Tag Archives: Bitcoin Mining

A Guatemalan circular Bitcoin economy known as “Bitcoin Lake” is leveraging Bitcoin ASICs to clean the nearby Lake Atitlán while generating income for the community.  As Bitcoin Lake Founder Patrick Melder explained, the “Kaboom” mining project is repurposing used cooking oil to help mine Bitcoin, rather than pollute the local environment.  Mining Helping the Environment? As Melder told Bitcoin Magazine, the project is a follow-up to prior attempts at cleaning the lake that...

Compute North, which happens to be the latest casualty of the ongoing crypto rout, has filed for a Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas. The filing is pending before the Judge Bankruptcy David R Jones. The company’s CEO, Dave Perrill, also stepped down from his position earlier this month but will continue to remain on the board. Compute North in Trouble Under the terms of the filing, the firm will be able to continue its...

Recent technical signals suggest bitcoin could be due for a breakout soon, something that’s sure to make investors everywhere squeal with joy. Bitcoin Might Be Coming Back Soon The crypto space has been doing rather poorly as of late, with bitcoin – the world’s number one digital currency by market cap – leading the way into the doldrums. BTC has crashed by more than 60 percent from its November 2021 all-time high of $68,000, and the crypto space has lost more than $2...

The world of bitcoin mining has taken some serious blows, and it doesn’t look like the space is going to be recovering anytime soon. With prices falling to such drastic lows, it appears that many miners are either having to leave the space altogether or take drastic measures to ensure their money stays in place, as is the situation with firms like Stronghold Digital Mining. Stronghold Digital Had Too Much Debt As one of the biggest and most stable digital currency mining...

Greenpeace USA – an environmental advocacy group – is calling out Bitcoin for having what it calls an “outdated and efficient” code system.  In a tweet on Thursday, the organization doubled down on claims that Bitcoin’s proof of work mechanism is contributing to the climate crisis. Instead, it suggested that the code be swapped out for a less energy-intensive mechanism like proof of stake.  Campaigning Against Mining The advocacy group’s statements were in response to...

Poolin, the embattled crypto mining pool service provider, will offer freshly-minted IOU tokens to its users whose assets are frozen after the platform suspended withdrawals last week. The distribution of IOU tokens will be made today, the 15th of September. Poolin’s IOU Tokens The IOUs will be minted under the ERC-20 protocol on Ethereum, the China-based company said in an official statement on its website.   “The team has come up with the IOU-tokens scheme to minimize the...

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...

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...