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June 15, 2021
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Market Overview |
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Price |
24H |
YTD |
| Bit Digital |
$8.54 |
-4% |
-67% |
| Bitfarms |
$4.06 |
-3% |
81% |
| Canaan |
$9.89 |
-4% |
42% |
| Ebang |
$3.79 |
1% |
-51% |
| Hive |
$3.11 |
-3% |
14% |
| Hut 8 |
$4.15 |
-4% |
39% |
| Marathon |
$30.54 |
2% |
147% |
| Northern Data |
$86.90 |
-1% |
6% |
| Riot |
$35.19 |
-1% |
87% |
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Data as of 12:00 UTC |
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Bitcoin mining pools are losing hashrate as Chinese regulations change. |
Nearly all top bitcoin mining pools have shed a significant amount of hash power over the past week as a stream of news of bans and regulatory changes across different jurisdictions in China has miners on edge. Over the past week, top pools AntPool and F2Pool, for example, have both lost over 30% of their hashrate.
- China’s Qinghai province ordered miners to shut down.
- China’s Xinjian province ordered the same.
- China’s Yunnan region ordered strict licensing and registration of miners.
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An extreme example of a pool that did lose a lot of hashrate is China-based 1THash, one of the top 15 largest mining pools. In the past week, 1THash lost roughly 70% of its hashrate.
Click here to continue reading this section of Mining Memo. |
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Bitcoin mempools are emptying more frequently than usual. |
In June, Bitcoin mempools have been emptying more frequently than usual over the past six months. This short-term trend of empty mempools follows bitcoin’s price drop down to roughly $30,000 through the end of May and early June.
- Mempools have emptied 11 times so far in June.
- June marks the most times mempools have emptied since November 2020 when mempools cleared over 40 times.
- Mempools didn’t clear from mid December 2020 through the end of May 2021.
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Empty mempools coincide with a significant drop in hashrate as miners migrate out of China and Chinese officials continue announcing strict regulations of mining in various provinces.
Usually declining hashrate correlates with an increase in the number of transactions sitting in a mempool. But hashrate has dropped along with daily bitcoin transactions, leaving mempools to empty more often than usual over the past several months.
Click here to continue reading this section of Mining Memo. |
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Proof of Work Overview |
| Bitcoin |
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7D |
YTD |
| Price |
$40,190 |
15% |
39% |
| Difficulty |
19T |
-5% |
7% |
| Revenue* |
$0.27 |
24% |
24% |
| Hashrate |
131 EH/s |
-12% |
-5% |
| Ethereum |
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7D |
YTD |
| Price |
$2,557 |
1% |
250% |
| Difficulty |
7,334T |
-7% |
97% |
| Hashrate |
548 TH/s |
-2% |
87% |
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* measured by $/TH/s |
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Compass Updates |
MicroBT inks a purchase agreement with Compass for monthly hardware shipments. Fold lands Compass as a month-long sponsor for its daily bitcoin giveaway sweepstakes. Texas Blockchain Council added Compass as a new member. |
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Mining Newsfeed |
🧭 Bitcoin’s mining difficulty dropped again.
Following the nearly -16% drop last period, Bitcoin’s difficulty adjusted downward by -5.3% at the end of the latest difficulty epoch. Difficulty is now at its lowest level since late December 2020, making mining the easiest it’s been all year. Bitcoin’s price, meanwhile, is still roughly 40% above $29,000 where it traded on Jan. 1, 2021. |
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🧭 Marathon capitulated on trying to mine “clean blocks.”
Barely two months after its pool announced plans to mine “clean block,” Marathon has updated said
it will no longer try to mine only blocks with OFAC-compliant transactions. Marathon’s mining nodes have been updated to remove all “OFAC Compliant Block” messaging from the coinbase of blocks its pool solves. Read more about the incredible difficulty of mining “clean blocks” here. |
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🧭 Miner support for Taproot locked in at block 687,284.
As bitcoin has tumbled, cryptocurrency mining stocks have dropped with it. Most public mining companies have seen their share prices drop 40% to 50% this quarter. But Bitfarms stands apart from this group, down barely 12% to date in Q2 2021. Bitfarms has released a bevy of bullish news this quarter, including joining Foundry's pool, a Nasdaq listing, and plans for a 210 MW mining facility in South America. |
🧭 Bitclout mining is now a thing.
Have you heard of Bitclout? It’s a tokenized Twitter knockoff that has polarizing reactions from everyone in cryptocurrency and assigns tokens of various value to different Twitter users mirrored on Bitclout. Well, now Bitclout tokens can be mined...somehow. CloutReactor is a Bitclout PPLNS mining pool. But among many problems, the pool has no remote procedure call (RPC), so estimating its current hashrate is not possible. |
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Quick Bits |
El Slavador’s president announced plans to offer state-owned geothermal power plants to bitcoin miners. Luxor raises $5 million in a Series A led by NYDIG. Manhattan Solar Partnersplans to build a 1 GW mining facility powered by solar in Texas. New York’s proposed anti-mining bill died in the state’s legislature. Yunnan Energy Bureau in China stopped short of an all-out ban on mining but imposed strict regulations and registration requirements on miners. - Elon Musksaid Tesla will accept payments in bitcoin after 50% of mining is powered by “clean energy.”
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The Economics of Solar Powered Bitcoin Mining with Daniel Frumkin of Braiins |
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Venezuelan Bitcoin Mining with Wasted Hydropower with Juan Pinto of Doctor Miner |
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Compass is a modern media and Bitcoin mining company focused on driving the mass adoption of cryptocurrency. Our research analysts and content creators strive to provide actionable and engaging content on the most relevant industry topics.
For more information, to share content ideas, or to discuss mining news, email us at media@compassmining.io. |
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