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
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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
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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…
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As Supply Exceeds Demand, Mining Price War Ignites in Sichuan

As Supply Exceeds Demand, Mining Price War Ignites in Sichuan

News, Tech
This article was originally published by 8btc and written by Chloe Jiang.The former director of Bitmain’s mining farm, a leading bitcoin mining operation, once said the wet season may not be as much of a boon for miners as many thought. As he expected, mining farms in Sichuan currently report that the supply of slots for mining equipment has far exceeded the demand.The wet season in Sichuan usually begins in April and ends in October every year. During this time, the cost of electricity can be as low as 0.25 yuan for a Sichuan mining farm, which should be very attractive for miners. The price of electricity is around 0.35 yuan in Xinjiang and Inner Mongolia.Some industry insiders speculated that 80 percent of the mining farm operators in Xinjiang and…
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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
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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…
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China’s NDRC Wants to Ban Crypto Mining: Another Clamp Down

China’s NDRC Wants to Ban Crypto Mining: Another Clamp Down

News
According to Reuters, China’s state planner wants to ban Bitcoin mining. The National Development and Reform Commission (NDRC) has updated a draft list of industrial activities that it is looking to encourage, restrict, or eliminate. The list was first published in 2011. NDRC Wants to Ban Cryptocurrency Mining Unfortunately for crypto enthusiasts, cryptocurrency mining has made the elimination list. The NDRC concluded that it, along with 450 activities, should be phased out as they did not follow current laws and regulations. As stated, cryptocurrency mining was joined by 450 other activities deemed ... Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is…
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China’s Proposed Mining Ban Could Be Detrimental to Bitmain

China’s Proposed Mining Ban Could Be Detrimental to Bitmain

News, Tech
China’s state planning agency, the National Development and Reform Commission (NDRC), has indicated an interest in banning cryptocurrency mining in the country through a notice published online in Mandarin.The report stated that the NDRC will include cryptocurrency mining activities to a list of sectors that could be shut down based on their violation of local regulations, wastefulness, safety concerns or harmful contributions to the environment. The list includes more than 400 other industrial activities.The list is part of the NDRC’s Catalogue for Guiding Industry Restructuring. The catalogue was issued in 2005, pointing out the activities and industries which are allowed to grow in the country or those that ought to be restricted or banned outright.Reuters reported that the draft list has been open for public perusal since April 8, 2019,…
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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
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