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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.
Senator Warren Targets 6 More Crypto Miners for Their Energy Use
U.S. Sen. Elizabeth Warren (D-Mass.) expanded her inquiry of bitcoin miners’ energy usage and their environmental footprint, sending letters Thursday to six more miners, including Riot Blockchain and Marathon Digital Holdings. In December, Warren wrote to Greenidge Generation. "The Hash" team reacts, discussing the industry implications in the wake of China's crypto mining crackdown.
China’s Digital Yuan to Face International Users at Beijing Winter Olympics
China's central bank digital currency (CBDC), the digital yuan, is expected to make its international debut next week at the Beijing Winter Olympics. Michael Sung, professor of Fintech & Innovation at Fudan University, shares insights into China's CBDC rollout and its potential ripple effect across the world, particularly in the U.S. Plus, could bitcoin mining return to China?
Miners Remain Unfazed by Crypto Sell-Off, Expect More M&A
While some miners may face difficulty raising equity or staying as profitable, many feel confident they can navigate the current downturn.
Kazakh Crypto Miners Cut Off From Electricity Supply Until End of January
Kazakhstan crypto miners will cut their energy supply from Jan. 24 until the end of the month. A major transmission line has also been disconnected, worsening the energy problem in the country, which was once home to about one-fifth of the world's bitcoin mining at the end of August 2021. "The Hash" group reacts, discussing what this means for the global mining industry.
Kazakh Crypto Miners Cut Off From Electricity Supply Until End of January
Kazakhstan's energy problem worsened on Tuesday when a major transmission line was disconnected.
What Caused This Week's Flash Crash?
BTC, ETH, and all other major cryptocurrencies tanked Friday with drops of 10% or more. "All About Bitcoin's" Week in Review panel discusses the potential factors behind this week's crypto markets flash crash. Plus, reviewing this week's top stories making waves in the digital asset space: Grayscale Bitcoin Trust (GBTC) discount hitting a record low, bitcoin mining difficulty setting new all-time high, crypto's energy impact, and more.
Newly Public Core Scientific Leads Slump in Crypto Mining Stocks
The company's shares have fallen more than 20% since it went public via a SPAC merger on Thursday.
Iris Energy Secures 600MW Connection for Texas Bitcoin Mine
The Texas facility will boost the miners' total hashrate to 15.2 EH/s in 2023.
Bitcoin Mining Difficulty Sets New All-Time High
The measure of bitcoin mining difficulty will likely continue hitting record highs well into 2022.