Bitcoin Miners Unphased by Iceland’s Cold Shoulder as Energy Demand Mounts

By CCN: Iceland has been a hotbed for bitcoin mining for years, fueled by its cheap geothermal power. However, the Nordic island nation is pumping the brakes on more crypto mining as it seeks to thwart accelerating energy demand. Last year, Icelandic authorities targeted crypto miners for higher taxes amid the industry’s huge electricity consumption. Now, it seems that a growing organic movement within the country sees mining expansion as a potential environmental hazard, too. Bitcoin miners are increasingly viewed as an existential threat to Iceland’s unrivaled and largely untouched countryside, according to an Al-Jazeera special report. A coalition of environmentalists,

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Bitcoin Mining: Key Stat Exposes Ridiculous Energy Consumption FUD

By CCN: Antoine Le Calvez, a researcher for CoinMetrics, set out to determine how Bitcoin’s environmental impact compares to that of the auto industry. His striking conclusion? US vehicles consume roughly the same amount of energy in three days as Bitcoin has consumed in its entire existence. The figure converts the energy used to propel cars and the amount of oil required (reportedly 1.3 million tons per day) to the amount of energy used to mine Bitcoin over the past ten years. 1790635332537685941996748800 hashes computed by S9 miners ~= 1.75 e17 joules ~= 4.2M tons of oil. US cars consume

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Chinese Bitcoin Miners Lose Again after Flocking to Iran for Cheap Electricity

Many Chinese bitcoin miners migrated to Iran in 2018 for its cheap electricity amid China’s crackdown on crypto mining. However, they’re finding the harsh environment in the authoritarian regime unwelcoming. Feng Liu operates a bitcoin mine holding over 20,000 units of Antminer T9. He told Chinese crypto website 8BTC News that many Chinese crypto miners flocked to Iran last year because electricity is cheap (as low as $0.006 per kilowatt-hour) in the oil-rich nation. “If you want to invest in power plants in Iran, the government there will supply free natural gas for the first five years, which further lowers

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5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain

China’s plans to ban bitcoin mining could not have come at a worse time for Bitmain. Once seemingly indomitable, Bitmain is now in a precarious phase. In the past couple of months, the bitcoin mining hardware giant has not only reported a $500 million loss after a couple of years of consistently making profits but also failed in a bid to get publically listed. Though recent leadership changes have given rise to hopes that the Bitmain ship could be steered back into the right track, reports that China is planning to ban cryptocurrency mining comes as a big blow. Here

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China’s Proposed Bitcoin Mining Ban Could Snap Crypto Rally Dead

A Chinese government report has outlined a plan to kill bitcoin mining within its borders. The report, issued by the National Development and Reform Commission (NDRC), lists cryptocurrency mining as an industry that should be eliminated with immediate effect. While the report is currently in a development stage, if enacted it could stop the recent bitcoin rally in its tracks. Bitcoin surged 27% in the last week to hit a 2019 high, holding above the $5,000 barrier. The proposed crypto mining ban in China, however, could have a negative effect on bitcoin’s value and market capitalization.  China’s Proposed Bitcoin Mining

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Hong Kong Bitcoin Traders Guilty of ‘Unfair’ Mining Sales Face 5-Yr Prison Term

By CCN.com: Hong Kong’s Secretary for Financial Services and the Treasury, James Lau, has clarified to the city-state’s Legislative Council that commercial transactions relating to Bitcoin mining devices are protected under the Trade Descriptions Ordinance. Consequently, bitcoin traders who engage in unfair trade practices with regards to bitcoin mining hardware face a five-year jail sentence. A maximum fine of 0.5 million Hong Kong dollars is also applicable. Some of the unfair trade practices which were listed by Lau include ‘false trade descriptions’ and ‘bait advertising’. Others include ‘misleading omission’, ‘aggressive commercial practices’, ‘bait-and-switch’ as well as ‘wrongly accepting payment’. Who

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Bitmain’s $3 Billion IPO Application is Officially Dead but Dream Remains Alive

The IPO dreams of Bitcoin mining equipment giant Bitmain are over, at least for now, as its listing application which was filed on September 26, 2018 has reached the six-month expiration date. Without giving a specific date Bitmain, however, said in a blog post that it will reapply at a future date. The crypto mining hardware maker had intended to raise $3 billion from the IPO at the Hong Kong Stock Exchange (HKEX), per the Financial Times. Bitmain did not, however, clarify whether it will still seek to list on the Hong Kong Stock Exchange or elsewhere. Did Hong Kong

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What Crypto Bear Market? Japanese Banking Giant SBI Will Soon Mine Bitcoin

SBI Holdings, a major financial and banking giant in Japan, has formally announced the launch of SBI Mining Chip Co., Ltd., officially entering the bitcoin mining industry. In recent months, the most dominant forces in the global bitcoin mining industry in the likes of Bitmain, Cannan, and Japanese internet conglomerate GMO have struggled to adjust to market conditions. As the bitcoin bear market extended to a 15-month correction, despite the gradual increase in hash power, the demand for bitcoin mining due to the general decline in profitability of mining noticeably dropped. The entrance of SBI Holdings into the mining market

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Crypto Winter Freezes New York Bitcoin Mining Industry

A unique characteristic of many upstate New York cities is their low energy rates. Hydroelectric dams along the St. Lawrence river give residents electricity so cheap that many even heat their homes with it. The region made perfect sense for crypto miners during the “gold rush” days of 2017 and early 2018, and the increased demand from the Bitcoin mining industry created the problem of increased electricity demand driving up the costs. Mining Premiums & Government Action + Crypto Winter = Toxic Environment for Bitcoin Miners Some municipalities like Lake Placid put a ban in place, learning from the experience

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Bitcoin Mining Giant Canaan Secures New Funding in ‘Hundreds of Millions of Dollars’

Canaan Creatives, the world’s second-largest bitcoin mining chipmaker, has raised ‘hundreds of millions of dollars’ in a new financing round. STCN reported that the latest funding pushed Canaan’s worth to at least a billion dollar. According to a study published by the Hurun Research Institute, Canaan’s valuation was close to $2.98 billion by the end of Q2 2018. Nevertheless, the Beijing firm didn’t post financial reports of the fiscal year 2018, which made it difficult to assess its exact valuation, as well as its revenue. Canaan didn’t reveal how it would plan to utilize the funds. STCN reported that it

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