Showing posts with label mining. Show all posts
Showing posts with label mining. Show all posts

Eco-Friendly Crypto Mining is EXPLODING - Panel Discussion on Mining Bitcoin With Renewable Energy...

Eco-friendly mining operations are exploding, earlier today at Bitcoin 2022 this panel of industry members discussed what's been done, and what's in the works...

Featuring William Szamosszegi (CEO of Sazmining), Spencer Marr (Founder, Sangha Systems), Shaun Connell (Executive VP, Power, Lancium), Emma Todd (CEO, MMH Data Systems), Margot Paez (Fellow, Bitcoin Policy Institute)

Video Courtesy of Bitcoin 2022 Conference

For The First Time EVER - The Nation With The Most Bitcoin Mining Power Is The UNITED STATES!

USA Bitcoin Mining Dominatees

The Bitcoin mining pool 'Foundry USA' which is obviously based in the United States, came in first place among the pools with the greatest hash rates on the network. It's the first time a North American pool has outperformed China in this category.

AntPool and F2Pool, both from China, have traditionally topped the list of Bitcoin mining pools in terms of hash rate.

This changed when the Foundry USA Pool achieved 17% of the worldwide Bitcoin mining power.

How Did The US Do It?

Basically - all thanks to China.

Several Chinese mining operations selected the United States as one of their choices for continuing operations. Given the rise of Bitcoin in the cryptocurrency sector, this was an excellent choice. As is customary, this means a large infusion of cash into the market and a general rise in the assets traded there.

It's vital to note that the Chinese government chose to reject the use of Bitcoin and other cryptocurrency-related activities, forcing the miners to seek new bases of operation.

Not The First Time China Was De-Throned...

Only once before has the number one ranking shifted from China to another country. It wasn't a pool from the United States last time, but rather one from the Netherlands.

That was way back in 2014 - which gives you an idea of how dominate Chinese miners have been.

In 2014 it was only a matter of days before China reclaimed the top spot from the Netherlands - but China won't be making a comeback this time, as their mining hashrate continues to decline.

Trading volume from China is also rapidly dwindling, as the country becomes completely cut off from international crypto markets.

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Author: Justin Derbek
New York News Desk
Breaking Crypto News


Could Ethereum Run On Just 0.05% Of It's Current Electricity Levels?! A Potential GAME CHANGER....

Ethereum developer Carl Beekhuizer says 'Ethereum’s power-hungry days are numbered' and explores the energy usage difference that will be seen when Ethereum makes the switch to proof-of-stake(PoS). This replaces the current network's validation method known as proof-of-work (PoW, aka traditional 'mining') and will allow the platform to run on just 0.05% of it's current power usage level, claims Beekuizer.

According to Digiconomist miners currently consume 44.49 TWh per year, and Beekuizer says that could go as low as 0.02 THw by changing to PoS.

While critics compare Bitcoin's power usage to that of a small country, Beekuizer says Ethereum's total usage would be more like 'a small town of around 2100 American homes'.


Energy Usage Has Been This Month's Hot-button Issue...

This comes days after Tesla CEO Elon Musk said that his company will stop accepting bitcoin, and citing a large energy expenditure from non-renewable energy sources as his reason.

However, various studies have shown that most of the electricity consumption of crypto miners comes from renewal energy sources.

Energy costs are the most important factor in mining, that's why there's few cities where it's considered profitable. In most locations you'll spend more on electricity than you'll make mining, buying coins instead of paying large power bills becomes the smarter option.

Naturally, miners seek out locations with cheap electricity, and ironically, the cheapest comes from hydroelectric dams and geothermal power plants - and both are completely free of carbon emissions.


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Author: Fernando Perez
Latin America Newsdesk

Truly A Crypto Miner's Paradise...


Iceland appeals to cryptocurrency miners for two major reasons - cheap electricity, and having to use less of it, because of Iceland's naturally cold climate.

Typically, the majority of the electricity costs involved in mining does not go towards powering the miners themselves, but rather keeping them cool and preventing the hardware from overheating.

Surprisingly however, the mining operation is facing some backlash from local environmentalists, and their concerns appear to be unfounded. Hydro-electric and natural geothermal energy serve as the miners power sources, and Geothermal energy is a natural resource abundant in Iceland, due to the countries high volcanic activity.

Both power forms are considered eco-friendly, sustainable and renewable.


"Ban all cryptocurrency mining!" says the Chinese Government agency with the authority to actually do it...


 The 'National Development Reform Commission' is the most powerful authority in China when it comes to deciding which industries are allowed to exist within the country.

Every year they release a list of businesses they want to abolish - and Bitcoin mining is on their latest one, citing the usual 'wasteful energy consumption' and 'speculative bubbles' criticisms as the reason.

It's safe to say the rest of the global cryptocurrency community wouldn't miss China one bit.

Except for taking Bitcoin earned through mining, China is already completely disconnected from the cryptocurrency space, as citizens are banned from regular cryptocurrency trading, and have been since 2017.

Video Courtesy of Bloomberg Asia