Bitcoin Mining

The state of Kentucky lawmakers has voted to approve a bill providing tax breaks to crypto miners. This development could herald the transformation of Kentucky into a significant crypto mining haven in the United States.  Crypto Mining Bill Approved  U.S news outlet the Lexington Herald revealed this development in a report on Tuesday. According to the report, the Kentucky House budget committee approved a crypto bill tilted House Bill 230. The bill sought to remove sales tax dues from electricity purchased by…

Bullish news for the cryptocurrency industry as yet another publicly-traded company has joined the Bitcoin bandwagon with a hefty $150 million investment.  According to a Monday press release, Marathon Patent Group, a Nasdaq-listed company, has purchased 4,812.66 BTC as part of its treasury reserve.  The company said it purchased the cryptocurrency through the New York Digital Investment Group (NYDIG) at an average price of $31,168 per bitcoin, amounting to a total of $150 million.   According to Marathon's chairman and CEO,…

U.S.-based payment and financial services company Square Inc has announced a $10 million clean energy initiative for Bitcoin mining. The company disclosed this as part of its plans to go carbon neutral for its operations by 2030. According to the announcement, the Bitcoin Clean Energy Investment Initiative will support companies promoting green energy tech and renewable energy within the Bitcoin mining ecosystem. Square has also collaborated with Watershed as a measure in reducing the carbon footprint of the Bitcoin network.…

Bitcoin price recovered over the weekend after a sharp drop below its support levels. The leading coin suffered a sharp price drop last Thursday, dipping below the $17,000 mark. This sharp movement led to huge losses for traders, with around $1.9 billion liquidated across top crypto exchanges. Bitcoin has since retraced its movements and is currently on an upward trend in the past 48 hours. BTC gained 6% within this period and is currently valued at $18,580 with a market…

After being dubbed as a climate warming accelerator, Bitcoin is about to change sides and fight climate change. Is it possible for an industry that spends almost 0.13% of the world’s annual power consumption only on mining Bitcoin to become eco-friendly? And, if so, how will it go about it? Today, we take a closer look at the challenges that cryptocurrency faces in its bid to become “green.” We delve into alternatives to the energy-devouring mining process and how the…

A recent report by TokenInsight noted that China is losing its dominance over the Bitcoin mining industry. The report released by the cryptocurrency analytics company cited data from Cambridge University’s Centre for Alternative Finance. According to the data, the aggregate electricity usage of Bitcoin miners from China was 75.63 percent in September last year and it declined to 65.08 percent by April 2020. During the same period, the data revealed that electricity consumption from Bitcoin miners in the United States rose from 4.06 percent to 7.24 percent. Similarly, it seems Bitcoin mining…

On June 5, it became easier to mine Bitcoin as its blockchain mining difficulty reduced by 9.29 percent. According to historical data, price and mining difficulty are positively correlated. Whenever mining difficulty decreases, it could be a sign of a forthcoming price decline. Bitcoin was brutally rejected at $10,400 price level on June 2 leading to an 11 percent decline in minutes and market participants are focused on BTC’s immediate move. Bitcoin halving is the most talked-about event so far in 2020 and a…

May 11, 2020, was a big event for Bitcoin miners. The third halving transitioned, cutting the supply of bitcoin in half, from 12.5 to 6.25 BTC every ten minutes for every mined block. But what exactly is mining? It is a universal term associated with the Bitcoin network and many other cryptocurrencies. Yet many explanations go only as far as indicating the importance of processing transactions, securing the network, and making transactions near-instant. This guide lets you understand what happens…

Bitcoin’s third block reward halving was completed on May 11 at the 630,000th block and the spot price incurred awesome bullish and bearish pressures as the F2pool miners took the last block reward of 12.5 BTC. Following the halving, Bitcoin Cash and Bitcoin SV networks recorded serious declines and this led to widespread speculation regarding a similar trend for Bitcoin. Nevertheless, it seems Bitcoin’s network is stronger than its forks. BCH and BSV networks recorded a great decline in hash rate after their halving which happened on…