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Bitcoin (BTC) miners constantly generate hashrate in a highly competitive business to mine the next valid block. The mining difficulty might increase on January 6, propelling the already high costs of mining Bitcoin. Essentially, the mining difficulty adjusts automatically every 2,016 blocks — around two weeks. This keeps a 10-minute block interval, despite the network’s global hashrate changes. The more hashrate the miners produce, the faster they discover blocks. Therefore, the mining difficulty also increases to control Bitcoin’s inflation. On the other hand, a drop in hashrate slows down block discovery, requiring difficulty to adjust downwards. Interestingly, Bitcoin mining is a high-cost business model that requires a physical structure, specialized equipment (ASICs), high consumption of energy, and specialized know-how. Cryptocurrency Bitcoin whale transactions over $100k spike to 2-year high Cryptocurrency PlanB predicts Bitcoin to hit $...

Following its listing on the Abu Dhabi Securities Exchange (ADX), Middle Eastern Bitcoin mining company Phoenix Group has announced a new deal with Whats miner , the second largest Bitcoin mining machine manufacturer. The contract , surpassing $380 million, stands as Whats miner ’s most substantial order in the last two years, underscoring Phoenix Group’s commanding presence in the Middle East’s burgeoning tech and blockchain landscape. A dynamic landscape The agreement is said to involve the immediate delivery of mining equipment valued at $136 million, coupled with an additional option worth $246 million. The deal indicates Phoenix Group’s dedication to upholding its market leadership in the dynamic landscape of Bitcoin mining, especially during a period of significant excitement and growth within the industry. As an existing partner and exclusive distributor of WhatsMiner, Phoenix Group is further advancing its position by collaborating with WhatsMiner t...

Riot Platforms, Inc. has significantly expanded its Bitcoin mining operations by executing a large-scale purchase agreement with MicroBT Electronics Technology Co., Ltd. This deal involves acquiring 66,560 latest-generation Bitcoin miners, supplementing a previous order of 33,280 miners. $Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to Exceed 100 EH/s. – Riot places order for 18 EH/s of latest generation MicroBT Bitcoin miners, primarily consisting of the… pic.twitter.com/tEEudV6Z8n — Riot Platforms, Inc. (@RiotPlatforms) December 4, 2023 You might also like: AntPool surpasses Foundry as top Bitcoin miner The order, totaling $290.5 million, showcases Riot’s ambition to enhance its mining capacity to over 38 EH/s by H2 2025. Notably, this includes the M66S model, which boasts an efficiency of 18.5 Joules per terahash, signaling a move towards more en...

Venezuelan security forces recently raided a criminal gang-controlled Tocorón prison and confiscated Bitcoin (BTC) mining machines , along with various weapons such as grenades, rocket launchers, and guns.  The Venezuelan government sent out over 11,000 soldiers and police to take back the Tocorón prison which served as the headquarters of the notorious Tren de Aragua gang. The development marked the first time that authorities would take action against the country’s most feared criminal group that extended its operations to neighboring countries.  According to reports, members of the feared gang were involved in illicit activities including human trafficking, kidnappings, extortion, and prostitution.  The prison had facilities such as a baseball field, swimming pool, a zoo, a nightclub, and a casino for inmates. There were also Bitcoin mining machines that were used to illegally mine BTC.  You might also like: Bitfinex initiates P2P trading service...

Dogecoin is a popular meme coin that has inspired many other animal-themed cryptocurrencies. DOGE paved the path for the numerous cats and dogs that are flooding the meme coin realm. Meme coins were primarily developed as a joke, as their name suggests. Meme coins, however, have been incredibly popular recently with the rise of Pepe Coin and LADYS. The latest data from IntoTheBlock has revealed that Dogecoin miners have cut down their DOGE reserve since March’s end. Also read: Floki Inu Makes Strides with Three Fresh Exchange Listings, Stirring Price Fluctuations Dogecoin miners dump DOGE holdings March registered the highest holding of DOGE by Dogecoin miners in 2023. In comparison to the data from March, the miner holdings are currently 240 million less and stand at 4.53 billion DOGE. Also read: European Union Passes Law Requiring Identification for All Crypto Transactions Even though in terms of market cap it seems smaller, it represents 5% of all Dogecoin mi...