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.

onminers scam
News

‘Endothermic Miners’ Scam From OnMiners Uses Fake Team...

An self-styled cryptocurrency mining company from Luxembourg has fielded multiple scam accusations after it emerged its executives do not exist. Critics Say OnMiners Claims Too Good to...

Esther Kim | 7 months ago
bitcoin mining hash rate
Bitcoin

Bitcoin’s Highest Hash Rate in 4 Months Supports Growing...

Bitcoin hash rate, the computing power securing the network, has reached levels not seen since early November 2018. Bitcoin Hash Rate May Have ‘Bottomed’ March 19th saw the...

Allen Scott | 7 months ago
bitcoin endothermic mining rig
Mining

[UPDATE: Possible Scam] – Endothermic Mining Rigs Unveiled By...

UPDATE: After receiving some feedback from our readers, we found significant evidence that the OnMiners company is likely a scam. We will have more details shortly.  Read more: here...

Julio Gil-Pulgar | 7 months ago
gpu mining
Mining

GPU Miners May Soon Have Another Way to Make Money

GPU-based cryptocurrency miners have taken a beating throughout this bear market — just ask NVIDIA. However, users with spare GPUs may soon be able to put their ineffective mining...

Elsa Saikkonen | 7 months ago
bitcoin solar mining
Mining

Bitcoin Miner Says Solar Energy Cuts Mining Costs By 75%

Market conditions and electricity costs have substantially lowered cryptocurrency mining profitability. As a result, big and small-scale cryptocurrency miners are forced to turn to...

Julio Gil-Pulgar | 7 months ago
bitcoin mining rig
Bitcoin Businesses

Top-3 Mining Rig Maker Ebang Eyes Market Turnaround in 2019

Ebang, the third largest mining equipment producer, plans to make at least 400,000 of its Ebit mining rigs in 2019. The company commands a 9.2% share of the global mining hardware...

Emilio Janus | 8 months ago
JPMorgan
Bitcoin

Miners Disagree With JPMorgan Over Bitcoin’s $2400 ‘Fair...

JPMorgan has caused a stir amongst cryptocurrency miners, after last month’s report estimating Bitcoin’s ‘fair value’ at $2400. This assessment derives from the...

Emilio Janus | 8 months ago
Bitmain Bitcoin
ASIC miners

Bitmain Unveils New 7nm ASIC Chip After Dismal 2018

Bitmain Technologies has announced a new iteration of its 7-nanometer Bitcoin mining chip. The cryptocurrency mining hardware behemoth says the new and improved 7-nm chip offers...

Osato Avan-Nomayo | 8 months ago
nvidia chip
Companies

Nvidia Mining Chip Sales Drop 30% in Q4 Amid ‘Post-Crypto...

Nvidia managed to survive declining cryptocurrency mining chip demand to post total full-year revenue of $11.72 billion. The company forecasts an aggressive rebound for the 2020 fiscal...

Osato Avan-Nomayo | 8 months ago
bitcoin miners mining hashrate
News

Bitcoin Hashrate Hits 3-Month High: Is BTC Price Next?

Bitcoin hashrate, the computing power of the network, has hit levels last seen in November 2018. Bitmain-operated hashrate, however, has hit its lowest point in the last 16 months. ...

Georgi Georgiev | 8 months ago
china bitcoin
Mining

JPMorgan & Chase: Only Low-Cost Chinese Bitcoin Miners in...

Analysts at JPMorgan Chase & Co. are claiming that Bitcoin is no longer worth the cost to mine it — and only low-cost Chinese miners are in a winning position.  The analysts at...

Elsa Saikkonen | 9 months ago
Bank of International Settlements (BIS)
News

Bitcoin Should ‘Depart’ From Proof-of-Work, Says Bank Of...

Bitcoin figures have dismissed the latest report on cryptocurrencies by the Bank of International Settlements (BIS) after it claimed Bitcoin must stop using its Proof-of-Work...

Esther Kim | 9 months ago

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