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

Bitfarms Reports Q4 Revenue Growth of 33% to $60M, Along With Margin Expansion

The miner booked full-year revenue of $169 million, up 383% versus 2021.

By Eliza GkritsiMar 28, 2022

(Aoyon Ashraf)

Finance

Bitcoin Miner Iris Energy Gets $71M Equipment Financing From NYDIG

The financing is backed by 19,800 Bitmain S19j Pro miners that have hashrate of about 1.98 exahash per second.

By Aoyon AshrafMar 28, 2022

Bitcoin mining ASICs submerged in immersion cooling liquid at a facility in South Spain. (Eliza Gkritsi)

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Is Miner Concentration Once Again Jeopardizing Bitcoin? Not Exactly

The high percentage of hashrate now located in North America may look like China 2.0, but the reality is more complicated.

By Aoyon AshrafMar 26, 2022

The bitcoin mining industry is concentrating in the U.S. (Melody Wang/CoinDesk)

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How Northern Italian Hydropower Producers Became Bitcoin Miners

In the pursuit of economic sustainability, northern Italian hydropower producers are turning to bitcoin mining.

By Sandali HandagamaMar 25, 2022

The Valstagna hydropower plant located in the Veneto region of Italy houses 300 ASIC miners set up by Alps Blockchain. (Sandali Handagama)
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Finance

ExxonMobil Running Pilot Project to Supply Flared Gas for Bitcoin Mining: Report

The oil giant is looking to make use of natural gas that would otherwise be wasted at sites around the world, according to Bloomberg.

By Aoyon AshrafMar 24, 2022

A logo sits illuminated outside the Exxon Mobil Corp. corporate pavilion during the 21st World Petroleum Congress in Moscow, Russia, on Monday, June 16, 2014. Work between Texas-based Exxon, the world's largest oil company by market value, and state-run Rosneft on Sakhalin Island in Russias Far East provides a template for further exploration, especially in the Arctic's Kara Sea, Exxon Mobil Corp. Chief Executive Officer Rex Tillerson said at the World Petroleum Congress in Moscow today. Photographer: Andrey Rudakov/Bloomberg via Getty Images

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7 Wild Bitcoin Mining Rigs

Here are some of the innovative and sometimes hilarious functions bitcoin miners have found for their rigs.

By Jeff WilserMar 24, 2022

MintGreen heating whisky using bitcoin mining rigs (MintGreen)

Opinion

Why the Bitcoin Mining Debate Is So Dysfunctional

Specialization is necessary, but bitcoiners and miners need to learn to listen to each other, says Will Foxley, director of content at Compass Mining.

By William FoxleyMar 24, 2022

(Fran Velasquez/CoinDesk)

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Why Crypto Mining Actually Matters

Ideological arguments over proof-of-work and proof-of-stake miss the larger point: Mining means the production of objective truth, says futurist Dan Jeffries. This post is part of CoinDesk's Mining Week.

By Dan JeffriesMar 24, 2022

A crypto mining farm (Sandali Handagama/CoinDesk)
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Finance

Mining Industry Not That Worried by SEC’s Proposed New Climate Reporting Rules

Some of the requirements might be challenging for smaller publicly-traded miners to comply with, however.

By Aoyon AshrafMar 23, 2022

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The State of Bitcoin and Ethereum Mining in 10 Charts

It's been a rollercoaster year for Bitcoin and Ethereum mining: Here is what the data shows.

By George Kaloudis, Sage D. YoungMar 23, 2022

(CoinDesk Research, Cambridge Centre for Alternative Finance)
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