Mining News

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. 

Follow up
While we are unlikely to see immediate policy effects of the exchange, legislators got educated on a wide array of blockchain-related concepts and issues.
Lawmakers explore Bitcoin mining efficiency, broader crypto policy issues during Congress hearing
Kirill Bryanov
“If policymakers take a cautious approach and foster a pro-innovation environment, the rewards for consumers, investors and all Americans are likely to be great...
Witnesses address energy impacts of crypto mining during House hearing
Turner Wright
Russian central bank has demanded reinforcement of the ongoing crypto payment ban and seeks to introduce punishments
Russian central bank proposes blanket ban on crypto mining and trading
Prashant Jha
An individual miner defied the odds and managed to collect 168 ETH from a solo mining pool this week worth 42 times the average block reward.
Individual ETH miner hits jackpot with $540K block reward
Brian Newar
Altcoin Watch
A growing partnership network, the ability to mine multiple cryptocurrencies simultaneously and renewed interest in blockchain-focused IOT technology back MXC’s...
MXC’s 200% gain hints that LoRaWAN IOT mining projects could rally in 2022
Jordan Finneseth
The Central Bank of Iran hinted at a possible CBDC pilot soon without elaborating on the time frame of the program.
Iran to reportedly pilot central bank digital currency soon
Prashant Jha
The proposed "Bonanza Mine" promises to be a new, viable option to compete against traditional mining rigs.
Intel to reveal new energy-efficient Bitcoin mining ASIC at next ISSCC
Griffin Shenkel
Crypto allies dominate the list of witnesses slated to appear before the House Committee on Energy and Commerce.
Former pro-crypto CoC Brian Brooks to testify in a House hearing on the energy impacts of mining
Kirill Bryanov

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