Archive | mining

Georgia Second Most Active in Crypto Mining

With a population of fewer than 4 million people, Georgia’s position as second in the world for cryptocurrency mining is an intriguing one. Mining farms US technology company Bitfury accounts for significant portion of the mining activity in Georgia. The company runs a vast data center filled with mining software on the outskirts of the capital Tbilisi, […]

The Emergence of Mining as an Ecosystem

Cryptocurrency mining was first introduced through Bitcoin’s Proof-of-Work (PoW) algorithm, and has since been adopted by hundreds of other cryptocurrencies. Since its inception, miners have primarily supported platforms based on their profitability, following the coins whose miner returns offer the highest returns on investment. However, profitability’s dominance is gradually being replaced by other incentives, as projects look […]

Bitcoin Mining Could Become Unprofitable for the Majority

With Bitcoin’s price back above USD 8,000 that still doesn’t promise a bright future for the cottage industry of miners. Miners use GPU‘s or ASIC‘s to solve an algorithm and contribute to the verification of transactions on the network. A reward is issued in the form of digital currency for the hashing power they have supplied. If Bitcoin was to […]

ASIC Chip Manufacturer Posts Q1 Growth Due to Increased Crypto Mining

The Taiwan Semiconductor Manufacturing Company (TSMC) has released details of its Q1 earnings this year, with the demand for ASIC chips growing over the period. Application-specific integrated circuit (ASIC) chips are a necessary element to efficiently mine Bitcoin. Bitmain is one of the biggest names in Bitcoin mining hardware and they purchase their chips from TSMC. A growing number […]

“Big Bitcoin Heist” Fugitive Flees Iceland, Pens Letter Saying He Wants to Go Home

The man who escaped custody in Iceland and got on a passenger plane that was carrying the country’s prime minister says he ‘will be back soon.’ Sindri Thor Stefansson was being detained for his suspected role as the mastermind behind the February theft of 600 cryptocurrency mining rigs, being one of the 11 people arrested… […]

IBM and Marsh to Partner for Blockchain Insurance Platform

IBM and insurance broker Marsh are developing a blockchain-based platform to maximize efficiency in insurance verification. ACORD Corporation and ISN will also be working in partnership with them. The system will be built on IBM’s blockchain platform as well as the Hyperledger Fabric code. Why a blockchain-based insurance platform? A blockchain-based insurance platform can help in reducing […]

Morgan Stanley: Bitcoin Miners Will Only Profit When Price is Above $8,600

The key price point for Bitcoin mining profitability is $8,600, according to Morgan Stanley Equity Analyst Charlie Chan and his team. As per their simulation, if the coin can’t recover $8,600 soon, many Bitcoin miners will likely find it unprofitable to keep creating the cryptocurrency. Bitcoin Mining Profitability As of today, Bitcoin is trading at almost $8,250… […]

“Big Bitcoin Heist” Escapes on Icelandic PM’s Plane

Robbery suspect Sindri Thor Stefansson has escaped from custody and fled to Sweden on a plane which was reported to have been carrying Icelandic Prime Minister Katrin Jakobsdottir. Stefansson was being detained on suspicions of being the mastermind behind what has become known in Iceland as “the big Bitcoin heist”, the robbery of 600 computers used […]

Consolidation in Cryptocurrency Mining Industry to Pressure the Price of Bitcoin

Bitcoin mining is increasingly becoming an activity for big business as the complex calculations needed to generate the virtual currency require industrial-scale capabilities. As the mining industry matures, the expected consolidation is likely to oust ‘regular folks’ that use their personal computers. Large Cryptocurrency Miners Are Taking Over the Game Bill Tai, the chairman of… […]