Tag: Mining

Bitcoin Mining Is an Oligopoly, and Proof-of-Stake Isn’t Any Better

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Today PoW and PoS blockchains have conflicting interests between miners/validators and network users. Users would benefit from faster and cheaper transactions, but in general, this will increase costs to miners and validators, reducing their profits. A version of this conflict came up during Bitcoin’s Blocksize War, where some argued to increase the amount of data in a mined Bitcoin block, theoretically making transactions faster and cheaper. The corresponding cost for miners would be higher with bigger blocks, but fees would be lower. Who won out? Original

Revenue Constraints Will Drive Bitcoin Mining to Sustainability

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Climate change will and is destabilizing society with its unpredictable but increasingly probable effects on our food production, water resources, and infrastructure. People often turn to the political strongman in times of deep uncertainty. If Bitcoin does save the planet, it will be through its preservation of economic liberty and with that, human rights. Now that is a narrative that I can sing from the highest towers. Original

The Honest Truth About Bitcoin Mining, Energy and the Environment

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Third, miners with access to cheaper energy enjoy a tremendous advantage. If energy is 70% of your cost and you can find a 50% savings on energy, you’ve just cut expenses by 35% making for a dramatic increase in margins. Other business advantages matter too – firmware, cooling, taxes, personnel, access to capital, uptime, etc. – but the 800-pound gorilla is your electricity bill. If you have a significant disadvantage on a cost that accounts for 70% of your expenses, then no matter your other advantages, your business is on…

Through It All, the Bitcoin Mining Industry Looks Set for Growth

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How Texas Became a Global Mecca for Bitcoin Mining

Genesis Digital Assets, a bitcoin mining company with five data centers in Texas, used a similar framework for choosing the state. Ankit Joshi, Head of North America at Genesis Digital Assets, calls it the “3 Ps” of Power, Purpose, and People. Texas has cheap power. As for purpose? “Bitcoin is all about freedom,” says Joshi. “And in my dealings with the utilities and the regulators, Texas is all about freedom. Texas is all about hard work,” he says, which is why the “whole Texas story” resonated with the company. Source

Biggest mining difficulty drop of 2023? 5 things to know in Bitcoin this week

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Bitcoin (BTC) enters the last full week of July on an uncertain footing as $30,000 becomes resistance. In what promises to be an exciting — but perhaps nerve-racking — week for traders, BTC price action is staring down a combination of volatility triggers. Chief among these is the United States Federal Reserve’s decision on interest rates, this headlining an important slew of macro data releases. Some hope that these alone will be enough to shake Bitcoin out of its month-long trading range, in which it has barely moved from the…