Mining

The use of sustainable energy in Bitcoin (BTC) mining reached 59.5% globally in Q2 2022, a 6% year-on-year increase from Q2 of last year, the Bitcoin Mining Council (BMC) estimates. This makes Bitcoin mining “one of the most sustainable industries globally,” according to a July 19 press release by BMC.  BMC is a voluntary global […]

Bitcoin (BTC)mining difficulty is expected to adjust downwards by about 4.5% during the next adjustment window, on July 21 at around 7 p.m. BST, according to an analysis conducted by CryptoSlate using Glassnode data. This event will mark the most significant decrease in mining difficulty since China’s crackdown on Proof-of-Work (PoW) mining in May 2021. […]

Numbers from blockchain analytics firm CryptoQuant showed that miners sold 14,000 Bitcoin (BTC) worth roughly $300 million on July 15, the largest amount sold since January. A sell-off trend among miners started in early June, and the amount sold has been growing. Energy problem Miners are mostly forced to sell because the bearish Bitcoin prices […]

Tech giant Samsung said it is currently working on new 3-nanometer(nm) mining chips that will be 45% more energy efficient. The new chips are estimated to have 23% higher performance and are expected to significantly reduce carbon emissions in the mining industry. The company started working on the chips in late 2021, with help from […]

Europe’s mining heaven Sweden looks to re-direct Bitcoin miners’ power to job-creating projects as the country’s energy demand rapidly increases. Sweden’s Energy Minister Khashayar Farmanbar told Bloomberg News: “We need energy for more useful things than Bitcoin, to be honest. We are moving from a period of administration to an extreme expansion where our entire […]

On July 14, the Senate of Paraguay sent a bill to the President’s approval to allow crypto miners to use excess energy and be exempt from Value Added Tax (VAT). If the bill passes by the President, Paraguay might become the next target of the crypto mining companies. Paraguay’s Mister of Technology, Information, and Communication, […]

The recent downturn, along with a myriad of other factors, has put Bitcoin mining companies under pressure to stay operational. According to Politico, miners have also had to contend with interest rate rises and rocketing energy costs, in addition to prices crashing, which means less demand and tighter profit margins. “Rising interest rates, crashing crypto […]

JPMorgan Chase & Co. strategists said that Bitcoin’s (BTC) cost of production is down by almost half to $13,000 presently from $24,000 at the start of June,  Bloomberg News reported July 14, The Nikolaos Panigirtzoglou-led strategists wrote that this decline in production cost is primarily due to the reduction in electricity use. The Cambridge Bitcoin […]

Bitcoin (BTC) hashrate dropped to as low as 159.41 exahashes per second (EH/s) on July 13, its lowest in five months, as Texas-based miners were forced to go offline. According to data from BTC.com, the 27% drop in hashrate is the largest since February 2022. Bitcoin hashrate, which signifies the network’s computing power, has been […]

The President of Kazakhstan signed a bill to apply a differentiated tax rate based on the energy consumption of crypto miners on July 11. The new bill altered the country’s law on Taxes and Other Mandatory Payments to the Budget. The tax rates start at 1 Khazakstani tenge per kilowatt-hours at the lowest (approximately $0.002) […]