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2022-06-11 14:45:00 Crypto Mining News pinned a photo Open / Comment

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2022-06-11 11:45:04 Tennessee Bitcoin mine forced to shut down after settling lawsuit with residents

Despite the fact that cryptocurrencies are gaining traction and more people are jumping on the bandwagon, trying to earn income from trading or mining them, certain crypto mining operations are forced to shut down or relocate due to complaints from nearby residents.

One of them is a Bitcoin (BTC) mine in Limestone, Tennessee, which was ordered to cease its operations at its current location after the county’s commissioners approved a lawsuit settlement filed after residents’ complaints, according to a report by WJHL.com on June 9. That said, the settlement allows Red Dog – the company owning the mine – to build a new one at a more suitable location – the Washington County Industrial Park.

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2022-06-10 11:05:01 Bitcoin miners in Washington’s Chelan County face a 30% increase in electricity fees

This week, the County PUD Commissioners gave their approval to the change, which would result in an increase of around 29% in the cost of the electricity required for Bitcoin mining, as per a report on June 8 by NewsRadio 560 KPQ.

The mining firms are being moved from the rate schedule for high-density loads to the newly developed cryptocurrency rate schedule, commonly known as Rate 36. This move, which Commissioner Garry Arseneault refers to as “ground breaking,” will result in an increase in their electricity rates. Overall, Bitcoin mining businesses utilize much larger quantities of electricity, and are thus being transferred to a higher rate than all other customers.

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2022-06-09 09:10:04 Bitcoin Miner Mawson Exchanges Mining Rigs for Stake in Tasmanian Data Center

Australian bitcoin miner Mawson Infrastructure Group Inc. (MIGI) has taken a 33% stake in Tasmania Data Infrastructure (TDI) in exchange for about 1,975 bitcoin mining rigs. The move comes as miners are becoming increasingly conservative with their capital spending amid the plunge in cryptocurrency prices.

As part of the deal, Mawson will have the right to host up to 10MW of its own bitcoin mining infrastructure at the site and provide TDI a license to utilize Mawson’s Modular Data Center (MDC) and associated technology. The shares of Mawson outperformed mining peers today, rising more than 7%. However, the stock has fallen about 67% this year, in line with the performance of other public mining companies.

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2022-06-08 10:13:02 Bitcoin Miners May Get Another Break This Week as Network's Mining Difficulty Is Expected to Drop

Bitcoin miners may catch another break this week as the network’s mining difficulty is estimated to see a reduction tomorrow. Every two weeks Bitcoin’s difficulty adjustment algorithm (DAA) changes, and during the last DAA change, the difficulty dipped by 4.33%. Currently, at 235 exahash per second (EH/s), the network is expected to see a DAA reduction of 0.51% from today’s metric.

On June 7, 2022, there’s one more day until the next DAA change and it’s expected to drop lower when the shift commences. The DAA changes every 2,016 blocks or roughly every two weeks, and after block height 735,840, it was the highest difficulty rating ever recorded at 31.35 trillion. While a DAA shift downward is expected, during the last three days, 445 BTC block rewards were mined into existence.

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2022-06-07 16:42:02 Bitcoin Miners Forced to Sell as Crypto Market Stagnates

The amount of Bitcoin transferred from mining companies to crypto exchanges has hit its highest levels since February. Several metrics suggest Bitcoin mining companies are selling their coins to cover costs as the crypto market downturn continues.

Increased outflows often indicate that miners are moving their coins to exchanges in order to sell them, but are not a direct measure of miners selling. Instead, miners could be transferring their Bitcoin to exchanges for other purposes, such as borrowing against them to cover operating costs. However, financial disclosures from individual mining companies appear to support the idea that miners are indeed selling.

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2022-06-06 13:46:02 Kevin O’Leary-Backed Bitcoin Miner to Locate HQ in North Dakota

Bitcoin mining startup Bitzero, whose backers include entrepreneur and "Shark Tank" star Kevin O'Leary, has chosen North Dakota as the headquarters and hub for its North American operations. CEO Akbar Shamji said Bitzero plans to build 200 megawatts of data centers in the state over the next two to three years at a cost of $400 million to $500 million.

The company is also part of a joint venture focused on graphene battery technology that plans to invest $200 million to $500 million to bring an assembly and distribution hub to North Dakota over the same time frame. Bitzero describes itself as a miner that “harnesses renewable energy within an ESG-driven Zero Carbon Displacement ecosystem to harmonize relationships between data processing, crypto-mining, commerce, communities, and the environment.”

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2022-06-05 14:37:02 Kathy Hochul Will Decide Fate of Bitcoin Mining in New York

The legal status of Bitcoin mining in the state of New York now rests in Governor Kathy Hochul’s hands—and she faces mounting pressure to pick a side. On Friday, state senators in New York voted to approve a bill that would create a 2-year moratorium on crypto mining operations that use carbon-based power.

Greenidge Generation, a coal-powered plant in upstate New York, prompted the debate over crypto’s environmental impact in the state when it pivoted to Bitcoin mining last March. As of December, the U.S. accounted for 38% of the average monthly hashrate on the Bitcoin network, according to the Cambridge Center for Alternative Finance’s Bitcoin Electricity Consumption Index. Georgia has emerged as the clear leader in the states, accounting for 31% of the country’s hashrate.

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2022-06-04 14:14:02 New York State Senate Passes Bitcoin Mining Moratorium

The state Assembly had already passed the bill, which would bar new mining operations powered by carbon-based energy sources for two years. The New York State Senate passed a bill targeting proof-of-work (PoW) mining early Friday morning in an effort to address some of the environmental concerns about cryptocurrencies.

The bill, which was passed by the state Assembly last month, would impose a two-year moratorium on new PoW mining projects powered by carbon-based fuel in the Empire State, though existing mining firms or ones currently undergoing the permit renewal process would be allowed to continue operations. The Senate voted 36-27 in favor of the bill.During the moratorium, the state will conduct a study on the potential environmental impact of proof-of-work mining.

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