Mining

BIT is just one of several Bitcoin miners forced to take their operations outside China following the government’s recent crackdown on BTC mining.Chinese Bitcoin miner BIT Mining Limited (NYSE: BTCM) has secured $50M in a private placement. The firm has revealed that it intends to use the funds to finance the construction of new data centres oversea, to purchase new equipment and generally expand its operations.The private placement was announced in a press release on July 12. the private...

Jihan Wu, the founder and former CEO of the crypto mining company Bitmain, believes regulations are necessary for the cryptocurrency industry. In fact, they could be beneficial for the space as it would isolate it from bad actors and fraudulent activities. Wu: Crypto Regulations Are Healthy The topic of implementing a legislative framework around the crypto market has become wildly discussed in the past year or so as prices blossomed to new highs. Global watchdogs have...

CryptoPotato had the opportunity to host a discussion with Lennix Lai – the Financial Markets Director at OKEx. Established in 2017, OKEx is one of the leading cryptocurrency exchanges in the world by means of trading volume and is also a big player in China. We took the opportunity to discuss, first hand, what’s currently going on in the market from both a retail and institutional perspective, as well as what’s actually happening in China. $60K Bitcoin In...

Hive Blockchain Technologies Ltd, the cryptocurrency mining firm that went public in 2017, has purchased more than 3,000 mining devices. The machines, MicroBT WhatsMiner M30S, should increase the firm’s overall Bitcoin hash rate by nearly 50%. HIVE Buys 3,019 Miners The company announced its latest purchase in a press release on July 12th. The equipment will be put to work shortly with an aggregate hash power of 264 Petahash per second, which should increase the overall BTC...

The cybersecurity firm Lookout detected numerous crypto mining scams employing hundreds of fake Android applications. The fraudulent scheme affected at least 93,000 people and stole more than $350,000 from them. Stealing Money Instead of Mining Crypto According to a recent report, the security company Lookout discovered 172 bogus Android applications meant to be used for digital assets mining. Instead, the apps turned out to scam at least 93,000 victims and embezzled some...

The Central Bank of China has ordered the shutdown of an alleged software company given its reported ties to crypto mining. Beijing Qudao Cultural Development has been suspended at the time of writing and must cease all operations or face legal consequences from the bank’s regulators. Its website has also been deactivated. China Shuts Down Software Company China has always had a rather mixed relationship with bitcoin and cryptocurrencies. In the past, the country has...

[PRESS RELEASE – Please Read Disclaimer] With Proof of Work (POW), crypto is becoming a hot topic for discussion around the world. The crypto investors, developers, and validators are constantly worried about the carbon footprint mining activities. This has largely increased in demand for ‘Eco-Friendly’ cryptocurrencies making a positive effect on the environment. In response to the demand for energy-efficient cryptocurrency, MEHH Coin is moving it blockchain to POW making...

As mining difficulty increases in proportion to how many miners there are on the network, mining has become an increasingly exclusive club.The cryptocurrency industry is impossible to define. As soon as you think you can pin it down, it will surprise you. Perhaps more than any other major industry today, cryptocurrency is an industry of non-stop change. Nothing is ever settled, there is nothing written in stone. Platforms and projects that were on top of the world yesterday find themselves at...

AEC is not the first firm to repurpose a landmark of modern industry to generate cryptocurrency.Mechanicville, New York’s hydroelectric plant, has now been repurposed for Bitcoin mining. The plant owned by Albany Engineering Corp (AEC) is touted to be the oldest renewable energy facility in the United States.Built in 1897, the hydro-plant has suffered serious setbacks. In 1986, the National Grid brought in AEC to help revamp the plant. The deal would see them buy back energy from AEC at a...

The results are not limited to mining revenue. Glassnode reveals that average block times have peaked over the past few days rivaled only by levels during Bitcoin’s infancy around 2009-2010. Bitcoin miners’ revenue has seen a rise following the network’s biggest difficulty drop yet. Blockchain.com figures indicate that daily miner revenues have increased by over 50%. The exodus of Bitcoin miners from China has resulted in a never-seen-before “interesting dynamic”. The recent crackdown on...