Mining

MicroStrategy’s Executive Chairman Michael Saylor has published a letter clearing his thoughts on Bitcoin mining and its impact on the environment and energy systems. He argued that Bitcoin mining is, in reality, far less of an environmental issue than it is often made out to be. Rather, he believes it wouldn’t be on the public radar if not for the extensive lobbying efforts of competing interests within the crypto industry.  Michael Saylor Defends Mining Upon publishing the...

Riot Blockchain, Inc. is a company that both hosts and mines bitcoin units. In a recent announcement, the company said it received more than $9 million from the Texas state power grid manager to cut back on its mining efforts and give the state a break as it reached peak energy demand from residents and businesses alike. Riot Blockchain Is Willing to Compromise Riot Blockchain is one of the largest, most well-known crypto mining facilities in the world. In a recent...

The crippling impact of May and June’s crash on Bitcoin miners still persists. New data revealed that August recorded the fourth consecutive month that has seen negative miner net flows. Bitcoin miners had to resort to selling in order to sustain themselves throughout August recording a net outflow of 21.3k BTC. The only month when miners accumulated BTC this year was April, as per the latest edition of CryptoCompare’s Asset Report. Bitcoin Miners in Distress The price of the...

Bitcoin’s hash rate continues to move in contrast with the asset’s price as it charted yet another new all-time high recently. This comes even after the latest substantial mining difficulty increase, which was the largest in over six months. Bitcoin Hash Rate New ATH The hash rate is an essential metric in the BTC network as it shows its robustness based on the number of active miners and the computational devices they have plugged into it. Generally, it declines during the...

The Las Vegas-based cryptocurrency miner – Marathon Digital Holdings – steadily improved its bitcoin production levels in August, mining 184 BTC. It also successfully energized 25,000 of its previously installed miners. The process increased the hash rate to nearly 3.2 exahashes per second. Over the next three months, the company expects to activate 65,000 additional miners and thus reach a computing power of 6.9 EH/s. Marathon Makes a Progress One of the biggest crypto...

The White House Office of Science and Technology Policy (OSTP) has released a report examining the connection between distributed ledger technologies (DLT) and climate change.  The office determined that crypto’s relationship with the environment is a mixed bag. While acknowledging the positive impact that mining can have on grid stability and renewable development, it can also exacerbate “environmental justice issues” due to greenhouse gas (GHG) emissions and other...

Lake Parime – a manufacturer of portable data centers utilized for mining digital assets – is opening a new repair and manufacturing facility in the city of Jacksonville, Florida. Lake Parime Is Building a Crypto Mining Repair Facility Mining is very important for the crypto industry. It’s how new units of crypto are extracted from various blockchains and placed in circulation. However, one must remember that like all things, mining equipment can break down or suffer due...

With energy sources getting expensive rapidly, the environmental impact of validating PoW crypto-assets is being studied intensely. The White House’s latest report mentions the excessive usage of energy by several industries, including cryptocurrency mining, was brought up by IOG CEO Charles Hoskinson. He went on to say that the paper, published on the order of President Joe Biden, essentially seeks to ban Bitcoin, which is based on Proof-of-Work (PoW) consensus mechanism,...

Crypto mining company Core Scientific has announced it is reducing its staff by roughly ten percent and that it’s devaluing the value of its assets as the crypto space continues to suffer at press time. Core Scientific Forced to Lay Off Staff This has been a common theme in the crypto space as of late. Many companies, including big-name exchanges like Gemini in New York and Coinbase have been forced to make serious cutbacks and lay off several staff members so they can...

A Berkeley-based startup known as Vespene Energy announced that it’s going to use the methane gas emitted by landfills to power bitcoin mining rigs, thus adding more units to the blockchain through greener and more eco-friendly means. Vespene Has Big Bitcoin Plans The world of bitcoin and crypto mining has taken a lot of flak in recent years. There are many reports that digital currency mining uses more energy than several countries, while others claim it’s likely to...