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WEEK 6: 23-29  August
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Week 3  Aug  02 - Aug 08
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week1(19.07-25.07)
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#PROOF OF REGISTRATION
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Active bitcoin miners may see their profitability double following the 28% downward difficulty adjustment in mining on July 3, according to several mining sites.

The North American hash spread – an index invented by digital asset financial services platform BitOoda to measure the difference between bitcoin mining revenue per megawatt-hour and the cost of the needed power – has almost doubled to $449 from $225.

“Mining economics have improved significantly,” Sam Doctor, chief strategy officer at BitOoda, wrote Monday in a newsletter.

Such projections follow the record downward adjustment in the Bitcoin blockchain’s mining difficulty. The adjustment process, which was coded into the network’s original programming, is designed to stabilize the blockchain by incentivizing miners back to the network whenever there’s a significant drop in the hashrate, which is the amount of computational activity working to secure data and finalize transactions.

China’s recent crackdown on the crypto industry forced many miners to shut down, cutting the total hash power by more than half from record levels earlier this year. The seven-day average hashrate fell to 84.3 exahashes per second on Friday, before the difficulty reset, the lowest since September 2019. But it has since jumped back to about 90.7 exahashes per second, according to Glassnode.

Miners may see similar profitability levels as in April, when bitcoin was trading at nearly double its current level, according to an analysis by Glassnode. While prices are much lower now, fewer miners are splitting the revenue.

Meanwhile, as some Chinese miners have been selling their mining computers or “rigs” at discounts, prices for the machines have dropped. According to Luxor Mining, newer and next-generation rigs have lost 32% of resale value, while the oldest machines saw price declines of 36%.

Remaining miners will continue to see profitability boosts, until the infrastructure catches up, according to industry experts.

“It’s become both easier and more profitable to mine bitcoin,” said Nick Spanos, co-founder of Zap Protocol, an infrastructure provider for decentralized apps. “That’s a recipe for enticing more miners back in.”

More INFO

The CEO of iMining, a crypto mining firm, Khurram Shroff has recently released a statement revealing that the crypto ban in China is good news for Canada and the rest of the world. According to Khurram, the crypto crackdown in China will help in the diversification of the mining spots of cryptocurrencies and hence contribute to the development of the industry.

iMining CEO Khurram Shroff Says China Crypto Ban Will Help in Diversification
The regulatory crackdown on the cryptocurrencies and the businesses associated with crypto trading and mining of China has estranged major mining companies.

One of those companies is an Investment company named IBC Group which is based in Dubai and is reportedly having plans to end their BTC and ETH mining operations in the country.

Revealing further, the officials of IBC Group have said that they will be distributing their business to different locations in the world such as Kazakhstan, Canada, UAE, and South American countries while relocating its headquarters to Toronto, Canada.

Addressing this crackdown as a temporary situation and hurdle in the journey of cryptocurrency, Khurram Shroff said:

“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”

Crypto Crackdown in China Will Encourage Decentralization
Mentioning the carbon footprint issue of Bitcoin, China took the decision of imposing a ban on all the activities associated with cryptocurrencies.

In addition to this, the tightening of the cryptocurrency regulations after the ban led to a significant fall in the crypto market and raised concerns over the future of cryptocurrency.

However, it should be noted that the experts from the crypto industry share a common belief that though the crypto crackdown will initially be challenging and inconvenient, the migration of the mining business out of China will help in the decentralization of crypto.

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