Tag: Mining

Analyst Uncovers BlackRock Long Interest In Bitcoin Mining

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Based on a recent report by Bloomberg analyst Jamie Coutts, asset managers’ interest in Bitcoin stretches beyond exchange-traded funds (ETF) into the mining sector. In particular, Coutts speaks about BlackRock, describing the asset manager’s application with the US Securities and Exchange Commission (SEC) to offer a Bitcoin spot ETF as “unsurprising.”  The analyst stated that BlackRock and other prominent global asset managers, namely Vanguard and State Street, have been involved in the Bitcoin mining industry for over three years.  In hindsight, #BlackRock‘s massive #Bitcoin spot ETF play shouldn’t have been…

Bitcoin Mining Now Most Sustainably-Powered Global Industry: Data

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Data shows that the Bitcoin mining sector has become the most sustainably-powered global industry, as more than 50% of it uses clean energy. Majority Of Bitcoin Mining Industry Uses Clean Energy Sources One of the main criticisms against BTC is that the sector uses a considerable amount of energy and, thus, releases a notable amount of emissions. Things appear to be developing for the better and quite fast. In a new post on X, the co-founder of CH4Capital, Daniel Batten, has shared a few charts that look into the sustainability…

Venezuela authorities seize Bitcoin mining machines

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Venezuelan security forces recently raided a criminal gang-controlled Tocorón prison and confiscated Bitcoin (BTC) mining machines, along with various weapons such as grenades, rocket launchers, and guns.  The Venezuelan government sent out over 11,000 soldiers and police to take back the Tocorón prison which served as the headquarters of the notorious Tren de Aragua gang. The development marked the first time that authorities would take action against the country’s most feared criminal group that extended its operations to neighboring countries.  According to reports, members of the feared gang were involved…

Bitcoin miners double down on efficiency and renewable energy at the World Digital Mining Summit

Bitmain rolled out its next generation Antminer S21 and S21 Hydro ASIC miners at the World Digital Mining Summit in Hong Kong on Sept 22, revealing the crucial performance stats that the entire industry has been waiting for. The S21 has a hasrate at 200 TH/s and an efficiency at 17.5 J/T while the S21 hydro hashes at 335 TH/s and 16 J/T which is notable given that until recently, most Bitcoin ASICS were operating above the 20 J/T level. With electricity costs continuing to rise year-over-year and the Bitcoin…

Exploring Bitcoin’s path to a renewable mining future

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While Bitcoin’s journey toward sustainability shows promise, much work is ahead to assess its environmental consequences fully. There’s a prevalent notion that as Bitcoin (BTC) grows, so does its environmental footprint. But the latest data seem to paint a different picture. Consider this: since 2019, Bitcoin’s computational power, or hashrate, has surged four times. You’d expect the associated carbon emissions to follow suit. Surprisingly, data suggests they’ve only gone up by a modest 6.9%. Emissions Decline as Energy Use⬆️👉Despite 4x Hashrate, carbon emissions (blue) are only⬆️6.9% since 2019🤔Remember, Miners don’t…

Bitcoin mining can help reduce up to 8% of global emissions: Report

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A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin (BTC) has the potential to be a catalyst for a global energy transition.  IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.” The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide. Within the report, the authors also highlighted the important…

Core Scientific seals $77M Bitmain deal for 27K Bitcoin mining rigs

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Cryptocurrency mining hardware maker Bitmain and bankrupt crypto mining firm Core Scientific have agreed on a combination of equity and cash to finalize the deal on expanding mining facilities.   The deal between the two mining companies will see Bitmain supply 27,000 Bitcoin (BTC) mining rigs for $23 million in cash, along with $53.9 million worth of common stock of the bankrupt firm. Apart from the mining hardware purchase deal, Bitmain and Core Scientific have signed a new hosting arrangement to assist Bitmain’s mining operations. The deal was finalized in August when…

Crypto Mining Giant Bitmain to Invest $53.9 Million in Core Scientific

Bitmain’s investment represents not only a significant financial commitment but also a strategic move to fortify its partnership with Core Scientific. Bitmain, a leading manufacturer of crypto mining rigs, has announced a substantial investment of $53.9 million in Core Scientific, a major North American blockchain data center provider and digital asset miner since 2017. Core Scientific operates data centers in multiple US states and utilizes their Minder software for efficient mining management and monitoring. This partnership signifies an expansion of their already-established relationship and supply contract. Both companies have agreed…

Bitcoin mining firm Hut 8 gets judicial approval for USBTC merger

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Canadian Bitcoin mining giant Hut 8 secured pivotal judicial approval for its merger with USBTC.  The British Columbia Supreme Court has granted the final judicial go-ahead for the union between Canadian Bitcoin miner Hut 8 and U.S. Bitcoin Corp (USBTC). Scheduled to culminate by year’s end, this merger is poised to reshape the landscape of Bitcoin mining and high-performance computing. We are pleased to share that the Supreme Court of British Columbia has issued a final order approving the merger of equals between Hut 8 and USBTC! 🎉The full details…