Alarm Over Bitcoin Mining is a Red Herring: Energy Researcher

The amount of electricity consumed by bitcoin mining is not the global environmental crisis it is often portrayed to be. This is the professional assessment of Dr. Katrina Kelly-Pitou,  a research associate in electrical and computer engineering at the University of Pittsburgh. ‘New Technologies Are Energy Intensive’ Writing in an article penned for non-profit academic media …

‘Bitcoin [Mining] Threatens Our Existence’ Academic Says, Calls for Intervention

The ever-increasing amounts of electricity that bitcoin mining consumes threaten to reverse the efforts and gains made so far in mitigating greenhouse gas emissions, an academic has claimed. According to Dr. Jon Truby, the director of the Centre for Law and Development at Qatar University, bitcoin was designed with no considerations made on its environmental …

$500 Million Bitmain Data Center to Bring 400 Jobs to Texas Coal-Mining Town

Bitmain, the world’s largest bitcoin miner and mining equipment maker has announced construction plans for a new blockchain data center and cryptocurrency mining facility in the city of Rockdale in Milam County, Texas. CCN earlier reported that the company released plans to construct a data center in Texas as part of an ongoing North American …

Rogue Qiwi Employee Mined 500,000 Bitcoins [Then Lost Them All]

Qiwi, a large Russian payments company, has played a pioneering role in blockchain development in that country, largely driven by its CEO and major shareholder, Sergey Solonin. The reason for Solonin’s interest in cryptocurrency recently came to light during a lecture he gave at the Moscow School of Communications, according to Rubase. In 2011, Solonin …

Chinese Authorities to Shut Down ‘illegal’ Bitcoin Mining in Autonomous Region

Xinjiang Uyghur, an autonomous region in northwest China, has warned local Bitcoin mining enterprises to close their operations before August 30, 2018. Chinese news outlet Jinse published the notice posted by the Xinjiang Economic and Information Commission on July 21. These mining companies will also have to report to the commission. As explained in the notice, one of the …

Flooding in Sichuan Reveals Hidden World of China’s Small-Time Bitcoin Miners

A special report on the recent floods across China’s Sichuan province has uncovered an extraordinary story of resilience, discomfort, tragedy, and rapidly changing economic circumstances experienced by the the people who make up the world’s largest concentration of small-time bitcoin miners. Put together by Chinese news platform Jiemian, the report follows the story of Li …

Second Bitcoin Mining Manufacturer Plots Hong Kong IPO

China-based bitcoin mining hardware manufacturer Ebang Communication has filed to go public on the Hong Kong Stock Exchange (HKEX). The company, the third-largest producer of application-specific integrated circuit (ASIC) chips for bitcoin mining, on Monday filed an application to hold its initial public offering (IPO) on HKEX. The news was first reported by regional industry …

Cryptocurrencies like Bitcoin Less Wasteful Than Fiat Money

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. 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.” Bitcoin and cryptocurrency have an …

Bitcoin Mining Firm Trolls Warren Buffett with Billboards Outside His Office

Join our community of 10 000 traders on Hacked.com for just $39 per month. Genesis Mining‘s bitcoin advocacy campaign has posted billboards outside of Warren Buffet’s office to remind him that he was wrong about Google and Amazon and warn him he may be wrong about bitcoin, too. The billboards went up shortly after Buffet …

47% of South Africans Plan to Invest in Cryptocurrencies

Join our community of 10 000 traders on Hacked.com for just $39 per month. South Africa has the most sophisticated economy and financial sector on the continent, and its citizens are increasingly warming up to the idea of investing and trading in cryptocurrencies — despite regulatory concerns over such decentralised digital financial assets across the …