Tag: Mining

Troubled Waters as Leading Bitcoin Mining Firm Allows IPO Application Elapse

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One of the world’s largest crypto mining firms, Canaan Inc, has announced its application for an initial product offering (IPO) to the Stock Exchange of Hong Kong (HKEX) lapse. The move has also cast a shadow of doubt on what lies in stock for other cryptocurrency equipment makers: Will there be any more surprises, or will one of the remaining two applicants scale through? Canaan Inc Fails to Extend IPO Application Hangzhou-based Canaan along with two other Chinese cryptocurrency mining firms, Ebang and Bitmain, had earlier submitted applications to HKEX,…

Both Camps in BCH ‘Hash War’ Are Mining at Major Loss

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In the aftermath from yesterday‘s Bitcoin Cash (BCH) hard fork, both opposing camps in the so-called “hash war” are mining at a hefty loss, according to a tweet from the research arm of Hong Kong-based crypto derivatives platform BitMEX today, Nov. 16. On Nov. 5, BitMEX Research announced it would be launching a network monitoring tool for both Bitcoin (BTC) and Bitcoin Cash (BCH), specifically in preparation for the widely-anticipated BCH hard fork Nov. 15.   As previously reported, disagreements over a proposed network upgrade have split the BTH community…

Ethereum GPU Mining Profitability Has Declined Dramatically: New Research

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Twitter Facebook LinkedIn New data released by global trading and technology firm Susquehanna has revealed that the profit per month earned for mining Ethereum using a GPU mining rig has fallen as far as zero in November, down from about $150 in summer 2017. The data indicates that in addition to the dominance of more efficient ASIC miners which dominate the Proof-of-Work mining market, GPU mining of ethereum and other cryptocurrencies is suffering from the prolonged crypto market downturn. Impact of Downturn In August, CCN reported that Nvidia wound up its cryptocurrency…

Below $200 ETH Mining is Useless, Hash Rate Drop

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After 11 months of relentless bears, statistics from Susquehanna, a US based trading and technology firm has confirmed that mining Ether is no longer profitable. This is mostly due to a relentless bears that have since drove prices from $1400 to $200. Because of this, monthly mining profitability is now zero, down from $150 registered mid last year. The Drop in ETH Mining is Because of Serenity Unlike Bitcoin, Ethereum mining utilizes GPU chip sets. Though they guarantee complete decentralization, Ethereum does not have a predetermined issuance model. Then again…

Bear Market and Declining Hashrates Mean Mining ETH No Longer Profitable, Analysis Finds

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Mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, according to an analysis from U.S.-based global trading and technology firm Susquehanna. CNBC reported Nov. 13 on Susquehanna’s findings, which point to the protracted slump in crypto markets and declining network hashrates as reasons for the profit decrease. In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of Nov. 1 this year, down from almost $150 in July 2017. Susquehanna notes the decline in Ethereum’s price as a major…

Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5 Million in Crypto

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China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7. As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits. Bitmain…

Chinese School Officials Caught Mining Ethereum On School Property

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Twitter Facebook LinkedIn Local Chinese news outlet HK01 reports that teachers at Puman Middle School in Chenzhou, Hunan Province have been caught mining Ethereum on school property. The operation went on for the last several months and did not go entirely unnoticed – people had complained that the computers in the school were making an awful lot of noise. Source: HK01.com The mining operation apparently even bogged down the school network, making it hard for teachers to do their jobs. Eventually the teachers sought answers and uncovered the mining rigs…

Canada’s DMG Blockchain Puts 85 Megawatt Crypto Mining Facility Into Operation

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Canadian blockchain and cryptocurrency company DMG Blockchain Solutions Inc. has energized its new crypto mining facility, according to an announcement published Nov. 8. DMG states that the facility will start at 60 megawatts, and can expand its capacity up to 85 megawatts. DMG Blockchain Solutions initially revealed its plans to launch the station in July, stating that  their crypto mining operation will be implemented on an industrial scale with direct support from the local government and electricity providers. The station will purportedly increase DMG’s hosting capability by more than 20…

Canadian Bitcoin Mining Firm Hut 8 Sees Record High Revenue in Q3 2018

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Canadian Bitcoin (BTC) mining company Hut 8 has reported record revenue in the third quarter (Q3) of 2018, according to the company’s quarterly financial report published Nov. 8. Hut 8, which claims to be “the largest” public crypto mining company by operating capacity and market capitalization, has revealed its financial results for Q3 of this year, stating that its revenue reached a record high $13.5 million for Q3, and $27.7 million for the nine months ending on Sep. 30. Revenue increased by 126 percent compared to the previous quarter revenue…

Mining Giant Bitmain Hurries to Deploy 90,000 S9 Antminers Ahead of Bitcoin Cash Hard Fork

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Ahead of the imminent Bitcoin Cash (BCH) hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang, Chinese blockchain news source DeepChain reports Nov. 8. As reported, the BCH network will hard fork on Nov. 15, and Bitmain is reported to be strategizing its role in the forthcoming computing “power war” by reaching out to local mining farms in the coal-rich region of Xianjing. Local mining pool operator Yu Hao told DeepChain that the mining titan has been in…