The XYO Network lets anyone turn their cellphone into an edge node with a proof-of-origin chain and bound witness technology using their partner app, “COIN”. With COIN, users can ‘geomine’ to earn crypto rewards, in exchange for participating in XYO’s decentralized network of devices. XYO describes geomining as the act of exploring and discovering digital items or assets from a real, physical space while sharing relevant location data and interactions with other geominers. In order to earn cryptocurrency, geominers will have to geomine enough in-app ‘COIN’ tokens and then redeem them for ‘XYO Tokens’ or other cryptocurrencies. Recently listed on …

Despite the price decline for Bitcoin (BTC) in Q2 2021, mining hardware maker Canaan has recorded significant business gains during the period. According to Canaan’s unaudited Q2 financials published on Tuesday, the company recorded over $1 billion Chinese renminbi (about $167.5 million) in total net revenue for Q2. This figure marks the highest quarterly sales for the Bitcoin miner maker. Indeed, Canaan’s Q2 revenue represents a 168% increase from the figures reported in its first-quarter financials and a 507.3% jump when compared to Q2 2020. Total revenue was not the only quarterly improvement in Q2 as the report showed $37.9 …

A new study suggests that Bitcoin has already used more power so far this year than it did in all of 2020. By the end of the year, the Bitcoin network will have consumed 91 terawatt-hours (TWh), and it has already consumed more than the estimated 67 TWh for all of 2020, according to a Monday Bloomberg report. The precise energy consumption figures are variable and not easy to calculate accurately, but the trend is clear — they are increasing. The Cambridge Bitcoin Electricity Consumption Index currently estimates that Bitcoin is set to consume an even greater 95.68 TWh by …

Hebei, a province in Northern China, is its latest jurisdiction to read the riot act to crypto miners and traders. According to Reuters on Tuesday, the province's cyberspace commission has announced plans to curtail cryptocurrency mining and trading activities in the region. The move is in tandem with a broader anti-crypto policy in China that has seen most of the country's cryptocurrency mining establishment forced to relocate overseas. Indeed, these measures resulted in the largest hash rate drop in Bitcoin history as several miners were forced to go offline temporarily. In a statement by the commission quoted by Reuters, authorities …

Bitcoin mining and power generation company Greenidge is set to complete a merger with customer and technical support solutions provider Support.com to become the latest publicly listed mining firm. Once the merger transaction is complete, Support.com Inc. will become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. The new entity’s Class A shares will trade under the ticker GREE. According to a Sept. 13 announcement published by the SEC, the merger is expected to become effective by market close the following day. The merger, settled as a stock-for-stock transaction, will see each share in Support.com Inc. automatically converted into the …

A few months ago, the crypto industry was shaken up by the news of the mass exodus of miners from China. At the end of May 2021, it became known that the Chinese authorities were going to ban Bitcoin (BTC) mining, bringing the already existing regulatory pressure on miners to a breaking point. The list of banned operations includes purchasing cryptocurrencies, as well as any related investment activities, crypto trading and exchange. The People’s Bank of China had held substantive consultations with banks and payment systems and then the largest Chinese financial institutions were told to stop speculative trading — …

Argo Blockchain has secured another loan agreement from Galaxy Digital LP with the mining firm’s Bitcoin (BTC) as collateral. According to an announcement by the London Stock Exchange on Friday, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (about $25 million). As previously reported by Cointelegraph, Argo entered into a prior BTC-backed loan agreement with Galaxy Digital for $20 million back in June. The United Kingdom-based Bitcoin miner will reportedly roll up both loans into one for a combined sum of $45 million. As part of the agreement, Argo will utilize the fresh capital influx …

An information technology operations supervisor at the Suffolk County clerk’s office in New York, Christopher Naples allegedly harnessed his position to place crypto mining equipment in various spots at the Riverhead Center in the New York county in which he worked. Naples allegedly set up 46 devices for crypto mining, “in locations like an unused electrical wall panel or underneath floorboards,” according to a statement posted on AP News on Wednesday. Crypto mining can be an expensive endeavor, sometimes requiring specific equipment for the task as well as hiking up electrical costs wherever the mining apparatuses are set up. Mining …

As Russian cryptocurrency advocates are working to attract global crypto mining operators, local lawmakers have gotten more serious about regulating the industry. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, claimed that Russian lawmakers are now considering recognizing the crypto mining industry as a form of entrepreneurship under local business laws, TASS news agency reported on Wednesday. “As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation,” Aksakov said. …

Chinese mining hardware giant Bitmain will be bringing 56,000 of its latest Antminers to the state of Georgia in the southeastern United States. The influx of mining rigs is part of a three-way deal between Nevada-based tech firm ISW Holdings, crypto mining datacenter Bit5ive, and Bitmain. According to ISW Holdings, the total cost of the hardware deployment will be around $62 million and is expected to generate monthly revenue of $10 million when running at full capacity. ISW Holdings has already parted with $6 million towards the purchase that will see Bitmain's Antminer S19J mining rigs deployed under its new …

Blockchain infrastructure developer Blockstream has partnered with Macquarie Group, an Australian multinational investment bank, to launch a new pilot for a Bitcoin (BTC) mining facility with a mandate to explore carbon-neutral alternatives. As part of the pilot project, Macquarie Group is investing in one of Blockstream’s enterprise-grade mining facilities, the companies announced Wednesday. This will allow Macquarie Group to uncover new opportunities in renewable energy that can be bootstrapped for more sustainable Bitcoin mining initiatives. Macquarie Group is one of the largest institutional investors in the renewable energy infrastructure, with 44 gigawatts of generation under development or construction as of …

The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) has surged above $51,000 for the first time since May. Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs in the country, local news agency VnExpress reported on Monday. Quang Thuan, owner of a chain store selling cryptocurrency miners across Ho Chi Minh City, said that the company’s sales have tripled in early September over the previous month. He noted that the mining rig market in Vietnam was down before Bitcoin surged back above $50,000 …