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

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

Finance

Bitcoin Miner Argo Blockchain Says It's Close to Restructuring Without Having to Declare Bankruptcy

The London-based company warned, however, there's no guarantee it will be able to do so.

By Eliza Gkritsi, Nelson WangDec 12, 2022

Argo Blockchain's Helios facility in Dickens County, Texas. (Argo Blockchain)

Finance

Bitcoin Mining Firm TeraWulf Raises $10M in New Capital to Repay Some of Its Debts

The Maryland-based mining company also said it has restructured a previous agreement with Bitmain to add 8,200 new machines to its fleet.

By Jamie CrawleyDec 12, 2022

Bitmain Antminer mining rigs at Consensus 2022 (Christie Harkin/CoinDesk)

Tech

Crypto Miner Hive Cuts Computing Power Forecast for Intel Chip-Based Rigs

The Canadian firm said 5,800 machines will provide computing power of upward of 630 petahashes per second by end of January. That's less than the October forecast of 1 exahash.

By Eliza GkritsiDec 9, 2022

Riot Platforms’ acquisition of Block Mining makes sense, JPMorgan says. (Sandali Handagama)

Finance

Bitcoin Miner Marathon Expects to Recover Less Than Half Its Deposit From Bankrupt Compute North

In its monthly update the company also disclosed additions to its bitcoin stack and the payoff of some debt.

By Aoyon AshrafDec 6, 2022

MARA Holdings CEO Fred Thiel, at the Bitcoin conference in Miami (CoinDesk)

Finance

Bitcoin Miners Offered Way to Cut Texas Electricity Usage to Help the Grid

The state's interim, voluntary program to lower power consumption during high demand periods, might go live as early as Jan. 1, 2023.

By Xinyi LuoDec 6, 2022

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

Podcasts

Crypto Update | Brands Will Save Crypto? Be Careful What You Wish For

By Adrian Blust, Adam B. LevineDec 6, 2022

Weekend Story | The Short-Sightedness of Run-Amok Regulators

Videos

Jack Dorsey's Block Invests in East African Bitcoin Miner Gridless

Gridless, a bitcoin mining company helping generate new sources of energy in East African rural communities, secured $2 million in a seed investment round led by bitcoin VC firm Stillmark and Block, a payments company led by Twitter co-founder Jack Dorsey. "The Hash" hosts discuss what this means for the global bitcoin mining industry.

Dec 6, 2022