Bitcoin mining and news highlights this week – Somag News

August 9, 2020 By admin

The evolution of the Bitcoin mining business continues. We present you a summary of the most important news of the week.

The world of digital mining, like any futuristic business, continues to advance and evolve. In this roundup, we present you the most prominent Bitcoin mining news from the last 7 days.

It should be remembered that the mining of other types of cryptocurrencies other than Bitcoin, has also generated important news events. One of them is the increase in the Monero hash rate on August 6.

Another noteworthy development is the proliferation of illegal Bitcoin mining farms. In this case, it was learned that the Kyrgyz authorities neutralized a clandestine operations center.

These were the 5 most shocking Bitcoin mining news of the week

  • Altcoins consume a third of all the energy used in digital currency mining.
  • Kazakhstan could impose a 15% tax rate on Bitcoin mining.
  • Bitmain delays shipments of ASIC equipment due to internal conflicts.
  • Kyrgyz authorities dismantle an illegal Bitcoin mining farm in a free economic zone.
  • Monero’s hash rate experienced a historic increase in just one day.

Not everything is Bitcoin’s fault

Energy consumption is one of the great debates surrounding Bitcoin mining and one that accounts for much of the news and criticism. However, Bitcoin is not the only cryptocurrency that generates high energy consumption.

An analysis by the Technical University of Munich, which was applied to the top 20 digital currencies in market capitalization, reveals important data. According to that study, Bitcoin mining consumes only 66% of the energy of all global mining.

Among these currencies, Bitcoin Cash, ETH, Litecoin, Dash and other important ones can be highlighted.

Taxes on mining activity

In Eurasia, one of the regions with the