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

Texas Bill Limiting Benefits for Crypto Miners Unanimously Passes Committee Vote

Texas is a major hub for bitcoin miners, many of whom have taken advantage of demand response programs the legislation looks to curb.

By Eliza GkritsiApr 4, 2023

Finance

Bitcoin Miner Marathon Digital's CFO to Retire After One Year

The search for a new chief financial officer is already in progress.

By Aoyon AshrafMar 31, 2023

Marathon Digital CEO Fred Thiel (CoinDesk)

Finance

Bitcoin Miner TeraWulf Reports 146% Increase in Revenue as It Ramps Up Operations

The company reiterated its 5.5 EH/s computing power target for the second quarter of this year.

By Eliza GkritsiMar 30, 2023

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

Videos

Future of Bitcoin Mining in Paraguay

Earlier this month, Canadian crypto miner Pow.re secured a contract for 100 megawatts (MW) of power in Paraguay, according to a press release sent to CoinDesk. Pow.re CEO Mike Cohen joins "All About Bitcoin" to discuss the state of bitcoin mining in the country.

Mar 29, 2023

Finance

Bitcoin Miner Stronghold Raises Year-End Hashrate Guidance to 4 EH/s

Fourth-quarter revenue of $23.4 million was driven mainly by selling energy to the power grid rather than crypto mining.

By Eliza GkritsiMar 29, 2023

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

Tech

North Korea Hackers Likely Exploit Cloud Mining to Launder Stolen Crypto, Research Shows

The APT43 group steals crypto to fund operations and launders it through cloud mining services.

By Eliza GkritsiMar 28, 2023

Finance

Bankrupt Crypto Lender BlockFi Given Go-Ahead for Sale of $4.7M of Mining Rigs

The approval came from the U.S. Bankruptcy Court in New Jersey, which is overseeing BlockFi's case.

By Eliza GkritsiMar 24, 2023

Bitcoin miners at work (Eliza Gkritsi/CoinDesk)

Finance

Immersion Cooling Firm LiquidStack Secures Series B Funding to Build Manufacturing in U.S.

The company says it can reduce the carbon footprint and land and water use of bitcoin miners through its technology.

By Eliza GkritsiMar 22, 2023

Tech

Bitcoin Mining Firm Navier Starts Tokenized Hashrate Marketplace for 'Qualified' Customers

The Navier platform is intended to give users more control over their acquired hashrate, and enable them to sell it on.

By Eliza GkritsiMar 22, 2023

Bitmain Antminer mining rigs (Christie Harkin/CoinDesk)

Finance

Bitcoin Miner Bitfarms Sinks to Fourth-Quarter Loss as Difficulty, Costs Rise

Bitfarms is shooting for 6 exahash per second of computing power by the end of 2023, the same goal it had set, and missed, for 2022.

By Eliza GkritsiMar 21, 2023