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2022-10-19 16:16:02 Binance to Launch Cloud Mining Business in November

The world's largest crypto exchange by volume, Binance continues its push into the embattled crypto mining industry with a plan to begin offering a crypto cloud mining product next month. Crypto miners have had a tough year, with the price of bitcoin having hung around $20,000 for months.

Binance Pool announced its own $500 million lending fund for bitcoin miners last week and said it would enter cloud mining, a service that allows investors – who otherwise might not be able to buy and operate their own equipment – to rent crypto mining machines. The official launch of the cloud mining service will come in November, a Binance spokesperson told CoinDesk via email on Monday.

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2022-10-18 19:44:02 Bitcoin Miner Digihost Risks Nasdaq Delisting as Stock Plunges 84% This Year

Last Monday, Digihost (NASDAQ: DGHI), the Houston-based crypto mining outfit, received a deficiency notice from Nasdaq after its stock price traded below $1 for a prolonged period, violating the exchange’s listing compliance. According to NASDAQ Listing Rule 5550 (a)(2), a deficiency notice is issued if a company’s stock trades below $1 for 30 consecutive days.

Digihost has been provided a 180-day compliance period until April 10, 2023. The stock must trade above $1 for ten consecutive business days before this period concludes. On August 23, 2022, DGHI slipped below $1 for the first time since its listing on the exchange on November 15, 2021, per data from Yahoo Finance. As of this writing, DGHI has fallen from $4.6 in January this year to $0.71 today, marking a whopping 84% drop in its price.

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2022-10-17 17:07:02 Bitcoin’s Mining Reserves Plunge To 12-Year Low

Bitcoin mining reserves have been a shadow of themselves in recent months due to unsavoury market conditions plaguing the virtual currency industry. Mining reserves held by Bitcoin (BTC) miners have dropped to new lows not recorded in the last ten years. According to blockchain analytics firm IntoTheBlock.

BTC mining reserves have been above the 2 million mark since Feb 2020, dropped below the threshold earlier this year, and have not recovered significantly since then. As the bear market worsened in mid-June, Bitcoin miners have had their share of woes selling more BTC than they mine in a month. BTC miners have had to sell their reserve bitcoins to level profits which have dwindled over time. It also follows the holdings of mining pools.

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2022-10-16 19:15:03 Binance Launches $500 Million Lending Pool for Bitcoin Miners

Binance, the world’s largest cryptocurrency exchange, has unveiled a $500 million lending pool for Bitcoin miners, as a combination of energy costs, low Bitcoin prices, and higher-than-ever mining difficulty strains the sector. Borrowers will have access to loans on an 18- to 24-month term, with interest rates ranging from 5% to 10%.

The company said its Binance Pool project was designed to provide “secure debt financing services to both public and private blue-chip Bitcoin (BTC) mining and digital asset infrastructure companies globally.” Binance’s move makes sense in the current industry context, as it has become more and more difficult for miners to turn a profit. Mining difficulty has also just hit an all-time high, meaning miners need even more resources to continue to turn a profit.

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2022-10-15 16:28:02 A Huge Glut of Bitcoin Mining Rigs Is Sitting Unused in Boxes

Hundreds of thousands of brand new mining rigs that could be generating bitcoin (BTC) have never been used, further skewing the economics of cryptocurrency mining, a sector that has been hit hard by sinking prices for bitcoin and other tokens and by high energy costs.

Last year, miners struggled to buy enough rigs. Manufacturers couldn’t fulfill orders fast enough. Now, Matt Schultz, executive chairman of bitcoin miner CleanSpark (CLSK), figures 250,000 to 500,000 mining rigs are still sealed up in boxes in the U.S. alone, based on his conversations with analysts. Ethan Vera, chief operating officer of mining services firm Luxor Technologies, put the number at 276,000 worldwide in September.

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2022-10-14 19:23:02 Cardano Founder Says Bitcoin Mining Is Point of Contention for U.S. Lawmakers

Cardano founder Charles Hoskinson says that there are some tensions in Washington regarding cryptocurrency mining since many lawmakers view Bitcoin as wasteful. "Energy-producing states have an enormous excess of energy. For example, natural gas production crates flare gas.

Other people say we are wasting electricity," he said during a recent live stream. There is a strong desire among left-leaning lawmakers to involve the Department of Energy in the mining conversation. There are some efforts to outlaw mining and replace proof of work with other consensus algorithms if miners cannot find a way to be carbon-neutral or negative.

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2022-10-12 18:19:02 Bitcoin Mining Difficulty Jumps 14%, Hitting All-Time High

Bitcoin miners have been dealt another blow as the network’s difficulty rose 14% to a new all-time high of 35.6 trillion on Monday. Bitcoin mining difficulty is an expression of how many hashes, or guesses, a miner needs to produce the cryptographic string that earns it the right to add the next block of transactions to the chain.

Monday’s difficulty hike is the single largest since May when it rose by 22%. The Bitcoin network difficulty is set to adjust again in approximately two weeks, when it’s estimated to drop only slightly, according to BTC.com. Miners have been hit especially hard by the bear market, with mining revenue down 53% from the start of the year, according to Blockchain.com, as the Bitcoin price has struggled to stay above $20,000 since it experienced an 11% slide on September 13.

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2022-10-11 21:20:02 Bitcoin Mining Difficulty Surges to an All-Time High, Network Prints 2022's Largest Retarget Increase

Bitcoin’s mining difficulty reached an all-time high on October 10, which means it’s more difficult than ever before to mine the leading crypto asset. Following the difficulty reduction on September 27, the network’s mining difficulty increased 13.55% higher at block height 758,016 as it printed the highest difficulty rise recorded this year.

Five days ago, Bitcoin’s hashrate reached an all-time high (ATH) when it tapped 321.15 exahash per second (EH/s) at block height 757,214. While the hashrate has been a whole lot higher, the speed at which blocks are found has been less than ten minutes per interval. When blocks are mined faster than usual, after 2,016 blocks are mined, the network’s difficulty adjustment retargets with increased difficulty.

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2022-10-10 18:10:05 Norway Prepares to Reverse Electricity Tax Cut for Cryptocurrency Miners

The Norwegian government is reviewing a proposal to abolish the policy of preferential tax treatment for data centers mining cryptocurrency with cheaper electricity. The executive power in Oslo says conditions have changed and the country needs the energy currently used by miners.

Norwegian authorities are on their way to scrap a tax cut that has been benefitting crypto mining businesses for years. They are proposing to get rid of the reduced electricity tax rate for data centers in the Nordic country, many of which are minting digital currencies. Power for data centers will thus be subject to the general electricity tax rate, the same that applies for other service industries, the government said in an announcement published this week.

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2022-10-09 18:58:02 Bitcoin Mining’s Environmental Impact Rivals Meat Production, Oil Drilling: Study

Concerns about cryptocurrency mining’s impact on the environment have been documented several times over, but now we know just how detrimental it really is. A study out of New Mexico has found that the environmental harm produced by Bitcoin mining is comparable with that of beef production or oil refining.

As cryptocurrencies have grown in popularity, proponents of these digital assets have insisted that cryptomining is as essential and lucrative as mining for gold. Beyond simply advocating for cryptomining in general, these statements are meant to assuage any worries about cryptomining’s disadvantages—particularly those related to the environment. The gist is that even if cryptomining does negatively impact the planet, digital evolution and economic gain are worth the environmental cost.

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