Oldest Bitcoin mining pool ‘immortalizes’ bullish Reuters headline

Slush Pool, the world’s oldest mining pool, put a Reuters’ headline about Bitcoin’s 2020 bull run in a block on Dec. 2. “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak” is now part of Bitcoin block number 659678. Announcing the news on Twitter, Slush Pool said that the pool’s miners wanted to “immortalize” the bullish Bitcoin (BTC) headline from mainstream media, making it live forever on the Bitcoin blockchain. Our miners asked us to immortalize it. Block 659678: Reuters 01/Dec/2020 Dollar plummets on U.S. stimulus hopes; bitcoin hits all-time peakhttps://t.co/pmzK3HXhpw pic.twitter.com/LKpvlj9TC4 —…

Venezuelan army starts mining Bitcoin to make ends meet

The regime of Nicolás Maduro continues to lean on crypto to keep economically solvent. Via Instagram, an engineering brigade of the Venezuelan army inaugurated the new “Digital Assets Production Center of the Bolivarian Army of Venezuela.” As the video shows, the center houses various ASIC mining equipment used to crack proof-of-work algorithms. General Lenin Herrera presented the new mining operation. The stated goal of the mining operation is “strengthening and self-sustainability of our units of the Bolivarian Army,” adding later that these mining centers would be generating “unblockable sources of…

This Bitcoin mining company’s stock is in free fall following Q3 loss

The stock of one of China’s “big 3” mining firms is in free fall Monday after reporting another quarterly loss, underscoring the operating challenges imposed by COVID-19. Canaan Creative, which manufactures mining rigs, released its third-quarter financial results Monday. The company posted a net loss of $12.7 million, or 54 cents per share, on revenues of $24 million. Although quarterly revenues grew 5%, the company’s net losses more than quadrupled. Quanfu Hong, Canaan’s chief financial officer, poured cold water on the negative earnings release by claiming that demand for mining…

Justice Department extradites alleged BTC mining ponzi operator from Panama

Per a Monday announcement, the U.S. Department of Justice and the Southern District of New York have extradited a leader of alleged ponzi scheme AirBit Club from Panama.  Gutemberg Dos Santos is one of six operators of AirBit Club indicted, and the last to come into the U.S. to face trial before the SDNY. Dos Santos is a dual citizen of Brazil and the U.S. Authorities initially apprehended five of the six back in August, with a sixth avoiding authorities until October.  The DoJ alleges that AirBit Club sold “memberships” that…

Bitcoin mining difficulty approaches ATH as price stabilizes above $18K

The price of Bitcoin has reached a two-year high of more than $19,000 and fallen below $17,000 more than once in the span of a week as mining difficulty continues to rise. According to on-chain analytics provider Glassnode, Bitcoin (BTC) mining difficulty increased by 8.9% today, putting the metric within 5% of its all-time high value set last month. #Bitcoin mining difficulty increased by 8.9% today. It is now only 4.4% below its ATH. Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc — glassnode (@glassnode) November 29, 2020 A rise in mining difficulty marked the…

Ethereum Classic plans ‘Thanos’ hard fork to restore mining with older GPUs

Ethereum Classic (ETC) is planning to execute the Thanos hard fork, an upgrade that would ensure several more years of mining functionality for graphics cards with 4 gigabytes of RAM. The upgrade, scheduled for block 11,700,000 — set to be mined between Nov. 28 and Nov. 29 — will roll back the epoch parameter for Ethereum Classic’s mining algorithm, Ethash. Ethash features a set of precomputed data used during the mining process, called DAG. The data set grows at a rate of about one gigabyte every 18 months, and is…

Top Bitcoin Mining Stocks Post Higher YTD Gains Than Crypto Itself

Key Takeaways Bitcoin mining shares have an average YTD return of 327%.  The increase in these stocks is slowly entering the “caution region,” as BTC reaches new all time highs. Additionally, Google searches for “Bitcoin” are approaching the number of searches for “Tesla Inc.” Share this article The top two BTC mining companies in America, RIOT and Marathon, have posted 492.6% and 387% gains over the past 12 months, outperforming both Bitcoin and Ether at 170% and 368%, respectively. Caution Ahead for Bitcoin Mining Stocks This year’s rise in Bitcoin…

Democratizing Bitcoin’s hashrate takes center stage at mining summit

Bitcoin (BTC) mining continues to ramp up following the successful May 11 halving, but growing industry concentration could undermine the “democratization of hashrate,” according to a panel presentation at this year’s Mining and Investment Summit. Hosted by Matrixport and sponsored by Bitmain, the 2020 Mining and Investment Summit was held virtually Tuesday morning, bringing together the “leading companies in the fields of cryptocurrency mining and digital asset financial services.” In a presentation called, “Bringing Bitcoin Mining to a Broader Market,” Thomas Heller of HASHR8 provided an update on the mining industry,…

How to earn a profit mining Bitcoin and Ether

For the past several months, miners around the world have been extremely active, which can be seen through spikes in hash rates that coincided with a significant increase in the prices of cryptocurrencies. At the beginning of 2020, Ether (ETH) could be bought for $130, and now, ETH has reached $500. The king of cryptocurrencies, Bitcoin (BTC), added almost a cool $10,000 to its price. So, how can users engage with the industry? What has been obvious for some time now is that solo mining is not the way to…

Bitcoin mining revenue hits yearly high, after return to pre-halving levels

Key on-chain metrics such as Bitcoin mining revenues have returned to pre-halving levels according to recent research. Data from analytics provider, Glassnode, suggests that revenue from Bitcoin mining is now back at the same levels it was as when block rewards were double what they are now. When the halving took place in mid-May, BTC prices were around $9,000. On November 18 they had doubled to $18,000 which suggests a correlation as miners need to sell enough of the asset to cover their expenses while remaining in profit. Higher prices…