Tag: Mining

Russian Finance Ministry Amends Bill ‘On Digital Currency,’ Adds Crypto Mining Provisions

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The Ministry of Finance of the Russian Federation has revised a draft law designed to regulate the country’s crypto space, introducing provisions for cryptocurrency mining. The bill has been resubmitted to the government and may be adopted during the parliament’s spring session. Updated Law ‘On Digital Currency’ Filed With Russian Government Russia’s Ministry of Finance has amended a bill intended to implement comprehensive rules for the Russian cryptocurrency sector. The latest version now takes into account the positions announced by other government institutions on the matter, the department announced Friday.…

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Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC

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Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion.  Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com. Bitcoin network difficulty. Source: Blockchain.com Supporting the spike in the network difficulty, Bitcoin’s hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11…

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Bitfarms Buys Land to Open New Mining Facility in Canada

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Bitfarms, a corporate player in the bitcoin mining world, has announced a new acquisition of land and a facility in Canada. The purchased land is located in Sherbrooke, Quebec, and according to a press release issued by the company, it will serve to replace one of the other facilities the company has in the country. Bitfarms to Replace Bitcoin Mining Facility in Canada Bitfarms, a company dedicated to mining Bitcoin, has announced the acquisition of new land and a building located in Canada to establish a new bitcoin…

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How Bitcoin Mining Strengthens Electricity Grids

[ad_1] The House Hearing on Crypto’s Energy Use & Impact, held on January 20, 2022, was ultimately championed by a stellar defense of Bitcoin’s energy use by Brian Brooks, with an especially enlightening testimony from one John Belizaire, founder of Soluna Computing. Belizaire and Brooks both laid out real-world examples of how Bitcoin mining is being used today to provide not only flexible income for utility providers and energy generators, but also providing stability for said networks. This is accomplished by mining operators engaging in agreements with these energy providers…

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The outlook of El Salvador’s crypto mining industry

[ad_1] El Salvador, the first nation to adopt Bitcoin (BTC) as legal tender, has recently announced the relaunch of its wallet app Chivo, which is supposed to patch the previous version’s stability and scalability issues. The update is welcomed news for the Central American country’s crypto experiment, which faced some hurdles and harsh criticism over the last few months. While much of the observers’ attention has been focused on aspects such as retail adoption of crypto and geopolitical implications of Bitcoin’s legal status in El Salvador, the progress of the…

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Nvidia hackers selling software unlock for graphics card crypto mining limiters

[ad_1] A hacking group that infiltrated Nvidia servers last month is attempting to sell software that could unlock crypto mining hash rate limiters on the firm’s flagship graphics cards. A South American hacking group going by the name LAPSUS$ claims to have stolen a terabyte of data from Nvidia servers in late February. The group is now offering software in the form of a customized driver to unlock limiters the company has put on its high-end graphics cards. Nvidia stated that it became aware of the incident on Feb. 23,…

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Mining Industry Makes Bitcoin Vulnerable

[ad_1] Does Bitcoin have a critical weakness? In Greek mythology, Thetis dipped her infant son Achilles into the River Styx to give him the power of invulnerability. Achilles grew to become a seemingly-invincible warrior, but he was felled when a poison arrow struck him in the heel, the very spot where Thetis had held him when she dipped him in the river. She’d missed just one tiny spot, but that was the downfall of Achilles. In modern times, the term “Achilles’ heel” has become synonymous with any powerful force that…

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Intel unveils 2nd-gen Bonanza Mine chip for efficient Bitcoin mining

[ad_1] Computer chip manufacturing giant Intel Corporation shared details of a new mining chip that will be coupled with a high-performance 3,600 Watt miner with the ultimate goal of improving Bitcoin (BTC) mining efficiency.  Intel revealed its second-generation BTC mining setup during the IEEE International Solid-State Circuits Conference (ISSCC) 2022, a conference dedicated to the electronics and chip manufacturing industry. According to the company, Bonanza mine (BMZ2) is an ultra-low-voltage energy-efficient Bitcoin mining ASIC that can deliver 40 Terahashes per second (40 TH/s) performance. Intel’s Bonanza setup. Source: 2022 IEEE As…

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Key policy issues around crypto mining in the U.S.

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[ad_1] On Jan. 27, a group of eight U.S. lawmakers, led by Senator Elizabeth Warren, sent letters to the world’s six largest Bitcoin mining companies, demanding to reveal the detailed data on their electricity consumption. This isn’t the first time Senator Warren requested this information from a mining operation — last month a similar letter was sent to Greenidge Generation, which uses a natural gas plant to power its facility. These moves highlight the increasing regulatory pressure on crypto mining businesses in the United States. But, as last week’s Congress…

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Global Chip Shortage Looms Over Bitcoin Mining Industry, ASIC Supply Tightens – Mining Bitcoin News

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[ad_1] While Bitcoin’s hashrate has been coasting along above 175 exahash per second (EH/s) and recently reached an all-time high, a global shortage of semiconductor chips could slow the growing industry. The shortfall of supply worldwide has disrupted major industries, and manufacturers like Taiwan Semiconductor Manufacturing Company Limited (TSMC) have seen stocks sink in value. At the same time, application-specific integrated circuit (ASIC) manufacturers are dependent on these chips. Ongoing Semiconductor Shortage Creates Skyrocketing Demand, US Bureaucrats Want to Strengthen American Competitiveness During the last 12 months, bitcoin mining operations…

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