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. 

News
On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000.
Did a massive Chinese power outage cause Bitcoin’s crash down to $50K?
Samuel Haig
2021-04-19T06:34:50+01:00
21821
Markets News
The old adage “price follows hash rate” may be about to see one of its biggest tests in the past 12 years.
Bitcoin hash rate hits record 200 EH/s in fresh BTC price bull flag
William Suberg
2021-04-16T15:40:30+01:00
10626
Sponsored
A platform that enables gamers to mine cryptocurrencies using their PCs is expanding into South Korea and is adding new features for its hundreds of thousands o...
Why this platform could be a game-changer as crypto booms in South Korea
Connor Sephton
2021-04-16T11:56:00+01:00
24625
News
A new Ether ASIC mining rig is on the way, but will it help ease Nvidia’s GPU problems?
Bitmain’s new Ether ASIC mining rig may not fix GPU shortage after all
Greg Thomson
2021-04-16T11:42:04+01:00
16095
News
Blackouts for safety inspections in China’s Xinjiang region have significantly impacted the hash rate of many top Chinese Bitcoin mining pools.
Chinese mining pools’ hash power plummets amid regional blackouts
Samuel Haig
2021-04-16T06:57:15+01:00
24399
News
Coinbase and cryptocurrencies viewed cynically on Chinese social media, and news of a large mining GPU smuggling bust in Hong Kong.
Our Man in Shanghai: Coinbase listing scorned, graphics cards seized, nostalgia coins rule
Ben Yorke
2021-04-16T02:43:09+01:00
9179
News
A Chinese–Iranian Bitcoin mining facility is set to resume operations after being forced to shut down earlier in the year.
Chinese investors reboot Iranian Bitcoin mining facility
Osato Avan-Nomayo
2021-04-15T12:33:19+01:00
6404
News
"At some point Bitcoin mining will look like a utility, and it’s going to be a part of critical infrastructure for countries," said the Foundry Digital CEO.
Crypto mining will be a bridge to 100% renewable energy production, says Mike Colyer
Turner Wright
2021-04-13T17:40:00+01:00
10023

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