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Growth in US Bitcoin mining does not reflect in stocks performance

The US has become the dominant country for crypto mining, but that dominance isn’t reflected in the crypto mining stocks, which continue to perform poorly as the market plunges, Barrons reported. The Cambridge Bitcoin Electricity Consumption Index (CBECI) had revealed that the US accounts for around 38% of the global Bitcoin hash rate in January 2022;...

China makes a comeback in the Bitcoin mining scene

New Bitcoin (BTC) mining data from the Cambridge Centre for Alternative Finance (CCAF) has revealed that China has resurfaced as a leading mining hub. This resurgence comes after the country banned BTC mining in the past year, citing BTC’s Proof-of-Work (PoW) consensus mechanism, which is energy-intensive. According to CCAF, China’s ban on BTC mining...

Kazakhstan imposes strict energy consumption reporting requirements on crypto miners

Kazakhstan has imposed new reporting requirements that seek to determine the energy consumption rate by crypto miners. The order requires every crypto-miner in the country to provide detailed information about their operations 30 days before commencing operations.  Kazakhstan requests new information from miners The new rules aim to determine how...

Is a Bitcoin miner the same as an Amazon server and why does it matter?

The Bitcoin Mining  Council, led by Michael Saylor, has hit back at a US Congress group that petitioned the Environmental Protection Agency to criticize proof of work mining. The council’s letter focuses, in part, on comparing Bitcoin mines to computer data centers.  They aim to highlight that the EPA has no jurisdiction to dictate what happens inside...

Bitcoin’s hash rate surges despite persistent economic uncertainty

CoinWarz shows the Bitcoin hash rate continues to explode, hitting a new all-time high of 270 EH/s on Monday before settling around the 220 EH/s today. A rising Bitcoin hash rate indicates the number of miners on the network is growing. This is often taken as a measure of growing miners’ confidence in BTC. Source: coinwarz.com However, considering...

Bitcoin Mining Council report – Tesla may accept BTC again for this reason

The Bitcoin Mining Council has released a report that confirms that 58.4% of Bitcoin mining comes from a “sustainable electricity mix.” Elon Musk famously said that Tesla would start accepting Bitcoin when  “there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”...

A looming global energy crisis could directly affect Bitcoin miners

The World Bank recently reported that global energy prices could remain “historically high” until 2024. They expect energy prices to “rise more than 50% in 2022.” Given that energy is the only direct cost to the Bitcoin mining network, what might this mean for the future of PoW mining? Speaking to Mas Nakachi, Managing Director at XBTO, he told us,...

New York Assembly passes bill to temporarily ban Bitcoin mining

The New York State Assembly has passed a mining moratorium bill to pause all crypto mining development for two years. The essence of the moratorium is to give the state enough time to examine the impact of mining in the state. Two-year moratorium on carbon-fueled mining Assemblymember Anna Kelles sponsored the Bill designed to prevent the issuance...

New York lawmaker proposes 2 year moratorium on power plants to stop growth of crypto mining

New York has become a battleground for crypto mining after lawmaker Anna Kelles submitted a proposal to “place a two-year moratorium on reactivating fossil-fuel power plants for off-the-grid cryptocurrency mining,” the Wall Street Journal reported. Kyle Schneps, director of Bitcoin mining company Foundry Digital LLC, said. “We view the battle going...

The next Bitcoin halving is 2 years away, here is why it matters

Online debate around the upcoming Bitcoin (BTC) halving event is heating up. Those discussing it are delighted that the cryptocurrency community only has approximately two years before this event, leaving many outsiders asking what it is and why it is so crucial. According to CoinMetrics‘ ‘State of the Network’ email newsletter dated April 19, Bitcoin...

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