A look at miners shifting hardware overseas, Amber raises $100m, and Bitmain temporarily shuts down sales among dropping hashrate sales.
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.
The Bitcoin mining crackdown in China has significant ramifications for the cryptocurrency industry. Bitmain is stepping up its efforts to ease the burden on Chinese miners looking to offload their equipment in light of the ban.3230
Gemini has partnered with a nonprofit to purchase carbon permits from government-related cap-and-trade markets and erase them from circulation.3845
A new stablecoin project says it has solved the problem of how to maintain a level price using market forces rather than huge stacks of fiat or locked crypto.526
By postponing the sales, Bitmain aims to help miners exiting the industry get better prices for mining equipment.4435
Canaan has started mining Bitcoin with its latest Avalon Miner units in Kazakhstan after setting up a service center in the country earlier this month.4915
Many Bitcoin miners in China are down with the blues as Beijing forces several operations to go offline.13142
Stronghold Digital Mining has raised more than $100 million in two private placements supporting its model for sustainable Bitcoin mining.8042
China’s continued crackdown on Bitcoin mining and OTC transactions, along with prolonged technical weakness, triggered BTC’s drop to a 6-month low.8339
The police chief of Tehran said authorities had raided 50 locations across the Iranian capital in the last 48 hours, discovering 3,000 illegally operating crypto miners.2229
Crypto mining pool BTC.com is leaving China after local authorities withdrew its power supply.15312
A former crypto exchange engineer believes that China’s ban on Bitcoin mining is “fantastic news.”16459
Bitfarms’ debuting shares have been unable to escape the bearish crypto meta-trend, despite the firm claiming its profits have increased amid the recent drop in Bitcoin hash rate.3954
Graphics card prices in China reportedly dropped as much as two-thirds on Chinese e-commerce websites.8663
Bitcoin’s hash rate plummets to roughly 91 EH/s as Sichuan miners close up shop.10437