Bitcoin (BTC) mining revenue and profitability have continued to slide along with the asset’s price this year as the crypto winter deepens. May has been one of the worst months for Bitcoin miners in the past year as revenue and profitability continue to tank. Bitcoin daily mining revenue tanked as much as 27% in May, according to data from Ycharts sourcing data from Blockchain.com. On May 1, the analytics provider reported daily revenue of $40.57 million for BTC miners, but by the end of the month, it had fallen to $29.37 million. Daily mining revenue hit an eleven-month low of …

The government of Kazakhstan, one of the world’s largest countries by Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining. On Monday, Kazakhstan’s State Revenue Committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022. According to the report, 652 million Kazakhstani tenge ($1.5 million) in energy fees from crypto mining was added to Kazakhstan’s budget in Q1 2022 after the government introduced a digital mining fee on Jan. 1, 2022. The committee stressed that a significant amount …

Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate. The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share. Russia’s Deputy Minister of trade and industry Vasily Shpak called for bringing the mining industry under the purview of law in the wake of the recent mining estimate. He said: “Do you know how much mining accounts for in the overall map of electricity generation …

Buying low and selling high is easier said than done, especially when emotion and volatile markets are thrown into the mix. Historically speaking, the best deals are to be found when there is “blood on the streets,” but the danger of catching a falling knife usually keeps most investors planted on the sidelines. The month of May has been especially challenging for crypto holders because Bitcoin (BTC) dropped to a low of $26,782, and some analysts are now predicting a sub-$20,000 BTC price in the near future. It’s times like these when fear is running rampant that the contrarian investor …

American graphics card manufacturer Nvidia’s stock price tumbled in after-hours trading on Thursday because the revenue outlook for Q2 has fallen short of expectations. Quarterly growth from Q4 2021 to Q1 2022 was strong, with an 8% increase in revenue to $8.98 billion and a 3% increase in earnings per share to $1.36. It also stated it would continue a $15 billion share buyback program through the end of 2023, according to the filing to the United States Securities and Exchange Commission (SEC). However, the Q2 outlook is much less promising and projects revenue will be $8.1 billion, which is …

Cryptocurrencies represent significant potential for their ability to equalize the playing field. With this form of digital asset, anyone, regardless of their place of birth, has equal rights to participate in the financial market. Unfortunately, the ones that are believed to use these assets the most are coincidentally those who have the least heard voice when it comes to sharing their benefits — a sad reality since many in this target group live in developing nations. Therefore, with a properly designed economic system, the world might achieve tremendous wealth, effectively wiping out all the poverty in the world. The resulting …

Kazakhstan, one of the global leaders in crypto mining with a recent history of hostile measures against the industry, is taking a step toward a comprehensive fiscal framework for mining operators. On Thursday, May 25, the lower chamber of Kazakh parliament, Mejlis, passed in the first reading the amendments to the national tax code, regulating the fiscal burden on crypto mining. These amendments suggest graded tax rates tied to the electricity prices consumed by mining entities. For example, the cheapest grade of electricity prices, 5 to 10 tenges ($0,012–0,024) for Kwh, would come with an additional burden of 10 tenges …

The prices of graphics processing units (GPUs), also known as graphics cards, are undoubtedly still a far cry from the manufacturer’s suggested retail price (MSRP). However, they aren’t what they used to be either, especially considering what GPU prices looked like just a year ago. For instance, the price of a GPU from Nvidia GeForce RTX 30-series is 14% over its MSRP, according to reports from 3D Center. Whereas AMD’s Radeon RX 6000 is up 7% from its MSRP from April 17 and May 8. On the other hand, it is the first time since January that AMD’s Radeon RX …

One of the most popular Ethereum clients, OpenEthereum, has ended support for its software in preparation for the upcoming Ethereum Merge. OpenEthereum creates “clients” or software used to interact with the Ethereum network allowing anyone to create an Ethereum node to mine Ether (ETH), which is currently using a proof-of-work (PoW) consensus mechanism. In a Twitter thread, the OpenEthereum team explained that with the Merge approaching and the legacy codebase becoming “increasingly difficult to manage” due to its age, it was the right time to end support. OpenEthereum support has officially ended. The repo is now archived, and all maintenance …

Ether’s (ETH) 12-hour closing price has been respecting a tight $1,910 to $2,150 range for twelve days, but oddly enough, these 13% oscillations have been enough to liquidate an aggregate of $495 million in futures contracts since May 13, according to data from Coinglass. The worsening market conditions were also reflected in digital asset investment products. According to the latest edition of CoinShare's weekly Digital Asset Fund Flows report, crypto funds and investment products saw a $141 million outflow during the week ending on May 20. In this instance, Bitcoin (BTC) was the investors' focus after experiencing a $154 weekly …

The need for a clear, balanced concept of the issue was a constant theme at the panel discussion of crypto’s carbon footprint at the 2022 World Economic Forum. There was general agreement that there has been a rush to judgment on the consensus mechanisms of crypto mining and education, and careful policymaking can counteract it. “Crypto tribalism” on social media is an impediment to environmentally sound crypto mining, FTX.US president Brett Harrison said, comparing the situation to politics. “A vocal minority obscures the majority,” he said, while there is a unified effort in the background. He added, “Practitioners have to …

In less than a month, the draft of a crypto mining bill in the Russian parliament has lost several key points, such as the obligation for mining operators to join a special registry and a one-year tax amnesty for all those who've registered. As the reasoning goes, the previous draft would lead to federal budget losses. The fresh draft of the law “On mining in Russian Federation,” dating to last Frida, appeared in the database of the lower chamber of the Russian parliament, the State Duma. The document bears several significant changes from the past version, presented by co-sponsors on …