The Bitcoin network hash rate has been on a tear recently, climbing up from the hit it took after huge swaths of miners went offline during May and June following crackdowns in China.
The upwards mobility has a ceiling, though. On Tuesday, Oct. 19, there will be an adjustment made to network difficulty. That difficulty is expressed as how many trillions of hash, or compute power, it takes to process one block of data.
But that’s nothing to worry about. These adjustments happen automatically after every 2,016 blocks of data (or roughly two weeks). They’re part of the regular ebb and flow to keep processing times per block of data at around 10 minutes.
There’ll be lots to watch in the crypto mining space next year.
Bitfarms, a Quebec-based crypto miner that went public on Nasdaq (BITF) earlier this year, inked a deal to start construction on a facility in Argentina that will triple its capacity for mining rigs. It’s expected to be completed by the end of 2022.
“Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint,” said Bitfarms CEO Emiliano Grodzki. “Combined with the expansion in Quebec, Canada and our planned build-out in Paraguay, we are positioned to achieve our corporate target of 8 exahash per second by year-end 2022.”
Meanwhile, UK-based crypto miner Bitfury – which counts Mike Novogratz’s Galaxy Digital among its backers – is expected to IPO in the next 12 months after raising capital at a $1 billion valuation during its latest round.
“We see a lot of demand from companies and public institutions to put their services or products in the blockchain — especially in emerging markets, where administrative systems can be very inefficient,” Bitfury CEO Valery Vavilov said when the firm launched three years ago.