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Posts published in “Mining”

Bitcoin Mining: Three Reasons Why Energy Consumption Rhetoric Is Pure Nonsense

New Study Says Bitcoin Has An Energy Problem That Could Exacerbate Climate Change

When they aren’t bashing Bitcoin as a bubble, nocoiners can usually be found trying desperately to prove how the activities of miners will bring about the end of the world. Here are three reasons why the energy consumption rhetoric is utter garbage. The Global Energy Misconception The pseudo-environmentalist brigade will have you believe that Bitcoin (BTC) mining would be the death of the planet. Much of their arguments revolve around the energy consumption of data

The post Bitcoin Mining: Three Reasons Why Energy Consumption Rhetoric Is Pure Nonsense appeared first on Bitcoinist.com.

Bitmain Adds 5 New Billionaires to China’s Wealthiest List

China’s latest rich list for 2018 sees five billionaires joining China’s wealthiest for the first time thanks to Bitmain’s market lead on cryptocurrency mining. The Hurun Research Institute 2018 Hurun Rich List now includes Bitmain’s founders, CEO and Vice President. The five have a combined wealth equalling nearly $9 billion USD. Bitmain Billionaires Though Jihan Wu is the name most associated with Bitcoin, co-founder Ketuan Zhan is the largest shareholder of Bitmain. Wu owns 20.25

The post Bitmain Adds 5 New Billionaires to China’s Wealthiest List appeared first on Bitcoinist.com.

Cryptocurrency Fueling a New Future for Ukraine

Three Ukrainian Politicians Admit to Having Over $50 Million in Bitcoins

In Ukraine, a county bearing the brunt of rampant corruption and still trying to find its footing after a revolution, a growing number of citizens are turning to cryptocurrencies to get back on their feet. After the collapse of the Soviet Union in 1991, many Ukrainians watched in dismay as much of the area’s wealth and infrastructure made its way into the hands of a select few. Today, these oligarchs control their wealth through physical

The post Cryptocurrency Fueling a New Future for Ukraine appeared first on Bitcoinist.com.

Bitcoin Miner Imprisoned for Stealing Power from Trains

A Chinese bitcoin miner from Shanxi province has been jailed after admitting to the theft of 104,000 yuan ($15,000) worth of electricity from a train network.  Cheap Day Return Obviously, stealing that much power would take an awful lot of train travel. No matter how many seats with power sockets you reserved, the ticket price alone would far outweigh the potential return. So Xu Xinghua tapped directly into the Datong train network’s power grid to

The post Bitcoin Miner Imprisoned for Stealing Power from Trains appeared first on Bitcoinist.com.

David Vs. Goliath: Companies Like MicroBt Look To Challenge Bitmain’s Dominance

mining farm

Bitmain is well-known across the cryptocurrency community for dominating the mining hardware market. Some think the Chinese giant might be losing its edge, and a growing number of competitors are emerging to challenge the company. A number of companies have tried to establish themselves as a force in the cryptocurrency mining world. The vast majority have gone out of business — except for a Chinese firm called Bitmain. Estimates are that Bitmain controls at least 70

The post David Vs. Goliath: Companies Like MicroBt Look To Challenge Bitmain’s Dominance appeared first on Bitcoinist.com.

Bitcoin Miner in China Receives Prison Sentence for Electricity Theft

A man has plead guilty to stealing electricity from the Chinese state to power his Bitcoin mining operation. Xu Xinghu will be forced to serve a three and a half year prison sentence and pay around a $14,500 fine for his crime. Dwindling Profit Margins Cause Bitcoin Miners to Steal Power According to reports in...

The post Bitcoin Miner in China Receives Prison Sentence for Electricity Theft appeared first on NewsBTC.

Honeycomb Helps Journalists and Publishers Harness Mobile Crypto Mining

Blockchain startup Honeycomb, was pitched as one of the “smartest, most clever” startups in a technology feature in 2018’s Online News Association Conference (ONA18). NiemanLab, part of journalism standards organization Nieman Foundation, questioned if a startup like Honeycomb could convince users to mine cryptocurrency with their mobiles and donate it to news organizations. Mine Monero on Your Mobile – then Donate it Honeycomb’s software would allow users to mine the cryptocurrency Monero on their mobiles

The post Honeycomb Helps Journalists and Publishers Harness Mobile Crypto Mining appeared first on Bitcoinist.com.

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