African countries top Google search interest for bitcoin mining.
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Who’s searching about bitcoin mining the most?
According to Google Trends at the time of writing, the answer is a handful of African countries. Search interest rankings from the past 12 months rank these countries as having the most interest in “bitcoin mining” queries.
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Naming one or two catalysts with complete certainty is impossible. But a couple key cryptocurrency-related dynamics shared by several countries across the African continent lend clues to what’s causing people to ask Google about bitcoin mining.
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Bitcoin hashrate has rebounded 25% in the past month.
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Bitcoin’s hashrate as recovered nearly 25% in the path month or so as miners evicted from China are starting to plug in their machines again and the surge in miner profitability is attracting more miners to compete for block rewards.
- As of Tuesday, hashrate has rebounded to roughly 110 EH.
- Hashrate is still down nearly 20% from where it started the year.
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As miners pour across borders of countries around the world – from Kazakhstan to the US – hashrate is slowing coming back online for any miners lucky enough to find available rack space.
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Here’s what happened to Ethereum mining revenue after EIP-1559.
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EIP-1559 executed on-chain last week. And although only a fraction of dapps are actively using the new transaction method, early data gives better insights into what miners can expect in terms of revenue compared to previous projections.
According to Etherscan, some 24,000 ether have been burnt since August 5. All that ether would have gone to miners as the majority of the transaction fee, but instead is burnt to the network, resulting in an estimated 13% drop in revenue when not including miner extractable value (MEV).
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Miners now only receive a fraction of their previous transaction revenue as a “tip.”
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