Tag: Mining

Pennsylvania crypto mining permit halt cut from bill after union pressure

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A Pennsylvania House Representative has cut a two-year crypto mining ban from their bill to regulate the sector’s energy consumption claiming trade labor unions pressured the change. On Oct. 16, the Pennsylvania House Environmental Resources and Energy Committee passed the Cryptocurrency Energy Conservation Act by a slim margin — 13 for and 12 against — after no movement on the bill since its introduction to the Committee on June 21. The Committee’s chair and the bill’s sponsor, Democratic Representative Greg Vitali, told local media outlet The Pennsylvania Capital-Star the same…

Mining BTC is harder than ever — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts a new week firmly back in the “Uptober” spirit as the weekly close gives way to a classic short squeeze. In a return to classic BTC price volatility of the kind seen earlier in the month, the largest cryptocurrency is tackling $28,000 ahead of the first Wall Street open. While still in an established trading range, Bitcoin is keeping traders on their toes, with both longs and shorts getting caught out by short-term spot price moves, and liquidations are mounting. Sentiment is fluctuating in step with these…

El Salvador pioneers first Bitcoin mining pool, boosting renewable energy

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El Salvador is launching its first Bitcoin mining pool, called Lava Pool, aiming to decentralize mining and leverage renewable energy. El Salvador is set to establish its first-ever Bitcoin mining pool after a historic collaboration between Volcano Energy and Luxor Technologies. The initiative aims to harness El Salvador’s distinct regulatory advantages and renewable energy capacity.  While part of this energy will be earmarked for Bitcoin mining, the remaining supply will offer economical electricity options to El Salvador’s local communities. 🇸🇻Excited to announce the launch of Lava Pool in collaboration with…

What is the CryptoNight mining algorithm, and how does it work?

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Understanding mining algorithms Mining algorithms are the backbone of blockchain-based networks like Bitcoin and other protocols.  In blockchain technology, mining algorithms are necessary for transaction verification and network security. A mining algorithm instructs miners’ computers to follow a set of rules to generate a valid block.  Proof-of-work (PoW) is the well-known consensus algorithm used by Bitcoin and other cryptocurrencies. In PoW, miners compete using computational power to find a specific hash value that will give them the new block. Application-specific integrated circuits (ASICs) are the specialized hardware necessary for miners…

Bitfarms increases mining pace, generates 411 BTC in September

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The Canadian Bitcoin (BTC) mining firm Bitfarms has been actively scaling operations, significantly increasing the amount of mined BTC last month. Bitfarms mined a total of 411 BTC in September 2023, up 7.3% from the amount mined in the previous month, the company announced in its latest mining update on Oct. 2. Out of 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. The firm continues to hold 703 BTC — worth nearly $20 million at the time of writing. The mining production increase is a…

Bitcoin halving to raise ‘efficient’ BTC mining costs to $30K

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Bitcoin (BTC) Ordinals are boosting miner profits, but “income stress” is looming, new research warns. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode predicted fresh problems for miners after Bitcoin’s next block subsidy halving. Bitcoin halving impact on miners could be “severe” Bitcoin miner competition is exploding, with hash rate — the estimated combined processing power deployed to the blockchain — at record highs. For Glassnode, this indicates unprecedented conditions for miners trying to eke out a living at current BTC price levels. Ordinal…

Tecpetrol to launch gas-powered crypto mining facility

Tecpetrol, an Argentinian oil company, has announced plans to launch a crypto mining facility powered by natural gas. The project will be in Los Toldos II Este region, north of Vaca Muerta in Argentine Patagonia. The mining facility will start operating in late October or early November. Tecpetrol has launched an initiative to convert excess gas produced during oil drilling into energy for crypto mining. The goal is to minimize environmental impact by avoiding gas emissions and flaring, which burns off gas that can’t be stored or transported easily. The project will…

Argentinian oil company to start mining crypto with gas power leftovers

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A Buenos Aires-headquartered oil company, Tecpetrol, has decided to convert excessive gas into energy for cryptocurrency mining.  As reported by local media on Sept. 24, Tecpetrol will launch its first gas-powered crypto mining facility in the Los Toldos 2 Este region, located north of Vaca Muerta in the Argentine Patagonia. The company claims its approach would allow it to advance its crude oil production project and optimize gas utilization, thereby reducing waste. Related: Stronghold requests permission to burn tires for crypto mining in Pennsylvania The company is planning to drill…