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

Crypto Mining Rig Maker Canaan's Q4 Revenue Sunk 82% to $56.8M

The firm reported Q4 net loss per ADS of 38 cents compared to $1 for the same period in 2021.

Nangeng Zhang, CEO of Canaan Creative (Nangeng Zhang)

Finance

TeraWulf Starts Nuclear-Powered Bitcoin Mining With Nearly 8,000 Rigs at Nautilus Facility

The miner also said it expects to reach 5.5 EH/s of computing power across its two sites by early in the second quarter.

(Midjourney/CoinDesk)

Finance

Bitcoin Miner Riot Delayed 10-K Filing Due to Impairment Calculation Issues

The delay followed a similar move earlier this week by Marathon Digital.

A close-up of one of Riot's mining rigs. (Riot Blockchain)

Finance

Bitcoin Miners Are Starting to Emerge From Brutal Crypto Winter

After several bankruptcies and fire sales, the rally in bitcoin’s price is providing some relief for the miners, although they may not be completely out of the woods yet.

(DALL-E/CoinDesk)

Finance

Core Scientific Bankruptcy Approves $70M Financing Deal From B. Riley

The judge also indicated he would allow stockholders to form an official committee in the bankruptcy.

Core Scientific facility in North Carolina. (Core Scientific)

Policy

Montana Senate Passes Bill Protecting Crypto Miners

The legislation will likely upend a Missoula county zoning law that was one of the first in the U.S. to target the mining industry.

A Cipher mining bitcoin farm. (Cipher Mining)

Finance

Bitcoin Mining Consulting Firm Sabre56 Raises $35M to Build 150MW of Hosting Sites

The company is moving into the hosting business and says it already has a "waiting list" of clients.

A Sabre56 bitcoin mining facility. (Sabre56)

Consensus Magazine

Crypto and Bitcoin Miners Rebrand and Diversify to Survive: A Look at Their New Strategies

Some of these new business lines are more profitable than bitcoin mining – but not all.

(Rachel Sun/CoinDesk)

Finance

Bitmain Partner BitFuFu Starts Marketplace for Crypto Mining Rig Coupons

The discount coupons issued last year haven't been used because miners don't have the cash to spend on new equipment.

Crypto mining rigs (Eliza Gkritsi/CoinDesk)

Finance

Crypto Miner Core Scientific Paid More Than $1M to CEO-Affiliated Jet Company For Employees

The world's largest bitcoin miner by computing power made its last payment to the firm in October 2022.

Core Scientific facility in North Carolina. (Core Scientific)