The Bitcoin Mining Council has publicized its aim to tackle negative media narratives. In its inaugural meeting which was hosted on Twitter Spaces, the council discussed bad press that has been surrounding Bitcoin and its mining in the past weeks. The China crackdown has led to the shut down of a number of mining farms.…
In the wake of the Bitcoin halving, the hash rate of the network dropped dramatically.Due to an effective 50% decrease in profitability, around 30% of the machines mining BTC went offline from peak to the bottom of the trough, slowing transactions down and causing an increase in transaction fees.But as blockchain data firm Coin Metrics…
The Bitcoin blockchain saw its mining dificulty adjust downwards on June 5. It has now become easier to mine BTC. Historical data shows that price and mining difficulty has elements of positive correlation.That being so, a drop in mining difficulty could signal an incoming drop in price. And given Tuesday’s brutal rejection at $10.4k, which…
Crypto market sentiment can be gauged by a number of different factors. In 2018 global regulators stomped all over ICOs which pretty much ended the altcoin run but this year it could be Bitcoin mining giants that signal a waning of interest. Bitcoin Mining Giant Drops IPO Valuation A few hours ago it was reported…
Bitcoin mining consumes a large amount of energy, and in return for the upfront electricity costs, miners are rewarded with a set amount of BTC for validating each block added to Bitcoin’s blockchain. As the crypto asset’s network grows in size and scale, the more electricity required to power the operation. Bitcoin as a network…
The Bitcoin mining giant Bitmain has just announced that it will work with a Canadian startup to help create a facility with potentially 300MW of power in Texas. DMG Blockchain Solutions Inc. will be providing the Chinese firm with project management services. The news comes less than a week after a different startup announced its…
Each and every day, miners unlock more and more Bitcoin – as much as 1,800 BTC per day – into the circulating supply of the cryptocurrency. Today marks a major milestone for the cryptocurrency, as the 18 millionth Bitcoin is mined, leaving only 3 million BTC remaining out of the hard-capped 21 million BTC supply.…
Canada’s Quebec province is tapping the bitcoin mining market to improve its annual economic projections. The region’s energy regulator, the Régie de l’énergie (LRQ), ordered public utility Hydro-Québec to allocate a 300-megawatt block of electricity to the blockchain industry. The move increased the total power supply granted for mining cryptocurrencies from 368 megawatts to 668…
At the start of this month, James Lau, Hong Kong’s Secretary for Financial Services and Treasury, informed the Legislative Council that the purchase of mining equipment falls under the Trade Descriptions Ordinance. This move places restrictions on who can mine cryptocurrencies like bitcoin. But, does it also signal a change in attitude towards crypto by…
Bitcoin miners consumed as much as energy in 2018 as Hungary, according to Alex de Vries. The researcher at the Netherlands’ PricewaterhouseCoopers (PwC) branch studied bitcoin’s global energy consumption all across the year. He found that existing hydropower projects were not sufficient in sustaining the cryptocurrency mining operations, adding that the bitcoin network demanded as…