bitcoin mining – BOL News Staging

ERCOT and crypto miners partner to manage energy demand

September 8, 2023 by Muhammad Zubair

ERCOT, the entity responsible for managing Texas’ energy grid, has taken an unconventional approach when it comes to the energy-intensive crypto-mining industry in the state. Instead of imposing strict regulations, ERCOT has chosen to foster positive relationships with crypto mining companies. Crypto mining operations are notorious for their high energy consumption, and ERCOT realized that … Read more

Crypto equipment company Compass Mining has lost both its CEO & CFO

June 29, 2022 by Muhammad Humair Qureshi

Crypto mining equipment company Compass Mining has lost both its CEO & CFO. The news follows the group’s announcement that it planned to sell equipment worth millions of dollars in Russia, The collapse of cryptocurrency markets due to falling prices and a liquidity constraint. Compass Mining, a company based in the United States that sells … Read more

Bitcoin mining electricity consumption exceeds compared to last year

September 14, 2021September 13, 2021 by Syed Ahad

As per the BloombergNEF report, bitcoin (BTC) miners have used more electricity as compared to last year. This year miners are on track to have used 91TWh electricity, or around the equal amount as Pakistan, BloombergNEF stated. The estimated energy that was used the previous year was approximately 67 terawatt-hours (TWh). The mining becomes more … Read more

Libya is the first Arab country to mine bitcoin

August 8, 2021 by Syed Ahad

The CBECI (Cambridge Bitcoin Electricity Consumption Index) data shows that in the Arab world, Libya ranked first with 0.13% of global mining. This followed the uproar over Bitcoin mining in Libya and its link to the country’s electrical situation.

Following is the ranking of the Arab countries:

Libya is in 1^st place, with a 0.13 percent share.

UAE and Kuwait are in 2^nd place with a 0.08% share for each nation.

Egypt and Jordan are in 3^rd place with a 0.04% share for each nation.

Lebanon ranked 4^th with a 0.01% share.

In particular, the price of Bitcoin in Libyan dinars is 192,912.13.

Bitcoin mining is the method by which new bitcoins are entered into the flow. It is also a critical factor in the maintenance and development of the blockchain ledger. It is executed using very sophisticated computers that resolve enormously complex computational math glitches.

Cryptocurrency mining is difficult, expensive, and only intermittently rewarding. However, mining has an attractive appeal for many investors involved in cryptocurrency because miners are satisfied with their work with crypto tokens. This may be for the reason that entrepreneurs see mining as “pennies from heaven”.

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Ethereum miner revenue surpasses Bitcoin’s for third month in a row

August 2, 2021 by Syed Ahad

For the third month in a row, Ethereum miners have made more money than Bitcoin miners, the longest streak in history.

Ethereum miners made $1.03 billion in revenue in July, according to The Block’s Data Dashboard, a minor decrease from the previous month.

Bitcoin miners, for their part, earned $971.8 million in July, up over $100 million from June.

While transaction fees have remained a reliable source of revenue for Ethereum miners, this cannot be true for Bitcoin miners. Last month, transaction fees accounted for only 3.1 percent of Bitcoin mining revenue.

Mining revenue is a monetary estimate of the earnings generated by blockchain miners. It’s determined by multiplying each block’s current mining rewards plus transaction fees by the asset’s price for the month. It excludes costs such as power, other operating expenses, and taxes paid by miners.

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Chinese Bitcoin Miners shifted to other countries amid Crypto Ban

July 13, 2021 by Syed Ahad

China announced a crackdown on Bitcoin mining in May, pushing the majority of miners to leave.

Before the ban, China mined over 70% of all Bitcoin.

The majority of miners has now shifted outside of China, increasing the industry in other regions of the world.

After several weeks of executing the Bitcoin mining crackdown, it appears that approximately 90% of all mining businesses in China have shut down.

Whereas, the Chinese government has ordered crypto mining to shut down in different provinces.

Less than a week after Chinese regulators tightened rules on the trading of bitcoin and other digital currencies, BIT Mining announced it will invest $35 million in crypto mining data centers in Kazakhstan and Texas.

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Bitcoin: Western miners profit hugely, during China’s crackdown

July 7, 2021July 7, 2021 by Syed Ahad

According to a report published by Arcane Research, China’s restriction on Bitcoin mining has resulted in greater profits for Western miners.

Due to the recent decline in the price of bitcoin, Western mining firms have had massive stock market gains in the last month.

China used to be home to a significant share of the global Bitcoin mining hash rate.

Whereas, Miners began to move out of the country in large numbers as the state began to crackdown.

As a result, the worldwide BTC hash rate has dramatically decreased. Western miners now deliver a larger share of the hash rate.

Mining firms are experiencing better earnings as the competition is very low. These profits exceed the losses due to the extent of the BTC price drop, compared with a net gain.

Marathon and Riot are two of the largest mining companies in the west, and their stock prices have risen significantly.

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Central Bank of China issued a warning to firms regarding crypto-related businesses

July 6, 2021 by Syed Ahad

Central Bank of China has issued a warning to firms, to stop the services regarding crypto-related businesses.

The Chinese central bank has announced the removal of a Beijing-based software firm over its suspected connection in cryptocurrency trading.

Beijing Qudao Cultural Development Co Ltd. was banned by Chinese authorities for suspected cryptocurrency trading, according to a statement made on Tuesday.

According to Reuters, the software company has been ordered to cease operations immediately, and its website has been taken down.

The People’s Bank of China‘s stance on cryptocurrency-related activities was also underlined in the statement from the Beijing financial supervision administration.

In addition to dealing directly with cryptocurrencies, Beijing organizations shall not provide venues, commercial displays, or advertising for any cryptocurrency-related operations.

This statement came after the Chinese government passed a slew of anti-crypto policies.

Whereas, the government made a statement in May asking for more strict crypto asset regulation.

The issue escalated in June when China’s central bank stated that cryptocurrency traders’ accounts will be cancelled.

A massive miner exodus caused the Bitcoin network hash-rate to fall to its lowest levels since 2019.

On the contrary, regulations have also cut off access to Bitcoin mining in the country.

Bitcoin’s price has dropped nearly 42% since May, due in large part to unfavorable government regulations in China. With China’s long-running anti-crypto campaign unlikely to end soon, Bitcoin will need to find support elsewhere if it is to prevent further decline.

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