Digital mining is one of the most dynamic sectors of the global economy. Not a single day passes without it generating significant events. In that sense, here is a summary of the most important Bitcoin mining news of the week.
One of the most interesting events in the sector was the new difficulty adjustment of the Blockchain network of the main cryptoscope. Last Tuesday, June 30th, the adjustment remained practically unchanged from the previous one of June 16th.
This is an extremely rare occurrence. The little variability of the difficulty settings of the network, has occurred 8 times since the creation of Bitcoin. However, such a low level was only reached in March 2010 when the variation was 0%.
Bitcoin mining in context
To date, the rainy season continues in China’s Sichuan province. This has allowed Bitcoin mining to take advantage of the low cost of energy produced by hydropower, to make the most of low hash power equipment.
That’s why Bitcoin’s hash rate has not suffered a significant further drop. In addition, shipments of state-of-the-art equipment have increased. Thus, we could be seeing a rise in the hash power of cryptomonics, followed by a new drop.
The hypothetical decline could happen in October, when the rainy season ends in the aforementioned Chinese province. Similarly, we could be seeing news about the decline of Bitcoin mining’s hash rate, if the next difficulty adjustments are up.
Meanwhile, the price of Bitcoin Evolution has remained in the range of $9,000 to $9,900 for the past two months for another week. This stability has allowed Bitcoin mining to remain stable with little change in terms of removing obsolete ASICs.
No less important has been Bitcoin mining’s revenue during the month of June. According to the Coin Metrics graphs, compared to May, miners’ revenues declined by 23%, which shows that the effects of Halving are still being felt.
Bitcoin Mining Revenues Fall 23% in June
Problems continue for ASIC manufacturers
During the week, among the most notable news was the stumble of the mining machine manufacturer Bitcoin, Ebang, on the New York Stock Exchange. After its recent debut on June 26th, the company went through a series of legal problems that caused the value of its Nasdaq quotations to fall by 8%.
The other hardware manufacturer, Canaan Creatives, also reports news on the stock market. This other firm of Chinese origin has not had good news in Nasdaq either. Its shares have been plummeting since May. This Friday they closed at $1.81.
The other major Bitcoin mining equipment manufacturer, Bitmain, although it did not report news of its internal situation this week, is still in an internal fight among its founders. This fact has caused the firm to lose power in the market.