Here’s the week’s mining industry news:
- The Iranian president, Hassan Rouhani, has called for a national strategy on cryptocurrency mining. This comes off the heels of a new parliamentary bill applying foreign exchange regulations to cryptocurrencies. It is speculated that this move was made in attempt to stem captial flight from Iran.
- Security firm Red Canary reports that a botnet has infected at least a thousand computers with malware that mines Monero. The researchers believe the group responsible for the malware has been active since December 2019.
This week’s updates are mild compared to last week’s halvening festivities. Here’s the latest:
- Bitcoin experienced a -6% network difficulty drop following the halving as unprofitable mining equipment was taken offline. Some believe that miners switched on older equipment leading up to the halving to make the most of the remaining days with a higher block subsidy.
- Bitcoin Cash (BCH) hard forked on May 15th. Their dev fund proposal, which had a small possibility of being activated at the time of the fork, is now all but dead.
- A Bitcoin mining reward from 2009, a month after the creation of Bitcoin, was moved for the first time. There was speculation that this could have been Satoshi, but analysis shows that this is most likely not the case. It’s impossible to say for sure, but the analysis of coins likely to be owned by Satoshi can be found here.
Happy halvening week! Here’s what happened:
- The Bitcoin Halvening (Halving) – The third Bitcoin halving event occurred on the 11th of May at 19:23 UTC. Block 630,000 was mined by AntPool, ushering in the fourth Bitcoin epoch.
- F2Pool mined block 629,999 immediately before the halvening, adding a relevant homage to Satoshi’s original genesis block message: “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue”
- Lubian, a new Chinese mining pool, has grown to account for approximately 5.15% of the total Bitcoin hashrate in just three weeks. According to Dovey Wan of Primitive Ventures, this is likely a private pool that revealed itself publicly as the hashrate did not spike.
The Bitcoin halving is coming soon. Are you guys ready?
- 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:
- 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.
- 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.
- Equihash (for ZCash) has been added to the Warihash market.
This week’s mining news appears to be bullish for ASIC manufacturers:
- 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.
- ASIC manufacturer Ebang is filing for an IPO in the US for $100 million on either Nasdaq or NYSE under the ticker EBON.
- We are less than two weeks away from the projected Bitcoin halvening date.