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Phoenix Group, a leading Bitcoin mining firm based in the UAE, has recently invested significantly in expanding its operations. The company has acquired mining rigs worth $187 million from Bitmain, a leading provider in the field. This move comes shortly after Phoenix Group’s investment of $136 million in rigs. This acquisition is a strategic step following Phoenix Group’s notable achievements, including a groundbreaking partnership with Whatsminer in December 2023 and a successful initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) in the same period. You might also like: SEC lawyers to investigate market manipulation amid fake news about Bitcoin ETF Bijan Alizadehfard, the co-founder and CEO of Phoenix Group, emphasized the importance of partnerships with industry giants Bitmain and Whatsminer. He noted that these collaborations provide access to the most advanced technology in the field, fuel the company’s growth, and redefine the...

Bitcoin mining has hit a historic high, with a 5.07% surge in mining difficulty — a record 67.96 T.  Data from blockchain explorer BTC.com indicates the leap in Bitcoin (BTC) mining difficulty has reached an unprecedented 67.96 T (terahashes), with the average hashrate — the Bitcoin network’s computational power gauge — standing at a robust 504.80 EH/s (exahashes per second).  Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH/s. https://t.co/vgAkEgyDOf — Wu Blockchain (@WuBlockchain) November 26, 2023 Bitcoin mining difficulty has been on a steady upward trend throughout 2023, and the latest adjustment at block height 818496 is another meaningful landmark for the digital currency. Bitcoin mining difficulty trend. Soure: BTC.com Mining difficulty is a dynamic metric...

Bitcoin miner supplier Bitmain has released its brand-new Antminer T21, featuring a computing power of 190 TH/s and an energy efficiency ratio of 19 J/TH. Bitmain, a major global manufacturer of Bitcoin (BTC) application-specific integrated circuits (ASIC), has officially released its new air-cooled BTC miner, Antminer T21. Bitmain took to Twitter on Oct. 26 to announce the world premiere of the new Antminer T21, the firm’s new air-cooling miner that can withstand ambient temperatures up to 45 degrees Celsius. According to Bitmain’s head of marketing, Xmei Lin, the Ant miner T21’s global release happened at the Blockchain Life 2023 Forum in Dubai, where Bitmain was a “diamond sponsor.” Bitmain’s brand-new mining device is expected to start shipping in January 2024, the company’s spokesperson told Cointelegraph. The air-cooling miner supports the SHA256 mining algorithm used for mining proof-of-work (PoW) cryptocurrencies like Bitcoin, as well as forked coins like Bitcoin Cash (BCH...

Cryptocurrency mining in Uzbekistan can only be carried out by legal entities with the use of solar power, the local crypto watchdog has reiterated. Cryptocurrency mining in Uzbekistan is overcoming major changes as the country’s major crypto market supervisor has approved a framework for licensing crypto mining operations. Uzbekistan’s National Agency for Perspective Projects (NAPP) issued a decree on licensing cryptocurrency mining operations, limiting such activities exclusively to legal entities . Apart from banning individual miners’ operations, the NAPP has also required firms to only use solar power to mine cryptocurrencies like Bitcoin (BTC). However, miners can still use the unified power system of Uzbekistan in certain cases stipulated by the legislation. The document doesn’t mention what cases are meant. Among other requirements, Uzbekistan’s cryptocurrency watchdog demanded companies set up a dedicated room for installing mining equipment and only mine crypto by the reg...

Crypto market analysts tend to interpret Bitcoin miners selling their of BTC rewards as bearish, but miners countered this logic in detail at the recent Bitmain WDMS conference. Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where BTC price might go.  According to the strategy, Bitcoin miner rewards sent to exchanges foreshadows pending sell pressure on Bitcoin price and possibly reflects distress among miners . Elements of this methodology were challenged by an assortment of publicly listed Bitcoin miners at last week’s Bitmain World Digital Mining Summit in Hong Kong. Bitmain WDMS panel on Bitcoin mining and renewable energy. Source: Cointelegraph According to Jeff Taylor, the Core Scientific EVP of Data Center Operations, “Core Scientific might be the poster child for the HODL strategy. We built a 10,000 Bitcoin hoard and we rode it up...

Crypto mining has its challenges, forcing users to seek alternatives. This is especially true if investors need to diversify their revenue streams. While cloud mining can be an option, it suffers from limited accessibility.  TopHash, a hash power marketplace and cloud mining platform, aims to change this by expanding global availability. Users must sign up, choose a cloud mining plan, and deposit the required amount to get started.  You might also like: Tether launches testing phase for Bitcoin mining platform TopHash has eight mining plans, allowing clients to mine various coins, including Bitcoin Cash (BCH), Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DOGE).  Cloud mining contract prices and terms vary based on the plan. Users can select any that align with their investment goals and risk appetite. Additionally, TopHash offers an affiliate program, allowing users to register and participate. Read more: Bitcoin mining firm ...

Cambridge researchers have revised the widely cited index in response to evidence indicating periodic overestimation of Bitcoin mining’s electricity consumption. Researchers behind the well-known Cambridge Bitcoin Electricity Consumption Index (CBECI) have officially revised its methodology to enhance the accuracy and reliability of the Index’s estimates for the first time since its inception in 2019. The CBECI was launched in July 2019 in an effort to provide reliable data-driven insights to questions about Bitcoin mining’s energy-intensive nature and associated environmental impact.  Speaking exclusively to Cointelegraph ahead of announcement of the revision, head researcher Alexander Neumueller unpacked the Index’s role in providing a relatively accurate estimate of the Bitcoin (BTC) network’s electricity consumption and contextualizing the data in a way that is digestible for the layman on the street. Key takeaways from the revised methodology included a focus on recent developme...

The video showed multiple scenes depicting rows of what appears to be Bitcoin mining rigs, but the cryptocurrency never got a mention. The World Economic Forum (WEF) showcased the facilities and tech employed by a cryptocurrency mining firm and implied its operations were the “biggest winner” for the environment — but it never actually said it was mining crypto. Published on April 20, the WEF video promoted efforts towards reducing flaring — where large amounts of gas from oil production or from decomposition are wasted — by the Colorado-based Bitcoin (BTC) miner Crusoe Energy Systems. Prominent imagery of what appear to be cryptocurrency mining facilities are presented throughout the video; however, the video never directly addresses what is actually happening. The video (screenshot) appears to show a facility housing Bitmain Antminer mining rigs but is referred to as a data center. Source: WEF Chase Lochmiller, CEO, and co-founder of Crusoe explained in the video that it builds an...

An active-duty United States Space Force astronautical engineer is proposing to the Pentagon a new cybersecurity tool: Bitcoin. An active-duty United States Space Force astronautical engineer is proposing to the Pentagon a cybersecurity tool capable of transforming the country's national security and even the base-layer architecture of the internet: Bitcoin (BTC). In an academic thesis, Major Jason Lowery, who is also a National Defense Fellow at Massachusetts Institute of Technology (MIT), presented a new theory to the U.S. Department of Defense that Bitcoin is more than just a peer-to-peer payment system, but it is a new form of "digital-age warfare," arguing that proof-of-work technologies will change the way humans compete globally, according to Ben Schreckinger's review of the book in Politico. Published in February, Lowery's master's degree thesis dubbed "Softwar" sits in third position on Amazon's list of best-selling technology books ...

An Earthjustice lawyer said the hearings and discovery process would give Kentuckians a good idea what they would be paying for by subsidizing the facilities. The Kentucky Public Service Commission (PSC) has reportedly opened a formal investigation into two proposed contracts that would offer discounted electricity prices to new crypto-mining operations. According to a Dec. 5 statement from environmental law group Earthjustice, the government department would be looking to determine whether subsidizing crypto mining operations will raise electricity costs for Kentucky residents. The two Mining contract s under investigation include one between Kentucky Power and Ebon International LLC, which runs a 250-megawatt Mining facility in Louisa, as well as Mining company Bitki-KY, which operates a 13-megawatt facility in Waverly, Kentucky. The contract proposes to give discounted electricity rates to the Ebon Facility, while the Bitki-KY has already received a $250,000 tax credit from the sta...

The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month has allowed miners to recoup losses. The total Bitcoin mining revenue — block rewards and transaction fees — in United States dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. While the current market price of around $16,500 suggests an obvious increase in mining revenue, factors including greater mining difficulty and rising energy prices contribute to lower income in dollar terms. Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of...

Grayscale plans to buy mining equipment at discounted prices and offer co-investment opportunities to accredited investors. Source: https://thebittimes.com/grayscale-announces-new-arm-to-invest-in-bitcoin-mining-hardware-tbt25711.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Bitcoin News Post by: TheBitTimes.com

On 3 October, Bitcoin’s hashrate stood at 224.48 EH/s. It jumped to 266.9 EH/s yesterday, but then fell back to 244.3 EH/s. On Wednesday, however, it rebounded and went on to clinch a new all-time high. JUST IN: #Bitcoin hashrate reaches a new all-time high of 302.56 EH/s. — Watcher.Guru (@WatcherGuru) October 5, 2022 Per CoinWarz’s data, at block number 757,147 Bitcoin’s hashrate reflected an ATH value of 302.56 EH/s. At press time, yet again, another minor pullback was noted as the metric’s reading was down to 291.46 EH/s. Source: CoinWarz Impact on Bitcoin miners On one hand, a rising hashrate indicates that the network is becoming more secure. But on the other, it puts pressure on miner profitability numbers. The revenue earned per Exahash by Bitcoin miners has been in a persistent and long-term downtrend. As illustrated below, the BTC-denominated reward has been hovering around its all-time low of 4.06 BTC per EH per day. The same tr...