Is Central Asia the New Safe Haven for Crypto Mining Amid Iran-US Crisis?

Recently, the cryptocurrency mining community has been shaken with rumors of Chinese miners leaving Iran — where crypto mining is authorized as an industrial activity — for Central Asia. The move has ostensibly been taken in an attempt to find a new safe haven amid the tensions between the United States and Iran, as well as rising oil and energy prices. Iran’s attraction for crypto mining operations lies in subsidized electricity rates — as of July, 0.7 cent per kilowatt-hour (kWh), — which had purportedly even prompted miners from mining…

Bitcoin’s Share of PoW Mining Rewards Now Above 80%

Rewards received by bitcoin miners form a major chunk of the salaries paid across major proof of work (PoW) blockchains, according to Yassine Elmandjra, a cryptocurrency analyst from ARK Invest. For example, bitcoin miners were paid over $15 million worth of the cryptocurrency as incentive to mine blocks and secure the network on Jan. 9. Meanwhile, the total rewards paid across bitcoin (BTC), ethereum (ETH) and other major PoW cryptocurrencies including zcash (ZEC), litecoin (LTC), ethereum classic (ETC), bitcoin cash (BCH) and bitcoin SV (BSV) were just a bit more…

Former Venezuelan Gold Mining Company Wants to Centralize Bitcoin ATM Infrastructure

First Bitcoin Capital Corp. wants to unite the providers of bitcoin ATMs around the world. His plan: link thousands of ATMs run by dozens of often small-time operators with a comprehensive know-your-customer, transaction monitoring and regulatory compliance solution that streamlines every aspect of the back-end business. “We want to create a consortium of bitcoin ATM operators and put them on the global ATM network,” Rubin said. He said the consortium will roll out this year. First Bitcoin’s network hinges on its recently acquired 2015 patent. U.S. 9,135,787 B1, otherwise known…

SEC Charges Man Behind Alleged Crypto Mining Scam

The Securities and Exchange Commission (SEC) has filed suit against Donald G. Blakstad for scamming investors partly through an allegedly fraudulent crypto mining operation. In a filing Jan 8, the SEC alleged that Blackstad, 60, bilked over $3.5 million from investors of three separate firms: an oil and gas company; a vehicle parts holding company; and “Energy Sources International” (ESI), a purported cryptocurrency mining company whose Las Vegas datacenter has only one employee: Blakstad. The crypto mining operation specifically took in some $550,000 from five separate investors, all of whom…

Canada’s DMG Blockchain Installs 1,000 New Bitcoin Mining Rigs for US Client

Canadian tech company DMG Blockchain Solutions has installed 1,000 new Bitcoin (BTC) mining machines at its Christina Lake mining-as-a-service facility in British Columbia.  Per a Jan. 6 press release, DMG has purchased the new miners from Chinese mining giant Bitmain, with the total power consumption of approximately 1.5 megawatts.  Initially announced in December of last year, the newly installed mining equipment will serve a U.S.-based client, whose name was not revealed in the release. DMG operates as an industrial scale crypto mine hosting company, allowing clients to mine crypto through…

Ousted Co-Founder of Crypto Mining Firm Bitmain Opposes Layoffs

Micree Ketuan Zhan, the co-founder of Bitmain who was recently dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs at the firm. As Bitmain — the world’s largest cryptocurrency mining firm — is reportedly planning to cut its workforce by 50% before the next Bitcoin (BTC) halving, Zhan claimed that he is “firmly opposed to layoffs” in a Jan. 6 Weibo post addressed to Bitmain employees. Zhan argues that Bitmain cannot lose its leadership in a highly competitive market Apart from claiming that Bitmain does not need to…

Bitcoin Mining Power Hits Fresh All-Time High

Bitcoin’s hash rate reached record highs this week, amid rising prices and anticipation of the miner reward halving later this year. Based on a seven-day average, the hash rate has risen sharply from approximately 93 exahashes per second (EH/s) on Dec. 30 to more than 106 EH/s on Sunday. The best day overall was Jan. 1 when the hashing power exceeded 119 EH/s, surpassing the previous record of 114 EH/s set back in October. Bitcoin’s hash rate has increased considerably over 2019, rising from a weekly average of 40 EH/s…

Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

Cryptocurrency mining giant Bitmain reportedly has plans to reduce its workforce by another fifty percent. On Dec. 2, Chinese news media outlet Wushuo Blockchain reported that Bitcoin (BTC) mining rig maker Bitmain has launched a “personnel optimization plan” that will layoff a significant portion of its employees before the next BTC halving, which is expected in May. The world’s largest producer of cryptocurrency mining machines will reportedly hold an annual meeting on January 17, and it is expected that the layoffs will have been completed before that date.  People familiar…

Hashing Ahead: A Look at Bitcoin Mining in 2020

The December 2019 report on the Bitcoin mining network from CoinShares Research, a division of the digital asset management firm, presented an industry in good health at the end of the year, with a hash rate that had almost doubled in the previous six months, a new generation of more powerful and efficient technology on the market and the continued use of sustainable, renewable energy. The report indicated that, at this year’s average bitcoin price, fee ratio and block frequency, miners were on their way to making $5.4 billion in…