Time4VPS - VPS hosting in Europe

Crypto mining lobby group to dispel misconceptions in Washington DC: Founder

The United States crypto mining industry is getting a new lobbying group, with one of its biggest goals to dispel misconceptions about its sustainability from policymakers. 

Launched on Aug. 15, the Digital Energy Council said its aim is to advance policies that encourage the growth of digital asset mining and energy development.

DEC . . . → Read More: Crypto mining lobby group to dispel misconceptions in Washington DC: Founder

Mineflation: Cost to mine one Bitcoin in the US rises from $5K to $17K in 2023

It now costs Bitcoin (BTC) miners at least $17,000 to produce one BTC in the U.S. versus the $5,000-10,000 range a year ago, according to Bitcoin mining data resource Hashrate Index and Luxor.

Bitcoin hashprice has dropped 58% in a year

Unsurprisingly, soaring electricity rates across the U.S. states have contributed to rising Bitcoin mining costs.

Notably, . . . → Read More: Mineflation: Cost to mine one Bitcoin in the US rises from $5K to $17K in 2023

What is opportunity cost? A definition and examples

Opportunity cost, explained

Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.

Consider the scenario when you have a limited budget and are debating between buying a . . . → Read More: What is opportunity cost? A definition and examples

Bitcoin miner Hut 8 takes stoush with Ontario power supplier to court

Canada-based Bitcoin (BTC) miner Hut 8 Mining Corporation has ramped up its ongoing fight with its power supplier for one of its mining sites, filing a lawsuit in a Canadian court.

Hut 8 said on Jan. 26 that it had filed a Statement of Claim in the Superior Court of Justice of Ontario against . . . → Read More: Bitcoin miner Hut 8 takes stoush with Ontario power supplier to court

Ethereum miners dump 30K ETH, stonewalling ‘ultra sound money’ deflation narrative

Ethereum’s switch to proof-of-stake (PoS) on Sept. 15 failed to extend Ether’s (ETH) upside momentum as ETH miners added sell pressure to the market. 

On the daily chart, ETH price declined from around $1,650 on Sept. 15 to around $1,350 on Sept. 20, an almost 16% drop. The ETH/USD pair dropped in sync with . . . → Read More: Ethereum miners dump 30K ETH, stonewalling ‘ultra sound money’ deflation narrative

Sneaky fake Google Translate app installs crypto miner on 112,000 PCs

Crypto mining malware has been sneakily invading hundreds of thousands of computers around the world since 2019, often masquerading as legitimate programs such as Google Translate, new research has found. 

In a Monday report by Check Point Research (CPR), a research team for American-Israeli cybersecurity provider, Check Point Software Technologies revealed the malware has . . . → Read More: Sneaky fake Google Translate app installs crypto miner on 112,000 PCs

OpenEthereum support ends with the Merge fast approaching

One of the most popular Ethereum clients, OpenEthereum, has ended support for its software in preparation for the upcoming Ethereum Merge.

OpenEthereum creates “clients” or software used to interact with the Ethereum network allowing anyone to create an Ethereum node to mine Ether (ETH), which is currently using a proof-of-work (PoW) consensus . . . → Read More: OpenEthereum support ends with the Merge fast approaching

Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury

According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will purchase 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury at a cost of $6,250 per rig.

At a maximum cost of $6,250 per machine, Cipher’s Bitcoin mining hardware outlay could go between . . . → Read More: Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury

Ohio to host BIT Mining’s new 85 MW Bitcoin mining facility

Bitcoin (BTC) mining company BIT Mining plans to invest $12.14 million to develop an 85-megawatt crypto mining center in Ohio.

As the company that owns the entire mining pool business operated under BTC.com, BIT Mining set up a joint venture agreement with Viking Data Centers to establish the Bitcoin mining facility.

As part of . . . → Read More: Ohio to host BIT Mining’s new 85 MW Bitcoin mining facility

Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital

Argo Blockchain has secured another loan agreement from Galaxy Digital LP with the mining firm’s Bitcoin (BTC) as collateral.

According to an announcement by the London Stock Exchange on Friday, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (about $25 million).

As previously reported by Cointelegraph, Argo entered . . . → Read More: Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital

Canadian border town suspends Bitcoin mining over aesthetic concerns

Massena, a town in New York along the border with Canada, has placed a temporary suspension on new Bitcoin (BTC) mining operations in the area.

According to a report by the Associated Press on Friday, Massena town officials mandated the 90-day moratorium on new Bitcoin mining activities due to aesthetic concerns.

Steve O’Shaughnessy, . . . → Read More: Canadian border town suspends Bitcoin mining over aesthetic concerns

A green revolution in crypto mining? Industry answers wake-up call

After having been hailed as a champion of sorts by many within the global digital asset market, Tesla CEO Elon Musk dropped a bombshell on the crypto community earlier in May, backtracking the company’s decision to start accepting Bitcoin (BTC) as a means of payment for various automotive sales. The reason cited was . . . → Read More: A green revolution in crypto mining? Industry answers wake-up call

Seized PS4 consoles in Ukraine used for FIFA accounts, not crypto mining

Last week, Cointelegraph reported on the seizure of 3,800 PlayStation consoles allegedly being used to mine cryptocurrency. The confiscated gaming units were among a stash of hardware discovered by Ukrainian authorities during a raid on a farmhouse accused of tampering with electric meters to steal power from the local grid.

Based on the . . . → Read More: Seized PS4 consoles in Ukraine used for FIFA accounts, not crypto mining

A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report

Bitcoin (BTC) plunged 7.38% to hit a five-month low of $29,313 on June 22 as the market faced the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China.

Bitcoin drops below $30,000 for the first time since January. Source: TradingView

The People’s Bank of . . . → Read More: A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report

Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin

The share price of Bitcoin (BTC) mining firms Riot Blockchain and Hive Blockchain has produced enormous year-to-date gains, with stock in Riot nearly doubling while Hive’s has tripled over 2020 so far.

However, not all mining firms have fared well throughout the COVID-19 pandemic, with Canaan’s stock falling nearly 70% since early January, and . . . → Read More: Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin

Crypto Mining Group BitFury to Investigate Data Analysis with AI

The cryptocurrency mining and chip development firm BitFury has announced plans to set up a new department that will investigate the benefits of ‘big data’ analysis using artificial intelligence (AI). Speaking to newswire Reuters this past Tuesday, BitFury CEO Valery Vavilov referred to big data as ‘the next oil’, highlighting the need for a . . . → Read More: Crypto Mining Group BitFury to Investigate Data Analysis with AI