Tuesday, February 27

Bitcoin Mining: The Latest of 2021 and the Start of a New Year

Wish our readers a prosperous year, we come to the 69th edition of our Bitcoin mining roundup, where we present the latest from 2021. An important set of news made the headlines of the main media related to digital currencies. Among them, those concerning the extraction of these virtual assets stand out.

Among the events that stand out most of the last week, the forecast for the growth of digital mining in Latin America can be highlighted. In this sense, a significant number of countries are prepared to welcome new companies dedicated to this new and profitable business. Similarly, the rise of mining in Thailand is obvious.

On the other hand, a recently founded company in the United States stands out, which already operates with 13 thousand ASICs. But the most surprising thing is that it expects the arrival of a batch of another 19 thousand mining machines for this year 2022. If you want to know more about the last 7 days in the mining business, we invite you to continue reading this informative synthesis.

Top 5 Bitcoin Mining Facts of the Week

In this new edition of our classic summary of news on Bitcoin mining, the latest from 2021 is highlighted. Likewise, points related to the expectations of the business during this new year 2022 are touched. As always, from all the information generated in the last 7 days, the 5 most important are selected. These are the headlines:

  1. Crypto mining on the rise in Thailand due to ban in China.
  2. Increased heat increases the power consumption of the S19s.
  3. The newly born Gem Mining company already has 1.25 EH / s.
  4. Latin America is ready to receive mining companies in 2022.
  5. Marathon could increase its space in Bitcoin’s hash power by 600%.

Crypto mining on the rise in Thailand due to ban in China

The ban on Bitcoin mining in China is not without repercussions around the world. This is mainly due to the amount of hash that was within the national borders of that nation. An immense number of mining companies began the process of migration to other latitudes, especially those closer to home.

One of the nations that serves as a host for the displaced miners is Thailand. But this is not primarily a relocation of Chinese companies, rather Thai investors take advantage of low prices for used equipment. In that way, it informs CoinTelegraph, retail mining is increasing significantly in Thailand.

The proximity of China to this other nation, allows shipping costs to be considerably low. Thus, setting up a mini farm turns out to be very economical, meanwhile the profits are considerably high. This is why the digital mining business is experiencing a fever in Thailand. Despite this, significant gains could multiply with the price rise of the most popular cryptocurrency in 2022.

Increased heat increases the power consumption of the S19

The last of the studies of the Braiins company, owner of the Bitcoin mining pool Slushpool, shows important data of the S19. It is the latest mining machine from the Chinese manufacturer Bitmain. It would have problems with the increase in temperature, which would cause the ASIC to consume a greater amount of power.

It should be noted that the S19 series is varied. However, the problem of heating and consumption seems to encompass the different models of that series. Consequently, the aforementioned form ensures that upon reaching the temperature of 75 °, the individual machine could consume up to 3.5 kilowatts. The study stresses that these miners are more sensitive to heat than older versions like the S17.

Either way, the problem does not appear to have a detrimental effect on the life of the equipment. However, high energy consumption could mean loss of profitability depending on the energy rate of the place where you are operating. In simple words, if the country where the machine is turned on has low electricity costs, this information is not important.

The latest of 2021, is led by the study of the firm Braiins on the greater consumption of the Bitcoin S19 mining machines before a greater amount of heat.  Source: braiins
The latest of 2021, is led by the study of the firm Braiins on the greater consumption of the Bitcoin S19 mining machines before a greater amount of heat. Source: braiins

The newly born Gem Mining company already has 1.25 EH / s

To say that Bitcoin mining is one of the most profitable businesses in the world is not a cliché or commonplace. It is a reality that is visible to all and the Gem Mining company is one of the most palpable cases of this fact. The firm, founded by former US Marine John Warren, in a short time already occupies 1% of all the computing power of Bitcoin.

To get an idea of ​​the magnitude that this means, it must be said that the Warren mine has some 13 thousand operating machines. The latter equals 1.25 EH / s. It should be noted that 1 PH / s is equivalent to 1,000 TH / s. In a superficial calculation, you would be talking about a staggering 2,250 TH / s. With such computing power or hashrate, Gem Mining generates 6.5 bitcoins daily.

As if this were not enough, CoinDesk, reports that the mining company closed a business for another 19,000 mining machines. They would be fully operational by the end of this year 2022. If you wonder how long has this firm existed, the answer is more surprising: since February 2021.

Latin America is ready to receive mining companies in 2022

In the last of the firm’s reports Arca, Latin American countries would be among the main destinations for Bitcoin mining. The important thing about the case is that a good part of these nations have been preparing for this reception stage. Among the countries that would already be ready to host mining companies are Argentina, Paraguay and El Salvador.

The prospect for this new year 2022 is high due to the ultra-well-known ban on digital mining in China. As already highlighted, the Asian country was the epicenter of global mining with 65% of all the hash power of the pioneering digital currency. Right at that moment, the national authorities decided to eradicate the business.

The result was an avalanche of miners all over the world. The main destination for these processors was the United States. Some entities of the North American nation, such as Texas and Florida, announced their willingness to welcome expatriate miners with open arms.

Marathon Could Increase Its Space In Bitcoin Hashing Power By 600%

Powerful Nasdaq-listed Bitcoin mining company Marathon could see 600% growth relative to its place in that currency’s global hashrate. Thus, by the year 2023, the number of mining equipment in possession of this firm would be about 200 thousand ASICs. Calculate that with 13 thousand equipment Gem Mining generates 6.5 bitcoins daily.

Thus, by that date, the mining company would be reaching the goal of 23.3 EH / s. The aforementioned 600% growth, it should be noted, would be relative to the current level, which in itself is staggering. In order to achieve that goal, the company closed a new contract with the manufacturer Bitmain.

The latter would supply thousands of latest generation S19 XP machines. The exact number of teams was not released. It should be noted that these units per unit mine at about 150 TH / s. The incorporation of the next batch of equipment will take place between July and December 2022, says the portal CryptoNews.