Crypto mining no longer profitable

Other cryptocurrencies have, too, seen similar surges and dips in value. While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine their coins. The best option likely depends on individual circumstances. Mining cryptocurrency seems like a no-brainer.

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Bitcoin mining: Is Scandinavia's cryptoboom coming to an end?

When residents of an affluent estate community in Alberta started hearing noise from a nearby power plant, they didn't expect their complaints of sleepless nights would lead to a months-long investigation that would find a bitcoin mining operation had set up shop without approval.

Now, Link Global, the company behind the site, is being ordered by the province's utility commission to shut down two plants until it can prove it's allowed to operate — a move the company says will cost jobs and cause the oil and gas infrastructure in which it operates to sit dormant.

Jeff Kocuipchyk first started hearing the noise last fall. He's president of the Greystone Manor Community Association, a small neighbourhood located in Sturgeon County, about 10 kilometres from the northwest outskirts of Edmonton. It's just like a wave … but it's 10 times louder and times more annoying," Kocuipchyk said.

We'd go sit and go, 'Hey, what is that airplane landing in our field? That's part of why you move here. There's a premium you pay for this kind of place. And then the noise starts — and it's not quiet and peaceful anymore. Kocuipchyk said the sound quickly became a topic of discussion among neighbours. Some thought it might be farm equipment.

The worst of the noise was heard along a strip of homes that had empty agricultural land to the west, home to what they believed was a defunct natural gas facility.

Vancouver-based Link Global had set up four 1. The natural gas powers thousands of computer servers that run programs to "mine" digital currency, which involves solving complex computational mathematical equations and is often energy intensive. Work on the plant began in August , and by fall — when neighbours started to get annoyed — it was operating at full capacity. There was just one problem: The company hadn't notified neighbours of its plans.

Or the county. Or the provincial utilities commission — which allows power plants to be set up without approval if they meet several conditions, including only generating power for the company's own use and proving the plant has no adverse effects on people or the environment. Ten households from Greystone Manor, all located along the west side of the community, with backyards facing the plant, complained about the noise to the Alberta Utilities Commission AUC. Eight complainants rated the impact on their quality of life as six out of 10 or higher.

Three rated the severity as 10 out of Riley Georgsen, with the AUC, said it's not common for enforcement to be required, but when complaints like this arise, they are taken seriously. Georgsen said once each complaint is investigated, the AUC's enforcement team puts together a case, which is reviewed by the AUC commission panel. The AUC's enforcement team argued in an application filed in March that the "seriousness and the potential for ongoing harm" meant the Link Global plant should be temporarily shut down while the commission considered how to respond to the situation.

AUC investigators wrote that Link Global initially claimed it had an "extensive history" of consultation with the AUC, Sturgeon County and neighbouring residents — but provided no evidence to back that up. A month later, in June, the company finally acknowledged it didn't notify or consult local stakeholders, as it said it was "unaware of the statutory and regulatory requirements. Link Global had told the AUC in a January letter that it had done a noise impact assessment that found no change between the plant being turned on and off.

But it didn't provide a copy of that noise assessment. The company later told AUC it would contact Alberta Environment and Parks to either seek approval that its operations don't have serious environmental impacts or to obtain confirmation that approval is not required. Stephen Jenkins, Link Global's CEO, is the first to admit the company's debut in the county didn't go as smoothly as hoped.

I take full blame for it. We did not consult with residents," Jenkins said. Jenkins said as soon as he learned of the noise complaints, the company sent out teams to measure decibel levels in the area.

The company temporarily shut down operations following the AUC order and began operating only during daytime hours, though it took a few days to wind things down — another item of contention in AUC enforcement filings. It also implemented noise abatement measures, such as a wall of straw bales and exhaust baffles.

If there's more Link Global can do to make residents happy, it will, said Jenkins. Even if it means packing up and going elsewhere.

That might come as a surprise, but Jenkins said it's no trouble to relocate; that fits with how he sees Link Global operating within Alberta's energy ecosystem. Instead of coal and pickaxes, bitcoin mining involves mathematical equations and software — but critics argue the digital currency's massive power requirements make it environmentally destructive, like its namesake.

Sara Hastings-Simon, an assistant professor at the University of Calgary's School of Public Policy, said she questions the potential impacts of projects like this.

But Jenkins, who has a background in forestry and international clean energy development, argues the operation can provide an environmental benefit. We wouldn't go in and put a new well in," he said. Alberta is littered with nearly , dormant or abandoned oil and gas wells, often because they're no longer economically viable.

Some of that abandoned energy infrastructure, Jenkins said, is at risk of leaking methane — a greenhouse gas more potent than carbon dioxide.

You combust it properly. You don't flare it, and you control those emissions," Jenkins said. The company is also playing around with the idea of using waste heat emitted from computer servers to power greenhouses, bolstering Alberta's agriculture industry during cold weather, Jenkins said. And though the facility employs only four people, Jenkins said it's important to him to employ locally and give former oil and gas workers a path into other careers.

The Sturgeon County plant's supervisor is a former pipefitter; he's now a bitcoin pro and an expert at keeping the plant online, Jenkins said.

The company has said for every 10 MW of power, it can generate about 1. Link Global isn't the first to test this business model in Alberta. Another company, Upstream Data, has been pairing flared natural gas with bitcoin mining data centres in the province since Nevada-based Black Rock Petroleum Company has proposed bringing in up to a million bitcoin mining machines from China — estimated to be about one-third of the world's capacity — to natural gas sites in Alberta, following the country's ongoing crackdown on cryptocurrency.

It has plants near Kirkwall in Special Area 3, and Westlock, too. The Kirkwall plant was also set up without the AUC's prior approval. Jenkins disagreed, but said in June that the company and AUC were collaborating to find a solution. If they can't work it out, Jenkins said he'll simply move the operation — to another site in Alberta, Saskatchewan or B.

Perhaps one with fewer or more distant neighbours. They have to shut down operations immediately and can only resume once Link Global has proven it's either obtained permission under Alberta's environmental protection act or confirmation permission is not required. Jenkins said he finds the AUC's decision fair and was glad it confirmed some parts of the company's operation, like the requirement that it generate power only for its own use, were in compliance.

But he said the ruling likely means the Sturgeon County natural gas facility will once again lie dormant and the jobs at the site will be lost. The company plans to submit documentation to prove the Kirkwall plant meets provincial emissions requirements to keep it up and running. And I don't think, again, we don't need to cause them any more grief. More penalties could be on the way. The AUC will now review whether specific sanctions should be imposed against Link Global for operating without approval — a decision on that is expected this fall.

Sturgeon County Coun. Kristin Toms has mixed feelings about seeing the company potentially forced out of the region. When she first learned the cause of residents' noise complaints, Toms said, "you could have knocked me over with a feather. Toms and the county are on the sidelines of the debate over how to regulate or enforce sanctions against the plant. But when you get an oil and gas site, that falls under the purview of the province," she said.

The two things just didn't meet. But Toms is hoping for a solution going forward that will work for business and residents alike. The county has seen challenges this past year, from higher unemployment to flooding from extreme weather. The potential of more jobs is enticing. He's grateful Jenkins is offering to move — whatever will give him and his family a good night's sleep.

She previously worked at HuffPost Canada. You can reach her on Twitter or Telegram at sarahcrgr. Pseudonyms will no longer be permitted. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Join the conversation Create account. Already have an account? A bitcoin mining power plant secretly set up shop in Alberta. Calgary A bitcoin mining power plant secretly set up shop in Alberta.

Now it's being forced to shut down When residents of an affluent estate community in Alberta started hearing noise from a nearby power plant, they didn't expect their complaints of sleepless nights would lead to a months-long investigation that would find the company had set up operations without consultation or approval. Social Sharing. So Kocuipchyk decided to investigate.

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Ethereum (ETH) mining profitability up until January 9, 2021

Bitwats Inc. An ASIC or application-specific integrated circuit is a microchip designed for a special application. Powered by 5nm ASIC chips, the mining rigs from Bitwats offer extraordinary hash rates and energy efficiency for mining bitcoin, litecoin, ethereum, and monero. As a result, the profitability of these miners is second to none in the current crypto market.

Ever since its conception, cryptocurrency mining (“crypto mining”) This is not to say that crypto mining is no longer profitable in all.

Only 2 million Bitcoins left to be mined, here is what happens when it runs out of supply

There will only ever be 21 million Bitcoins. The Bitcoin blockchain was designed around the principle of controlled supply, which means only a fixed number of newly minted Bitcoin can be mined each year until a total of 21 million coins have been minted. Once all 21 million BTC have been mined, the network will largely operate the same as it does now, but with one crucial difference for miners. Each block comprises a bundle of transaction records that were previously waiting in the Bitcoin memory pool, usually chosen based on the size of the transaction fee they provide to miners. In return for discovering a block, the miner receives a fixed number of Bitcoins for their work, called the "block reward. Thus over time, the block reward has been cut to 25 BTC, Three halvings have been completed so far; the most recent Bitcoin halving occurred in May , cutting the block reward to 6. The next halving is expected to occur in Bitcoin miners will be able to continue earning block rewards until a total of 21 million BTC has been minted, after which no new Bitcoin will enter circulation.

Bitcoin Mining Profitability Plunges After Productive Fall Period

crypto mining no longer profitable

G rowing up in rural western Pennsylvania in the early s, Bill Spence played with his pals on piles of coal waste, oblivious to the toxic heavy metals right under his feet. The present worry is that these unlined pits are leaching deadly carcinogens into the groundwater—or, worse, that they will catch fire and start polluting the air, too. Of the gob piles in Pennsylvania, 38 are smoldering. So Spence, now 63, set out on a mission to whittle down the piles, restore the land—and make money doing it. In , he bought control of the Scrubgrass Generating power plant in Venango County, north of Pittsburgh, which was specially designed to combust gob.

Now only warehouses packed full of specialised computing gear stand any real chance.

Is Crypto Mining Still Profitable in 2022?

Bitcoin has been controversial since its beginning in , as have the subsequent cryptocurrencies that followed in its wake. While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms. But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage. The legal status of Bitcoin and other altcoins alternative coins to Bitcoin varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing. Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions.

Building a Cryptocurrency Mining Rig: How to Keep Costs Small and Profits Big

But with the entire crypto market dipping and major changes coming to the Ethereum blockchain, will mining remain profitable in the future? In this post, I will discuss the current profitability of Ethereum mining and then break down the timeline and impacts of the upcoming updates to the blockchain that will have major impacts on mining. By the end of this post, you will have a solid understanding of how profitable mining is and how much longer it will likely stay that way. While mining may not be as lucrative as a month ago, it is likely still profitable to be mining if you already own a GPU. If you own a high-end GPU already then that is enough revenue to offset electricity in most areas. At the current rate, it would take almost half a year to pay off the card, and as I will discuss below there is a finite amount of time left to mine Ethereum. At this point, I think it is too late to buy a GPU just to mine. I have written a couple of in-depth posts on mining and using pools to increase profits that I will link at the end; here we will discuss how to find your estimated income.

The profitability of mining bitcoin has been slipping since November after a very profitable few months, Arcane Research said Wednesday in.

Here’s the truth about the crypto miner that comes with Norton Antivirus

Bitcoin mining profitability had been on the rise in recent months, closely following the movement of the price of BTC. This has continued on into the end of the year, however, December has not come with good tidings. This is because bitcoin mining profitability had taken a significant nosedive this month that has driven it down towards June levels after an incredibly profitable fall period.

Is Bitcoin Mining Still Profitable?

Note that this is definitely not a guide for devotees who are planning to build custom rigs for mining. Bitcoin mining is dominated by inconceivably huge mining facilities. In particular, there are two coins I find of interest because they have broad support and can be mined with consumer hardware. In a different vein, the newly-released Chia coins rely on what they call plotting and farming, which are dominated by storage requirements. There are plenty of other coins that you can still mine, that on any given day might be a little more or a little less profitable, but these two are a good place to start. When I first wrote about mining BTC years ago, you needed to have a full node on the network, your own wallet, and probably establish yourself with a mining pool.

If you were ever enamoured with the idea of mining cryptocurrency, but were discouraged by its hurdles, then cloud mining presents an elegant solution.

Can You Still Mine Bitcoin and Other Crypto From Home?

It houses one of the world's largest and most accessible agricultural information collections and serves as the nexus for a national network of state land-grant and U. Department of Agriculture field libraries. In fiscal year Oct through Sept NAL delivered more than million direct customer service transactions. Data provider:. National Agricultural Library.

Crypto Mining: Definition and Function Explained

Crypto is not lawful tender in Australia as well as is not widely accepted as payment. Acquiring and keeping crypto You can get or offer crypto on a crypto trading system making use of conventional money. A budget might be a software program hot or hardware cold pocketbook.

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