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…
Gor Gevorkyan, a Los Angeles resident, has filed a lawsuit against Bitmain for allegedly mining cryptocurrency at his expense. The class action claims that bitcoin mining giant had redesigned its ASIC devices “to mine crypto currency for the benefit of itself rather than its customers who purchase the products”. Bitmain Allegedly Used Customers Resources to…
Having banned the exchanges where cryptocurrencies like Bitcoin are traded, the Chinese government is now cracking down on the plants where such currencies are mined. The Yingjiang Administration Bureau for Industry and Commerce, which enforces enterprises and consumer protection laws, issued a notification to the Bitcoin mining facilities operating in China’s Yunnan province. The bureau…
BTCC, China’s oldest Bitcoin exchange, is shutting down its mining pool, which has been operating for more than four years, the company announced. The firm claims the decision to cease operations indefinitely from November 30 is due to business adjustments. BTCC’s Mining Pool to Cease Operations Indefinitely from November 30 The cryptocurrency mining pool launched…
As Bitcoin adoption increases, a new study published Monday by Nature Climate Change warns that energy-demanding Bitcoin transactions would easily sling the global temperature past the 2-degree threshold set under the Paris Climate Agreement. But, is it true that Bitcoin is this energy inefficient that the mainstream media portrays? While Bitcoin’s precipitous rise has been…
It’s commonly known that cryptocurrency mining farms located in China have a stronghold over the Bitcoin ecosystem. However, a scathing new report suggests that China’s increasing influence over the leading cryptocurrency by market cap may be putting the Bitcoin network at severe risk. China’s Control Over the King of Crypto A new report entitled The…