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 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

Finance

Crypto Mining Hosting Firm Applied Blockchain Adds $15M Loan to Pay Off Debt, Fund Growth

The company's North Dakota site was knocked offline in July due to an equipment failure in the substation feeding it power.

By Eliza GkritsiAug 12, 2022

Mining rigs in Plattsburgh, N.Y. (Fran Velasquez/CoinDesk)

Finance

Crypto Miner Core Scientific Cuts 10% of Staff, Keeps Hashrate Projection

The company also took a $840 million accounting charge to write down the value of its assets.

By Eliza GkritsiAug 11, 2022

Core Scientific CEO Mike Levitt (Danny Nelson/CoinDesk)

Finance

Hut 8's Q2 Loss Widens to $69M, Continues to 'Hodl' Bitcoin

The lower price of bitcoin and higher power costs hurt the results.

By Eliza GkritsiAug 11, 2022

Finance

Bitcoin Miner Genesis Digital Locks In 708 MW of Energy for Mining

The power capacity of the mining company is spread across sites in west Texas, as well as North and South Carolina.

By Eliza GkritsiAug 11, 2022

Finance

Bitcoin Miner Riot Blockchain Delays Earnings Report to Sort Out How Much Crypto Rout Devalued Its Assets

Its rivals Marathon, Cipher and CleanSpark all managed to get their results out this week as expected.

By Eliza GkritsiAug 9, 2022