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.

Ethereum
Altcoins

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...

Emilio Janus | 4 weeks ago
china cryptocurrency mining ban
Bitcoin Mining

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...

Anatol Antonovici | 1 month ago
mcafee
News

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...

Anatol Antonovici | 2 months ago
Bitmain Bitcoin
Bitcoin

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...

Emilio Janus | 3 months ago
iran legalizes bitcoin mining
News

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’...

Anja van Oosterhout | 3 months ago
bitmain
News

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’...

Anja van Oosterhout | 4 months ago
bitcoin
Bitcoin

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...

Emilio Janus | 4 months ago
bitcoin mining
News

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...

Anja van Oosterhout | 4 months ago
FINRA crypto
News

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...

Emilio Janus | 4 months ago
renewable energy bitcoin mining miners clean energy
Mining

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...

Osato Avan-Nomayo | 5 months ago
Mining

Iran Unveils a Crypto-Mining, Water-Sliding, Sanction-Busting...

We’ve all been there. You’ve got a massive cryptocurrency mining operation, that you need to hide from a powerful foreign aggressor. So what do you do? Well, if...

Emilio Janus | 5 months ago
bitcoin mining What Happens When All the Bitcoins Have Been Mined
Mining

What Happens When All the Bitcoins Have Been Mined?

Over 83 percent of all bitcoins that will ever exist have already been minted. Over 99 percent will be mined by 2040. So, what happens when all the bitcoins have been mined? Bitcoin...

Christina Comben | 5 months ago

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