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New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day MoratoriumA St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations. Officials From Town of […]

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Canadian border town suspends Bitcoin mining over aesthetic concerns

City officials have imposed a three-month suspension on new Bitcoin mining operations to make roads and buildings more presentable.

Massena, a town along the New York border with Canada has placed a temporary suspension on new Bitcoin (BTC) mining operations in the area.

According to a report by the Associated Press on Friday, Massena Town city officials mandated the 90-day moratorium on new Bitcoin mining activities due to aesthetic concerns.

Steve O’Shaughnessy, a Massena Town supervisor said miners littered roads with trailers laden with computers and other hardware required to mine Bitcoin. The AP report quoted O’Shaughnessy’s statement to WWNY-TV, saying:

“We don’t want it littered with these trailers that are pumping out Bitcoin. We just want to make sure if they are going to come here, that it’s a nice presentable building.”

City officials will reportedly use the 90-day moratorium to ensure that roadsides in Massena Town are decluttered with trailers and shipping containers moved off-road.

Meanwhile, Massena Electric is reportedly looking to sign deals with three crypto firms. According to the AP News report, the power company also has its own moratorium on working with new crypto miners.

Related: Four North American Bitcoin miners that could benefit from the East-West shift

With small border towns in North America hemorrhaging factory jobs over the past decade, Bitcoin and crypto mining operations represent a return of some industrial activities to places like Massena.

Cheap electricity in these areas is often a major draw for Bitcoin miners and in return, these companies offer the promise of jobs and bootstrapping the local economy.

Indeed, with China’s massive crypto mining crackdown and the expected East-to-West hash rate migration, these smaller towns in North America might play host to more Bitcoin mining activity.

Meanwhile, the major North American Bitcoin mining operations continue to upscale their capacity amid the current hash rate drop in a bid to capture a larger portion of the market.

North American Bitcoin miners controlling a larger share of the global hash rate distribution may also contribute to putting the industry in better standing with regulators especially in the area of environmental conservation.

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Elon Musk says Bitcoin may have already hit his benchmark on renewable energy

"I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number," said the Tesla CEO.

Tesla CEO Elon Musk has hinted that the crypto industry is on its way toward greener future, but Tesla won’t be accepting Bitcoin payments just yet.

Speaking at "The ₿ Word" — a virtual Bitcoin (BTC) event with Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood and moderator Steve Lee from Square Crypto — Musk said that Tesla would “most likely” consider resuming crypto payments for its vehicles — a policy the CEO said the company would be stopping in May — but said he needed to exercise diligence before making a decision.

“There appears to be a positive trend in the energy usage of Bitcoin,” said Musk, alsexpressing skepticism at the speed at which the network had moved towards green energy sources. “There’s just no way you could basically double or triple the amount of energy in such a short period of time with renewables [...] Tesla’s mission is accelerating sustainable energy. We can’t be the company that does that and not do appropriate diligence on the energy usage of Bitcoin.”

He added:

“It looks like Bitcoin is shifting a lot more towards renewables and a bunch of the heavy duty coal plants that were unequivocally being used have been shut down, especially in China. I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin.”

Related: Elon Musk agrees to speak with Twitter CEO Jack Dorsey at Bitcoin event

Screenshot from The ₿ Word

In May, Musk announced that Tesla would no longer accept Bitcoin payments due to the network’s “increasingly rapid use of fossil fuels.” The price of the crypto asset subsequently fell under $40,000 for the first time since February. The Tesla CEO later clarified that the company would resume BTC transactions when there was confirmation miners were using more than 50% clean energy “with positive future trend.”

Musk also addressed some of the allegations from professionals that he had orchestrated a pump-and-dump scheme given his social media posts on cryptocurrencies including BTC and Dogecoin (DOGE). He said the only three assets “of any significance” that he owned outside of SpaceX and Tesla stock were BTC, DOGE, and Ether (ETH), and that neither he nor Tesla had sold any Bitcoin since the announcement stopping crypto payments.

“If the price of Bitcoin goes down, I lose money,” said Musk:

“I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling it or anything like that.”

Related: No, Musk, don’t blame Bitcoin for dirty energy — The problem lies deeper

As Cointelegraph reported, Musk said in April that Tesla had sold a portion of its Bitcoin holdings — with net proceeds of roughly $272 million at the time — to prove the asset’s liquidity as an alternative to cash. He has not revealed how much of the crypto asset he personally owns, but said even his one-year-old son owns some Dogecoin.

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Crypto mining firm Argo Blockchain files for US IPO

The company has been publicly traded on the London Stock Exchange since 2018.

Argo Blockchain, a U.K. publicly traded company focused on crypto mining, has begun the process of applying for an initial public offering in the United States.

According to a confidential draft registration statement filed Tuesday with the U.S. Securities and Exchange Commission, or SEC, Argo has proposed a dual-listing and initial public offering of American Depositary Shares, expected to occur in the third quarter of 2021. The company said the timing could depend on the SEC completing its review process and other conditions in the market.

Argo said the number of shares expected to be offered as well as the price has not yet been determined. According to an update on the firm’s Twitter account, it has mined 883 Bitcoin (BTC) up until July 6 and held 1268 BTC by June 30.

The IPO announcement comes two weeks after the said it would be exploring a potential secondary listing on the Nasdaq, having been listed on the London Stock Exchange since 2018​​. According to data from TradingView, Argo’s ARB stock is now trading at 111 pence sterling, having risen roughly 30% in the last 24 hours.

Related: Argo Blockchain to launch clean energy Bitcoin mining pool

The crypto mining company also recently received a $20 million loan from Galaxy Digital to assist in building a data center in West Texas. Argo announced in March that it had secured a 320-acre plot of land it planned to use for the construction of a 200-megawatt crypto mining facility. The firm has cited Texas’ cheap renewable energy as well as its openness to innovation in new technologies as part of the reason for the move.

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US Bitcoin mining giant Core Scientific set for Nasdaq listing via $4.3B SPAC deal

The Bitcoin miner will merge with Power & Digital Infrastructure Acquisition Corp in the latest crypto SPAC deal.

Core Scientific, one of the largest Bitcoin (BTC) mining operations in North America is set for a public listing on Nasdaq.

According to CNBC on Wednesday, Core has inked a $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp — a special purpose acquisition company (SPAC). Apart from the planned valuation, other listing details like trading ticker and the start of actual public trading are yet to be revealed as of the time of writing.

The SPAC merger and subsequent Nasdaq listing will see Core join the ranks of fellow publicly-traded Bitcoin mining companies in the United States like Riot Blockchain and Marathon Digital.

Core CEO Mike Levitt revealed in an interview that the company had mined over 3,000 BTC since the start of 2021 with the firm holding 1,683 Bitcoin, currently valued at $53 million as of the time of writing.

The company reportedly earned $60 million in revenue for 2020 and is projecting an eight-fold increase in 2021. Indeed, North American miners are banking on the crypto mining disruptions in China to increase their earnings in 2021.

Levitt also described the company’s mining infrastructure framework as “unparalleled,” stating that Core holds over 70 patents in blockchain-related patents.

Operating out of locations in the Midwest and Southern United States, Core’s possible $4.3 billion valuation will put the firm at double the market capitalization of other rivals like Marathon, and Riot Blockchain.

Related: Four North American Bitcoin miners that could benefit from the East-West shift

With Bitcoin mining stocks continuing to remain a useful way to gain indirect BTC exposure for some institutional investors, several miners are electing to go public. This trend has also contributed to an increase in crypto-related SPAC deals and direct listings.

Back in March, Bitfury’s U.S. Bitcoin miner subsidiary Cipher Mining announced a $2 billion SPAC merger with Nasdaq-listed Good Works Acquisition Corp. As previously reported by Cointelegraph, Aussie Bitcoin miner Iris Energy is also looking to raise $200 million ahead of a planned Nasdaq listing.

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Museum of Bitcoin Mining History Opens Its Doors in Venezuela

Museum of Bitcoin Mining History Opens Its Doors in VenezuelaA new museum dedicated to the history of bitcoin mining opened its doors in Venezuela last weekend. The institution will allow visitors to learn about the history of cryptocurrency mining, going from its roots to the current state of the mining industry. The museum is part of a private initiative started by Criptoavila, a mining-dedicated […]

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Bitcoin mining difficulty drops for fourth time in a row

Bitcoin mining difficulty has posted another negative adjustment on Sunday, with the difficulty rate almost halving since mid-May.

Amid the ongoing crackdown on cryptocurrency mining in China, mining new Bitcoin (BTC) continues getting easier as BTC has experienced another mining difficulty drop.

On July 18, the Bitcoin network posted its fourth consecutive negative adjustment of mining difficulty, dropping 4.8%, according to data from Bitcoin explorer BTC.com.

The latest mining difficulty adjustment occurred at block 691,488, reducing the difficulty rate from 14.4 trillion to 13.7 trillion, the lowest level recorded since June 2020. The difficulty metrics have now almost halved over the past two months, after reaching over 25 trillion on May 13.

Bitcoin’s five past mining difficulty adjustments. Source: BTC.com

The latest Bitcoin mining adjustment follows a series of consecutive difficulty drops that started with a nearly 16% decline on May 29. Further negative adjustments continued with a 5.3% drop on June 13 and a massive 28% decline on July 3 — the biggest mining difficulty drop on the Bitcoin network.

Related: Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop

Bitcoin mining difficulty is a measure of how hard it is to mine a BTC block, with a higher difficulty requiring additional computing power to verify transactions and mine new coins. Bitcoin’s mining difficulty adjustment occurs every 2,016 blocks, or about every two weeks, as Bitcoin is programmed to self-adjust in order to maintain a target block time of 10 minutes.

Bitcoin’s continuing mining difficulty decline comes in response to the ongoing miner migration out of China caused by a major crackdown on the cryptocurrency mining by local authorities. The ongoing difficulty drop falls in parallel with declining Bitcoin hashrate as well as decreasing average BTC transaction fees.

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Malaysia is literally crushing thousands of illegal Bitcoin miners

It’s unclear why authorities outright destroyed the miners rather than attempting to reap some value, but they could still be sold for scrap.

Authorities in Malaysia destroyed more than $1.2 million worth of Bitcoin mining rigs after they were confiscated for operating illegally.

In a video posted today from local news outlet DayakDaily, police in the city of Miri on the island of Borneo and the Sarawak Energy company arranged for a steamroller to run over 1,069 Bitcoin (BTC) miners. The rigs were reportedly confiscated from residents of Malaysia attempting to illegally mine the cryptocurrency using stolen electricity between February and April.

According to a Friday report from Malaysian newspaper The Star, the disposal of the mining machines — worth roughly $1.26 million — occurred at the Miri district police headquarters today. Authorities said three houses in the area had been destroyed this year due to illegal Bitcoin mining, while the Sarawak Energy company lost an estimated $2 million from the operations.

Related: Malaysian Crypto Miners Were Caught Stealing Electricity From the State

It’s unclear why authorities in Malaysia outright destroyed the miners rather than attempting to reap some value from the parts. Officials in Iran, Turkey and other countries where mining is banned or restricted have been conducting raids on illegal crypto mining operations for some time, often resulting in arrests, fines, and seizure of the rigs.

However, there are few if any reports of the machines being crushed by a steamroller or destroyed in so thorough a manner. Chinese authorities reportedly auctioned more than 2,000 rigs in February that had been seized for similar reasons.

The Cambridge Center for Alternative Finance estimates that Malaysia contributed 3.44% to Bitcoin’s total monthly hashrate as of April. The country has an annual energy consumption of more than 147 terawatt-hours.

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New project aims to bring global crypto miners to Russia

Russian crypto advocates are already collaborating with a consortium including some of China’s largest crypto mining-related companies.

A major cryptocurrency and blockchain association in Russia is launching a project to bring global crypto mining operations to the country amid a Chinese crypto mining crackdown.

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain, or RACIB, announced an initiative aimed at transferring global computing resources for crypto mining to the Russian Federation. More information on the project is expected to be released at a later date, a spokesperson for RACIB told Cointelegraph.

In order to promote and implement the project, RACIB is closely cooperating with Russian government authorities and state corporations, forming a range of joint working groups with local state structures, the announcement notes.

One such group is focused on an “eco-mining” project for building mining farms and data centers powered by renewable electricity sources. In addition to Russia’s rich hydro- and nuclear-based energy, the group is seeking to establish crypto mining operations based on green energy sources like wind-based power plants.

As part of the project, RACIB is already collaborating with some foreign partners including a consortium of some of the largest crypto mining-related companies in China. The announcement notes that companies in the consortium control “more than 25% of the global hashrate of the main cryptocurrencies.”

According to energy-focused publication ​​NS Energy, Russia is the fourth-largest country in terms of electricity production, generating over 1,100 terawatt-hours of energy per year, following China, the United States, and India. According to the announcement, over the couse of 2021 Russia has set up over 1,100 megawatts of new power plants using wind farms in areas like the Rostov region, the Republic of Kalmykia, Adygea, and Stavropol Krai.

Related: The9 signs green Bitcoin mining deal with Russian firm BitRiver

The new initiative brings another strategic opportunity for global crypto miners amid Chinese mining firms fleeing the country as local authorities have been continuously cracking down on crypto mining activity and halting key mining farms . According to data from the Cambridge Centre for Alternative Finance, China’s Bitcoin hash rate already plummeted before the crackdown, dropping to 46% in April 2021 from 75.5% in September 2019. In the same period, the U.S. hash rate share surged to nearly 17% from 4%, while Russia and Kazakhstan’s hash rate rose to about 8%.

Russia is not the only country that is offering Chinese miners its energy capacity to emerge as a major player in the industry. Miami mayor Francis Suarez in June publicly invited Chinese crypto mining companies to consider establishing data centers in the city amid miner capitulation in China.

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Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the USFollowing the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to […]

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