UK Bitcoin mining revenues soar, but China hogs 75% of ‘blood coin’ production
U.K.-based Argo Blockchain just did record revenues, but a new report suggests 75% of Bitcoin mining still takes place in China, where “blood coin” is made. United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in its history, generating record revenues for three months straight. Yet despite the burgeoning cryptocurrency mining venture emerging in the west, the vast majority of Bitcoin production still takes place in China, where cheap, coal-powered electricity fuels an untold number of mining rigs.A recent report by Nature.com revealed that as much....
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“Blood coin,” “clean coin” and maybe even “virgin coin” will become commonplace phrases as Bitcoin's environmental concerns continue to rage. Shark Tank and Dragon’s Den personality Kevin O’Leary is taking a stand against what he terms “blood coin,” that being Bitcoin (BTC) mined in China. The investor declared that he would only deal with “clean coin” — coins mined using renewable energy — from now on, and suggested other institutions were starting to do the same.O’Leary took aim at the free-wheeling nature of Bitcoin production by pointing out that most other products in the world are....
The Bitcoin mining community, a very valuable and powerful association, always seems to have this “elephant in the room.” This elephant would happen to be the massive stranglehold that China has over the globe’s total Bitcoin production. Very few have seen this as a positive development within the spectrum of Bitcoin. This has been a constant source of consternation inside and outside of the Bitcoin mining community since the aforementioned evidence of mining life became apparent in 2014, when China flipped the Bitcoin production script. Regarding this topic, Bitcoin mentor, and master....
Bitcoin mining difficulty has been on the rise as the network has gained more popularity. This is a far cry from what was expected after China, which was known as the mining capital of the world at that point, had laid a blanket ban on crypto mining. Bitcoin miners had been able to successfully set up in other regions of the world and mining activities have ramped up since then. This time around, it comes along with the growth of blocks mined per hour which has smashed all expectations. Not only has the mining difficulty been affected by this but its effects are being felt all around the....
Public bitcoin miners have had a difficult couple of months since the price of bitcoin dropped below the $30 level. The digital asset’s mining revenues had plummeted with the price and had brought down the cash flow on bitcoin miners with it. Despite this decline, some bitcoin miners are taking the bear market head-on, using […]
Bitcoin's production cost is dropping, and price action often rebounds to new highs if it dips below it, data shows. China's crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests.In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin's potential price floor.Don't believe the China FUDAs a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin's electrical cost — the combined cost of keeping the network running — is dropping.As Edwards....