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.

Policy

Upstream Data Sues Crusoe Energy Over Waste Gas Mining Patent

The case involves two companies who aim to power mining rigs through the excess natural gas that comes as a result of oil well drilling.

By Eliza GkritsiMay 23, 2023

New and old bitcoin mining rigs at CleanSpark's site in Georgia.

Policy

The Bitcoin Mining Debate Is Ignoring the People Most Affected

Snowballing misinformation has painted an inaccurate and incomplete portrait of a complicated industry – and that is having a real impact on policy.

By Cheyenne Ligon, Nikhilesh De, Doreen WangMay 23, 2023

Dresden Mayor Bill Hall (Doreen Wang/CoinDesk)

Videos

Bitcoin Mining Controversy and the Case of Greenidge Generation

Greenidge Generation, a bitcoin mining operation in upstate New York, has found itself at the center of state and national debates about the impact crypto mining firms have on the environment and their local communities. But locals who live near the facility say they’ve been cut out of the conversation, and the broader debate ignores the role Greenidge plays in their lives. CoinDesk reporters traveled to the towns immediately adjacent to the mining operation to understand the views on the ground.

May 23, 2023

Tech

Crypto Miner Marathon Pledges $500K in Matching Funds to Brink for Bitcoin Development

Marathon CEO Fred Thiel tells CoinDesk in an interview that he wants to make sure development and maintenance of the open-source Bitcoin Core client software are "properly funded."

By Frederick MunawaMay 21, 2023

Fred Thiel at Bitcoin 2023. (Frederick Munawa)

Tech

Bitcoin Mining Rig Maker MicroBT Unveils Most Powerful Machine Yet

The Chinese rig maker's new model can deliver 320 TH/s, outperforming competitor Bitmain's equivalent machine lineup.

By Eliza GkritsiMay 18, 2023

Zuoxing Yang, Founder and CEO of MicroBT (MicroBT/Twitter)

Finance

U.S. Bitcoin Corp to Host 150K Crypto Mining Rigs

The contracts are the latest in a series of moves indicating the mining industry is getting back on its feet.

By Eliza GkritsiMay 18, 2023

U.S. Bitcoin Corp's Buffalo Ave. site (Eliza Gkritsi/CoinDesk)

Finance

Bitcoin Miner Cormint Raises $30M Series A to Build Texas Data Center

Executives of Nasdaq-listed semiconductor firm Silicon Laboratories participated in the funding round.

By Eliza GkritsiMay 16, 2023

Finance

Bitcoin Miner Bitfarms Accelerates 6 EH/s Hashrate Target As Quarterly Loss Per Share Narrows

In Q1 2023, the bitcoin miner's net loss per share narrowed to 1 cent, from 8 cents the previous quarter.

By Eliza GkritsiMay 15, 2023

Policy

Bitcoin Miner Riot Sues Peer Rhodium Enterprises for Alleged $26M in Unpaid Fees

Participation in demand response programs in Texas are at the core of a disagreement between the two mining firms.

By Eliza GkritsiMay 12, 2023

Podcasts

‘Mining Your Share:' The Carbon Footprint of Bitcoin With Troy Cross | Part 1

By Sheila Warren, Michael J. CaseyMay 12, 2023

Money Reimagined Digital Money Stage at Consensus 2022