Mining

Decred Mining See’s Huge Boost With New Bitmain ASIC Mining Rig

Bitmain have announced the release of a new mining rig, specifically designed for the mining of Decred. Named the Antminer D3, the new rig will mine Decred at 7.8 TH/s. The mining economy is sat within a spot of difficulty at the moment. With profitability down (in the mining of Bitcoin specifically), mining equipment sales have diminished. This latest Antminer release is set out to break through these problems and provide a new, super efficient alternative to mining Decred, an altcoin alternative which is heavily supported within South Korea. A benefit to this is that an improvement to Decred mining will make the entire network far less susceptible According to Cryptovest: “Decred is a two-tier digital asset, relying on nodes that additionally verify the network, so a 51% attack through m...

Bitcoin Hits $24000 In Iran As Government Recognises Crypto Mining As An Industry

Recently, Iran have announced that they will start to recognise cryptocurrency mining as an industry. This comes after an increased pressure on the country by the United States changing the economic sanctions. Along with this news comes the price of Bitcoin on the Iranian exchanges. He Price of Bitcoin in Iran is around $24000 at the time of writing. The exchange platform in Iran, Exir has reported that a price of 1,020,000,000 IRR for just one Bitcoin. This brings the value of Bitcoin above the previous all-time record of $20,000 in Iran. The Central Bank of Iran is ready to set draft a framework of policies for the cryptocurrency mining industry. Iran’s Supreme Council of Cyberspace’s Secretary, Abolhassan Firouzabadi has said that the policy is aimed to be drafted in the next 18 days. F...

Interested In Cloud Mining? Here Are The Top Providers Of 2018

Cloud mining is the easiest way for newbies to get into cryptocurrency mining, without having to purchase any of the expensive equipment or deal with the high associated costs, from the likes of energy bills etc. As you know, mining profitability for the likes of Bitcoin is down at the moment, through with this in mind, it’s still clear the cloud mining is a services that is very much sought after. Tech Radar have carried out some extensive research that discusses the top cloud mining providers of this year, Tech Radar state: “We explore five of the most reputable cloud mining companies. As there are many scam outfits posing as miners, where possible we’ve chosen cloud miners who can prove that their data centers exist or are endorsed by a reputable firm. Take some time to do your ow...

Mines Now Being Used To Mine… Bitcoin

A decommissioned mine in the Norwegian Fjords is alleged to have been converted into a data centre, designed to mine Bitcoin in an efficient and sustainable manner. It’s not the first time an old mine has been re-designed as a Bitcoin mine, there’s a very good reason for that too, old mines allow for the perfect environment for cryptocurrency mining. According to Coinjournal: “Frankfurt-based Northern Bitcoin is the company behind the Lefdal Mine in Norway that is challenging the status quo of Bitcoin mining and redefining it. Founded in 2015, Northern Bitcoin is making sustainable infrastructure available to Bitcoin and the blockchain. In order to achieve this it operates a mining pool and its own mining hardware in the Lefdal Mine powered by renewable energies, under cost-effective and s...

DPW Holdings New Hydroelectric Dam Is A Crypto Mining Revolution

Valatie Falls Hydroelectric Dam, New York, is set to see a new life within cryptocurrency mining, after firm DPW Holdings Inc made a bid to purchase the aging dam in March 2018. This will see a new cryptocurrency mining branch open up within DPW Holdings, a brave move considering the falling profitability of cryptocurrency mining as a result of depleting values from currencies such as Bitcoin and Litecoin and of course, an increase in the price of energy and mining equipment. Valatie Falls Hydroelectric Dam (better known as Valatie Falls Hydro) has the capacity to produce around 1,700 megawatt hours of power and operates along the Kinderhook Creek waterway. If you’re interested, here’s a little description of how hydroelectricity generation works, by the USGS Water Science School: “Hydroel...

Bitcoin Mining Is Bad For The Environment, So What? So Is FIAT

 Bitcoin mining is the process of extracting Bitcoin from the blockchain. In theory, it’s a concept that is hard to grasp, but the general outline is that Bitcoins (and other cryptocurrencies) are mined by computers making complicated calculations. The problem is, these computers and devices uses a huge amount of energy when solving the algorithms, even just to mine small fractions of Bitcoin. So, we have a problem don’t we. Expensive machines all working together, creating high energy bills, a lot of heat and a big carbon footprint, in return for a small amount of Bitcoin. What’s more, further energy is used in ensuring mining operations are kept cool and of course, land is used to create these massive mining warehouses. It’s a curse to the environment, but there’s something else we shou...

The XRP Ledger Is Now Fully Decentralised According To Ripple CTO

Honest decentralisation has always been a talking point for Ripple and XRP. The problem within Ripple has been that as a company, they own an awful lot of XRP and historically have maintained a number of control points within the XRP ledger, calling to question the legitimacy of XRP’s decentralisation. Now as we know, through the migration of nodes over the past few weeks, the XRP ledger has become more and more decentralised. This is a sentiment now confirmed by David Schwartz, Ripples Chief Technology Officer. In his latest report The Inherently Decentralised Nature of XRP Ledger Schwartz argues that through Ripples consensus protocol, XRP is now totally decentralised. According to Schwartz: “The XRP Ledger uses a consensus protocol that relies on a majority of validators to record and v...

Nvidia Admits Defeat And Drops Out Of Cryptocurrency Mining Manufacturing

Nvidia are one of the world’s largest producers of graphics card and computer chip hardware. Initially established to build products for gaming and video, Nvidia are one of the few companies who have found a demand for their products within the cryptocurrency mining community. As a result of this, like others, Nvidia had capitalised on this, producing cryptocurrency mining products that could be purchased on a personal and an industrial scale. Now however, it seems the falling price of Bitcoin has taken its next victim. Because Bitcoin is down and because the cost of mining is up, profits are low. In essence, Nvidia aren’t making any money off their mining products, because nobody is buying them anymore because as we know, mining is essentially becoming obsolete. According to Coininsider, ...

Maybe We Don’t Need To Worry About The Efficiency Of Bitcoin Mining After All

Stop worrying about how much energy mining Bitcoin uses, the title to a recent article written for The Conversation, you can find the original article for yourself, here.   Should we stop worrying? Well according to Katrina Kelly-Pitou, yes we should. Bitcoin mining is a heavily inefficient function. Mining uses up an awful lot of power and therefore costs a lot to do. Moreover, because of the high energy use, the carbon footprint of a mined Bitcoin is frankly huge. Many have said it and there’s evidence to back it up, Bitcoin mining is a curse on the planet. Kelly-Pitou disagrees though, making some very positive and thought provoking points in the process. According to Kelly-Pitou: “New technologies – such as data centers, computers and before them trains, planes and automobiles – ...

It Seems That Bitcoin Mining Is Starting To Really Offend Some People

Mining Bitcoin is a process that is loud, hot, expensive and also very noisy. As a result, mining efforts on a large scale tend to be focused out of town, in rural settings in factories that have an exclusive energy supply, in areas that are naturally very cold. This is the perfect setting for a mining farm, even so though, it seems that mining in remote locations isn’t enough for some people. According to reports out today, one farm in Norway has been the victim of bomb threats from one very disgruntled local, as a result of the noise generated by the hardware in use at the farm. Kryptovault is a mining farm in Norway, one of Kryptovaults farms is located in Follum, a rural town outside of the Norwegian capital, Oslo. According to CCN, the Follum location had received bomb threats that th...

Here’s Why Genesis Mining Might Have Just Booted You Off Their Platform

Genesis Mining is a popular cloud based Bitcoin mining platform that lets users mine for Bitcoin. Each user is placed on a contract, through which they are allocated provisions in order to be able to mine through the platform, differing platforms offer differing rewards but of course, the bigger the reward the more expensive the contract, therefore, Genesis Mining have had to make some cut backs in order to ensure that those on the big contracts still have access to the service, as a result of the collapsing value of Bitcoin. In essence, those on smaller less significant contracts are now costing the company more than they actually earn, they aren’t even breaking even and therefore, some users have seen their contracts come to an abrupt end. According to The Next Web, Genesis Mining have m...

How Bitcoin Mining Could Become An Activity For The Crypto Bourgeois

Bitcoin mining was once an activity for techies. An activity that made the most of powerful computing rigs in order to mine and develop a currency which could be used to hide away from the ruling class. An activity for a working class hero. Now though, much like cryptocurrencies themselves, mining has become somewhat of a capitalist ideology. It’s a multi-million dollar business, one that promises to make the rich, richer. As you know, cryptocurrency mining is very harmful to the environment. Bitcoin mining alone  can use as much energy as 31 households would in a day, just to power one transaction. Because of this, mining is carried out under huge operations with an exclusive energy supply, designed to allow mining factories to get the best profit they can out of the Bitcoin blockchain. O...

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