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.

Markets

Riot Blockchain's Q1 Mining Revenue Rose 881% to $23.2M

The company reported total mined bitcoin rose 62% from the previous quarter.

By Tanzeel AkhtarMay 18, 2021

Tech

Blockstream Hosts BlockFi's New Bitcoin Mining Venture

The crypto lender is entering Bitcoin mining in the midst of a boom in North America’s bitcoin mining industry.

By Colin Harper, Blockspace MediaMay 18, 2021

Policy

Upstate NY Bitcoin Miner Greenidge to Offset Rigs' Carbon Emissions

The power station that sparked controversy over a bitcoin mining expansion plan will also invest in renewable energy projects.

By Danny Nelson, Colin Harper, Blockspace MediaMay 14, 2021

Finance

Argo and DMG Join Group Working to Lower Bitcoin Miners' Carbon Emissions

The group's goal is net-zero greenhouse gas emissions from crypto miners by 2040.

By Tanzeel AkhtarMay 14, 2021

Finance

Renaissance Technologies Amassed $140M Position in Mining Stocks In Q1

The quantitative hedge fund placed heavy bets on Riot, Marathon and Canaan in early 2021.

By Danny NelsonMay 13, 2021

Videos

Chart of the Day: Bitcoin Mining Consumes Almost The Same Amount of Electricity as Malaysia or Egypt

“All About Bitcoin” host Christine Lee breaks down the chart tweeted by Elon Musk Thursday, with bitcoin’s annualized estimate electricity consumption being approximately 150 TWh, or about the same size consumed by Malaysia or Egypt.

May 13, 2021

Videos

China’s Miners on Tesla’s Bitcoin 180; Animoca Brands: A Star is Born

Tesla’s Elon Musk backtracks on accepting bitcoin as payment for environmental reasons, and the Chinese mining industry reacts. A blockchain unicorn is born in Hong Kong as Animoca Brands raises $88 million in a new round of fundraising. Huobi Group launches a venture arm for blockchain and DeFi investments. More on that story and other news shaping the cryptocurrency and blockchain world in this episode of "The Daily Forkast."

May 13, 2021

Tech

Bitcoin's Mining Difficulty Hits New High; Taproot Begins Its Second Signaling Attempt

Bitcoin's price may be taking a dip, but its mining difficulty has never been higher.

By Colin Harper, Blockspace MediaMay 13, 2021

Bitcoin mining difficulty is at a new high.

Videos

Canadian Bitcoin Miner Bitfarms Will Soon Be Listed on the Nasdaq

Toronto-based bitcoin miner Bitfarms has received approval for common stock listing on the Nasdaq, something Bitfarms President Geoffrey Morphy says is a longtime dream that will help the company grow in the international market. Morphy weighs in on Bitfarms' expansion plans and the technological improvements Bitfarms has to make mining more eco-friendly.

May 12, 2021

Markets

ECB's Panetta Claims Bitcoin Threatens Global Sustainability Efforts

“Bitcoin alone is already consuming more electricity than the Netherlands,” Panetta said.

By Tanzeel AkhtarMay 11, 2021