United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in its history, generating record revenues for three months straight. Yet despite the burgeoning cryptocurrency mining venture emerging in the west, the vast majority of Bitcoin production still takes place in China, where cheap, coal-powered electricity fuels an untold number of mining rigs. A recent report by Nature.com revealed that as much as 75% of Bitcoin mining takes place in China — news which must fall hard on the ears of Shark Tank and Dragon’s Den investor Kevin O’Leary, who recently labeled all Bitcoin mined with the …
A recent study by scientific journal Nature Sustainability published Nov. 5, reveals that crypto mining consumes more energy than mineral mining to produce the same market value. Scientists from the U.S. Department of Energy’s Oak Ridge Institute for Science and Education conducted a study to evaluate how much energy is consumed by mining cryptocurrencies in comparison to aluminium, copper, gold, platinum and rare earth oxides. The scientists reviewed the period from Jan.1, 2016, to June 30, 2018, and found that the mining of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero (XMR) consumed an average of 17, 7, 7 and …
New York state regulators have approved a new electricity rate scheme for cryptocurrency miners that will allow them to negotiate contracts, Bloomberg reported July 12. According to Bloomberg, several months ago the state of New York gave permission to 36 municipal power authorities to charge crypto miners more than other consumers. The Massena municipal utility will introduce a new rate structure for crypto miners who are interested in conducting operations there. The utility will consider contracts on a case-by-case basis, which will protect other utility customers from increased rates. New York State Department of Public Service Chair John Rhodes said …
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with …
Australia-based Bitcoin (BTC) mining company, Iris Energy, revealed it will nearly triple its mining capacity with the addition of thousands of mining rigs. On Feb. 13 the firm said it purchased an additional 4.4 Exa Hashes per second (EH/s) worth of Bitmain Antminer S19j Pro ASIC miners bringing its self-mining capacity to 5.5 EH/s from 2.0 EH/s. Based on the S19j Pro’s maximum hashrate of 100 Tera Hashes per second (TH/s), the purchase adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations. Daniel Roberts, Iris’ co-founder and Co-CEO said the purchase “is a significant milestone” for the …