Inner Mongolia drew the ire of Beijing after failing to meet energy efficiency goals.
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 Ministry of Energy of the Republic of Belarus has launched an investigation into the potential pros and cons of crypto mining.7293
The mining equipment manufacturer announced its intention to expand into mining when it went public last year.8863
A perfect storm consisting of COVID-19, supply shortages and surging crypto prices has resulted in the best financial quarter in Nvidia's history, as the stock hits all-time highs.10394
Miners weigh in on lucrative ETH mining payouts as the blockchain eyes a transition away from its proof-of-work consensus in 2021.27245
Kristy-Leigh Minehan said the state doesn't currently have enough mining hardware to cause significant problems for the power supply.12280
Swiss investment bank Credit Suisse is reportedly backing German Bitcoin mining operator Northern Data in its $500 million IPO.6697
The crypto mining company has been on an absolute tear this month. On Thursday, the stock corrected sharply lower.63149
The California chipmaker says GeForce RTX 360 is for gamers, not cryptocurrency miners. The latter camp will get its own CMP mining infrastructure in the near future.11726
Russian crypto mining giant BitRiver is rushing to build two new data centers to meet increasing demand from global crypto miners.8923
Hungry for coin? A computing hardware firm has angered gamers after apparently marketing the already scarce Nvidia RTX 30 series to cryptocurrency miners.8951
Chinese sports lottery service 500.com has entered a share exchange agreement to acquire major Bitcoin mining pool BTC.com.9846
On-chain data shows that while miners are selling less BTC, old investors are realizing profits.19875
Bitcoin mining fundamentals are growing stronger as miners are making a killing from higher BTC price84792
Baidu is reportedly planning to commercialize its chip technology by setting up a dedicated subsidiary backed by crypto-friendly venture capital firms.13824