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

Biden Administration Pushes for Punitive Tax on Crypto Mining

Troy Cross, professor of Philosophy and Humanities at Reed College and Fellow at Bitcoin Policy Institute, joins "All About Bitcoin" to discuss the energy usage of bitcoin mining and the White House's proposal to push for a punitive tax on crypto mining tax.

May 5, 2023

Finance

Stronghold Digital to Add 400 PH/s Capacity Via 4K Bitcoin Miners From Canaan Subsidiary

The machines will be installed in two tranches, one my mid-May and the second by mid-June.

By Jamie CrawleyMay 4, 2023

Stronghold Digital Mining CEO Greg Beard (right) and Co-Chairman Bill Spence (left). (Stronghold Digital Mining)

Finance

Amid Bankruptcy, Core Scientific Signs Bitcoin Mining Hosting Contracts for Almost 18,000 Machines

The miner signed deals with three firms to host rigs at sites where the Celsius Mining fleet was recently unplugged.

By Eliza GkritsiApr 28, 2023

Core Scientific's Marble facility in North Carolina. (Core Scientific)

Tech

Jack Dorsey's Block Snaps Up Bitcoin Mining Chip as Intel Winds Down Production

The payments company could start selling bitcoin mining hardware as early as next year.

By Eliza GkritsiApr 28, 2023

Bitcoin miners at work (Eliza Gkritsi/CoinDesk)

Finance

Sustainable Bitcoin Protocol Piloting a Waste Gas Methodology With Miner Crusoe Energy

Crypto miners, like Crusoe, use gas that would otherwise be wasted and minimize methane emissions.

By Eliza GkritsiApr 27, 2023

Crusoe Energy President Cully Cavness (left) and CEO Chase Lochmiller (right) (Crusoe)

Finance

Out of Compute North’s Bankruptcy Rises 300MW Bitcoin Miner With Novel Energy Offering

Born out of the ashes of the Compute North bankruptcy, the new venture aims to give customers control over their energy strategy.

By Eliza GkritsiApr 26, 2023

Saxet Infrastructure Group, a new company, is building a data center in Corpus Christi, Texas. (Saxet Infrastructure Group)

Finance

A Crypto Mining Firm May Have Moved $150M in Bitcoin, CryptoQuant Says

The price of bitcoin dropped by 3% on the day the $150 million was moved out of the miner's wallet.

By Eliza Gkritsi, Oliver KnightApr 25, 2023

Finance

Here Are Six New Projects Looking to Mitigate Bitcoin Mining’s Energy Footprint

From technical improvement efficiencies to novel market-based solutions, a plethora of projects are trying to improve the bitcoin mining’s environmental footprint.

By Eliza GkritsiApr 22, 2023

Bitcoin mining can soak up renewable energy that is hard to transmit or consume locally, giving a leg up to energy producers. (Yunha)

Markets

Crypto Stocks Post Large Losses as Bitcoin Price Slides Toward $28K

Bitcoin miners were the hardest hit on Thursday.

By Stephen AlpherApr 20, 2023

Videos

Intel Ending Production of its Bitcoin Mining Chip Series

Chipmaking heavyweight Intel (INTC) is ending production of its bitcoin mining chip series, the company said in a statement to CoinDesk on Tuesday. "The Hash" panel discusses the latest blow to the bitcoin mining community and the broader implications for the tech industry.

Apr 19, 2023