Bitcoin miner Core Scientific filed forms with the United States Securities and Exchange Commission (SEC) on Oct. 26 indicating that will not make payments due in late October and early November. The company blamed low Bitcoin prices, increased electricity costs, an increase in the global Bitcoin hash rate and litigation with the bankrupt crypto lender Celsius for the situation. The payments the company will skip would have gone to equipment and other financing and two promissory notes. Its creditors may decide to exercise remedies such as accelerating the debt or suing the company, it noted. Those actions, in turn, could …

Research has detailed Bitcoin’s recent record-low volatility and while traders expect an eventual price breakout, the Oct. 26 BTC price move to $21,000 is not yet being interpreted as confirmation that $20,000 has now become support. In a recent “The Week On-chain Newsletter,” Glassnode analysts mapped out a bull case and a bear case for BTC. According to the report, the bear case includes limited on-chain transaction activity, stagnant non-zero address growth and reduced miner profits present a strong Bitcoin sell-off risk but data also shows that long-term hodlers are more determined than ever to weather the current bear market. …

The Bitcoin mining industry continues to face a challenging year as the price of Bitcoin (BTC) hovers below $20,000, coupled with rising energy costs in North America and Europe. Regulators have also recently started clamping down on crypto mining, as a recent report from the Bitcoin Mining Council (BMC) found that Bitcoin has seen a 41% increase in energy consumption year-on-year (YoY). As a result, a number of crypto mining companies have been forced to sell off equipment, while others have filed for bankruptcy. Yet, this hasn’t been the case for some miners, particularly those focused on clean energy solutions …

October witnessed a surge in Bitcoin’s (BTC) hash rate which is pushing the metric to a new high of 245 Exahashes per second. These changes led to a sharp decrease in the hash price, resulting in a drop in the profit margins for BTC miners reaching a low of $66.8 USD/PH (per one quadrillion hashes per second) on Oct. 24, 2022. According to Luxor Technologies, “hashprice” is the revenue BTC miners earn per unit of hash rate, which is the total computational power deployed by miners processing transactions on a proof-of-work network. Not only has volume been inconsistent, the Bitcoin …

The public miners' share of the Bitcoin (BTC) network could grow to 40% by mid-2023, according to a new report by Hashrate Index. But this could bring more stress to an already bearish BTC market. Public Bitcoin miners' hash rate jumps 295% in a year The outlook appeared after assessing the hash rate performance of Core Scientific, Marathon Digital Holdings, Riot Blockchain, and other public miners in the last 12 months. Notably, these firms increased their hashing capacity to 58 EH/s in October 2022 from 15 EH/s a year ago — up 295%. In comparison, the private miners' Bitcoin hashrate …

Bitcoin (BTC) returned to local highs at the Oct. 25 Wall Street open as nervous analysts kept an eye on miners. DXY provides instant relief for BTC Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to offer a modest challenge to resistance, still unable to escape an established trading range. United States equities likewise headed modestly higher, the S&P 500 and Nasdaq Composite Index up 1% and 1.3%, respectively at the time of writing. The U.S. dollar index (DXY) conversely lost ground on the day, falling to its lowest levels since Oct. 6 and providing potential tailwinds for …

Fat fingers? A Bitcoin (BTC) user spends over $200 to make a transaction, paying astronomically above the average fee. In a transaction that entered Bitcoin block 760,077, a user paid 1,136,000 Satoshis, (0.0136 BTC, $220.52) to move 3.8 BTC ($63,00). This extraordinarily high fee is a whopping 1,000 times the usual Bitcoin transaction fee, as at block height 760,077, the average transaction fee was roughly $0.20. Twitter user Bitcoin QnA first spotted the out-of-the-ordinary transaction, asking, “Y tho?”. The Bitcoin educator told Cointelegraph that "Ultimately we'll never know, [why they paid high], but there are a few possible answers." QnA …

Bitcoin (BTC) starts the last week of “Uptober” in a firmly average mood as the trading range to end all trading ranges continues to stick. After a welcome attempt to break out, BTC/USD remains bound to a narrow corridor now in place for weeks. Some of the lowest volatility in history means that Bitcoin has found a temporary function as a "stablecoin" — even some major fiat currencies are currently more volatile. The longer the status quo drags on, however, the more convinced commentators are that a major trend change will enter. This week is as good as any, they …

For over a year, the oil-rich Central Asian country of Kazakhstan has maintained its position as the third-biggest contributor to Bitcoin (BTC) mining after surpassing Russia back in February 2021. As of January 2022, Kazakhstan contributed to 13.22% of the total Bitcoin hash rate, positioned right after the historical leaders the United States (37.84%) and China (21.11%), as shown below. Along similar timelines, Cambridge Centre for Alternative Finance data estimated that Kazakhstan’s absolute hash rate contribution (monthly average) was 24.8 exahashes per second (Eh/s). Meanwhile, the US and China contributed 71 Eh/s and 39.6 Eh/s, respectively. The International Energy Agency …

Cryptocurrencies like Bitcoin (BTC) are created using a distributed computing process called mining. Miners (the network participants) undertake mining to verify the legitimacy of transactions on the blockchain and ensure network security by preventing double-spending. In return for their efforts, miners are rewarded with a certain amount of BTC. There are various ways to mine cryptocurrencies, and this article will discuss how to get started with mobile crypto mining from the comfort of your home. What is crypto mining? Mining, a resource-intensive activity that often demands enormous computing power to solve a computational problem and add the next valid block …

Energy problems in North America and Europe and prevailing market conditions have spelled another bleak quarter for Bitcoin (BTC) mining operators on both continents. The latest Q3 mining report from Hashrate Index has highlighted several factors that have led to a significantly lower hash price and higher cost to produce 1 BTC. Hash price is the measurement used by the industry to determine the market value per unit of hashing power. This is measured by dividing the dollar per terahash per second per day and is influenced by changes in mining difficulty and the price of BTC. As Hashrate Index …

Bitcoin (BTC) has seen a 41% increase in energy consumption Year-on-Year (YoY) despite dramatic improvements in energy efficiency and a more diverse and sustainable energy mix — but there are concerns the rise could see regulators clamp down on mining. The data comes from a Q3 2022 report by the Bitcoin Mining Council (BMC) which represents 51 of the world's largest Bitcoin mining companies. The report found Bitcoin mining to consume 0.16% of global energy production, slightly less than the energy consumed by computer games according to the BMC — and an amount it considered to be “an inconsequential amount …