El Salvador Reportedly Mined Nearly 474 BTC Using Geothermal Energy

May 16, 2024 Bitcoin.com

El Salvador, the first country to adopt bitcoin as legal tender, has reportedly added 473.5 BTC to its treasury using geothermal energy. According to reports, official data released by The Bitcoin Office of El Salvador (ONBTC) disclosed that this number of bitcoin was mined since 2021 using 1.5 MW of power from the Tecapa volcanic […]

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Bitcoin Miners Face Significantly Reduced Earnings in May Despite Bitcoin Price Rise

May 16, 2024 Bitcoin.com

April records

According to the seven-day simple moving average (SMA) statistics regarding Bitcoin’s hashrate, the network hashrate has stayed below the 600 exahash per second (EH/s) mark for approximately one week. The recent rise in bitcoin’s price has positively influenced the overall hashprice as the value of 1 petahash per second (PH/s) daily has climbed above the […]

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El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report

May 15, 2024 The Daily Hodl

Bitcoin

El Salvador’s National Bitcoin Office is reporting that its volcano-based geothermal system has mined nearly 474 BTC during the last three years. According to a new report by Reuters, the Central American nation, which became the first country in the world to make Bitcoin legal tender in 2021, has mined about $30 million worth of […]

The post El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report appeared first on The Daily Hodl.

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Oklahoma’s new crypto law protects miners, sets blockchain legal framework

May 15, 2024 Coin Telegraph

Coin Telegraph

Oklahoma Governor Kevin Stitt enacted a law on May 13 that creates a legal framework for blockchain and safeguards miners’ activities.

Oklahoma Governor Kevin Stitt has signed into law a bill that establishes a legal framework for blockchain technology and digital assets.

The new legislation prohibits Oklahoma’s government from imposing restrictions on the use of digital assets for legal purchases or self-custody. It also determines that digital assets used as payment cannot be subject to any additional taxes or charges over other methods.

The bill — introduced in January by state Rep. Brian Hill — legitimizes home digital asset mining in residential zones under local noise ordinances. In addition, businesses mining digital assets in industrial zones are allowed to operate without specific noise limits other than those already in place.

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Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower Deal

May 14, 2024 Bitcoin.com

ANDE

On Tuesday, bitcoin mining company Bitfarms, listed on the Nasdaq and Toronto Stock Exchange (TSX), announced it has secured an additional 100 megawatts (MW) of power from Paraguay’s state-owned utility firm, ANDE. The 100 MW is anticipated to double the capacity of the hydro-powered Yguazu site and should be fully operational by 2025. Bitfarms to […]

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Bitcoin hash rate dips as miners turn off unprofitable ASICs post-halving

May 14, 2024 Coin Telegraph

Bitcoin Halving

Despite the recent block reward halving, only the profitability of Bitcoin miners with less efficient mining rigs is endangered, according to Terawulf's Nazar Khan.

Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after the fourth Bitcoin halving.

The Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second (EH/s) on May 10 before making a small recovery to the current 586 EH/s, according to data from blockchain.com.

The hash rate drop can be attributed to the fact that “miners are beginning to turn off unprofitable rigs,” according to a May 13 X post by James Butterfill, the head of research at CoinShares.

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Report: Russian Authorities Propose Steep Fines for Crypto Miners Operating in Residential Apartments

May 14, 2024 Bitcoin.com

bitcoin.com

Russian authorities have reportedly proposed to impose hefty fines on suspected crypto miners operating from residential properties. Authorities may also consider including amendments to the Code of Administrative Offenses which imposes liability on those misusing electricity. Proposed Measures Aimed at Curbing Rising Power Outage Cases Authorities in Russia have signaled their intention to pursue private […]

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Biden blocks Chinese crypto miner’s land purchase near US base in Wyoming

May 13, 2024 The Crypto Briefing

China

President Biden blocks a Chinese-backed crypto mining firm from owning land near a US military base due to national security risks.

The post Biden blocks Chinese crypto miner’s land purchase near US base in Wyoming appeared first on Crypto Briefing.

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Bitcoin miner Bitfarms CEO to depart immediately in response to lawsuit

May 13, 2024 Coin Telegraph

Bitfarms

Nicolas Bonta, Bitfarms co-founder and chair, will take over as interim president and CEO after Geoffrey Morphy filed a lawsuit for $27 million in damages against the mining firm.

Geoffrey Morphy, the now former President and CEO of cryptocurrency mining firm Bitfarms, will be stepping down immediately after filing a lawsuit against the company in Canada.

In a May 13 notice, Bitfarms said it had terminated Morphy as CEO and president ahead of a previously announced plan to have him continue leading the company until a replacement could be found. According to the mining firm, Morphy filed a $27 million lawsuit against Bitfarms on May 10 in the Superior Court of Ontario, claiming “breach of contract, wrongful dismissal and aggravated and punitive damages.”

“The Company believes the claims are without merit and intends to defend itself vigorously,” said Bitfarms. “Nicolas Bonta, Chairman and Co-Founder of the Company, has been appointed interim President and Chief Executive Officer, and will lead the Company until the executive search is completed and [Morphy’s] successor is appointed.”

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Bitcoin’s ‘Existential’ Challenge: Core Developer Warns of a New Era of Internal Struggles

May 12, 2024 Bitcoin.com

@reardencode

Bitcoin faces a pivotal period that echoes the past block size wars, according to Bitcoin Core contributor Matt Corallo. In a recent blog post, Corallo examines the ongoing struggles within the Bitcoin community that could determine the future of the pioneering cryptocurrency. From Freedom to Fragmentation In his latest blog post, Matt Corallo outlines the […]

Mining