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. 

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This blockchain network lets users ‘geomine’ crypto rewards from their smartphones
Samyuktha Sriram
2021-09-17T19:04:00+01:00
29500
News
Chinese Bitcoin miner manufacturer Canaan Inc. has reported significant revenue figures for the second quarter of 2021.
Bitcoin miner maker Canaan records highest quarterly profit since 2019 IPO
Osato Avan-Nomayo
2021-09-15T12:56:16+01:00
3868
News
Bitcoin has already consumed more power in 2021 than it did in all of 2020, according to a recent study.
Bitcoin’s power consumption this year has already surpassed all of 2020’s
Martin Young
2021-09-15T04:30:39+01:00
5022
News
Authorities in the province say crypto mining is inimical to China's environmental conservation efforts.
Hebei is the latest China province to wield the crypto crackdown hammer
Osato Avan-Nomayo
2021-09-14T13:17:48+01:00
1793
News
The merger is expected to push through as of market close on Sept. 14, with Greenidge slated to begin trading on the NASDAQ the following day.
Bitcoin miner Greenidge set for Nasdaq listing through merger
Inigo Vaca
2021-09-14T03:17:48+01:00
6969
Analysis
Countries vie for cryptocurrency miner business as Chinese miners move to greener pastures. Here's where they are ending up.
Finding a new home: Bitcoin miners settling down after China exodus
Elena Perez
2021-09-12T08:21:00+01:00
21870
News
The Bitcoin mining giant has entered into another BTC-backed loan agreement with Galaxy Digital as it pursues further operational expansions.
Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital
Osato Avan-Nomayo
2021-09-10T13:32:33+01:00
9673
News
The New York county clerk office employee allegedly used over 40 devices to mine crypto unlawfully.
Government employee accused of mining crypto at public’s expense
Benjamin Pirus
2021-09-09T20:45:00+01:00
6146

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