Although the cryptocurrency market is in a “frozen” state, data from Google shows that many people are learning how to mine Bitcoin.
According to data from Google Trends“Bitcoin mining”, “Bitcoin mining”, “cryptocurrency mining” are topics that many people search for recently, despite the gloomy Bitcoin (BTC) price situation and the gloomy cryptocurrency market.
Besides Google Trendssome data from Reddit, a social network used by many individuals and retail investors in the field of digital currency, is proving the trend of home mining.
Bitcoin has lost 43% of its value from its peak 69,000 USD in November 2021. However, many mining communities are still teeming with new participants. Miners often bring up the discussion about which machine has the best computing power. Big technology companies like Intel have just announced that they will launch a new line of mining chips.
The trend of searching for topics related to cryptocurrency mining increased sharply. Photo: Bitcoin Magazine.
This signal shows that miners are still patient with the market and it is possible that the price of Bitcoin will increase again. The hash rate of BTC also just peaked at 248.11 terahashes per second (TH/s) last week. This number is a testament to the fact that many miners have yet to exit the market.
Search volume skyrocketed
Search volume for some terms like “mining Bitcoin”, “how to mine digital currency” in the world increased to a record in 2021 and slightly cooled down in early 2022.
In Vietnam, the topic of “coin mining” also has great attraction and interest, especially during the booming market period in early and late 2021. However, like in the world, coin mining in Vietnam are affected by cryptocurrency prices.
The level of interest in mining in Vietnam also increases sharply in 2021.
Google’s data is similarly affected. When the market goes up, people get excited and search more about crypto-related topics. Besides search engines, social networking sites are where many miners discuss and learn.
Twitter and Reddit are often chosen by the crypto community to discuss the market. Some discussion pages (subreddits) created by Reddit users such as r/bitcoinmining, r/gpumining, r/cryptomining are receiving a large number of new participants.
The topic “Bitcoin mining” (r/bitcoinmining) has grown by 40,000 members since early 2022, doubling its participation in less than 2 months. This section took over 3 years to double its membership from 20,000 to 40,000. Other communities are also growing at breakneck speed.
The number of members participating in the topic of coin mining increased rapidly. Photo: Bitcoin Magazine.
The topic of mining coins other than BTC (altcoins) receives special attention from many small, home-based miners. According to Bitcoin Magazinethe cost of joining is not too high and still keeping a good profit is the reason why it tends to attract many new people.
Mining trend at home
According to Bitcoin Magazine, more and more miners want to control the pool by themselves. Questions related to how resources are used, comparing the strength of the “buffaloes” are covered with groups.
The methods of ventilation, heat dissipation, revenue calculation based on the amount of electricity and initial capital are also considered by many new and old miners. A large part of miners prefer to use the storage and installation services of large enterprises such as Wattum, Compass Mining, but also many miners with a small number of machines prefer to set up their facilities at home.
Discussion of cryptocurrency mining attracted many commenters.
The amount of exchanges on Twitter or Youtube, Facebook about mining, where to buy equipment and how to set up the machine also attracts many views and comments. Most of the posts on Twitter and Facebook are images sharing the experience of optimizing the revenue and costs of miners.
Two Twitter users named Diverter and Econoalchemist have shared many resources and knowledge for miners who are new to the cryptocurrency field and intend to set up a pool at home.
The fact that China banned cryptocurrency mining reduces the hash rate, thereby promoting many new entrants in 2021. Bitcoin Magazine The entry of many miners with a small number of machines into the market could be a blow to the market share of the community when many large mining companies or funds like Galaxy Digital increase their investment in this area.
This trend is creating a fever on many social networking sites and forums. This also promotes competition between major companies and the crypto community. Even with Bitcoin and Ethereum falling in value, the mining market is still going strong.
(According to Zing)
A country without electricity because of Bitcoin miners
Many parts of Kazakhstan suffer from power shortages due to the increase in cryptocurrency mining in the country.