Mining
Bitcoin mining in a university dorm: A cooler BTC story
The humble university dorm is a place for students taking their undergraduate degrees to study, rest, make new friends, host wild dorm parties and, of course, mine Bitcoin (BTC). A master’s student in market research and self-described “data guy,” Blake Kaufman, has hooked up an S9 Bitcoin miner to the Bitcoin network. He won the S9 miner in a raffle at a mid-Michigan Bitcoin meetup and immediately set about learning how to use it. Blake has consistently shown up to every https://t.co/2Q6OuIwW4O event with at least one friend, a tremendous attitude, and unmatched enthusiasm. Glad you won the S9 raffle! Hash away at those KYC free sats, and enjoy the heat this winter! https://t.co/AQNzDjnDGC — Mid-Michigan Bitcoin (@517Bitcoin) November 17, 2022 During a video call with Cointelegraph,...
Crypto mining stocks surge to yearly highs after Bitcoin bounces back
The Bitcoin (BTC) price rebound to a multi-month high has also positively affected mining stocks. Many crypto-mining stocks recorded their best monthly performance in a year. The surge in mining stocks also relieved the troubled miners who had to sell a significant chunk of their mined coins to boost liquidity in 2022. Bitfarms — one of the top BTC mining firms — registered a 140% surge in the first two weeks of January 2023, followed by Marathon Digital Holdings with a 120% surge. Hive Blockchain Technologies saw its stock value nearly double in the same period, while the MVIS Global Digital Assets Mining Index is up by 64% in the first month of the new year. The Luxor Hashprice Index, which aims to quantify how much a miner might make from the processing power used by the Bitcoin network...
Can Canada stay a crypto mining hub after Manitoba’s moratorium?
Canada has remained a peculiar regulatory alternative to the neighboring United States in regard to cryptocurrency. While its licensing process has become more stringent than in some countries, Canada was the first to approve direct crypto exchange-traded funds. State pension funds have invested in digital assets, and crypto mining firms have moved to the country to take advantage of the cool temperatures and cheap energy prices. But the gold rush for miners in Canada may be slowing down. In early December, the province of Manitoba — rich in hydroelectric resources — enacted an 18-month moratorium on new mining projects. This move resembled a recent initiative in the U.S. state of New York that stopped the renewal of licenses for existing mining operations and required any new proof-of-wor...
New York sued by environmental group after approval of crypto mining facility: Report
The New York Public Service Commission (PSC) was sued by environmental activists on Jan. 13 for approving the takeover of a cryptocurrency mining facility in the state. According to The Guardian, the state Public Service Commission (PSC) is responsible for regulating public utilities, and authorized in September 2022 the conversion of the Fortistar North power plant into a crypto mining site. The facility is located in Tonawanda, a city less than ten miles from Niagara Falls, and was set to be taken over by the Canadian crypto mining firm Digihost. Plaintiffs claim that the approval violates New York’s climate law of 2019. The Climate Leadership and Community Protection Act (CLCPA) sets the goal of reducing 85% in statewide emissions by 2050, and zero-emissions electricity by 2040, a...
Climate tech VC argues Bitcoin’s ESG positives outweigh its negatives 31:1
A climate tech investor has painted a bright view of the Bitcoin network, suggesting its environmental positives outweigh its negatives by a whopping 31:1 ratio. On Jan. 12, self-proclaimed philanthropist and environmentalist Daniel Batten claimed in a Twitter thread that “Bitcoin is probably the most important ESG technology of our time.” According to Batten, the 31:1 positive impact ratio was calculated by researching and interviewing grid engineers, climate scientists, Bitcoin mining engineers, methane abatement experts and solar and wind installers. The findings discovered 21 ways Bitcoin (BTC) could be environmentally positive and just five ways it could be environmentally negative. 1/7 Environmentally, Bitcoin has a positive:negative ratio of 31:1 This mean Bitcoin is probably t...
Mining Bitcoin at home — Is it time to start? Market Talks
On this week’s episode of Market Talks, Cointelegraph welcomes Justin Kramer, CEO of Badgerland Home Crypto Mining — a home-based crypto mining equipment business. This week, to kick things off, we get to know a little bit about Kramer and his mining business. What are his expertise and experience with crypto mining, and how did he gravitate toward it? We also get his take on the current market conditions and the price of Bitcoin (BTC). Doing anything from your house, whether it’s working from home or mining cryptocurrencies, comes with its own set of challenges, especially when you’re first starting out. We find out what some of those challenges are and how to overcome them. This is especially useful for anyone looking to set up their own mining rig at home. We discuss the five major thin...
BTC price 3-week highs greet US CPI — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week on a promising footing with BTC price action near one-month highs — can it last? In a new year’s boost to bulls, BTC/USD is currently surfing levels not seen since mid-December, with the weekly close providing cause for optimism. The move precedes a conspicuous macroeconomic week for crypto markets, with the December 2022 Consumer Price Index (CPI) print due from the United States. Jerome Powell, Chair of the Federal Reserve, will also deliver a speech on the economy, with inflation on everyone’s radar. Inside the crypto sphere, FTX contagion continues, with Digital Currency Group (DCG) at odds with institutional clients over its handling of solvency problems at subsidiary Genesis Trading. At the same time, under the hood, Bitcoin still shows signs of recove...
1.5M houses could be powered by the energy Texas miners returned
During the winter storm in Texas in December 2022, Bitcoin (BTC) mining operators returned up to 1,500 megawatts of energy to the distressed local grid. It became possible due to the flexibility of mining operations and the ancillary services, provided by the state authorities. In his commentary to Satoshi Action Fund, Texas Blockchain Council president Lee Bratcher stated that miners returned up to 1,500 megawatts to the Texas grid. This amount of energy would be enough to heat “over 1.5 million small homes or keep 300 large hospitals fully operational,” according to the calculations from the Bitcoin advocacy group. While there’s no specification regarding the exact time period in which miners have accumulated such an amount of power, the global Bitcoin mining hashrate dropped by 30...
Iran court orders the release of seized crypto mining equipment
Iranian authorities seized numerous crypto mining equipment over the past two years, citing stress on energy grids during winter. Now, a court ordered the release of crypto-mining equipment that was previously seized as a measure to conserve energy. Since 2021, Iran’s Organization for Collection and Sale of State-Owned Property (OCSSOP) has seized mining equipment — both authorized and unauthorized — due to looming power shortage concerns. However, the authorities had a change of heart amid winter as they ordered the release of the seizure. As explained by Abdolmajid Eshtehadi, the head of Iran’s Ministry of Economic Affairs and Finance: “Currently some 150,000 crypto mining equipment are held by the OCSSOP, a large part of which will be released following judicial rulings. Mach...
US will see new ‘inflation spike’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) begins the first week of 2023 in an uninspiring place as volatility stays away — along with traders. After failing to budge throughout the Christmas and new year break, BTC price action remains locked in a narrow range. Having sealed yearly losses of nearly 65% in 2022, Bitcoin has arguably seen a classic bear market year, but for the time being, few are actively predicting a recovery. The situation is complex for the average hodler, who is watching for macro triggers courtesy of the United States Federal Reserve and economic policy impact on dollar strength. Prior to Wall Street returning on Jan. 3, Cointelegraph takes a look at the factors at play when it comes to BTC price performance in the coming week and beyond. Bitcoin traders fear new lows amid flatlining price Bitcoi...
Argo Blockchain sells top mining facility to Galaxy Digital for $65M
Cryptocurrency mining firm Argo Blockchain has taken a difficult decision to sell its flagship mining facility Helios in order to survive the ongoing bear market. Argo Blockchain CEO Peter Wall officially announced on Dec. 28 a deal with Mike Novogratz’s crypto investment firm Galaxy Digital to sell Helios facility for $65 million. Argo has already been cashing its mined Bitcoin (BTC) to reduce the loan to Galaxy. Additionally, Galaxy will also provide Argo with a new $35 million equipment finance loan to help the troubled miner reduce its debt. “We’ve used the proceeds of that sale in a new Galaxy loan to pay off the debt that we owed to NYDIG and a tiny bit to another secured lender,” Wall noted. The new transactions aim to reduce Argo’s total debt by $41 million, improve liquidity and o...
Blockware sued over alleged misrepresentation of miners’ performance
London-based Faes & Company filed a complaint against crypto mining firm Blockware Solutions LLC on Dec. 17, claiming it misrepresented the performance capability of its miners and lacked adequate power access to keep the machines running. Plaintiffs allege losses of $250,000 and are seeking compensatory and punitive damages. According to the complaint, the parties entered into contracts in October 2021 for Faes to buy $525,000 worth of Bitcoin miners and related hosting services. As part of the agreement, Blockware would host Faes’ miners at one of its server facilities, which it allegedly owns and operates for a monthly hosting fee and energy costs. Related: Public Bitcoin mining companies plagued with $4B of collective debt The plaintiff alleges that at the time of the a...
