More than 2,100 Bitcoin Mining Machines Auctioned by Chinese Local Court

More than 2,100 Bitcoin Mining Machines Auctioned by Chinese Local Court

Chinese local court has auctioned 2100 government seized Bitcoin mining machines.

The mining machine models on auction involved S9, S7, V9, T9+, Avalon 851, Avalon 6.01. of which there are more than 450 S9 units. These machines were seized from miners who were caught stealing electricity to mine Bitcoin and have been sentenced to up to 13 years in jail for that.

All the BTC seized were paid to the electricity company as compensation, reported cnLedger.

As for the mining machines, they were auctioned with a reserve price of only about 10,000 yuan ($15,000 USD) with a deposit of 2,000 yuan, and a price increase of 200 yuan.

The final price has been 702,600 yuan (about $108,850 USD) with hundreds of bidders looking to get their hands on the machines.

“The batch of mining machines has many models and different colors. It is not sure whether it can be used,” reads the rough translation of the special statement. It further says the bidder can see the samples on the spot with no guarantee from the court and “the buyer shall pick up the relevant items by himself at his own expense.”

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Author: AnTy

Canaan to Supply 6,000 BTC Mining Rigs to Core Scientific; Aims to Boost Power by 400MW

Canaan to Supply 6,000 BTC Mining Rigs to Core Scientific; Aims to Boost Power by 400MW

  • Canaan, one of the leading providers of Bitcoin mining infrastructure, will be supplying 6,000 mining rigs to Core Scientific, a software solutions company for AI and Blockchain situated in North America.

In a release sent to BEG desks, Canaan confirmed the sale of 6,000 Bitcoin mining units of the A1246 model of its AvalonMiners line to Core Scientific, North America’s leading digital mining operator. The new mining rigs will be supplied across Core Scientific’s mining centers across the United States starting March 2021 to bolster Core Scientific’s positions as the leading digital mining firm in the region.

The partnership between the two tech companies looks to bolster the overall ASIC mining power of Core Scientific, intending to boost the power by 400MW with the latest purchase. The mining equipment will be supplied to Core Scientific’s mining firms, beginning in March this year, in a process expected to take at least three months, the statement further explains.

The A1246 model, launched in Q3 2020, is the latest in the line of Canaan’s AvalonMiner model producing a hashrate of 90TH/s with a power efficiency of 38J/TH.

“At Canaan, we are committed to providing ongoing support to our customers, no matter the circumstances and where they are in the world, without compromising on product quality and service standards,” said Nangeng Zhang, CEO, and Chairman of Canaan, reflecting on the challenges that COVID 19 has brought on the global supply chain of Bitcoin mining rigs. “This latest purchase from Core Scientific reflects the reliability of our manufacturing capabilities, and we are thrilled to be supporting their operations as a leader in North America’s mining industry.”

Operating at a net loss for the better part of 2020, Canaan has revitalized itself with new partnerships and clients this year, also snapping up Hive blockchain as a client in January. Hive, the Vancouver listed crypto mining firm, purchased 6,400 AvalonMiner models, increasing its total hashpower by 576 PH/s.

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Author: Lujan Odera

Blockstream Expands Operations; Spends $25 Million on MicroBT Bitcoin Mining Rigs

Blockstream Expands Operations; Spends $25 Million on MicroBT Bitcoin Mining Rigs

  • Bitcoin development firm, Blockstream announces a $25 million purchase of Bitcoin miners.
  • The mining equipment will be deployed to Blockstream’s facilities in North America.

In a post earlier on Thursday, Blockstream’s CEO Adam Back announced the purchase of new WhatsMiner Bitcoin miners from Shenzhen-based MicroBT, at the cost of $25 million. The addition of miners to its stock follows the increase in institutional demand for mining rigs and Bitcoin in the past few months.

Blockstream launched its mining hosting service in 2017, allowing the subscribers a host of mining services and support in their mining journey. The mining service provides enterprise-class mining facilities across the globe, management, and support for Bitcoin mining equipment’s colocation, the post further reads. This means the company essentially outsources its mining equipment to clients allowing them to mine Bitcoin easily.

Over the years, the company has pulled several big-time clients into its ranks, including the Fidelity Center for Applied Technology (FCAT) and LinkedIn founder Reid Hoffman.

Adam further praised the partnership with WhatsMiner as the “best mining hardware on the market” after years of testing mining hardware. The partnership targets the “fast-growing demand from institutions” looking to get into Bitcoin as the frenzy on the digital asset continues to grow by the day.

The mining equipment will be deployed to Blockstream’s mining facilities in the USA and Canada, adding 300 megawatts in capacity available in the region.

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Author: Lujan Odera

Nvidia Looks to Fire Up Its Crypto Mining GPU Production; If Demand is Good Enough

Nvidia Looks to Fire Up Its Crypto Mining GPU Production; If Demand is Good Enough

While known for its prowess in the gaming industry for its powerful line of graphics cards, the Chipmaking powerhouse Nvidia has hinted at a possible restart in the production of Graphics Processing Units (GPUs) specifically for cryptocurrency miners.

During her time attending an event on Jan. 12, Nvidia Chief Financial Officer Colette Kress alluded to the company’s continued interest in providing its famous line of CMPs for the crypto mining community – providing the market picks up to what she refers to as a “meaningful level.”

CMPs, in contrast to GPUs, are effectively the same kind of graphics card. By removing certain features from GPUs – such as video outputs – CMPs could be manufactured at a reduced cost and on a larger scale for the crypto mining community.

While Kress’s comments have picked up considerable traction among crypto mining circles, the entire prospect hinges on a very sizeable ‘but.’ Of course, that is the possibility that the crypto mining market proves a lucrative one for Nvidia; something that Kress doesn’t hold much hope for. During the event, Kress added that “we don’t believe [mining demand is] a big part of our business today.”

To put this response into context, Kress referred to Nvidia’s RTX 30-Series of GPUs and how many interested parties may also be in the mining community. However, that isn’t to say that there is no market for them, especially when considering Ether miners. For example, an RBC analyst found that $175m in GPU sales came from Ether miners, more than $25m above what Nvidia speculated.

Miners of Ethereum appear to be a more lucrative consumer-base of Nvidia’s GPUs, as they rely upon more than ASIC-using Bitcoin miners.

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Author: James Fox

Tehran Government Blames Bitcoin Mining for Massive Blackout

Tehran Government Blames Bitcoin Mining for Massive Blackout

The authorities are now cracking down on illegal bitcoin mining operations.

Iranian authorities blame the vast blackouts and “dangerous” air pollution in recent weeks on Bitcoin mining.

A spokesman for the country’s electricity industry said on state TV that power supplies to Bitcoin miners and industry had been strictly limited to meet domestic needs while apologizing for the shutdowns due to COVID-19.

However, one cryptocurrency researcher in Tehran told The Washington Post that such claims are false and blamed Iran’s infrastructure and management problems for the outage.

“The miners have nothing to do with the blackouts,” Ziya Sadr said.

“Mining is a very small percentage of the overall electricity capacity in Iran. It is a known fact that the mismanagement and the very terrible situation of the electricity grid in Iran and the outdated equipment of power plants in Iran can’t support the grid.”

Cities across Iran have been darkened by power outages and are coated in thick layers of smog. Amidst this, power plants are forced to switch to burning low-grade fuel oils to generate electricity as high levels of domestic consumption have resulted in natural-gas shortages, reported the Iranian Students’ News Agency.

Household gas consumption was up by 30% in late November from a month earlier, which is further increasing due to temperatures, especially cold this winter, and people staying home to avoid coronavirus infection.

As per the government officials, the outages are compounded by Bitcoin and cryptocurrency mining.

This strain on the electricity grid has led the government to crack down on illegal mining operations. About 6,000 machines were recently confiscated in Markazi province.

Crypto mining has been surging in the Islamic Republic, thanks to having some of the cheapest electricity in the world and due to US sanctions on the country that has isolated Iran from global financial institutions.

Bitcoin miners have been consuming 95 megawatts per hour (MWh) of electricity at an ultra-cheap price, said Mohammad Hassan Motavalizadeh, Iran’s head of state-run electricity company ‘Tavanir,’ on Saturday.

In 2019, Iran declared Bitcoin mining legal, but the rise in the prices of BTC has been seeing a surge in illegal operators that led to a crackdown, which is now expanded in the light of power outages.

Last week, Energy Minister, Reza Ardakanian, said miners would be allowed to continue only if the mining farms work under the legal license. Rajab Mashhadi, a spokesman for Iran’s electricity industry union, also said that a total of 1,620 illegal cryptocurrency firms that consumed around 250 MWh of electricity have already been deactivated.

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Author: AnTy

Crypto Mining Service, Titan, Receives Investment Funds From Coinbase Ventures

Crypto Mining Service, Titan, Receives Investment Funds From Coinbase Ventures

The developer of Bitcoin mining software and services Titan has announced a strategic investment fund from Coinbase Ventures. The investment fund was made during Titan’s seed fundraising round.

The investment will allow Titan to expand its offerings, which enable Bitcoin mining firms to achieve growth, profitability, efficiency, and sustenance.

Titan’s Expansion Goals Continue

Titan has been very active in the market lately. Last month, the company announced a partnership with North American mining leaders CoreScientific and CoinMint. The partnership is part of the agreement to become members of the Titan Pool. It is designed to help miners in the cryptocurrency industry meet opportunities and deal with challenges that may come in the future.

The Titan Pool is currently undergoing a high-volume test, as the firm is planning to launch its closed beta this month. Co-founder and chief executive officer of Titan Ryan Condron have commented on the development.

“The investment from Coinbase Ventures serves as a powerful endorsement of the Titan team, roadmap and vision,”

He added that the mining industry had advanced a lot, as it started from being a hobby to becoming an industry. Now, it’s a critical global computing infrastructure. Condron also reiterated that Titan is now equipped to help top miners in the world to overcome their challenges.

Titan says it makes mining less complicated, scalable, and profitable using its advanced mining management software. The company was launched in September 2018 by Matthew Roszak, Jeff Garzik, and Ryan Condron.

Coinbase Prepares for IPO

In another development, Coinbase is certainly one of the most popular cryptocurrency exchanges in the U.S, as the cryptocurrency exchange is highly profitable. However, despite its popularity, the company isn’t a publicly listed exchange and doesn’t make its financial figures available to the public.

This may come as a surprise to many, considering the popularity of the exchange. This may change as the company is preparing for an IPO.

Most of the company’s profits are from trading fees from Bitcoin and other crypto assets. The company filed an S-1 form intending to launch an IPO with the U.S. Securities and Exchange Commission (SEC) on December 22.

The firm has been involved in several projects and partnerships. It has also invested in a lot of startups to expand its portfolio and encourage more cryptocurrency adoption.

The investment with crypto mining pool Titan is another strong indication of where the exchange’s goals lie. While it has invested in several projects, the firm also received funds from top investment firms like Andreessen Horowitz and Tiger Global Management.

With the firm’s massive growth, many investors would want to participate in its upcoming IPO, which may likely be the biggest in 2021 as Bakkt and Gemini prepare for IPO’s as well.

This is not the first mining investment of Coinbase. In 2018, the exchange also invested in mining hardware startup Coinmine.

The Titan investment will help the crypto mining pool complete its beta testing phase, which is expected to end in February. Mining giant Core Scientific is among the clients currently testing the pool.

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Author: Ali Raza

Russian Oil Giant Launches Bitcoin Mining Operation Using Associated Gas

Russian Oil Giant Launches Bitcoin Mining Operation Using Associated Gas

The third-largest oil producer in Russia, Gazprom Neft has launched a cryptocurrency mining operation at one of its oil sites in Siberia.

Gazprom Neft is an oil unit of Russian gas giant Gazprom, a partially state-owned multinational energy corporation which is the largest publicly-listed natural gas company in the world and also the largest company in Russia by revenue.

The company doesn’t have any plans to do the mining itself but will be sharing its energy resources with cryptocurrency miners.

The company will be using the associated gas from an oilfield in the Khanty-Mansiysk region of northwestern Siberia to generate electricity that it will be selling to the crypto mining operations.

Associated gas is a product of oil production which is most often pumped back underground. Gazprom Neft believes crypto miners could be one of the customers for the electricity produced from associated gas.

The company has connected a mobile container with computing equipment to the APG power plant and is offering the electricity to the crypto miners.

“Energy from APG can power data centers and mining farms. This will increase the percentage of rational use of raw materials. This is especially true for remote regions of Siberia and the Arctic, where the transportation of associated gas from the fields is unprofitable,” Alexander Kalmykov, head of the Gazprom Neft blockchain technology center told Russia publication Forklog.

The company launched a project in 2020 and Russian computer hardware manufacturer Vekus was the first local purchase of electricity from processed gas. The company leveraged 150 Antminer S9 ASICs that used 49,500 cubic meters of associated gas and produced 1.8 BTC.

While crypto miners get cheaper electricity, Gazprom Neft was able to achieve 95% use of the associated gas, for the first time in 2020.

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Author: AnTy

Nasdaq-listed Bitcoin Mining Companies Rally Following Big Machine Orders

Nasdaq-listed Bitcoin Mining Companies Rally Following Big Machine Orders

Nasdaq-listed Marathon Patent Group (MARA) has announced the pre-order purchase of 70,000 Antminer S-19 ASIC miners from Bitmain for $170 million.

With this latest order, which is the largest purchase both in dollars and for S-19 ASIC miners that Bitmain has received, that would increase the size of Marathon’s fleet by 3x.

Marathon, one of the largest bitcoin mining companies in North America, will be receiving the initial shipment in July 2021 and the final batch will come in December 2021.

This will bring the total machines under Marathon at 103,000 with a total mining capacity of 10.36 exahashes per second (EH/s). The order came after the holiday weekend that saw Bitcoin breaking multiple levels of ATH.

The news pushed MARA shares up 24% in the pre-market. Trading around $12.25, the shares are up 98% this month and more than a 1,000% YTD.

On Monday, another Nasdaq-listed bitcoin mining company Riot Blockchain’s (RIOT) shares jumped 28.5% before closing the day at $15.65. These gains pushed the market cap of the company past $1 billion. In 2020, the shares of the Castle Rock-based firm have gained more than 1,250%, so far.

Riot, which made a shift from biotech to bitcoin mining in Oct. 2017, has also expanded the size of its mining operations this year by purchasing 31,000 new ASIC mining machines and planning a project to test water immersion cooling technology.

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Author: AnTy

Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now

Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now

The leading cryptocurrency exchange Binance has also announced its support for Bitcoin’s first big protocol change in three years.

Binance’s mining pool is fast climbing up the ranks, accounting for 11.23% of the bitcoin hashing power.

There are only two other mining pools, F2Pool and Poolin have a higher share at 19.28% and 12.49% respectively. Antpool and another exchange’s Huobi Pool are also among the top, but below Binance, with 10.05% and 9.71% share respectively.

Now, 91.05% of the total hashrate is in support of the Taproot upgrade that will bring privacy and smart contract flexibility to the world’s largest cryptocurrency network.

The last time such a big update was made to Bitcohttps://bitcoinexchangeguide.com/cryptocurrency-news/bitcoin/btc-price/in was in 2017 in the form of Segregated Witness (SegWit) that increased the block size limit, clearing up space or capacity to add more transactions to Bitcoin’s blockchain.

While the broad Bitcoin community is in support of this planned upgrade, there is yet to have a detailed activation plan to be settled upon as there are a few activation proposals.

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Author: AnTy

Riot Blockchain to Increase its Hashrate Capacity by 65% with Additional 15,000 Mining Machines

Riot Blockchain to Increase its Hashrate Capacity by 65% with Additional 15,000 Mining Machines

Nasdaq-listed Bitcoin mining firm’s new purchase is a pre-order as Bitmain supplies are sold out until Q3 of 2021.

Bitcoin mining firm Riot Blockchain (RIOT) has purchased another 15,000 ASIC machines from Bitmain. This latest purchase puts the Nasdaq-listed company’s total number of ordered machines to over 31,000 this year.

The latest round of S19 Pro and S19j Pro Antminers mining machines is expected to expand the Castle Rock-based miner’s hashrate capacity to 3.8 exhashes per second (EH/S) in 2021. This will be a 65% increase from Riot’s current 2.3 EH/S capacity.

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The new purchase is a pre-order as Bitmain supplies are sold out until Q3 of 2021. Riot, however, expects the delivery and deployment of the latest batch of machines to start in May next year and continue through October. Jeff McGonegal, CEO of Riot said,

“Continued growth in deployed miners is paramount to a miner’s success.”

“Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased. We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.”

The shares of RIOT meanwhile rallied about 53% in the last two days and is currently trading around $14.64. Compared to Bitcoin’s 20% uptrend in December, Riot shares jumped more than 70% during the same period.

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Author: AnTy