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.


Finance

Mining Firm Hut 8 Reports 28% Drop in Q2 Revenue Following Bitcoin Halving

Bitcoin mining firm Hut 8 reported a sharp drop in revenue. However, the rising value of the firm's BTC holdings helped it finish the quarter in the black.

Máquinas de minería de bitcoin (Shutterstock)

Markets

Riot Blockchain Mined 227 Bitcoin in Q2

Riot reported a current mining capacity of 556 petahash per second.

A crypto mining farm.

Markets

Mining Stocks Are Beating Bitcoin in a Bullish Cryptocurrency Market

Riot and Marathon have rallied 97% and 128% over the past year while bitcoin has gained 3 percent.

Returns for Riot, Marathon and bitcoin since August 2019

Markets

Bitmain Delays Bitcoin Miner Shipments by Three Months as Co-Founders Battle On

The escalating internal power struggle at Bitmain is starting to have a more serious impact on its business and customers.

Bitcoin miner image (CoinDesk archive)

Finance

The 2020 Rainy Season Is Tougher Than Ever for China’s Bitcoin Miners

Chinese bitcoin miners are usually happy this time of year because the monsoon season brings excessive rain and thus cheap hydro electricity. But this year has proved to be tougher than ever.

Bitcoin mining facility via CoinDesk archives

Markets

Bitcoin Miners Saw 7% Revenue Increase in July

Bitcoin miners earned $300 in revenue during July.

Bitcoin mining revenues since January 2019

Markets

Marine Corps Bans Crypto Mining Apps From Government-Issued Mobile Devices

The Tuesday memo does not give a specific reason for the bitcoin mining ban but broadly cited security concerns.

U.S Marines training on government-issued tablets. (Cpl. AaronJames Vinculado/U.S. Marine Corps)

Finance

Why Debt Financing May Be a Double-Edged Sword for Bitcoin Miner Bitfarms

BitFarms used high-interest-rate debt with large balloon payments to expand operations. Now it may struggle to pay off its debt, according to CoinDesk Research.

(Library of Congress)

Markets

First Mover: Bitcoin Miners Find Upgrade Financing Aplenty, Even as Prices Languish

Big-money players are extending financing to bitcoin miners for equipment upgrades, even though prices are still torpid two months after the halving.

Máquinas de minería de bitcoin (Shutterstock)