Tag: Mining

Iran to set Electricity Tariffs for Bitcoin Mining 

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Iran’s Economic Commission has agreed to set electricity tariffs for bitcoin mining activities based on the prices used for electricity exports. The new tariff scheme is expected to come into effect as soon as it gets approved by the Iranian Cabinet, according to a Financial Tribune report, July 21, 2019. Iran’s Crypto Miners to pay More  These are not the best of times for bitcoin and altcoin miners in Iran, as the government is now ready to significantly increase electricity prices for the business. Per sources close to the matter,…

Iran Has Not Issued Any Licenses for Importing Crypto Mining Equipment

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Iran’s customs administration has not issued licenses for importing digital currency mining equipment into the country due to the absence of approval from the government. Deputy President of the Islamic Republic of Iran Customs Administration (IRICA) Jamal Arounaghi said that the agency has not issued any licenses for importing cryptocurrency mining devices into the country, multilingual Tehran-based news outlet Mehr News Agency reported on July 21. While cryptocurrency mining equipment is banned in the country, IRICA has determined a tariff rate for its import, defining it as related to the…

Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint

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Natural gas acquired as a byproduct of oil extraction has become synonymous with wasted energy. In certain areas, drilling companies are unable to find a profitable market for the excess fuel. It’s often vented into the atmosphere. Startups are now offering on-site systems that utilize the surplus to mine cryptocurrencies. This new business is growing in regions where shale oil and gas extraction are major industries. Also read: Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency Status Fossil Fuels Aren’t Going Anywhere At least…

Miners Flock to Iran Where Bitcoin Mining Is Set to Be Sanctioned

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According to regional reports, the Central Bank of Iran (CBI) is planning to allow licensed cryptocurrency mining as long as operations are charged for electricity based on the price of export. The CBI governor, Abdol Nasser Hemmati, explained that mined cryptocurrencies should flow back into the Iranian economy. Also read: Bitcoin Miner Recounts Struggle to Obtain Cheap Iranian Power Chinese Miners Negotiate With Iranian Leaders to Set Up Mining Operations in the Free Trade Zones In December 2018, there were reports of miners stemming from China, Spain, Ukraine, Armenia, and…

US Sanctions on Iran Crypto Mining — Inevitable or Impossible?

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If there’s one thing the United States has had a history of, it’s imposing sanctions on its enemies. Venezuela, Cuba, North Korea, Russia and numerous other nations have been subject to restrictions and penalties over the years, with the U.S. harnessing its economic muscle in order to punish pretty much any country that doesn’t play by the international rulebook. One of the most notable of these countries is Iran — which, since the Iran hostage crisis of 1979, has been on the receiving end of a long series of prohibitions, blocks and…

BTC and LTC Halving ‘Shock’ May Be Mitigated by Merged Mining: Report

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The effect of block reward halvings for both Bitcoin (BTC) and Litecoin (BTC) mining could be mitigated by merged mining, according to a report by a research arm of major crypto exchange Binance released on July 12. Following Charlie Lee’s prediction that some miners may shut down Litecoin mining after the halving, which is expected to take place on Aug. 5, 2019, Binance Research analyzed the potential of so-called merged mining to retain incentives for crypto miners. Merged mining is a practice of using the work done for one blockchain,…

Bitcoin Mining Industry Is Booming as Difficulty Soars 14% to New High

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Mining difficulty on the Bitcoin (BTC) network has taken its steepest upturn in almost a year, data from major Chinese mining pool BTC.com reveals. On July 9, difficulty surged by over 14% to hit 9.06 trillion (9.06 T), at an average hash rate of 64.85 EH/s — a new all-time-high in the network’s history. The last time the network posted such a sharp increase in block producing difficulty was back in late July 2018, when it soared almost 15% over a 2,016 block interval.  At that time, however, average hash…

Iran Plans to Allow Crypto Mining, Central Bank of Iran Governor Says

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Iranian authorities are planning to authorize cryptocurrency mining, as the governor of the Central Bank of Iran (CBI) declared, news agency PressTV reported on July 10. CBI governor Abdol Hemmati reportedly claimed that the Iranian government has approved some parts of an executive law that would authorize mining of cryptocurrencies such as Bitcoin (BTC) in Iran. Hemmati’s claim follows a lengthy back-and-forth on the legal status of cryptocurrencies in Iran. As Hemmati explained, the planned law will require crypto mining in Iran to abide with the price of electricity for…

Next Month’s Halving Will Be a ‘Shock’ to Litecoin Mining

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Litecoin (LTC) creator Charlie Lee has predicted that miners may shut up shop after the coin’s upcoming halving this summer.  In an interview with Australian crypto news site Mickey on July 10, Lee reflected on the possible implications for Litecoin’s mining ecosystem when the planned halving kicks in and current block rewards on the network are reduced by 50%. “It’s always kind of a shock to the system,” he said, explaining:  “When the mining rewards get cut in half, some miners will not be profitable and they will shut off…

Chia Releases Green Paper Detailing Eco-Friendly Means of Crypto Mining

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San Francisco-based tech firm Chia Network has released a green paper that describes an eco-friendly means of mining cryptocurrencies. The green paper provides a description of how proof of space and proof of time create a “Nakamoto-style” consensus algorithm for Chia’s blockchain. Specifically, Chia proposes to “farm” rather than mine to verify blockchains that issue cryptocurrencies, wherein proof of space and proof of time take the place of the proof of work (PoW) principle used for mining of Bitcoin (BTC) and Ethereum (ETH). The paper further explains:  “Instead of using…