Canadian mining firm Hut 8 saw its Bitcoin holdings surpass the 8,000 Bitcoin (BTC) mark as it continues to accumulate self-mined holdings through depressed cryptocurrency market conditions. Hut 8 released its latest mining report for August 2022, increasing its Bitcoin holdings by 375 BTC for the month to take its total reserves to 8,111 BTC. Hut 8 reported that it had mined 12.1 BTC per day at a rate of 125.8 BTC per exahash for the month. While other mining operators have been forced to sell portions of their BTC holdings amid the ongoing cryptocurrency bear market, Hut 8 has …

The Ethereum network’s transition from a proof-of-work (PoW) consensus is likely to flood the crypto industry with out-of-work ETH miners, causing severe disruption to all PoW tokens. Speaking to Cointelegraph, Andy Long, CEO of Bitcoin miner White Rock believes the upcoming Ethereum Merge will force PoW miners to look for greener pastures, such as other PoW blockchains, and thus "swamp” other coins — increasing mining difficulty and reducing profitability, stating: "As GPU miners point their hardware at other chains their difficulty will increase causing lower returns and splitting the reward amongst more miners." Long added that the migration will likely …

Ethereum Classic (ETC) price rallied on Sept. 5 on back-to-back positive reports concerning its adoption among crypto miners. Top mining pool supports Ethereum Classic On the daily chart, ETC's price surged 14.5% to nearly $37.25 per token. Its massive gains came days after BTC.com, a blockchain explorer and crypto mining pool, launched a specialized Ethereum Classic pool with "zero-fee" mining for three months. The announcement appeared after "the Merge," a long-awaited network update that would switch Ethereum's energy-intensive proof-of-work (PoW) protocol to a "cost-efficient" and scalable alternative, the proof-of-stake (PoS) on Sept. 19 or before. But the switch to PoS …

Many believe that after Ethereum transitions to proof-of-stake (PoS), a faction of Ether (ETH) miners will be creating a proof-of-work (PoW) fork of the network so that they can still keep mining. An executive believes that there are ways for ETH holders to take advantage of this upcoming event. In a Twitter thread, Bobby Ong, the co-founder of token information website CoinGecko, shared his strategies when it comes to the upcoming ETH Merge. According to Ong, ETH holders will soon be getting airdrops of ETH PoW tokens and shared some tips on how ETH holders can fully seize this opportunity. …

The flexibility behind running Bitcoin (BTC) mining operations can be vital to solving the real-world problems that stand in the way of the energy industry, suggests Arcane research. One of the biggest concerns authorities raise when it comes to Bitcoin’s mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin mining, a report from Arcane reveals the market’s potential to transform the energy industry. Owing to low cost of reacting, Bitcoin mining complements the growth of wind and solar grids, which often produce unstable and non-controllable energy. Arcane research points out …

When Bitcoin was trading above $60,000, the smartest analysts and financial-minded folk told investors that BTC price would never fall below its previous all time high. These same individuals also said $50,000 was a buy the dip opportunity, and then they said $35,000 was a generational buy opportunity. Later on, they also suggested that BTC would never fall under $20,000. Of course, “now” is a great time to buy the dip, and one would think that buying BTC at or under $10,000 would also be the purchase of a lifetime. But by now, all the so-called “experts'' have fallen quiet …

At the end of August, a digital platform called ECOS Free Economic Zone delivered good news from a country that rarely sparks on the global crypto map — Armenia. ECOS reported adding 60 megawatts (MW) of capacity to its power plant-based facility, operating since 2018. Situated at one of the hydroelectric plants on the Hrazdan river, the mining facility gets its electricity supply directly from the high-voltage grid and uses the site’s infrastructure to power containers. The platform’s representatives noted that ECOS could expand to an additional 200MW of clean electricity. For comparison, the Berlin Geothermal plant in El Salvador …

Ethereum (ETH) hodlers that don’t play their cards right following the Ethereum Merge may be in for a hefty bill come tax time, according to tax experts. Around Sept.15, the Ethereum blockchain is set to transition from its current proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), aimed at improving the network’s impact on the environment. There is a chance that The Merge will result in a contentious hard fork, which will cause ETH holders to receive duplicate units of hard-forked Ethereum tokens, similar to what happened when the Ethereum and Ethereum Classic hard fork occurred in 2016. Tax compliance firm …

Paraguay's president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining's high electricity consumption could hinder the expansion of a sustainable national industry. The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of the largest job creators. The LinkedIn's Economic Graph shows that crypto and blockchain jobs listing rose 615% in 2021 compared to 2020 in the United States. In accordance with the bill's …

A pro-Bitcoin mining report from self-proclaimed philanthropist Daniel Batten has claimed that Bitcoin (BTC) could become a zero-emission network. The report builds upon data from the Bitcoin Mining Council to understand the impact of carbon-negative energy sources on Bitcoin’s overall carbon footprint. Following investigation and extrapolation of the results, it claims to then “predict when the entire Bitcoin network becomes a zero-emission network.” But how does the Bitcoin network become carbon-negative in the first place? Put simply, by Combusting stranded methane gas to mine Bitcoin that would have otherwise been emitted into the atmosphere. The study finds that this process, …

Iran’s Industry, Mines and Trade ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions. According to local news reports, trade minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country. Amin outlined the regulatory change at an automotive industry exhibition on Aug. 28, just a week after the country had placed a first-ever import order for vehicles, to the tune of $10 million, using cryptocurrency as a payment method. The …

Within a matter of weeks, the Ethereum blockchain is going to undergo the Merge, in one of the biggest and riskiest upgrades in the industry's history: a switch from a Proof-of-Work consensus algorithm to Proof-of-Stake. XGo's head of product Josh Cowell explains what the much-anticipated Ethereum Merge is all about — and some of the big questions that currently remain unanswered. 1. Hello! Before we delve into all things Ethereum, tell us about XGo. Hello! We're a bunch of crypto enthusiasts and founded XGo to restore crypto's original goals and principles beyond making money (or losing it!) fast. We have …