[PoW Round-Up] Bitcoin week in Latin America, Ethereum Layer 2 new progress
Learn about industry news, development updates, community happenings, and other aspects of the PoW world!
Bitcoin is erupting around the world including at the volcanoes of El Salvador as we learn in new conferences this week. Updates to get people ready for the Ethereum upgrade in December, and more.
Bitcoin’s latest difficulty adjustment occurred on November 14, with an increase of +4.69%. This is the 9th consecutive positive gain since the end of July.
With increasing hashrate competition and price corrections, the unit mining revenue is back to $0.34, similar to where it was about 40 days ago when the price was $51,558.
Ethereum hashrate just hit a new ATH, reaching a network hashrate of 806.36 TH/s, and network difficulty of 11,224 T, on November 17, 2021. Affected by the price drop, unit mining revenue fell to $0.07 per M/s, compared with $0.08 at the beginning of November.
Dev and network
Congratulations on Bitcoin’s long-awaited Taproot activation on block height 709632. Learn the major changes it brings with this post on Bitcoin Magazine.
The Arrow Glacier Upgrade Announcement was posted to summarize what to note about the upcoming Ethereum upgrade in December. You can find the clients and FAQs in the post.
Trent Vanepps, ecosystem person at Ethereum reminded miners about the transition from PoW to PoS. He estimated that Ethereum’s PoW would end in 3 to 6 months.
Dogecoin v1.14.5 has been released, the core devs are now calling for updating on nodes. This latest version includes important security updates, bug fixes, and performance updates.
ZEN 3.0.1 is available for a mandatory update. With this release, Horizon is introducing sidechain support to the zen node network. The Zendoo hard fork is already active on the testnet and will activate on the mainnet on December 1st, 2021 at block height 1047600.
Hathor network started counting down for its next halving in around 50 days. The block reward will be adjusted to 16 HTR on block height 2,102,400, estimated on January 5, 2022.
Dash Platform v.021 on testnet was announced with redefined error handling, improvements to cryptographic proofs, and other technical improvements.
A new webpage with resources for devs building on Handshake at theshake.xyz/build.
Application and adoption
Cash App, a peer-to-peer payment service owned by Square, will enable Taproot address by December 1. As per the official announcement.
After the network upgrade is completed, EVM Equivalence is LIVE on Optimistic Ethereum.
Layer 2 TVL just crossed $5 B and has been growing. At the time of writing, it has reached $5.37 B, with the top 3 being Arbitrum, dXdY, and Loopring.
If we look at EIP-1559 till now, we see that the network experienced more deflationary issuance due to more active on chain transfers in NFTs and DeFi. At the time of writing, the burn rate is 6.18 ETH/min, and the total burn ETH is more than 936,000 ETH.
The week had people discuss using bitcoin in the first country adopting bitcoin as a legal tender, visiting bitcoin facilities, and setting up Bitcoin satellite stations near the volcano bitcoin mine.
Decred’s October Journal was released, covering Politeia’s 3 years of service and development progress, ecosystem updates, and so on.
The Firo core team released a post reviewing what they have been working on, welcoming comments and ideas.
The PoW Round-Up is our bi-weekly report on the major news and mining insights in and around the Proof of Work ecosystem. Monitor and help secure the PoW world with f2pool.
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