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📝 Today's Rundown
  • 🖥️ Making Sense Of Hash Rate: How do upwards difficulty adjustments impact miners?
  • 🇨🇦 Canadian Bitcoin Mining: Why Hydro-Quebec requested a reallocation away from miners.
  • 🇪🇺 More EU Blunders: HEven non-EU companies could be forced to disclose user holdings.
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🖥️ Making Sense Of Hash Rate

Understanding Bitcoin Network Hash Rate Increases
By Kaboomracks Alex

Bitcoin mining sounds so simple in practice. Find electricity, plug in your miners, connect them to the network and boom — bitcoin is being mined. But of course, nothing is so simple, and effectively planning for the various factors impacting miner profitability is the most important function of a mining company. 

The most drastic impact to mining profitability is the difficulty increase — as more hash rate enters the Bitcoin network, a function called the difficulty adjustment changes the average required power needed to mine, either moving it up or down depending on the average rate of mined blocks in the previous period. 

This means that the profitability of a given mining machine decreases over time, as newer and more efficient hardware is released. In general, increases in difficulty lead to decreased profits for miners, but increased security for the average Bitcoin user.
Read The Full Article

🇨🇦 Canadian Bitcoin Mining

Québec Utility Requests Reallocation Of Electricity Away From Bitcoin Miners
By BtcCasey

Canada is a popular bitcoin mining destination. With a decent portion of hash rate (~6% as of 2021), abundant energy has been the primary attracting factor for mining firms. But regulation as of late has been negative, with the Manitoba province's 18-month moratorium on new mining projects and now, a request from the utility company of Quebec to reallocate energy originally set aside for bitcoin mining. 

While its not a death blow for the industry in that country, nor does it impact already established power agreements, it does signal increasing negative attention towards the industry in the North American country. 
Read Full Article

📰 The Daily Bits
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🇪🇺 More EU Blunders

EU To Force Crypto Companies To Report Their Users’ Holdings To Tax Authorities
By BtcCasey

The European Union (EU) has announced plans to make cryptocurrency companies report their European users' holdings to tax authorities.

The proposed directive could also force non-EU based companies to register with tax entities there. The EU Commissioner for tax, Paolo Gentiloni, said that "anonymity means that many crypto-asset users making significant profits fall under the radar of national tax authorities. This is not acceptable."

The EU estimates that the move could generate as much as $2.5 billion. The main concern, beyond creating regulatory red tape, is the honeypot of user data that registering user holdings creates, and the potential for data leaks.
Read Full Article

MEME OF THE DAY 

By @TheBTCTherapist

As the original tweet says, "If you don’t know where the yield is coming from, you are the yield." 

Don't fall for the allure of yield — you will only find broken promises. 
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