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.

Tech

Intel Discontinues Bitcoin Mining Chip Series

The production of the so-called Blockscale chips was announced about a year ago.

By Eliza GkritsiApr 18, 2023

Videos

Gridless Bringing Bitcoin Mining to Rural Africa

As part of CoinDesk's Projects to Watch 2023, "The Hash" panel highlights the significance of bitcoin mining firm Gridless extending power to rural Africa.

Apr 17, 2023

Policy

NovaWulf Plans to Tokenize Equity of Celsius’ New Firm With $2B Assets, After Takeover

Celsius Network contacted 130 interested parties and signed confidentiality agreements with 40, before choosing NovaWulf.

By Eliza GkritsiApr 14, 2023

Alex Mashinsky, founder and CEO of Celsius Network, at Consensus 2019 in New York (CoinDesk)

Policy

Sweden Drives Final Nail Into Its Bitcoin Mining Industry With Tax Hike

The 6,000% increase in taxes per kilowatt hour of energy may "ultimately destroy the industry" in the country.

By Eliza GkritsiApr 14, 2023

A 30MW mining facility (Sandali Handagama/CoinDesk)

Finance

Bitcoin Miner Bitdeer Stock Slumps Nearly 30% at Trading Debut

The Singapore firm is one of the largest bitcoin miners in the world, with 16.2 EH/s of hashrate.

By Eliza GkritsiApr 14, 2023

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