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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.
Bitcoin Miner Gem Increases Hashrate by 23%; Bitcoin Production Falls
The privately held miner’s monthly revenue fell in February.
Marathon Digital’s Q4 Revenue Rises 17% From Q3, but Misses Estimates Slightly
Mined bitcoin in Q4 fell about 12% from the previous quarter, but rose more than 600% year-over-year.
Bitcoin Miner Core Scientific Has More Than 100% Upside: BTIG
Core came public last month via a SPAC merger, but has struggled alongside declines in the price of bitcoin.
EU Parliamentarians Push to Limit Bitcoin Use Over Energy Concerns
A provision added to a draft regulatory package calls for the restriction of cryptocurrencies that use proof-of-work consensus mechanisms.
A Healthy US Bitcoin Mining Industry Could Generate Significant Tax Revenue
Tax revenue inflows from bitcoin mining companies could represent a meaningful windfall for the United States government. This piece is part of CoinDesk’s Tax Week.
China's Zhejiang Province Implements Punitive Electricity Prices for Crypto Mining
Authorities are still working to eliminate the industry months after it was banned.
Kazakh Authorities Bust 202MW of Illegal Crypto Mines
The Central Asian country has struggled to meet electricity demand, particularly after miners flocked there from China.
Intel Reveals First-Gen Mining Chip, Second Gen Still Under Wraps
The first generation of Intel's chip isn't a match to Bitmain and MicroBT's latest machines.
NuMiner's 'Best in Class' Bitcoin Mining Rig Raises Red Flags
Many in the mining industry raised eyebrows when a previously unknown company, NuMiner, claimed to have created a bitcoin mining rig far superior to the industry standard. "The Hash" crew discuss the many new questions around the story, which Will Foxley says illustrates "this part of the industry still needing more maturation."
Questions Swirl Around NuMiner’s ‘Best in Class’ Bitcoin Mining Rig
Among other discrepancies, the chipmakers supposedly involved with NuMiner said they were unfamiliar with the project.
