Bitcoin Mining Farms Are Flourishing on the Ruins of Soviet Industry in Siberia

The Takeaway: Russia’s abandoned Soviet-era factories are enjoying a second life as cryptocurrency mining facilities. Siberia’s big hydropower plants (another legacy of the USSR) have lured miners with cheap electricity. The favorable energy prices and naturally cold climate are turning Siberia into an international mining hub with miners from Europe, Asia and the U.S. placing […]

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It’s Now Harder to Mine Bitcoin Than Ever Before

Bitcoin mining has become competitive than ever. Bitcoin mining difficulty – the measure of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap – has reached a new record high above 7.93 trillion. That’s a seven percent jump from the 7.45 trillion record set during the recent two-week adjustment […]

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Bitmain Lawsuit Seeks Millions from Staffers Who Founded Rival Mining Pool

The Takeaway Bitmain is suing three former employees who started Poolin, a rival to the chip manufacturer’s BTC.com mining pool. The company is seeking $4 million in damages, alleging the Poolin co-founders violated their non-compete agreements; The former employees say Bitmain voided the non-compete by failing to pay them on time as agreed. The case offers […]

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Grin Cryptocurrency to Vote on Change to Hard Fork Roadmap

Developers behind privacy-oriented coin Grin are discussing crucial, potential changes to the cryptocurrency’s hard fork roadmap. Since plans to keep mining decentralized through a series of system-wide upgrades (more popularly known as “hard forks”) may not pan out quite as well as Grin developers have hoped, they are looking to potentially adjust the upgrade schedule. […]

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Ethereum Block Count Spikes As Difficulty Bomb Diffuses on Schedule

The rate at which new transaction blocks are being added to the ethereum blockchain is back on the rise after the network’s successful upgrades, Constantinople and St. Petersburg, last week. According to blockchain analytics site Etherscan, the daily block count increased more than 1,500 blocks within a 24-hour period after the upgrades, implemented as hard forks, […]

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Bitcoin Miners Are Investing Again, Expecting a Cheap Power Boom Soon

Bitcoin miners in China are buying used equipment and making deals with mining farms and hydroelectric plants, betting abundant water this summer will make their businesses profitable again. That’s because during this season a significant amount of excess electricity is expected to be generated by hundreds of hydropower stations, especially in China’s mountainous southwestern provinces […]

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Co-Founder Quits Avalon Mining Chip Maker Canaan Over ‘Differences’

One of the three co-founders of Canaan Creative, maker of the Avalon cryptocurrency mining equipment, has stepped down from the Chinese company’s leadership. According to government business registration data updated on Jan. 30, Xiangfu Liu will no longer serve as a board member at the Hangzhou-based Canaan Creative – a role he had served since […]

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Bankrupt Bitcoin Miner Giga Watt Forced to Cease Daily Operations

Bankrupt U.S.-based bitcoin mining firm Giga Watt has confirmed that it’s been forced to shut down day-to-day operations. The firm sent an email to customers on Tuesday, seen by CoinDesk, which states that, while it had continued to operate in the two months since the bankruptcy filing, “At present, both access and power to the […]

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Layoffs Underway Amid ‘Adjustments,’ Bitcoin Miner Bitmain Confirms

Months after it filed an application to go public on the Hong Kong Stock Exchange, Beijing-based cryptocurrency mining giant Bitmain is undergoing a series of business changes that extend even to its China offices, the company confirmed Tuesday. “There has been some adjustment to our staff this year as we continue to build a long-term, […]

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Cryptojacking Malware KingMiner Evades Detection to Mine Monero

A malware used to mine the Monero cryptocurrency is relying on constant improvements to avoid detection and increase the chances of success. According to researchers at Israeli cybersecurity firm Check Point Software Technologies, the malware which is known as KingMiner will likely continue getting updated in the future in order to increase the probability of […]

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