Thursday, July 29

Bitcoin Mining

Bitcoin Mining, China bitcoin crackdown, China bitcoin mining, Compass Mining, crypto, Crypto mining, crypto mining ban, Jason Les, Markets, MI Exclusive, Mining, Riot Blockchain

Why China’s crypto crackdown is creating’tremendous’ opportunities for miners in other countries, according to industry execs

Olga Maltseva/Getty Images Insider spoke to two bitcoin mining industry executives about the state of the industry after China's crackdown. The drop in bitcoin's hashrate as a result of the ban has made mining more profitable and easier than ever, Riot Blockchain CEO said. US mining companies are also facing a flood of demand from Chinese miners looking to house mining operations. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. China has taken a harsh view of the crypto space since the early days of bitcoin. Industry experts say though that June's outright ban on mining operations has been one of the most impactful moves by the country on the bitcoin network. Look no further than the chart of the bitcoin hashrate, the measure of computing power being c...
Bitcoin, Bitcoin Mining, Finger Lakes, Greenidge Generation, Greenidge Generation Holdings, Markets, New York, Seneca, Tech Insider

A controversial bitcoin mining operation has made a New York lake’so warm you feel like you’re in a hot tub’

Greenidge is allowed to take in 139 million gallons of water and discharge 135 million gallons daily, which local residents say is heating up Seneca Lake. John Greim/LightRocket via Getty Images Local residents say a power plant is heating Seneca Lake and emitting huge amounts of greenhouse gases. The gas-fired plant is used to power at least 8,000 computers that are mining bitcoin. The plant's CEO says it's operating within the law, and has created 31 jobs. See more stories on Insider's business page. Local residents have blamed bitcoin mining for heating up the largest of the Finger Lakes in upstate New York, with one saying it's "so warm you feel like you're in a hot tub," according to a report by NBC News.Their complaints centre on a gas-fired power plant that's being used to...
Bitcoin, Bitcoin Mining, Finger Lakes, Greenidge Generation, Greenidge Generation Holdings, Markets, New York, Seneca, Tech Insider

A controversial bitcoin mining operation has made a New York lake’so warm you feel like you’re in a hot tub’

Greenidge is allowed to take in 139 million gallons of water and discharge 135 million gallons daily, which local residents say is heating up Seneca Lake. John Greim/LightRocket via Getty Images Local residents say a power plant is heating Seneca Lake and emitting huge amounts of greenhouse gases. The gas-fired plant is used to power at least 8,000 computers that are mining bitcoin. The plant's CEO says it's operating within the law, and has created 31 jobs. See more stories on Insider's business page. Local residents have blamed bitcoin mining for heating up the largest of the Finger Lakes in upstate New York, with one saying it's "so warm you feel like you're in a hot tub," according to a report by NBC News.Their complaints centre on a gas-fired power plant that's being used to...
Bitcoin, Bitcoin Mining, China, China Crackdown, crypto, Crypto assets, Cryptocurrencies, Markets, MI Exclusive, Mining

Bitcoin mining has never been easier since China’s crackdown-and miners now stand to make higher profits

Manuel Romano/NurPhoto via Getty Images Bitcoin mining has become easier and more profitable, as the pool of miners competing to create tokens shrinks due to China's strict crackdown on the country's crypto operations.The level of difficulty for mining bitcoin plunged by 28% on Saturday, according to data from BTC.com, to mark the largest drop in the network's history. Bitcoin's hash rate, which reflects the computation power needed to validate tokens, is automatically adjusted by the network's algorithm every two weeks to make sure that miner productivity is balanced. The recalibration on Saturday made it almost 30% less difficult for mining systems to complete blocks to create the cryptocurrency, so a lot more cash may be going to the miners who remain online.Crypto trader Scot...
Binance coin, Bitcoin, Bitcoin Mining, bitcoin price, btc, BTC price, China bitcoin mining, China Crackdown, China cryptocurrency, eth, Ether, Markets, MI Exclusive

Bitcoin tumbles 8% after China steps up crackdown on crypto mining, shutting down 26 key sites in Sichuan

China is increasingly cracking down on bitcoin. Florence Lo/Illustration/Reuters Bitcoin dropped 8% on Monday after Chinese authorities ramped up their crackdown on cryptocurrency "mining" over the weekend, with bodies in the Sichuan province ordering 26 of the biggest miners to halt operations.The world's biggest cryptocurrency fell to $32,950 as of 6.20 am ET. Bitcoin was down around 49% from April's record high of close to $65,000, but was still roughly 12% higher for the year.Other cryptocurrencies also dropped sharply, with ether down around 6% and binance coin roughly 4% lower, according to Coinmarketcap. A broader market sell-off also appeared to be weighing on crypto, as investors moved towards safer assets.The latest move by Chinese authorities to restrict bitcoin mining...