Hello, and welcome to this week's Overbit News. Our first story of the week is about an intriguing case in Florida in which the family of a deceased individual claims their family member was instrumental in creating Bitcoin.
Satoshi Nakamoto's identity as the creator of Bitcoin has long been a source of speculation. The family is suing for half of Nakamoto's Bitcoin stash, which is estimated to be worth more than $64 billion. A lawsuit in Florida has been filed in response to the mystery surrounding Bitcoin's founder and their investment.
According to The Wall Street Journal, the family of a deceased individual, David Kleiman, claims their family member helped invent the famous digital currency with the help of Craig Wright.
Wright has claimed on and off for the past five years that he invented Bitcoin but has never provided proof of ownership. However, the author could simply establish their identity by transferring even a small portion of the cache of approximately 1.1 million Bitcoin or by using the private key that controls the account.
The identity of Bitcoin's creator, Satoshi Nakamoto, has long been a source of speculation, especially as their personal fortune grows. The cryptocurrency reached an all-time high of more than $69,000 earlier this month. In 2008, a man going by the name Satoshi Nakamoto released a nine-page white paper outlining a decentralised "electronic cash" system.
According to the Florida complaint, Wright contacted Kleiman for help with the white paper, and the two later launched the digital currency together. "We believe the evidence will show there was a partnership to create and mine over one million Bitcoin," Vel Freedman, a Kleiman family lawyer, told The Wall Street Journal. According to The Journal, the defence will present evidence that Wright is the sole creator of the currency.
Many names have been associated with Bitcoin since its inception, but it is unlikely that the inventor or founders would ever want to identify themselves publicly. Decentralised money, unattached to visible organisations or people, is one of Bitcoin's core concepts. If Nakamoto's identity was revealed, these fundamental values would be violated.
The hashrate of Bitcoin is the topic of this week's story. While Bitcoin's value has remained well above $60K, the network's hashrate has risen to more than 184 exahash per second (EH/s) as mining machines become significantly more cost-effective at these levels.
Due to the pricing, older generation mining machines developed more than four years ago with a processing capacity of more than eight terahash per second (TH/s) may now generate a daily profit mining the main crypto asset. Bitcoin's hashrate is catching up to Ethereum's hashrate in terms of new highs. Bitcoin's hashrate increased to 184 EH/s on November 15, 2021, representing 17.19% more hash power than the network saw two days earlier on November 13.
Bitcoin's (BTC) hashrate is approaching its all-time high (ATH) of 191 EH/s, set on May 9, 2021. According to coinwarz.com statistics, today's Bitcoin hashrate measures indicate that the hash power is only 3.8% away from exceeding its ATH.
The profits from ether mining rigs outnumber those from BTC mining devices, which are the most profitable application-specific integrated circuits (ASIC). At today's BTC pricing, three SHA256 compliant miners on the market can earn $36 per day using $0.12 per kWh of electricity.
The most profitable BTC miners on the market right now, according to asicminervalue.com, are the Microbt Whatsminer M30S++, the Apollo B2, and the Bitmain Antminer S19 Pro.
Furthermore, in addition to the top mining equipment reaping the highest profits, old-school miners from 2016 are still reaping the rewards.
As the world of cryptocurrencies grows, it appears that Bitcoin will maintain its dominance. This brings us to the end of this week's edition of Overbit News. Thank you for reading and we’ll see you next week.