• Ukraine: Crypto Miners Arrested for Compromising Nuclear Plant Security

    The Security Service of Ukraine (SBU) has arrested power plant operators for mining cryptocurrency in the Yuzhnoukrainsk nuclear power plant facility.

    Aug 22, 2019
  • High-Powered Mining Rigs Drive Bitcoin’s Accelerating Hashrate

    One notable contribution to today’s network hashrates is the manufacturing of next-generation mining rigs that produce a significant number of terahash.

    Aug 21, 2019
  • Bitcoin’s Computing Power Sets Record as Over 100K New Miners Go Online

    The total computing power now dedicated to securing the bitcoin blockchain has set yet another record.According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July. Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle.Assume this additional 6.9EH/s (or 6.9 million tera hashes per second, TH/s) computing power has all come from powerful ASIC miners, such as Bitmain’s AntMiner S17 or MicroBT’s WhatsMiner M20S, both of which boast a mining rate of around 55TH/s and recently hit the market.That means more than 100,000 top-of-line ASIC miners could have been switched on within the…

    Aug 5, 2019
  • Iran’s Government Officially Legitimizes Cryptocurrency Mining

    Cryptocurrency mining in Iran is now legal, Mehr News Agency reports. This follows a Sunday decision by the country’s cabinet to authorize the mining of cryptocurrencies. Now classified as an industrial activity, cryptocurrency miners will be required to acquire licenses from Iran’s Ministry of Industry, Mines and Trade.The green light from Iran’s cabinet comes about a week since a government committee gave its approval for cryptocurrency mining. This was revealed by the governor of the Central Bank of Iran, Abdolnaser Hemmati, on July 21:“A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting.”Will Cryptocurrency miners now flock to Iran?Iran currently has one of the cheapest countries in which to mine cryptocurrency. This is due to the giant subsidies granted to power generation. For instance, in 2017 Iran spent more than $45.1 billion on fossil energy consumption subsidies, per the International Energy Agency.The low electricity prices have consequently attracted crypto miners from other parts of the world including China. However, they are unlikely to remain low as cryptocurrency miners are likely to…

    Jul 29, 2019
  • You Don’t Know Something About Bitcoin Mining

    According to bitcoin’s basic algorithm, bitcoin generates a block every 10 minutes, with N bitcoins in each block as compensation (the number of N is explained below). This block contains all bitcoin transaction information in the last 10 minutes. The process of making bitcoin is called “mining”. In this process, the computer packs the recently received bill into the newly made block. This packaging process is the manufacturing process, and there is only an extremely rare chance that it will be successfully made.(You can understand that the newly received bills are put together, one can’t be modified, and once the manufacturing fails, it will come again.) Once the manufacturing is successful, you broadcast the block, which means that you have obtained N bitcoins in this block as compensation.So what is N? According to the Bitcoin algorithm, in the first 4 years from the date of Bitcoin release, N = basic compensation (50 bitcoins) + transaction compensation(transaction fees for the entire bitcoin network in the past 10 minutes, each bitcoin transaction will consume 0.001 bitcoin as reward for miners). Every 4 years, the basic…

    Jul 24, 2019
  • Iran Finalizes Electricity Pricing Scheme for Cryptocurrency Miners

    The Iranian Economic Commission has reportedly finalized a tariff scheme for cryptocurrency miners, according to a July 21 report from Iranian economic daily Financial Tribune. Per the report, Energy Minister Homayoon Ha’eri announced that, while the tariff scheme has been finalized, it is awaiting approval from the Cabinet of Iran — a governmental body consisting of various ministers and other officials chosen by the president. While Ha’eri did not elaborate on the exact price scheme, he stated that the price is dependent on market factors such as fuel prices in the Persian Gulf. The head of Iran Electrical Industry Syndicate, Ali Bakhshi, previously proposed a price of $0.07 per kilowatt hour for cryptocurrency miners. Electricity in Iran is currently very cheap due to government subsidies; one kilowatt hour of electricity currently costs $0.05, with power being cheaper in the agricultural and industrial sectors. To put these prices in context, Mostafa Rajabi Mashhadi, the Energy Ministry spokesman for the power department, previously stated that the production of a single Bitcoin (BTC) uses about $1,400 in state subsidies. The Financial Tribune reports that mining one Bitcoin reportedly consumes as…

    Jul 22, 2019
  • 7 Unorthodox Ways to Mine Bitcoin

    Bitcoin isn’t crazy – in fact it might just be the soundest monetary system this generation has ever known. Some of the techniques miners have devised to extract it, however, are extremely unorthodox, ranging from the ingenious to the downright crazy. Here are seven of the strangest attempts at extracting bitcoin ever conjured.Bitcoin Mining Takes Many FormsThe process of adding bitcoin transactions to a newly created block and propagating it to the network is known as mining. To create the next block, miners must solve a mathematical puzzle whose answer is a number ranging anywhere from 0 to 4,294,967,296. In exchange for performing this task, miners are rewarded the transaction fees included in that block, plus a reward that currently stands at 12.5 BTC, dropping to 6.25 BTC in 2020. That, in a nutshell, is bitcoin mining.Given the lucrative rewards at stake – the block reward alone is worth $130,000 at current prices – it is no surprise that there are so many miners clamoring to solve the math problem that grants them authority to publish the next block. Bitcoin mining is an…

    Jul 22, 2019
  • Iranian Government Moves to Authorize Cryptrocurrency Mining

    The governor of the Central Bank of Iran (CBI) has announced that the government is planning to authorize cryptocurrency mining despite the fact that there is no rule allowing its legal trade in the country.  Abdol Nasser Hemmati said on Wednesday that the government had approved parts of an executive law which would allow cryptocurrency mining, an activity which has become increasingly popular in Iran over the past months mainly due to the relatively cheap prices of electricity.Hemmati said the government had two main conditions for authorizing people to mine digital currencies like bitcoin.“Mining of the international digital currencies should be done based on the price of electricity for export,” said Hemmati, adding, “What’s more important is that these mined currencies should be fed back to the national economic cycle.”The official said the CBI would not allow any currency in Iran whose values are decided by the price of the national currency rial or gold or other assets.The announcement comes amid an unprecedented surge in bitcoin mining in Iran. Authorities have launched a crackdown on illegal bitcoin farms in places…

    Jul 11, 2019
  • Bitcoin’s Mining Difficulty Just Posted Its Biggest Increase Since 2018

    Bitcoin mining difficulty – a measure of how hard it is to compete for mining rewards on the world’s first blockchain network – has posted its largest two-week increase in 12 months.According to BTC.com data, mining difficulty reached 9.06 trillion (T) at block height 584,640 around 9:17 UTC on July 9, surpassing the previous record of 7.93 T by 14.23 percent. This was the strongest growth in any two-week period since August 2018 – a sign that competition among miners is not only intensifying but doing so at an accelerated rate.The bitcoin network is designed to adjust its mining difficulty every 2,016 blocks (roughly 14 days) based on the participating mining power in each cycle, in order to ensure the block-producing time at the next period stays at about every 10 minutes.When there are fewer machines competing to solve bitcoin’s hash function to earn newly created bitcoin, the difficulty will fall; when more players jump in, it rises.Competition right now is so fierce, mining difficulty has leapfrogged the entire range of eight trillion to break the threshold of nine trillion. The estimated difficulty by BTC.com at…

    Jul 10, 2019
  • It’s Now Harder to Mine Bitcoin Than Ever Before

    Bitcoin mining has become competitive than ever.

    Jun 27, 2019
  • New Bitcoin Miner Demand Is Again Outstripping Supply

    Bitcoin’s ongoing bull run has juiced demand for new mining equipment, putting pressure on manufacturers to produce enough machines to satiate buyers.

    Jun 26, 2019
  • Study: Publicly Listed Chinese Firms Quietly Participate in Bitcoin Mining

    According to regional reports, a few publicly listed Chinese companies have been secretly mining bitcoin by pretending to provide cloud or web hosting services.

    May 30, 2019
  • Canadian Regulator Introduces New Rules for Crypto Mining

    Régie de l’énergie, the energy regulator of the Canadian province of Quebec, has released new rules for cryptocurrency miners. The development was announced by major Canadian electricity provider Hydro-Quebec on April 29.

    May 1, 2019
  • Mineable Cryptocurrencies Are Far More Valuable Than Non-Mineable Coins

    There are 2,121 digital currencies tracked on market websites with a net valuation of around $140 billion. Statistics for the end of Q1 2019 show mineable digital assets to be the most valuable cryptocurrencies on the market today, with the top eight mineable coins representing 68 percent of the entire cryptoconomy.

    Mar 27, 2019
  • Ethereum Mining Pool Receives Mysterious $300K Blockchain Payout

    Yesterday, the Ethereum mining pool Sparkpool received more than 2,000 ETH (valued at $300,000), only to mine one block on the Ethereum blockchain on Tuesday, which is about 600 times of network standard block reward.

    Feb 20, 2019

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