Tag: Mining

Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well

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A nascent industry utilizing flared gas to power bitcoin mining units has been developing over the past year or so, in symbiosis with the oil and gas industry in North America. Companies providing services in this promising niche continue to install mobile datacenters at oil wells in the U.S. and Canada, helping producers to save on costs and optimize operations while minting digital coins. Also read: China Removes Bitcoin Mining From Unwanted Industries List Crypto Mining Provides Alternative to Gas Flaring Natural gas obtained during oil extraction is a byproduct…

What Powers China’s Crypto Mining Industry, and Is It Sustainable?

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The cryptocurrency mining industry continues to grow daily, supported by a continuous stream of new and more efficient hardware. China is at the forefront of the industry, but as environmental concerns loom, the sustainability of their success is coming into question. Mining chip manufacturers, the most prolific of which are based in China, work tirelessly to develop ever-more-powerful processors. With each new iteration, these high-capacity chips require more and more energy to operate. Newer mining machines render old ones obsolete, resulting in an increasing flow of electrical waste, the majority…

Chinese Regulators Set to Push Inspections of Crypto Mining firms

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Regulators in the Chinese autonomous province of Inner Mongolia continue to crack down on the province’s crypto mining companies. The Global Times reported on Nov. 13 that northern China’s Inner Mongolia Autonomous Region is tightening its grip on crypto mining companies, as it intends to dispatch inspection units to assure the “clean-up and rectification of crypto token mining companies” in the region. “Crypto token market has come to an end in China” Cryptocurrency mining companies whose businesses are deemed to be irrelevant to the “real economy” will be the key…

Iran Offers Bounty for Illicit Cryptocurrency Mining Operations

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Iranian authorities are offering a bounty to anyone who exposes unauthorized mining operations in the country, Iranian news outlet PressTV reports on Nov. 13. A spokesman of the Energy Ministry announced the bounty program during an interview with local news outlet IRIB News, while illustrating the new electricity pricing mechanism for miners. Mostafa Rajabi, the spokesman in question, said yesterday that people who expose cryptocurrency mining operations that are illicitly using subsidized electricity will receive up to 20% of the recovery of damages. Rajabi told reporters that new regulations ban…

C++ Creator Laments C++ Use in Bitcoin Mining Operation

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Bjarne Stroustrup, a Danish computer scientist and the creator of C++ programming language, has vented his frustration with use of C++ in Bitcoin (BTC) mining. Stroustrup made his remarks during an interview for Lex Friedman’s podcast released on Nov. 7. Speaking with Friedman, Stroustrup provided an extensive insight into the evolution of C++, the language’s concepts, implementations and efficiency. Although Stroustrup noted that programming languages generally have large user bases that use them in ways they were not designed for, he expressed disappointment that Bitcoin’s creator, Satoshi Nakamoto, chose C++…

Bitcoin Mining IPO Could be the New Gold Rush

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Bitcoin mining giants Bitmain Technologies and Canaan Creative seem to have found a new area of competition — launching a U.S. IPO. Both companies are set to go head to head in trying to one-up the other in what could be the first-ever crypto-related public offering in the United States. Bitcoin Mining Giants Seek U.S. Market Many commentators have likened the crypto space to the Wild West and others have described bitcoin as digital gold. Now, Bitmain and Canaan Creative are figuratively spearheading a U.S. bitcoin mining rush akin to…

Bitcoin Mining Firm Canaan Creative to Launch Its IPO Next Week on Nasdaq

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Failing to go public on the China and Hong Kong exchanges, Canaan now will make its public listing through the Nasdaq platform. Canaan Creative, the Chinese Bitcoin mining company is all set to go public by listing its shares on the Nasdaq trading platform next week on November 20. As we have already reported, Canaan filed for its U.S. IPO on October 28, with Galaxy Digital, Credit Suisse, Citigroup and four other underwriters. Canaan is one of the biggest rivals of Bitmain in the crypto mining space. As per the report,…

Mining is Back in the Game with Online Simulator RollerCoin

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Hardly any facet of real life has not yet been reflected by simulator games. Widely ranged, from extra-popular The Sims to realty tycoons and trading simulators, they aim to help users train their skills and fresh thinking rather than merely entertain them. The same applies to the cryptosphere, with mining simulators spreading across the Internet. The reason why more and more users are getting hooked on seemingly uneventful mining gameplay is getting real rewards in cryptocurrency, without spending a dime on rigs or utilising CPU power. The blockchain-empowered mining simulator…