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.

Consensus Magazine

Crypto and Bitcoin Miners Rebrand and Diversify to Survive: A Look at Their New Strategies

Some of these new business lines are more profitable than bitcoin mining – but not all.

By Eliza GkritsiFeb 21, 2023

Finance

Bitmain Partner BitFuFu Starts Marketplace for Crypto Mining Rig Coupons

The discount coupons issued last year haven't been used because miners don't have the cash to spend on new equipment.

By Eliza GkritsiFeb 20, 2023

Crypto mining rigs (Eliza Gkritsi/CoinDesk)

Finance

Crypto Miner Core Scientific Paid More Than $1M to CEO-Affiliated Jet Company For Employees

The world's largest bitcoin miner by computing power made its last payment to the firm in October 2022.

By Eliza GkritsiFeb 17, 2023

Core Scientific facility in North Carolina. (Core Scientific)

Policy

Compute North’s Reorganization Plan Approved by Bankruptcy Judge

The hosting firm, one of North America’s largest, settled $250 million in secured debt and came to terms with about 11 companies.

By Eliza GkritsiFeb 16, 2023

Bitcoin Corporate Treasury Adoption (Shutterstock)

Finance

Crypto Miner CleanSpark Extends Bear-Market Strategy, Buying 20K of Bitmain's Newest Rigs

The Bitmain Antminer S19j Pro+ machines will increase CleanSpark's computing power by 37%.

By Eliza GkritsiFeb 16, 2023

Work is underway for CleanSpark's expansion in Washington, Georgia. (CleanSpark)

Tech

Startup Sustainable Bitcoin Protocol Completes First Transaction of Clean Mining Tokens

Miner CleanSpark sold clean bitcoin tokens to alternative investment firm Melanion Capital.

By Eliza GkritsiFeb 16, 2023

El bear market afectó los precios de minería de bitcoin. (Marko Ahtisaari/Flickr)

Tech

Bitcoin Hashrate Hits 300 EH/s Mark as Industry Gets Some Breathing Room

It took only about a year for the bitcoin mining hashrate to gain the last 100 EH/s.

By Eliza GkritsiFeb 15, 2023

Videos

Bitcoin Miners Hut 8, U.S. Bitcoin Corp. to Merge

Shares of Hut 8 Mining (HUT) continue to slide after the bitcoin mining firm said last week it agreed to merge with U.S. Bitcoin Corp. Hut 8 Mining CEO Jaime Leverton and US Bitcoin Corp. founder and President Asher Genoot discuss how the merge will benefit both companies as the crypto winter continues. Plus the implications for decentralization and how to ensure profitability in bitcoin mining.

Feb 13, 2023