At $400 Million a Year, Researcher Argues Bitcoin Mining is Worth the Cost
The University College London’s blockchain research center has found that bitcoin's current proof-of-work (PoW) mining costs are necessary to maintain the network's trustless and decentralized nature. In a recent research note, Tomaso Aste, a professor of complexity sciences and director of the UCL's Centre for Blockchain Technologies, offers a rough measure for calculating the "equilibrium fair cost" of bitcoin’s PoW system, suggesting that this fair cost per block is roughly $10,000 – less than the current amount earned by discovering a block today. The findings are notable....
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A National Science Foundation (NSF) researcher has been barred from working with the US government following the discovery that he used federally funded supercomputers to mine bitcoin without authorization. The administrative action was revealed as part of the latest NSF Office of Inspector General (OIG) report issued to Congress and recently posted online. The unnamed researcher is alleged to have used more than $150,000 in NSF-supported computer activity to generate an estimated $8,000 to $10,000 in BTC. The researcher asserted that he was simply conducting tests on the supercomputers,....
Researcher Vivek Raman said that after the Merge, ETH inflation will be lower, security will be better and ETH will position itself as a digital bond. As Ethereum shifts into proof-of-stake (PoS), a decentralized finance (DeFi) researcher has argued that the platform can overtake Bitcoin's (BTC) throne as the top dog in crypto. In a Twitter thread, researcher Vivek Raman highlighted that the upcoming Ethereum Merge could create a better economic structure for the smart contract platform. According to Raman, the shift into PoS lowers Ether (ETH) inflation, gives better security and....
Russian law enforcement is looking into the alleged theft of mining hardware valued at around $1.9 million. The powerful computing equipment disappeared from a crypto mining hotel in Irkutsk, the owners of which have been accused of large scale fraud. 100 Russians Lose Mining Machines Worth 100 Million Rubles Police in the Russian Irkutsk Oblast have launched an investigation of the operators of a mining hosting facility suspected of defrauding clients and stealing their expensive coin minting hardware, Tass news agency reported, quoting the region’s Main Directorate of the Interior....
A U.S. firm expects to double its Bitcoin hashing power after the purchase of 4,800 new S19J mining rigs from Bitmain. Pennsylvania software firm Integrated Ventures has announced the purchase of 4,800 Bitcoin (BTC) mining rigs from Chinese manufacturer Bitmain. The deal is worth just over $34 million and will see 400 of Bitmain’s Antminer model S19J’s delivered to Integrated Ventures each month for the next year.Integrated Ventures partnered with Wattum Management — a mining solutions provider — to carry out the deal, with Wattum expected to help host and manage INTV’s mining operations.....
Data suggests the average cost of mining Bitcoin is standing around $86,700 right now. Here’s what history suggests could happen next for BTC. Bitcoin Average Mining Cost Is Currently Notably Higher Than The Price In a new post on X, analyst Ali Martinez has talked about how the average mining cost of BTC is looking like right now. The Bitcoin network runs on a consensus mechanism based on the “proof-of-work” in which validators called the miners compete against each other using computing power to get to hash the next block on the chain. This computing power naturally has....