Belarus Could Get a Nuclear-Powered Bitcoin Mining Center

Belarus Could Get a Nuclear-Powered Bitcoin Mining Center

Bitcoin, News, Tech
Aleksandr Lukashenko, the president of Belarus, met with the country’s IT community to discuss the growth of its native tech industry, according to the state-owned national news agency, the Belarusian Telegraph Agency.The meeting was reportedly set up at the president’s request and he promised government support for Belarusian fintech companies.Lukashenko also reportedly outlined some of the progress that the government has made with IT development, while also asking participants to suggest ideas that promote growth. Amongst other things, the president is reportedly planning to establish a Bitcoin (BTC) mining farm in the country.Miner Update reported that the president plans to establish a mining farm adjacent to the Belarusian nuclear power plant. The plant is expected to begin full-fledged operations this year and Lukashenko has proposed an extensive space for Bitcoin…
Read More
Canadian Province Offers Low-Cost Energy Incentives to Bitcoin Miners

Canadian Province Offers Low-Cost Energy Incentives to Bitcoin Miners

Bitcoin, News, Tech
They’re doing it in British Columbia, Quebec, Manitoba, Alberta and Labrador — bitcoin miners in Canadian provinces are taking advantage of the country’s cool climate and abundant supplies of hydroelectric power.A number of provincial governments are offering lower rates to attract bitcoin miners and Labrador’s government is considering energy incentives to attract what it says are “outstanding requests for service” from bitcoin and other “data centre” processors, according to a report from the National Post.The province of Quebec experimented with energy incentives but was so overwhelmed by the demand from bitcoin miners that it withdrew its lower energy prices — but is still experiencing an increased demand for power.According to recent reports, Chinese bitcoin mining farms are looking outside of China for cheap power and a number of Chinese bitcoin…
Read More
Bitcoin Miners Unphased by Iceland’s Cold Shoulder as Energy Demand Mounts

Bitcoin Miners Unphased by Iceland’s Cold Shoulder as Energy Demand Mounts

Bitcoin, News, Tech
By CCN: Iceland has been a hotbed for bitcoin mining for years, fueled by its cheap geothermal power. However, the Nordic island nation is pumping the brakes on more crypto mining as it seeks to thwart accelerating energy demand. Last year, Icelandic authorities targeted crypto miners for higher taxes amid the industry’s huge electricity consumption. Now, it seems that a growing organic movement within the country sees mining expansion as a potential environmental hazard, too. Bitcoin miners are increasingly viewed as an existential threat to Iceland’s unrivaled and largely untouched countryside, according to an Al-Jazeera special report. A coalition of environmentalists, The post Bitcoin Miners Unphased by Iceland’s Cold Shoulder as Energy Demand Mounts appeared first on CCN
Read More
Bitcoin Mining: Key Stat Exposes Ridiculous Energy Consumption FUD

Bitcoin Mining: Key Stat Exposes Ridiculous Energy Consumption FUD

Bitcoin, News, Tech
By CCN: Antoine Le Calvez, a researcher for CoinMetrics, set out to determine how Bitcoin’s environmental impact compares to that of the auto industry. His striking conclusion? US vehicles consume roughly the same amount of energy in three days as Bitcoin has consumed in its entire existence. The figure converts the energy used to propel cars and the amount of oil required (reportedly 1.3 million tons per day) to the amount of energy used to mine Bitcoin over the past ten years. 1790635332537685941996748800 hashes computed by S9 miners ~= 1.75 e17 joules ~= 4.2M tons of oil. US cars consume The post Bitcoin Mining: Key Stat Exposes Ridiculous Energy Consumption FUD appeared first on CCN
Read More
Bitcoin SV Miners Saw Gross Losses of $2.2 Million Since Fork: BitMEX

Bitcoin SV Miners Saw Gross Losses of $2.2 Million Since Fork: BitMEX

Bitcoin, News, Tech
A recent report estimated that Bitcoin SV miners have accumulated gross losses of $2.2 million. A tweet published on April 12 by the research arm of major cryptocurrency derivatives platform BitMEX estimates that Bitcoin SV (BSV) miners have accumulated gross losses of $2.2 million.The report released by BitMEX Research claims that BSV miners perceived a negative gross profit margin of 12% since the coin was created in a hard fork that split Bitcoin Cash (BCH). The estimate is based on mined coin count, current coin prices and lower bound mining electricity costs.The tweet notes that, among costs, the estimate accounts for mining electricity only.In November, in the run up to the BCH hard fork, BitMEX research launched a network monitoring tool for Bitcoin (BTC) and Bitcoin Cash. The resource, dubbed…
Read More
Chinese Bitcoin Miners Lose Again after Flocking to Iran for Cheap Electricity

Chinese Bitcoin Miners Lose Again after Flocking to Iran for Cheap Electricity

Bitcoin, News, Tech
Many Chinese bitcoin miners migrated to Iran in 2018 for its cheap electricity amid China’s crackdown on crypto mining. However, they’re finding the harsh environment in the authoritarian regime unwelcoming. Feng Liu operates a bitcoin mine holding over 20,000 units of Antminer T9. He told Chinese crypto website 8BTC News that many Chinese crypto miners flocked to Iran last year because electricity is cheap (as low as $0.006 per kilowatt-hour) in the oil-rich nation. “If you want to invest in power plants in Iran, the government there will supply free natural gas for the first five years, which further lowers The post Chinese Bitcoin Miners Lose Again after Flocking to Iran for Cheap Electricity appeared first on CCN
Read More
Chinese Bitcoin Miners Suffer in Iran Despite Cheap Power

Chinese Bitcoin Miners Suffer in Iran Despite Cheap Power

Bitcoin, News, Tech
This article was originally published by 8btc and written by Lylian Teng.Many Chinese cryptominers have migrated to places with cheap electricity and favorable policies as a result of the escalated government crackdown on cryptocurrency and its production process.With the rapid downfall of bitcoin prices in late 2018 and increasing electricity bills, Chinese mining investors are looking for alternative places to sustain their businesses. The tightened regulations on cryptomining in the country, for the risk of crypto speculation and concerns about energy usage, urge them to speed up their relocation.In such a context, these unwanted Chinese miners are crossing the border to keep their businesses operating, but they have to tackle various barriers. Large miners move their operations overseas, with Canada, the U.S. and Iceland among their top destinations, while most…
Read More
5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain

5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain

Bitcoin, News, Tech
China’s plans to ban bitcoin mining could not have come at a worse time for Bitmain. Once seemingly indomitable, Bitmain is now in a precarious phase. In the past couple of months, the bitcoin mining hardware giant has not only reported a $500 million loss after a couple of years of consistently making profits but also failed in a bid to get publically listed. Though recent leadership changes have given rise to hopes that the Bitmain ship could be steered back into the right track, reports that China is planning to ban cryptocurrency mining comes as a big blow. Here The post 5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain appeared first on CCN
Read More
China’s Proposed Bitcoin Mining Ban Could Snap Crypto Rally Dead

China’s Proposed Bitcoin Mining Ban Could Snap Crypto Rally Dead

Bitcoin, News, Tech
A Chinese government report has outlined a plan to kill bitcoin mining within its borders. The report, issued by the National Development and Reform Commission (NDRC), lists cryptocurrency mining as an industry that should be eliminated with immediate effect. While the report is currently in a development stage, if enacted it could stop the recent bitcoin rally in its tracks. Bitcoin surged 27% in the last week to hit a 2019 high, holding above the $5,000 barrier. The proposed crypto mining ban in China, however, could have a negative effect on bitcoin’s value and market capitalization.  China’s Proposed Bitcoin Mining The post China’s Proposed Bitcoin Mining Ban Could Snap Crypto Rally Dead appeared first on CCN
Read More