Many Chinese bitcoin miners migrated to Iran in 2018 for its cheap electricity amid China's crackdown on crypto mining. However, they're finding the harsh environment in the authoritarian regime unwelcoming. Feng Liu operates a bitcoin mine holding over 20,000 units of Antminer T9. He told Chinese crypto website 8BTC News that many Chinese crypto miners flocked to Iran last year because...
After the high note with which crypto ended 2017, 2018 has been a dour reminder that crypto markets remain unpredictable at best. From its peak at nearly $20,000 in December, bitcoin spent most of 2018 in a steady decline. Today, bitcoin’s price is closer to $3,000, and the tumble has caused a ripple effect that has affected every stakeholder in the market. Crypto miners, who rely on the price of...
The Norwegian government's decision to scrap tax subsidy on the power conferred to bitcoin miners is prompting them to migrate offshore. According to Erik Svensson, who serves as the director to Boden Business Agency, a Sweden-based data center company, bitcoin miners from neighboring Norway region are interested in moving their data centers to Sweden. He confirmed being contacted by many of...
Israeli cryptocurrency mining company Bitfarms wants to become a public company in Canada. According to its press release, the mining company revealed that it had filed a preliminary prospectus with the Ontario Securities Commission, as it commences with the regulatory process for offering public shares on the Toronto Stock Exchange. Bitfarms, the crypto mining farm provider, is also listed on...
New research from Diar has revealed that while the price of bitcoin remains 40 percent higher than a year ago, and bitcoin miners have achieved record revenues of $4.7 billion this year, a host of factors including increased competition and computing power have combined to make bitcoin mining less profitable than before. The report says that this creates a situation that imperils smaller mining...
Bitmain, the biggest crypto conglomerate in the global market, is expected to conduct one of the largest initial public offerings (IPOs) in history, alongside Visa and Facebook. $18 Billion IPO Throughout July, Bitmain, the Chinese crypto and blockchain corporation, touted its plans to initiate an IPO valued at $15 billion. It invested in multi-billion dollar cryptocurrency exchange Circle and...
Earlier this week, I wrote on social media that it costs significantly less energy to produce cryptocurrencies like bitcoin and Ethereum. The responses were, “that’s not true, once fiat money is created, no additional energy is required.” Perhaps a better way to phrase the statement was to replace energy with resources, as fiat currencies do require significantly more resources than...
The mining pool of HDAC, a blockchain platform and company operated by Hyundai BS&C, a subsidiary of South Korea’s biggest car manufacturer and major conglomerate, experienced a hacking attack on May 24 and was forced to halt withdrawals temporarily. Mining Pool Breach According to local cryptocurrency media outlet TokenPost, HDAC’s mining pool fell victim to a server breach that led hackers...