Monday, July 26

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, China, crypto, Markets, MI Exclusive, Mining, network difficulty

Bitcoin mining is getting easier after China’s crypto crackdown wiped out network capacity

Bitcoin shot up in the first months of 2021 before tumbling in May. Artyom Geodakyan/Getty Images Bitcoin's "network difficulty," which measures how much computing power is needed to mint a new bitcoin, has plummeted. The clear culprit is China, where the government's anti-crypto tack has forced mining operations to shutter. Network difficulty could bounce back as Chinese miners migrate elsewhere. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. A measure of how hard it is to mine bitcoin is plunging after China's crackdown took out a chunk of the computing power underpinning the network.Bitcoin's "network difficulty," which measures how much computing power is needed to mint a new bitcoin, has fallen 45% from its May highs, according to public blockchain...
Bitcoin, Blockchain, Central Bank Digital Currency, cryptocurrency, digital yuan, Ethereum, Markets, Mining, Stablecoins, Tether, Weekend BI UK

Cryptocurrencies, stablecoins and central-bank digital currencies are all the rage. We break down what they are and what you need to know about them

A bitcoin artwork by Stacey Coon, Anastasia Sultzer, and Nanu Berk at the Bitcoin 2021 convention. Marco Bello/Getty Images Cryptocurrencies and stablecoins have boomed in 2021, sucking in investors. The world's central banks are increasingly looking to create their own digital currencies. Insider cuts out the jargon and explains the key differences and what they're used for. See more stories on Insider's business page. Cryptocurrencies and stablecoins have boomed in 2021. And central banks around the world are increasingly keen on their own digital currencies. But how do they all work and what are they used for?CryptocurrenciesCryptocurrencies are basically digital currencies that aren't controlled or issued by a centralized authority, such as commercial or central banks.These...
Bitcoin, crypto, International, Mining, Tech Insider, UK Weekend, Ukraine, Weekend BI UK

Take a look inside this underground crypto mining farm in Ukraine with its 3,800 PlayStations and 5,000 computers

Ukraine police last week seized around 9,000 games consoles and computers in an illegal crypto mine. The mine was stealing as much as $259,300 in electricity each month, investigators said. Police said it was the largest underground crypto mine to have been discovered in Ukraine. LoadingSomething is loading. ...
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...
carbon emissions, Commodities, Gold mining, Mining, Newmont Corp.

World’s top gold miner sets ambitious new targets to cut carbon emissions

Article contentThe world's largest gold miner has just set new targets to cut emissions by 2030 and said it wants to go carbon neutral two decades later.But while Newmont Corp.'s plan is more ambitious than that of other mining companies including BHP Group and Barrick Gold Corp., it doesn't fully address the elephant in the room for the global industry: the so-called Scope 3 emissions, which are generated by its supply chain and customer use.The Greenwood Village, Colorado-based company plans to cut emissions from its operations and power generation 30 per cent by 2030 from 2018 levels, with the target for Scope 3 set at 15 per cent, according to a statement. It also wants to go carbon neutral by 2050, but provides little detail on how that will be achieved."We recognize that there are...
Commodities, FP Street, Mergers and Acquisitions, Mining

Top mining dealmaker says takeovers are all talk until recovery takes hold

Article content continued"The inability to get people that do your project evaluation work out to look at things is a big hindrance," Boyd said by phone. "You need to kick the tires."Executives probably feel less pressure to push ahead with consolidation plays “given that the gold price has helped their operations,” Boyd said.Tom Palmer, CEO of No. 1 gold producer Newmont Corp., said there is certainly a need for consolidation among explorers and developers.We have too many single-asset companies or projects and therefore too many management teams and overheadTom Palmer, Newmont CEO"We have too many single-asset companies or projects and therefore too many management teams and overhead," Palmer said in a phone interview.Barclay says another big theme next year, beyond deals, will be inc...
Alberta, Coal Mining, Commodities, Mining, Riversdale Resources Inc.

Hearing begins for contentious coal mining project in Alberta

Article content continuedRiversdale has been doing preliminary development work on the Grassy Mountain Coal Project since 2013. Located half on crown and provincial land, and half on private lands, it would create a 1,500-hectare open pit mine that would require mountaintop removal.About 25 per cent of the project land was already mined, but abandoned in the 1960s, according to the company. The $800-million project would produce 4.5 million tonnes of steelmaking coal per year for 23 years.Houston, of Riversdale, testified the company aims to start construction in the second half of 2021, so it can begin producing and shipping coal by 2023. The project would provide about 500 jobs during its two-year construction phase, and about 400 jobs once the mine is operational.The company also est...
Commodities, Mining

Battery metal miners trying to tap electric car boom want Elon Musk to stop killing their buzz

Article content continuedWe're not gold, it doesn't have the same appeal with retail investors.First Cobalt CEO Trent MellTesla's rapid rise shows that investors are fixed on the sector's growth prospects, but Mell's experience at First Cobalt also shows that their exuberance doesn't necessarily reach upstream companies."It's tough getting money from the capital markets for this," said Mell. "We're not gold, it doesn't have the same appeal with retail investors."His company hasn't traded above a dollar since 2018. That year, the price of cobalt reached a peak above US$32 per pound and his company's stock price reached hit $1.19.Today, the price of cobalt is about US$15.65 per pound, and First Cobalt hasn't traded above 18 cents per share in the past year.Core samples sit on trays for pr...