Hive Digital made a sizeable ASIC miner purchase in December 2022. Just one year later, thanks to a Bitcoin boom, the crypto miner says the rigs have paid for themselves.
Bitcoin Mining News
Bitcoin mining involves solving complex mathematical puzzles, validating transactions and securing the network. Miners compete to find the correct hash, adding new blocks to the blockchain and earning rewards in the form of newly minted Bitcoin (BTC). Notably, a new Bitcoin block is mined every 10 minutes on average.
Bitcoin mining has undergone a significant evolution since its early days. Initially, miners utilized CPUs and GPUs for mining. As demand increased, specialized hardware called ASICs (application-specific integrated circuits) emerged, drastically enhancing mining efficiency. In recent years, a noteworthy trend has been the shift toward renewable energy sources for mining operations. Miners are increasingly adopting eco-friendly solutions, minimizing the environmental impact of energy-intensive mining processes.
Mining can be done individually (solo mining) or collaboratively in groups (mining pools). Solo miners solve blocks independently, receiving the entire reward. In contrast, mining pools combine computational power, share profits and increase the chances of earning rewards collectively. This collaborative approach has become popular due to its steadier income stream.
Phoenix Group is acquiring hydro cooling mining equipment from WhatsMiner worth over $136 million, with the option of an additional $246-million purchase.3026
Crypto mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange, with the stock opening at $0.6.4128
It adds to a prior agreement in which Riot bought 33,280 miners from MicroBT. The term sheet was also updated, allowing Riot to buy another 265,000 miners in the future.7057
If approved, the third version of the plan will go into effect on Jan. 5, 2024, and see the company add 372 MW in capacity by 2027.4174
Tether will build renewable energy facilities in Uruguay and El Salvador, the new CEO told Cointelegraph.2430
Amid the delisting and relisting process, Hut8 shareholders received 0.2 of a share of New Hut common stock for every one Hut 8 share held, an official announcement confirmed.10553
Judge Martin Glenn reportedly said that the firm’s proposed transformation into a Bitcoin mining business deviates significantly from the deal creditors initially voted on.7219
The crypto mining platform AntPool says it will refund the unprecedented transaction fee of 83 BTC to the affected user, provided they produce the necessary identification information.8502
Ivan Turogin and Sergei Potapenko are suspected in a $575 million fraud case, but they can’t be exposed to U.S. detention conditions.4262
Ocean, which raised $6.2 million in a funding round led by Jack Dorsey, plans to enable miners to get block rewards directly from Bitcoin.5740
A newly published working paper on Bitcoin mining has worked to counter claims from anti-crypto politicians that Bitcoin is melting the planet.3477
Hive Digital Technologies has acquired land and a data center to expand its operations in Sweden, house the incoming generation of ASIC servers and increase Bitcoin production.3949
While artificial intelligence continues to grab headlines, small and large-scale Bitcoin miners might not necessarily jump ship to the AI and machine learning hype train.6923
Tether has ambitions to reach 1% of BTC mining computing power under new CEO Paolo Ardoino. New facilities in South America will be part of the push.4921