Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin

The share price of Bitcoin (BTC) mining firms Riot Blockchain and Hive Blockchain has produced enormous year-to-date (YTD) gains, with stock in Riot nearly doubling while Hive tripled over 2020 so far. However, not all mining firms have fared well throughout the COVID-19 pandemic, with Canaan’s stock falling nearly 70% since early January, and both Hut 8 and DMG Blockchain seeing scant YTD gains despite experiencing significant volatility this year. Mining firms outperform Bitcoin While Bitcoin is up more than 26% from roughly $7,200 to $9,100 since the start of…

Kazakh Gov Plans to Double Its Investment in Digital Currency Mining

Kazakhstan officials revealed the nation’s digital currency development plan to experts from Russia and China at “2020 Astana Online Financial Day”. According to the China Ministry of Commerce on July 1, Kazakhstan plans to double its digital currency mining investment by the end of this year, and continues to develop its central bank digital currency. According to the report, Kazakhstan’s digital currency mining project attracted 82.6 million Tenge, which is about 20 million USD. The scale of this investment will increase by 80 million Tenge in 2020. Blockchain and CBDC…

Mining Giant BHP Completes $14 Million Iron Ore Trade Using Blockchain

The world’s largest mining company BHP Group announced today that it completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies.  The transaction was carried out between BHP and  China Baowu Steel Group, a subsidiary of the world’s largest steelmaker China Baoshan Iron & Steel, commonly known as Baosteel. BHP made the announcement regarding the trade last month saying it was planning to execute a blockchain-based iron ore trade with Baosteel. During the trade, BHP used the blockchain platform to digitally…

US Blockchain Firm Buys 17K Bitcoin Mining Rigs From Bitmain

American blockchain hosting provider Core Scientific signed a deal to buy next-generation Bitcoin (BTC) mining machines from major Chinese mining hardware producer Bitmain. Core Scientific will purchase more than 17,000 S19 Antminers from Bitmain on behalf of its clients and for its own use. It will be the largest number of S19 machines purchased by a single blockchain hosting company, according to Core Scientific. Kevin Turner, president and CEO of Core Scientific and the former COO of Microsoft said, “Core Scientific has received and begun testing the first of Bitmain’s…

Ebang to Establish Crypto Exchange and Mining Farms After Going Public

Major Chinese Bitcoin (BTC) mining equipment maker Ebang, which is reportedly getting listed on Nasdaq Global Market later today, is planning to expand its business by setting up a cryptocurrency exchange and mining farms. As told to Cointelegraph by an Ebang representative in a recent interview, the company intends to carve out a unique role in the industry by building “a global blockchain and a digital economy industrial ecosystem.” That would include setting up a cryptocurrency exchange and mining facilities, the spokesperson elaborated: “We will soon establish our own mining…

Digital Assets Data CEO Weighs in on Bitcoin’s Mining Difficulty

Recent findings from analytics company Digital Assets Data show miners hanging on to their Bitcoin (BTC).  “Rolling MRI (Miner’s Rolling Inventory) has declined significantly since the halving, meaning that miners are holding onto more BTC than they are mining, despite the (presumed) increased costs of the added hash power to the network,” Digital Assets Data CEO and co-founder Mike Alfred told Cointelegraph on June 18.  Image courtesy of Digital Assets Data Bitcoin difficulty pushing network highs The network mining difficulty of crypto’s largest asset recently surged to unusual heights. This…

Bitcoin Price Dips as Two Mining Pools’ Daily BTC Outflows Hit $68M

Bitcoin (BTC) miners may have started selling coins once more as data shows two mining pools release over 7,000 BTC in a single day. The figures, from on-chain monitoring resource CryptoQuant, came hours before BTC/USD abruptly fell back to $9,500 on June 24.  Poolin nears outflow all-time high The mining pools under the spotlight are HaoBTC and Poolin, with the latter seeing its second-biggest daily outflows on record. In total, the two saw outflows totaling 7,153 BTC ($68.1 million).  While the move did not correspond to a similar increase in…

Binance Adds Profit Maximization Service to Its Mining Pool

Shortly after the launch of its own cryptocurrency mining pool, Binance is adding specialized features to it to help miners make more money. Earlier this month, Binance Pool launched a new feature called “Smart Pool.” It lets miners automatically switch hash rates to mine the most profitable of three supported coins based on the SHA- 256 algorithm — either Bitcoin (BTC), Bitcoin Cash (BCH) or Bitcoin SV (BSV). Lisa He, head of Binance Pool, explained that Smart Pool detects the difficulty in different chains using the same algorithm, and it…

Chinese Mining Company Ebang to Reportedly List on Nasdaq This Week

Chinese Bitcoin (BTC) miner manufacturer Ebang will reportedly be listed on Nasdaq Global Market under the ticker EBON later this week, becoming the second crypto mining company to go public in the United States. According to a report from Chinese crypto news outlet Blockbeats, Ebang will be officially listed on Friday, June 26. Additionally, Blockstream chief strategy officer Samson Mow tweeted a screenshot of an invitation to a Ebang event held at a hotel in Hangzhou, where the company is headquartered, which also starts on Friday.  Ebang aims to raise…

BitMEX Report Points to More Consolidation in Bitcoin ASIC Mining

The Bitcoin (BTC) mining ASIC manufacturing industry is expected to further consolidate due to tightened competition, geopolitical pressures and slower returns on investment after Bitcoin’s recent halving.  In a new report from crypto derivatives exchange BitMEX, published June 15, researchers wrote they “think it is likely that only 2 to 3 players will survive into the longer term.” The report analyzes the history and present state of the ASIC manufacturing industry, with a focus on the major players currently involved —- Bitmain, MicroBT, Canaan and Ebang.  ASIC refers to mining…