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Bitcoin mining breaks records and Argentine government confiscates equipment

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Notti Hash is CryptoNews’ newsletter on Bitcoin mining. It is published on our website every two weeks; today’s, Thursday, October 27, 2022, is the 32nd edition, with the block number 763,997.


All indications are that Bitcoin miners will continue to increase their operations worldwide. Hashrate, or the total computing speed of the network, remains at near-record levels.

As a result, the difficulty of mining Bitcoin is growing as competition for the reward is increasing. However, this week we reported on CryptoNews on the appearance of new solar-powered mining projects and the arrival on the market of new ASIC (specialized in the type of computational work required for the task) equipment.

Bitcoin difficulty level breaks another record

Graph compares bitcoin's price with its hashrate and mining difficulty
The difficulty of mining bitcoin negatively affects the profitability of miners when the price of the currency is falling. Source: braiins.
  • Average Hashrate: 259.36 EH/s (30 days)
  • Maximum Hashrate achieved: 269 EH/s (between October 12 and 16).
  • Difficulty level: 36.8 trillion (T)

Some hashrate logs show levels above 270 EH/s at specific times. This is a metric that fluctuates due to the daily activities of Bitcoin miners (maintenance, moving equipment, etc.). Because the network is so large, activity never stays at the same values.

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In any case, the fact that more miners, with more powerful equipment, have joined the network in recent weeks, has prompted the level of difficulty Bitcoin’s difficulty level has reached a new record. This Bitcoin feature regulates the issuance of new coins. It increases or decreases when miners contribute or subtract computing power, which affects how quickly transactions are added to the network’s history.

The bounty for bitcoin mining

block mining reward rate increase reaches the levels of 0.183 BTC on October 27, 2022.
This week saw the largest increase in the reward rate per block in Bitcoin in the past month. Source: braiins.
  • Range of commission earnings for miners: Between 0.050 BTC and 0.183 BTC. Of the total block reward (1-week period).
  • Total rewards for bitcoin miners: 918.42 BTC (average of 144 blocks between October 26 and 27)
  • Average rewards per transaction: 0.0034462 or 70.73 USD (average of 144 blocks between October 26 and 27)
  • Average rate paid per transaction: 0.0000691 BTC or US$1.42 (average of 144 blocks between October 26 and 27)
  • Source: Mempool.space y Braiins

Bitcoin miners’ rewards increased slightly this week compared to previous weeks. At specific times during the week, the Bitcoin users paid higher rates. compared to averages in recent weeks.

During Oct. 25, the there was a delay in confirmation between blocks 760,247 and 760,251, when in total only 4 blocks were confirmed.

The network quickly normalized, but for several minutes the mempool accumulated the equivalent of 12 blocks of pending transactions. Source: mempol.space.

In that two-hour time frame, many users were willing to pay higher fees in order to get faster confirmation of their transactions.

Bitcoin is priced

bitcon's hashprice has seen a slight increase
As bitcoin prices have risen, the hashprice has felt a slight surge. Source: Hashrate Index.
  • Hash price: 0.072 USD/TH/day.

After falling to 0.068 USDT/TH/day, Hashprice returns to previous weeks’ levels.. It is still perceived as an indicator of the poor profitability of Bitcoin mining in the bear market.

The hashrprice is a value assigned to a unit of calculation. In this case, it is equivalent to the profit in dollars (USD) per terahash invested by a mining team in the Bitcoin network in one day.

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Bitcoin price collapses

New indicators of growth rate and difficulty level. influencing profitability of bitcoin mining. The 3%+ increase in the difficultycompared to the previous value, affects miners’ perception of their own profitability, as we reported on CryptoNews.

New findings on Satoshi Nakamoto’s mining activity.

An investigation by programmer and bitcoinist Jameson Lopp. has revealed new information about Satoshi Nakamoto. Through analysis of the behavior pattern of early Bitcoin miners, details have emerged about how the creator of Bitcoin may have acted as a miner to keep the core of the network alive.

Argentine authorities with an iron fist.

Argentine authorities have stopped several containers that entered the country illegally, including the following products numerous equipment mining equipment, valued at millions of dollars (USD).

There was also the burglary and disassembly of a mining company by Argentine authorities, who arrested dozens of people in the raid. Although cryptocurrency mining is not an illegal activity in Argentina, these individuals were committing a crime related to this practice, which is detailed in the CryptoNoticias report.

New equipment for bitcoin mining

Canaan has launched new equipment with a hashrate greater than 100TH/s, and compete with the higher mid-range models of the dominant manufacturers in the market, such as Bitmain. This manufacturer’s Avalon A13 line features two models whose energy efficiency competes with newer models.

Electricity consumption of miners in Paraguay grows.

The Paraguayan energy authority said it has monitored mining growth in one region of the country. According to an ANDE representative, the state company fears that this growth may indicate that miners are operating illegally.

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Bitcoin mining chip makers look to new markets

Canaan, Bitmain, and Ebang are not only producing chips for mining Bitcoin and other cryptocurrencies. Now they are moving into an area billion-dollar industry that could triple in value in the next few years. According to Fortunes Business Insights, this industry could grow from a value of $387 billion to more than $1.3 trillion by 2029.

A solar-powered mining farm

A mining company, which recently completed a multimillion-dollar financing round, has completed the first phase of setting up a solar-powered mining farm. At its facility they have connected thousands of equipment to mine Bitcoin, with a power output of tens of megawatts (MW).

An error

Now bitcoin (BTC) is scarcer, because of a bug by a major miner. This error resulted in the loss of thousands of dollars (USD) in bitcoin (BTC). What is striking is that Miners who have been in the industry for some time are involved..

Image of the Week

Image of the week on uploaded by Nick Hansen on Twitter. During a visit to a Bitfarms farm, the CEO and co-founder of Luxor Technologies said he drove 7 hours to make the visit that this photo document shows.

To learn more about Bitcoin mining, see our Cryptopedia.

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