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.


Markets

Binance Pool Poised to Grab More Bitcoin Hashrate in Russia and Central Asia

Binance is looking to consolidate more bitcoin mining hashrate to its pool in Russia and the Central Asia region.

Bitcoin mining farms

Markets

Bitcoin Mining Difficulty Sets New Record High 2 Months After Halving

Two months after the network's halving event, it's harder than ever to mine bitcoin.

Bitcoin mining farm (CoinDesk archives)

Finance

Bitcoin Miner Maker Canaan Drops 3 Directors in Possible Boardroom Coup

Sources speaking to Chinese media said a dispute at Canaan Creative has led to a power grab by now-Executive Director Nangeng Zhang.

Canaan co-Chairman Jianping Kong is one of three company directors dropped from the miner maker's business registry. (PoolIn)

Markets

Iran Gives Crypto Miners One Month to Register With the State

The government wants to "eliminate the confusion of cryptocurrency activists" with its call for mass mining registration.

Iranian First Vice President Eshaq Jahangiri announced the new mining requirement. (Mohammad Hassanzadeh/Tasnim/Wikimedia Commons)

Markets

Bitcoin Miners Saw 23% Revenue Drop in June

Bitcoin mining revenue dropped 23% in June to approximately $380 million.

miner-rev-1

Tech

Bitcoin's Mining Difficulty Has Rarely Been This Static in a Decade

Bitcoin's mining difficulty just posted the smallest percentage change in 10 years.

Stack of bitcoin miners

Markets

Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid

Public Citizen warned the U.S. Dept. of Energy that DMG Blockchain's bid to export electricity could set a dangerous precedent.

Washington's Grand Coulee Dam, the largest power station in the United States (C. P. Johnston Co/Wikimedia)

Markets

Bitmain Co-Founder Offers Share Buyback at $4B Valuation to End Power Struggle

The offer seems an apparent effort to bring about negotiations that could end the divisions that have been tearing the company apart.

Micree Zhan, co-founder of Bitmain. (Credit: CoinDesk archives)

Markets

Bitcoin Miner Maker Ebang Estimates $2.5M Loss for Q1 in IPO Prospectus Update

The Chinese firm also revealed its anticipated share price in its updated filing with the U.S. SEC.

Mining machines (GreenBelka/Shutterstock)

Tech

Bitcoin Mining Difficulty Makes Biggest Jump in 29 Months

Miners now face the fourth-most difficult two-week mining period in Bitcoin's history, even though it's only been a little over a month since the halving.

Greenidge mining facility