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

Bitcoin Miner Argo Blockchain Looks to Raise $25M-$35M for 4.1 EH/s Hashrate Target

The firm is also looking to sign a deal for power in the next few months to avoid paying spot prices.

By Eliza GkritsiAug 25, 2022

Argo Blockchain's Helios facility in Dickens County, Texas. (Argo Blockchain)

Finance

Bitcoin Miner Argo Cuts Year-End Hashrate View Citing Delayed Intel Mining Rigs

The company’s second-half revenue and adjusted EBITDA fell mainly due to the decline in bitcoin prices.

By Aoyon AshrafAug 24, 2022

Finance

Bitcoin Miner Marathon Digital Targets Trimmed by Cowen

The bank did lift its share price target to $9, but that remains below the stock's current level of about $14.

By Eliza GkritsiAug 23, 2022

Marathon Digital CEO Fred Thiel, at the Bitcoin conference in Miami (CoinDesk)

Videos

Riot Blockchain Earned $9.5M for Not Mining During Texas Heatwave

Bitcoin mining firm Riot Blockchain mined 318 bitcoins in July, 28% fewer than last July, as it shut some operations to accommodate the high energy demand during the heatwave in Texas. The miner gained $9.5 million in power credits and other benefits from the curtailment. Riot Blockchain Vice President of Capital Markets discusses the state of the mining industry and potential impact of the upcoming ETH merge on the sector.

Aug 18, 2022

Finance

‘Consumer Business Is Dead’ for Crypto Lender Celsius, Bankruptcy Expert Says

Thomas Braziel, a partner at 507 Capital, also told CoinDesk TV’s “First Mover” customers may get back only 50 to 60 cents on the dollar.

By Fran VelasquezAug 18, 2022

"The consumer business is dead,” 507 Capital founder Thomas Braziel said about bankrupt cryptocurrency lender Celsius Network on CoinDesk TV's "First Mover" show. (Wilhelm Gunkel via Unsplash)

Finance

Bitcoin Miner Riot Takes $349M Goodwill Impairment Charge on Acquisitions

The company also posted an impairment charge of $99.8 million on its bitcoin holdings.

By Aoyon AshrafAug 16, 2022

A close-up of one of Riot's mining rigs. (Riot Blockchain)

Finance

Bitcoin Miner Stronghold Digital Significantly Restructures Debt

The bitcoin miner said negotiations with its lenders were the reason for the delays in releasing its second-quarter earnings report.

By Danny NelsonAug 16, 2022

Stronghold Digital Mining CEO Greg Beard (right) and Co-Chairman Bill Spence (left).
(Stronghold Digital Mining)

Finance

Bitcoin Miner PrimeBlock Cancels Listing Plans, Terminates $1.25B Merger With 10X Capital

The two firms terminated their agreement, which would have allowed Prime Blockchain to go public, by mutual consent on Aug. 12

By Jamie CrawleyAug 16, 2022

Bitcoin mining rigs (Image credit: Eliza Gkritsi/CoinDesk)

Finance

Bitcoin Miner Greenidge Generation Shares Fall as Revenues Miss Estimates

The company said the combination of falling bitcoin prices and high global energy prices presented a “challenging earnings environment.”

By Nelson WangAug 15, 2022

A Greenidge mining center (Caleb Parker Photography)

Videos

How Power Grids Work for Bitcoin Miners in Texas

Gregg Dixon, co-founder, and CEO of energy software platform Voltus discusses the state of crypto mining and how it is impacting power grids in Texas, breaking down the data on the energy consumption of a bitcoin miner.

Aug 15, 2022