News on Bitcoin Technology

Washington Increasing Electricity Rate to impact Bitcoin Mining

Washington: Increasing Electricity Rate to impact Bitcoin Mining

The Grant County Public Utility District (PUD) has recently announced hike on the cryptocurrency mining farms electricity consumption rate. The Commissioner of PUD, Tom Flint emphasized that the cryptocurrency mining industry are unregulated and risky then explained, “This is the best way to ensure our ratepayers are not impacted by this unregulated, high-risk business.”

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Genesis Mining imposes upgrades to mining contracts

Genesis Mining forced the customers to upgrade their bitcoin mining contracts. The company would close the open-ended contracts for customers who earn less than the daily maintenance fee. Genesis claims that the fall in crypto price and mining activities has impacted the mining outputs. The users have to upgrade their mining contract to five-year for retaining the services.

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Solar-powered Bitcoin Mining Farm Coming Soon in Australia

D Coin and the DC Two have confirmed their collaboration to establish the solar-powered bitcoin mining farm in the country. The new facility that is currently built will be “the first behind the grid data center in Australia powered primarily from renewable energy sources” and located at the 200 kilometers south of Perth.

Bitcoin Mining TV Set Introduced by Canaan

Bitcoin Mining TV Set Introduced by Canaan

The world’s first bitcoin mining television set has been launched by the world’s second-largest mining equipment manufacturer, Canaan Creative named ‘AvalonMiner Insider’ which will allow the user to watch television and mine bitcoin at the same time. Canaan Creative commented, “The digital currency earned can be used to buy entertainment content or physical gifts through Canaan’s platform.”

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The capacity of Bitcoin Lightning Network has risen

The Blockstream, bitcoin software company, revealed that the channel capacity of the Bitcoin Lightning Network has raised to 16,856% and 4,084% in six months. During the beginning of this year, there were only 46 open channels and 0.682 BTC in capacity. However, presently, there are 7,800 open channels and 26 BTC in capacity.

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Solar Alliance wants to support bitcoin mining operations

Solar Alliance, a company dealing with solar and alternative energy projects, exposed the intention to begin Bitcoin mining operations in its factory in Southern Illinois. It is reported that the Illinois House of Representative sanctioned the establishment of a subcommittee to reach on blockchain use cases. The CEO of the Solar Alliance declared to help crypto mining firms.

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Bitcoin would consume 0.5% of the total electric power

Alex de Vries, an economist, and blockchain specialist who serves at PwD in the Netherlands exposed the findings on crypto mining. It is estimated that the crypto mining activity would consume 0.5% of the total electric power at the end of the year. Currently, the bitcoin network uses 2.55 gigawatts and is predicted to go up to 7.7 gigawatts.

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Bitcoin Mining Equipment Makers seeks to Gain $1 Billion

According to a report by local press IFR, two local bitcoin mining equipment makers in Hong Kong revealed their plan to raise approximately $1 billion each from Hong Kong listings during the year. Bitcoin mining industry in China is progressive and the industry has witnessed a significant increase in cryptocurrency mining machine demand.  

Coingeek extends financial support to Bitcoin Blockchain Training Program

Coingeek extends financial support to Bitcoin Blockchain Training Program

Coingeek has funded research and development in respect of Bitcoin Blockchain. The blockchain company is seeking to fund the Stacklab blockchain training program with $150,000. Nearly fifty developers are to be trained on Bitcoin Blockchain. The program is to happen in Iloilo. Stacklab would assist trainees to explore job opportunities in the blockchain workforce.

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Employees Stealing Employers Power To Mine Bitcoin

The CEO of cybersecurity company Darktrace, Nicole Eagan revealed that there are thousands of workers lifting their employer’s power to mine bitcoin. He mentioned, “We have seen 1,000 crypto-mining cases in the last six months in the US alone with employees taking over company infrastructure for crypto mining. This is becoming a big problem.”