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

Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines

Negative market dynamics have caused a reduction in net income, revenue and computing power sold in the third quarter of this year.

By Oliver KnightNov 14, 2022

Antminer bitcoin mining rigs displayed at Consensus 2021 (Christie Harkin/CoinDesk)

Policy

US Midterm Elections to Set the Tone for Bitcoin Miners' Future

The midterm elections are key to determining the industry’s future, which is increasingly under attack by environmental advocates.

By Eliza GkritsiNov 8, 2022

The White House South Lawn, Washington DC, America (Joe Daniel Price/Getty Images)

Finance

Bitcoin Mining Major Riot Blockchain Misses Analyst Estimates for Q3 Earnings

Riot said its revenues declined as it powered down its Texas operations amid surging electricity demand.

By Eliza GkritsiNov 7, 2022

A close-up of one of Riot's mining rigs. (Riot Blockchain)

Finance

Bitcoin Miner Iris Energy Faces Default Claim on $103M of Equipment Loans

The company has said it will default on the debt Tuesday unless it can reach a restructuring agreement with its lender.

By Eliza GkritsiNov 7, 2022

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

Finance

Bitcoin Miner Hive Blockchain Holds $68M of BTC, Has No Debt Costs on Equipment

Hive Blockchain is bucking the bearish mining industry trend, holding $68 million on BTC while producing 307 bitcoin in October.

By Oliver KnightNov 7, 2022

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

Videos

Marathon Digital CEO: Players With Strongest Balance Sheets Will Survive Crypto Winter

Marathon Digital CEO Fred Thiel discusses the outlook for the bitcoin mining industry as it continues to see fallout from continued market downturn.

Nov 3, 2022

Videos

Marathon Digital CEO: We're Bullish on Bitcoin

Marathon Digital Holdings (MARA) mined 615 bitcoin (BTC) in October, the highest monthly total in its history. CEO Fred Thiel shares insights into Marathon Digital's business operations and the state of bitcoin mining amid crypto winter.

Nov 3, 2022

Finance

RETRACTION: Compute North Did Not Pay Execs $3M on the Day It Declared Bankruptcy

The filing states the money was paid over the course of the year ended Sept. 22, not that day as CoinDesk reported earlier based on a mistaken reading of the document.

By Eliza GkritsiNov 3, 2022

Compass' Wolf Hollow site in Granbury, Texas (Compute North)

Finance

Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October

Marathon increased its hashrate by 84% in October in setting its new monthly high.

By Eliza GkritsiNov 2, 2022

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

Videos

Fed Suggests Shift in Tightening Policy; Rogue Actor Disrupts Lightning Network With One Transaction

The U.S. Federal Reserve hinted a potential change in its monetary policy at its latest meeting Wednesday. Twitter user "Burak" (@brqgoo) allegedly created a non-standard Bitcoin transaction that prevented users from opening new Lightning channels. Bitcoin miner Iris Energy (IREN) said some of its mining equipment, owned by special-purpose vehicles, aren't producing enough cash to meet financing obligations.

Nov 2, 2022