Bitcoin Mining

The city of Fort Worth, Texas is tentatively entering the Bitcoin mining industry at a government level. The six-month pilot program should establish the area as a welcoming blockchain hub. Miners at City Hall On Tuesday, the Fort Worth city council voted unanimously on a resolution to accept a donation of three Bitcoin miners. The miners – a Texas Blockchain Council donation – are worth $2,100 each. As CNBC reports, the Bitmain Antminer S9 mining rigs will mine Bitcoin 24/7…

One day after the IMF’s warning, the US treasury has hit multiple Russian Bitcoin mining companies with secondary sanctions. The increased restrictions should prevent Russia from monetizing its energy resources using proof-of-work crypto networks. Cutting Off Mining Resources As reported by CNBC, this marks the first time the Treasury has ever placed trade restrictions on virtual currency miners. Last month, President Biden announced that America would no longer accept Russian oil, with other jurisdictions following suit. Gas prices in the…

The International Monetary Fund (IMF) recently released its Global Financial Stability Report for April 2022. Covering the financial system’s resilience amidst the Russia Ukraine war, it repeats oft-cited concerns about crypto threatening financial integrity. Among these worries is that Russia, despite worldwide sanctions, could manage to monetize its energy resources by mining Bitcoin. Crypto: A Double-Edged Sword As claimed in the report released today, cryptocurrencies could “undermine domestic policy objectives” as they gain more widespread use. For example, crypto asset…

Adam Back – CEO of Blockstream – announced on Friday that his company will construct a $12 million Bitcoin mining facility. The project is a joint effort with Jack Dorsey’s Block and it will leverage renewable energy technology originating from Tesla. A Triple-Threat Bitcoin Partnership Adam Back is one of Bitcoin’s original developers, who many suspect of being Satoshi Nakamoto himself. The CEO is the man behind Hashcash, which is the basis of proof-of-work mining that secures Bitcoin today.   However,…

Kevin O’Leary – a Canadian entrepreneur and TV personality – explained why crypto mining will “save the world” at Bitcoin 2022. Despite regulatory concerns about Bitcoin’s carbon footprint, the Shark Tank star argues that the network is “good for the earth”. The Right Incentives O’Leary’s keynote speech covered the importance of regulation for crypto, and how it will impact the industry’s growth. He described the SEC as a “minefield” in crypto policy, due to a recent memorandum the commission put…

The 19 millionth Bitcoin has officially been mined from the premiere blockchain network. That leaves only 2 million left to enter circulation. Bitcoin’s price is $46,467 at the time of writing, leaving its market cap (value of all Bitcoin combined) at $882,917,060,274. Block 730002 was mined at 16:21:29 UTC earlier today, according to mempool. It featured a reward of 6.32 Bitcoin for the winner – 6.25 of which was part of the block subsidy. The other 0.07 was from transaction…

According to a tweet from US congressman Pete Sessions, the mining industry in America could be pivotal in the nation’s journey to energy independence.  Gas Costs Rise With Global Unease Since the start of the Russia-Ukraine conflict, gas costs have risen alongside tensions worldwide. US residents have not been left out of this. Recently, President Joe Biden spoke about the price hike saying the situation highlights the need to become energy independent. Biden called for a transition to sustainable sources…

The future of Bitcoin mining in the European Union may hinge on today's pivotal vote in the EU Parliament. The EU Parliament's Committee on Economic and Monetary Affairs (ECON) is voting on the proposed Markets in Crypto Assets (MiCA) regulation draft. The proposed regulation is taking aim at crypto mining, due to concerns over its impact on the environment. In particular, the latest MiCA draft aims to limit the use of cryptos powered by the Proof of Work (PoW) mechanism. If…

Intel – a multinational chip manufacturer – recently unveiled its 2nd generation “Bonanza Mine” Bitcoin mining ASIC. It also ]offered details on its first-generation miner (BMZ1), a 3600W miner delivering 40 terahashes per second (TH/s). Exploring Intel’s Mining Chips The company unveiled its new processor at the 2022 International Solid-State Circuits Conference (ISSCC) on Sunday. As covered by Tom’s Hardware, the second 2nd generation chips (BMZ2) will be a derivative of the BMZ1 series. They offered no details beyond that…