BT Daily News: Bitcoin mining hash rate spikes 60% despite plummeting revenue per terra hash
1. Bitcoin mining hashrate spikes 60% despite plummeting revenue per terra hash
The Bitcoin mining hash rate spiked as high as 298.5134 EH/s on September 4, marking a +60% spike in 24 hours. Founder of fintech research firm Quantum Economics, Mati Greenspan, commented that the surging hash rate posted a new all-time high for the leading cryptocurrency.
Far from being an outlier, an analysis of the hash rate on a yearly time frame showed an uptrend of higher highs — despite a drop-off in June following the Terra implosion and subsequent liquidity crisis.
Throughout this period, Bitcoin’s price has been trending downwards, adding further weight to the argument that hash rate and price are uncorrelated.
2. Meco Announces Launch of World’s First Solar-Electric Crypto Mining RigsRecently, Meco Limited (mecobit) held an exclusive launch event at the Hong Kong Technology Bureau to introduce the highly anticipated Ultimate Solar Power System, a solar power System, a solar power system with incredible backups and cryptocurrency miners. (World 1st Solar-Electric Crypto Mining Rigs)
Solar Panel Kit for a Small Solar Station (Complete) Featured Solar Array M4000 one of the most iconic pieces of solar-powered crypto gear ever. Appliances, dryers, pool syphons, electric car chargers, and even cryptocurrency mining equipment are examples of the necessary equipment that impacts or helps keep running other equipment. The world’s issues with fossil fuel byproducts and excessive levels of electricity usage are what we are looking for as a boost. “It enhances our approach to planning and creativity. Additionally, ensure that this progress is reasonable for the client,” B. Franci, the CEO of Meco, added.
3. Ethereum Merge to ‘swamp’ other coins with minersThe changeover of the Ethereum network from a proof-of-work (PoW) consensus is anticipated to result in a massive influx of idle ETH miners into the cryptocurrency market, severely disrupting all PoW currencies.
Andy Long, CEO of Bitcoin miner White Rock, he thinks the imminent Ethereum Merge will drive PoW miners to seek out other PoW blockchains and “swamp” other coins, raising mining difficulty and decreasing profitability. “As GPU miners point their hardware at other chains their difficulty will increase causing lower returns and splitting the reward amongst more miners.”
Long continued by saying that many crypto miners will probably be forced to give up and sell their pricey mining equipment due to the exodus. Long asserts that he is “not strongly opposed” and curious to observe “how market forces play out” regardless of what transpires following the Merge. One of the biggest changes in the cryptocurrency market this year will be Ethereum’s switch to a proof-of-stake (PoS) method between September 10 and 20.
4. Ethereum 'Merge' has huge implications for crypto mining and BitcoinThe Merge name choice is because Ethereum is adopting the Beacon Chain PoS system but it is a bit deceptive as there is likely to be more of a split, creating the PoS chain and a PoW chain.
This fork is not the first time to happen in crypto history. Bitcoin too has seen splits after upgrades and has created Bitcoin Gold and Bitcoin Cash.
For investors and the crypto start-up scene, Merge will not have that much of an impact, according to Eloisa Marchesoni, a tokenomics expert.
"The worst impact will be on the miners," she told Euronews Next, explaining that the value of the old version is likely to decrease and the equipment used to mine will not work for the new PoS model.
5. Viralcoin could be the next big thing in the crypto marketBitcoin and Ethereum have dominated the crypto market for quite a long time in terms of trading volume, market capitalization, and price. But every other day, there is a new cryptocurrency that is emerging in the market and challenging the dominance of BTC and ETH. Recently, the emergence of ViralCoin has created a storm in the crypto market. ViralCoin has emerged as one of the most successful crypto projects in 2022. With the rising number of pump-and-dump cases in the market, ViralCoin has become a promising new cryptocurrency project.
There are several benefits of ViralCoin, starting with its determination to keep its token price stable during its minting phase. The minting phase is usually one of the most complex times of the crypto project, which is mainly because customers want to quickly buy and sell off their investments and make profits. The crypto project is also insulating itself against the ViralCoin Vault contract.