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.

Markets

Ukrainian Law Enforcement Raids Illegal Mining Farm With GPUs, PlayStations

The miners reportedly used the electricity of the local power provider.

By Anna BaydakovaJul 9, 2021

Ukraine's SSU seized hardware from an allegedly illegal mining operation.

Videos

Will Chinese Bitcoin Miners Come to Texas?

Argo Blockchain CEO Peter Wall discusses the great migration of bitcoin miners amid China's crypto ban and why some may be headed to Texas. Plus, how his firm is lowering carbon emissions in response to rising concerns over bitcoin's energy consumption.

Jul 8, 2021

Markets

China's Crackdown Is Forcing Miners to Dump GPUs on Secondhand Market: Report

The number of listings on China's most prominent marketplace apps has increased in the last month and a half.

By Jamie CrawleyJul 7, 2021

Markets

Bitcoin Miner Profitability Could Double After Record Drop in Network Difficulty

Mining economics have improved significantly, according to one analyst.

By Frances YueJul 6, 2021

Technicians exit a cooling chamber adjacent to a wall of bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China.

Videos

Valkyrie CIO and Co-founder Steven McClurg: Bitcoin in Rangebound Until End of Summer

Bitcoin was holding support around $33K Tuesday and is down about 5% over the past week. The cryptocurrency had a choppy trading session during Asia hours and is stuck in a tight range since June. Valkyrie CIO and co-founder Steven McClurg discusses the outlook for bitcoin and whether it will break out soon. "I definitely see us stuck here over the summer," he said, commenting on bitcoin's trajectory. Plus, why McClurg says he thinks inflation is not transitory and the impact of China's crypto crackdowns on bitcoin's price and hashrate.

Jul 6, 2021

Videos

How Crypto Miner Griid Is Tackling Bitcoin's Energy Challenge

Harry Sudock, VP of Strategy at bitcoin mining firm Griid, responds to bitcoin's growing environmental, social, and corporate governance (ESG) concerns, discussing how Griid is procuring renewable energy to supply a portfolio of bitcoin mining facilities. "We have an overwhelmingly carbon-free and renewable-focused portfolio, not because we have an ESG mandate, but because that's the way we achieve the best results," Sudock said. Plus, insights into miners migrating out of China and whether this is a greener way forward.

Jul 6, 2021

Markets

Market Wrap: Bitcoin Consolidates Amid China Crackdown

China’s announcement preceded choppy price moves around $34,000, which left traders with little sense of direction.

By Damanick Dantes, Frances YueJul 6, 2021

Videos

How Bitcoin’s Hashrates Affect Its Price

Crypto miners in China are migrating elsewhere in response to the country’s continued crackdowns. CrossTower Research Analyst Martin Gaspar discusses the impact of bitcoin’s hashrate on its price and why this matters. “Bitcoin’s price and hashrate have been very correlated over time… so they tend to move with each other,” Gaspar said.

Jul 6, 2021