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Showing results for tags 'bitcoin mining'.
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This is unprecedented in a bull market. Few understanding what is about to happen
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- bitcoin supply
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According to a statement by Bitfarms, the Canadian Bitcoin mining firm has promoted its COO Geoffrey Morphy to the position of CEO. The promotion follows the resignation of former CEO Emiliano Grodzki- who will reportedly remain as a director in the company. Bitfarms co-founder Bonta will also move from executive chairman to chairman of the board. Bonta stated, "In a little over two years, Geoff helped transform Bitfarms from a purely Canadian company trading on the TSX Venture Exchange with five farms in Quebec to an international powerhouse traded on both the Nasdaq and TSX with 10 operating farms in four countries driving over 4.4 exahash/second (EH/s) today." https://www.coindesk.com/business/2022/12/29/bitcoin-miner-bitfarms-ceo-exits-coo-will-replace
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Why are so many bitcoin miners going bankrupt? We discuss the economics of bitcoin mining, how the difficulty adjustment works, why it makes bitcoin mining a zero sum game, and why it ensures bitcoin is optimized for the saver, not for the miner. Plus, what are the things you need to keep in mind if you are considering getting into mining?
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texas pacific land corp announces bitcoin mining venture
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Argo Blockchain has received more than $70 million in loans to expand its Bitcoin mining business in Dickens County, Texas. Helios, the company's flagship crypto mining operation in Texas, is borrowing an aggregate principal amount of $70.6 million from New York Digital Investment Group (NYDIG). This is the second 8-figure loan that Argo has taken out from NYDIG in the last month. The funds from the loan are expected to be utilised in “fitting out Phase 1 of the Helios site”. CEO Peter Wall stated, “With our mining operations at Helios expected to commence in May, along with the development of custom mining machines using Intel’s next-generation Blockscale ASIC chips, Argo is well-positioned to continue its growth with a focus on delivering for our shareholders,” https://www.coinbureau.com/news/bitcoin-miner-argo-takes-out-70-million-loan-for-texas-mining-operation/ -
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Bitcoin miners major costs are electricity and cooling afford buying the hardware. The miners are heavily invented to find the lowest possible cost of energy in existence. With an incentive to lower the costs of mining, they are pushing the limits of using renewable resources at damns, solar, and wind. Beyond renewables you’re beginning to see smart use of miners working with energy companies to convert natural gas that has been getting flared (burned) and instead converting it to power mining equipment. Does every miner do this? No. But it means that the industry is going to continue to push for renewables where the cost helps their business mode the most. In the long run, a large majority of mining is going to be powered by environmentally friendly energy sources.
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there is actually a company selling space heaters that are actually bitcoin miners, using the chip as the heat source. Supposedly they can make you like 500$ a year if your electricity is cheap enough.
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Bitcoin's mining difficulty is poised to see its largest drop ever in an upcoming adjustment. Multiple on-chain data sites estimate that the mining difficulty will see a plunge of around 21% in its upcoming adjustment that is set to happen at the block height 689,472. The difficulty and hash rate plunge reflect the magnitude of China’s mining farm shutdown orders this month. This is not bad or good. This is just how bitcoin is supposed to function. It also reduces energy expenditure. -
via .ORGWorld News
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The first Bitcoin mining pool powered exclusively by clean energy has been formed. London-listed Argo and DMG will combine their computational power to create the Terra Pool. -
https://legiscan.com/KY/bill/HB230/2021 The governor of Kentucky, Andy Beshear, has signed a bill meant to incentivize cryptocurrency miners to set up shop in the state into law. The new law “provides sales and use tax exemptions on the tangible personal property directly used and the electricity used in commercial mining of cryptocurrency” and amends the state’s utility gross receipts license tax “to exempt electricity used or consumed in the commercial mining of cryptocurrency.”
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‘Cryptohouse’ heated by bitcoin generation keeps miners toasty in Siberia
Guest posted a topic in Topics
Engineering enthusiasts in Irkutsk, Russia, have transformed a bitcoin miner to a sufficient power generator for private housing, footage filmed Wednesday reveals. 'Cryptohouse' is a new generator that turns the heat produced by bitcoin miners into private heating energy for the monthly cost of USD 430 (EUR 370).
