Mining

Bitfarms stated that it powers an estimated 1% of the global Bitcoin network, with over 99% “green” hydropower.Bitfarms Ltd (NASDAQ: BITF), a sustainable-energy Bitcoin miner, saw its stock decline 8.6% to as low as $3.9 on Monday – its first day of trading on the NASDAQ. Notably, BITF stock closed yesterday trading at $3.96, a 7% drop from its opening price of $4.27. The drop was likely due to a huge crypto sell-off motivated by the recent Chinese crypto crackdown.Notably, figures provided...

The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low. The Effects of the Chinese Crackdown Although Bitcoin has been banned in China for years, the Asian Superpower doubled down on its stance just recently. It went further this time by ordering...

Francis Suarez, the mayor of Miami, says he is now looking to open his city to all the Chinese bitcoin miners that are getting kicked out of their country. Francis Suarez Opens His City to Chinese BTC Miners China has recently stated that it will be banning all crypto mining operations. Beijing has given these companies approximately two months to leave, and many are looking for a new home to set up their mining equipment. While some analysts have said that Texas will be...

On 22nd June, the SIL Ethereum-BSC Bridging Program will commence.Sister in Law Finance (SIL), a single-sided yield aggregator, has announced that it will open its mining operations on Binance Smart Chain (BSC) this week. This happens just after their PowerCurve Initial Decentralized Exchange Offering (IDO), which took place last week on DoraFactory.SIL Finance has set a chain of events to take place in June. Closure of the BSC Test Drive will take place on the 21st June at 3.00 PM, UTC, and...

Coinbase listing was expected to bring more validation to the crypto market but recent events in China show the opposite effect.Coinbase Global Inc (NASDAQ: COIN) stock closed Friday trading at $229.29, down 0.59%. Meanwhile, COIN stock was trading at around $220.13, 3.99% down at the time of writing. The deep in Coinbase stock is attributed to the recent intense crackdown of crypto mining areas in China that contributed to a crypto market dip on Monday.Notably, the Chinese crypto crackdown...

A few weeks after China started its nationwide crackdown on Bitcoin mining, new reports have confirmed the speculations that at least some miners will look to transition to the US. The most recent one indicated that three tons of mining machines will move from Guangzhou to Maryland. BTC Miners: From China to the US The world’s most populated nation strengthen its grip on Bitcoin mining in May this year after reiterating its ban on operating with BTC and other digital assets....

Cardano founder Charles Hoskinson called Bitcoin outdated, owing to its inefficient community and work culture. The founder of Cardano Charles Hoskinson claims that Bitcoin, one of the most famous crypto assets in the world, will be the reason for its downfall. Owing to its slow rate of exchange, the Proof-of-Work system will be expropriated by the more convenient Proof-of-Stake networks.During a Podcast with Artificial Intelligence scientist Lex Fridman, the IOHK founder asserted that the...

With China suddenly becoming an anti-bitcoin mining state, many are wondering where all the country’s present operations will relocate to. Some say Texas, while others suggest Wyoming. Either way, many China-based crypto mining firms need a new home, and America is looking better and better every day of the week. Bitcoin Miners in China Are Having to Leave Soon China has always had a rather up-and-down relationship with cryptocurrency. The country banned both initial...

29-year-old crypto billionaire Sam Bankman-Fried believes that it would be rather easy for crypto miners to resort to green energy to potentially extract new coins from the blockchain. Sam Bankman-Fried: Miners Can Turn to Green Energy without Hurting Their Industry One of the big arguments hitting the crypto industry as of late is that crypto mining is somehow harmful to the planet. There are reports strewn about suggesting that bitcoin mining requires more energy than...

The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.” Crypto Is Not a Viable Investment: Goldman It’s safe to say that Goldman Sachs has displayed a controversial approach to the cryptocurrency space. The latest report coming from...