For understandable reasons, the vast majority of cryptocurrency news coverage is focused on the price movements of a handful of valuable and well-known tokens. To understand what’s really going on in the cryptocurrency industry, however, you have to dig a little deeper. Truly important developments often go completely unnoticed, particularly when it comes to the not-exactly glamorous work of actually keeping these cryptocurrency networks going. If you want to stay on top of what’s happening in the crypto industry, start by looking at the cryptocurrency mining news.
Let’s take a look at three recent stories from the world of cryptocurrency mining.
1. Iran goes all-in on cryptocurrency mining. According to a report published earlier this week, Iran’s Ministry of Industries, Mining and Trade has issued over 1,000 licenses for domestic cryptocurrency mining operations after giving legal recognition to the industry late last year. Some observers have suggested that Iran’s government is now viewing cryptocurrency as a viable means of circumventing U.S.-backed banking sanctions. According to one estimate, cryptocurrency mining could eventually contribute as much as $8.5 billion to Iran’s economy, representing a 2% increase to its GDP.
2. Bitcoin Gold hit with new 51% attack. Earlier this week, the Bitcoin Gold (BTG) blockchain was overwhelmed when malicious miners took over the majority of the network’s hashpower to “double spend” around $87,000 of BTG. The attackers appear to have rented the hash power from the NiceHash mining market place. This is the second time Bitcoin Gold has been the target of a successful “51% attack,” with a 2018 incident resulting in the loss of around nearly $18 million in BTG. Created in 2017 as an ASIC-resistant hard fork of bitcoin, BTG’s mining community has dwindled over the last three years, making its blockchain a temptingly vulnerable target for 51% attacks.
3. Roger Ver’s Bitcoin.com mining pool withdraws from Bitcoin Cash fork. It’s no secret that Bitcoin Cash has struggled to find adequate third-party support for funding its future software development. In early January, BTC.TOP mining pool founder Jiang Zhuoer proposed a Zcash-like soft work to the BCH network that would set aside 12.5 percent of each block reward to pay for development costs. The proposal was immediately controversial in the Bitcoin Cash community, which is still recovering from the 2018 hard fork that launched Bitcoin SV. Responding to community concerns, Bitcoin.com mining pool owner Roger Ver (a controversial figure in his own right) published a blog stating that his group would not support Zhuoer’s proposed fork. Multiple BCH mining pools have since released statements backing Ver’s stance, and it remains unclear what the next steps are for solving Bitcoin Cash’s larger funding problems.
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