Mining
US Treasury Dept lists crypto mining firm in latest sanctions against Russia
The United States Treasury Department has added Russia-based crypto mining services provider BitRiver and several subsidiaries as firms facilitating the evasion of sanctions. In a Wednesday announcement, the Treasury Department’s Office of Foreign Assets Control, or OFAC, said it was taking action against BitRiver AG as well as 10 of its Russia-based subsidiaries, naming the companies as ‘Specially Designated Nationals’. Firms and individuals listed as such by OFAC have their assets blocked and “U.S. persons are generally prohibited from dealing with them.” According to the U.S. Treasury, the actions against BitRiver and its subsidiaries were based on them allegedly facilitating “sanctions evasion for Russian entities,” hinting crypto may have played a role in helping Russia’s govern...
Here’s how Ether options traders could prepare for the proof-of-stake migration
Ethereum’s long-awaited transition away from proof-of-work (PoW) mining has recently suffered another delay and is expected to occur in the second half of 2022. Ethereum developer Tim Beiko stated on April 13 that “it won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum.” An automated increase in mining difficulty designed to make PoW mining less attractive is set to become active around May. Known as the “difficulty bomb,” it will eventually make blocks “unbearably slow,” forcing the upgrade to a proof-of-stake (PoS) network. Such news might have negatively impacted Ether’s (ETH) price, but it creates an immense opportunity for those betting on the ...
Illegal crypto miners in Iran to face stricter penalties
The government has warned illegal miners of heavier penalties to come Illicit mining of crypto affects the power availability for household and industrial use Iran is cracking the whip harder as it contends with the fact that unauthorised mining is setting a strain on the country’s energy supply. The government is set to impose legislation containing heavier punishment for those caught mining crypto assets illegally. Hitting the dodgy miners hard According to a report published by the Tehran Times on Saturday, the move is meant to avoid blackouts and punish those using subsidised electricity for illegal crypto mining operations. Fines could rise threefold, and jail time increased by up to five times. An official with the country’s Power Generation, Distribution, and Tr...
Iran to stiffen penalties for illegal use of subsidized energy in crypto mining
The Iranian government will increase penalties for the use of subsidized energy in crypto mining. The move marks another step in the tightening of mining regulation in the country that had faced energy shortages in recent years. On April 16, the Tehran Times reported, citing the country’s Power Generation, Distribution, and Transmission company, that the government plans to drastically increase the fines rates for the mining operators who use subsidized electricity. The company’s representative Mohammad Khodadadi Bohlouli specified: “Any use of subsidized electricity, intended for households, industrial, agricultural and commercial subscribers, for mining cryptocurrency is prohibited.” According to Bohlouli, the fines for the use of subsidized energy in mining will rise by...
North Dakota hopes to double the $3B of clean crypto mining in the state
North Dakota government officials rocked up to the Bitcoin 2022 conference in Miami to lure cryptocurrency miners into their greener pastures. They came with the promise of the “cleanest crypto on the planet.” The North Dakota Commerce Department dropped $35,000 on the trip, saying it expected a return of 20,000% or more from its presence at the conference. The department announced that the state has already secured $3 billion of crypto investment and is close to attracting another $3 billion worth of projects. North Dakota hopes to end its reliance on agriculture and oil by enticing crypto mining companies to set up in the Upper Midwest state. There are no tax breaks or funding as the state is relying on its natural assets. It’s known for cold, dry weather which can help chill out overhea...
Seven times Bitcoin miners made the world a better place
What do a swimming pool, beef jerky, a caravan, timber, animal waste, a Guatemalan lake and a high school have in common? They’ve all been saved by Bitcoin (BTC) mining. From reusing “waste” heat to getting the job done — to receiving a cool blast of air to dehydrate meat, to cleaning up pollutants, Bitcoin mining does more than just secure the network. Here’s a round-up of seven times Bitcoin mining lent a hand or simply made the world a better place. Free Bitcoin mining education in Washington Sustainable Bitcoin mining company Merkle Standard has taken Bitcoin mining education into its own hands. In partnership with Bitmain, they recently gifted the latest in Bitcoin mining technology to Newport High School, a high school in Washington state. Plus, they donated $10,000...
One-fifth of global Bitcoin hash rate is now controlled by listed companies
A recent report has shown that nearly one-fifth of the total share of Bitcoin’s (BTC) hash rate now belongs to publicly-listed mining companies. The report, published by Arcane Research, details that publicly-listed Bitcoin mining companies now account for 19% of Bitcoin’s total hash rate, growing considerably from a mere 3% in January l. Public miner’s share of BTC hash rate The term hash rate refers to the total computing power used by a miner’s computing equipment to confirm a transaction. A higher hash rate ensures increased protection against double-spending attacks, which is the process of reversing BTC transactions over the blockchain by contributing to at least 51% of the BTC hash rate. While there were only a small number of public mining companies at the beginning ...
Twitter debates the role of renewable energy in Bitcoin mining
It all started with a tweet by Dennis Porter, podcast host and self-described Bitcoin advocate, that led to a heady discussion about renewable energy and the role of Bitcoin miners. Porter asserted that Bitcoin (BTC) creates incentives to build out renewables, but environmental scientist Peter Gleick rebuffed the statement as a “self-serving lie.” The comments section got heated when Nic Carter, Castle Island Ventures general partner and Coin Metrics co-founder, entered the chat and called out Gleick for allegedly not knowing anything about energy. Tell me you don’t know anything about energy without telling me — nic no credentials carter (@nic__carter) April 4, 2022 Carter proceeded to explain how energy markets work and defend cryptocurrency use in a thread o...
Twitter debates the role of renewable energy in Bitcoin mining
It all started with a tweet by Dennis Porter, podcast host and self-described Bitcoin advocate, that led to a heady discussion about renewable energy and the role of Bitcoin miners. Porter asserted that Bitcoin (BTC) creates incentives to build out renewables, but environmental scientist Peter Gleick rebuffed the statement as a “self-serving lie.” The comments section got heated when Nic Carter, Castle Island Ventures general partner and Coin Metrics co-founder, entered the chat and called out Gleick for allegedly not knowing anything about energy. Tell me you don’t know anything about energy without telling me — nic no credentials carter (@nic__carter) April 4, 2022 Carter proceeded to explain how energy markets work and defend cryptocurrency use in a thread o...
Intergovernmental Panel on Climate Change calls cryptocurrency CO2 emissions a ‘growing concern’
The United Nations arm aimed at assessing the science related to climate change, the Intergovernmental Panel on Climate Change, or IPCC, has named crypto among technologies that may require greater energy demands. According to a report released on Monday, the IPCC said cryptocurrencies, as part of the infrastructure around data centers and information technology systems related to blockchain, had the potential to be a “major global source” of carbon dioxide emissions. The group said that estimated CO2 emissions between 2010 and 2019 suggested there was only a 50% probability of limiting the rise of the average temperature of Earth by 1.5°C, based on the remaining carbon budget from 2020. “The energy requirements of cryptocurrencies is also a growing concern, although considerable unce...
‘Green oasis’ for Bitcoin mining: Norway has almost 1% of global BTC hash rate
Bitcoin (BTC) mining in Norway is 100% renewable and “flourishing,” according to a report by Arcane Research. “A green oasis of renewable energy,” Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower. Using data from the Cambridge Bitcoin Electricity Consumption Index and by mapping out the mining facilities, the report concludes that Norway contributes 0.77% to the Bitcoin total global hash rate. By way of comparison, Norway’s population of 5 million contributes a tenth of that—or 0.07% of the global population. Crucially, according to the Norwegian Water Resources and Energy Directorate (NVE), Norway’s electricity mix is 100% renewable, with 88% hydro and 10% wind. That means Bitcoin miners in Norway are solely using “green” energy....
BTC starts 2022 all over again — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week and a new quarter as if it were starting the new year — at just over $46,000. In what will seem like some serious deja-vu for hodlers, BTC/USD is at practically the same level it was on Jan. 1, 2022. Price action has been quiet — too quiet, perhaps — in recent days, but behind the declining volatility, there are signs that the market is busy deciding future direction. From macro to on-chain, there are in fact plenty of cues to keep an eye on in April, amid a backdrop of Bitcoin — at least so far — retaining its yearly open price as support. Cointelegraph takes a look at five of these factors as they pertain to BTC price performance over the coming week. Inflation meets fresh money printing There has been much talk of the end of the post-COVID “easy money” pe...
