Miners

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…

Bitcoin halving will happen on May 12 and there are many perceptions and forecasts regarding its effect on the cryptocurrency space. The event will affect miners. According to Johnson Xu, at research company TokenInsight, the event will ultimately eliminate every inefficient miner. While speaking with Decrypt, Xu noted that finding cheaper electricity is the means of keeping these energy-intensive machines profitable following the event. The halving event will reduce miners’ profit by fifty percent on Tuesday. That is, the revenue from…

The growth of Bitcoin mining space has been exponential over the past years. When Bitcoin first emerged, mining depended on personal computers and GPUs. Currently, mining involves exceedingly well-organized mining pools that depend on cutting-edge ASIC miners. Due to the growth in scale of operations, people have been questioning the environmental cost involved in Bitcoin mining. Marco Streng of Genesis Mining talked about large-scale mining operations in the recent episode of the Untold Stories podcast. He discussed the environmental effects and the challenges related…

BTC miners who are critical to the coin's functioning are starting at massive profit cuts. This is according to a  March 13, 2020, Bloomberg report. According to Chris Bendiksen, head of research at  CoinShares, the almost 40%  decline in Bitcoin’s price this month,  has pushed miners into the red. The miners account for a 3rd of all the network's power. Black Thursday Crypto Twitter has christened March 12 ‘Black Thursday’ on crypto following  Bitcoin's almost 40 percent plunge. As a…