It has been at least a few months since the last condemning report involving Bitcoin mining was published. A new report published in Joule claims the emission of Bitcoin miners is getting out of hand rather quickly. So much even that it allegedly puts out as much CO2 per year as the entire Kansas City area. As is usually the case, these reports need to be taken with a few grains of salt.
Another Shot at Bitcoin Mining
Over the past few years, numerous reports have indicated how wasteful Bitcoin mining can be.
Government authorities in China’s Sichuan province are reportedly probing into local bitcoin mining farms that have allegedly been constructed without official approval.
A state-owned newspaper in Sichuan published a front-page article on Thursday saying the land-resource bureau in Sichuan’s Garze county has found bitcoin mining farms with no prior approval built at the sites of hydropower stations.
This article was originally published by 8btc and written by Lylian Teng.
Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.
On March 21, 2019, Dutch news outlet NL Times reported that “Berry van M.,” a 33-year-old Dutch businessman and the operator of now-defunct trading platform Koinz Trading, has been arrested on charges of deceiving investors with a bogus bitcoin mining scheme.
The report claims that van M. was the director of companies that sold “computers for mining Bitcoin” since 2017 and that he “managed the computers in a so-called ‘mining farm.
A 33-year-old man in the Netherlands has been arrested for bitcoin mining fraud worth over €2 million ($2.2 million).
Dutch tax authority’s investigative department, FIOD, announced the news Monday, saying that the man was a director of two private limited companies where he convinced around 100 people to buy computers for mining bitcoins that he probably never purchased.
What started with a single tweet quickly turned into an escalating debate Wednesday when the CEO of one of the world’s largest cryptocurrency exchanges appeared to entertain the idea of encouraging revisions to the bitcoin blockchain.
Following Wednesday’s revelation that crypto exchange Binance was robbed of 7,000 BTC (worth about $40 million), a proposal was floated to conduct a transaction “reorg” on the bitcoin blockchain, sparking a fiery debate and community uproar.
Bitmain’s internal bitcoin mining operations are generating 88 percent less computing power than a month ago, suggesting that the industry giant has cut back on capacity.
According to the hashing power disclosure that the company releases each month, as of May 7, the hash rate of all Bitmain-owned hardware running the SHA265 algorithm – which the bitcoin and bitcoin cash networks are based on – had dropped to just 237.
As bitcoin’s price edges up, secondhand mining equipment is becoming more profitable to run
As a result, the price of used miners has nearly doubled in recent weeks, to $250-$320 for old Bitmain Antminers
Somewhere between 220,000 and 700,000 mining units could come online this summer
Newer, more powerful models won’t be shipped for months and take longer to pay for themselves
Blockchain technology firm Bitfury and Switzerland-based investment firm Final Frontier have jointly launched a regulated bitcoin mining fund.
The fund is targeted at institutional and professional investors to give them “convenient access” to bitcoin mining, Bitfury announced in a blog post Wednesday.
A draft proposal from China’s economic planning commission labels bitcoin mining as an industry that needs to be “eliminated.” But even if finalized in its current form, this would not automatically amount to an outright mining ban.
While local governments are supposed to follow the commission’s guidance, to take action against an industry they need a basis in the laws of the state, not industrial policy.
Any news coming out of China tends to trigger some cryptocurrency market momentum. In recent years, most of the news has been negative, which won’t surprise too many people. In the most recent development, it would appear China’s state planner wants to put an official end to Bitcoin mining in the country. It is one of several dozen activities to be “blacklisted’ in the country.
China Goes After Bitcoin Again
Ever since Bitcoin trading in China took a big hit due to new regulatory measures, the country has continued its effort to thwart any cryptocurrency activity.
A Chinese central government agency in charge of formulating macroeconomic policies is labeling bitcoin mining as an “undesirable” industry in a draft proposal, recommending local governments to eliminate the sector in the country.
China’s National Development and Reform Commission (NDRC) published a draft proposal on Monday for revising the existing Catalog for Guiding Industry Restructuring, which lists out industry activities that the agency suggests to encourage, restrict and discontinue.
Network tech giant Cisco won a patent on Tuesday that could be applied to the bitcoin mining process.
Cisco submitted a patent application back in September 2015 for a “Crowd-sourced cloud computing” system, according to information from the U.S. Patent and Trademark Office (USPTO). The patent outlines how computer owners may be able to offer up their unused processing power for certain processes – including the energy-intensive mining process.
The filing describes how a user could partition their resources to create dedicated computing power for a cloud application.
A bitcoin miner in Taiwan is blaming the crackdown on bitcoin trading in mainland China for an incident in which he was shot by local gangsters.
According to a report from Taiwanese news source Liberty Times, the incident occurred on Saturday night, local time, when the two suspects allegedly scheduled to meet a bitcoin miner with whom they had made a significant investment.
At press time, the father of crypto has broken its present resistance level and moved beyond the $4,000 mark (bitcoin is currently trading for roughly $4,043).
The currency has interestingly moved head in price, but it’s also bolstered forth in other ways as well. Many analysts claimed that bitcoin mining was wreaking havoc on our present environment.
At press time, the father of cryptocurrency is trading for just over $3,800. This is about $100 less than where it stood during our previous price article, and it is unlikely bitcoin will undergo another price rally anytime soon.
Bitcoin has fallen so badly that many cryptocurrency mining companies are beginning to sell their equipment at massive discounts.
The mining profitability of Bitcoin and its major “clones” has been a topic of debate for some time now. While it was evident Bitcoin would be the most profitable currency to mine for the longest time, that is not necessarily the case any longer. Both Bitcoin Cash and Bitcoin Cash SV mining are more profitable right now, which further confirms how things continue to evolve every single day.
The Bitcoin Mining Profitability Struggle
When the Bitcoin price falls – as it has done in dramatic fashion over the past few weeks – the profitability of mining operations comes into question.
When it comes to mining various cryptocurrencies, there are many different factors to take into account. If it is not profitable to mine a currency at a specific moment, one’s best option is to either turn off the unit or mine something else. In the case of Bitcoin and Bitcoin Cash, there has been an ongoing battle for profitability. Right now, the deck is stacked against BCH, for rather obvious reasons.
Bitcoin Cash Mining Profitability Plummets
It has been a wild week for Bitcoin Cash, primarily because of the network upgrade which was enforced on November 15th.
Bitmain has dominated ASIC manufacturing since it was founded in 2013. One man has been at the forefront of this domination, leading the company into the giant that it is today; Jihan Wu. However, it may not be so for much longer, with a Chinese publication revealing that a recent reshuffle has demoted the renowned crypto campaigner to the role of a supervisor from his previously held Director role in the board.
The news come after the Financial Times unearthed the fact that the figures reported for the profitability of the firm had almost been doubled in earlier reports by the firm.
Bitcoin’s energy-intensive mining process has been one of its greatest challenges and while various solutions have been proposed, none has quite solved the challenge. However, a group of farmers in a small village in Iceland have found an innovative way to earn cryptos while warming up their houses. The farmers lend out their excess geothermal energy to one of the locals who operates crypto mining equipment, thereby earning extra income. The farmers further use the excess power for other uses such as heating their homes.
Recently, various reports have been suggesting that China’s crackdown on cryptocurrencies will extend to mining, as state-run Sichuan Electric Power Corporation reportedly distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations. As reported by CCN, the report has been debunked as the company admitted it made several mistakes, including using unverified claims, on its circular.
Bitcoin’s price surge has swelled the power consumption of computers mining the digital currency, according to a blog by Christopher Malmo, writing in Motherboard, that questions the environmental impact of bitcoin mining.
According to a cryptocurrency index from Alex de Vries, also known as Digiconomist, bitcoin miners can consume more than 24 terawatt hours of electricity per year in producing bitcoin.
Throughout this week, false reports regarding the legality of bitcoin and cryptocurrency mining have emerged. Local sources have revealed that bitcoin mining is not banned as of yet.
Unconfirmed Reports and Rumors
Initially, Sichuan Electric Power Company, released an unconfirmed circular which claimed that the use of electricity to produce and mine bitcoin is illegal. Caijing, an independent news publication based in Beijing, first reported on the circular released by Sichuan Electric Power Company, and more media outlets followed.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...