity Digital Assets Explains In order to compete in this pool that had filled up, incoming transactions had to carry a higher transaction fee per vByte (virtual byte) which is the size of the transaction. This caused fees to climb starting on March 1st and continuing for the next two days. These increased transaction fees had seen the average transaction fees per day rise for the past week to $691,000. BTC recovers above $40K | Source: BTCUSD on TradingView.com This volume had packed on the second day, March 2nd, where transactions fees climbed as high as $1.3 million. However, by the third day, miners had been able to clear all of the transactions in the mempool, although at high transaction fees, and the mempool was empty by the third day, March 3rd. Transaction fees had subsequently fallen flowing this clearance. Miner Revenues Up Bitcoin transaction fees were not the only that to record a surge as miner revenues had also recorded an uptick. Daily miner revenues for the same time period had also gone up by 6%. However, this was actually due to the price recovery that BTC had seen over the past week as hashrate had fallen once again in the same save-day period. BTC hashrate falls | Source: Arcane Research As for the transaction fees, even though there had been a significant uptick over this one-week period, fees were still comparatively low. They have been at one of their lowest for the last seven months and the recent surge did not come close to the high points recorded in the history of the digital asset. Related Reading | Crypto Market Crumbles To Extreme Fear, Is It Time To Buy? Transactions per day were also up 3.04% from the previous week. Fees per day jumped 99.81% and the average number of transactions was up by 2.54%. Only the number of blocks per hour was down for the time period, falling slightly by 1.67%. Featured image from Investopedia, chart from TradingView.com

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Green Mining Company HIVE Secures Deal To Buy A Number Of Intel’s New ASICs

The ESG-focused mining company HIVE is the latest organization to sign a deal with Intel. It joins Block, Argo Blockchain, and GRIID, as the first clients and testers of the giant’s new ASICs. Intel’s Bonanza Mine project is quickly becoming one of bitcoin’s stories of the year. It’s funny that, so far, no one has seen the equipment. The idea of a bitcoin miner made in the US is appealing, though. Plus, the project’s rollout has been masterful so far. The headline here is that “HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine.” In a recent press release, the company announced the Intel deal and its intention to expand into the US. “The Company is planning for a 100 MW deployment at one of Compute North’s renewable energy campuses in Texas.” HIVE self-proclaimed itself “the first cryptocurrency mining company with a green energy and ESG strategy”. The company’s other significant characteristic is that they’re holders. “Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards.” That goes in line with new data that shows that miners are quietly accumulating bitcoin as the market bleeds. BTC price chart for 03/08/2022 on Capital.com | Source: BTC/USD on TradingView.com What Do We Know About HIVE ‘s Deal With Intel? Not much, really. “HIVE has entered into a Supply Agreement with Intel which is one of the world’s largest semiconductor manufacturers, for their upcoming blockchain accelerator.” Notice how HIVE calls the ASICs “blockchain accelerators,” just as Intel did in the company’s blog. Will the name catch on? The press release doesn’t specify how many bitcoin miners will HIVE buy, but, it provides some relevant data: “These miners are expected to be delivered over a period of one year starting in the second half of calendar 2022, the effect of which, if they are all installed, would be an expected increase of up to 95% in our aggregate Bitcoin mining hashrate from 1.9 Exahash per second.” It also quotes HIVE ‘s president, Aydin Kilic, who about the deal said: “After months of careful planning, we are very excited to take this step forward with a global technology leader like Intel. HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure.” The ESG aspect of the whole endeavor is another important point here. Bitcoin Keeps Going Greener And Greener Recently, GRIID’s filling with the SEC revealed several characteristics of Intel’s new bitcoin miners. As always, NewsBTC got you the 411: “When the world first heard about Intel’s ASIC ambitions, the company cleverly described the machines as “ultra-low-voltage energy-efficient.” How efficient will they actually be? Tom’s hardware answers: “According to the listing, BMZ2’s performance weighs in at 135 TH/s with 26 J/THs of efficiency. Additionally, the miner is roughly half the cos..

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Bitcoin Mining More Damaging To The Environment After China Ban, Study Says

The China bitcoin mining ban that took place mid-last year was no doubt a heavy blow to the space. It saw the hash rate from the region which was once termed the mining capital of the world crumble to almost zero as miners had to shut down their operations. The reason for this from the Chinese government boiled down to concerns about electricity consumption and environmental impact. As the miners exited China, they had to set up business elsewhere and procure electricity for their mining farms, which can be quite energy-intensive. According to a new report, these new energy sources have been mainly from non-renewable sources compared to what the miners used in China. This means that the energy impact of bitcoin mining has gone up in recent months. Bitcoin Mining Carbon Footprint Now Worse It has been less than a year since China placed a ban on bitcoin mining and the effects are already being felt energy-wise. The general school of thought following the ban had been that miners would focus on more renewable energy sources so as to avoid a repeat of the issues in the region. However, a new study has shown that this is not so. Rather, the environmental impact of bitcoin mining has only gotten worse. Related Reading | TA: Why Bitcoin Must Close Above $40K For Trend Reversal China is a country known for its wide use of hydropower, a renewable energy source, and the miners in the country had used a significant amount of renewable energy for their operations. Even then, the carbon footprint of mining activities was still enough to cause a stink. The Joule journal has revealed that miners have not necessarily increased their renewable energy consumption. BTC trading above $38,000 | Source: BTCUSD on TradingView.com The study shows that the amount of renewable energy used by bitcoin miners has fallen since the ban. At its peak, this number had reached as high as 42% in August. But since then, barely seven months after, renewable energy use in mining has fallen to as low as 25%. Related Reading | Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning Bitcoin mining continues to produce significant amounts of carbon dioxide yearly. With over 65 megatons of carbon dioxide produced annually, bitcoin mining is less green than ever. For comparison, the entire country of Greece reportedly produced less than 57 megatons of carbon dioxide in 2019. This means that miners are producing more CO2 than entire countries. A lot of the miners that left China have now moved to countries where energy sources are largely produced by burins “hard coal” which produces more pollution. This new study shows that mining is less favorable to the environment now. Its carbon intensity has already grown by 17%. Featured image from Bloomberg, chart from TradingView.com

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What’s Intel CEO Pat Gelsinger Saying While Promoting The Bitcoin Mining Chip?

What is Intel ’s Pat Gelsinger doing? Who is he talking to while promoting Intel’s new bitcoin mining chips? In a recent Bloomberg interview, Gelsinger uses every ESG buzzword in the book to promote their “energy-efficient ASIC chip.” Is this the right strategy? Who will be Intel’s clients? And why is this man lying about bitcoin’s energy consumption when the real numbers would do just fine? The host, Emily Chang, starts by asking him about 2019, when the Intel CEO said that Bitcoin was badly designed, “extreme, and climate intolerant.” Does Gelsinger still hold that opinion? Of course, he does. And that’s just the beginning. Intel CEO regurgitates ESG FUD talking points while shilling for his new #Bitcoin mining chip. Feb 14 2022 pic.twitter.com/x7r31FCwp9 — BITC0IN (@BITCOINALLCAPS) February 17, 2022 The Intel CEO Is Here To Fix Bitcoin Gelsinger starts by saying that when he misdiagnosed bitcoin that one time, “most of the uses where illicit.” In 2019? Nothing could be further from the truth, Sir. Bitcoin’s first use case, the unbanked, were discovering the solution to their problem little by little. And the seeds for everything that has happened in the last few years were already planted. Was bitcoin also used for illicit purposes? Of course. Bitcoin is money for your enemies. Everyone can use it. Another thing the Intel CEO believed about bitcoin is that “it couldn’t be regulated, so it couldn’t become a currency for nations and for people to use broadly.” Well, considering it’s already currency in one nation, El Salvador, we could say that Gelsinger’s predictions are pretty much off the mark. The idea of an American ASIC mining chip, though, that’s a great one. And if it consumes less energy, so be it. Even though people will probably just push the pedal to the metal and mine more. In any case, the Intel CEO informs us that one of the company’s mantras is that they’re “shaping technology as a force for good.” It sounds like Google’s “Don’t be evil,” and we all know how that turned out. In any case, Gelsinger thinks the easily debunkable attack points he exposed make bitcoin a controversial character. However, “that doesn’t mean it’s not a good technology, but we’re not using it good yet.” So, Intel is here to fix it. BTC price chart for 02/19/2022 on Fx | Source: BTC/USD on TradingView.com What’s Gelsinger Promising, Exactly? One thing’s for sure, Intel is very confident about their product. The CEO said: “Intel is about to bring forward a blockchain chip that’s dramatically better. That is orders of magnitude better in terms of power performance. So, we’re helping solve the climate issue.” Are they, though? In any case, a “dramatically better” chip is always welcome. When the company announced their first clients, we quoted their press release: “Today, we at Intel are declaring our intent to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators. Intel will engage and promot..

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blockchain

How The Next 10 Years Of Blockchain Can Change Lives

  When it comes to blockchain technology in China , the first thing that comes to mind is Bitcoin . Bitcoin was the world’s first digital currency, and a decade ago, with the new innovations and applications it introduced to the banking and payments industry, it surprised the world. At that time the Genesis Bitcoin block was successfully …

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bitcoin mining

Bitcoin and its mining on the equilibrium path

bitcoin Information about the efficiency of specific chips and miners, especially their introduction date and actual use, is not easily available as some mining chips are being kept secret (at least for a period of time) before being made available for public and bulk purchases. However, power consumption with respect …

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