Bitcoin Mining: The five most important information of the week

We present you the five most outstanding information of this week in the field of mining of the most important cryptoscope, Bitcoin.

In this usual weekly summary, we present you the five most important information in the field of Bitcoin mining. Cryptcoin mining is a growing business, so the news about it is abundant.

It is important to highlight that most of the news are closely related to the price of the most important of the crypto currencies. Others, on the other hand, are related to the expansion of mining, not only territorially, but also in important sectors of some countries.

In this last case, the initiative of installing mining farms by the Bolivarian National Armed Forces (FANB) of Venezuela stands out. Another news item of no less importance, was the growth in the income of Bitcoin miners to a maximum per year.
These are the five most important pieces of information about Bitcoin mining

Few businesses are in a state of expansion during the current pandemic crisis. One of them is the extraction of cryptomoney. Check out the five pieces of information on Bitcoin mining that were highlighted over the course of the week.

Miners‘ earnings reached an annual high.
The Venezuelan Army installed mining farms for self-financing.
Riot Blockchain shares increase more than 50% in one week.
Kryptonian miners in trouble due to repression in China.
Big mining pools support Bitcoin’s Taproot upgrade.

Miners‘ income at its annual high

The income that the miners receive from their activity has grown significantly recently. The increase in the price of the most popular of the digital currencies had a decisive influence on this.

It should be remembered that recently it was reported that the income level of the miners had equalled that of the pre-Halving period. At the time of the cut in May, the price of Bitcoin was about 9,000 USD. Now it is 18,000 USD, which creates the ideal conditions for the miners‘ income to return to the level of that time.

According to Glassnode’s metrics, in May, Bitcoin’s highest mining revenue month, was $20.6 million per day. Now, it is about $21.2, which is an annual high.

Venezuelan armed forces mining crypto-currencies

Through a post on Instagram, it became known that a brigade of the Bolivarian Army of Venezuela had installed farms. Thus, Bitcoin mining, which in that South American nation is openly used by sectors of the state, now extends to the armed forces.

During the video, the presence of high ranking officers from the military leadership of the socialist country was observed. They assure that, by means of this new form of generating resources, it will be possible to finance the units of the troops, by means of „unblockable“ resources. The latter in clear reference to the sanctions by the US against that country.

It is important to take into account that Venezuela, as well as Iran, are nations punished by economic blockades. In response, these countries have carried out large-scale Bitcoin mining projects and have been promoting the activity among their citizens.

Current Bitcoin Rally Would Be Related to Lack of Supply in China

Riot Blockchain shares on Nasdaq rise by more than 50%

The American company dedicated to Bitcoin mining, Riot Blockchain, reported a significant rise in the price of its shares. They closed last Friday, November 13, above $3, and this Friday they closed at an average of $6.

It’s important to note that during the same period of time, the price of Bitcoin increased by 17%. This company was one of those that carried out an aggressive campaign to expand its computing power during the year 2020 and plans to continue with the same pace in 2021.

Other Western companies dedicated to Bitcoin mining have joined the competition for more hash power with Riot Blockchain. Among these, Core Scientific and Marathon stand out.
Shares in Bitcoin mining company Riot Blockchain rose by 50%, making it one of the top five companies in this field this week. Source: HashrateIndex: The shares of Riot Blockchain, a company dedicated to Bitcoin mining, went up by 50%, one of the five most important information of the week in this area. Source: HashrateIndex.