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August 4, 2021
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Market Overview
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Price |
24H |
YTD |
| Bit Digital |
$11.78 |
18% |
-54% |
| Bitfarms |
$4.54 |
4% |
103% |
| Canaan |
$8.01 |
2% |
15% |
| Ebang |
$2.29 |
3% |
-71% |
| Hive |
$3.45 |
3% |
26% |
| Hut 8 |
$5.12 |
4% |
72% |
| Marathon |
$28.71 |
6% |
132% |
| Northern Data |
$61.60 |
11% |
-25% |
| Riot |
$32.88 |
4% |
75% |
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Data as of 12:00 UTC
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Bitcoin's hashprice is almost back to its yearly highs.
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Bitcoin’s hashprice is nearing four-month highs as a combination of price appreciation and difficulty reduction have boosted the market value for hashrate.
- Hashprice is up almost 60% in 2021.
- Bitcoin price is up 35% over the same period.
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Instead of measuring mining revenue simply by the dollar value of block rewards, hashprice offers a more precise calculation for miners to assess the market value of their work. Here’s why hashprice is going up and why that matters.
Click here to continue reading this section of Mining Memo.
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Congress talked about Bitcoin mining in a recent Banking Committee hearing. Here's what they said.
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The United States Senate's Banking Committee held a hearing this week titled "Cryptocurrencies: What are they good for?" and the topic of cryptocurrency mining was discussed multiple times.
In total, nine mining-related questions were asked of the committee's panel of guests. Answers to these questions ranged from balanced and well-informed to deranged and almost impossibly misinformative.
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This article summarizes the hearing's mining-related discussion with clips of each question imbedded below.
Click here to continue reading this section of Mining Memo.
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Here’s what ether miners should expect from EIP 1559.
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Ethereum is set to introduce one of the largest technical changes to any in-production blockchain on Wednesday, and the stakes are high.
How EIP-1559 executes will have permanent implications for users, wallets, dApps and miners through a redesign of the network’s transaction fee model.
The change will make the user experience for the vast majority of Ethereum products more friendly. But miners will experience heartache given a projected 20-30% decline in revenue. A drastic decrease in miner extractable value (MEV) rewards since May’s price correction makes a bleak situation look even worse.
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 |
$39,288 |
0% |
36% |
| Difficulty |
14T |
6% |
-22% |
| Revenue* |
$0.35 |
-6% |
61% |
| Hashrate |
109 EH/s |
5% |
-21% |
| Ethereum |
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7D |
YTD |
| Price |
$2,663 |
17% |
264% |
| Difficulty |
7,593T |
6% |
104% |
| Hashrate |
561 TH/s |
7% |
91% |
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* measured by $/TH/s
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Compass Updates
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Compass brings back limited VIP hardware and hosting bundles.
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Compass launches an uptime monitoring service for hosting facilities.
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Choice and Compass Mining offer tax-efficient bitcoin mining.
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Compass releases a hashrate verification tool called HashTest.
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Compass partners with Oklo to power mining with advanced fission.
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Compass announces the Hash Power Happy Hour schedule for 2021.
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Mining Newsfeed
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🧭 Bitcoin mining revenue topped $970 million in July.
Bitcoin miners raked in a total of $971.8 million in July. Revenue jumped 16% from June, ending a three-month decline in mining revenue. Transaction fees only represented 2.84% of total revenue, the lowest mark since April 2020.
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🧭 CryptoPunks unite MEV and NTFs.
Ethereum user 0x650d bribed miners to include 50 “CryptoPunk” NFT transactions into one block through a 5 ETH bribe, or about 0.2% of NFTs listed prices. By bribing the miner, 0x650d reduced price slippage multiple transactions would have
triggered.
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Quick Bits
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Ethereum mining revenue tops bitcoin’s for a third month.
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Marathon buys another 30,000 bitcoin mining ASICs.
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Luxor launches a crypto mining stocks index.
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BIT Mining buys 2,500 more ASICs for its Kazakhstan site.
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Bitcoin mining difficulty increases for the first time since China’s crackdown.
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Bybit launches a cloud mining service.
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High-end gaming computers are banned in six states due to energy usage.
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BSV suffered a reorg that went 100
blocks deep and wiped more than 500,000 transactions.
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Stronghold is set to double its mining capacity with another plant acquisition.
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Auditing ASICS with Hashtest with Josh Metnick and David Steinberg of Navier
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Bitcoin Mining Is about Survival with Zack Voell and Will Foxley of Compass Mining
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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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