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Noti Hash: Bitcoin transforms countries and mining is also responsible

Noti Hash is CryptoNoticias’ Bitcoin mining newsletter. It is published on our website every two weeks, being today, Sunday, November 21, 2021, the eighth edition to be published, at the height of block 710.715.

Bitcoin mining is not only an energy and technological activity, but also a phenomenon with a territorial impact. We say this insofar as physical facilities and adequate space must be available to house the mining plants, which brings new socioeconomic dynamics to the table.

Since Noti Hash began to be published we have followed up on this line of events that began with the migration of miners from China to other parts of the world. Thus, countries such as the United States, Kazakhstan, Paraguay, Argentina and Uruguay increased their share of participation in Bitcoin mining.

In recent weeks there have been events that anticipate that the Mining will continue to make its way into energy markets and territories. This will create an environment of commercial options and competition between various actors.

CriptoNoticias reported on November 6 on how mining companies Bitdeer and Riot Blockchain seem to dispute control of the territory from Texas, USA

In that state there are abundant gas and oil resources, which is why a good part of the Bitcoin mining companies have settled there.

Also, we learned that the Navajo Nation, reserve of Native Americans, are mining Bitcoin in the American Wild West, seeking to regain their sovereignty and energy and financial self-determination.

These types of initiatives were commented on by Daniel Frumkin and Ethan Vera of the Braiins company, who in a panel during a conference held this week expressed their wish that impoverished nations mine Bitcoin.

To facilitate this, Braiins is reaching out to the Hispanic community by launching its suite of analytical and educational tools fully translated into Spanish , we report in this medium. Frumkin stated that mining should be encouraged in countries such as Venezuela, Angola or Zimbabwe.

New competitors appear for the USA

However, the US could face the emergence of other competitors in the world.

Laos, a country located between Vietnam and Thailand, started a Bitcoin mining pilot plan that aims to accumulate USD 190 million by the end of 2022. For its part, in Kazakhstan an agreement was reached between Bitcoin miners and the national government to operate without threatening the country’s energy security.

And in El Salvador, which began mining Bitcoin in the geothermal power plant in Berlin, Usulután , in September 2021, can now send Bitcoin transactions «from volcanoes to space», thanks to the recent installation of the satellite by Block stream on November 17.

This puts El Salvador one step ahead compared to other facilities that do not have this method for transmit Bitcoin transactions without Internet , fireproof.

To the south, in Argentina, where Bitcoin mining operations have Concerned some assembly members, it was announced that the Bitfarms company would install a fully functional mining farm with a private power plant, outside the national public electricity supply.

The industry of Bitcoin on the one hand, nations and States on the other

While countries not as developed as others take a firm stance in favor of Bitcoin mining (and also cryptocurrency), some regulators seem to align somewhat against this.

Let’s review the news we publish on CriptoNo ticias about it:

  • Although Russia has received quite a few miners in the last year, its parliamentarians plan to design a tax payment regime for this sector.
  • The Bank of Canada, that country’s central monetary entity, underestimates the use of Bitcoin, but ignores the growth of mining in that country.
  • The United States Securities and Exchange Commission (SEC) investigates Marathon, the largest Bitcoin mining company of that country, in relation to the installation of a mining farm in the state of Montana.
  • In Sweden, a government financial agency, and another dedicated to the environment, released a report that invites to ban the Bitcoin mining in Europe for not complying with global climate change agreements.
  • In China, the authorities have promised punitive measures against those who challenge the prohibitions against Bitcoin and its mining.

Bitcoin increases its difficulty and accompanies the rise in its price

Meanwhile, the difficulty of Bitcoin mining increased for the ninth consecutive time since July 2021, last 14 November at the height of block 709,632.

As reported in CriptoNoticias, the rise in the price of bitcoin (BTC) frequently accompanies the increase in difficulty. This could suggest that, at least this time, the well-being of the miners drives the growth of BTC and its market.

At the time of writing this note, the difficulty lies in 22 T , according to BTC.com. Meanwhile, the price of BTC is at USD 58,172, according to the CriptoNoticias price calculator.

On As for the hash rate, the processing power of the miners, a similar behavior can be seen.

From November 15 until now, we have witnessed a decrease in the price of BTC, a correction after a rise that took it to its all-time high in price.

As can be seen in Glassnode, a negative variation The trend in the hash rate in recent days has also accompanied this slight decrease in price, almost simultaneously and synchronously.

The hash rate and the price of Bitcoin seem to have behaved in a Similary. Source: Glasssnode

And, in relation to the good health that Bitcoin mining seems to enjoy, CriptoNoticias reported on the launch of Antminer S19J, from the manufacturer Bitmain, one of the oldest in the world.

The miner itself is more powerful than the entire Bitcoin network in the early eras of its existence, so it was a launch that got fans excited from a conference in Dubai.

nuevo-miner-bitmain nuevo-miner-bitmain

As we have highlighted in our previous issues of Noti Hash, mining companies are the main catalysts for Bitcoin’s growth, in terms of hash rate, difficulty and market.

Source: Bloomberg and Nasdaq

The ambition of these companies for the growth of their business does not seem stop, as in the case of Canaan, manufacturer of ASIC equipment, which is looking to increase its mining power 60 times in the coming months. The last quarter was the most profitable in its history, we reported in CriptoNoticias, managing to invoice USD 204.5 million dollars.

Other mining companies have fallen in the price of their shares in the public stock markets of the United States and Europe, but they have remained relatively stable after an accelerated increase in recent months.

Mining pools compete between Bitcoin updates

In the previous edition of Noti Hash we highlighted how the percentage of unidentified mining pools have come to comprise more than 10% of the processing power of the Bitcoin network. Now, they continued to increase their proportion and currently reach 14.2%.

In parallel, large mining pools such as Antpool (19% ), ViaBTC (14.7%) and F2Pool (14.4%) compete closely on their processing power, but unknown miners together outperform the power of other Pools known as Foundry USA and BTC.com.

All this was happening while the activation of Taproot, an expected update of the Bitcoin protocol.

Some important pools d and mining did not immediately set up to confirm blocks that included Taproot transactions, but they have subsequently joined this update.

Mining from other networks and blockchains

The price of Nvidia graphics cards, used both in computing and in cryptocurrency mining as Ethereum, fell 60% in the last quarter.

Picture of the week

This time we share a video of Ricardo Carmona, co-founder from Biomining, who gives his son a new mining equipment.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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