[PoW Round-Up] Bitcoin, Ethereum Classic hashrate hitting ATHs, Ethereum Merge very soon
Hashrate growth, client updates and adoption news in the past weeks.
Learn about industry news, development updates, community happenings, and other aspects of the PoW world!
The Bitcoin mining competition is just getting fiercer with new hashrate and mining difficulty ATHs being crossed despite the market downturn.
During the past 3 weeks, Bitcoin mining profitability has been dropping from $0.11 to $0.08 per 1 TH/s, approximately a 20-month low. This results from the downturns in the coin price and a significant surge in network hashrate.
The latest difficulty adjustment was on 2022–08–31 with a growth of more than 9%, hitting 30.98 T, followed by a hashrate growth at an average number of 228 EH/s.
Ethereum mining is now in the final weeks. Currently, there is not yet a significant outflow of the hashrate, and the total number is around 930 TH/s. Also, affected by a fall in price, the mining revenue is currently 0.022 per MH/s.
Ethereum Classic has been welcoming a new hashrate, and its hashrate growth increased from around 30 TH/s on 2022–08–18 to a new ATH of 46.78 TH/s on 2022–08–30.
As A10 Pro and similar ASICs with 5GB memory are sufficient for saving ETH’s DAG file, miners only need to get upgrades for those machines’ firmware, and they can start a new ETC journey.
Development and network
The ETH merge is happening very soon. The first part of the merge will start next week on the PoS layer. It will be followed by the terminal of the PoW mining, which is estimated to happen on 2022–09–15.
Dash Core v18.0.1 has been released. It is a major release and a mandatory upgrade for all masternodes, miners and users. This new version introduces a number of improvements, including performance optimizations, wallet user interface enhancements, better stability, and more.
Hathor Core v0.50.1 has been released. The project team recommends the users running a Hathor full node to upgrade their Python to the 3.9 or 3.10 version. We are ending support for Python v3.7, since Hathor will terminate support for Python v3.7 from June 2023.
Ravencoin v4.6.1 has been released with Improved GUI, bug fixes, and some new minor features. This update is not mandatory, but it will improve wallet stability and usability.
Sia began their mainnet stress tests for the Sia v2 renter module. This will be a continuous, long-term test as it is aimed to evaluate its scaling performance.
Application and adoption
Bitcoin coders have made a first-of-its-kind transaction by sending an international lightning payment over ham radio, from Toronto, Canada to San Francisco, the United States.
Crypto ATM firm Bitcoin Depot strikes an $885 million SPAC deal to go public.
Horizen’s first NFT ZeroGravity was launched on their recently released TokenMint platform, and will be dropped to all ZenCon0 attendees and contributors, who made the event a success.
Community and more
ETC Cooperative has shared their Q2 report, highlighting hugely improved reliability in RPC endpoints, client development and research progress.
Decred Journal July 2022 is out, recapping their main progress of the month.
Dogecoin is going to host a Hackathon, and more details will be announced soon.
f2pool is a geographically distributed mining pool that has been helping miners around the world secure Bitcoin and 40+ other PoW networks since 2013.