Značka: hash rate

Ethereum hash rate scores new ATH as PoS migration underway

Over the previous year, Ether (ETH) has increased in value to the point that it significantly outperformed Bitcoin (BTC) in terms of returns. The rise of Ethereum has made mining on its network more lucrative over time. This appears to have resulted in additional miners, resulting in an expansion of the network’s hash rate.The hash rate for Ethereum has hit a new high, approaching record levels of 1.11 PH/s according to data from Glassnodes on Jan. 27. The previous ATH was reached previously on Jan. 13, when the ETH price fell from $4,460 to $3,160.Source: GlassnodesWhen the hash rate rises, it indicates that more nodes are joining the network, and the network is becoming more decentralized. As a result, such an increase helps to cement blockchain security. However, if the hash rate is too low, it may be detrimental to the network since there would be fewer nodes, resulting in slow transactions and less security.In December 2021, Ethereum network participants implemented the Arrow Glacier upgrade, which pushed back the switch to proof of stake consensus. It also means that Ethereum mining has a long way to go before it comes to an end. A transition from the proof of work (PoW) algorithm to the Proof of Stake (PoS) algorithm is required before reaching ETH2, which is referred to as The Merge. At that moment, the difficulty bomb will go off, essentially shutting down ETH mining and putting the network into an “ice age” that lasts until the switch is completed.After the switch to proof-of-stake, however, ETH will no longer be mined; instead, transactions will be validated by staking on special nodes.Presently, the network’s hash rate has increased past one petahash. The number is equivalent to around 1,000 TH/s and indicates that the network’s hash rate has risen more than 66,000% since March 2016, when it began being recorded on the network.Related: Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block’s mining systemAs reported by Cointelegraph, the Ethereum Foundation criticized the branding of Eth2, saying it did not adequately reflect what was going on with the network during its round of upgrades. “ETH2” and the terminology used to distinguish a proof-of-stake chain from a proof-of-work chain may be phased out in the near future, according to the post.We’ve removed all uses of ‘Eth2’ terminology on https://t.co/v9gxnMUQFz Find out why https://t.co/84uJXSD4q1— ethereum.org (@ethdotorg) January 24, 2022Among the reasons for the shift are a bad mental model for first-time users, scam prevention, inclusion, and stake clarity. The switch from a PoW to a PoS consensus mechanism is scheduled to occur in the second or third quarter of this year.

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Bitcoin records all-time high network difficulty amid price fluctuations

The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s) — signaling strong community support despite an ongoing bear market.The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China.BTC network difficulty. Source: Blockchain.com.However, as the displaced miners resumed operations from other countries, the network difficulty saw a drastic recovery since August 2021. As a result, on Jan. 22, the BTC network recorded an ATH of 26.643 trillion. Data from BTC.com estimates that the network will continue to grow stronger by attaining another ATH in the next 12 days — with a network difficulty of 26.70 trillion.Estimated BTC network difficulty in the next 12 days. Source: BTC.com.In the last four days, F2Pool has been the highest contributor to the hash rate by mining 88 BTC blocks, followed by Poolin at 76 blocks. As of yesterday, the average fee per transaction is roughly $1.58, a value that historically peaked at $62.78 back in Apr. 2021.Related: Bitcoin could outperform stocks in 2022 amid Fed tightening — Bloomberg analystDespite the federal pressure for tighter monetary policies around cryptocurrencies, Bloomberg commodity strategist Mike McGlone suggests that BTC has a fighting chance to come out on top as investors recognize its value as a digital reserve asset. As Cointelegraph reported, McGlone believes Bitcoin is in a unique position to outperform in an environment where stimulus reduction is usually considered negative for risk assets:“Cryptos are tops among the risky and speculative. If risk assets decline, it helps the Fed’s inflation fight. Becoming a global reserve asset, Bitcoin may be a primary beneficiary in that scenario.”

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Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block's mining system

Bitcoin (BTC) hash rate has returned to all-time highs despite losing a key hash rate contributor. Meanwhile, amid lackluster price action, Block CEO Jack Dorsey confirmed the creation of an open Bitcoin mining system.The BTC space continues to surprise and bewilder critics and fanatics alike. Kazakhstan, the network’s second most important BTC mining country, experienced an internet blackout last week due to civil unrest. However, the hash rate faltered no more than 13.4% before regathering to reach all-time highs.As shown in the below data from Glassnode, with the price checking into the $42,000 range yesterday, the mean hash rate hit 215 million terahash per second.Bitcoin miners continue to show resilience and as Fidelity Digital Assets observed, the network is even “more widely distributed around the world.” Cointelegraph previously reported that Block would develop open-source Bitcoin mining systems in 2022 due to job postings on Linkedin. Yesterday, Jack Dorsey confirmed the hunch, retweeting comments made by Thomas Templeton, a general manager at Block. In the Twitter thread, Templeton addressed issues relating to the availability, reliability, performance, and products pertaining to BTC mining. In sum, Block’s goals for BTC mining are the following: “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.”Related: Jack Dorsey announces Bitcoin Legal Defense FundBuilding a BTC mining system “out in the open” and alongside the community is no mean feat. Econoalchemist, an established home BTC miner and BTC magazine contributor, tweeted that developing products in open source would “build trust where no reputation exists currently and also might shift consumer expectations in that direction.”Ultimately, Block’s mining solutions may pave the way for more DIY miners to enter the space. It seems the sky’s the limit for the hash rate. Well, at least until the next 2016 blocks when the network difficulty resets.

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Spanish lawmaker sees opportunity amid Kazakhstan’s Bitcoin mining collapse

Deputy for the Spanish Ciudadanos political party María Muñoz has proposed a bill to make Spain a Bitcoin mining hotspot following the internet shutdown that caused a mining outage in Kazakhstan.The lawyer and economist Muñoz was steadfast in her support of Spain as a Bitcoin (BTC) destination, in a tweet on Friday: “The protests in Kazakhstan have repercussions all around the world but also for Bitcoin. We propose that Spain positions itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient and safe sector.”A two-page open letter accompanied the tweet directed at the Spanish Congress of Deputies. First, Muñoz highlighted the significance of the protests and the government’s response which used “all the strength of the police and the army,” before the government switched off the internet to the largest Central Asian economy. She cited a Cambridge Centre for Alternative Finance study that put Kazakhstan as the second-largest Bitcoin miner worldwide, contributing an estimated 20% of the hash rate in the second half of 2021. The government’s decision to effectively pull the rug out from under Kazakhstan’s Bitcoin miners caused the hash rate to plummet a reported 13.4%.These events inspired pertinent questions for the pro-Bitcoin lawmaker:What information does the Spanish government have on the impact of the Kazakhstan internet blackout on the Spanish crypto mining industry? Will the government take measures to attract investors and miners fleeing the Kazakhstan mining industry? What data does the government have regarding the energy efficiency of Bitcoin and the growth of the mining industry?A proven proponent for the Bitcoin network, her party Ciudadanos, or “Citizens,” proposed a national strategy on cryptocurrencies in October last year. Her party seeks to position Spain as a pole for investments into cryptocurrencies from the European Union and the world — and Bitcoin mining could be the catalyst. As Bitcoin hash rate fluctuations have shown time and again, mining infrastructure is not geographically restricted. China’s mining ban, for example, was to the benefit of Kazakhstan and Kosovo. Alan Konevsky, chief legal officer at PrimeBlock, explained last year’s mining changes to Cointelegraph: “Mining companies including those that relocated after the China regulatory changes, set up in countries like Kazakhstan and Kosovo because the cost of electricity is much cheaper than in North America.”This was shown in Kazakhstan’s growing hash rate in 2021. However, in a premonition to what could take place in Spain, Konevsky goes on to explain: “If mining becomes a complete non-starter in these countries, we could see miners relocate. This industry is mobile, to a point — but as it matures it requires stability, including stable political climate and stable inputs, including energy.”Muñoz hopes that Spain harbors these Bitcoin-friendly factors. However, one of BTC’s biggest headwinds may be political. Her tweet inspired ridicule from rival Green party member Ernest Urtasun, a European Parliament member. Labeling her proposal a “bad joke” in a tweet, he said BTC mining is “an environmental aberration.” Muñoz and her Citizens party clearly have their work cut out.

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Top Bitcoin mining country Kazakhstan turns off internet amid protests

Kazakhstan, which boasts the second-largest  (BTC) mining hash rate in the world, is experiencing major internet disruptions amid local anti-government protests.Network data provider NetBlocks reported Wednesday that Kazakhstan was “in the midst of a nation-scale internet blackout after a day of mobile internet disruptions and partial restrictions.” According to the data, the normalized network connectivity in Kazakhstan fell to 2% on Jan. 5.“The incident is likely to severely limit coverage of escalating anti-government protests,” NetBlocks noted.Source: NetBlocksKazakhtelecom, the largest telecom company in Kazakhstan, has shut down the internet across the nation, according to some reports. Cellular networks have reportedly also been disabled in some cities in Almaty.Kazakhstan’s ongoing internet outage comes after the Kazakhstan government resigned amid protests that were sparked over a sharp rise in fuel prices. President Kassym-Jomart Tokayev sacked Kazakhstan’s government early on Wednesday and declared a state of emergency in Almaty and the surrounding province.According to some analysts, the protests are also a response to the lack of democracy in the country. “Young, internet savvy Kazakhs, especially in Almaty, likely want similar freedoms as Ukrainians, Georgians, Moldovans, Kyrgyz, and Armenians, who have also vented their frustrations over the years with authoritarian regimes,” Tim Ash, emerging market strategist at BlueBay Asset Management said.The protests have taken a violent turn, with reports of sustained gunfire between protestors and state security organs including the police and the national guard.Heavy and continuous gunfire in #Kazakhstan today. pic.twitter.com/nraG3ZySnf— Jake Hanrahan (@Jake_Hanrahan) January 5, 2022Related: Bitcoin mining manufacturer Canaan expands footprint in KazakhstanThe latest internet outages could affect the global Bitcoin hash rate. As previously reported by Cointelegraph, Kazakhstan accounted for 18% of the total global BTC mining hash rate distribution as of October 2021, second only to the United States.Many Chinese Bitcoin mining companies and miners were increasingly relocating their services in Kazakhstan after the Chinese government announced a renewed ban on the crypto industry in September 2021.

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Bitcoin mining manufacturer Canaan expands footprint in Kazakhstan

Bitcoin (BTC) mining hardware manufacturer Canaan Inc is expanding its footprint in Kazakhstan after signing new strategic partnerships with multiple crypto mining firms in the country. The Nasdaq-listed company announced Tuesday that it had deployed 10,300 AvalonMiner units in Kazakhstan as of Dec. 31, 2021, finalizing phase one of its deployment in the central Asian country. Canaan is partnering with local firms as part of its business expansion plans outside of China. However, the company declined to list any of its local partners. Although Canaan is based in Hangzhou, China, the company is eyeing expansion outside of its home country following Beijing’s wholesale crackdown on crypto mining in 2021. Zhang Nangeng, Canaan’s CEO, spoke out against the mining ban during an earnings call in July, telling investors that crypto miners make better use of stranded electricity, and contribute positively to employment and the local economy. With China snuffing out the crypto mining industry, neighboring Kazakhstan has rushed to fill the void, offering displaced miners cheap and plentiful coal. By June 2021, the world’s fifth-largest mining pool had set up shop in Kazakhstan. The following month, Kazakhstan accounted for nearly a fifth of the world’s Bitcoin mining output. Related: Kazakhstan to decide whether to launch CBDC by late 2022China’s ban on Bitcoin mining resulted in a sharp drop in network hash rate, but that has quickly reversed after displaced miners established new bases of operations. Following a six-month recovery, the Bitcoin network’s hash rate reached a new all-time high on Jan. 2. #Bitcoin hash-rate smashed a new all-time high yesterday! pic.twitter.com/TzEGE3sNRF— Bitcoin Archive (@BTC_Archive) January 3, 2022As for Canaan, the company recorded stellar growth in 2021, with net revenues hitting post-IPO highs. The company’s net revenues totaled $204.5 million in the third quarter, up 708.2% over the same period a year earlier, according to unaudited financial results that were posted in November.

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Bitcoin network turns 13, celebrates with new hash rate all-time high

Today marks the 13th year since Bitcoin (BTC) creator Satoshi Nakamoto mined the genesis block or block 0 of the Bitcoin network, and for the first time mined a reward of 50 BTC back on Mon, 2009. Fast-forward to 2022, the BTC network shows no signs of slowing down by reaching a new all-time high hash rate of 207.53 million tera hashes per second (TH/s).The Bitcoin hash rate, which correlates to the strength of the network based on the number of active miners, saw a temporary downfall after China banned citizens and businesses from pursuing crypto mining and trading activities. As a direct result of China’s blanket ban on crypto a sudden shortage of miners, the Bitcoin hash rate fell to 58.46 million TH/s. BTC hash rate in June 2021. Source: YChartsAs evidenced by the above graph, the Bitcoin hash rate saw an eventual comeback as Chinese miners began migrating to friendly jurisdictions. On Jan. 1, 2022, the Bitcoin network recorded a new all-time high of 207.53 million TH/s, reclaiming the network’s security by increasing the mining difficulty.BTC hash rate in January 2022. Source: YChartsAt the time of writing, the Bitcoin network hash rate stands at 190.64 million TH/s, down 8.14% from its all-time high.Related: Bitcoin holdings of public companies have surged in 2021BTC holdings of private corporations have significantly increased in the previous year, as revealed by on-chain analyst Willy Woo.Since MicroStrategy’s “Bitcoin for Corporations” conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.* MicroStrategy & public mining companies** Mainly Grayscale pic.twitter.com/e18OEfgiEW— Willy Woo (@woonomic) January 2, 2022A Cointelegraph report on the matter highlights that purchases made by Michael Saylor’s MicroStrategy exceed $6 billion in crypto assets. In December alone, the firm purchased a further 1,914 BTC worth $94 million.

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Bitcoin hash rate nears record 200EH/s as 100K BTC turns 'illiquid' every month

Bitcoin (BTC) is about to hit a new all-time high in one essential area — and major mining pools have likely already clinched the title.Data from monitoring resource MiningPoolStats shows that, as of Dec. 20, the Bitcoin network hash rate is practically at its highest ever.Hash rate vanquishes specter of ChinaDespite the price comedown from $69,000, hash rate is steaming higher, and the chunk of computing power from known pools is now at a historic peak.Hash rate refers to the computing power dedicated to mining, and while impossible to measure exactly, estimates agree that Bitcoin is more enticing for miners — and therefore more secure — than ever before.The known pool hash rate sat at 182.4 exahashes per second (EH/s) this week, with the total hash rate at 188.9 EH/s.According to MiningPoolStats, only once before has the latter been higher, reaching 209.3 EH/s in early May, just before the China miner rout. Known pools, on the other hand, have never been so busy.As such, the hash rate is not only fully recovered from the Chinese crackdown, but is now stronger than at any time in Bitcoin’s history.Bitcoin hash rate chart. Source: MiningPoolStatsBTC supply ices over this winterAs Cointelegraph reported, there appears to be little appetite to sell BTC at current price levels as miners and hodlers alike ferret away spare supply.Related: Bitcoin holds off on Santa rally as fund forecasts a new year ‘short squeeze’Figures from on-chain analytics firm Glassnode confirmed the trend on Dec. 23, showing that the amount of the BTC supply going from a “liquid” to an “illiquid” state is now 100,000 BTC per month.#Bitcoin supply is moving from a Liquid, to Illiquid state at a rate of 100k $BTC per mth.Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation, and bull market buyers.Live Chart: https://t.co/08CRwqLMpx pic.twitter.com/3iqTylLPYJ— glassnode (@glassnode) December 21, 2021The accumulation phase began thanks to the upheaval wrought by China, Glassnode shows. Further numbers highlight a positive impact on price action resulting from illiquid supply movements.

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