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Bitcoin Mining Rigs Struggle for Profits, Despite BTC’s Hashrate Reaching an All-Time High
16.10.2020
Bitcoin’s hashrate climbed to an all-time high (ATH) this week touching 166 exahash per second (EH/s) on October 14. Meanwhile, despite the recent price rise and hashrate ATH on Wednesday, only a small group of next-generation mining rigs are profiting at current bitcoin exchange rates....
Publicly Listed Energy Firm Equinor Exploits Gas Flaring in North Dakota to Mine Bitcoin
21.9.2020
Just recently, the firm Arcane Research recently revealed a number of screenshots from the publicly traded energy firm, Equinor. The pictures show the multinational company leveraging natural gas flaring to power bitcoin mining operations. In recent years, using the unorthodox gas flaring scheme...
Official Notice Says Cheap Electricity to End for Inner Mongolian Bitcoin Miners
26.8.2020
Regional reports say that officials from Inner Mongolia delineated 21 bitcoin mines, as the region plans to stop subsidized electrical rates for certain data firms. Unless the bitcoin mining facilities pack up and migrate, mining farms may see an electrical price increase by one third. The Chinese...
The Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power
25.8.2020
The SHA256 hashrate that secures the Bitcoin network has grown massively during the last few years, as Bitcoin’s processing power has touched all-time highs in 2020. Moreover, the gigawatts of electrical consumption powering industrial bitcoin mining today consumes as much as seven nuclear...
Excessive Flooding in Sichuan Causes 20% Hashrate Losses for Chinese Bitcoin Miners
18.8.2020
Torrential downpours of nonstop rain have been wreaking havoc in China’s Sichuan province, which has caused some operations to shut down ASIC mining devices. Reports from the region show that certain areas have seen electrical shortages and the aftermath is causing quite a bit of stress...
Nasdaq-Listed Firm Marathon Buys 10,500 Next-Gen Bitcoin Miners for $23M
15.8.2020
One of the earliest Nasdaq-listed cryptocurrency mining companies, Marathon Patent Group, announced a new agreement contract with the ASIC mining manufacturer Bitmain. According to the public company, Marathon has agreed to purchase 10,500 next-generation Antminer S-19 Pro models for $23 million....
Chinese Bitcoin Miners Develop Strong Relationships and Crypto Mining Facilities in Iran
14.8.2020
During the last few months, crypto proponents have focused their attention on Iran. The Iranian President Hassan Rouhani initiated a new mining strategy last May, and the government-licensed 14 bitcoin mining farms in July. According to the Chinese mining operation Lubian, it claims to operate...
Miner Hoards: Q2 Bitcoin Mining Supply Outflow Touches 12-Month Low
17.7.2020
Onchain data shows that bitcoin miners are hoarding despite the 50% loss in revenue that started on May 11, during the third reward halving. The seven-day average of bitcoin miners’ outflow volume and mining funds sent to exchanges remains significantly low. Roughly four weeks ago on June...
Fidelity Acquires 10% Stake in Bitcoin Mining Firm Hut 8
14.7.2020
The giant fund manager Fidelity International holds roughly 10.6% stake in the bitcoin mining company Hut 8. For six years now, Fidelity, the firm that currently manages $300 billion on behalf of its customers, has been mining the cryptocurrency bitcoin. In May 2017, news.Bitcoin.com reported...
Mining Company Ebang’s Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange
3.7.2020
The bitcoin ASIC mining rig manufacturer, Ebang International Holdings, was recently listed on Nasdaq last Friday on June 26. Ebang is now the second mining rig manufacturer to have a U.S. initial public offering (IPO) by selling company shares. Since the initial sale on opening day, Ebang’s...
Bitcoin Hashrate Spikes to 120 Exahash: Difficulty Drops Allowing Miners to Rejoin the Competition
7.6.2020
The Bitcoin hashrate is up this weekend after the network experienced it’s fourth negative difficulty adjustment this year. The Bitcoin (BTC) protocol’s difficulty adjustment dropped over 9% on June 4, giving miners who shut off their machines a chance to join the competition once...
Iranian President Calls for Launching a Cryptocurrency Mining Strategy
23.5.2020
Iranian President Hassan Rouhani has called for a mining strategy throughout the oil-rich nation. The latest statements from the Iranian President follows Iran’s moves to restrict specific crypto trading platforms over “currency smuggling” mandates. On May 20, 2020, Iran’s...
Bitcoin Hashrate Slides 33% Since Halving – Difficulty Drops, Issues in Sichuan China
22.5.2020
It’s been 11 days since the third bitcoin block reward halving. Data now shows that the overall SHA256 hashrate lost around 47 exahash per second (EH/s), since the all-time high of 140 EH/s on May 3. With more than 33% of the hashrate lost, reports stemming from Sichuan China indicate that...
Chinese Kennel Owner Caught Stealing Electricity to Power Underground Bitcoin Mining Farm
29.4.2020
The largest oil field in the People’s Republic of China has been a target for individuals and organizations attempting to mine bitcoins with free electricity. After a bunch of mining farm operators allegedly got caught last summer, a dog kennel owner was recently busted for running cable...
1 Cent per Kilowatt-Hour: China’s Sichuan Province Encourages Hydro-Powered Bitcoin Mining
29.4.2020
The local government of Ya’an city, in China’s Sichuan province, has announced the region is encouraging bitcoin mining in Sichuan if operations leverage the local hydropower plants. The document released by Ya’an city officials is in stark contrast to how Sichuan lawmakers felt...
Bitcoin Miners Reveal Concerns Over Mining Rig Shipment Delays and Bitcoin Halving
15.4.2020
The cryptocurrency market rout in mid-March, which saw bitcoin’s price slide significantly in value, has strained bitcoin mining operations by slashing considerable revenue from the block rewards. Moreover, shipping delays from mining manufacturers have caused uncertainty and mining...
Crypto Mining Crunch Time – Bitcoin Halving Less Than 50 Days Away While Global Economy Shudders
24.3.2020
On or around May 13, the BTC network will see a block reward reduction as miners will go from getting 12.5 coins per block to 6.25 coins following the halving. The last time the protocol’s block reward halved was on July 9, 2016, and the global economy looked a whole lot different back then....
Analyst Claims 98% of Mining Rigs Fail to Verify Transactions
1.3.2020
Digiconomist’s founder has claimed the power expended in a single BTC transaction could power a British household for two months
3 Cents per kWh – Central Asia’s Cheap Electricity Entices Chinese Bitcoin Miners
12.2.2020
As tensions escalated between the U.S. and Iran in recent months, reports have detailed that Chinese bitcoin miners are looking to set up shop in Central Asia and more specifically in Kazakhstan and Uzbekistan. Last spring, Chinese bitcoin mining operations flocked to Iran for extremely affordable...
5 Mining Operations Command More Than 50% of BTC’s Network Hashrate
3.2.2020
The cryptocurrency community has been discussing mining centralization after a report was published that disclosed five mining operations command more than 50% of the BTC hashrate. At the time of publication, between F2pool, Poolin, Btc.com, and Antpool, the pools are hashing more than 59% of...