Tag: Mining

UAE emerges as a pro-Bitcoin mining destination in the Middle East

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The United Arab Emirates (UAE) is gradually solidifying its status as a go-to Bitcoin (BTC) mining destination in the Middle East. The country has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate. The UAE’s mining journey began with Bitcoin miner Marathon Digital partnering with Zero Two — the digital asset arm of Abu Dhabi’s sovereign wealth fund — in May. The joint venture established two mining sites with a combined 250-megawatt (MW) capacity…

Libya cracks down on illegal crypto mining, arrests 50 Chinese nationals

On June 22, authorities in Libya searched and arrested several individuals as part of their efforts to combat illegal crypto mining in the country. The raid in a data center resulted in the detention of 50 Chinese nationals. Libya crackdown on illegal crypto mining During a search by interior ministry agents at a farm in Zliten, located 160 kilometers east of Tripoli, they reported that minors were generating virtual currencies with the assistance of the detained Chinese individuals.  In a video shared on Facebook by the Tripoli prosecutor’s office, the crypto-mining…

Bitcoin mining heats water in Brooklyn Bathhouse, users flip out

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A bathhouse in Brooklyn, New York, has left users on Instagram and Twitter divided after it revealed that it is using Bitcoin (BTC) mining rigs to heat its spa. In a June 21 Instagram post, Bathhouse explained it is running Bitcoin mining rigs at its location in Brooklyn, which generates heat as a byproduct. In the post, it described in three steps how the heat is taken by heat exchangers and used to heat the venue’s pools via a circulating system. Bitcoin mining is the process of creating valid blocks that…

CleanSpark buys two Bitcoin mining campuses for $9.3M

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Crypto mining firm CleanSpark is moving forward with its aggressive infrastructure expansion in the United States by acquiring two Bitcoin (BTC) mining facilities in a $9.3 million cash deal.  According to a June 21 announcement, the two facilities CleanSpark will purchase are turnkey Bitcoin mining campuses in Dalton, Georgia. With turnkey mining, users can buy an assembled, configured and optimized Bitcoin mining rig to use on mining farms. The facilities will host over 6,000 Antminer S19 XPs and S19J Pro+s, which are expected to add about 1 exahash per second (EH/s)…

Bitcoin June 2024 Expiry Futures And Options in High Demand Due to Mining Reward Halving: Deribit

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“Normally, Deribit would introduce the June 2024 options and futures next week at the June 2023 quarterly expiry. However, with the halving expected in April, clients have requested us to list them earlier to facilitate the trading of these contracts ahead of the regular listing date,” Deribit’s Chief Commercial Officer Luuk Strijers told CoinDesk. Original

Buying Bitcoin is preferable to BTC mining in most circumstances — Analysis

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While intuitively, mining Bitcoin may appear like a highly profitable endeavor, research suggests otherwise.  After discovering Bitcoin, most users go down the rabbit hole and consider whether it is better to mine or buy Bitcoin directly. They usually give up due to the cost and rigor of running ASIC miners, regulatory uncertainty, and the lack of technical expertise. Hypothetically, if one overcomes the above challenges, they could enjoy advantages such as full autonomy over their operations and diversification of their crypto investment via physical hardware instead of directly purchasing Bitcoin,…

Mining Pools Are the New Mixers For Cybercriminals: Chainalysis

Although the funds always came to the exchange via intermediary wallets, Chainalysis found instances in which the wallet receiving ransomware proceeds sent funds directly to the mining pool wallet, which then sent the coins to the exchange. This might mean that both the ransomware- and mining-related wallets belong to the same owner, who is using mining as a way to launder criminal funds, Chainalysis wrote. Source

Here’s how hackers are using mining pools as mixers: Chainalysis

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While good actors within the crypto space channel their creativity toward building new things, bad actors use the same energy to devise more ingenious ways to hide their ill-gotten gains.  A new report from blockchain analytics firm Chainalysis shows how wallets involved in ransomware attacks are turning to crypto mining pools to launder the funds acquired through exploits. According to the firm, a highly active wallet address from what it described as a “mainstream exchange” has received funds from wallets and mining pools linked to ransomware. The deposit address received…

Binance goes for bitcoin cloud mining despite regulatory uncertainty

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Amidst stringent regulatory scrutiny in the US, Binance is diving headfirst into the crypto mining landscape with a new subscription-based cloud mining service for bitcoin. As of June 15, the company unveiled its novel cloud mining services, catering specifically to Bitcoin (BTC) mining aficionados who lack the requisite hardware to participate directly. For those new to the concept, cloud mining involves leveraging a data center’s computing power to mine cryptocurrency, in this case, bitcoin. Hashrate, the…

Exchange Floats New Product for Mining BTC

Binance also disclosed that the BTC mining subscription service will only be active for 180 days or thereabout. The weight of regulatory pressure from the US Securities and Exchange Commission (SEC) appears to have little or no effect on the activities of crypto exchange Binance. This follows after the exchange recently announced the Binance cloud mining product and services. According to the announcement, the service goes live on Thursday, June 15th, and access to it will be subscription-based. That is, from Thursday, Binance users who would love to mine Bitcoin…