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.

bitcoin security
News

Bitcoin Mining Difficulty Hits All-Time High – So Is Price Next?

Bitcoin mining difficulty has surged by more than 11 percent to reach a new all-time (ATH) for the network. Bitcoin Mining Difficulty Reaches ATH Data from BTC.com shows that the...

Osato Avan-Nomayo | 5 months ago
bitcoin mining hash rate ATH
Mining

Bitcoin Miner Revenue is Approaching Yearly High

Bitcoin price regained and held ground above $8000 May 24 as new data showed miner revenues had reached their highest in 10 months. Mining Reverses 2018 Bear Market Lows Data from...

Esther Kim | 5 months ago
big truck bitcoin mining
Mining

Bitcoin is Dominating Crypto Taking Over 90% of All Mining Fees

When considering Bitcoin dominance in terms of market cap and trading volume, spare a thought for the poor miners. The miners of other altcoins, that is, as they share under 10% of the...

Emilio Janus | 5 months ago
bitcoin mining bitmain
Bitcoin

Bitmain Losing 88% Market Share is Turning Out Great For Bitcoin...

Bitcoin mining giant Bitmain has less positive news as bitcoin price reclaims $6000 and the hash rate continues its steady climb. Its internal mining operations show a reduction of...

Emilio Janus | 5 months ago
hash rate bitcoin
Bitcoin

Bitcoin Network Hash Rate Climbs to 6-Month High

The Bitcoin hash rate has climbed to its highest level since late October 2018 as the BTC spot price looks to break $5,800. Bitcoin Hash Rate Reaches 4th-Highest-Ever Level Data from...

Osato Avan-Nomayo | 6 months ago
square cash app
Bitcoin

Square Cash Bitcoin Sales Will Overtake Mining Rate After 2020

Square’s Cash app reported record Bitcoin revenue once again, in its Q1 2019 earnings report. If growth continues at this rate, there could soon be 2 BTC bought on Square Cash...

Emilio Janus | 6 months ago
texas bitcoin mining
Mining

Why Moving to Texas Could Give Bitcoin Miners Maximum Profit

Flaring, a common practice of burning off natural gas that can’t be efficiently captured and stored has reportedly reached record levels in the state of Texas. Let’s look...

Georgi Georgiev | 6 months ago
News

Chinese Company Lost $23 Million Allegedly Mining Cryptocurrency in...

A subsidiary of Chinese firm Huatie has been sold off at 10 percent of its initial value following losses from suspected secret cryptocurrency mining activities amounting to about $23...

Osato Avan-Nomayo | 6 months ago
binance bsv delist
Breaking News

Binance Officially Delists Bitcoin SV (BSV) In an Unprecedented Move

Binance has officially announced that it will delist Bitcoin SV from its list of supported tokens. The cryptocurrency exchange has given traders a one-week grace period to adjust to...

Osato Avan-Nomayo | 6 months ago
China Bitcoin mining ban
Mining

China’s Proposed Bitcoin Mining Ban Would Be Good For BTC Price

China’s top economic planning body has unveiled its plan for future industrial structure, categorising industries as ‘encourage’, ‘restrict’ or...

Emilio Janus | 6 months ago
Mining

Bitcoin Converts ‘Waste Product’ From Oil Industry into...

Bitcoin mining is an industry that seeks out cheap energy sources that would often go to waste. And in some parts of North America, natural gas is becoming pretty much exactly that...

Emilio Janus | 7 months ago
expire bitmain bitcoin ipo
News

Bitmain IPO Application Fails to Impress – Set to Expire Today

After six months of inactivity, the Bitmain IPO is set to expire bringing to a close another difficult chapter for the beleaguered cryptocurrency mining behemoth. Bitmain IPO: Dead on...

Osato Avan-Nomayo | 7 months ago

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