December 04, 2020

Weekly news digest: record miners' profits, Ethereum 2.0 launch and new all-time high for bitcoin

In November, the crypto world had been watching the price of bitcoin: whether it will exceed the historical maximum. It finally happened on the last day of November. Ethereum has been also heading up after the successful launch of Blockchain 2.0. Because of growth of both cryptocurrencies, miners increased their activity: new records of profit and numerous cases of illegal mining have been recorded.

Buterin congratulated the community on the launch of blockchain 2.0

“Congrats on the launch all!” — Ethereum CEO Vitalik Buterin wrote on Twitter. On December 1, the zero phase of Ethereum 2.0 started: it is a testing of Proof-of-Stake algorithm. There are now over 21,000 validators on the network? so the net was updated successfully. It was accompanied by volatility of ETH, but on Friday the price of the currency was above $ 589.

Ethereum update is expected to increase its scalability, security, and energy efficiency. There are still three stages of transition ahead, the dates of which have not been announced. Ethereum 2.0 staking is also available on Binance since December 2.

Bitcoin broke the record of 2017

On Monday, November 30, the bitcoin’s price rose more than $ 19,686. This is the highest level in the history of cryptocurrencies: the previous high, recorded on December 16, 2017, was $ 19,665.39. Nearly 19.6 million bitcoin addresses were active in November, suggesting the sale of assets by holders. And the Binance exchange registered a record monthly volume of trading.

After reaching the maximum, the price went down that was expected.

The historical maximum is the point at which all bitcoins become profitable, whenever they were bought. November 30 became a milestone for investors around the world; the next mark will be $ 20,000. According to experts from Stack Funds, overcoming this "psychological barrier" by bitcoin could push it into a phase of euphoria, when the price of an asset rises dramatically.

$ 529.1 million in crypto mining

Records are set not only by bitcoin but also by its miners: in November they earned $ 529.1 million, the maximum for the 2020 year. It is 50% more than in October. The income of Ethereum miners for the same period was $ 229.3 million. Shares of mining giants are also striving upward.

The activity of illegal cryptocurrency miners has been also increasing. On December 2, the Ministry of Internal Affairs of Abkhazia published a press release: more than 100 illegal miners were identified and disabled in the republic in a week. In Abkhazia, miners must register as a legal entity or individual entrepreneur and get a permit; otherwise, their connection to electricity grids is illegal.

Did you know that you can buy bitcoins in Paypal? If not, read the article on our blog.