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2022-09-12 14:03:02 Rising Hash Rate Boosts Bitcoin Mining Difficulty

As the crypto market grapples with larger macroeconomic trends, the last week continued the up-and-down movement. However, one of the key developments the crypto world noticed was a jump in the Bitcoin mining difficulty.

Bitcoin’s mining difficulty has increased by 9% over the past week and currently stands at 30.97 trillion. An increase in mining difficulty means that miners must put in more computing power in order to mine a block. It also points to the participation of more miners, as the mining process becomes more computationally demanding as more come on board. Bitcoin’s mining difficulty is automatically adjusted roughly every two weeks in order to keep the total block time.

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2022-09-10 17:26:02 The Total Bitcoin Mining Revenue Drops to A Two Year Low

The Bitcoin price crash this year in 2022 has put severe pressure on Bitcoin miners who have been constantly liquidating their BTC holdings to meet their operational costs. As per the latest report, the Bitcoin mining revenue has dropped to its lowest in about two years amid multiple factors playing into it.

The high energy demand has resulted in soaring energy costs shrinking the miner’s profitability. At the same time, big players continue to invest in high-end equipment to meet hashrate requirements. Citing data from the hash price index, Bloomberg reports that the mining revenue value per unit of computing power has dropped to 7.7 cents for each terahash, the lowest in two years since September 2020.

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2022-09-09 21:28:02 Bitcoin Mining Firm Cleanspark Purchases 10,000 Bitmain Miners for $28 Million

The bitcoin mining company Cleanspark revealed on Wednesday that the company has signed a purchase agreement for 10,000 new Bitmain Antminer S19j Pro mining rigs for $28 million. Cleanspark expects the machines to be delivered to the company’s facilities by the end of October or early November 2022.

Bitcoin miner Cleanspark (Nasdaq: CLSK) has announced it has inked a deal with Cryptech Solutions in order to acquire 10,000 Bitmain Antminer S19j Pro bitcoin mining rigs. The news follows Cleanspark exceeding 3 exahash per second (EH/s) and a record daily production high of 13.25 BTC. At the time, Cleanspark’s executive chairman Matt Schultz remarked that the company was prepared for the crypto winter. Bitcoin.com News, Cleanspark said the 10,000 new Bitmain-brand bitcoin miners.

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2022-09-08 05:12:02 Crypto Miner Bitdeer Delays $4B SPAC Deal Again

The SPAC firm taking cryptocurrency miner Bitdeer public at a $4 billion valuation has filed for another three-month extension. The Blue Safari Group, a special purpose acquisition company, was supposed to merge with BitDeer by June 14 but filed an extension to push the deadline back to September 14.

SPACs function as blank check companies. They’re set up and registered with the U.S. Securities and Exchange Commission (SEC) to raise capital and find a company to take public by acquisition or merger. These investment vehicles have become a popular way to take companies public because they bypass the longer process of an initial public offering, or IPO. According to the terms, this second extension is the last that can be covered by the loan. But the bear market has left many crypto firms waiting in the wings or worse.

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2022-09-07 16:35:08 Arcane's expedition for repurposing Bitcoin mining heat can solve the global energy crisis

According to new research from Arcane, bitcoin mining's peak electricity demands could be used to power wind and solar systems, resulting in a net surplus of energy. This is because Bitcoin mining responds to fluctuations in renewable energy supply. By recycling the heat generated by the process of producing bitcoins, it is possible to develop wind and solar facilities.

A new study discovered that the Electric Reliability Council of Texas has only now allowed bitcoin miners to take part in the most sophisticated demand response systems. Bitcoin mining can assist in resolving problems with gas flaring, the process of burning natural gas involved with oil extraction, and being adaptable to grid demands. They cannot efficiently operate independently of the grid. Bitcoin mining, however, can be customized to split off surplus energy and feed it into the local grid.

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2022-09-06 20:36:02 Russian Arrested for Defrauding Buyers of Mining Hardware Worth Over $300,000

Police in the southern Russian city of Astrakhan have detained a man accused of defrauding people who wanted to purchase crypto miners. Law enforcement officials say the suspect made millions of rubles through fictitious sales of mining devices to Russian citizens and foreigners. A resident of Russian Republic of Tatarstan’s capital city, Kazan, has been apprehended in Astrakhan.

The Russian posted fake ads of crypto mining machines for sale and insisted on receiving the payments in advance. Law enforcement authorities have estimated he was able to collect around 19 million rubles this way (approx. $315,000). According to the investigation, the young man posted on the internet tempting offers for the sale of cryptocurrency mining devices, which he never actually had. Now he is the defendant in a criminal case initiated under Part 3 of Article 159 of the Criminal Code.

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2022-09-05 18:13:02 Armenia aims to position itself as a Bitcoin mining hub

At the end of August, a digital platform called ECOS Free Economic Zone delivered good news from a country that rarely sparks on the global crypto map — Armenia. ECOS reported adding 60 megawatts (MW) of capacity to its power plant-based facility, operating since 2018.

Situated at one of the hydroelectric plants on the Hrazdan river, the mining facility gets its electricity supply directly from the high-voltage grid and uses the site’s infrastructure to power containers. The platform’s representatives noted that ECOS could expand to an additional 200MW of clean electricity. For comparison, the Berlin Geothermal plant in El Salvador gives away 1.5MW of the 102MW it produces to crypto miners.

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2022-09-04 11:59:02 Bitfarms Reports Higher BTC Production Following Increase In Miner Revenues

Public bitcoin miners have had a difficult couple of months since the price of bitcoin dropped below the $30 level. The digital asset’s mining revenues had plummeted with the price and had brought down the cash flow on bitcoin miners with it.

One of the bitcoin miners that has recorded positive growth even through the bear market has been Bitfarms. The company’s recent reports show moves in the right direction in regards to its mining hashrate and the amount of BTC it is producing. The month of August had seen Bitfarms increase its mining hash rate by 1% to bring its total for the month to 3.9 exahashes per second (EH/s). Furthermore, the miner had also increased its monthly BTC production to 534, translating to a 6.8% increase.

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2022-09-03 19:18:02 Bitfarms Increases Bitcoin Mining in August 2022

Bitfarms, a global Bitcoin (BTC) self-mining company, mined 534 Bitcoins for an average of 17.2 BTC/day in August 2022 alone, up 50% from August 2021. Talking about the growth in Bitcoin mining, Ben Gagnon, Chief Mining Officer of Bitfarms, said, “Our hash rate grew to 3.9 EH/s, up 1% from the beginning of August, and we averaged 3.8 EH/s for the month.”

A press release from Bitfarms said that the company averaged over 17 BTC per day, ending the month with a total production of 534 BTC, up 7% from 500 BTC in July. Commenting on the August reports, Geoff Morphy, President and COO of Bitfarms, said, “The initial segment of our first 50-megawatt (MW) warehouse in Rio Cuarto, Argentina, is nearing production and will be a key contributor to achieving our goal to deliver 4.2 exahash per second (EH/s) by September 30.”. According to the document, in the last 12 months, industrial investment grew by 220%.

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2022-09-02 15:36:02 Bitcoin Mining Difficulty Spikes as Profitability Drops for Mining Companies

Bitcoin is becoming harder to mine. The mining difficulty for the world’s biggest cryptocurrency’s jumped by 9.26% over the last two weeks, according to data from BTC.com. Analysis by the website shows that the network’s mining difficulty is the highest that it has been since January, hitting 30.97 trillion.

Bitcoin mining is the process of using powerful computers to verify transactions on the blockchain. Mining companies, which are usually large operations that utilize server farms and use a lot of energy, are rewarded with newly minted Bitcoin. Last month, miners in Texas suspended operations to help the energy grid and conserve energy during a heatwave—a move that likely made Bitcoin easier to mine. Bitcoin at the time of writing was trading for $20,205, according to CoinGecko data.

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