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.

Finance

Bitcoin Miner Core Scientific Files for Bankruptcy, Expects Support From Some Debt Holders

The publicly traded miner expects support from some of the holders of its convertible notes in a restructuring deal.

By Aoyon Ashraf, Eliza GkritsiDec 21, 2022

Core Scientific facility in North Carolina. (Core Scientific)

Finance

Bitcoin Miner Greenidge Reaches Debt Restructuring Deal With NYDIG as Bankruptcy Looms

Under the deal for restructuring $74.7 million worth of debt, Greenidge will host NYDIG's new machines.

By Eliza GkritsiDec 20, 2022

The Greenidge Generation facility in Dresden, New York. (CoinDesk)

Policy

Kazakhstan Tightens Regulation for Miners, Looks to Develop Broader Crypto Industry

Kazakhstan, one of the world’s largest bitcoin mining hubs, is working on new legislation for the industry.

By Eliza GkritsiDec 19, 2022

Binance is on track to being able to operate in Kazakhstan. (Alexander Serzhantov/Unsplash)

Videos

Marathon Digital CEO on Future of Bitcoin Mining in Wake of FTX Collapse

Bitcoin (BTC) miners remain under pressure amid the FTX-induced market panic and ongoing crypto winter. Marathon Digital Holdings CEO Fred Thiel discusses his outlook for the bitcoin mining industry and how his firm plans to survive crypto winter.

Dec 15, 2022

Finance

Bitcoin Miner Core Scientific's Lender Wants to Give Miner $72M to Avoid Bankruptcy

Investment bank B Riley said most of the struggling miner's issues are "self-imposed and can be corrected."

By Aoyon AshrafDec 14, 2022

Core Scientific CEO Mike Levitt (Danny Nelson/CoinDesk)

Policy

Bitcoin Miners’ High Hopes for Latin America Dented by Paraguay

The industry’s potential in the region was touted at a conference in Cancun, Mexico, last month, but a crypto mining-friendly bill in Paraguay was shot down last week.

By Eliza GkritsiDec 14, 2022

Palacio legislativo de Paraguay. (Eliza Gkritsi/CoinDesk)

Finance

Major Japanese Utility Works With Local Hardware Maker to Capitalize on Excess Power With Crypto Mining

The utility behind the Fukushima nuclear reactor is trying out crypto mining.

By Eliza GkritsiDec 14, 2022

Cityscape Tokyo, Japan (Ryo Yoshitake/Unsplash)

Finance

Crypto Miner Hut 8 Hires Former IBM Executive as CFO

Shenif Visram spent almost 12 years at IBM, including spells as chief financial officer and chief operating officer of global business services for the computing giant's Canadian arm.

By Jamie CrawleyDec 13, 2022