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

The Bitcoin Mining Energy Debate

CoinDesk's Chief Insights Columnist David Z. Morris joins "All About Bitcoin" and shares his reaction to The New York Times report on the energy cost of bitcoin mining. Plus, Morris takes a deeper dive into how the Texas power grid works regarding backup electricity.

Apr 13, 2023

Markets

Bitcoin Miner Stocks Continue Torrid Run as $30K Level Holds

Fresh economic data Thursday morning suggested slowing in both inflation and the employment picture.

By Stephen AlpherApr 13, 2023

Videos

Texas Senate Passes Bill to Limit Bitcoin Miners' Participation in Demand Response Programs

The Texas Senate passed a bill that will cap how much bitcoin (BTC) miners can participate in demand response programs, under which they get paid to curtail their operations at times of high energy demand. "The Hash" panel discusses the potential impact on the bitcoin mining community.

Apr 13, 2023

Opinion

Bitcoin Should Be Central to Regulation of Digital Assets

U.S. lawmakers should recognize the unique qualities of Bitcoin as they set out market structure for the crypto economy, says John Rizzo.

By John RizzoApr 13, 2023

Policy

Texas Senate Passes Bill to Limit Bitcoin Miners' Participation in Demand Response Programs

Bill likely to fail in the House, says miner Marathon Digital.

By Eliza GkritsiApr 12, 2023

Finance

Crypto Miner Core Scientific Appoints a New President

The company filed for bankruptcy in December but continues to mine bitcoin.

By Helene BraunApr 11, 2023

Videos

Cleanspark Buys Nearly $145M of Bitcoin Mining Rigs to Double Its Hashrate

Crypto miner CleanSpark (CLSK) said in a press release that the firm has bought 45,000 new Bitmain Antminer S19 XPs for $144.9 million, which will almost double its current computing power, or hashrate, once installed. Plus, insights on the latest article from The New York Times that examines the environmental impact of bitcoin mining.

Apr 11, 2023

Opinion

The New York Times' Skewed Bitcoin Mining Exposé Reveals Blatant Bias

A new hit piece from “the paper of record” makes it clear: These are not serious people.

By David Z. MorrisApr 11, 2023

Aspen Creek is just one bitcoin mining facility that tapped Texas' cheap, but atypical, electricity grid. (Aspen Creek)

Finance

CleanSpark Buys $144.9M of Bitcoin Mining Rigs to Double Its Hashrate

The brand new Bitmain Antminer S19 XPs miners will be delivered by September.

By Eliza GkritsiApr 11, 2023

CleanSpark's bitcoin mining facility in College Park, Georgia. (Eliza Gkritsi/CoinDesk)

Videos

Debate Over the Environmental Impact of Bitcoin Mining Escalates

The New York Times' latest article, "The Real World Costs of the Digital Race for Bitcoin," examines the environmental impact of bitcoin mining operations on electrical energy consumption and pollution. "The Hash" panel discusses the latest report fueling the ongoing bitcoin energy debate.

Apr 10, 2023