Bitcoin Mining

Bitcoin mining is the process by which new bitcoins are created and transactions are verified and added to the blockchain network. It involves powerful computers solving complex mathematical problems to secure the Bitcoin network and maintain its decentralized nature. Individuals, companies, and even specialized mining pools participate in this process, known as miners. These miners play a crucial role in ensuring the integrity and security of the Bitcoin network. As the number of bitcoins in circulation is limited, mining also serves as a means of distributing new bitcoins. Miners are rewarded with newly minted bitcoins for their computational efforts and the energy they contribute to the network. Bitcoin mining has evolved over time, with the advent of more efficient hardware and the rise of mining farms. These farms, often operated by companies, leverage economies of scale to maximize their mining capabilities. Additionally, mining protocols and algorithms have been developed to adapt to the increasing computational power and maintain the network's stability. Crypto exchanges facilitate the trading of bitcoins, allowing miners to convert their earned bitcoins into traditional currencies or other cryptocurrencies. This dynamic ecosystem of people, companies, protocols, and blockchain networks collectively contribute to the functioning and growth of Bitcoin and the broader cryptocurrency market.


Tech

Protection Over Profit: What Early Mining Patterns Suggest About Bitcoin’s Inventor

Researchers believe Bitcoin’s creator probably used specialized mining software in the coin’s early days to protect the new network – not to profit from it.

(DimaSobko/Getty Images)

Finance

Energy Giant Equinor to Cut Gas Flaring With Bitcoin Mining: Report

Equinor will use digital flare mitigation tech from Crusoe Energy at its Bakken oilfield operations in the U.S.

gas flaring bakken

Finance

Bitmain, Ebang Among 21 Bitcoin Mining Farms Stripped of Energy Perks in Inner Mongolia

Affected mining centers in the area may see a notable increase in electricity costs.

(HelloRF Zcool/Shutterstock)

Markets

Miners' Bitcoin Holdings Reach Two-Year High to Almost 2M

The recent upward trend began in September 2019.

Total bitcoins held in mining addresses, per Glassnode.

Markets

Bitcoin Miner Layer1 Overstated Industry Vet's Involvement in $50M Series A Pitch

Peter Thiel-backed Layer1 told potential investors in a recent pitch deck that bitcoin miner maker Canaan’s co-founder Liu Xiangfu joined its team as a key executive – but that’s not what Liu says.

Layer1's West Texas mining facility (Layer1)

Markets

Marathon Brings New Bitcoin Mining Rigs Online, Sees Itself Becoming Cash-Flow Positive

The company expects 1,000 more S19 machines by December.

Mining rig. (Shutterstock)

Markets

Riot Supercharges Mining Ops With 8,000 More Bitmain Rigs as Bitcoin Price Soars

Company executives say Riot Blockchain is on track to become cash flow positive later this year.

Stack of bitcoin miners

Markets

Top Bitcoin Mining Pools See 15% Hashrate Drop Amid Continuous Rainstorms in China

Major Chinese bitcoin mining pools are each seeing daily hashrate drops of between 10% and 20% following continuous rainstorms in Sichuan.

Bitcoin mining farm (CoinDesk archives)

Markets

PayPal Co-founder, DCG-Backed BTC Mining Firm Layer1 Accused of Patent Infringement

Data center power management firm Lancium filed a lawsuit against Layer1 today, alleging the bitcoin mining firm’s operations had infringed upon its patent.

Stack of bitcoin miners