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

Inside the Environmentalist Campaign to Change Bitcoin’s Code

Campaigners explain why they’re convinced all it takes is support from a few powerful firms and people to change the fundamentals of Bitcoin.

By Eliza GkritsiJun 4, 2022

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

Videos

Bitcoin Mining Stocks Decline Over 50%

Bitcoin mining stocks like Riot Blockchain (RIOT) and Marathon Digital (MARA) declined by more than 50% on average as BTC’s price slumped following last year’s bull run. Data suggests bitcoin supply held in miner addresses have mainly been net outflows since April. “All About Bitcoin” host Christine Lee breaks down the Chart of the Day.

Jun 3, 2022

Videos

New York Senate Passes Bitcoin Mining Moratorium, Citing Environmental Concerns

The New York State Senate passed a bitcoin mining moratorium, banning proof-of-work (PoW) mining operations powered by carbon-based energy sources for two years. CoinDesk’s Managing Editor of Technology Christie Harkin discusses what this means for the mining community in New York and beyond.

Jun 3, 2022

Policy

Environmentalists Target Greenidge as They Turn Up Pressure on NY Governor to Sign Mining Moratorium Bill

A moratorium on new PoW mining projects that use behind-the-meter fossil fuel energy is now on the NY governor's desk.

By Eliza Gkritsi, Cheyenne LigonJun 3, 2022

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

Finance

Middle East Oil Producers Move Into Bitcoin Mining With Crusoe Energy Stakes

The U.S. startup – which uses flared natural gas to power bitcoin mining rigs – counts the sovereign wealth funds of Abu Dhabi and Oman as investors.

By Aoyon AshrafJun 3, 2022

Crusoe CEO Chase Lochmiller with Mulham Basheer Al Jarf, deputy president of OIA and chairman of Oman oil company OQ (Crusoe)

Finance

Market Rout Prompts Analyst to Slash Bitcoin Miners’ Price Targets by Average of 65%

BTIG’s analyst remains positive on the longer-term outlook for the miners, however, and is sticking with his buy ratings for the stocks.

By Aoyon AshrafJun 3, 2022

Lower rates may be behind bitcoin's big move (© Eugene Mymrin)

Finance

Riot Blockchain Sells More Bitcoin, Trims Hashrate Guidance

It’s the miner’s third consecutive month of bitcoin sales.

By Aoyon AshrafJun 2, 2022

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

Podcasts

Should Bitcoiners Be Worried About Biden's Energy Team?

By Nathaniel WhittemoreJun 2, 2022

Finance

Kevin O’Leary-Backed Bitcoin Miner to Locate HQ in North Dakota

Bitzero plans to invest about $400 million to $500 million to build 200 megawatts of data centers in the state.

By Aoyon AshrafJun 2, 2022

Videos

Foundry Exec on Crypto Mining Industry Outlook

Foundry SVP of Mining Strategy Kevin Zhang shares insights into the state of bitcoin mining operations in New York, China, and Kazakhstan, and their impact on the global mining industry.

Jun 1, 2022