As the price of Bitcoin rose, so did the number of people who bought cryptocurrency mining equipment in hopes of "striking it rich." With all these miners running their equipment night and day, the total electrical usage of cryptocurrency mining operations has grown at a staggering rate. Even…
9 posts tagged
Mining
New Cryptocurrency Mining Farm to be Located in Siberia
It was recently announced that a new cryptocurrency mining farm will be created in Krai located in Siberia. This mining farm will be one of the largest of its kind in the entirety of Russia according to the director general of BitBaza, a cryptocurrency mining company. The company reportedly chose…
Eastman Kodak Stock Rises 120% Due to Crypto Mining and KodakCoin
Eastman Kodak announced to the public it plans to mint its own cryptocurrency, the KodakCoin. Shares in the company soared 120% after the announcement. Kodak is a US firm who is teaming up with Wenn Media Group based in London to present the initial coin offering or ICO. This blockchain-based…
Summary Explanation: What is Bitcoin Mining
Bitcoin miners use specific software to solve math problems. They are issued bitcoins in exchange. Sounds good, but there is no central place or government for bitcoin regulation. With paper money, the government decides when to print and distribute money. Bitcoin miners keep the Bitcoin system protected by supporting dealings.…
How Net Neutrality will Effect Cryptocurrency & Mining A LOT
"This is your last chance to stop ISPs from messing up your Internet," proclaims Battle for the Net in bold, vibrant letters. And for those involved with cryptocurrencies like Bitcoin, Ethereum and other altcoins, that could really be true. If Net Neutrality is indeed revoked, many believe it…
Can Derelict Power Stations Solve Bitcoin’s Energy Crisis?
The last few months have seen a growing concern over the environmental costs of mining Bitcoin . As the computational requirements of mining the signature cryptocurrency become increasingly demanding, the system has begun to approach a dramatic tipping point. Citigroup recently reported that for mining to remain marginally profitable, Bitcoin’s…