bitcoin mining – pressnews

Crypto’s Peer-to-Peer Exchanges Lose Ground in a Shrunken Market

24Jul

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Technology

Crypto’s Peer-to-Peer Exchanges Lose Ground in a Shrunken Market

[ad_1] Crypto exchanges that connect buyers and sellers directly without Wall Street-style middlemen are under pressure to improve their services amid a decline in market share.These so-called decentralized platforms facilitate trading via algorithmic, blockchain-based software known as smart contracts, with users retaining custody of tokens rather than handing them to an intermediary institution. Crypto diehards predicted a golden period for peer-to-peer trading venues such as Uniswap and dYdX after last November's collapse of the FTX exchange, which undermined trust in centralized platforms that take control of tokens. But that hasn't panned out: monthly spot trading volumes on decentralized exchanges slid 76% to $21 billion by June this year versus January 2022, more than the 69% dro...

Bitcoin Touches Four-Week Low as $25,000 Becomes the Fresh Focus

26Apr

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Bitcoin Touches Four-Week Low as $25,000 Becomes the Fresh Focus

[ad_1] Bitcoin reached an almost four-week low, with the cryptocurrency continuing to lose momentum since breaking above $30,000 earlier this month for the first time since June.The original digital currency was little changed on Monday after earlier falling as much as 1.9% to $26,989. That was the first time the price was below $27,000 since March 28. Other digital assets were mostly flat to higher, with Ether little changed and Avalanche up about 2%. Crypto-related stocks also extended their slide from last week. Coinbase, the biggest US digital exchange, has slumped for six straight trading sessions since Bitcoin hit its recent high of around $31,000 on March 14. MicroStrategy retreated for a fourth day. There has been some “overheating” of the market, said Aya Kantorovich, co-founde...

Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000

24Apr

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Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000

[ad_1] Bitcoin's rebound is just the start of a rally that will take it past $50,000 next year courtesy of a process known as halving that curbs the supply of new tokens, according to projections from crypto analysts.The largest digital asset has climbed 70% since Dec. 31 in a partial revival from an epic rout in 2022. While the token at the moment is struggling in the vicinity of $30,000, halving holds the potential to trigger an advance of at least 78%, according to Bloomberg Intelligence and Matrixport. A halving – or halvening – cuts in half the amount of tokens that Bitcoin miners receive as reward for their work. The quadrennial event is due next around April 2024 and is part of the process of capping Bitcoin supply at 21 million tokens. The coin hit records after each of the last...

Bitcoin Surged Past $30,000. Is Another Crypto Boom on the Way?

17Apr

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Technology

Bitcoin Surged Past $30,000. Is Another Crypto Boom on the Way?

[ad_1] When Bitcoin plunged from around $30,000 to below $20,000 in little more than a week last year, Three Arrows Capital co-founder Su Zhu described the tailspin as the “nail in the coffin” for his hedge fund.Fast forward to today, and the largest cryptocurrency has just retraced that path from $20,000 back to $30,000 in the past month — but the industry is a shadow of what it was the last time the token crossed that milestone. That's because several more caskets were hammered shut in the domino-like wave of bankruptcies that followed Three Arrows' collapse: Voyager Digital, Celsius, FTX, Blockfi, Genesis Global, and other formerly high-flying startups. It's clear that while the mood has improved compared with last year's apocalyptic vibe, the promising Bitcoin rebound alone won't be...

Haunting hum! In Niagara Falls, Bitcoin mining brings a new roar to town

4Nov

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Haunting hum! In Niagara Falls, Bitcoin mining brings a new roar to town

[ad_1] Bitcoin mining farms have multiplied in the United States since China halted this activity in 2021. In the US border town of Niagara Falls, residents accustomed to the soothing roar of the famous waterfalls recently discovered a much less pleasant sound: the "haunting hum" of bitcoin mining farms. "I get four hours of sleep, maybe, because of that constant noise," said Elizabeth Lundy, an 80-year-old retired hairdresser. "I can hear the noise even through the storm windows." On a sunny October morning, a mechanical whirring could be heard clearly on Lundy's front porch. The noise turned to a deafening din as one walked two blocks toward Buffalo Avenue where the US bitcoin miners operate. Bitcoin mining farms have multiplied in the United States since China halted this ac...

Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

3Nov

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Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

[ad_1] Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. The Sydney-based green crypto miner, which listed in the US last year, said in a statement on Wednesday that some of its mining equipment isn't making enough cash to cover related debt-financing obligations. The firm said $103 million of debt is secured against the rigs via a couple of wholly-owned special purpose vehicles. It doesn't plan to provide further financial support for the vehicles absent a refinancing agreement. That means a default on the loans looms on Nov. 8 when a scheduled principal payment is lik...

Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

13Oct

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Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

[ad_1] As crypto miners flock to the state, they’re piling massive extra electricity demand on an already shaky power system. One scorching hot afternoon, Justin Ballard drives a Nissan Frontier pickup across a stretch of West Texas oil country. For years, Ballard worked these mesquite-covered expanses like any good oil landman, trying to persuade people to let the drill rigs come in and do their work. But he left that search early last year. Now he's scouring the same barren landscapes for a different sort of fuel: natural gas that's being burned off and wasted. This lost gas can be harnessed to power huge arrays of computers that create, or mine, Bitcoin and validate transactions on its ledger, the blockchain. “It's all about stranded energy—searching for it, finding it, mining ...

Bitcoin Mining Surges to a Record as Merge Opens Up Capacity

11Oct

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Bitcoin Mining Surges to a Record as Merge Opens Up Capacity

[ad_1] The amount of computing power dedicated to Bitcoin mining surged to a record. The amount of computing power dedicated to Bitcoin mining surged to a record as more companies made use of the energy and data center space freed up after the upgrade of the Ethereum network, likely further compressing profit margins. Mining difficulty, a measure of Bitcoin miners' computing power for the blockchain, has jumped by 13.6% in the two-weeks ended Monday. That was also the largest bi-weekly adjustment since last May. The increase is in part thanks to the decline of Ether mining, analysts said. Known as the Merge, Ethereum's technical upgrade has replaced as many as one million powerful computers with Ether holders to validate transaction data encrypted by the network and reduce its ca...