Bitmain Claims its New Miner Z11 Is 3x More Powerful Than its Predecessor

Bitmain Claims its New Miner Z11 Is 3x More Powerful Than its Predecessor

Bitmain, the Beijing-headquartered cryptocurrency mining giant, announced the release of its new miner that it claims is three times more powerful than its predecessor. The new device, named Z11, is aimed at mining virtual coins that are based on the Equihash proof-of-work algorithm. The privacy-focused altcoin ZCash (ZEC) is going to be one of the primary beneficiaries of this new all-powerful miner. Despite the current bear market having affected miners’ ability to invest in new…

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Green Is the Answer? Bitcoin Miner Turns Profit by Going Solar

Green Is the Answer? Bitcoin Miner Turns Profit by Going Solar

There has been a lot of talk online about the environmental and energy footprint of Bitcoin mining. Critics have thrown around numbers like the 1,100 percent growth rate of Bitcoin over the last few years and the fact that Bitcoin mining consumes the same amount of energy today as a small sized country. While there is some truth to the numbers, the problem is with the projections laid out based on these numbers. The expectation…

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Chinese Bitcoin Mining Giant Caanan Secures Several Hundred Million in Funding

Chinese Bitcoin Mining Giant Caanan Secures Several Hundred Million in Funding

Canaan Creative, a Chinese computer hardware company that produces integrated circuits of Bitcoin mining, has raised several hundred million US dollars in their most recent round of funding. The news broke on March 11 after Securities Times, a Chinese financial news agency, announced that Canaan Creative’s company valuation is now over one billion USD. As of September 2018, the Chinese company became the world’s second largest cryptocurrency mining hardware manufacturer, after Bitmain. Most of the…

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Featured: Is Crypto Mining Worth It?

Featured: Is Crypto Mining Worth It?

According to Digiconomist, Bitcoin’s current estimated annual electricity consumption is 48.01 terawatt hours (TWh), which is more than the country of Singapore at 47.18 TWh. To put this more into perspective, in 2016 the tech giant Google used 6.5 TWh. The amount of energy expended for Bitcoin and cryptocurrency mining has been rising each year leading many to be concerned about the environmental cost of creating digital coins. In November last year, The Guardian newspaper…

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Bitmain Introduces New Lower Energy-Consuming Chip for Bitcoin Mining

Bitmain Introduces New Lower Energy-Consuming Chip for Bitcoin Mining

Hong Kong-based crypto mining rig manufacturing giant Bitmain Technologies Limited revealed its next-generation 7nm ASIC chip to mine SHA-256 cryptocurrencies like Bitcoin and Bitcoin Cash. According to Bitmain, this newly designed mining chip is 28.6% more efficient than Bitmain’s previous 7nm chip, the BM1391. This mining chip will be available in new Antminer models the S17 and T17 as announced by by the company. Since inception, Bitmain is pushing the edges of computing power by…

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Several Arrests in Germany after Crackdown on Cryptocurrency Electricity Hijack

Several Arrests in Germany after Crackdown on Cryptocurrency Electricity Hijack

Police in Klingenthal – a town in the Vogtland region, Germany – has arrested five men and woman for allegedly stealing a significant amount of electric power to mine cryptocurrencies. It’s not the first time that people have been arrested over claims of mining millions of dollars-worth of cryptos using stolen power; similar cases have been reported ever since the boom of cryptocurrency mining. Crypto mining is basically profitable in countries where electricity is cheap. Sadly, it is not cheap enough…

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Head of Russia’s Second Largest Bank: Mining Bitcoin is Just Another Form of Counterfeiting

Head of Russia’s Second Largest Bank: Mining Bitcoin is Just Another Form of Counterfeiting

Andrey Kostin is the head of VTB, Russia’s second-largest bank. Recently he was reported making a statement regarding crypto mining in which he compared crypto mining to counterfeiting. The statement was made during a speech to students who participated in an educational contest organized by Yandex, a Russian tech corporation. He said: “I am not a big fan of the crypto ruble. To me, this is a kind of counterfeiting. A person who is mining [cryptocurrencies] is similar…

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Latin America Expansion: Crypto Mining Firm Bitfury Is Set to Establish Operations in Paraguay

Latin America Expansion: Crypto Mining Firm Bitfury Is Set to Establish Operations in Paraguay

Cryptocurrency mining is suffering greatly due to a number of factors. General discouraging behavior of the bear market, a lowered amount of mining rewards and higher electricity and equipment maintenance costs are among those factors. It’s getting harder and harder for small-time miners to make ends meet. Big companies can afford to shift their operations to regions where weather is colder and electricity costs are low to improve upon their profits. Bitfury is one such…

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Analyst Finds Nvidia Earned Over X3 More in Total Crypto Revenue than Stated

Analyst Finds Nvidia Earned Over X3 More in Total Crypto Revenue than Stated

Taiwan-based computer hardware giant Nvidia has reportedly earned $1.95 billion in total revenue due to its greater exposure to crypto and blockchain rather than $620 million as revealed by companies’ officials. The numbers were calculated by RBC analyst Mitch Steves, analyzing the total crypto revenue of Nvidia during the time period of April 2017 – July 2018. A note released by Mitch Steves on January 30, stated that according to his calculations Nvidia generated about…

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NVIDIA Revises Financial Expectations due to the Decline in Crypto Mining Business

NVIDIA Revises Financial Expectations due to the Decline in Crypto Mining Business

Since its breakthrough in the gaming industry in 1999, NVIDIA has been a force to reckon with in the graphics and chip making industry. Over the years, it has maintained its status as one of the largest graphics and chip making company in the world. But that didn’t shield NVIDIA from the ongoing crypto winter that started in 2018, and that cuts deeply through the sales of crypto mining equipment (and is similarly felt by…

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