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New Post has been published on https://primorcoin.com/power-outages-in-russias-irkutsk-region-blamed-on-home-miners-mining-bitcoin-news/
Power Outages in Russia’s Irkutsk Region Blamed on Home Miners – Mining Bitcoin News
Russians mining cryptocurrency in their homes have been blamed for the problems with the electricity supply in Irkutsk. Power outages have become a frequent occurrence in the region which maintains the lowest electricity rates in Russia. Subsidized household energy has turned mining into a source of income for many locals.
Electricity Consumption Spikes Amid Spread of Home Crypto Mining in Irkutsk
Power grid operators in Irkutsk have been dealing with a growing number of outages. The region and the city are experiencing a tangible increase in electricity consumption that overloads the distribution network. Local officials claim this has been caused by cryptocurrency miners who mint digital currencies in their apartments, basements, and garages.
As a way out of the exacerbating situation, they are now proposing a set of measures to address the challenges. Authorities want to upgrade the capacity of the distribution network in Irkutsk Oblast, introduce higher tariffs for crypto miners and establish special platforms to host their activities, the Russian business daily Kommersant reported.
In December, various parts of Irkutsk experienced either planned or emergency outages, the publication reveals. Since June, there has been a sharp increase in the pressure on the grid in residential areas, the local utility told the newspaper.
“Despite the warm weather in November, the load increased by almost 40% compared to last year. The significant loads on the power networks and the growing number of outages are associated with the activities of miners,” the Irkutsk Electric Grid Company (IESC) explained. Its calculations show that consumption in the city of Irkutsk has surged by 108% for the whole of 2021.
IESC emphasized that coin minting is very energy-intensive as the equipment operates around the clock. Engineers warn that the existing electrical networks in towns and cities are not designed for the constant, “industrial” load that the mining hardware creates. The company has been forced to cut off the supply in many areas to replace fuses and install power lines with higher capacity.
Over 1,100 Cases of ‘Gray’ Crypto Mining Registered in 2021
Utilities in the region have been trying to locate the mining facilities responsible for the spike in consumption. “In Irkutsk, 21 electrical installations suspected of cryptocurrency mining were identified… Mining equipment is installed on balconies, in residential premises and basements of apartment buildings,” Irkutskenergosbyt announced.
During the raids, inspectors have found more than 1,100 cases of the so-called “gray” mining in the Irkutsk Oblast in 2021. A recent report unveiled that Irkutskenergosbyt utility has filed 85 lawsuits against people involved in home crypto mining with claims totaling 73.3 million rubles (over $980,000). It has already won nine court cases from which it expects to receive 18.7 million rubles ($250,000) in compensation.
In December, the federal government in Moscow allowed authorities in Russian regions to independently determine local electricity rates for the population. The measure is expected to increase the costs of amateur crypto mining. Subsidized household electricity in Russia is often used to mint digital currencies at homes.
Irkutsk, which has been called the mining capital of Russia, has the lowest rates in the country at only 0.86 rubles ($0.01) per kWh when the average tariff in Russia is six times higher. Calls have been mounting among officials in Moscow and regions like Irkutsk to recognize mining as a business activity, introduce higher electricity rates for miners and tax them. A working group at the State Duma is discussing regulatory proposals for the sector and other crypto-related activities.
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Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, Home Miners, IESC, inspections, Irkutsk, Irkutsk Oblast, Irkutsk region, Irkutskenergosbyt, Miners, mining, Outages, power, rates, repairs, Russia, russian, tariffs, Utilities, utility
Do you expect Russia to soon regulate cryptocurrency mining and raise electricity tariffs for miners? Tell us in the comments section below.
Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Cryptocurrency Miners Flocking to Nordic Countries
In a recent cryptocurrency trend, miners have been trying to find ways to maintain profitable mining operations. One such method is to move their operations to countries with lower electricity costs, such as Norway and Sweden.
Mining is the essential action required for blockchains to stay secure and decentralized. As a miner, you need computing power and copious amounts of electricity, which doesn’t come cheap.
Some analysts estimate that the energy cost to mine a singular Bitcoin can range from $531 (Venezuela) all the way up to $26,170 (South Korea). So how does this equate on a worldwide level? Digiconimist estimates that Bitcoin miners will consume over 125 TerraWatt hours of power by the end of 2018, which is an insane amount of electricity.
Despite this, many entrepreneurs and cryptocurrency enthusiasts have continually turned to mining as a way to gain a profit. This proved successful in the past, but as of late, miners have found it much harder to preserve and maintain profitable mining margins in this cryptocurrency downturn. Increased costs and difficulty have been just a few factors which have slowed the profits of many miners.
Greener Pastures
A common trend has been for cryptocurrency miners, whether small or large, to move to areas where costs for mining are substantially less. As well, moving to countries that use alternative energy has been a way in which miners can ease their environmental conscience.
At first, China was the location for many mining organizations to start operations due to extremely low electricity costs. However, at the start of 2018, China began cracking down on cryptocurrency mining. Large mining operations that operated in China have started to move in search of better prospects.
Miners began moving en-masse to countries like Sweden and Iceland in search of spectacular electricity rates. Prices per KWH (Kilowatt Hour) in these Scandinavian and northern-European countries are often at least 30% below the averages of other European countries.
Now it appears that Norway and Sweden are the latest hotspots for cryptocurrency mining. Bitfury, with its massive Bitcoin mining facilities, has recently announced its mining plans for the country of Norway after meeting with Norweigan government officials. Bitfury plans to make investments of over $35 million USD into the project and intends to hire locals to run the facility. Not only does Norway have sustainable and affordable electricity costs, Norway’s government has also proven itself to be accepting of cryptocurrencies and does not intend to regulate the space heavily.
In an announcement made at a press conference, Bitfury’s CEO stated:
Norway is a perfect match for Bitfury’s focus on innovation and growth,
In another Nordic country, Sweden, prices per KWH are at just around 6.5 European cents or the equivalent of 8 American cents. This price is substantially lower than the prices seen across Europe, which average out at just around double Sweden’s average. Hive Blockchain, a Canadian mining company, recently moved to Sweden to start an Ethereum mining facility. This move has so far proven successful with Hive taking advantage of the cheap energy sources found in Sweden.
HIVE Blockchain Commences Ethereum Mining Operations in Sweden $hive.v $hvbtfhttps://t.co/LsHU1xkbTD
— H I V E (@HiveBlockchain) January 15, 2018
The cheap electricity is not the only factor which makes these countries appealing for miners. Over the recent decades, these Nordic countries have cemented themselves as providing sustainable electricity (at cheap prices) for those miners who are environmentally conscious.
Canada: An Unexpected Mining Safehaven?
However, Canada has proven itself to also be an appealing option for miners to set up shop. In some areas in Canada, costs for electricity can fall as low as 5-6 cents per KWH. The reason for such a cheap electricity cost is due to the fact that Canada has been a key proponent in the use of hydroelectricity, which is often cheap while still being sustainable. In some cases, hydroelectricity can actually be cheaper than traditional fossil fuels.
North American mining giant, Hyperblock, recently announced their acquisition of another mining company based in Canada by the name of CryptoGlobal. Once completed, Hyperblock will have new massive mining facilities running in Canada at a (relatively) measly 4-5 cents per KWH. This few cents differential between electricity prices in Nordic countries and Canada can often mean the difference between millions of dollars of profit.
Building the future of #cryptocurrency mining! #Hyperblock is a cryptocurrency #mining company that currently operates the Sector 14 cryptocurrency mine within the Project Northwest mining facility. #cryptomining #cryptominingnews #cryptonewsdaily #crypotcurrencynews #cypto pic.twitter.com/n6qUd6To1B
— HyperBlock Tech (@Hyperblocktech) March 23, 2018
Despite these cheap prices, some larger-scale miners and mining companies may be hesitant to run their operations in Canada due to some of the government’s attempts to regulate the crypto space.
Overall, cryptocurrency miners have shown themselves quite willing to move across the globe in order to shave costs. China was the main spot for some time, but now miners are moving into the Nordic countries, particularly Norway and Sweden, to set up shop.
If you were a miner, where would you set up operations? Please tell us in the comments below.
Images courtesy of Twitter/@Hyperblocktech, Twitter/@HiveBlockchain, Shutterstock, and Bitcoinist archives.
The post Cryptocurrency Miners Flocking to Nordic Countries appeared first on Bitcoinist.com.
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Kazakhstan Mulls Nuclear Power to Deal With Electricity Shortages Blamed on Crypto Miners – Mining Bitcoin News
The government in Kazakhstan is considering building a nuclear power plant to overcome an electricity deficit allegedly caused by the booming crypto mining industry. Problems with power supply are driving away miners that saw the Central Asian country as a new home when China recently cracked down on the industry.
NPP Project Revived Amid Short Supply of Energy for Crypto Mining Sector in Kazakhstan
Authorities in Kazakhstan are now thinking of implementing a decade-old plan to construct a nuclear power plant (NPP) in order to solve the country’s pressing issues with a growing electricity deficit. With capped tariffs and a crypto-friendly attitude, the former Soviet republic attracted a throng of Chinese miners chased away by Beijing’s offensive against the crypto industry launched in May of this year. However, some of them are now leaving the country as their hardware is idling.
Two locations are currently under consideration as potential sites for a nuclear station, Kazakhstan’s Energy Minister Magzum Mirzagaliev revealed this week. These are the village of Ulken in the Alma-Ata region and the city of Kurchatov in the East Kazakhstan region. Quoted by the Russian news agency Tass, Mirzagaliev elaborated:
We are ready with the production and consumption balance until 2035. We clearly see the need to build a nuclear power plant in order to provide electricity to our population and our economy.
Kazakhstan is a global leader in uranium ore mining and has contemplated building a nuclear plant for over a decade. Another 10 years will be needed to construct it, Mirzagaliev admitted. The government in Nur-Sultan is now in talks with Russia’s State Atomic Energy Corporation, Rosatom, which has constructed NPPs in China, India, and Belarus. The nuclear power plant will also help Kazakhstan reach its carbon neutrality goals by 2060, the official noted.
The country started experiencing electricity shortages this past summer, when the influx of Chinese miners caused a power supply deficit of 7% in the first three quarters of the year. The energy-hungry data centers were quickly blamed for the shortages and authorities estimated that a single crypto farm needs as much energy as 24,000 homes. The deficit forced Kazakhstan, a major producer of fossil fuels, to buy expensive electricity from Russia to fill the gap.
Kazakhstan has maintained a generally positive attitude towards the crypto industry. It welcomed miners and took steps to regulate the sector. Recently published estimates suggest that crypto mining can pour some $1.5 billion into its economy in the next five years, with over $300 million expected as tax revenue. A fee of $0.0023 per kilowatt-hour of electricity used by registered mining enterprises will be levied in January.
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Bitcoin, coin minting, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Electricity, electricity shortages, electricity supply, Energy, Kazakhstan, Miners, mining, mining companies, npp, Nuclear, nuclear station, power deficit, power plant, project, shortages
Do you think a nuclear station will solve Kazakhstan’s problems with power supply and ensure enough electrical energy for its crypto mining industry? Tell us in the comments section below.
Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Iran Allows Renewable Power Plants to Supply Crypto Miners With Electricity – Mining Bitcoin News
Authorities in Iran have decided to permit power generation plants using renewable sources to sell electricity to licensed cryptocurrency miners. The move comes after the government asked mining companies to suspend activities in order to avoid winter blackouts.
Crypto Miners in Iran to Mint Digital Coins Using Renewable Energy
Regulated companies mining cryptocurrency in Iran will gain access to green energy, local media reported. The Ministry of Energy in Tehran has adopted new rules allowing plants generating electricity from renewable sources to supply coin minting enterprises that operate within the law.
“Legal miners can enter into agreements with renewable power plants at negotiable terms and rates,” Mohammad Khodadadi, who heads the Tavanir department responsible for the mining industry, told the ISNA news agency. He also emphasized that the energy ministry will play a role in establishing the exact tariffs.
Tavanir, the Iran Power Generation, Distribution and Transmission Company, is the country’s state-owned utility that recently ordered authorized miners to unplug their equipment. The measure is part of efforts to prevent blackouts as energy demand increases with dropping temperatures.
The Ministry of Energy has been trying to reduce the use of liquid fuels for generation since last month, Tavanir’s spokesman Mostafa Rajabi Mashhadi recently told the state-run broadcaster IRIB. Shutting down licensed crypto farms is among a range of measures aimed at avoiding electricity shortages this winter.
Iran legalized bitcoin mining in 2019 and introduced a licensing regime for entities operating in the industry. Registered crypto farms are buying electricity at higher, export rates and many Iranian miners are avoiding the mandatory registration to take advantage of subsidized household prices.
In May, then-President Hassan Rouhani announced a temporary ban on crypto mining amid growing demand for electricity and insufficient supply caused by the extraordinarily hot weather and droughts. Authorized mining enterprises were also blamed for the shortages.
The country’s crypto community criticized the restrictions after estimates indicated that legal miners consume only around 300 megawatts daily, while underground crypto farms burn 10 times more. The ban was lifted in September when demand for electricity decreased with cooler weather.
Tavanir has been cracking down on illegal mining operations throughout the year. Iranian media revealed in November that the utility had confiscated over 220,000 mining machines and shut down almost 6,000 crypto farms in different regions of the Islamic Republic.
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ban, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, energy ministry, Iran, Iranian, Iranians, Miners, mining, power plants, Prices, rates, renewable, Renewable Energy, renewable sources, restrictions, tariffs, Tavanir, utility
Do you think Iranian crypto miners will accept the government’s offer to use renewable energy? Share your thoughts on the subject in the comments section below.
Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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New Post has been published on https://primorcoin.com/hive-blockchain-secures-order-for-6500-next-generation-bitcoin-miners-from-canaan-mining-bitcoin-news/
Hive Blockchain Secures Order for 6,500 Next-Generation Bitcoin Miners From Canaan – Mining Bitcoin News
On October 29, the publicly listed firm Canaan announced the mining manufacturer has secured a follow-on purchase order from the mining operator Hive Blockchain for 6,500 units of Canaan’s next-generation Avalon mining rigs. Hive expects to increase the operation’s hashrate from 1.2 exahash per second (EH/s) to 3 EH/s by March 2022.
Hive Secures an Order for 6,500 Avalon Miners
This week the Nasdaq-listed Hive Blockchain (Nasdaq:HIVE) and Canaan (Nasdaq: CAN) announced that Hive secured a follow-on purchase order for 6,500 Avalon miners from Canaan. According to the announcement, the shipment of the 6,500 mining rigs manufactured by Canaan will be shipped in three tranches.
3,000 miners will be delivered in December 2021, 3,100 miners in January 2022, and an additional 400 Avalon miners by February 2022. Hive had already acquired 10,400 miners from Canaan in January and August 2021.
In recent times, Hive announced the company is constructing expansions to its largest data center campus in New Brunswick, Canada. Hive said it aims to provide the New Brunswick site with 40 additional megawatts. The mining operation mines both bitcoin (BTC) and ethereum (ETH) and it operates a total of five mining facilities in countries like Iceland, Sweden, and Canada.
Frank Holmes, the executive chairman of Hive Blockchain said the company is pleased to bolster its relationship with the crypto mining rig manufacturer. “We are pleased to be building on our strategic alliances with leading ASIC manufacturer Canaan to achieve our goals and drive value for our shareholders, while executing on a transaction that increases our cash flow and green mining capacity,” Holmes said in a statement. The mining operation’s chairman added:
Hive currently has approximately 1.2 exahash per second (EH/s) of bitcoin mining capacity, and with this new purchase, Hive’s bitcoin ASIC pipeline will be at 2 EH/s by December 2021, and 3 EH/s by March 2022.
Demand for Bitcoin Mining Rig Shipments Continues
During the last two months, both bitcoin’s (BTC) and ethereum’s (ETH) price has made both crypto assets far more profitable to mine. BTC’s price has given older generation mining rigs new life and companies that mine crypto assets are taking full advantage. Besides Hive Blockchain a number of other firms have been placing orders with ASIC manufacturing companies like Bitmain, Canaan, and Microbt for next-generation units.
At the end of August, Genesis Digital Assets acquired 20,000 bitcoin mining rigs from Canaan, and the company also has the option to buy 180,000 more units from Canaan going forward. Canaan shares are exchanging hands for $8.72 on Friday while Hive Blockchain shares are swapping for $3.85 per share. While Canaan’s shares are down 0.19% today, Hive’s shares, on the other hand, are up 0.15%.
What do you think about Hive purchasing 6,500 miners from Canaan? Let us know what you think about this subject in the comments section below.
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3 Exahash, 5 Data Centers, ASIC rigs, Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, BTC Mining, BTC Mining Rigs, Can, Canaan, Canada, Frank Holmes, Hive Blockchain, mining, mining rigs, New Brunswick
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Single Mining Farm Needs as Much Power as 24,000 Homes, Kazakhstan Estimates – Mining Bitcoin News
Authorities in Kazakhstan have calculated the energy used in the country’s crypto mining industry which competes for electricity with other sectors of the economy and households. The government has also estimated the additional supply necessary to meet the growing demand from mining farms and proposed a cap on the power rating of new facilities.
Kazakhstan Measures Power Usage in Crypto Mining Sector, Estimates Deficit
In an effort to explain why Kazakhstan is considering imposing restrictions on new cryptocurrency mining operations, the Ministry of Energy told local media that data centers minting digital coins use 5 megawatts (MW) of electricity each hour. Just a single mining facility burns an average of 3.6 million kilowatts (kW) a month, the department stated, noting that the amount equals the consumption of 24,000 homes.
As China has been cracking down on cryptocurrency miners this year, the Central Asian nation has become an attractive destination for many businesses from the mining industry with its low energy rates. As a result, electricity consumption has increased by 7.4% in the first nine months of this year, reaching almost 83 billion kilowatt-hours (kWh), government figures show.
Officials in Nur-Sultan have already blamed the spike on some 50 mining farms operating in the country. With a total project capacity of over 972 MW, the load they currently exert on Kazakhstan’s power distribution network has been estimated at more than 693 MW.
On top of that, power usage by illegal mining facilities is likely to have risen, too. The Energy Ministry told the business news portal LS that the excess consumption growth, which can be attributed to mining centers, is around 1,050 MW while the share of underground crypto miners is believed to be in the range of 250 to 450 MW.
Government Wants to Limit Capacity of New Mining Farms to 100 MW
Meeting the growing needs of the mining industry would require an increase of electricity generation by at least 1,000 MW which can happen in the next four to five years, the department noted. In early October, Kazakhstan’s Minister of Energy Magzum Mirzagaliev said that the government intends to build power plants with a combined capacity of 3,000 MW during the same period.
To prevent the situation from deteriorating, the ministry is recommending a 100-megawatt capacity limit on new consumers connecting to the power grid. The measure is expected to affect projects building crypto mining farms in the country.
This isn’t the only bad news for cryptocurrency miners and potential investors. This month, lawmakers put forward a proposal to introduce registration for mining entities operating in the country. Concerned with the growing energy consumption in the sector, a group of deputies in the Mazhilis also called for the adoption of higher electricity rates for enterprises involved in the extraction of digital currencies.
Do you expect Kazakhstan to limit the size of crypto farms and introduce other restrictions and tariffs for the coin mining sector? Tell us in the comments section below.
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accidents, blackouts, capacities, capacity, consumption, Crypto, crypto farms, crypto mining, Cryptocurrencies, Cryptocurrency, cryptocurrency mining, Data Centers, deficit, Electricity, Energy, energy ministry, estimates, Homes, households, Kazakhstan, mining, mining farms, Ministry of Energy, power, Prices, rates, shortages, tariff
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Bitcoin Hashrate Increases 32% in 3 Months, Stealth Miners Command 12% of BTC's Hashpower – Mining Bitcoin News
Bitcoin’s hashrate has been increasing a great deal during the last three months, as it’s increased more than 32% from 103 exahash per second (EH/s) on July 25 to today’s 137 EH/s, with a few highs in between around the 189 EH/s mark. Bitcoin’s price spike has pushed the hashrate higher and in a week’s time, the overall mining difficulty is expected to increase for the eighth time in a row.
Bitcoin Hashrate Steadily Rises Higher
As bitcoin’s price is still more than 30% higher during the last month, even after the fall below the $60K region, the network’s mining power has increased a great deal. Three-month statistics show that Bitcoin’s hashpower has jumped above the 160 EH/s zone nine times since July 25 and over 180 EH/s once so far.
Bitcoin hashrate on October 24, 2021. Hashrate is 32% higher than it was three months ago, according to coinwarz.com statistics.
At that time three months ago, BTC’s hashrate was steadily recovering from the bitcoin mining crackdown in China and the mass migration that followed. The hashrate and bitcoin’s spot price was much lower three months ago, as the network’s processing power was hovering just above 100 exahash per second.
The network’s security and processing power increased 32% since then as the price lift has made it so miners are far more profitable than they were in late July. On October 24, with 137 EH/s dedicated to the Bitcoin blockchain, and the current BTC exchange rate, gives most mining rigs the ability to rake in profits.
Top ASIC Bitcoin Miners Rake in $37 per Day, Stealth Miners Command 12% of the Network Hashrate, Difficulty up 39%
The Microbt Whatsminer M30S++ with 112 terahash per second (TH/s) of hashrate can make $37.47 per day with current BTC prices and $0.12 per kilowatt-hour of electricity per day. Bitmain’s Antminer S19 Pro with 110 TH/s under the hood gets $37.26 per day at the same electricity rate and Sunday’s BTC exchange rates.
Three-day stats for Bitcoin’s mining pool distribution on October 24, 2021, according to btc.com statistics.
Today, the largest mining pool dedicating hashrate to the Bitcoin (BTC) network is F2pool with 17.56% of the network’s hashpower or 26.31 EH/s. F2pool is followed by Antpool’s 17.11% or 25.65 EH/s, Viabtc’s 12% or 17.98 EH/s, and unknown hashrate, otherwise known as stealth miners, command 12% as well or 17.98 EH/s as well.
Bitcoin difficulty and estimated difficulty change on October 24, 2021, according to btc.com stats.
In seven days, the Bitcoin network mining difficulty adjustment is expected as well and it’s estimated to increase by 2.20% from 20.08 trillion to 20.52 trillion. It will be the eight difficulty increase in a row as BTC’s difficulty has increased by 39.94% over the last seven difficulty adjustment algorithm changes.
What do you think about Bitcoin’s hashrate increasing and ASIC miners becoming more profitable with the current price spike? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Btc.com, Coinwarz.com,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Russian Oil Companies Propose to Mine Cryptocurrencies at Their Wells – Mining Bitcoin News
Companies involved in oil production in Russia have come up with a project to organize the mining of cryptocurrencies right next to the oil fields they are exploiting. Data centers devoted to coin minting can be powered by the excess gas released during oil extraction which would otherwise be wasted.
Ministries and Central Bank Review Crypto Mining Project by Russian Oil Industry
Government institutions in Moscow are now discussing an initiative launched by Russia’s oil companies to start mining cryptocurrency at their extraction sites. The industry is proposing to utilize associated petroleum gas (APG) to generate electricity that can be used in the energy-intensive process of digital coin minting.
Experts say the project can potentially attract foreign investors, primarily from China where authorities have been cracking down on bitcoin mining this year. The industrial activity is effectively banned in the People’s Republic while in the Russian Federation mining isn’t prohibited although it is not properly regulated either.
The Ministry of Industry and Trade has recently asked the Ministry of Digital Development and the Central Bank of Russia (CBR) for their feedback on the idea, Russia’s leading business daily Kommersant reported, quoting a letter sent by the Deputy Minister of Industry Vasiliy Shpak. His department asks the monetary authority in particular whether this would be a legitimate undertaking.
The main act regulating cryptocurrencies in Russia is the law “On Digital Financial Assets” which went into force earlier this year. Additional legislation is needed, however, regarding their circulation in Russia and related operations. The legalization of crypto mining as an industrial activity has been gaining support in government circles with the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, stating in September that it should be registered as such and taxed accordingly.
Kommersant also quotes a source close to the Ministry of Industry who revealed that one of the large Russian oil companies already has a crypto mining project underway and would like to scale it up. “But this segment is in a legally gray zone and the company fears a negative reaction from the central bank, so it turned to the Ministry [of Industry] which can discuss the risks with the regulator,” the knowledgeable person told the newspaper.
According to available official information, so far only the state-run Gazprom Neft, a subsidiary of Russian energy giant Gazprom and third-largest oil producer in the country, has an actual mining project. The company launched it at its oil field in Khanty-Mansi Autonomous Okrug, a region in Tyumen Oblast. According to a report from January, the oil giant managed to mint 1.8 BTC in a month. Gazprom Neft declined to comment on the matter.
Do you think authorities in Moscow will allow Russian oil companies to mine cryptocurrencies at their oil wells? Tell us in the comments section below.
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Russia, Belarus Move to Introduce Special Electricity Tariffs for Crypto Miners – Mining Bitcoin News
Authorities in Belarus and the Russian Federation are taking steps to separate cryptocurrency miners from other groups of power users and deny them access to subsidized energy. This could lead to the adoption of differentiated electricity rates for businesses involved in digital coin minting activities.
Cryptocurrency Miners in Russia and Belarus May Face Higher Energy Prices
Entities engaged in the extraction of digital currencies in both Russia and Belarus may have to pay more for the electrical energy they need, media reports have revealed. Authorities in both countries are making changes that are likely to result in the introduction of special tariffs for this category of electricity consumers.
The idea has been recently backed by the Russian Ministry of Energy. Crypto miners should not pay for the electricity they use at the rates intended for households, the head of the department Nikolai Shulginov told reporters on the sidelines of the Russian Energy Week. Quoted by the business news portal RBC, Shulginov noted that the ministry is now working on the issue and stated:
To maintain the reliability and quality of power supply, we believe it is necessary to exclude the possibility of electricity consumption by miners at tariffs for the population.
The government official made it clear that electricity rates need to be differentiated. In his view, miners should not be allowed to take advantage of the preferential tariffs as the current situation can deteriorate further. Otherwise, cross-subsidization has to be increased which would be unacceptable, the energy minister elaborated.
Shulginov’s comments came after the governor of Irkutsk Oblast, Igor Kobzev, recently complained to Russia’s deputy prime minister responsible for the fuel and energy complex, Alexander Novak, about illegal crypto miners. Their actions, Kobzev said quoted by the business daily Vedomosti, increase the load on the power grid of the Siberian region and the risk of breakdowns at the local power plants.
Irkutsk is the region which maintains the lowest electricity rates for households in Russia – 1.23 rubles (less than $0.02) per kilowatt-hour (kWh) in the cities and 0.86 rubles (a little over $0.01) in rural areas. The governor revealed that this year power consumption is projected to grow by almost 160% over last year’s figure.
While the total electricity used in Irkutsk averaged 5.9 billion kWh in the past four years, just in the first half of 2021 it reached 4.7 billion kWh. In a social media post, Kobzev announced his proposal to recognize digital currency mining as an entrepreneurial activity and introduce special rates for electricity consumers involved in coin minting operations.
Meanwhile in neighboring Belarus, with which Russia maintains strong political and economic ties, the Ministry of Energy has already classified cryptocurrency miners in a separate tariff category. The decision is part of a joint decree with the Ministry of Antimonopoly Regulation and Trade issued at the end of September.
According to the document quoted Forklog, entities involved in data processing, information services and related activities, including the operators of mining facilities and data centers, will fall into this category if their annual electricity consumption is at least 25 million kWh. The tariff category has four subgroups depending on the consumption bracket with the top one covering enterprises consuming power exceeding 500 million kWh. Additional groups can be added by President Alexander Lukashenko’s administration. The current document does not mention the exact price rates for each group.
Belarus legalized mining and other crypto-related activities with a presidential decree that came into force in March 2018. Earlier this year, the Belarusian leader called for clarifying certain regulatory provisions and establishing stricter control over the crypto space. Lukashenko has had a positive attitude towards crypto mining, urging Belarusians in August to mint digital coins instead of picking strawberries on foreign farms. In 2019, he suggested to power mining facilities using surplus electrical energy from the country’s new nuclear power plant.
In Belarus’s energy-rich ally, the Russian Federation, the idea to recognize cryptocurrency mining as a type of entrepreneurial activity has been gaining support among government officials. In September, the chairman of the Financial Market Committee at the State Duma Anatoly Aksakov expressed his position that that the mining of digital currencies should be registered as such and taxed accordingly.
Do you think Russia and Belarus will significantly increase electricity rates for cryptocurrency miners? Share your expectations in the comments section below.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina – Mining Bitcoin News
Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be finished by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador.
Bitfarms Expands to Argentina
Bitfarms, a Nasdaq-listed bitcoin mining company, announced it started building what will be a mega bitcoin mining farm in Argentina last week. The company says this facility will be able to power thousands of miners with power secured through a contract with a private power company. The farm will provide more than 210 megawatts of infrastructure capacity for the company, which reported having a mining power of 1.4 exahash per second in September.
About the construction, Emiliano Grodzki, CEO of Bitfarms, stated:
Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint.
Grodzki noted this facility will help the company achieve its goal of eight exahash per second by the end of next year.
Argentina’s Favorable Conditions
Grodzki also pointed out the reasons why the company chose Argentina. The farm will be constructed in warehouses inside the power company providing the energy, creating a great location for Bitfarms. Bitfarms signed an eight-year, 210 MW deal that secures power provision at a very low price. Grodzki explained:
The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt hour, substantially reducing our already low cost of mining Bitcoin.
The facility is already under construction with an Argentinian company called Proyectos y Obras Americanas S.A. (“PROA”), which will lay the electrical structure needed to power the installation. Bitfarms is just one of the mining companies seeking new locations offering favorable conditions for expanding, and Argentina is on that list, mostly due to its abundant and cheap energy in certain regions. Bitfarms took advantage of this, choosing a region where energy is plentiful and demand is low. Other companies could follow suit in the near future.
What do you think about the Bitfarms mega bitcoin farm construction in Argentina? Tell us in the comment section below.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Geographic Distribution Data Shows US Takes Leading Bitcoin Mining Position After China’s Crackdown – Mining Bitcoin News
After China has reigned for a number of consecutive years as the dominant bitcoin mining epicenter of the world, the United States has “taken the leading position in bitcoin mining,” according to new data from Cambridge University.
Data Shows US, Kazakhstan, Russian Federation Rule the Bitcoin Mining Roost
In mid-July, researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project published new data from the website’s “Bitcoin Mining Map,” which had not been updated since April 2020. In that specific report, CBECI researchers noted that China’s hashrate dominance was much lower than in previous estimates. On October 13, CBECI researchers published updated data on all the countries participating in bitcoin mining and where most of the mining activity is taking place these days.
“The latest update to the Cambridge Bitcoin Electricity Consumption Index (CBECI) has confirmed the impact of the Bitcoin mining crackdown in China,” the report detailed. “[It shows] that the leading share of global Bitcoin network hashrate now sits in the US, followed by Kazakhstan and the Russian Federation.” The CBECI researchers added:
This new data (to the end of August 2021) shows the US with a global hashrate share of 35.4% (up from 16.8% at the end of April), Kazakhstan with 18.1% (up from 8.2%), and the Russian Federation with 11% (up from 6.8%). This confirms the hashrate trajectory identified in the last update (to end April 2021) which showed those three countries were already gaining market share prior to the crackdown in China.
China’s Crackdown ‘Increased Geographic Distribution of Hashrate Across the World’
Since June 28, 2021, the Bitcoin network hashrate climbed 101.44% from 69 exahash per second (EH/s) to today’s 139 EH/s hashpower measurement. Michel Rauchs, digital assets lead at the Cambridge Centre for Alternative Finance, discussed how China’s crackdown helped fuel the shift in global bitcoin mining.
“The immediate effect of the government mandated ban on crypto mining in China was a 38% drop in global network hash rate in June 2021 – which corresponds roughly to China’s share of hashrate before the clampdown, suggesting that Chinese miners ceased operations simultaneously,” Rauchs suggested.
Evolution of the Bitcoin (BTC) network’s hashrate, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI) project.
Besides the new top three countries leading the hashpower race, the next largest hashrate shares reside in countries like Canada (9.55%), Ireland (4.68%), Malaysia (4.59%), Germany (4.48%), Iran (3.11%), and Norway (0.58%). CBECI’s report highlights that while the U.S. got some hashrate from fleeing Chinese miners, the crackdown also “increased geographic distribution of hashrate across the world.”
“It is worth noting that the shares for Ireland and Germany are likely due to a growing number of miners rerouting through those countries via VPNs or proxy servers, rather than growing mining activity for which there is little or no evidence,” the CBECI report explains.
What’s also interesting is the fact that at least four out of the five top mining pools today originally stem from China and now many of them operate internationally and in unknown regions. F2pool, formally known as “Discus Fish” started mining bitcoin (BTC) on May 5, 2013, and was originally based in China.
F2pool commands 26.76 EH/s in hashpower and around 19.39% of the global hashrate today. Antpool, owned and operated by Bitmain, also initially came from China and is the second-largest hashing pool on October 13. Antpool captures 16.59% of the global hashrate with its 22.89 EH/s of hashpower. There’s also the top mining pools Viabtc and Poolin, which begs the question:
Where do these mining facilities and pools originate from now?
What do you think about the recently published Cambridge Bitcoin Electricity Consumption Index (CBECI) mining map report? Let us know what you think about this subject in the comments section below.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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New Post has been published on https://primorcoin.com/mining-hardware-manufacturer-bitfury-plans-to-go-public-mining-bitcoin-news/
Mining Hardware Manufacturer Bitfury Plans to Go Public – Mining Bitcoin News
Bitfury, the non-Chinese bitcoin mining hardware manufacturer, is reportedly planning to go public in the next 12 months. This would constitute one of the largest listings of a European-based cryptocurrency mining hardware company to date. The company had a valuation of $1 billion dollars after its latest funding round, and is backed by companies like Mike Novogratz’s Galaxy Digital.
Bitfury Going Public in European Markets
Bitfury, a cryptocurrency mining hardware manufacturer in Europe, is reportedly planning to go public in European markets. The company, which specializes in providing hardware for mining bitcoin and services associated with this hardware, supposedly contacted Deloitte, one of the big four accounting firms, to assess its readiness for the process of issuing stock in a regulated market, according to an article published by the Telegraph.
The company wants to capitalize on the cryptocurrency bull market to see better performance with public markets. Bitfury’s last funding round occurred back in 2018, when the company raised $80 million from investors like Galaxy Digital’s Mike Novogratz, scoring a valuation of $1 billion. Bitfury is reportedly looking into Amsterdam or London as the possible market for its public offering.
Other Crypto Companies Going Public
If Bitfury does make the leap to being a publicly-traded company, it would not be the first in crypto. Earlier this year, Coinbase, one of the leading US-based cryptocurrency exchanges, went public, giving traders the opportunity of investing in the future of the crypto world without investing directly in cryptocurrencies. The firm achieved a valuation of $50 billion after the listing. Other cryptocurrency mining-related companies are already trading in public markets, too.
Canaan Mining, an Asian crypto mining hardware manufacturer went public in U.S. markets in November 2019, raising $90 million dollars in the process. Bitfury is also the parent company of Cipher Mining, which already is trading on Nasdaq through a $2 billion SPAC deal with Good Works Acquisition Corp. Bitfury still owns a minority stake in the company.
According to estimations, the valuation of the company might rise to billions of dollars after the listing, having acquired revenue of more than $140 million during 2019. This points to the rising importance that bitcoin is having in the economic and geopolitical world after El Salvador’s Bitcoin Law officially made it legal tender last month, and more and more companies are considering investing in Bitcoin as an inflation hedge.
What do you think of Bitfury’s plans to go public? Tell us in the comments section below.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Lawmakers in Kazakhstan Propose Registration for Crypto Farms, Higher Electricity Rate for Miners – Mining Bitcoin News
Members of the parliament in Kazakhstan have proposed the establishment of a state register for cryptocurrency farms operating in the country. Alarmed by the growing consumption of energy in the sector, the lawmakers also want to charge miners a higher price for the electricity they use.
Mazhilis Members Want Miners in Kazakhstan to Register With Government, Pay More for Power
A group of deputies from the Mazhilis, the lower house of Kazakhstan’s bicameral legislature, have voiced concerns over the growing electricity demand. The parliamentarians believe the surge is due to the influx of crypto mining companies into the country, attracted by its low energy prices.
Members of the People’s Party of Kazakhstan have put forward proposals to deal with the escalating situation. According to a report by Tengrinews, the lawmakers have urged Deputy Prime Minister Roman Sklyar to create a special register for crypto farms that mint digital currencies in the country.
Zhambyl Ahmetbekov, one of the deputies, noted that the increasing number of mining entities moving to the Central Asian nation significantly affects the volume of available energy. Foreign miners consume enormous amounts of electricity but they receive their revenues abroad, bringing no benefit to Kazakhstan, he pointed out, further stating:
In this regard, it is proposed to create a legislative register to account for the so-called mining farms and introduce a special increased electricity tariff for them.
Besides the higher electricity rate, the Mazhilis members have also called for the reintroduction of differentiated tariffs for the respective time zones of the day. Thus, prices will take into account peak hours of consumption and grid loads.
The proposals come after Kazakhstan’s energy minister Magzum Mirzagaliev revealed that power consumption this year jumped by 7% in comparison with 2020. “This is a very big increase,” the official said at a press conference last week, making it clear that the government is considering restrictions on mining facilities.
The spike in demand is largely due to the growing number of data centers devoted to cryptocurrency mining, Mirzagaliev told reporters. At the same time, he stressed that Kazakhstan needs to develop its crypto mining sector and announced the country intends to build new power plants with a combined 3,000-megawatt capacity in the next five years.
Amid an ongoing crackdown on bitcoin mining and other crypto-related activities in China, the region of Central Asia has attracted many businesses from the industry with its cheap energy. However, in Kazakhstan miners compete for electricity with other industries and households, which is worrying authorities in Nur-Sultan.
In June of this year, President Kassym-Jomart Tokayev signed a law amending the country’s legislation “on taxes and other obligatory payments to the budget.” The bill, adopted in parliament earlier that month, introduced a surcharge of 1 Kazakhstani tenge (approx. $0.0023) per kilowatt-hour used by cryptocurrency miners. The new fee will be imposed on Jan. 1, 2022.
Do you think Kazakhstan will introduce restrictions for cryptocurrency miners due to its power shortages? Tell us in the comments section below.
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New Post has been published on https://primorcoin.com/tehran-stock-exchange-head-resigns-over-mining-rigs-found-at-organizations-office-mining-bitcoin-news/
Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization’s Office – Mining Bitcoin News
The director of Tehran’s Stock Exchange has resigned from his post following the discovery of cryptocurrency mining rigs in his organization’s basement. The scandal has erupted as licensed crypto miners in Iran are reportedly resuming operations amid fears of new restrictions in the winter.
Iran Stock Exchange CEO Loses Job for Illegal Crypto Mining Under His Watch
Ali Sahraei, chief executive of the Tehran Stock Exchange, has submitted his resignation after cryptocurrency mining machines were uncovered in the building occupied by the organization. Media reports of the illegal mining operation at the market’s offices were initially denied by the exchange. It only admitted to having launched an “investigation and research project” related to the liquidity outflow towards crypto assets in 2020.
According to another statement, quoted by the state-run Mashreq News, an internal inspection came across several mining devices that were allegedly operated by the stock exchange. “During the investigation, we found that the activity was not fully recorded and disclosed in the reports and by the accounts of the company,” the announcement details. As news of these findings broke on Iranian media, Ali Sahraei told ISNA news agency:
To offer an opportunity for more investigations about cryptocurrency mining at the stock exchange and to help the stability of the markets, I offered my resignation to the board of directors, which accepted it.
However, according to the Iran International news portal, the country’s official news agency, IRNA, has presented a different description of the events. Its report on the mining scandal, quoted by the English-language edition, claims Sahraei has actually been fired from his position at the Tehran Stock Exchange Market.
Iranian Authorities Allow Licensed Miners to Resume Operations, Report
The Iran Power Generation, Distribution and Transmission Company, Tavanir, which had initially denied the existence of the miners, refused to issue any subsequent comments after Ali Sahraei’s statement, the National Council of Resistance of Iran (NCRI) reported on its website. The rigs are believed to have used a lot of electricity and Tavanir has been going after energy-intensive illegal mining operations blamed for the country’s power shortages this year.
According to data released in September, the utility has seized over 216,000 mining machines from more than 5,300 underground crypto farms. During the extraordinarily hot summer, Iran faced rising electricity demand for air conditioning and had to deal with blackouts across the country. The power deficit forced authorities to cut consumption and cryptocurrency miners were targeted. Licensed mining farms were also shut down under a temporary ban imposed by former President Hassan Rouhani in May.
In August, Tavanir announced the restrictions were to be removed for authorized crypto miners on Sept. 22, in view of an expected decline in power demand during the fall. According to the report by UK-based Iran International, authorities in Tehran have now allowed licensed mining entities to resume operations. However, Iran may experience power shortages again in the cold winter months and reinstate the mining restrictions.
The Islamic Republic recognized cryptocurrency mining as a legal industrial activity in July 2019, and the government introduced a licensing regime for mining companies. Permits are issued by the Ministry of Industry, Mines, and Trade. According to Tavanir, 56 authorized crypto mining farms need a total of 400 megawatts of electricity to mint digital coins, while its claims that illegal miners consume around 2,000 megawatts daily have been rejected by the Industries Ministry.
Do you think the Tehran Stock Exchange has been involved in illegal cryptocurrency mining? Share your thoughts on the case in the comments section below.
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37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion – Mining Bitcoin News
Bitcoin’s hashrate has been climbing steadily over the last three months and rose more than 40% after the network’s hashpower was below 90 exahash per second (EH/s) on July 5. The trend has led to a consecutive run of five bitcoin mining difficulty accruals with another increase expected during the next transition.
Hashrate Steadily Increases, Antpool Commands Top Position, Unknown Hashrate Returns
The overall Bitcoin (BTC) hashrate has been slowly but steadily rising higher during the last 90 days. The network’s current processing power is coasting along at 130 EH/s, and three months ago the hashpower was 40% lower than today.
In the last 24 hours, Antpool has been the top mining pool dedicating hashrate to the BTC network with 29.7 EH/s or 20.47% of the global hashrate. Antpool is followed by F2pool with 23.58 EH/s or 16.2% of BTC’s overall hashrate, and Pooling captures 13.2% of the network or 19.2 EH/s.
Other top pools dedicating vast amounts of hashrate to the BTC network include operations such as Viabtc, Foundry USA, and Btc.com, respectively. While Bitcoin.com News reported that the quantity of unknown hashrate had disappeared during the last hashrate report, a small fraction of stealth mining has recently returned. 1.86 EH/s or 1.28% of the global hashrate currently belongs to unknown mining entities.
Bitcoin Mining Difficulty Expected to Increase for 6th Time in a Row
As BTC’s hashrate has increased and mining pools have been shuffling around, the network’s mining difficulty is expected to increase for the sixth time in a row. At the time of writing, it is expected to increase by 2.99% to 19.57 trillion, getting awfully close to the 20 trillion mark. Currently, BTC’s mining difficulty is 19.00 trillion. A 2.99% increase will mean it will be 37% more difficult to mine bitcoin than it was on July 30.
The upcoming increase is similar in size to the difficulty increase two weeks ago which was roughly 3.16%. The biggest jump in the consecutive run of difficulty rises was on August 25, at block height 697,536, when the difficulty jumped approximately 13.24%. The consecutive run of mining difficulty increases follows the run of five consecutive difficulty adjustment algorithm decreases.
What do you think about Bitcoin’s hashrate this week and the upcoming mining difficulty increase? Let us know what you think about this subject in the comments section below.
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Crypto Miners Blamed for Power Supply Deficit in Kazakhstan, Government Mulls Restrictions – Mining Bitcoin News
Kazakhstan is facing electricity shortages and cryptocurrency mining has been singled out as the main culprit. Amid an ongoing crackdown in China, the Central Asian nation has become a magnet for crypto miners who are taking advantage of its low electricity rates.
Republic of Kazakhstan Sees 7% Increase in Electricity Demand Due to Crypto Miners
Kazakhstan plans to boost its power generating capacities in the coming years but right now the country is experiencing electricity shortages. In 2021, consumption has surged by 7% in comparison with last year, a government official revealed at a press conference.
The spike in demand is largely due to a growing number of data centers devoted to cryptocurrency mining, Energy Minister Magzum Mirzagaliev told local media this week, referring to numbers released by the grid operator, KEGOC. Stressing that “this is a very big increase,” he stated:
We need to make a number of decisions. First, we must be able to ensure that system operators have the right to limit or reduce the consumption primarily of mining data centers at a time when there may be a shortage of electricity.
Mirzagaliev’s statement was quoted by Kazakhstan Today which remarked in its report that the activities of crypto miners now do not have a significant positive impact on the socio-economic indicators. Mining consumes the cheap electricity generated in Kazakhstan, competing with the growing needs of the rest of the economy and the population. The minted cryptocurrency is usually sold elsewhere and profits are accumulated abroad.
Nevertheless, the head of the Ministry of Energy insisted that Kazakhstan needs to develop its crypto mining sector and expressed confidence that the industry will evolve. Mirzagaliev pointed out there are “very good opportunities” for that, highlighting the country’s potential to expand the use of renewable energy.
In light of the current deficit, however, the department has prepared a number of proposals on how to deal with power shortages caused by miners. These include measures to limit the electricity consumption of existing mining data centers and suspend the connecting of new crypto farms to the grid.
At the same time, the government in Nur-Sultan will focus on increasing electricity production. Minister Mirzagaliev revealed that the country intends to build power plants with a combined 3,000-megawatt capacity in the next five years. While these electric stations will operate on natural gas, Kazakhstan will also launch new facilities relying on renewable energy sources. Their share in the country’s energy mix is expected to reach 6% by 2025 and at least 15% in 2030.
A study released by the University of Cambridge this year showed that the country has seen its share in the global extraction of bitcoin increase six times in less than two years. Kazakhstan now ranks third in the world by crypto mining volume. In July, the government decided to introduce a surcharge for the electricity used by miners, but that hasn’t stopped the influx of mining companies.
Do you expect Kazakhstan to successfully deal with its power supply deficit and continue to attract cryptocurrency miners? Tell us in the comments section below.
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