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• BIT Mining revenue soars despite losses from operational pivot
• Argo Blockchain generated £5.5mln Bitcoin mining revenue in September
• Fake Cryptocurrency Mining Apps Trick Victims Into Watching Ads, Paying for Subscription Service
• Crypto cloud mining
• Top Crypto Mining Stocks for Q1 2022
• El Salvador Bitcoin city planned at base of Conchagua volcano
• Bitcoin For All
• Mining Bitcoin with Nuclear Power

WATCH RELATED VIDEO: safe-crypto.me’s Cloud Mining Services Sees Record Growth

BIT Mining revenue soars despite losses from operational pivot

Cryptocurrency mining is profitable when the cost of the primary production resource needed to mine it is low. How much more appealing would the cryptocurrency mining business be if the power was acquired at cost? This fact alone makes bitcoin mining a compelling revenue generating opportunity for nuclear power operators.

To be clear, significant revenue and profits can be made, and are being made, mining bitcoin today. Waiting for infrastructure to be built or markets to mature is not necessary. All aspects for making profits in bitcoin mining are available, mature, scalable, and being used by large-mining operations in North America and around the world. To get an idea of the scale of a conceptual mining operation, take a plant that is producing 1 MW surplus power.

Diverting that power to a cryptocurrency mining farm could, depending on the model, power anywhere from to individual-mining computers.

Our analysis predicts a project like this could break even in approximately 15 months. A higher bitcoin price means more profit for the same cost of goods sold COGS. Also, as the operation scales and consumes more surplus power, revenue and profits will grow at a faster rate than COGS. There is a congruence of factors urging operators to consider cryptocurrency mining today. Consider a future where portions of nuclear power plant output are made redundant by low-cost renewables.

Nuclear power remains one of our most reliable-generating assets. But as grid operators commission additional intermittent generation sources i. If power is not curtailed, the abundance of power on the grid can lead to situations where utilities are paying customers to take electricity negative power prices.

For many reasons, curtailing power from a baseload plant is neither technologically ideal nor economical. Baseload power plants will need to adapt their operating model to the new reality of intermittent resources supplying the grid.

Europe is wrestling with this phenomenon too. Recently, the spot price for power turned negative for significant periods of time. Germany experienced more than hours of negative prices in and The Pacific Northwest saw negative prices due to inflexibility of generating sources as far back as These events highlight a growing list of questions that electric power producers will need to address:.

This effort overall has been successful, and it will continue to drive costs down. However, there are other ways to increase profit by turning a potential problem of surplus power into a new revenue source. While researching hydrogen and nuclear cogeneration, we considered other industries that require significant electrical energy, have small footprints, and have low overhead.

This paper explores the value proposition of mining cryptocurrency. Cryptocurrency, contrary to the hype, is big business. The electrical energy alone necessary to support and maintain the bitcoin network today is estimated at 64TWhs per year.

That is comparable to the total power consumed by the country of Greece. Bitcoin mining may be responsible for 0. Mining cryptocurrency is an international, profitable, and energy-intensive business.

Figure 1: Typical large-scale cryptocurrency mining farm [1]. Bitcoin mining operations are popping up in jurisdictions where electricity is cheap and the climate is cool. The eastern area of the state is attractive to bitcoin miners for one reason: the abundant, and very inexpensive, hydropower. Bitcoin miners have been flocking to the eastern part of the state to take advantage of the cheap electricity to run their mining operations.

Other locations in North America are thriving as well. There are reports of Canadian gas companies that are now burning previously flared waste gasses to power bitcoin miners. Other factories, like tire-burning facilities, that have extra power produced above contract quantities are mining bitcoin with the surplus.

Layer1, a start-up financed by Peter Theil, has a deal in Texas to mine bitcoin with excess grid electricity. It has also been suggested that renewable energy facilities investigate on-site bitcoin farms that can generate revenue from surplus energy. Nuclear power is in a position today to enter this market and begin to diversify sources of revenue. The goal is simple—secure the operating asset so it can keep producing safe, reliable, and carbon-free power for decades to come.

Mining bitcoin is a guessing game. Miners are attempting to guess a code or hash that will decrypt a collection of previously executed bitcoin transactions. When a miner guesses correctly and decrypts the collection of transactions, they are rewarded with new bitcoin.

This is the main source of profits for mining companies. A guess or hash is a line of letters and numbers that represents an actual text string. This is useful in encrypting data like an email so other users on the network cannot see or read the data being transmitted. When text is written and encrypted, a mathematical algorithm takes that text which is arbitrary in size and converts it to a string of text that is a fixed size. For instance, if you were to convert this sentence into a SHA hash, the result would be:.

Cryptocurrency-mining computers work in reverse. They use tremendous amounts of energy to randomly generate hashes in order to guess the hash that represents the actual text string. In other words, miners are attempting to decrypt a list of bitcoin transactions.

Producing guesses requires computing power. Market prices for cryptocurrency are known to be volatile. Profit in mining relies heavily on the price of the cryptocurrency being mined and the number of users transacting on the cryptocurrency network. Depending on the operation, there are levels of cryptocurrency prices at which mining is not profitable.

A miner may be forced to sell cryptocurrency into a market where profits are not assured based on price volatility. Larger mining operations use CBOE or CME hedging products to insure their investments against any wild price swings that could damage profits.

Figure 2: CBOE bitcoin futures [2]. Starting a mining operation is like building a data center or server farm. Prior to the popularity of cloud computing, many companies built and housed their own data centers and computing operations. Indeed, data centers use a tremendous amount of computing power and electricity.

The difference is that data centers prefer to be located close to urban areas since they are transmitting enormous amounts of data. Cryptocurrency-mining operations can be located anywhere. Multiple models of bitcoin-specific mining computers are available in the market. Older models produce fewer guesses, but they are less expensive.

Newer models are more expensive, but they are much more efficient and produce many more guesses. Once the miners and their associated power supplies are acquired and installed, they must be connected to the internet. Network infrastructure is no more complex than a typical office. In fact, since miners are only guessing strings of text, speed and capacity of the internet connection are modest.

The miners are like other computer hardware and perform best under cool conditions. Mining can start once the conditioned space is acquired, miners are purchased, connections to power and internet are made, and the miners are configured to access the network. Now that the farm can produce guesses and receive rewards, how are profits ensured? Each guess the miner makes has the capability to unlock the next block of transactions and achieve a reward.

However, with a small operation that is only producing a small number of guesses, it may take years to guess the correct string of text and receive a reward. The mining industry has developed a solution for this problem as well. To ensure a reward in bitcoin is predictable and steady, mining pools have been created. Pool operators charge a small fee to collect and track the computing power of their members.

Only one correct guess can unlock a reward, but when that guesser is part of a pool, all members who contributed in the search will receive a fraction of the reward. The fraction is commensurate with the computing contribution of the member. Across the entire bitcoin network, blocks are discovered each day. Pools allow small operations to contribute computing power to the network and share in the rewards, despite potentially never actually producing a correct guess. Costs of setting up an operation are dependent on a few inputs.

The sole purpose of these application-specific integrated circuit ASCI computers is to produce the guesses needed to mine the bitcoin network. The other major cost is the electrical infrastructure.

Mining pools will alert a member when a miner is not producing, then a technician can investigate. Expansion of renewable generation will change the way power is produced. Nuclear power is still a necessity for its steady and reliable output. However, not all of the output may be needed all the time, and, potentially, ratepayers will demand only a fraction of total nuclear power plant capacity. What should utilities to do with the extra power? In the hunt for new sources of revenue, nuclear owners should consider cryptocurrency mining as one of their first ideas.

If power companies are the miners, a link in the value chain is removed and mining costs are reduced. This would give the power company an instant competitive advantage.

In a future where nuclear is challenged to compete, the time for thoughtful consideration of all ideas has arrived. Much more is available at Investopedia. ScottMadden helps clients in every aspect of the nuclear power business. We work with our clients to build tailored solutions designed to deliver value from traditional and unexpected parts of the business.

Argo Blockchain generated £5.5mln Bitcoin mining revenue in September

Are you interested in mining bitcoin but do not want to buy an expensive equipment, set it up and mine Bitcoin yourself? Then cloud mining is for you. With cloud mining or cloud hashing, you let others data centers mine Bitcoins for you by renting their equipment and paying them to make sure it runs smoothly service fees. I will list the best crypto cloud mining sites and we will go through exactly what it is, what to look for before buying one and some frequently asked questions. Note: Most cloud mining services are refered to as scams. We have tried our best to research based on factors like overall trust, profitability and support.

Fake Cryptocurrency Mining Apps Trick Victims Into Watching Ads, Paying for Subscription Service

This op-ed was originally published by The New York Times. Bitcoin, the original cryptocurrency, has been on a wild ride since its creation in Then it fell to half that value in just a few weeks. Are cryptocurrencies the wave of the future and should you be using and investing in them? Bitcoin was created by a person or group that remains unidentified to this day as a way to conduct transactions without the intervention of a trusted third party, such as a central bank or financial institution. Its emergence amid the global financial crisis, which shook trust in banks and even governments, was perfectly timed. Bitcoin enabled transactions using only digital identities, granting users some degree of anonymity. This made Bitcoin the preferred currency for illicit activities, including recent ransomware attacks. It powered the shadowy darknet of illegal online commerce much like PayPal helped the rise of eBay by making payments easier. As it grew in popularity, Bitcoin became cumbersome, slow, and expensive to use.

Crypto cloud mining

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Top Crypto Mining Stocks for Q1 2022

These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. Bitcoin mining has become a multi-billion dollar industry. Bitcoin mining is how transactions on the bitcoin network get processed. The twist is this: miners must compete with one another with greater computational power to solve the puzzle and win the payout.

El Salvador Bitcoin city planned at base of Conchagua volcano

The Bitcoin network is burning a large amount of energy for mining. In this paper, we estimate the lower bound for the global mining energy cost for a period of 10 years from to , taking into account changes in energy costs, improvements in hashing technologies and hashing activity. We estimate energy cost for Bitcoin mining using two methods: Brent Crude oil prices as a global standard and regional industrial electricity prices weighted by the share of hashing activity. Despite a billion-fold increase in hashing activity and a million-fold increase in total energy consumption, we find the cost relative to the volume of transactions has not increased nor decreased since This is consistent with the perspective that, in order to keep the Blockchain system secure from double spending attacks, the proof or work must cost a sizable fraction of the value that can be transferred through the network. Bitcoin is a digital currency launched in by an anonymous inventor or group of inventors under the alias of Satoshi Nakamoto Nakamoto, It is the largest cryptocurrency in market capitalization with over billion dollars Chan et al.

Bitcoin For All

This is where Bitcoin Cloud Mining comes into play, instead of mining for a single coin, you rent a cloud server, this means you can participate in bitcoin mining without maintaining the hardware yourself. Cloud Mining is a way to mine bitcoin cryptocurrency without the need of owning a miner or mining hardware. Simply said, you buy yourself some shares of mining power — like a mining pool — and profit together with the pool. This means that you only need a contract with someone who offers Cloud Mining Services and a bitcoin wallet.

Mining Bitcoin with Nuclear Power

RELATED VIDEO: Worlds Best \u0026 Highest Paying Bitcoin Cloud Mining Sites For 2021!!

Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out "illegal" cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity. Explainer: What's new in China's crackdown on crypto? China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in and The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions, though banks and payment firms say they support the effort.

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. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes. By , cryptocurrency mining became a little more complicated.

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