WariHash Blog

This Week in Mining: May 4th

The Bitcoin halving is coming soon. Are you guys ready?
  1. The Bitcoin halving is expected to occur at the end of 11 May 2020 UTC time. There will be a number of online events celebrating the halving, including a few in VR, that you can check out:
  2. Bitmain confirmed that some batches of its S17+ Bitcoin ASIC units are defective and that they are working on a solution to replace them. Some customers are reporting a 30% failure rate after 1 month of usage.
  3. Cambridge Center for Alternative Finance released a Bitcoin Mining Map showing the geography of miners connected to Btc.com, Poolin, and ViaBTC. 65% of miners are reported to be in China, with US, Russia, and Khazakstan reporting shares of 6-7% each.
  4. Equihash (for ZCash) has been added to the Warihash market.

What is the SHA256 mining algorithm?

SHA256, or SHA256d (because SHA256 is applied doubly) is the first mining algorithm to be ever used, utilized by Satoshi in his creation of Bitcoin. As it is used to mine Bitcoin, it is the most revenue generating algorithm and has the most history behind it. SHA256 belongs to a family of cryptographic hash functions called SHA2 and was published by the National Security Agency in 2001. Satoshi presumably chose it as it was the newest standard and a significant improvement over the then more frequently used SHA1. In 2010, on bitcointalk.org, he explained: “SHA-256 is very strong. It’s not like the incremental step from MD5 to SHA1. It can last several decades unless there’s some massive breakthrough attack.”
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This Week in Mining: April 27th

This week’s mining news appears to be bullish for ASIC manufacturers:  
  1. Bitmain is reported to have made $300 million in revenue in the first four months of 2020. Meanwhile, the legal battle between Bitmain’s ousted co-founder Micree Zhan is progessing in local Chinese courts.
  2. ASIC manufacturer Ebang is filing for an IPO in the US for $100  million on either Nasdaq or NYSE under the ticker EBON.
  3. We are less than two weeks away from the projected Bitcoin halvening date.

This Week in Mining: April 20th

A slow news week, but here’s the latest:
  1. Since last Sunday, there has been a mysterious bidding war on Nicehash for SHA-256 hashing power, with payouts as high as 15x more than what you’d expect while mining normally. As of this writing, the payout is still 2x, so be sure to get in while you can. If any readers can shed light on the situation or knows who’s behind this bidding war, please get in touch with us (info@warihash.com); we’d like to know what’s happening.
  2. A group of miners took advantage of PegNet, a stablecoin protocol built on Factom to make out with $7 million dollars with a mere $11. The miners attempted to liquidate their ill-gotten gains on exchanges as quickly as possible.

This Week in Mining: April 13th

The world has stopped but the blocks keep coming. Here’s this week’s mining news:
  1. Both Bitcoin SV (BSV) and Bitcoin Cash (BCH) went through their halving events last week. Bitcoin Cash is currently experiencing large oscillating swings in hashrate due to its difficulty adjustment algorithm and miners are switching between mining BCH and other SHA-256 coins.
  2. Bitcoin Cash’s (BCH) developer fund proposal seems to have lost most of its support, although the code to activate it still remains in the Bitcoin ABC codebase. Bitcoin ABC is also currently raising funding from its community, and questions have risen whether the developer fund is being used as a bargaining chip.
  3. If you’re looking to learn more about the cutting edge of the mining industry, Marty Bent, host of Tales from the Crypt, interviews two of his fellow team members at the newly un-stealthed Great American Mining company, which is working with oil and gas companies to use their stranded gas (otherwise flared and wasted) to mine Bitcoin.