Bitcoin miners are bulking up their reserves in anticipation of next year’s halving event. Riot blockchain is reported to have purchased 7.6 EH/S of mining machine capacity for $162.9 million. HUT8, a Canadian bitcoin company, is pursuing a merger with U.S. Bitcoin Corp. The combined entity will have total hash rate, or computing power deployed… Read More Notes 7/9: Bitcoin Mining
In a week when the SEC attempted to carbonize bitcoin liquidity further with its lawsuits against two prominent cryptocurrency exchanges, algorithmic stablecoin Tether is making plans to ensure future supply of the crypto necessary to maintain its peg. Earlier this week, the company was reported to have put money into a 241-MW renewable energy park… Read More Notes 6/10: Tether’s Volcano Investment, Bitcoin Mining Consolidation
Bitcoin price may be in the gutter but the cryptocurrency’s miners are looking to the stars. They minted handsome profits from the mania for Ordinals, inscribed tokens on bitcoin’s blockchain, last month. According to online publication The Block’s Data Dashboard, transaction fees accounted for 14.3% of the overall revenue, an 11% increase from a month… Read More Notes 6/2: Bitcoin Mining and Bitcoin Price, The Many Lives of Tether
The Federal Reserve will have many things to consider when it concludes deliberations at the latest Federal Open Markets Committee (FOMC) meeting. That list includes the latest round of bank failures, inflation and unemployment data, and the economy’s overall health. Suffice to say, bitcoin price will not be a part of that list. While the… Read More Notes 5/3: FOMC and Bitcoin Price, Bitcoin Mining Taxation
Between a debilitating crypto winter and rising energy costs, bitcoin miners were caught between a rock and a hard place for most of 2022. But Bitcoin’s hash rate – the amount of computing power devoted to mining the cryptocurrency – is near its peak rates. Back of the envelope math shows that the amount of… Read More Notes 01/03: Bitcoin Mining Consolidation
One of the constituencies affected by the slump in bitcoin prices is its mining community. A decline in bitcoin’s price makes the cryptocurrency less profitable to mine because revenues fall. Bitcoin mining is a capital-intensive business. It requires significant investments in real estate, mining rigs, electricity, and, in some instances, energy sources. The main source… Read More How Are Bitcoin Miners Handling The Crypto Winter?
Malaysia’s national electricity company Tenaga Nasional Berhard (TNB) is cracking down on Bitcoin miners who are illegally powering their mining operations by stealing electricity from the company. TNB officials raided 33 premises in Kuantan that were suspected of tampering with their electricity distribution boards. This tampering has cost RM3.2 million for the company. According to… Read More Malaysia’s Electric Company Cracks Down on Bitcoin Mining
After last year’s meteoric rise, 2018 promised much for bitcoin and cryptocurrency markets. And it delivered. Bitcoin continued to remain in the news, except for different reasons. Cryptocurrency markets crashed and their scandals multiplied. Crypto companies suffered growing pains. Big names in the financial services industry announced plans for crypto-related products. (They delayed those plans… Read More Three Developments That Defined Crypto in 2018
Bitcoin may have to wait for its first IPO. Bitmain, the world’s biggest cryptocurrency mining company, generated headlines earlier this year when it filed to go public at Hong Kong Stock Exchange. But authorities at the exchange are dragging their feet over its application and are “hesitant” to approve the IPO, according to a report… Read More Mining Giant Bitmain’s IPO May Be In Trouble
The difficulty level for bitcoin’s mining algorithm, which climbed over the last year, fell by 15% yesterday, recording its second-steepest drop ever. Difficulty level refers to the difficulty of the cryptographic problems required to be solved by systems within bitcoin’s network to earn the cryptocurrency. It is adjusted every 2016 blocks or approximately after every… Read More Bitcoin Mining Difficulty Level Records Second-Steepest Drop. Will Industry Consolidate?
Despite the precipitous decline in it’s price, bitcoin’s hashrate (or the amount of computing power deployed to its network) has skyrocketed. Approximately a year ago, bitcoin had 6.018 exahash of computing power dedicated to its network. As of yesterday, bitcoin’s hashrate was equal to 38.42 exahashes. (1 hash in bitcoin is equal to one round… Read More Bitcoin’s Hashrate Has Skyrocketed In The Last Year. Why?
Last year Canada’s Québec province announced it was open for business for the crypto mining community. The thinking for Hydro Québec, the region’s utility, was that it could use surplus capacity as a nice little side business for crypto miners. By May, it had stopped approving new crypto mining projects. What went wrong? Hydro Québec… Read More The Perils Of Cryptocurrency Mining For Québec