One more week comes to an end for the Bitcoin mining business and in this special summary, you will be able to catch up. We bring you the 5 most important news of the last 7 days within the world of digital currency mining.
As in the last weeks, in this one that concludes, important news events related to digital mining occurred. Some of the news is loaded with positive aspects and others not so much. Among the second category, there is a video that went viral on social networks. It shows a bulldozer destroying mining equipment in Malaysia.
On the other hand, the increase of hash power within the borders of the United States is highlighted. It should be noted that many of the miners who suffered the repressive measures in China are migrating to countries with better opportunities for the development of their businesses.
Here are the headlines of this special roundup on Bitcoin mining
As usual, in this special summary, the 5 most outstanding information about digital mining, specifically Bitcoin, are selected. Although news in this area is plentiful, Crypto Trend selects the ones that caused the most impact. These are the headlines of these 5 news:
- Malaysia: Seized mining equipment destroyed.
- Coal-fired energy gains momentum in Kazakhstan.
- The United States becomes the new epicenter of Bitcoin mining.
- Miners start BTC accumulation cycle.
- Ukrainian police seize 3,800 PS4S used to mine cryptocurrencies.
Malaysia: Seized mining equipment destroyed * Global Voices
The first news of this special Bitcoin mining roundup moves to Malaysia. In that country, the authorities proceeded to destroy ASICs equipment with bulldozers. In a video that went viral on social networks, you can see how an operator crushes mining hardwares.
According to news portals, the equipment was allegedly confiscated for illegally producing bitcoins. The incident occurred in the town of Miri on the island of Borneo. Thus, a total of 1,029 mining machines were crushed. It is estimated that they had an equivalent value of $1.2 million US dollars.
Reports claim that the equipment was owned by a person from that country, who would have been stealing electricity for months. In addition, it was learned that, so far this year, the authorities have destroyed three houses where mining equipment was housed clandestinely.
Coal-fired energy gains momentum in Kazakhstan
One of the most worrying information is that Bitcoin mining powered by polluting energy would be far from over. At least that is what some reports of increasing fossil fuel-fueled energy production seem to yield.
A large part of the miners who left China as a result of the crackdown on the business would be headed to Kazakhstan. In that sense, that nation would be increasing the “burning of coal” to produce the electricity needed to power the Chinese farms installed on its borders.
Kazakhstan produces 90% of its electricity with coal according to the aforementioned magazine Newscientist. Consequently, the arrival of new players such as cryptocurrency miners, who demand large sums of energy, will not change the situation much. Although there is no certainty as to the percentage of Chinese miners moving to Kazakhstan, its proximity suggests that it will be a large number.
The US becomes the new epicenter of Bitcoin mining
Another highlight of this special summary, focuses on the US and the conversion of that country into the epicenter of Bitcoin mining. The advantages offered by the North American nation are innumerable for digital miners and for the business as a whole. For farm owners, the few barriers and low energy prices are ideal.
On the other hand, for the mining business, it translates into a great opportunity to move towards the use of renewable energy. Unlike China, in the United States, there is more transparency in the management of greenhouse gas emissions. In this way, we can have better control over environmental aspects.
According to CNBC, until May, the United States was the second country with the highest hash power at 17%. Now, with the migration of Chinese miners to several states of the North American nation, it will become the world leader in Bitcoin mining. The trend of weakening business in China, began in 2019. However, this 2021, ended abruptly.
Miners start BTC accumulation cycle
A new trend of accumulation seems to start in the pioneer cryptocurrency market. The owners of Bitcoin mining farms would be taking their funds out of exchanges. This is a characteristic symptom of times of low volatility in the price of the digital currency. Likewise, that could lead to a possible rise in the price of BTC.
According to data from the analysis firm, Glassnode, the cycle of mass sales witnessed in the month of June, would have already concluded. At that time, about 5,000 BTC were liquidated daily in the exchanges. Now, less than half of those cryptocurrencies are liquidated.
One of the reasons for miners now deciding to sell less is the positive profitability of mining. It should be remembered that hashrate and network difficulty make block processing easier. Thus, miners are able to mine more in the same period of time and save larger amounts of bitcoins.
Ukrainian police seize 3,800 PS4 illegally mining cryptocurrencies
Another important news of this special summary, focuses on mining not Bitcoin, but other virtual currencies. The same would be generated with video game consoles of the model Playstation 4. The highlight is that almost 4,800 of these devices would have been mining altcoins illegally in Ukraine.
In this way, the authorities of Kiev seized the 3,800 consoles. It should be noted that not only PS4 were used, but also other devices. The illegal miners used the empty deposits of an electric company to house the equipment.
The people who carried out the mining activity had kept themselves hidden from the authorities by manipulating the electricity meters. Apart from the 3,800 PS4, the authorities found 500 graphics cards, 50 processing units, laptops, phones, among others, details CoinTelegraph.
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