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July 20, 2021
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Market Overview |
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Price |
24H |
YTD |
| Bit Digital |
$4.01 |
-7% |
-84% |
| Bitfarms |
$2.84 |
-7% |
27% |
| Canaan |
$5.33 |
-7% |
-24% |
| Ebang |
$2.01 |
-6% |
-74% |
| Hive |
$2.42 |
-5% |
-11% |
| Hut 8 |
$3.52 |
-5% |
18% |
| Marathon |
$20.79 |
-7% |
68% |
| Northern Data |
$70.40 |
-2% |
-14% |
| Riot |
$24.21 |
-7% |
29% |
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Data as of 12:00 UTC |
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Here’s what’s happening with off-grid bitcoin mining and natural gas. |
The future of bitcoin mining is off grid.
Compass has recently completed an informal series of podcast episodes with multiple industry leaders who understand the opportunities for growth in mining by targeting stranded, excess, and otherwise unused sources of energy.
Here are quotes and links to full episodes from miners discussing the off-grid, natural gas-powered future of bitcoin mining.
Click here to continue reading this section of Mining Memo. |
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Ethereum block sizes are up 31% as the gas limit increase makes its mark. |
Ethereum’s average block size is up 31% year-to-date, a side effect of an increase in the per block gas limit and demand to transact on-chain last spring.
- According to YCharts, the average Ethereum block comes in just shy of 60 KB compared to around 40 KB at the beginning of the year.
- An increase in the block size accelerates storage needs for Ethereum nodes, with the mainchain up from 610 GB to 875 GB as of July 19.
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Ethereum’s block size is larger because of a campaign to increase the gas limit – which essentially changes how many transactions can fit in a block – by miners and developers who wanted to process more transactions on-chain given historic demand.
Click here to continue reading this section of Mining Memo.
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An unknown bitcoin miner is embedding odd messages about their carbon output. |
Conversations about bitcoin mining’s environmental affects aren’t going away, and one unknown miner is stirring the metaphorical pot.
In at least six recent blocks, a miner that has yet to be identified has embedded the same message in each block’s coinbase data that reads: “This block was mined with a carbon negative power source.” |
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The carbon output messages started appearing on July 10, 2021. Here’s a list of all the blocks supposedly mined at a carbon negative facility at the time this article was published.
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 |
$29,560 |
-9% |
2% |
| Difficulty |
13T |
-5% |
-26% |
| Revenue* |
$0.28 |
-5% |
30% |
| Hashrate |
103 EH/s |
8% |
-25% |
| Ethereum |
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7D |
YTD |
| Price |
$1,746 |
-12% |
139% |
| Difficulty |
6,742T |
-1% |
81% |
| Hashrate |
492 TH/s |
1% |
68% |
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* measured by $/TH/s
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Compass Updates |
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Mining Newsfeed |
🧭 Bitcoin block times have returned to normal.
After four consecutive downward difficulty adjustments, most of which were prompted by China’s crackdown on miners, bitcoin block times have returned to normal as mining difficulty has caught up to the network’s current hashrate. |
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🧭 Foundry’s Bitcoin Cash mining pool lost a lot of hashrate this week.
Foundry’s Bitcoin Cash pool, a top 15 pool by global pool rankings, lost over 185 PH in a few days this week. Why the hashrate dropped so precipitously isn’t clear. Maybe the ASICs switched to mining something else. Maybe they went offline to relocate to another facility. Who knows; other significant fluctuations can be seen before the large drop on Saturday. |
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🧭 It could take 15 difficulty epochs before Bitcoin’s hashrate fully recovers.
How long until Bitcoin’s hashrate recovers from the effects of China’s crackdown is an open question. Some data analysis from Bob Burnett
of Barefoot Mining suggests the waiting period could be roughly 15 epochs (or nearly 8 months). Read his full writeup here. |
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Bitcoin Mining Goes Nuclear with Jacob DeWitte of Caroline Cochran of Oklo |
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Great American Mining with Marty Bent and Austin Storms of G.A.M. |
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Quick Bits |
$1.3 million worth of mining machines were seized in Malaysia. California-basednuclear energy provider Oklo partners with Compass. Iris Energy aims to raise $200 million before a Nasdaq listing. Greenidge bought 8,300 bitcoin mining machines from Foundry. An $875 mini-ASIC miner is going viral on TikTok. Henan, Gansu, and Anhui provinces in China are the latest to enforce the mining crackdown. Bit Digital is moving 14,500 ASICs to North America after China’s mining crackdown. Binance Poolkills off its Bitcoin SV mining services. Abkhazia is set to punish national public officials for illegal crypto mining. - The9 reserves hosting space for its miners from BitRiver.
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Written by Zack Voell and Will Foxley.
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About Compass: Compass is a Bitcoin mining and modern media company focused on driving the mass adoption of cryptocurrency mining. |
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