Hut 8 announced the investment of more than 11 million dollars in Bitcoin mining equipment, to increase its hash rate power within this network dominated by the East.
China is the nation that dominates the hash rate, the computing power de Bitcoin (BTC), currently controlling between 50 and 60% of the computing power of the network worldwide. But this reality may change dramatically in the not-too-distant future, with several of the Bitcoin mining companies and cryptocurrencies, from the United States, Canada and other countries in America, acquiring more of these mining equipment every day to increase their computing power within this network.
Recently, Canadian Bitcoin mining company, Hat 8, listed on the Toronto Stock Exchange in Canada, has joined the initiative of several Bitcoin mining companies located in America to expand their computing potential in Bitcoin. Hut 8 announced the investment of a total of 11,8 million dollars for the purchase of 5.400 miners Whatsminer M30S, manufactured by the company MicroBT.
The Whatsminer M30S Bitcoin mining rigs were launched in April 2020, offering high performance and power for mining BTC. With these rigs, Hut 8 plans to expand its hash power to 1.039 petahashes per second (PH/s). The distribution of the new rigs will begin next February, and will culminate in June.
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Mining expansion plans in Canada and throughout the Americas
In addition to the announcement of Hut 8, Hive, another Canadian company dedicated to Bitcoin mining and technology blockchain, is acquiring more than 6.000 mining rigs to increase its computing power on this network. The company announced recently the purchase of a total of 6.400 Avalon Miner Next 1246 machines from miner manufacturer Canaan. With this acquisition, Hive will expand its Bitcoin computing power to 1.229 exahashes per second (EH/s) by the end of 2021.
According to the plans announced by Hive, the company will receive the 6.400 devices in 8 deliveries, scheduled to begin in May. At the time of publication, Hive had not revealed the total investment made to purchase these devices, although it did assure that it is a “monumental objective” achieved faster than initially planned.
8,4% of Bitcoin's hash rate in America
According to data from Blockchain.com, the current mining power of Bitcoin globally is 144,29 TH/s, Whereas the Bitcoin Mining Map, the tool designed by the University of Cambridge to track the Bitcoin hash rate on a global scale, shows that the total power accumulated by American nations already exceeds 8,4% of the total hash rate on the network.
Source: Blockchain.com
Marathon Patent Group, DCG, Titan Pool and Doctorminer Mining Pool are other Bitcoin mining companies located in America that are expanding their mining capacity within the Bitcoin network in this territory, to confront the dominance that China maintains over the network in this area. The growth of Bitcoin mining companies in other parts of the world, and the exodus of several miners from the Asian nation, will contribute to geographically decentralizing the Bitcoin network.
Samsung, 3nm chip maker
One of the most applauded news by Bitcoin miners this week has been the announcement by the technology company Samsung to become manufacturer 3nm chips. According to a Bloomberg report, Samsung is considering funding a manufacturing plant for these chips worth more than $10 billion.
According to Nick Hansen, CEO of Luxor Technology, this is one of the most positive news that the Bitcoin mining industry in America has been waiting for, and that will favor the continent to increase its participation within a market currently controlled by Asia. If the proposal evaluated by Samsung is consolidated, Hansen assures that Bitcoin mining companies in the American continent will be able to count on a constant supply of mining equipment, drastically changing the “power dynamics between East and West”.
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