Bitcoin Mining

Bitcoin mining is the process by which new bitcoins are created and transactions are verified and added to the blockchain network. It involves powerful computers solving complex mathematical problems to secure the Bitcoin network and maintain its decentralized nature. Individuals, companies, and even specialized mining pools participate in this process, known as miners. These miners play a crucial role in ensuring the integrity and security of the Bitcoin network. As the number of bitcoins in circulation is limited, mining also serves as a means of distributing new bitcoins. Miners are rewarded with newly minted bitcoins for their computational efforts and the energy they contribute to the network. Bitcoin mining has evolved over time, with the advent of more efficient hardware and the rise of mining farms. These farms, often operated by companies, leverage economies of scale to maximize their mining capabilities. Additionally, mining protocols and algorithms have been developed to adapt to the increasing computational power and maintain the network's stability. Crypto exchanges facilitate the trading of bitcoins, allowing miners to convert their earned bitcoins into traditional currencies or other cryptocurrencies. This dynamic ecosystem of people, companies, protocols, and blockchain networks collectively contribute to the functioning and growth of Bitcoin and the broader cryptocurrency market.

Videos

E-CNY White Paper Released, Malaysia Steamrolls Mining Rigs

China releases white paper on E-CNY. Bitcoin mining difficulty falls for the fourth time in a row. Malaysian police steamroll seized crypto mining rigs. More on these stories and other news shaping the cryptocurrency and blockchain world in this episode of “The Daily Forkast.”

Jul 19, 2021

Markets

Bitcoin Miners Worth Over $1.3M Seized, 8 Arrested in Malaysia: Report

The machines were seized in joint operations with Sarawak Energy, the region's electricity company, between February and April.

By Jamie CrawleyJul 16, 2021

Markets

Greenidge Buying 8,300 Bitcoin Mining Rigs From New Partner Foundry

The agreement will add 800 petahash to Foundry USA mining pool's computing power, the companies said in a joint statement.

By Eliza GkritsiJul 15, 2021

Markets

China's Bitcoin Mining Share Was in Decline Even Before Crackdown

China's share of mining slid to 46% in April 2021 from 75% in September 2019.

By Jamie CrawleyJul 15, 2021

Videos

Compass Mining Inks Multi-Year Deal With Nuclear Fission Startup Oklo for Clean Energy

Compass Mining has signed a 20-year deal with nuclear fission firm Oklo to supply the bitcoin mining company with clean and cheap energy. “The Hash” panel discusses the novel twist on clean sources of power as the industry seeks solutions to its environmental challenges.

Jul 14, 2021

Finance

Bitcoin Mining Firm Compass Inks Deal With Nuclear Microreactor Company Oklo

Salvadoran volcanoes aren't the only novel source of power in the bitcoin mining industry.

By Nate DiCamilloJul 14, 2021

A cryptocurrency mining farm in Nadvoitsy, Russia.

Markets

3 More Chinese Provinces Shutter Crypto Mines as Clampdown Continues

Henan, Gansu, and Anhui provinces are the latest provinces to crack down on crypto mines to curtail energy use.

By Eliza GkritsiJul 14, 2021

A landscape outside the capital of Gansu province, Lanzhou.

Videos

State of Bitcoin Mining in China as Crackdown Continues

Kevin Zhang, Foundry VP of Business Development, explains the history of China’s crackdowns on cryptocurrencies and mining operations from 2017 to where we are now. “The most recent crackdowns are the hardest we’ve ever seen,” Zhang said miners are headed to Eastern European and Central Asia. But could they return?

Jul 13, 2021

Policy

Abkhazia to Punish Public Officials for Illegal Crypto Mining: Report

"District and town majors, you should make your own decisions and, whenever you find a mining farm, fire or reprimand the head of that village," the nation's president said.

By Anna BaydakovaJul 13, 2021