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Bitcoin Mining Might Be As Grave As Oil Drilling For Earth Bitcoin has come a long way since its inception in 2008, becoming the most popular and valued cryptocurrency of all time. But with time, its inefficiencies were also exposed -- lack of consumer protection leading to money laundering and black market trading. Mining Bitcoins could be worse than extracting gold and is as bad as industries related to cattle farming and crude oil. At least that’s what the latest study published in the journal Scientific Reports suggests. The research comes from the University of New Mexico challenging the claims that crypto mining is becoming more sustainable.This process involves high computing prowess, and cracking the equation first means getting rewarded with a Bitcoin. As the blockchain grows, the calculations get more complex. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Argentina's State-Owned Energy Company Moves Into Crypto Mining YPF, Argentina's state-owned energy company, is supplying power to an undisclosed international crypto mining company, the firm said on Sunday. The renewable energy arm of YPF – YPF Luz – three months ago commenced a 1 megawatt (MW) pilot operation that provides power generated from waste gas left over from oil production. The project is located in southern Argentina, in an area known for its shale oil and gas resources called Vaca Muerta (Dead Cow). The company plans to open a second pilot – this one 8MW in size – before the end of the year, Mandarano said. “We started to develop this generation pilot for cryptocurrency mining with a vision of sustainability and business from flare natural gas, which cannot be harnessed during exploration and at the beginning of the production of an oil field,” Mandarano added. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitcoin Miner Merkle Increases Hashrate by 900% in 8 Months Bitcoin miner Merkle Standard, which has a joint venture with Bitmain, one of the world’s largest bitcoin mining rig manufacturers, increased its total computing power or hashrate to 3.1 exahash (EH/s) from about 0.3 EH/s over the last eight months. The privately held miner has brought an additional 40 megawatts (MW) of mining capacity. The crypto winter has clearly been rough for miners, who have seen profit margins shrink as bitcoin prices plunged more than 50% this year, while power prices soared and capital dried up. However, some miners, such as Merkle, have continued to build up their facilities during the bear market to solidify their position when the market eventually turns. according to a statement on Monday. The site will be mining bitcoin (BTC) using Bitmain’s latest mining rigs. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitcoin mining difficulty drops 2% after reaching all-time high in last adjustment The mining difficulty reading, which marked the first decline in about two months, was at 31.36 trillion, as of block height 756,000, the data showed. The difficulty level, which changes about every two weeks, had been on the rise since its Aug. 4 adjustment. It rose to an all-time high of 32.05 trillion on Sept. 14. Bitcoin mining difficulty is a measure of how hard a miner has to work to verify transactions in a block to add to the blockchain, or “dig out” Bitcoins. Bitcoin’s seven-day average hashrate was at around 222.1 exahashes per second on Wednesday, down from a seven-day average of 231.1 exahashes on Sept. 14 when the previous difficulty adjustment occurred, Blockchain.com data showed. Bitcoin was trading at US$19,345 at 3:20 p.m. on Thursday in Hong Kong, up 3.5% in the past 24 hours. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Kazakhstan Presents First Draft Law on Crypto Mining Kazakhstan is looking to regulate and welcome the cryptocurrency industry as it recently presented its first draft law on cryptocurrencies. The Central Asian nation’s recent draft law which seeks to provide the proper framework for crypto regulation covers the areas of cryptocurrency mining. Kazinform, an international news agency based in Kazakhstan, first reported the development Thursday. According to the report, the crypto draft law was prepared by deputies of the Kazakh Mäjilis. The Mäjilis is the lower house of the parliament of Kazakhstan. Speaking on the bill, a member of the Committee for Economic Reform and Regional Development of the Mäjilis, Smyshlyaeva Ekaterina Vasilevna shared more insight on the nature of the bill, its necessity, and the growing need for proper regulation within the crypto sector in Kazakhstan. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitcoin Mining in USA Causes as Much Pollution as 6 Million Cars According to the information from multiple environmental groups, U.S. Bitcoin mining was responsible for causing three times more pollution than the country’s biggest coal plant. This points toward the potential long-term damages that would be caused to the environment in the future by mining Bitcoin. Also, the Bitcoin miners have contributed to the prolonged life of the fossil fuel plants, pushed up electricity rates, strained power grids, and fallen severely short on promises of jobs-related benefits for the local community. The concern is that with the efforts to reduce the carbon footprint in all walks of life, Bitcoin mining could very well reverse that process with such levels of pollution. China already banned Bitcoin mining in 2021. This resulted in a whopping 27.4 million tonnes of emissions in the past year due to Bitcoin mining in the U.S. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitdeer Sets Up $250M Fund to Acquire Assets From Financially Distressed Bitcoin Miners According to a representative from the bitcoin mining company backed by the Chinese crypto billionaire Jihan Wu, Bitdeer is crafting a $250 million fund to buy distressed assets from embattled bitcoin miners. Bitdeer’s chief executive officer Matt Kong details that “opportunities” arise in “every cycle.” Bitdeer is setting up a fund to purchase assets from financially distressed bitcoin miners, according to statements Matt Kong made to Bloomberg’s David Pan. Bitdeer is a crypto mining operation backed by former Bitmain CEO Jihan Wu and the company just recently purchased a large-scale vault in Singapore. Bitcoin and cryptocurrency miners, in general, have been suffering from the crypto winter’s downturn. Source ⛏ t.me/Mining_Crypto_Miner ⛏

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Bitcoin Mining Difficulty Sees First Decrease in 2 Months The fall comes amid a drop in Bitcoin price which has hampered the profitability of the mining process. On-chain data shows that Bitcoin’s mining difficulty was lowered to 31.36 trillion hashes at a block height of 756,000. Despite this, the Bitcoin ecosystem is still guarded by the most secure blockchain network. According to data from BTC.com, the Bitcoin mining difficulty adjustment decreased by approximately 2.3% on September 28th. The latest decline comes two weeks after the figures tapped an all-time high of 32.04 trillion hash after four consecutive increases. The price of the crypto-asset managed to surge past $20,000 yesterday, during which ensued a mass profit-taking session as certain sections of traders resorted to offloading their bags. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Nuclear and gas fastest growing energy sources for Bitcoin mining: Data The electricity mix of Bitcoin (BTC) has drastically changed over the past few years, with nuclear energy and natural gas becoming the fastest growing energy sources powering Bitcoin mining, according to new data. The Cambridge Centre for Alternative Finance (CCAF) on Tuesday released a major update to its Bitcoin mining-dedicated data source. According to the data from Cambridge, fossil fuels like coal and natural gas made up almost two-thirds of Bitcoin’s total electricity mix as of January 2022, accounting for more than 62%. As such, the share of sustainable energy sources in the BTC energy mix amounted to 38%. The new study suggests that coal alone accounted for nearly 37% of Bitcoin’s total electricity consumption as of early 2022, becoming the largest single energy source for BTC mining. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Jihan Wu-Backed Crypto Miner Bitdeer Acquires 'Singapore’s Fort Knox' for $28.4 Million Sources have disclosed that the digital currency mining operation, Bitdeer Technologies, has purchased a high-security storage and display facility in Singapore called Le Freeport for $28.4 million. Bitdeer’s chairman, Jihan Wu, confirmed the vault acquisition via a text message following the reports that revealed the mining firm purchased Le Freeport. After the co-founder of Bitmain Technologies Jihan Wu left the company, he co-founded a firm called Matrixport and he’s also the chairman of Bitdeer Technologies. According to a report published by Bloomberg, that cites sources familiar with the matter, Bitdeer paid S$40 million ($28.4 million) for the maximum security vault known as Le Freeport. The vault was originally constructed to be similar to the high-security storage. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Compute North Files for Bankruptcy as Crypto-Mining Data Center Owes up to $500M Compute North, one of the largest operators of crypto-mining data centers, filed for bankruptcy and revealed that its CEO stepped down as the rout in cryptocurrency prices weighs on the industry. The company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. Compute North in February announced a capital raise of $385 million, consisting of an $85 million Series C equity round and $300 million in debt financing. But it fell into bankruptcy as miners struggle to survive amid slumping bitcoin (BTC) prices, rising power costs and record difficulty in mining bitcoin. The filing is likely to have negative implications for the industry. Compute North is one of the largest data center providers for miners. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitcoin Miner Cipher Looks to Sell Up to $250M in Stock Cipher Mining (CIFR) is looking to sell up to $250 million in stock from time to time in what is known as an "at-the-market” (ATM) offering. Bitcoin miners have been struggling this year as the price of bitcoin has dropped by about 60% and energy prices soar across the world. Despite these headwinds. Earlier on Friday, miner Iris Energy (IREN) announced a deal with investment bank B. Riley to sell up to $100 million of equity. Investment bank H.C. Wainwright will act as a sales agent for Cipher's stock, according to a Friday filing with the U.S. Securities and Exchange Commission. Cipher Mining's stock was up by about 2% in Friday's trading on the Nasdaq. some of them are back on the market to raise capital needed to fund their development. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon The Central Bank of Russia (CBR) and the Ministry of Finance (Minfin) have adopted a joint position on the regulation of crypto mining. The bitcoin-related activity has been expanding in the energy-rich nation, both as a profitable industry and as a source of additional income for many Russians. Anatoly Aksakov, chair of the parliamentary Financial Market Committee. The Russian lawmaker also gave his own take on the matter. Aksakov believes that cryptocurrency mining should be allowed only in regions with abundant energy resources and prohibited in those that experience shortages. Earlier in September, Prime Minister Mikhail Mishustin asked the CBR, Minfin, Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, and the Federal Security Service to elaborate a common position on draft federal laws regulating the issuance and circulation of digital currencies. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitcoin/Crypto Mining News Admin: @James_MCM

World’s Largest ASIC Producer Bitmain Slashes Antminer Bitcoin Mining Rig Prices The world’s largest producer of application-specific integrated circuit (ASIC) bitcoin miners, Bitmain Technologies, has revealed the company is offering a discount on Antminer S19 Pro mining rigs. The 100 terahash per second (TH/s) machine is selling for $19 per terahash or $1,900 per unit. The Antminer mining rigs are 80% cheaper than they were five months ago on March 28. Amid the crypto winter and the crypto economy’s market capitalization hovering around $927.21 billion, Bitmain Technologies has decided to sell its Antminer S19 Pro mining rigs at a discount. At the same time, the price of bitcoin (BTC) is down 5.52% during the last seven days and is currently trading for under $20K per unit. The cryptocurrency network’s mining difficulty is at an all-time high and the network’s hashrate is coasting along today at 223.73 exahash per second (EH/s). Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitfarms Starts Bitcoin Megafarm Operations in Argentina Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, launched on September 16, is currently generating 10 megawatts (MW) of mining power during the first phase and will scale operations to be fully operational next year. Bitfarms, a Nasdaq-listed bitcoin mining company, has begun mining operations at it’s megafarm located in Argentina. The construction of the facility, which started on October 2021, has now reached a milestone, allowing it to start operating, and contributing hashrate to the Bitcoin network. The farm’s construction was estimated to be completed by last September, but due to several delays. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Vietnam Crypto Miners Complain About Losses From Ethereum’s Merge Miners in Vietnam have expressed grievances over the loss of business following Ethereum’s transition to a consensus mechanism that does not require the energy-intensive computing they were providing. Many are in trouble, local media reported, quoting entrepreneurs and mining enthusiasts. Vietnam’s crypto miners have suffered heavy losses with their mining rigs now shut off after the second-largest cryptocurrency by market capitalization switched to a more energy-efficient framework, VN Express noted in a report. This week, Ethereum (ETH) changed its protocol from proof-of-work (PoW) to proof-of-stake (PoS) with an upgrade called “The Merge,” which was completed on Thursday. It significantly reduces the amount of energy burnt to validate transactions. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Working Group to Develop Efficiency Standard for Crypto Mining in Russia A group of crypto specialists have teamed up to elaborate a standard that should improve the overall efficiency of mining and in particular the use of energy to mint digital currencies. The set of rules and procedures will be designed to increase the time the expensive data processing equipment operates under optimal load which should result in higher profitability. The standard, which is expected to be released for adoption in February next year, will be prepared by members of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector, and other associated industries, the Russian crypto news outlet Bits. media reported this week. The decision to establish the working group was announced at a crypto summit held in Moscow. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Filecoin Crypto Miner RRMine Global Moving to Singapore On Tuesday, 13th September 2022, Filecoin (FIL) service provider firm RRMine Global announced to shut off its operations in China. The company said its plans to shift to Singapore. The step of the Filecoin crypto miner came after the crackdown on crypto and crypto-related operations in Mainland China. It is noteworthy that China entirely banned crypto and its operations, from trading to mining. According to RRMine’s statement, the need to take this move emerged following the strict restrictions in China over crypto. This action proved that China might be going to follow a whole different strategy for Web3 development. However, in several instances, authorities in China indicated their aspiration to make the country a prominent player in Web3 development around the world, regardless of their dislike for crypto. According to a newspaper report, in December 2021, there was an instance when police in Chengdu,. Source ⛏ t.me/Mining_Crypto_Miner ⛏

First solar-power Bitcoin mining plant opens in South Australia A solar-powered Bitcoin (BTC) mining plant has begun operations in South Australia to become the first-of-a-kind center in the region. The plant operated by Lumos Digital Mining provides about five megawatts of electricity for the activity in a bid to curb Bitcoin’s carbon footprint, ABC News Australia reported on September 16. Angelo Kondylas, an official from Lumos Digital Mining. Elsewhere, Nick Champion, the state minister for trade and investment, noted that leveraging solar energy will contribute to decarbonizing the blockchain amid increased demand. Notably, Bitcoin mining has come under criticism for the asset’s energy consumption at a period different jurisdictions are working towards combating climate change. For instance, Aspen Creek Digital also launched solar-powered Bitcoin mining. Source ⛏ t.me/Mining_Crypto_Miner ⛏

Bitcoin's Mining Difficulty Taps All-Time High Bitcoin’s mining difficulty reached a new all-time high at block height 753,984 from 30.97 trillion hashes to 32.05 trillion hashes. After two difficulty increases during the past month, the network’s mining difficulty jumped another 3.45% higher on September 13. The leading cryptocurrency by market capitalization, bitcoin (BTC). Two weeks or 2,016 blocks before the last change, the difficulty jumped slightly by 0.63%. Following the increase today, at block height 753,984, it has never been more difficult to find a bitcoin (BTC) block reward. Furthermore, BTC’s U.S. dollar value dropped over 9% on Tuesday afternoon (ET), following the recently published U.S. CPI report. Despite the price drop and recent difficulty rise, BTC’s hashrate has remained above the 200 exahash per second (EH/s). Source ⛏ t.me/Mining_Crypto_Miner ⛏