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June 2, 2021
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Market Overview
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Price |
24H |
YTD |
| Bit Digital |
$8.73 |
3% |
-66% |
| Bitfarms |
$4.48 |
5% |
100% |
| Canaan |
$10.87 |
29% |
56% |
| Ebang |
$3.40 |
18% |
-56% |
| Hive |
$3.00 |
-1% |
10% |
| Hut 8 |
$4.84 |
-2% |
62% |
| Marathon |
$25.22 |
2% |
104% |
| Northern Data |
$89.90 |
-5% |
10% |
| Riot |
$30.50 |
12% |
62% |
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Data as of 12:00 UTC
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We're giving away more stuff!
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Compass is giving away a brand new BlockClock! See the announcement on our Twitter. For a chance to win, you just need to be subscribed to this newsletter! 👍
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Here’s what’s happening to bitcoin mining in Iran.
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Iran has banned bitcoin mining for 4 months in its latest legal pivot away from the begrudged but enduring segment of miners operating within its borders. Iran has flip flopped on cryptocurrency mining for years. As it continues to blame power grid failures on
bitcoin mining, the Iranian government is once again working to limit the growth of mining.
Blackouts aren’t new in Iran. Neither is negative sentiment from bureaucrats towards miners. But in a country with an aging and heavily subsidized electricity grid known for being poorly managed and maintained, bitcoin mining seems more like a convenient scapegoat than a root cause for Iran’s blackouts.
Here’s a summary of Iran’s history with cryptocurrency mining.
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Precisely what share of Bitcoin’s total hashrate comes from Iran is unknown. But some state media reports and slightly outdated research from the Cambridge Center for Alternative Finance provide rough estimates.
Click here to continue reading this section of Mining Memo.
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An introduction to Chia’s Proof-of-Space-and-Time (PoST) consensus mechanism.
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Most cryptocurrency miners have undoubtedly heard of Chia, one of the latest assets making headlines in the cryptocurrency industry. Chia is yet another Bitcoin rival that turned heads less so for its potential than for its impressive dislocation of the Asian hard
drive market.
Indeed, Chia Network President Gene Hoffman confessed to having “destroyed the short-term supply chain” for HDD and SSDs as prospective farmers raced to get their hands on petabytes of storage before the token launch earlier this month.
- Prices for common hard drives rose as much as 50%.
- A month later, some 17 billion gigabytes of storage is now farming Chia.
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Zooming out, Chia stands as yet another attempt to work around the work in Proof-of-Work. The creation of Bittorrent founder Bram Cohen, Chia argues its consensus mechanism has similar security guarantees to the Bitcoin blockchain without the ever marketed
“wastefulness” of Bitcoin mining.
Click here to continue reading this section of Mining Memo.
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Proof of Work Overview
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| Bitcoin |
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7D |
YTD |
| Price |
$37,215 |
-16% |
29% |
| Difficulty |
21T |
-16% |
13% |
| Revenue* |
$0.23 |
-4% |
9% |
| Hashrate |
152 EH/s |
-7% |
11% |
| Ethereum |
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7D |
YTD |
| Price |
$2,696 |
-21% |
269% |
| Difficulty |
7,471T |
-5% |
100% |
| Hashrate |
584 TH/s |
-4% |
99% |
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* measured by $/TH/s
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Compass Updates
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Texas Blockchain Council added Compass as a new member.
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MicroBT inks a purchase agreement with Compass for monthly hardware shipments.
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Fold lands Compass as a month-long sponsor for its daily bitcoin giveaway sweepstakes.
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Mining Newsfeed
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🧭 Antpool tops F2Pool's block count for the first time in two years.
F2Pool and Antpool have been battling for the top spot in the world's mining pool rankings. In May, Antpool finally ended F2Pool's nearly two-year streak of dominance after mining 725 blocks in May,
six more than F2Pool mined. Since mid-2019, F2Pool mined between 100 and 400 more blocks than Antpool per month.
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🧭 May was Bitcoin's second-worst month since 2011.
Bitcoin bulls had a hard time in May as the price ended the month down over 35% making it the leading cryptocurrency's worst month since November 2018. May was also Bitcoin's second worst month since September 2011. Bitcoin closed May trading hands just ahove $37,000.
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🧭 Bitfarms is outperforming all the mining stocks.
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.
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🧭 Huobi Pool's hashrate dropped over 50% last month.
Huobi Pool has lost over half of its hashrate in May after news broke about a "crackdown" on mining by Chinese authorities. By month's end, its hashrate dropped from 11.54 EH/s to 5.65 EH/s. Falling hashrate was a mostly self-imposed change as Huobi Pool scaled back its domestic mining operations in China.
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🧭 Bitcoin difficulty continues to whipsaw after 16% drop.
Bitcoin miners have been on a wild difficulty ride for the past three epochs as the adjustment sequence went: 12.6% drop, 21.5% jump, 16% drop. The latest drop came as Chinese miners began the annual wet season migration and worsened after chilling regulator news out of China.
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Quick Bits
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- Only 10 blocks haven't signaled for Taproot in the current difficulty period.
- Inner Mongolia’s government created a hotline for reporting cryptocurrency miners.
- Bitfarms completed a CAD$75 million private placement.
- Canaan managed to close Q1 2021 in profit.
- Papa John’s publicly recognized Bitcoin Pizza Day.
- Marathon secured 300MW of hosting at a Compute North facility in Texas.
- SparkPool explains the disadvantages of Ethereum staking compared to mining.
- Intel says the global chip shortage could last several years.
- Madison River Equity wants to build a large solar project in Montana to power bitcoin mining.
- UK police found a “massive” bitcoin mining farm during a cannabis farm raid.
- SPA-256 is a hot tub heated by bitcoin mining ASICs.
- Braiins released a new toolbox with a simpler UI.
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Stranded Energy's Response to the Bitcoin Mining Council with Adam Ortolf of Upstream Data
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The Future of Ethereum Mining with James Prestwich of Celo
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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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