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

MicroBT Sets Up First Offshore Bitcoin Miner Factory to Expand US Market Share

The new Southeast Asian facility will mean U.S. buyers won't have to pay an additional 25% tax on miner orders.

By Wolfie ZhaoSep 25, 2020

MicroBT's Southeast Asia production center

Policy

Iran Is Ripe for Bitcoin Adoption, Even as Government Clamps Down on Mining

Iran is regulating bitcoin mining with an iron fist. But as U.S. sanctions and the pandemic put pressure on the economy, Iranians are seriously considering bitcoin as an alternative to the falling rial.

By Sandali HandagamaSep 24, 2020

Markets

Marty Bent on Why Bitcoin and Big Energy Are Unlikely Allies

Bitcoin mining can help big energy companies produce more efficiently, increasing American energy independence in the process.

By Nathaniel WhittemoreSep 22, 2020

(grandriver/iStock via Getty Images Plus)

Finance

Jihan Wu Regains Upper Hand in Bitmain Co-Founder Fight

A new twist in the power struggle at Bitmain: Co-founder Jihan Wu has regained the legal representative status of the bitcoin mining giant.

By Wolfie ZhaoSep 15, 2020

Policy

Court Denies Bitmain $30M in Damages From Co-Founders of Rival Poolin

A court in China has denied an appeal by bitcoin mining giant Bitmain seeking $30 million in damages from the three co-founders of mining pool rival Poolin.

By Wolfie ZhaoSep 9, 2020

Poolin co-founder Zhibiao Kevin Pan (CoinDesk archives)

Markets

Bitcoin Mining Equipment Maker Canaan Sets $10M Buyback Program

The board of directors of bitcoin mining manufacturer Canaan approved a buyback program Monday for its lagging shares.

By Jaspreet KalraSep 8, 2020

Máquinas de minería de bitcoin (Shutterstock)

Markets

Bitcoin Miners Saw 23% Revenue Increase in August

Miners generated an estimated $368 million in August.

By Zack VoellSep 1, 2020

Monthly bitcoin mining revenue since January 2019.

Tech

Protection Over Profit: What Early Mining Patterns Suggest About Bitcoin’s Inventor

Researchers believe Bitcoin’s creator probably used specialized mining software in the coin’s early days to protect the new network – not to profit from it.

By Colin Harper, Blockspace MediaAug 31, 2020