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.
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.
Phoenix Group is acquiring hydro cooling mining equipment from WhatsMiner worth over $136 million, with the option of an additional $246-million purchase.1813
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.6838
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 2027.3926
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.10376
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.7134
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.8358
Ivan Turogin and Sergei Potapenko are suspected in a $575 million fraud case, but they can’t be exposed to U.S. detention conditions.4106
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.3922
The lending firm has been in bankruptcy court since its Chapter 11 filing in 2022, while the SEC filed a lawsuit against both the firm and former CEO Alex Mashinsky in July.11833
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.6910
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.4900
An overall trend reversal occurred in 2023 as crypto entrepreneurs took charge of the situation and helped regain investor confidence.9453
Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe.11160
Bitcoin mining analyst Jaran Mellerud said there are “better-priced opportunities” that could even out the valuation discrepancies between the mining stocks.12129