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2022-09-22 15:20:04 Bitfarms Starts Bitcoin Megafarm Operations in Argentina

Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, launched on September 16, is currently generating 10 megawatts (MW) of mining power during the first phase and will scale operations to be fully operational next year.

Bitfarms, a Nasdaq-listed bitcoin mining company, has begun mining operations at it’s megafarm located in Argentina. The construction of the facility, which started on October 2021, has now reached a milestone, allowing it to start operating, and contributing hashrate to the Bitcoin network. The farm’s construction was estimated to be completed by last September, but due to several delays.

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2022-09-21 16:31:02 Vietnam Crypto Miners Complain About Losses From Ethereum’s Merge

Miners in Vietnam have expressed grievances over the loss of business following Ethereum’s transition to a consensus mechanism that does not require the energy-intensive computing they were providing. Many are in trouble, local media reported, quoting entrepreneurs and mining enthusiasts.

Vietnam’s crypto miners have suffered heavy losses with their mining rigs now shut off after the second-largest cryptocurrency by market capitalization switched to a more energy-efficient framework, VN Express noted in a report. This week, Ethereum (ETH) changed its protocol from proof-of-work (PoW) to proof-of-stake (PoS) with an upgrade called “The Merge,” which was completed on Thursday. It significantly reduces the amount of energy burnt to validate transactions.

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2022-09-20 18:56:02 Working Group to Develop Efficiency Standard for Crypto Mining in Russia

A group of crypto specialists have teamed up to elaborate a standard that should improve the overall efficiency of mining and in particular the use of energy to mint digital currencies. The set of rules and procedures will be designed to increase the time the expensive data processing equipment operates under optimal load which should result in higher profitability.

The standard, which is expected to be released for adoption in February next year, will be prepared by members of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector, and other associated industries, the Russian crypto news outlet Bits. media reported this week. The decision to establish the working group was announced at a crypto summit held in Moscow.

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2022-09-19 14:38:02 Filecoin Crypto Miner RRMine Global Moving to Singapore

On Tuesday, 13th September 2022, Filecoin (FIL) service provider firm RRMine Global announced to shut off its operations in China. The company said its plans to shift to Singapore. The step of the Filecoin crypto miner came after the crackdown on crypto and crypto-related operations in Mainland China. It is noteworthy that China entirely banned crypto and its operations, from trading to mining.

According to RRMine’s statement, the need to take this move emerged following the strict restrictions in China over crypto. This action proved that China might be going to follow a whole different strategy for Web3 development. However, in several instances, authorities in China indicated their aspiration to make the country a prominent player in Web3 development around the world, regardless of their dislike for crypto. According to a newspaper report, in December 2021, there was an instance when police in Chengdu,.

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2022-09-18 09:55:06 First solar-power Bitcoin mining plant opens in South Australia

A solar-powered Bitcoin (BTC) mining plant has begun operations in South Australia to become the first-of-a-kind center in the region. The plant operated by Lumos Digital Mining provides about five megawatts of electricity for the activity in a bid to curb Bitcoin’s carbon footprint, ABC News Australia reported on September 16. Angelo Kondylas, an official from Lumos Digital Mining.

Elsewhere, Nick Champion, the state minister for trade and investment, noted that leveraging solar energy will contribute to decarbonizing the blockchain amid increased demand. Notably, Bitcoin mining has come under criticism for the asset’s energy consumption at a period different jurisdictions are working towards combating climate change. For instance, Aspen Creek Digital also launched solar-powered Bitcoin mining.

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2022-09-17 18:03:02 Bitcoin's Mining Difficulty Taps All-Time High

Bitcoin’s mining difficulty reached a new all-time high at block height 753,984 from 30.97 trillion hashes to 32.05 trillion hashes. After two difficulty increases during the past month, the network’s mining difficulty jumped another 3.45% higher on September 13. The leading cryptocurrency by market capitalization, bitcoin (BTC).

Two weeks or 2,016 blocks before the last change, the difficulty jumped slightly by 0.63%. Following the increase today, at block height 753,984, it has never been more difficult to find a bitcoin (BTC) block reward. Furthermore, BTC’s U.S. dollar value dropped over 9% on Tuesday afternoon (ET), following the recently published U.S. CPI report. Despite the price drop and recent difficulty rise, BTC’s hashrate has remained above the 200 exahash per second (EH/s).

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2022-09-16 18:56:02 Crypto Miner F2Pool Mined the Last-Ever PoW Ether Block Before Merge

Crypto miner F2Pool mined the last-ever block of proof-of-work (PoW) ether (ETH) as the network shifted to a proof-of-stake (PoS) consensus system earlier Thursday morning. The last ether block before the Merge was 15537393, data shows. F2Pool paid some 29,991,429 gwei, the smallest unit of ether, as gas fees for that transaction.

The miner used almost 30 million gwei to pay for that transaction. The miner included a message in Mandarin in the block: “七彩神仙鱼F!,” it read, which translates to “Colorful Angelfish F!” F2Pool did not immediately respond to requests for comment. The miner, which was founded in 2013, was one of the earliest bitcoin (BTC) mining pools.After the Merge, new blocks on the Ethereum network continued to be produced as normal and without any hiccups. Ether traded flat after the Merge.

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2022-09-15 17:17:02 Bitcoin Mining Difficulty Edges to All-Time High

On-chain data shows that bitcoin’s (BTC) mining difficulty has crossed an all-time high with its latest jump, the second in two weeks. Bitcoin’s mining difficulty increased by 3.45% at block height 753,984 to 32.05 trillion hashes. On Aug. 31, the difficulty jumped by 9.26%.

Given bitcoin’s compressed value, with recent declines on high CPI numbers, and a possible bottoming out as low as $10,000, profitability is narrowing for miners. Despite concerns about profitability, the average hash rate remains above 200 exahash per second at 229.39 EH/s, close to the all-time high of 231 EH/s. On-chain data shows that Digital Currency Group-owned Foundry USA is currently contributing 28% of the total global hash rate followed by AntPool at 16.15%.

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2022-09-14 15:32:02 Bitcoin Mining Hashrate 30-day MA Is On Brink Of New ATH

On-chain data shows the 30-day moving average of the Bitcoin mining hashrate is close to setting a new all-time high. As pointed out by an analyst in a CryptoQuant post, the BTC mining hashrate has been moving higher in recent days. The “mining hashrate” is an indicator that measures the total amount of computing power connected to the Bitcoin network.

When the value of this metric rises up, it means miners are bringing more machines online right now. Such a trend shows miners are finding the blockchain attractive currently, either because of increased profitability or due to them being bullish on it going up in the future. On the other hand, a downtrend in the indicator suggests miners are disconnecting their rigs from the network at the moment. This kind of trend hints that miners aren’t finding it that profitable to mine BTC.

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2022-09-13 15:49:02 Ethereum 'Merge' has huge implications for crypto mining and Bitcoin

The world’s second-largest cryptocurrency is undergoing a significant transformation that will change its technology to cut carbon emissions by more than 99 per cent, according to its platform Ethereum. The transition known as "the Merge" is coming to Ethereum, which will upgrade its blockchain technology from the intensive energy-consuming model used by its rival Bitcoin.

The first part of the Merge upgrade began on September 6 with the Bellatrix upgrade, which will mark a so-called "hard fork" which will convert Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) base. The Ethereum development team Nethermind said on September 10 that it had completed the prerequisite shadow fork test, which stress-tests synchronisation assumptions to ensure network safety. The previous one was performed in April and this was the final one. Both mechanisms are used to confirm transactions.

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