Cryptocurrency

News about Mining Bitcoin. Top 5 weekly

At the end of the first week of June, we present a summary of the 5 news on the mining of Bitcoin more important. We will review the events that marked the pace of news these 7 days.

Our roundup of the news about mining Bitcoin launches in China. There, the authorities of the northwestern provinces, exert pressure on the miners. Then, also in China, we will remember the “miners of the beyond” of Heilongjiang.

In addition, we will make a brief summary of the purchase multi-million dollar mining equipment for part of Marathon Patent Group. Finally, in the last two news related to the mining Bitcoin, we will make a review about the deficit in the mining and the legalization of the same in Kyrgyzstan.

Mining Bitcoin under attack in Yunnan

The local rulers of Yunnan province, ordered the disconnection of more than 57 mining projects. The action implemented under the accusation that “Big data”, is alleged to have been installed without the required permits.

The actions of the authorities rushed by two factors of importance. First, mining companies take advantage of the low cost of the hydroelectric energy to avoid the service of the State. The second factor is that, recently, there was an explosion at a hydroelectric plant that left several people dead.

It would be a preventive measure, due to that the farms, apart from being illegal, they would not be complying with safety protocols. This is dangerous to connect the cabling and other connections that require expert assistance.

Find illegal mining in “tombs” of China

An event out of the ordinary happened in the province of Heilongjiang. The local police, after receiving a complaint, she went to the area and found a mini farm illegal mining Bitcoin in a cemetery.

What was intended to be a cemetery, ended up being the starting point of a discovery is quite particular. In a nearby door to the “graveyard”, the effective is found with a great diversity of equipment related to the mining of Bitcoin.

Who installed the illegal farm under the “tombs”, were stealing electricity from an oil field nearby. The directors of this company, we noticed an unusual increase in their bill, which did not correspond to what is consumed. So they got in touch with the authorities.

Mining of Bitcoin is still attracting great interest among investors, almost one month after the Halving. Source: Marathonpg.com

Massive purchase of computers, ASIC will increase the hash rate of Marathon

The mining company of the united States, Marathon Patent Group, announced a purchase multi-million dollar mining equipment Bitcoin. It is worth noting, that this company is one of the few in your area to be listed on Nasdaq.

Marathon, has purchased equipment of the latest generation of the two giants of the production of hardware miners, MicroBT and Bitmain. In the first case, it announced the purchase of 700 whatsminers model M30S+. Each of these teams generates a few 100Th/s.

In both Bitmain, I bought 1.169 mining Antminer S19 pro. These powerful teams are working with a hash of 110Th/s. it Should be noted that, between the two purchases, the power of mining of Marathon amounts to the surprising amount of 197.600 Th/s.

Community crypto worried by deficit in the mining

A series of rumors in social networks, made the community Bitcoin to enter in panic. It was a possible capitulation on the mass of the miners obsolete. These would have a range of losses so high as to be able to sustain their operating expenses.

It turns out that the farms of mining Bitcoin are spending more of what they produce. According to the portal Byte Tree, in a range of 7 days, there were 5.888 Bitcoins, while they spent 6.561. In this way, mining would be in a deficit -673 Bitcoins.

The capitulation of the miners obsolete, it is a fact that is inevitable after the Halving. However, the bullish run in the days prior to the cut, gave a respite to the miners old to stay afloat a while longer, according to users of social networks.

Legalization of the mining Bitcoin at the doors in Kyrgyzstan

The parliament of the republic of Kyrgyzstan, it is in the phase of discussion of a draft law on the status of the mining. This is the first step prior to legalization.

If approved, it would be in the presence of a move towards decriminalization. Both the mining and use of Bitcoin as a form of payment are prohibited in that country. The legalization would be accompanied by a tax of 15% and a special rate of electric bill for the miners, the same that would be 70% above the average cost.

An important factor to keep in mind is that between the mining of Bitcoin and the kyrgyz authorities, there have already been problems. Less than 12 months ago, mining Bitcoin was expressly prohibited due to the high consumption of energy required to operate.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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