Resisting the EIA: One Possible Playbook
Bitcoin Magazine » Bitcoin Mining
by Colin Crossman
1w ago
The Biden Administration has intensified oversight on the U.S. bitcoin mining sector through an Energy Information Agency (EIA) emergency survey, portraying electricity usage by miners as a significant threat to national grid stability. This move, which demands detailed disclosures from miners, mirrors actions in Venezuela that led to mining confiscations, signaling a concerning trend towards a full registry of mining activities. The article advocates for the bitcoin mining community to unite against this overreach, emphasizing the positive impact miners have on grid stability through demand r ..read more
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The EIA Emergency Information Collection Is Alarming
Bitcoin Magazine » Bitcoin Mining
by Charlie Spears,Storm Rund
1w ago
In mid-January, a massive winter storm swept across the United States, dropping temperatures in Central Texas into the low 20s and causing Texans to huddle indoors with their heaters running full blast. The Texas power grid creaks and groans when it’s put to the test during extreme weather events and sometimes it goes down leaving citizens out in the cold. However this time the power stayed on and it was in large part due to an unexpected recent phenomenon: Bitcoin Mining. Bitcoin miners turned their operations off to redirect power back to critical infrastructure & reduce stress on the Te ..read more
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EIA Mining Survey Looms Large Over Bitcoin Mining Industry
Bitcoin Magazine » Bitcoin Mining
by Landon Manning
1w ago
The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now. Bitcoin miners have not been operating under normal circumstances for the past several months. Bitcoin’s blockchain has seen a particularly intense degree of demand over the past several months, and it looks like BRC-20s, and to a lesser extent, image inscriptions, all made possible by the Ordinals protocol, bear a great deal of responsibility. Esse ..read more
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Bitcoin Mining Can Help Fight Methane Emissions
Bitcoin Magazine » Bitcoin Mining
by Andrii Garanin
2M ago
Traditionally, the mining industry has been vilified for its environmental impact and energy use. This article describes the industry where mining can have an immediate positive impact – fossil fuel operations. Background The run-up to November 2023 COP28 in Dubai has seen a flurry of activity from the world’s three largest economies on the question of energy sector methane. That month, China published its long-awaited Methane Emissions Control Action Plan, followed by the China-US Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis and the European Council and Parliame ..read more
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Blockstream Announces BASIC Note Series 2 Launch After Successful $5 Million Series 1 Raise
Bitcoin Magazine » Bitcoin Mining
by Nik Hoffman
2M ago
Blockstream, a global leader in Bitcoin infrastructure, has announced the Series 2 launch for its Bitcoin-denominated investment vehicle, the Blockstream ASIC (BASIC) Note, according to a press release sent to Bitcoin Magazine. This follows the success of Series 1, which witnessed investor demand exceeding expectations. The Series 1 phase, initiated in September 2023, saw Blockstream allocate a total of $4.876 million towards procuring Antminer S19k Pro ASIC miners, substantially surpassing the anticipated $5 million target. The choice of these miners, renowned for their efficiency b ..read more
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SunnySide, Rosseau Partner To Offer Bitcoin Mining Companies Immersion Cooling Tech
Bitcoin Magazine » Bitcoin Mining
by Nik Hoffman
2M ago
SunnySide Digital, a global distributor of enterprise data center infrastructure, has announced a new partnership with Rosseau, to offer high-performance computing (HPC) and bitcoin mining clients immersion cooling technology. This collaboration promises to enhance power density by up to 100%, surpassing alternative immersion cooling systems currently available in the market, according to a press release sent to Bitcoin Magazine. "I have witnessed firsthand the caliber of execution and the exceptional business relationships SunnySide Digital has cultivated with bitcoin miners," said Karth ..read more
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Texas Bitcoin Mining Operation Shutdown By Host’s Armed Security
Bitcoin Magazine » Bitcoin Mining
by Mark Goodwin
2M ago
Last Monday, November 27, Whinstone Inc.’s private security entered the Rockdale, TX-based premises of Rhodium Enterprises in order to remove employees to cease operation of their 125MW Bitcoin mining facility. The legal battle that culminated in this seizure started on May 2, 2023 when Whinstone US, Inc., a subsidiary of Riot Platforms, filed a lawsuit against certain Rhodium entities. The dispute centered around hosting and energy agreements between the two parties, with Whinstone seeking damages for alleged unpaid hosting fees and a declaratory judgment asserting its right to terminate thes ..read more
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An Ocean Launch Post-mortem
Bitcoin Magazine » Bitcoin Mining
by Shinobi
2M ago
Well, let’s just say the launch of Ocean from the social perspective was anything but smooth. The decision to filter out transactions conducting inscriptions should have been communicated clearly on launch day, instead speculation lead to a chaotic shitshow on Twitter. People were screaming about inscription censorship, while at the same time inscription transactions were present in the public block templates Ocean publishes. Then to top it all off, the first block they found was actually a template created by a test server that was connected to the production system when it shouldn't have bee ..read more
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WATCH: Bitcoin Mining Changes Forever
Bitcoin Magazine » Bitcoin Mining
by Bitcoin Magazine
3M ago
Mining has become a heavily centralized industry, not necessarily due to the ownership of actual mining hardware being concentrated, but because of the central dependency on large mining pools to actually coordinate with other miners.  This presents a problem on multiple fronts. Pools custodying miners funds gives them the ability to withhold payments and coerce actual miners to behave or act a certain way. The two largest pools require KYC information before allowing someone to mine with them. Large pools can actively censor transactions if they choose, or were mandated to by government ..read more
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Are Mining Pools Becoming A Problem?
Bitcoin Magazine » Bitcoin Mining
by Bitcoin Mechanic
3M ago
Bitcoin miners provide a valuable service to the ecosystem. In exchange for the work they do securing the network, they are rewarded by the same network they protect. This sound and elegant design by Satoshi is surely one of the most remarkable aspects of Bitcoin. What is increasingly being forgotten, however, is that there is more to mining than merely hashing. A person engaging in the entire process must run a node to get reliably updated on the most recent state of the blockchain, then begin construction of a new block. This involves verifying the validity of the previous block, discovering ..read more
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