Bitmain Reportedly Will Sack More Than Half of Workforce

Bitmain Reportedly Will Sack More Than Half of Workforce

The Chinese crypto mining company Bitmain has apparently been hit hard by the bear market and is looking to sack more than half of their entire workforce. Credible rumors of this story first began to circulate on Maimai, China’s equivalent to LinkedIn, as anonymous sources on a site frequently used by Bitmain employees began reporting that the company was looking at massive layoffs in the next several days.
Energy Incentives Make Bitcoin Mining a Natural Fit for B.C., Canada

Energy Incentives Make Bitcoin Mining a Natural Fit for B.C., Canada

When it comes to bitcoin mining, Canada is a natural.  A temperate climate helps to keep mining equipment cool, and plentiful renewable energy from hydroelectric dams gives Canadian provinces like British Columbia a natural advantage with cheaper electricity costs. B.C. is sitting on a large surplus of hydroelectric energy, as depleted resources have resulted in the closures of many pulp and paper mills and traditional mines. The power surplus is also a result of the success of alternative energy and energy conservation initiatives.

Difficulty Adjustment on Horizon: Are Miners Going to Save Bitcoin After All?

Miners have been attributed to much of the price decline from the US$6,000 range, and they may very well be responsible. When miners flocked to Bitcoin Cash before the SV fork to chase double rewards, Bitcoin started to tumble. As prices continued to drop, so did the number of miners forging blocks. However, they still may be the saving grace that turns the entire market around. The Bitcoin hashrate briefly reached an all-time high of over 60 exahash per second (EH/s) on November 1, before free-falling to recent lows of 35 EH/s, a drop that almost resulted in a halving of hashrate on the network.
Bitmain Follows Industry Trend, Shutters Operations in Israel

Bitmain Follows Industry Trend, Shutters Operations in Israel

Chinese-based cryptomining firm Bitmain is shutting down the operations of Bitmaintech Israel, its research and development (R&D) center in Ra'anana, Israel, according to reports from local news outlet Globes. The R&D center, which produced Bitmain's first Israeli mining pool ConnectBTC, was launched in 2016 to explore meaningful use cases of blockchain technology, as well as artificial intelligence for the company's Sophon project.
Bitcoin’s Network Just Experienced Its Second Largest Downward Adjustment

Bitcoin’s Network Just Experienced Its Second Largest Downward Adjustment

As the market continues to tumble (and mining profits have dwindled), Bitcoin’s mining difficulty dropped by its largest percentile in seven years — the second largest downward correction in the cryptocurrency’s lifetime. The last time bitcoin experienced an adjustment on par with this recent one was on October 16, 2011, when it dropped 13.
$5 Million Lawsuit Against Bitmain Filed in Northern California

$5 Million Lawsuit Against Bitmain Filed in Northern California

A class-action lawsuit for over $5 million has been filed in northern California against Chinese mining giant Bitmain. The company is being accused of utilizing customers’ newly purchased machines to mine cryptocurrency at full power for its own benefit while customers were configuring their equipment. Official court documents read: “In the past, Bitmain ASIC devices could be configured and initialized in low-power mode that did not mine cryptocurrency for Bitmain.
Federal Election Commission Gives Green Light for Political Mining Pool Donations

Federal Election Commission Gives Green Light for Political Mining Pool Donations

The U.S. Federal Election Commission (FEC) has given tacit permission for mining pools to donate to political campaigns. The FEC released a memo on their website on November 13, 2018, to provide background information to a formal meeting that would take place on November 15. In it, they addressed a recent request filed by OsiaNetwork LLC for the FEC’s advisory opinion.
A New Approach to Thwarting “Selfish” Bitcoin Miners

A New Approach to Thwarting “Selfish” Bitcoin Miners

Selfish mining is an attack on the Bitcoin network that has been known to be possible for several years. By propagating new blocks slowly (on purpose or by accident), a loophole is opened for miners to unfairly increase their profits in relation to other miners. However, researchers Cyril Grunspan and Ricardo Pérez-Marco claim that by broadcasting the presence of orphan blocks, selfish mining can become a thing of the past. Grunspan, a professor at Paris’ ESILV graduate school of engineering, and Pérez-Marco, the director of research at the National Center for Scientific Research (CNRS) in Paris, have authored a report on the costs of selfish mining and its profitability, which they believe have been largely ignored by the Bitcoin community.
“Bitmain Is Restructuring,” But Jihan Wu Still a Board Director: Source

“Bitmain Is Restructuring,” But Jihan Wu Still a Board Director: Source

Bitmain has denied reports that its CEO Jihan Wu was ousted as the mining firm’s board director while confirming that the board has undergone restructuring. Setting the record straight, Nishant Sharma, international marketing manager of Bitmain Technologies Limited, told Bitcoin Magazine that, instead of losing his position, Wu will continue on as a co-director of the board amidst a wider reorganization. “As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO.
Bitfury Acquires Minority Stake in Final Frontier, Aims To Expand Services

Bitfury Acquires Minority Stake in Final Frontier, Aims To Expand Services

The Bitfury Group has acquired a minority stake in blockchain services firm Final Frontier. Both organizations are looking to utilize each other’s knowledge and experience in the traditional and digital finance spaces to potentially release a new line of financial products and services designed to assist professional investors in getting their hands on digital assets.
BTCC Announces the

BTCC Announces the "Indefinite" Closure of Its Mining Pool

BTCC will be shutting down its mining pool by the end of the month. According to a recent notice made by the Hong Kong-based exchange, BTCC will deactivate its mining pool servers on November 15, 2018, and cease all operations entirely come November 30. Citing “business adjustments,” the notice was generally vague about the exact reason for this particular closure.
Bitfury Secures $80M in Private Funding Round

Bitfury Secures $80M in Private Funding Round

Cryptocurrency mining firm Bitfury Group has closed a Series C, $80 million funding round led by EU-based Korelya Capital. The round also included crypto merchant bank Galaxy Digital, Lian and Jabre Group, Dentsu Inc., Armat Group and others. Bitfury is a diversified blockchain company known for its expertise in developing high-performance computing technologies, processing capabilities and advanced blockchain-based solutions for companies and governments, including the development of a blockchain-based land registry in Ukraine.
Op Ed: Bitcoin’s Energy Consumption Is Neither Frivolous Nor Excessive

Op Ed: Bitcoin’s Energy Consumption Is Neither Frivolous Nor Excessive

As the CEO of Hut 8, one of North America’s largest cryptocurrency miners and the world’s largest publicly traded cryptocurrency miner, I’m often asked questions about energy consumption in the mining of cryptocurrency. Unfortunately, there are many misconceptions around energy use and why it’s required to safely and securely transact cryptocurrencies. During our ribbon-cutting ceremony in the City of Medicine Hat in September 2018, a reporter asked me how I felt about something “frivolous” like bitcoin using so much energy.
Bitfury May Be Mulling Over an IPO

Bitfury May Be Mulling Over an IPO

Bitfury, a leading mining firm and blockchain software company, is reportedly in talks with global investment banks in Europe and Hong Kong as it mulls an Initial Public Offering (IPO), according to Bloomberg sources close to the matter. The source also indicated that Bitfury is mulling other strategic options alongside the IPO, including debt financing or selling a partial stake in the company.
Blockstack Looks to Boost Decentralized App Usage Through New App Mining Program

Blockstack Looks to Boost Decentralized App Usage Through New App Mining Program

As a company looking to give users full control over their digital rights, Blockstack is piloting a new app mining program that encourages designers to create new applications directly on Blockstack’s platform and earn rewards in bitcoin. The goal is to expand the decentralized app ecosystem while financing developers who build the most popular applications.
Bitmain Releases Overt AsicBoost Firmware for Antminer S9

Bitmain Releases Overt AsicBoost Firmware for Antminer S9

Bitmain has finally released its firmware for the popular Antminer S9 to enable what is called “overt AsicBoost.” In a recent blog post, Bitmain explains their rationale for the firmware release, citing that they originally “decided against activating this mathematical function in mining hardware” due to the “uncertainty surrounding the use of AsicBoost.
HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Inc. (HashChain) has acquired the blockchain technology company NODE40 for $8 million USD and 3,144,134 common shares of stock in HashChain (TSXV: KASH) (OTCQB: HSSHF).
HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Inc. (HashChain) has acquired the blockchain technology company NODE40 for $8 million USD and 3,144,134 common shares of stock in HashChain (TSXV: KASH) (OTCQB: HSSHF).

Vermont Lawyer Warns of Legal Complications Ahead for Cryptocurrency Miners

Are miners — the nodes on a blockchain that process transactions — partners in a company? And, if they are deemed partners, and a cryptocurrency project collapses leaving coin holders holding the bag, what legal construct is in place to protect miners from lawsuits? One Vermont lawyer sees a “nightmare” unfolding. Stepping back a few steps, last month, several news sites ran stories about proposed legislation (S.

Energy Company Hydro-Quebec Looks to Attract Bitcoin Miners

Hydro-Quebéc (HQ) is a public utility that manages the generation, transmission and distribution of electricity in Quebec, Canada, but it finds itself in a position of generating more power than its customers need. In an article from Le Journal de Québec, Éric Martel, president and CEO of HQ, relates how HQ is facing a death spiral for electricity consumption.

Our Top 5 Bitcoin “Good News” Stories of 2017

When the history of Bitcoin and blockchains is written, 2017 will be the year tagged as the “turning point” when Bitcoin and “red hot” blockchain technology went mainstream. The steadily rising bitcoin price and market cap is a key, though not the only, indicator that a tipping point has been reached.

Canadian TSX Venture Exchange Approves Crypto-Mining Company HashChain to Launch Monday

On December 18, 2017, HashChain Technology, a cryptocurrency mining company, went public for the first time on the TSX Venture Exchange under the ticker symbol KASH, joining at least eight other crypto-related startups including HIVE Blockchain Technologies (Genesis Mining).

New Bitcoin Mining Centers Set to Increase North American Market Position

While China continues to dominate the bitcoin mining market, North America has now gained another significant player who can help decentralize mining power. Hut 8 Mining Corp (Hut 8) and the Bitfury Group (Bitfury) have announced a partnership that will create North America’s largest bitcoin mining center, located primarily in Alberta, Canada.
Veritas Looks to Adopt Suitable Eco Mining

Veritas Looks to Adopt Suitable Eco Mining

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Opinion: Bitcoin Mining Consuming More Electricity Than 159 Countries is a Positive

The Bitcoin network consumes more electricity than 159 individual countries including ireland, a new report by CBS revealed. In contrary to most claims, bitcoin’s massive consumption of electricity is a positive aspect of the cryptocurrency, as it provides more security value to the network. Proof-of-Work is Important For Bitcoin Earlier this year, in a response to JPMorgan CEO Jamie Dimon’s baseless condemnation on bitcoin, security expert John McAfee stated on CNBC’s Fast Money that bitcoin is a better store of value and a currency than all fiat currencies including the US dollar, because of its decentralized nature and the resources required to generate or produce new bitcoins.