Mining

Bitcoin History Part 21: Miners Pour One out for Satoshi

There are a few ways of looking at bitcoin mining. As an ostensibly selfish enterprise, wherein miners are seeking to extract precious coins for profit. And as a community of individuals who envisage a better way of generating, handling and using money, and are motivated to secure the Bitcoin network. The truth is probably somewhere...
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Bitcoin Mining Operations Offer New Strategies Before Reward Reduction

As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced a hashrate auto-switch feature so clients can automatically switch between BTC and BCH mining. Moreover, a few days later at Bitmain’s annual customer appreciation meeting,...
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Coinmine CEO talks crypto mining and why good user experience is so important for adoption

How do you determine which cryptocurrencies to support? FN: We evaluate cryptocurrencies and other protocols on factors including mission, technical merit, incentive/reward structures, and team. What are the biggest challenges of building a consumer crypto mining experience for crypto users? FN: The bulk of our efforts are spent in the “last mile” of the technology....
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No Investor Misled Over Crypto Mining Boom, Nvidia Claims

Nvidia has urged a US judge to dismiss a case brought by investors who say it misled them over crypto mining revenues. The company claims that the plaintiffs had cherry-picked information and relied on analysts who were clearly speculating on its financials. Lack Of Transparency Over Crypto-Mining Demand The case was initially brought, back in December 2018,...
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Chicago Company Mines at Oil Wells, Educates Producers About Bitcoin

Utilizing stranded gas to power bitcoin mining rigs at oil and gas wells is a promising business opportunity. It is profitable for all participating parties and beneficial for the environment. Not without challenges, this young industry is growing in energy-rich North America. Several companies are working to expand the niche and U.S.-based EZ Blockchain shared...
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Mining Chip Maker Ebang Next in Line to File for US IPO

Ebang, the ASIC chip and mining rig manufacturer based in Hangzhou, China is allegedly filing for an initial public offering (IPO) in the U.S. following Canaan’s recent Nasdaq listing and Bitmain’s secret IPO filing. The world’s third-largest bitcoin mining hardware manufacturer plans to follow Canaan’s footsteps with an attempt to be listed on the American...
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Will Crypto Save Iran from a Financial Crisis?

Iran is inching closer towards the financial crisis due to sanctions, but the country might still turn to cryptocurrencies for help. Iran is in a bad place right now, as the US officials state that the country’s finances might be in a worse situation than they believed. The country’s damaged economy has been sparking protests...
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Bitcoin Mining in North America: A New Gold Rush in the New World

The phones are ringing off the hooks at the New York offices of BitOoda, a financial services and brokerage firm that advises bitcoin mining companies and investors in the bitcoin space on investment strategies and risk management. Ryan Porter, head of business development at BitOoda, told Bitcoin Magazine that there’s lots of interest, including from...
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Monero Penalizes GPU and ASIC Mining with RandomX Upgrade

The Monero network successfully conducted a scheduled upgrade on Nov. 30. Among other features, the RandomX mining algorithm was introduced to cripple ASIC machines and improve the efficiency of CPUs. Specialized mining hardware has always been a hotly debated theme. Critics argue that they have a centralizing effect, as few companies in the world are...
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Despite Bitcoin’s Price Drop, High-Powered Mining Rigs Still Profit

Since BTC prices slid below the $8K price range, mining operations have been making less revenue. On Sunday, December 1, only 13 mining rigs with an average electricity cost of $0.12 per kWh are profiting at current prices. Of course, miners from China and other regions pay far less per kWh but older mining rigs...
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Following Litecoin’s Halving, The LTC Hash Rate Crashing 70% To Its Yearly Low

Litecoin, one of the most popular cryptocurrencies aside from Bitcoin, is noting a recent severe crash in its hash, almost reaching the 2017 levels. This decline comes just months following the 2019 Litecoin halving event. It raises the question among the community if Litecoin’s network can be jeopardized more easily if the hash rate continues...
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Bitcoin’s Hashrate is Seemingly on a Downward Spiral

As the year almost comes to a close, there could be some interesting Bitcoin action in the weeks ahead. If the network hashrate is any indication, that activity might not necessarily be positive. In the past few months, the overall Bitcoin hashrate has seen many ups and downs. Highs and Lows for the Bitcoin Hashrate...
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Photonics Bitcoin Mining Tech Aims to ‘Democratize’ Energy Use

Three researchers have published a paper at Cornell University’s arxiv.org proposing a system called Optical Proof of Work (OPOW) to potentially be employed in Bitcoin mining. According to the paper, “heavy reliance on electricity has created scalability issues, environmental concerns, and systemic risks.” The authors state that silicon photonics could be used to shift mining...
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How Bitcoin Miners Are Not Causing The Price Plunge

When bitcoin starts to turn south and the selloff intensifies, fingers start pointing. The crypto community wants to blame something and the mainstream media wants to sensationalize fearful headlines to get their clicks. Bitcoin Miners Not to Blame This latest slide has been blamed on China (again) and a miner capitulation but recent research reveals...
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As Halving Interest Grows, Spectators Discuss Miner Hoards and Capitulation

Recently, cryptocurrency advocates have been discussing the upcoming halvings set to happen on the BTC and BCH blockchains in six months or less. Since crypto prices have been heading southbound, the SHA256 consensus hashrate continues to remain relatively unfazed and data stemming from freshly minted coins shows miners have been stockpiling. Also Read: Iranian Grid...
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Proof of History is the latest consensus model, but how does it compare to its predecessors?

Surely the greatest irony in the blockchain space is that there has never been any agreement on “the best” consensus model. Bitcoin and Ethereum are widely lauded for pioneering the concepts of blockchain and smart contract platforms respectively, but both also come under heavy criticism for their lack of scalability. The scalability challenge is largely...
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Compute North Announces Nebraska Colocation Center for Bitcoin Mining

Compute North, a data infrastructure and colocation company based in the U.S., has announced that its largest location is now live in Nebraska. The new facility offers 100 megawatts (MW) of power and is targeted at large capacity users, such as cryptocurrency miners. “The facility is set up to accomodate large-capacity users with over 1MW...
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Bitcoin Mining is Killing the Earth? Not Really, Study Finds

It’s no secret that Bitcoin is hated by many mainstream economists and politicians. While their cited reasons for hating Bitcoin vary wildly — some call it a purely speculative market, others say cryptocurrencies are only useful for crime — the seemingly most oft-cited critique of this innovation is that it is “killing the Earth.” From...
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Bitcoin Fell 50% From $6,000 in 2018 After this Key Signal Lit, and it’s Flashing Again

The final nail was just put in the coffin of bulls. An indicator that tracks the health of the Bitcoin (BTC) mining ecosystem has just flashed bearish for the first time in a year, signaling impending capitulation.Related Reading: Bitcoin Open Interest May Act as Rocket Fuel for Explosive Bull MovementBitcoin Miners Ready to CapitulateJust last...
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Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Throughout the course of 2019, Iran’s government and the country’s energy officials have been creating new guidelines for bitcoin miners setting up data facilities in the oil-rich nation. On Wednesday, Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, described a new price model for mining operations and prices per kilowatt-hour (kWh) will fluctuate during certain...
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Bitcoin’s Biggest Difficulty Drop for 2019: Simply Coincidence?

A few days ago, Bitcoin saw one of the largest single miner difficulty drops since late 2018. Multiple culprits have been proposed, but data shows that this may have been a random coincidence. Miner difficulty is a measure aimed at balancing the block production. Bitcoin should ideally produce a block every 10 minutes, but the...
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China’s Bitcoin Mining Firm Canaan Creative to Launch Its IPO Next Week on Nasdaq

Failing to go public on the China and Hong Kong exchanges, Canaan now will make its public listing through the Nasdaq platform. Canaan Creative, the Chinese Bitcoin mining company is all set to go public by listing its shares on the Nasdaq trading platform next week on November 20. As we have already reported, Canaan filed...
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No Threat of Centralization: How Exchanges View the Mining Industry

Coinbase, Kraken and other cryptocurrency exchanges are taking positions on proof-of-work consensus and Bitcoin mining. Despite criticisms against proof-of-work, they argue there is little risk of centralization-induced attacks. Proof-of-work is one of Bitcoin’s core features which allows to reach consensus and keep the blockchain secure. Miners are responsible for finalizing transactions and generating new Bitcoins. However,...
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Bitcoin’s Upcoming Halving Exposes Long-Term Security Issues

Bitcoin’s network security largely depends on block rewards, not transaction fees. Will fees alone be enough to sustain the network as halvings continue to erode miner revenues? What does network security mean? The decentralization and immutability of a blockchain network lies in its resistance to the double-spend problem. For proof-of-work, this means its resistance to...
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Bitcoin Miner Maker CEO Held Into Custody Over IP Allegations

The price of the most dominant cryptocurrency, Bitcoin (BTC), lost its support at $9,000 on November 8 after several days of downward action which triggered the markets to make a decisive move. According to the charts, Bitcoin falls $9,000 for a first time this month but traders know that this is a major psychological level...
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Ousted Bitmain Co-Founder Micree Zhan Is Ready to Fight for the Company with Legal Weapons

Ousted Bitmain co-founder Michree Zhan has threatened to seek legal redress to retain his position as co-founder of the company. Micree Zhan, the co-founder of popular crypto mining company Bitmain, has said that he will definitely return to the company, even if it means considering a legal course of action. This is the first time...
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Ousted Bitmain CEO Micree Zhan fires back at Jihan Wu, looks to retake the firm

One of the most important cryptocurrency companies is in the midst of a raging internal spat. And unfortunately, it’s only getting worse. Bitmain co-founder Micree Zhan, who was last week booted from the Bitcoin mining giant as a result of a shocking pot shot from fellow co-founder Jihan Wu, is looking to retake control of...
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Bitcoin Mining Bandits Arrested in Malaysia

Malaysian authorities have arrested five individuals in connection with the robbery of 85 Bitcoin mining units. The machines were taken from a shop in the town of Seremban on October 29.The units themselves were valued at around $10,000. Those behind the robbery are thought to have stolen the machines to deploy them themselves.Five Arrested in...
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China Removes Bitcoin Mining From Unwanted Industries List

Inspired by its new fascination with blockchain, China now seems to have changed its mind about cryptocurrency mining. The latest version of a national macroeconomic plan indicates that the government in Beijing has given up intentions to suppress the bitcoin mining industry, in which Chinese companies have become global leaders. Also read: Another Chinese Lender...
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China Won’t Be Banning Bitcoin Mining Activities in the Country

Great news for cryptocurrency miners as they can now leverage China’s abundant supply of cheap and affordable hydroelectric power for Bitcoin mining activities. It’s a great moment of cheer for all cryptocurrency miners carrying out operations based out of China. In the latest development, the China National Development and Reform Commission (NDRC) has decided to...
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