Crypto mining news
This week’s biggest crypto mining news — 02/04
Texas miners shutting down, Saylor keeps buying, will bitcoin be legal tender in the United States?
#1: Texas crypto miners shuttering operations as winter storm approaches
Texas is awaiting an Arctic blast that will likely put the state’s power grid to the test.
Therefore, the region’s Bitcoin mining facilities have committed to shutting down their operations to avoid power outages and ensure homes have enough power to withstand the storm.
The Lone Star State is home to some of the biggest miners in the world and one of the most important venues of Bitcoin mining in the US. Renowned miners settled down in Texas include Riot Blockchain and Rhodium enterprises.
Read more:
#2: MicroStrategy buys 660 more BTC for $25 million
Michael Saylor, the company’s CEO, announced on Tuesday that they had bought another 660 bitcoins at an average price of $37,865 per coin.
Saylor has repeatedly declared that their goal is to acquire as much Bitcoin as they can and that he doesn’t really care about short-term price fluctuations, as they are holding for the long run.
With this last purchase, MicroStrategy now holds a total of ~125,051 bitcoins, acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin, according to Saylor himself.
#3: Another Bitcoin “solo” miner finds a block, becoming the fourth to do so in 2022
An individual Bitcoin miner with a hashrate of 1.14 PH/s managed to find block 721,310 and earn a total of 6,28366064 BTC, considering the block subsidy and transaction fees.
According to Con Kolivas — the CKPool administrator — , the probability of this happening was less than 20%. However, this miner beat the odds and became the fourth solo miner to find a block on their own this year.
The previous to do so were a miner with a tiny hash rate of just 126 TH/s who solved block 718,124; and another underdog with a mere 86 TH/s who achieved the improbable by solving block 720,175 two weeks later.
Read more:
#4: Lawmakers in two states propose accepting crypto for tax payments
Crypto enthusiasts have new reasons to be optimistic as lawmakers in Wyoming and Arizona put forward proposals that would allow those states to accept tax payments in Bitcoin and other cryptocurrencies.
The Arizona proposal — the most ambitious of the two — would have the state recognize BTC as legal tender.
Wyoming’s proposal, on the other hand, applies only to sales and use tax. However, the text doesn’t mention any specific cryptocurrencies.
Both proposals face potential legal and political hurdles.
Wyoming has been taking measures and making consistent efforts in passing laws to accommodate cryptocurrency adoption. The backers of its proposal believe it will be the first state to take a significant step in the realm of tax payments.
Read more:
#5: HIVE’s Bitcoin equivalent production in January reaches 425 BTC
HIVE Blockchain Technologies announced its production numbers related to Bitcoin and Ethereum mining operations for January 2022.
For the reported period, HIVE produced 264 BTC and posted 1.87 EH of BTC mining capacity.
Regarding Ethereum, HIVE produced 2,170 ETH during the last month and reported 4.56 TH of Ethereum mining capacity.
As far as Bitcoin equivalent production is concerned, HIVE produced 425 BTC in January 2022.
HIVE holds 2,043 Bitcoin and 25,404 Ethereum, as of 31 January 2022.
Read more:
Never miss a thing!
Follow us on Medium to stay alert and receive content like this every week. You can also subscribe to our blog and visit Lumerin.io for more information. We’ll be glad to have you!
