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Bitcoin Mining

Bitcoin mining has become easier and more profitable by adjusting algorithms since China’s crackdown.

Posted on July 4, 2021 By Haris Daniyel

It just became a whole lot easier and much more profitable to mine for bitcoin. The world has known for months that more than half the world’s bitcoin miners would be going dark as China cracked down on mining. Now that it’s happened, the bitcoin algorithm has adjusted accordingly to make sure miner productivity doesn’t continue to fall off a cliff.

That adjustment – which took effect early Saturday morning – also means that way more cash is going to the bitcoin miners who remain online.

“This will be a revenue party for miners,” said bitcoin mining engineer Brandon Arvanaghi.

“They suddenly own a meaningfully larger piece of the pie, meaning they earn more bitcoin every day.”

Mining has become easier.
Bitcoin miners, run programs on your computer to solve puzzles before others. The solution to this puzzle is to complete the block. The process of generating new Bitcoins and updating the Digital Director to track all Bitcoin transactions.

China has long been the epicenter of Bitcoin miners, and historical estimates indicate that 65-75% of the world’s Bitcoin mining originated from it, but government crackdowns have led to national encryption. The miner has been virtually expelled.

“For the first time in Bitcoin network history, we have completely suspended mining in areas affecting more than 50% of the network,” said Darin Feinstein, founder of Blackcap and Core Scientific.
Over 50% of the hash rate (computing power of a global group of miners) has fallen on the network since the peak of the market in May.

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“My room is sound-locked,” said Sears of the acoustic retrofitting of his living quarters. “So I can’t hear the machines when I close my door, but they are definitely noisy if I have my door open.” The machines generate about 80 decibels of noise apiece — but Sears says he likes being as close to the action as possible. It also beats making the half hour commute each way from his parents’ house in White Salmon. The 19 year-old has spent pretty much every single day for the last two years teaching himself the nuances of how mining machines work – and crucially, how to fix them. He believes his education in soldering and electronics is worth a whole lot more to him than a university degree. “I don’t think about going to college at all, just pursuing further knowledge in the repairs of the miners,” continued Sears. CNBC spoke with multiple miners for this story. Many explained that the allure of mining comes from being able to tangibly grasp the power of bitcoin. “If you’ve been to any of these data centers, the first thing you’ll notice is just how vast and how impressive they are. They’re huge,” said explained Thomas Heller, chief business officer for Compass Mining, which works with Sears’ employer, SCATE Ventures. “There’s so much noise, and there’s so much heat. There’s just so much action going on. It is quite cool to walk into a data center for the first time that’s mining bitcoin, because you can really connect the intangible aspects of bitcoin as a currency, with the physical nature of these machines consuming power and doing these calculations.” This 19-year-old earns $54,000 a year mining bitcoin as a full-time job — here’s what it’s like Tech News
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