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

The 2020 Rainy Season Is Tougher Than Ever for China’s Bitcoin Miners

Chinese bitcoin miners are usually happy this time of year because the monsoon season brings excessive rain and thus cheap hydro electricity. But this year has proved to be tougher than ever.

Bitcoin mining facility via CoinDesk archives

Markets

Bitcoin Miners Saw 7% Revenue Increase in July

Bitcoin miners earned $300 in revenue during July.

Bitcoin mining revenues since January 2019

Markets

Marine Corps Bans Crypto Mining Apps From Government-Issued Mobile Devices

The Tuesday memo does not give a specific reason for the bitcoin mining ban but broadly cited security concerns.

U.S Marines training on government-issued tablets. (Cpl. AaronJames Vinculado/U.S. Marine Corps)

Finance

Why Debt Financing May Be a Double-Edged Sword for Bitcoin Miner Bitfarms

BitFarms used high-interest-rate debt with large balloon payments to expand operations. Now it may struggle to pay off its debt, according to CoinDesk Research.

(Library of Congress)

Markets

First Mover: Bitcoin Miners Find Upgrade Financing Aplenty, Even as Prices Languish

Big-money players are extending financing to bitcoin miners for equipment upgrades, even though prices are still torpid two months after the halving.

Máquinas de minería de bitcoin (Shutterstock)

Markets

Binance Pool Poised to Grab More Bitcoin Hashrate in Russia and Central Asia

Binance is looking to consolidate more bitcoin mining hashrate to its pool in Russia and the Central Asia region.

Bitcoin mining farms

Markets

Bitcoin Mining Difficulty Sets New Record High 2 Months After Halving

Two months after the network's halving event, it's harder than ever to mine bitcoin.

Bitcoin mining farm (CoinDesk archives)

Finance

Bitcoin Miner Maker Canaan Drops 3 Directors in Possible Boardroom Coup

Sources speaking to Chinese media said a dispute at Canaan Creative has led to a power grab by now-Executive Director Nangeng Zhang.

Canaan co-Chairman Jianping Kong is one of three company directors dropped from the miner maker's business registry. (PoolIn)

Markets

Iran Gives Crypto Miners One Month to Register With the State

The government wants to "eliminate the confusion of cryptocurrency activists" with its call for mass mining registration.

Iranian First Vice President Eshaq Jahangiri announced the new mining requirement. (Mohammad Hassanzadeh/Tasnim/Wikimedia Commons)

Markets

Bitcoin Miners Saw 23% Revenue Drop in June

Bitcoin mining revenue dropped 23% in June to approximately $380 million.

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