A draft BIP for package relay is shared, while Ethereum tests the merge to reach a new milestone.
Learn about industry news, development updates, community happenings, and other aspects of the PoW world!
Mining industry
Bitcoin
The Bitcoin network saw a change of -4.33% in the hashrate on 2022-05-25, the biggest negative percentage change in the recent 10 months. As the price fluctuates to around $30,000, the past 2-week cycle was recorded with the mining revenues of $0.12 per 1 TH/s.
More ASICs approach their breakeven prices. At the time of writing, miners with unit power of 60W/T could barely generate profits since the electricity cost rate was around 95%, and the cost rate for miners with a unit power above 65 W/T was more than 100%. This means that their electricity costs had exceeded the revenues that could be brought by the miners at the power rate of $0.08 per kWh. You may learn more details about this topic on f2pool’s Popular Miners page.
Ethereum
The Ethereum network has experienced a drop in hashrate, from its ATH of 1126 TH/s to the recent 1064 TH/s. The unit revenue also fell down from a level around $0.3 to $0.24 per 1 MH/s. The fall was expected to be affected by the market downturn and the difficulty bomb, which gradually slowed down the block production.
Industry news
To learn more about the mining field, we recommend you to read our Mining Weekly News.
Dev and network
Bitcoin
Gloria Zhao posted a draft BIP for package relay, a feature to effectively make the CPFP fee bump below the minimum feerate being accepted by the nodes. Learn more about this feature in the following podcast.
@glozow drops by to chat about her Package Relay proposal and working on Bitcoin Core. Feel free to listen with all your ancestors and descendants. https://t.co/y00ggaFufy
— Chaincode Labs (@ChaincodeLabs) May 24, 2022
Woltx created a tutorial on making silent payments on Signet. Silent payments is a feature adding privacy to Bitcoin.
Pseudonym w0xlt created a proof of concept implementation of Silent Payments (private, non-interactive payments for Bitcoin) for Bitcoin Core and is looking for people to help with testing.
— Ruben Somsen 🌌⛓️ (@SomsenRuben) May 24, 2022
Tutorial here: https://t.co/4iVcoU0eQ0
Bitcoin-dev thread here: https://t.co/N6ucY1VeDt
Ethereum
On 2022-05-19, mainnet-shadow-fork-5 has been completed and it went exceedingly well.
On 2022-06-08, the merge on Ropsten, an Ethereum public testnet, is expected to happen as an important step forward towards the merge.
Discussions related to the shadow fork and the merge will be continued in the upcoming Core Devs Meetings scheduled on 2022-05-27. Please stay tuned.
Litecoin
The Litecoin MimbleWimble has finally been activated on 2022-05-19. This brought not only higher community engagement, but also an hashrate increase of around 500 TH/s on the activation day.
Decred
Decrediton v1.7.3 has been released, addressing a couple of issues.
Application and adoption
Ethereum
GameStop released its Ethereum wallet. This non-custodial wallet has direct Ethereum L2 integration, allowing users to make cheaper and faster transactions.
It’s official! The GameStop Wallet is here.
— GameStop (@GameStop) May 23, 2022
Download: https://t.co/GkxiRaYN7W
Follow: @GameStopNFT
🧵👇
MataMask partners with Asset Reality to give victims of cryptocurrency scams a chance to recover their stolen funds. Asset Reality will be the case handler, building an investigation into each scam operation. This greatly increases the chances of fund recovery, bringing justice to the victims of cryptocurrency scams.
Today we’re happy to announce that we’ve partnered with Asset Reality (@asset_reality) to give victims of cryptocurrency scams a chance at recovering funds that have been stolen.
— MetaMask 🦊💙 (@MetaMask) May 26, 2022
1/ 🧵
Horizen
TokenMint has launched its Phase 2 with Token Generator on testnet.
Xaya
Xaya Names is now mintable on Polygon for use cases, such as ERC721 tokens, primarily for in-game usernames and decentralized IDs. Learn more here.
Community and more
Bitcoin
On Wednesday, Portugal’s congress rejected two bills that sought to tax Bitcoin and other cryptocurrencies. Read more here.
The community celebrates the 12th Bitcoin Pizza day. Bitcoin has been proven as sound money and has been gaining value over time since its first use for purchasing goods in 2010.
On Jan 3, 2009 #Bitcoin was born, operating without economic value for 504 days until May 22, 2010 ("Pizza Day") when two pizzas traded for 10,000 BTC. Satoshi disappeared Dec 13, 2010 without profiting in any way, completing the ethical launch of the world's first digital money.
— Michael Saylor⚡️ (@saylor) May 22, 2022
Central bankers gathered in El Salvador to talk about Bitcoin adoption. Financial representatives of 44 countries visited El Salvador and saw how the country’s Bitcoin adoption is changing the place for the better. Review this event by reading this post.
Central bankers and financial regulators from 44 countries enjoying their second day of talks about financial inclusion, banking the unbanked, and #Bitcoin adoption in @Bitcoinbeach and in El Salvador 🇸🇻 pic.twitter.com/OVgpwaUNyO
— Nayib Bukele (@nayibbukele) May 18, 2022
Ethereum
The Merge Community Call #4 is going to happen on 2022-06-03. Issues being covered will include the Ropsten Merge, the impacts on the applications after the merge, and more.
can you hear it? 🐼 the echo from a thousand whispers of 𝓌𝑒𝓃 𝓂𝑒𝓇𝑔𝑒 washes over you..
— trent.eth (@trent_vanepps) May 25, 2022
Join Merge Community Call #4 for an overview of testnet upgrades, client releases, info for validators and infra providers
→ Friday June 3rd - 1400 UTC (10 ET)https://t.co/nds5iLEBtc
ETHPrague will be held from 2022-06-10 to 2022-06-12, with a conference and a hackathon.
Dogecoin
The first NFT minted on Dogecoin was sold at the price of 100,420.69 DOGE.
Decred
The April edition of the Decred Journal is out now, covering DCRDEX improvements and the activation of the 4 consensus changes.
Nervos
Nervos introduces Wallet Guard, a grant recipient part of Build Club, to be their new ecosystem partner.
Hathor
Hathor released its Q1/2022 report, summarizing all the developments led by Hathor Labs on Hathor Network.
The PoW Round-Up is our bi-weekly report on the major news and mining insights in and around the Proof of Work ecosystem.
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