Bitcointalk mining bitcoins
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Content:
- Aramco clarification on Bitcoin
- What is Bitcoin mining? Crypto mining explained, and why Elon Musk said it’s bad for environment
- What is Bitcoin mining, and why is it necessary?
- Bitcoin operation ignites debate around the waste from coal mining in Pennsylvania
- Easley native to open Litchain Corp., Bitcoin mining operation in Gaffney
- Bitcoin Mining Breathes Life into Zombie Coal Plants
Aramco clarification on Bitcoin
By Bloomberg Wire. If the grid starts to go wobbly, as it did when winter storm Uri froze up power plants in February , miners could quickly shut down to conserve energy for homes and businesses. At least two Bitcoin miners have already volunteered to do just that. Help me get through the winter, the governor said, according to four people who attended the meeting. He said regulators need to require miners to shut down during a crisis, instead of making it voluntary.
Abbott is embracing an industry that sees itself as a libertarian form of finance free from meddling by banks and governments — an ideal that appeals to his core GOP voters. In all, there are seven big miners and more than 20 smaller ones in Texas, according to the lobbying group Texas Blockchain Council.
Abbott and Republican lawmakers have taken some of the most aggressive steps in the U. Last May, Texas became one of a few states to make it easier for businesses to hold crypto assets and use them as collateral for loans.
Abbott also created the Work Group on Blockchain Matters, staffed by industry experts and insiders. Governments from China to Kazakhstan to Iceland have outright banned or limited crypto mining because of their drain on electric grids. Lee Bratcher, president of the Texas Blockchain Council, finds opportunity in these bans. As crisis looms, miners could vie for power with families and businesses. Gideon Powell, an oil wildcatter in Dallas, recalls pitching crypto to Abbott soon after he got into Bitcoin mining about five years ago.
Nothing is more important to Bitcoin mining than electricity. It powers the computers that hum nonstop to solve complicated algorithmic equations. Within two years, enough new Bitcoin mines will come online to require as much as 5 gigawatts of additional electricity in Texas, according to the Texas Blockchain Council.
An extended slump could delay the mining expansion. The blackouts left more than people dead and paralyzed the state for almost a week. The power grid operator also is optimistic Bitcoin miners can help the grid, a spokesperson for the Electric Reliability Council of Texas, or Ercot, said in a statement.
But there are signs the risk of blackouts remains. Two arctic blasts in January shut down some gas production, exposing continued vulnerabilities for equipment that ensures the flow of fuel to electricity generators. Former state senator Don Huffines, a GOP primary challenger, announced a plan this month to do more than Abbott to stimulate crypto, especially to strengthen the power grid. At the Oct. Bloomberg Wire. Become a business insider. Get the latest headlines delivered to your inbox every weekday.
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What is Bitcoin mining? Crypto mining explained, and why Elon Musk said it’s bad for environment
The Bitcoin BTC mining network contributed less than 0. Data obtained by the company suggests that BTC mining is responsible for a marginal share of the global CO2 emissions, in particular when compared with the variety of services that are facilitated by the use of the cryptocurrency. The Bitcoin mining network produced some 36m tons of CO2 in and 41m tons last year. The study claims that, owing to flare mitigation, an estimated 2. However, even at this point, the BTC mining network generates an insignificant share of total emissions, which amounts to less than 0. Moreover, the carbon footprint of BTC mining can hardly match that of a number of traditional industries which are responsible for significantly higher CO2 emissions, as demonstrated by CoinShares' figures. The report argues that Bitcoin provides a global, free, censorship-resistant, and debasement-protected monetary network for the whole world, which also preserves human rights.
What is Bitcoin mining, and why is it necessary?
Some sources blame miners for buying everything up. But who are these miners? Miners is the term for people who collect cryptocurrency. Currency miners mine their cryptocurrency at their farms , specially tricked-out computers dedicated to the task. But why is cryptocurrency in the news right now; why the commotion? And if everyone else is mining money, should you do it as well? Let us get to the bottom of what is happening right now. First, let us review the basics of bitcoin and blockchain. You can read about them in detail in one of our posts ; my explanation here will be brief. Bitcoin is a decentralized virtual currency.
Bitcoin operation ignites debate around the waste from coal mining in Pennsylvania
A once-dormant power plant is humming with activity outside Pittsburgh as thousands of miners work 24 hours a day. The first to solve the equation is rewarded with the digital financial token known as bitcoin. But the large amount of power needed to run these computers has re-ignited a debate in Pennsylvania and around the country about the potential climate consequences of cryptocurrency. Bitcoin is a type of digital money not regulated by any company or government. It can be exchanged online between people anywhere in the world without going through a bank.
Easley native to open Litchain Corp., Bitcoin mining operation in Gaffney
That means companies like CleanSpark that have recently sprung for more efficient machines, mostly the Bitmain S19 Pro, have less to worry about. Such actions also put pressure on less efficient competitors, as adding more computers to the network makes it more difficult to earn tokens. However, an industry shakeout could disrupt those expectations. Already there are signs of similar pressure. Current prices on the older mining equipment have been sliding for months, per Hashrate Index.
Bitcoin Mining Breathes Life into Zombie Coal Plants
Of all the potential implications of blockchain for the energy sector, the energy use of cryptocurrencies — and bitcoin in particular — has captured the most interest. With bitcoin value tripling in recent months and Facebook announcing its new Libra coin, interest in the energy use of cryptocurrencies is again on the rise. In this commentary, we explain why and how bitcoin uses energy; dig into published estimates of bitcoin energy use and provide our own analysis; and discuss how these trends might evolve in the coming years. In order to understand why and how bitcoin uses energy, we first need to understand its underlying technology: blockchain. Blockchain offers a new way to conduct and record transactions, like sending money. In a traditional exchange, central authorities e. Blockchain removes the need for a central authority and ledger; instead, the ledger is held, shared, and validated across a distributed network of computers running a particular blockchain software. The first miner to solve the puzzle is rewarded with new bitcoins and network transaction fees.
A significant driver behind this sudden drop was news that China had begun a sweeping crackdown on the cryptocurrency industry, due to concerns about financial risk and excessive energy consumption. Before the clampdown, China accounted for two-thirds of Bitcoin mining worldwide. In the months since, mining companies have been quick to move their operations overseas.
Our inaugural outing of this news roundup, looking back on the week of Jan. Welcome to the first edition of Nonfungible Tidbits, where we highlight some of the most interesting things that happened this week in cryptocurrency , NFTs and related realms. Certainly the biggest story this week was the price of bitcoin , which isn't, um, doing well. Meta, formerly known as Facebook, is reportedly ending its stablecoin project. And last Friday, Twitter debuted a feature that allows subscribers to its paid Twitter Blue service to use an NFT as a profile picture.
By Eleonora Spagnolo - 28 Jan He said this during a video conference with members of the government. Not surprisingly, it was precisely with the regulation of cryptocurrencies that the president of Russia wanted to open the video conference. First of all, he said that he is aware of the matter and clarified that it is up to the Central Bank of Russia to regulate it , but he also added:. Vladimir Putin then spoke about the advantages of mining in Russia , emphasizing two aspects:. We obviously have some competitive advantages, especially in so-called mining. Russia has become one of the top places where Bitcoin mining is taking place.
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