Bitcoin Mining
Bitcoin mining is the process of validating transactions on the network and creating new blocks on the public ledger, or blockchain. Mining is also a way of ‘minting’ new currency and increasing the overall supply. Bitcoin miners are an essential part of the entire network and without them there would be no new transactions or entries added to the distributed ledger.
Bitcoin consensus is achieved by a Proof-of-Work (PoW) mechanism, whereby the miner(s) apply a complex mathematical formula to the information in the block, then convert it into a shorter, sequence of letters and numbers called a hash which also contains the hash of the previous block. The hashes act as cryptographic seals and the miners are rewarded with some BTC for their ‘work’, which is all done on specialized computers.
Years ago it was possible to mine bitcoins on a reasonable specification gaming PC but today it is all carried out in mega factories by mining pools. Low cost electricity is favorable to run these banks of machines which are all working to crunch numbers in a race to complete the next block. At Bitcoinist we cover all of the latest news and updates from the world of bitcoin mining.
No Investor Misled Over Crypto Mining Boom, Nvidia Claims
Nvidia has urged a US judge to dismiss a case brought by investors who say it misled them over crypto mining revenues. The company claims that the plaintiffs had cherry-picked...
Bitcoin Mining is Not Banned in China: Report
All bitcoin and crypto market bullishness is emanating from China at the moment. One industry insider has just revealed that, contrary to earlier reports, China will not be banning...
Core Scientific CTO Steps Down To Push Through Ethereum ProgPOW
ProgPoW author, Kristy-Leigh Minehan, has resigned as CTO of Core Scientific, to remove any potential conflict of interest and drive the progress of Ethereum’s improvement...
China’s Inner Mongolia to Drive Out Cryptocurrency Miners
Authorities in China’s autonomous region of Inner Mongolia released a notice requiring local cryptocurrency mining firms to stop their operations, according to ChainNews. Is Inner...
Cryptojacking Campaigns Rose 29% in Q1, McAfee Says
In the first quarter of 2019, cryptojacking campaigns aimed at victims’ PCs to mine cryptocurrencies rose 29%, according to a recent report by security software provider McAfee...
Bitmain Loses $625 Million In Two Months, But Pins Hopes On New Tech
Bitcoin mining rig manufacturer, Bitmain, reportedly made losses of $625 million in the first two months of 2019. However, it has high hopes for a turnaround based on demand for new...
Iran Formally Allows Bitcoin Mining Despite Trading Ban
Iran will adopt a strangely paradoxical stance on Bitcoin as it legalizes mining while maintaining a ban on trading. Central Bank: Bitcoin Mining ‘Should Be Done’...
Bitmain Completes Staff Options Ahead Of US IPO, Sources Claim
Bitcoin mining giant, Bitmain, has allegedly completed the signing of employee options and will shortly undergo its initial public offering (IPO). Bitmain Revives ‘$500M’...
Cambridge University Unveils Bitcoin’s Real Energy Demands
The Cambridge Centre for Alternative Finance (CCAF) has just launched the Cambridge Bitcoin Electricity Consumption Index (CBECI). Its hope is to cut through the myths and provide...
Iran: Bitcoin Miners Move into Mosques to Dodge Electricity Bills
Clever bitcoin miners in Iran are setting up shop in local mosques to swerve costly electricity bills, but the Government are hot on their heels. Photo Purports To Show Mosque Miners...
FINRA Fines Ex-Merrill Lynch Employee For Mining Crypto
The U.S. Financial Industries Regulatory Authority (FINRA) has fined and suspended a former Merrill Lynch representative for cryptocurrency mining. The undeclared outside business...
Bitcoin Miners Becoming ‘Buyers of Last Resort’ for Clean...
The latest report from CoinShares shows that renewable energy powers the vast majority of the Bitcoin mining network contrary to the “ocean boiling narrative.” Bitcoin Mining Uses...