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[PoW Round-Up] Move on with Bitcoin: Hashrate ATH, Bill Miller bets 50% of net worth, and Jack building ASIC

Learn about industry news, development updates, community happenings, and other aspects of the PoW world!

Bitcoin starts a new year in a big way with new hashrate ATH, billionaire buy-up, and solid progress on its adoptions.

Mining industry

  • Bitcoin

The bitcoin network hashrate reached new ATHs during the past two weeks, reaching close to 200 EH/s despite hiccups due to regional gridlock that affected bitcoin mining. With combined factors of the price dropping and hashrate climbing, the current unit revenue of Bitcoin mining is around $0.23 per 1 TH/s — the same level as the end of last June.

Block, led by Jack Dorsey, is now hunting for talent to develop next-generation Bitcoin mining ASIC. Jack tweeted that Block is officially building an open bitcoin mining system. Thomas Templeton, Block’s general manager for hardware, shared his thoughts about solving the mining rig’s availability, reliability, and performance problems.

  • Ethereum

Ethereum network performs a similar hashrate trend to Bitcoin. The highest average difficulty of 12,425.837 TH was recorded on 2022–01–09, following the gains of network hashrate. As a result, unit mining revenue decrease to $0.0543 per 1 MH/s.

Dev and network

  • Bitcoin

The first BIP-119 deployment and review workshops wrapped up successfully on 2022–01–11. The workshops are scheduled as a recurring meeting to discuss BIP-119 reviews and deployments topics. BIP-119 is a proposal to achieve a next-generation smart contract for Bitcoin.

  • Ethereum

The first Ethereum Core Devs meeting of the new year was last week. The priority of EIPs to deploy is the focus of the call. Read this page to view conversations related to Shanghai planning.

  • Litecoin

The first release candidate of v0.21 with taproot support is now available for download. The formal version will be available after testing and signing by the devs. Find additional updates from the previous month on the MimbleWimble update post.

  • Hathor

The second Hathor halving happened on block height 2102401 on 2022–01–08 when it was reduced to 16 HTR from 32 HTR per block mined.

  • Ravencoin

The first Ravencoin block reward halving occurred at block height 2,100,000 on 2022–01–11, about 4 years after its genesis block was mined. The block reward decreased from 5,000 RVN to 2,500 RVN.

  • Ethereum Classic

Starting in January 2022, development work on the Core-Geth client, a distribution of Go Ethereum will receive funding from the ETC Cooperative. Read more.

  • Decred

The Decred v1.7 RC2 release comes with bug fixes and improvements.

Application and adoption

  • Bitcoin

Cash App has added Lightning Network.

Jack Maller at Strike announced that Argentines who use Strike can hold a stable cash balance that can be spent instantly and with zero fees. He proposes Strike as a solution to counter the country’s long history of hyperinflation.

  • Dogecoin

Adam Aron, the CEO of AMC Theaters, shared the company’s timeline of Dogecoin support. It’s estimated to be available in March — along with Shiba Inu.

  • Firo

Firo Electron Wallet 2.1.3 with MTP stripping and Firo Android Wallet 1.1.6 are available. The download is available here.

  • Horizen

Horizen unveiled its 2022 roadmap. This new year, they will focus on Blaze SDK, tokenization platform, EVM compatibility, and more. In Q1 2022, Horizen is concentrating on the tokenization platform. Check out the latest weekly insider for details.

  • Nervos

Pastel Network partners with Nervos to provide enhanced protection, security, and storage for users and blockchain developers using NFT dApps.

  • Ycash

YecWallet v4.4.2 is now available. The previous version expired on 2022–01–12.

Community

  • Bitcoin

On 2022–01–03, Bitcoin turned 13 years old since Satoshi Nakamoto created the genesis block. Happy Birthday, Bitcoin!

Another Happy Birthday to Bitcoin lightning networks, The lightning network paper was released on 2014–01–14, turning 8 years old.

Billionaire Bill Miller revealed that he is investing 50% of his net worth in Bitcoin and related companies such as Microstrategy, Bitcoin miner Stronghold Digital, and software company MicroStrategy.

  • Ethereum

In a recent Reddit AMA, Vitalik Buterin shared his takes on why the future will be “multi-chain” but not “cross-chain.” He also shared his research analyzing multidimensional EIP-1559.

From 2022–01–14 to 2022–01–16, ETHGlobal is hosting NFTHack — an event bringing together a virtual collective of passionate creatives and developers for a weekend NFT hackathon and summit. Save this YouTube page for the latest workshops and speeches at the event.

Next month, ETHDenver 2022 is hosting an offline event from 2022–02–11 to 2022–02–20. Applications are now open.

  • Dogecoin

Dogecoin community donated 163,428 DOGE to Team Seas, a fundraising project that completed its $30M goal to help make a better marine environment.

The PoW Round-Up is our bi-weekly report on major news and mining insights in and around the Proof of Work ecosystem.

Monitor and help secure the PoW world with f2pool.

About f2pool

f2pool is a geographically distributed mining pool that has been helping miners around the world secure Bitcoin and 40+ other PoW networks since 2013.

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