Mining news-Page 25
Marathon Digital moves Montana BTC mine to pursue carbon neutrality
Bitcoin miner Marathon Digital Holdings plans on taking a big step toward carbon neutrality with plans to transition its Montana mining facility to use sustainable power sources elsewhere. The Nevada-based company intends on relocating its coal-powered Hardin, Montana facility to a location that uses sustainable, non-carbon emitting energy sources. The move is aimed at helping the company reach its goal of full carbon neutrality by the end of 2022. Marathon CEO Fred Thiel stated in an announcement from the company that he is taking efforts to “ensure our miners are as sustainably powered as possible.” “With the majority of our …
Bitcoin / April 6, 2022
Twitter debates the role of renewable energy in Bitcoin mining
It all started with a tweet by Dennis Porter, podcast host and self-described Bitcoin advocate, that led to a heady discussion about renewable energy and the role of Bitcoin miners. Porter asserted that Bitcoin (BTC) creates incentives to build out renewables, but environmental scientist Peter Gleick rebuffed the statement as a "self-serving lie." The comments section got heated when Nic Carter, Castle Island Ventures general partner and Coin Metrics co-founder, entered the chat and called out Gleick for allegedly not knowing anything about energy. Tell me you don’t know anything about energy without telling me — nic no credentials carter …
Adoption / April 5, 2022
Intergovernmental Panel on Climate Change calls cryptocurrency CO2 emissions a 'growing concern'
The United Nations arm aimed at assessing the science related to climate change, the Intergovernmental Panel on Climate Change, or IPCC, has named crypto among technologies that may require greater energy demands. According to a report released on Monday, the IPCC said cryptocurrencies, as part of the infrastructure around data centers and information technology systems related to blockchain, had the potential to be a “major global source” of carbon dioxide emissions. The group said that estimated CO2 emissions between 2010-2019 suggested there was only a 50% probability of limiting the rise of the average Earth temperature by 1.5°C based on …
Regulation / April 4, 2022
'Green oasis' for Bitcoin mining: Norway has almost 1% of global BTC hash rate
Bitcoin (BTC) mining in Norway is 100% renewable and “flourishing” according to a report by Arcane Research. “A green oasis of renewable energy,” Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower. The report compiled data from the Cambridge Bitcoin Electricity Consumption Index and data from Coinshares to conclude that Norway contributes 0.77% to the Bitcoin total global hashrate. By way of comparison, Norway’s population of 5 million contributes a tenth of that–or 0.07% of the global population. Crucially, according to the Norwegian Water Resources and Energy Directorate (NVE), Norway’s electricity mix is …
Adoption / April 4, 2022
Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC
Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion. Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com. Supporting the spike in the network difficulty, Bitcoin’s hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11 EH/s on Feb. 13. A higher hash rate ensures resilience against double-spending attacks, which is …
Blockchain / April 2, 2022
Just 2 million Bitcoin left: Bitcoin hits the 19 million milestone
The 19th millionth Bitcoin (BTC) was mined today, a landmark occasion for the number one c. 19 million Bitcoin are now in circulation, with just 2 million Bitcoin yet to be minted (or mined) until roughly the year 2140. In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin entered circulation. SBI crypto earned ‎6.32 BTC, roughly $293,000 for the trouble in transaction fees and block reward. A momentous occasion, the Bitcoin community was quick to celebrate the milestone event. The 19,000,000th bitcoin was just mined. Only 2 million more bitcoin to go. — Pomp (@APompliano) April 1, 2022 …
Adoption / April 1, 2022
Bitcoin mining finds fresh support from Russian finance ministry
As Russia continues to work on new regulations for the cryptocurrency industry, the Russian Ministry of Finance has expressed fresh support to Bitcoin (BTC) mining. Russia should encourage the development of industrial-level cryptocurrency mining in the country, ministry’s director of the financial policy department Alexey Yakovlev urged. There’s also no point in banning retail or household Bitcoin mining, Yakovlev said, as the local publication Prime reported on Thursday. The Russian lawmakers discussed the two categories of cryptocurrency miners at a recent round table called the “Mining regulation in Russia: For and Against.” According to Yakovlev, the Russian officials have long …
Adoption / March 31, 2022
Bengal Energy to mine Bitcoin using ‘stranded wells’ in Aussie outback
Canadian oil and gas company Bengal Energy, is dipping its toes into Bitcoin (BTC) mining as a way of utilizing the untapped energy from its gas wells in the far reaches of the Australian outback. According to a report from The Australian, Bengal Energy is set to conduct a pilot program where roughly 70 Bitcoin mining rigs will be set up inside a portable building — known in the local mining industry as a “donga” — which will be assembled near a series of previously out-of-operation gas wells in the Cooper Basin. According to Bengal Energy’s chief operating officer, Kai …
Adoption / March 31, 2022
Core Scientific strikes digital gold: Revenue up 800%, gross profit up 2500%
U.S. Bitcoin mining firm Core Scientific has posted bullish 2021 fiscal year results compared to the year prior, with its revenue increasing by 803% to $544.5 million and gross profit growing 2,443% to $238.9 million. The major BTC miner highlighted growth in hash rate, mining equipment sales, hosting revenue, digital asset mining income as key reasons for the improved performance. The booming price of Bitcoin (BTC) no doubt also played a part. The results were announced on March 29 and show a total net income (take-home after expenses) totaling $47.3 million last year. The figure marks a drastic increase from …
Bitcoin / March 30, 2022
The Bitcoin shitcoin machine: Mining BTC with biogas
Next time someone tries to poo-poo the renewable credentials of Bitcoin (BTC) mining, remember AmityAge Mining Farm. Founded by Gabriel Kozak and Dušan Matuska, the Bitcoin mining facility uses human and animal waste to generate electricity for mining. Matuska, the man “who met Satoshi Nakomoto”, told Cointelegraph that “methane from biodegradation processes runs our machines.” As human and animal waste isn’t running out any time soon, their BTC mining process is both environmentally friendly and renewable. According to Matuska, using renewable energies such as biogas “shows that we can really accelerate the adoption of these renewables and make their return …
Adoption / March 29, 2022
Greenpeace, Ripple co-founder campaigning to change Bitcoin code
Greenpeace, along with other climate groups, and co-founder and executive chairman of Ripple, Chris Larsen, has launched a new campaign aimed at changing Bitcoin (BTC) to a more environmentally friendly consensus model. The “Change the code, not the climate” campaign aims to pressure key industry leaders, Bitcoin miners, and influencers like Elon Musk, and Jack Dorsey, into moving over to a new consensus model saying: “If only 30 people — the key miners, exchanges, and core developers who build and contribute to Bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting …
Bitcoin / March 29, 2022
Russian government official calls to legalize mining ‘as soon as possible’
Russian Deputy Minister of Energy Evgeny Grabchak proposed eliminating the legal vacuum around crypto mining in the country and introducing clear regulation. This statement continues the recent streak of support for the crypto industry among the officials. Speaking at the first national conference of legal crypto miners in Irkutsk on Saturday, Grabchak called for introducing the regulatory framework for the sector as soon as possible: "The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be [eliminated] as soon as possible. If we want somehow to get along …
Regulation / March 28, 2022