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.

Policy

Binance to Advise on Crypto Strategy as Kazakhstan Looks to Boost Industry

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

By Eliza GkritsiMay 25, 2022

Videos

Could Bitcoin Extend its 7-Week Losing Streak?

Bitcoin is poised to extend its losing streak to a record eight weeks. "All About Bitcoin's" Week in Review panel discusses this week's biggest bitcoin news, including the Fed's hawkish remarks, bitcoin dominance soaring to 7-month highs, price levels to watch, the Terra crash and bitcoin mining.

May 20, 2022

Finance

First a Hum and Then a Bang: Niagara Falls Residents Forced to Reckon With Crypto Mining

The city in New York has imposed a moratorium on new bitcoin mining operations as complaints about noise were compounded by an explosion and fire at a mining site last week.

By Eliza GkritsiMay 20, 2022

Blockfusion's mining facility in Niagara Falls, New York, that hosts Bit Digital's mining rigs. (Eliza Gkritsi/CoinDesk)

Videos

Bitcoin Miners Giving Up on New York Amid Regulatory Uncertainty

New York’s bitcoin mining companies are increasingly considering abandoning their aspirations in what was once a promised land. This comes as the state’s Senate considers a bill to ban new mining projects that use carbon-based energy sources, pending a review of the industry’s environmental impact.

May 19, 2022

Policy

NY Bitcoin Miners Start to Give Up on State Amid Regulatory Uncertainty

New York was once a draw for miners, but environmental concerns are weighing on the industry.

By Eliza GkritsiMay 19, 2022

Niagara Falls, between the border of the U.S. and Canada in upstate New York. (Eliza Gkritsi)

Finance

Bitcoin Miner Argo Blockchain Emerged Unscathed From Its UST Stake

The company said it was able to sell its minimal UST stake for around 93 cents per token before the price completely collapsed.

By Aoyon AshrafMay 18, 2022

Fans enter the Terra Club dining area between innings. (Danny Nelson/CoinDesk)

Finance

Argo Blockchain Q1 Net Income Plunges 90% to $2.1M

Bitcoin was priced in the $40,000 range for much of Q1 compared with nearly $60,000 in the same period a year earlier.

By Jamie CrawleyMay 18, 2022

Podcasts

New Data Shows Underground Bitcoin Mining Thriving in China

By Nathaniel WhittemoreMay 17, 2022

Videos

Bitcoin Mining Appears to Have Survived Ban in China

China, once the world’s second largest crypto miner, has re-emerged as a major bitcoin mining hub despite last year’s ban. According to the Cambridge Centre for Alternative Finance (CCAF), miners have engaged in underground activity in the country.

May 17, 2022

Finance