Bitcoin mining news continued to keep pace with the expansion of this futuristic activity. In our classic weekly roundup, we bring you a roundup of the top five news stories in cryptocurrency generation.
In this edition, we can’t miss the frantic hashrate recovery of the world’s most important digital currency. This is undoubtedly the most significant news in weeks, when the pace of disconnections slowed. At the same time, the number of computers connected and reconnected began to rise around the world.
In addition, BlackRock, the world’s largest asset manager, stands out for its investment in mining stocks. The announcement by Jack Dorsey, CEO of Twitter and Square, that he had started mining bitcoins was another highlight.
BlackRock invests nearly $400 million in mining stocks
BlackRock, the world’s largest asset manager with a valuation of around $8 trillion, is now investing in mining companies. According to data, the company has invested nearly $400 million in the purchase of shares in two Nasdaq-listed mining companies. These are the American companies Riot Blockchain and Marathon.
The company reportedly paid a total of $382.9 million to purchase 6.72% of Marathon’s shares. As for Riot Blockchain, they would have acquired 6.61%. The company thus becomes the second-largest creditor of these companies, behind Vanguard Group’s Valey Forge.
It’s worth noting that this acquisition increases the number of traditional companies turning their sights to cryptocurrencies. It’s also worth noting that this isn’t BlackRock’s first foray into cryptocurrencies. In the past, they’ve opened bitcoin futures on the Chicago Mercantile Exchange (CME) and hired former Ripple trader Robert Mitchnick as the firm’s head of blockchain.
Jack Dorsey confesses to being a bitcoin miner
Another piece of curious bitcoin mining news this week is the confession of Jack Dorsey, CEO of Twitter and Square. In a comment on his social network user, he declared that he was “trying to mine bitcoins”. To do so, Dorsey is said to be using Compass Mining as an intermediary.
It’s worth noting that this mining company takes care of everything. In other words, the customer doesn’t even have to buy the machine. The company takes care of purchase, installation, hosting and maintenance. It’s a kind of cloud mining service, as its website explains.
With this move, Dorsey is fulfilling a duty that every bitcoin maximalist must perform at some point: generating his or her own cryptocurrencies. There are many ways to access bitcoins and increase balances held in wallets, of which mining is the safest and most consistent. At the same time, it’s the most expensive to invest in.
Bitcoin miner arrested in Spain for allegedly defrauding the electricity system
A bitcoin miner was recently arrested in Toledo, Spain, for allegedly carrying out the activity with an illegal electrical outlet. According to law enforcement portals, the person allegedly used a homemade socket to avoid the high energy bills that exist in the Iberian country.
It should be noted that mining is legal in Spain. However, there is little room for this activity due to the high cost of electricity. In this country, cryptocurrency enthusiasts prefer trading, staking or other forms of business to increase the number of coins in their wallets. The truth of the matter is that the authorities discovered the person because of the high consumption detected in the house.
Some 111 pieces of bitcoin-mining equipment were found on the site. In addition, it was learned that they would be connected to a sophisticated cooling system. “A woman has been identified as the alleged perpetrator of the electricity fraud crime. She used an illegal connection to ensure continued activity,” reads the police statement.
Bitcoin hash rate continues to recover
In the most important bitcoin mining news of recent weeks, the crypto-currency’s hashrate continues to rise. Thus, computing power and, with it, network security, appears to be out of the woods after massive disconnections in China.
Since last May, Chinese authorities have been crusading against the trade in several provinces. The attacks culminated in a definitive ban on the activity across most of the country. As a reminder, 65% of the main cryptocurrency’s hashing power was located in China. The ban resulted in a drop in the global hash rate.
From 192 EH/s in April, the counter has fallen to less than 68 EH/s. However, it is rapidly recovering thanks to reconnections by Chinese miners. On the other hand, new connections from major Western companies such as Riot Blockchain, Core Scientific and Marathon, among others, also count. At the time of writing, bitcoin’s hashrate is 132 EH/s.
Bitfarms’ revenues increased by 40% in the second quarter of 2021.
Last but not least in bitcoin mining news is Argentinian company Bitfarms. In its report for the second quarter of 2021, the Nasdaq-listed company reported revenue growth of over 40%.
This increase is linked to the valuation of the cryptocurrency market in recent months. Bitcoin seems to be entering a major rally once again. Its price is approaching the 50K barrier for the first time since the first quarter of the year.
With the leading cryptocurrency on the rise, the entire cryptocurrency market is on the move. As a result, leading altcoins such as Ethereum, ADA, BNB and others are maintaining exceptional market momentum.
