Large-scale miners are the dominant players in Bitcoin (BTC) mining — we should know because we are one. Having scaled up from a set of mining rigs in my dorm room, our team at Genesis Digital Assets has grown to over twenty industrial-scale mining farms across the globe in just eight years. Every quarter, we continue to scale and build more. You may think that because mining happens digitally, you can plant a farm anywhere in the world. And while you can mine Bitcoin from anywhere, having on-the-ground operations takes more thought than just setting up shop wherever you like. …

National Iceland electrical company Landsvirkjun has cut the amount of power it will provide for some industries, including aluminium smelters and Bitcoin miners. A representative from the island’s power utility reported it has been forced to reduce energy allocations to southwestern Bitcoin miners and various industrial facilities due to a series of issues including a problem at a power station, low hydro-reservoir levels and accessing energy from an external supplier. Mining operations have long been attracted to the country due to its abundance of geothermal energy which is harvested to create a cheap and plentiful supply of renewable energy. But …

Major U.S.-based Bitcoin (BTC) mining firm Genesis Digital Assets is building a new data center in West Texas. According to the firm’s Nov.1 announcement, the new industrial-scale BTC mining data center will have a capacity of 300 megawatts and will operate using unspecified “sustainable infrastructure.” Its energy will be sourced from the Electric Reliability Council of Texas (ERCOT). As part of the announcement, Genesis co-founder and executive chairman Abdumalik Mirakhmedov emphasized that “sustainability” is a key part of the firm’s plans for “rapid expansion.” ERCOT supplies more than 26 million customers in Texas with electricity. As of April this year, …

Major Bitcoin (BTC) mining company Genesis Digital Assets has secured $431 million in funding to expand its industrial-scale mining operations in the United States and Nordics. The new funding round was led by Paradigm, one of the biggest cryptocurrency investment companies backing major industry players like Coinbase and FTX. Paradigm co-founder Matt Huang has also joined Genesis Digital’s board of directors, the firm announced on Tuesday. Other investors include the $11 billion asset manager Stone Ridge and its Bitcoin subsidiary NYDIG, and several venture capital firms and investment management firms like Ribbit, Electric Capital, Skybridge and Kingsway Capital, and FTX …

Bitcoin’s (BTC) rapid recovery above $46,000 has renewed calls for a $100,000 BTC price by the end of 2021, while the effects of China’s crackdown on the mining industry are slowly beginning to fade as the Bitcoin network hash rate shows signs of recovery. One of the side benefits of China’s crackdown is that it has lowered the barriers of entry into the Bitcoin mining space, which has been shown to provide profits in both bull and bear markets. Bitcoin mining is one of the few ways that investors can acquire BTC without directly purchasing it from the market, and …

British Virgin Islands-based institutional mining platform, Genesis Mining, has published the findings from a survey of 1,000 current and former U.S.-based Bitcoin investors — two-thirds of whom believe BTC is a better long-term store of value than the dollar. More than half of respondents believe Bitcoin will beat out gold, real estate and the stock market over the five to 10 years, with 65% expressing faith that BTC’s value will continue to appreciate with time. The bear case Yet, despite the apparently favorable sentiment, just 17% of those surveyed predicted Bitcoin’s price would exceed $50,000 by 2030. This would only …

Bitcoin (BTC) hashrate has decreased by 30% in the last three days in line with the predictions made by industry insiders. Before the halving, Cointelegraph surveyed a number of industry insiders about their expectations for post-halving changes in hashrate. Costs of Bitcoin mining The halving of the block reward erodes Bitcoin miners’ revenue, reduces their margins, and sometimes even makes operations unprofitable at a given difficulty level. Whereas revenue per given hashrate is the same for all miners, the costs they incur will vary greatly. For Bitcoin miners, by far, the biggest cost driver is the cost of electricity. Bitcoin …

Philip Salter, head of operations at Genesis Mining, believes that economic meltdown may lead to a growing value for Bitcoin as a hedge against the banks. In the last couple of weeks, there has been a lot of turmoil in the Bitcoin world. There was a rapid decline in hashrate, followed by an even more precipitous price drop. This was particularly troublesome in view of the impending halving. Cointelegraph has had an in-depth conversation on these topics with one of the most prominent figures in the Bitcoin mining space, Phil Salter. Bitcoin miners have margin calls too Speaking on whether …

Last month, reports surfaced on crypto mining research conducted by tech conglomerate Cisco with the following headline: “College kids are using campus electricity to mine crypto.” Indeed, many students don’t have to worry about paying power bills, as per their university housing contracts, which tend to cover electricity expenses. That “free” power allows them to host cost-efficient mining rigs, where the only expense is the actual hardware. It almost seems too good to be true: Mining students receive a passive income, which can potentially cover the purchase of a few textbooks — or even pay for the whole semester and …

Iceland-based hashpower hosting service Genesis Mining is compelling some of its customers to upgrade their Bitcoin (BTC) mining contracts following this year’s significant cryptocurrency price decline, according to an August 17 statement. In 60 days, the company will terminate services for open-ended contracts that mine less than the daily maintenance fee. Genesis claims that the downward trend of BTC around January and heavy decline in crypto mining in April and May resulted in a reduction of mining outputs. If customers wish to continue using Genesis’ services, they have to upgrade their existing BTC mining contracts to premium five-year contracts. Genesis …

Prepared in partnership with Genesis Mining. The October 28 launch of Zcash has increased the community interest in the privacy-focused cryptocurrency. As Bitcoin Core prepares its own privacy feature Mimblewimble, Zcash hopes to become the first cryptocurrency that is “all about privacy.” Founded by cryptography expert Zooko Wilcox and advised by prominent figures including Vitalik Buterin, Zcash is a cryptocurrency based on an innovative cryptography called zkSNARKs. Initially, the concept of Zcash was introduced by Wilcox to provide a sense of anonymity between senders, receivers, and the value of transactions. Moreso, the transparency of public Blockchains allows anyone to trace …

Last weekend, leading experts of the Blockchain industry got together at Coinsbank networking event on the Turkish Riviera to discuss current issues in the sector. Speaking to Cointelegraph, Ronny Boesing, CEO of Coinsbank, described the event as a platform which was designed to connect people with the aim of changing the world with the Blockchain. The theme for this year’s Blockchain Party was “by connecting people bringing Blockchain tech to mainstream adoption.” Attendees from the US, UK, Finland, Germany, India, Latvia, Ukraine, Argentina, Russia, Serbia and Turkey were trying to answer one very tricky question: “What are the ways to …