Nvidia's chief financial officer says the firm could restart its mining-specific line of graphics cards if demand from cryptocurrency miners increases.
Mining is the process of adding and validating transaction records on the Bitcoin public blockchain ledger while securing uptime for the network. This is how the network persists without relying on trusted third parties using vulnerable, centralized infrastructure. Mining is also used to distinguish legitimate Bitcoin (BTC) transactions from attempts at double-spending, which is when a user attempts to re-spend money that has already been spent somewhere else.
What miners are actually doing is continually guessing for a specific number (the nonce) designated in the header of the following block, which has a predetermined number of zero bits. When they guess the correct number after using extensive computation power, they solve the proof-of-work and are rewarded with the protocol currency, BTC. This simultaneously serves as the minting process for Bitcoin.
Bitcoin mining has come a long way since the network’s launch in 2009. In the early days, mining was how one would participate within the Bitcoin economy, using relatively modest computation resources such as an average consumer-grade laptop to allocate hashing power to solving the proof-of-work algorithm and earn Bitcoin from the block subsidy, all while securing the network.
Since then, mining has become a multibillion-dollar global industry, with massive operations and facilities around the world using incredible amounts of resources to compete for the block rewards of many different cryptocurrencies, all the while providing critical infrastructure and security to these networks.
Mike Novogratz's Galaxy Digital is launching its own Bitcoin mining operations and creating a new business unit dedicated to providing financial services to miners.8098
Titan secured funding from Coinbase to offer a U.S.-developed software suite for miners.7211
Mining for Bitcoin may be contributing to “thick layers of toxic smog” and blackouts across many Iranian cities.7396
Canaan's new miner is natively cooled by immersion in liquid, promising better performance.8447
The crypto mining industry has had a phenomenal record of growth and innovation over the past decade, but this is just the beginning.14162
All you'd need is 78 NVIDIA GeForce RTX 3080 graphics cards... and a decent air conditioning system.63222
With crypto mining gaining momentum, here’s the newest products coming out in 2021 and what Bitcoin miners should look to buy.40711
The year-long dispute between Bitmain co-founders appears to be at an end with a $600 million compensation on the table.9807
Nasdaq-listed crypto firm Riot Blockchain purchases additional 15,000 Antminers from Bitmain for $35 million.24465
A recent paper from a team of DeFi researchers proposes a new conceptual framework for liquidity mining.26581
A research firm’s head recently claimed Bitcoin’s capped supply could be changed.12530
More people use Bitcoin now, but transaction fees are much lower than during the 2017 bull run.5278
A Montana-based crypto miner has asked a court to dismiss a lawsuit over $3.7 million in unpaid electricity bills on the basis that it sold its assets in 2018.6250
The Bitcoin Miners’ Position Index achieved a three-year high, indicating that miners are likely in a selling mood.17411