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Bitcoin’s Hash Rate Has Fallen by Nearly 20% in Past Week

Written by:
Aaron Goldstein
Published on:
May/20/2021

With China's Sichuan miners facing a short term power cap, the Bitcoin network's hash rate has suffered a 20% reduction.

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The province is currently facing a surging utility demand.  A notice sent out does not specifically target miners.

From TheBlockCrypto:

As The Block previously reported, these industrial zones were set up by the local government to attract power-intensive industries to help consume excessive hydro-electricity during the summer rainy season. As such, bitcoin mining farms have been operating their facilities in these government-sanctioned locations but they are now affected by the power limit until further notice. 

Bitcoin Claws Back to US$42,000 After Crypto Market Meltdown

Bitcoin hovered near the US$42,000 mark and Ether rebounded as investors tried to make sense of the crash that wiped away billions and shattered the notion of crypto as a maturing asset class.

“You can’t keep a good dip buyer down for long in the financial markets these days, and cryptos are no different,” said Jeffrey Halley, a senior market analyst at Oanda. “The mass liquidation yesterday will have thinned out the ranks of believers.”

Gamblers were being encouraged to hold off on requesting withdrawals via Bitcoin as exchanges like Coinbase had suffered outages early Wednesday and mining delays were likely.  It should be noted that the price of Bitcoin had mostly risen over the past 24 hours.

Aaron Russell: It’s important that BSV has Toolset and Infrastructure Richer Than just JavaScript

Aaron Russell (a.k.a. Libs) has developed many useful tools for Bitcoin development including Paypresto, TxForge and the newly released Univrse.

He recently sat down with CoinGeek to discuss his interest in how Bitcoin can be used to create interoperable apps and services.

Russell recently launched Univrse, described as a universal schema for data serialisation, with signing and encryption built in. - Simple, binary-friendly, concise data exchange, it protects integrity of data with digital signatures and ensures confidentiality of data with encryption.

"I think we’ve failed to deliver much on this so far, but if apps can be consistent with how they serialise and secure data, we can go a lot further and make it easy to create some great experiences for users.

"That’s my goal anyway. Launching Univrse is the first step, but in the coming weeks and months I’m going to demonstrate with my own apps exactly how Univrse can be used to create the kind of experiences I imagine.

Thus far, Russell has been able to generate revenue for his various projects through sponsorships.

"Sponsorship is a relatively common funding model in the broader open-source world. Many independent developers are able to sustain their work though sponsorship, and many high-profile frameworks and tools are entirely funded by the businesses that depend on them through sponsorship.

​"I’ve been toying with the idea of sponsorships and giving sponsors some kind of digital collectible NFT since the end of last year, but it’s only in the last few weeks we’ve seen a few platforms pop up that are making it easy to mint, transfer and trade tokens. The time felt right to press ahead with the idea."

This type of sponsorship model with tokens has the ability to ultimately change how open-source developers can monetize going forward.

"I think giving something in return—in this case a limited-edition piece of digital artwork—makes the sponsorship a more compelling proposition to individual sponsors."

To this end, Russell has opted to implement various libraries in Elixir (Txbox, Manic, curvy, Shapeshifter, etc.).

"I think it’s important that BSV has a toolset and infrastructure that is richer than just JavaScript. JavaScript is important due to its popularity and accessibility, but there are many scenarios where it may be advisable to look a little further afield than JavaScript."

- Aaron Goldstein, Gambling911.com

Business/Financial News

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More of those who attended last weekend's Miami Bitcoin Conference have come forward to tell their stories of falling ill, some confirming they tested positive for Covid-19.  The organizers point to the fact that vaccinations have been widely available in the United States.  According to CoinDesk, most respondents to their inquiries indicated that they had gone to Miami fully vaccinated

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