Tag: Mining

Cleanspark Purchases 45,000 Bitcoin Mining Devices, Adding 6.3 EH/s to Current Fleet – Mining Bitcoin News

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On Tuesday, the bitcoin mining company Cleanspark announced that it had purchased 45,000 Antminer S19 XP bitcoin mining devices for a total price of $144.9 million. Cleanspark stated that the new fleet would add 6.3 exahash per second (EH/s) of computational power to the company’s current 6.7 EH/s. Cleanspark Acquires 45,000 Bitmain Antminers for $144.9 Million This year, bitcoin mining firms are once again making large purchases of application-specific integrated circuit (ASIC) bitcoin mining rigs after taking a brief break in 2022. On Tuesday, April 11, 2023, the bitcoin mining…

What the New York Times Gets Wrong About Bitcoin Mining

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That rumored hit piece arrived on Sunday, April 9, and it is profoundly strange. Its actual findings are stretched to fit a conclusion handed down, it seems clear, from the newspaper’s higher-ups. On its face, the piece is almost comically incoherent, but that very incoherence highlights its real message: Bitcoin is bad because we say it is. Original

Bitcoin mining firm Bitmain reportedly fined for tax violations in China

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Beijing-based cryptocurrency mining firm Bitmain has reportedly violated tax regulations in China, with local authorities imposing major fines. Bitmain Technologies has been slapped with a tax penalty from the Beijing Municipal Office of the State Administration of Taxation, the local news agency Sina Finance reported on April 11. The authority fined Bitmain about 25 million Chinese yuan, or $3.7 million, the report notes, citing details from China’s data registry of private and public companies, Qichacha. According to the data, Bitmain was penalized on April 4, 2023, with the firm allegedly…

Bitcoin Proponents Accuse the New York Times of Publishing One-Sided ‘Hit Piece’ on Bitcoin Mining – Bitcoin News

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After the New York Times was accused of writing favorable pieces about disgraced FTX co-founder Sam Bankman-Fried and inviting him to speak at the news outlet’s Dealbook Summit, it is once again being criticized for publishing a “hit piece” about bitcoin mining. The article’s authors claim that bitcoin mining is harmful to the environment, while the editorial also alleges that one of the authors went to great lengths to investigate the story. However, bitcoin proponents disagree with the article’s premise and maintain that the Times reporter did not use current…

‘Don’t Mess with Texas Innovation’ — advocates criticize bill removing crypto mining incentives

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Three crypto advocacy groups have launched a campaign in response to proposed legislation that would remove many incentives for miners operating in Texas. In an April 10 announcement, the Texas Blockchain Council, Chamber of Digital Commerce, and Satoshi Action Fund called on Texas residents to reach out to lawmakers in opposition to the state’s Senate Bill 1751. The legislation, if passed, would amend sections of Texas’ utilities and tax code to add restrictions for crypto mining facilities. The campaign, named ‘Don’t Mess With Texas Innovation’ — a play on the state’s…

Bitcoin proponents respond to New York Times’ BTC mining report

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The New York Times’ latest report on Bitcoin (BTC) mining, titled “The Real-World Costs of the Digital Race for Bitcoin,” has irked many BTC proponents — some of whom took to Twitter to call out certain aspects of the report, including saying it was “cherry-picking” data. The NYT article says Bitcoin mining has a “voracious” appetite and claims it uses as much energy as all residences in New York City. In response, Daniel Batten — a Bitcoin environmental, social and governance (ESG) analyst — pointed toward what he said were…

Russia Takes Second Place Rank by Power Capacity in Crypto Mining, Reports – Mining Bitcoin News

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Russia is now ranking second in terms of energy capacities engaged in the extraction of cryptocurrencies, new data suggests. Despite persisting regulatory uncertainty and the negative effects of sanctions, the amount of power devoted to the sector has been growing, reaching record highs this year. 1 GW of Electrical Power Involved in Crypto Mining in Russia During Q1 of 2023 Russia has for the first time climbed to second place in the world in terms of total power capacity of the facilities devoted to the production of digital currencies. According…

Bill protecting Bitcoin mining rights passes in Arkansas Senate and House

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A bill seeking to regulate Bitcoin mining activity in the State of Arkansas has passed in both the House of Representatives and Senate, moving now to the governor’s office for approval. According to the bill, the Arkansas Data Centers Act of 2023 intends to regulate the Bitcoin mining industry in the American state, creating guidelines for miners and protecting them from discriminatory regulations and taxes. Arkansas’ state legislators quickly passed the bill after it was proposed on March 30 by Senator Joshua Bryant, shows the act’s status page. The document…

Sphere 3D files lawsuit against Gryphon Digital Mining after BTC transfer

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Crypto miner Sphere 3D has filed a lawsuit against its partner Gryphon Digital Mining after an allegedly spoofing attack led to the irregular transfer of Bitcoin (BTC), according to court documents on April 7.  “Today we filed litigation against Gryphon, the custodial management services provider of our blockchain and cryptocurrency-related services, for materially breaching the Master Services Agreement (“MSA”) we entered into with Gryphon,” said Patricia Trompeter, CEO Sphere 3D in a statement for investors, adding that “Gryphon has put the Company’s assets at significant risk and willfully violated their…