Bitcoin Mining

Bitcoin hash rate plummets as the rainy season ends in Sichuan.

Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many bitcoin miners migrating to other jurisdictions. Thomas Heller of Bitcoin mining blog Hashr8 reported that roughly 22 exahashes...

Abkhazia’s government blames crypto mining for the rising energy crisis in the region – a report by Saumil Kohli.

According to the Jam News report, government's year-old ban on crypto mining has not been respected nor enforced by the local authorities, with crypto miners continuing to take advantage of the area's low energy costs. The director of operational...

Jihan Wu gains the legal upper hand in the ongoing power struggle for Bitmain – a report by Saumil Kohli.

The co-founders of crypto mining machine manufacturer giant, Bitmain, have been locked in a battle for control over the past few months. Co-founders Jihan Wu and Micree Zhan have been in disagreement since October last year when Wu ousted...

Energy consumption by bitcoin is now comparable to the Czech Republic.

Bitcoin's estimated energy consumption and environmental impact has increased quite significantly. The energy consumption grew due to the heavy power demands of mining rigs until May's halving event, at which point it fell off a cliff as mining rewards...

Chinese Bitcoin mining company Canaan spends $10 million to buy back shares – a report by Saumil Kohli.

In 2019, Canaan, the Chinese company that makes computer chips and other hardware for Bitcoin mining rigs, priced its shares at $9 on the Nasdaq stock exchange as part of a $90 million initial public offering (IPO). Now, with...

Kazakhstan is looking to attract $700 million worth investment for the crypto mining sector – a report by Sahil Kohli.

According to the Reuters report, Kazakhstan is in talks to attract investments worth 300 billion tenge ($714 million) into the cryptocurrency sector, Digital Development Minister Bagdat Mussin. The Asian country claims to account for 6% of global cryptocurrency mining. Kazakhstan...

Government clamps down on bitcoin mining farms in China’s Inner Mongolia.

In China's Inner Mongolia, the local government agency has required a local electricity trade company to disqualify 21 bitcoin mining farms from participating in energy trading. Local crypto news platform Wu Blockchain first reported the document, but it did not provide the names...

Kazakhstan proposes a 15% tax on crypto mining to help fight the pandemic.

According to a recent report by a local Russian publication, Kazakhstan's ministry of economy has proposed a new tax plan requiring crypto mining companies to file an application for registration with the authorities. After registering, the taxpayer must then indicate...

Bitmain delays shipments of its Antminer bitcoin mining machines by three months.

According to a post on Bitmain's official Wechat account, the Chinese bitcoin miner manufacturer said customers whose orders were supposed to deliver in June and July would have to wait until September and October. Those bitcoin mining machines are typically ordered...

Iranian authorities allow power plants to mine cryptocurrencies.

Iranian authorities gave the green light to industrial power plants to operate as cryptocurrency miners, provided that they don't use subsidized power for it. In a statement to the Islamic Republic News Agency (IRNA) on July 27, Mostafa Rajabi...

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The IRS is considering different approaches to tax cryptocurrency.

The US Internal Revenue Service has been considering different approaches to digital currency taxation, a top government official has...
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