Bitcoin Mining: Summary of the Week’s Highlights

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A new week closes amid outstanding news in the field of Bitcoin mining and in this summary we bring you the most important. In the different specialized portals, the most relevant events of this business were highlighted. Of these, we present the 5 selected for this news synthesis.

Among the highlights of the week, the first adjustment in months of difficulty to the downside in the Bitcoin network can be listed. At the same time, there is other news that cannot be ignored, such as the loss of 13 bitcoins by Wired in 2013.

Likewise, other events such as the almost total recovery of the Bitcoin hashrate stand out for their importance. This is one of the most important achievements of this coin, dealing with a problem that was solved much earlier than expected. If you want to know more about this news week in the mining business, we invite you to continue reading.

These were the top 5 Bitcoin mining news this week

Reaching issue 65 of our classic Bitcoin mining news roundup, we bring you the best of the past 7 days. As usual, the most outstanding news are selected, of which the 5 with the greatest impact are those analyzed in this brief summary. These are the headlines:

The criticized mining company Greenidge is in the sights of Senator Elizabeth Warren. Bitcoin hashrate marks 181 EH / s at the end of the week. In 2013 Wired destroyed the keys of a wallet with 13 bitcoins. Network difficulty Bitcoin marked down by First time in 5 months. Griid mining firm will be listed on the stock exchange through a SPAC agreement.

Criticized Greenidge Mining Company Targeted by Sen. Elizabeth Warren

Greenidge is a digital mining company that operates on energy from natural gas. The firm has been the target of criticism throughout the year due to its polluting potential in New York City. There, a significant number of activists and conservation groups have been campaigning against the firm. The episodes of controversy since then are endless.

Even the matter was debated in the city senate. The legislators did not prohibit the activity of the company, but limited its expansion. Other controversial episodes would have been the threat of the firm’s executives against some activists. This is a matter of great concern, since the company’s activity would be polluting the lakes.

Now, the company is under the eye of Senator Elizabeth Warren. According to Bloomberg, the Democratic activist, known for her anti-crypto positions, would have addressed a letter to the company’s board of directors. In it, it requests specific information on energy consumption. It also questions the company’s carbon neutrality.

Bitcoin hashrate marks 181 EH / s at the end of the week

Despite a recent decline in the hash rate, its power remains at a pace of recovery that seemed unthinkable in the middle of the year. It should be remembered that following the Bitcoin mining bans in China, the computing power of Bitcoin dropped from 193 EH / s to less than 70 EH / s. Many analysts expected a sell-off from this fact.

However, the reality was different and the price of the coin recovered simultaneously with its hashing power. Recovery in the latter space was expected to take a year or two. But at the end of 2021, that is, a few months after China’s sanctions, the hashrate seems to fully recover.

Now, the computation rate is 181 EH / s, according to data from the Coinwarz portal. For its part, it is expected that by 2022, the computing power of Bitcoin will reach new all-time records. In this way, digital mining overcomes one of the greatest obstacles in its young history.

In one of the most important news of this summary on Bitcoin mining, the continuous increase of the hashrate of the most popular of digital currencies stands out.  Source: CoinwarzIn one of the most important news of this summary on Bitcoin mining, the continuous increase of the hashrate of the most popular of digital currencies stands out.  Source: CoinwarzIn one of the most important news of this summary on Bitcoin mining, the continuous increase of the hashrate of the most popular of digital currencies stands out. Source: Coinwarz

In 2013 Wired destroyed the keys of a wallet with 13 bitcoins

Like a story of karma, Wired’s mining experiment was brought to light again, which was intended to demonstrate the futility of Bitcoin. In it, a Butterfy Labs team was mined Bitcoin in a corner of the office. The matter was led by Robert Mcmillan, current Wall Street Journal reporter.

The result of the experiment was the generation of 13 bitcoins. The experiment ended there, with the reporter considering donating those coins to charity. However, considering their little use, the most “obvious” action was to destroy them. And so it happened. The person in charge destroyed the private keys or seeds of the wallet, leaving those 13 BTC lost forever.

Their current price amounts to more than $ 700,000 US dollars. It must be said that this is several times the annual salary of the author of that 2013 experiment, which concluded that Bitcoin was “an abstraction” devoid of value and meaning.

Bitcoin network difficulty marks down for the first time in 5 months

The improvement in the Bitcoin mining business is another of the highlighted topics of this weekly summary. Although the hashrate of this coin recently fell back, its rise is unstoppable by and large. But speaking of this recent decline, it impacted on the difficulty of the network to mine this virtual currency.

Since the recovery process began after the bans in China, all the adjustments, which occur automatically every 2016 blocks, were upward. In this sense, the last 9 adjustments (approximately 5 months) were all increasing.

With the most recent, produced this week, the difficulty of the network fell by -1.49%, meaning a small respite for small miners. Despite this, the next adjustment is expected to be an increase of 1.18%. For now, the difficulty does not reach the levels prior to the ban when it reached 25.05T. It is now at 22.34T.

Mining firm Griid will be listed on the stock exchange through a SPAC agreement

A new Bitcoin mining company will go public. This time it is the Griid company, valued at more than $ 3.3 billion dollars, which will operate in the stock market through a SPAC agreement. It is highlighted that the prospect of this firm is that it could mine up to 25,000 BTC annually from 2024.

It should be noted that SPACs are white check companies. Meanwhile, its sole purpose is to acquire another company. In this case, the central company would be Adit EdTech, the same one that would merge with Griid so that it begins to trade on the New York Stock Exchange, according to important media reports.

Currently, the hash power of this company is 187 PH / s. With this, by the end of 2021, the figure mined throughout the year was more than 630 bitcoins. As already highlighted, that amount would multiply several times by the year 2024, when they produce more than 25,000 coins each year.

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