Cryptocurrencies Mining News

B. Riley suggested the embattled miner’s issues were “self-imposed” and outlined a path for it to avoid bankruptcy.

The world’s largest crypto exchange platform is announcing plans to raise hundreds of millions of dollars to support Bitcoin (BTC) mining.

The bitcoin mining industry has now grown to the point where it is being measured up against other similar industries that have been around for longer. However, the operations of the bitcoin mining firms to these established commodity-based firms are very different. It is most apparent in the way these companies handle their revenue with respect to administrative costs, which differs greatly between mining firms and other commodity-based firms.

A crypto mining data center in the state of South Australia will be running mainly on solar-generated electricity, a media report reveals. The coin minting facility has been set up in a region known for its energy-hungry iron ore extraction and steel production.

Cyber threat intelligence firm, Check Point Research identified Nitrokod as a crypto miner malware that has infected thousands of PCs across 11 countries.

Iranian authorities have seized nearly 10,000 illegal cryptocurrency mining devices since March. According to reports, many of the seized crypto mining rigs were operating in public locations that receive free or heavily-subsidized electricity, such as schools and mosques.

Four members of the U.S. House Committee on Energy and Commerce said they were "deeply concerned" that Proof-of-Work mining could increase demand for fossil fuels.

On-chain shows Bitcoin miners have been in a phase of distribution recently, a sign that could prove to be bearish for the price of the crypto.

Per a report from Hash Rate Index, Bitcoin miners continued to sell their supply during July. These entities have been negatively impacted by the decline in the price of BTC, and an increase in their operation cost which has resulted in financial stress for their operations.

Forced selling from Bitcoin miners raises concern about BTC price, but the use of renewable energy and the oil and gas industry’s growing interest in BTC are longterm positives.

Kazakhstan has imposed new tax rules on crypto miners, this new taxation system shall be differentiating the tax rates on crypto mining. It also includes crypto miners that use renewable energy resources. President of Kazakhstan Kassym-Jomart Tokayev has signed this law which shall be amended into the country’s Tax Code.

The International Monetary Fund (IMF) remains wary of a possible scenario where countries like Russia and Iran may use crypto mining to avoid sanctions. In the global financial stability report by IMF, the monetary institution expressed concerns regarding the risks the digital currency poses to the global financial market.

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per day in profits. SHA256 bitcoin miners that can process at speeds up to 110 terahash, can obtain $13.74 per day in bitcoin profits.

The government of Kazakhstan is preparing to increase the tax burden for cryptocurrency miners and intends to tie the new rate to the value of the minted cryptocurrency. The authorities in Nur-Sultan believe that such an approach would have a positive effect on the state budget.

On-chain data suggests Bitcoin miners seem to have dumped big recently as their outflow has spiked to the largest value since more than a year ago.

Canadian oil and gas miner Bengal Energy, is set to begin its trial project of accessing formerly “stranded” gas wells with portable Bitcoin mining rigs.

Bitcoin mining is still big business for miners. However, it is an energy-intensive activity which means that for it to be a profitable venture, miners would have to look for the cheapest electricity options available. This had been behind most of the miners previously set up in China but after the crackdown, had been forced to find cheap electricity elsewhere. This report takes a look at the miners who have managed to get access to some of the cheapest electricity.

Since the Cambridge Bitcoin Electricity Consumption Index (CBECI) project updated its mining map in mid-July, the United States has continued to dominate in terms of the amount of hashpower worldwide. Moreover, data shows that Foundry USA has managed to command the top pool position with 755 bitcoin block rewards mined during the last 30 days.

Siraj Raval after connecting a GPU to his Tesla’s battery was able to mine around $800 ETH.

A crackdown on bitcoin mining by China has led to an increase in the number of Thai investors that have acquired and are operating mining rigs, a report has said. The report adds that many of these investors are currently earning between $30 and $40 per day from each mining rig.