Chinese City Known for Bitcoin Mining Seeks Blockchain Firms to Burn Excess Hydropower

A Chinese city in the world’s bitcoin mining hub is publicly encouraging the blockchain industry to help consume excessive hydroelectricity ahead of the summer rainy season. Ya’an, one of the many cities in China’s mountainous Sichuan province, a region that’s estimated to account for over 50 percent of Bitcoin network’s computing power, has recently issued […]

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China’s Rainy Season Is Coming. This Time Bitcoin Miners Aren’t Investing

Spring is usually a welcome time of year for bitcoin mining businesses in China. The upcoming rainy season brings excessive hydropower, making electricity cheap and mining more profitable … all else equal. This year, however, two key variables have changed, upending the calculus for operators of mining facilities and for miners themselves in the world’s […]

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Bitmain Partially Refunds Bitcoin Miner Buyers After Price Cuts

Beijing-based Bitmain is handing out cash coupons to compensate customers who ordered its latest bitcoin mining machines ahead of recent price markdowns. Bitmain said Tuesday that buyers of its AntMiner S17+ and T17+ devices with delivery dates between mid-February and the end of April will receive coupons worth from $17 to $272 per unit – a […]

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Bitcoin’s Share of PoW Mining Rewards Now Above 80%

Rewards received by bitcoin miners form a major chunk of the salaries paid across major proof of work (PoW) blockchains, according to Yassine Elmandjra, a cryptocurrency analyst from ARK Invest. For example, bitcoin miners were paid over $15 million worth of the cryptocurrency as incentive to mine blocks and secure the network on Jan. 9. […]

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It’s Now Harder to Mine Bitcoin Than Ever Before

Bitcoin mining has become competitive than ever. Bitcoin mining difficulty – the measure of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap – has reached a new record high above 7.93 trillion. That’s a seven percent jump from the 7.45 trillion record set during the recent two-week adjustment […]

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CCN is Shutting Down after Google’s June 2019 Core Update

Dear readers, Let’s get straight to it. Google’s June 2019 Core Update rolled out on June 3th 2019 and CCN’s traffic from Google searches dropped more than 71% on mobile overnight. Our traffic has experienced a massive impact by Google’s June 2019 Core Update. Image from Sistrix.com.   CCN’s visibility index on Sistrix.com shows how […]

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China’s New Policy Isn’t An Automatic Bitcoin Mining Ban – Here’s Why

The Takeaway: A draft proposal from China’s economic planning commission labels bitcoin mining as an industry that needs to be “eliminated.” But even if finalized in its current form, this would not automatically amount to an outright mining ban. While local governments are supposed to follow the commission’s guidance, to take action against an industry […]

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Crypto Winter Freezes New York Bitcoin Mining Industry

A unique characteristic of many upstate New York cities is their low energy rates. Hydroelectric dams along the St. Lawrence river give residents electricity so cheap that many even heat their homes with it. The region made perfect sense for crypto miners during the “gold rush” days of 2017 and early 2018, and the increased […]

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Miner Maker Ebang Reports ‘Significant’ Profit Drop in New IPO Filing

Crypto mining equipment maker Ebang has refiled its draft IPO prospectus with the Hong Kong Stock Exchange (HKEX), stating it has seen “significant decreases” in revenue and gross profit in Q3 2018. According to the HKEX filing database, Ebang submitted the new draft application on Dec. 20 with disclosures of its financial information up until […]

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Hong Kong Exchange ‘Hesitant’ to Approve Bitmain IPO, Says Source

The Hong Kong Stock Exchange (HKEX) is reluctant to approve the initial public offering (IPO) applications of Chinese bitcoin mining equipment manufacturers, according to a person involved in the talks. Following the 2017 cryptocurrency market boom, mining giants Canaan Creative, Ebang and Bitmain applied in May, June and September of this year, respectively, to sell […]

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