Bitcoin Miners

Bit Mining to Deploy Another 2,500 Bitcoin Miners in Kazakhstan

29/07/2021 by Idelto Editor

Bit Mining is going to expand its operations in Central Asia with the purchase of 2,500 crypto mining machines slated for deployment in Kazakhstan. The new devices are expected to increase the Chinese company’s total hashrate capacity by an estimated 165 petahashes per second.

Bit Mining Buys New Cryptocurrency Miners for Data Centers in Kazakhstan

Shenzhen-based Bit Mining Ltd. announced Wednesday it has secured a purchase agreement for the acquisition of 2,500 new bitcoin mining machines. The price tag of the deal is approximately $6.6 million, the crypto mining firm detailed in a press release.

Following the delivery, which is scheduled for next week, the company intends to ship the coin minting rigs to Kazakhstan. Once deployed, the mining devices are expected to increase Bit Mining’s “theoretical maximum total hash rate capacity by approximately 165 petahashes per second (PH/s).”

Bit Mining said it’s constantly monitoring the market for cryptocurrency mining hardware and will consider “cost-efficient” acquisitions “on an opportunistic basis.” It emphasized:

Looking forward, the company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity, in order to strengthen its position as a leading cryptocurrency mining enterprise.

Chinese Mining Company Continues Migration to Central Asia

The crypto firm further noted that the expansion of its bitcoin mining machine fleet goes on in parallel with the implementation of its overseas development strategy which is largely focused on Central Asia. Bit Mining has already installed 3,819 rigs with a total hashrate capacity of 172 PH/s in data centers in Kazakhstan. Another 4,033 bitcoin miners with a hashrate capacity of 121 PH/s have been shipped to the country and are currently awaiting deployment.

According to the announcement published by Prnewswire, the company has also launched ethereum (ETH) mining operations outside of mainland China that have a hashrate capacity of 86.4 gigahashes per second (GH/s). “An additional hash rate capacity of 4,713.6 GH/s is expected to be deployed by the end of October 2021,” Bit Mining added.

In May, the Chinese company revealed plans to build and operate a 100 MW crypto-mining data center in Kazakhstan, a project that will be implemented in partnership with two local companies. In June, Bit Mining began moving 3,000 bitcoin mining machines to Kazakhstan amid an ongoing government crackdown on crypto mining in the People’s Republic of China.

Do you expect more crypto mining companies from China to follow Bit Mining’s lead and relocate to Central Asia?

Greenidge Joins Foundry USA, Deal Gives Bitcoin’s Fifth-Largest Pool 800 Petahash

14/07/2021 by Idelto Editor

Greenidge Generation Holdings Inc., the mining firm based in Upstate New York, has announced the company has partnered with the Digital Currency Group mining and staking subsidiary Foundry Digital LLC. Furthermore, Greenidge revealed that it has purchased 2,300 Microbt-manufactured Whatsminer M30S mining rigs and also secured financing for 6,000 Bitmain-made Antminer S19 devices.

Greenidge Partners With Foundry, 8,300 Bitcoin Miners Transferred in the Deal

On Wednesday, Greenidge announced that the company has partnered with the Rochester, New York-headquartered Foundry, a company that provides North American crypto mining businesses with capital and intelligence.

Greenidge will be joining the Foundry USA mining pool which currently commands the fifth-largest hashrate worldwide. At the time of writing, Foundry USA commands 10.46% of Bitcoin’s global hashrate or 10.23 exahash per second (EH/s) of hashpower.

In addition to the collaboration, the two firms jointly announced the sale of 2,300 Whatsminer M30S mining machines that will be used by Greenidge. The company’s announcement notes that the 2,300 mining rigs were previously operational at Greenidge’s facility in Dresden, New York, and Foundry sold 1,800 devices to Greenidge. The remaining Whatsminer M30S machines will be transferred by the end of 2021.

‘Pioneering the Integration of a Clean Power Plant Operation and Carbon-Neutral Cryptocurrency Mining’

As far as the Bitmain Antminer S19 models are concerned, 5,000 are currently operating and the remaining 1,000 machines will be transferred by Q3 2021. Greenidge will join a number of firms that are already members of the Foundry USA pool alliance. Other Foundry members include Hive, Bitdeer, Bit Digital, Blockcap, Hut 8, and Bitfarms. Jeffrey Kirt, the CEO of Greenidge explained that Foundry and the company had a previous relationship in hosting arrangements.

“Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” Kirt said in a statement.

The partnership with Foundry follows Greenidge’s plans to develop a mining facility in South Carolina. Greenidge details that the carbon-neutral Spartanburg facility will be ready in 2021 or early 2022.

“The Spartanburg site will be the company’s second mining facility in the United States as it seeks to expand to 500 MW of mining capacity by 2025,” the announcement on Wednesday details. Greenidge’s latest arrangement will add “approximately 800 petahashes of computing power to the [Foundry USA] pool” or 0.8 EH/s of hashpower.

“Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry. “We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry,” the executive added.

What do you think about Greenidge partnering with Foundry Digital LLC? Let us know what you think about this subject in the comments section below.

‘We Want You,’ Pro-Bitcoin Senator Cynthia Lummis Invites Crypto Miners to Wyoming

04/07/2021 by Idelto Editor

U.S. lawmaker and bitcoin advocate Cynthia Lummis has indicated that cryptocurrency miners are welcome in Wyoming. In a recent interview, the senator defended bitcoin’s carbon footprint and later invited miners to her home state on social media.

Crypto Mining Adapted to Non-Carbon Emitting Energy

With the ongoing crackdown on cryptocurrency mining in China, companies in the business of coin minting have been actively looking for friendlier jurisdictions to relocate their operations. Some perspective destinations have emerged in the U.S., with Texas and Florida now being among the prominent examples. Both states can offer crypto miners access to affordable energy.

Wyoming, which has maintained a positive attitude towards cryptocurrencies for some time, can easily become the next bitcoin mining hotspot. Wyoming Sen. Cynthia Lummis, a well-known supporter of Bitcoin, recently took to Twitter to welcome crypto miners to the state urging them to reach out.

PS – If you are in the #Bitcoin mining space, please reach out. We WANT you in Wyoming. https://t.co/OUPAEYTXTG

— Cynthia Lummis (@CynthiaMLummis) July 3, 2021

Lummis tweeted her call on Saturday posting an excerpt of her interview from the CNBC Financial Advisor Summit in which she defended Bitcoin’s environmental record. The senator referred to research conducted at the University of Cambridge, according to which bitcoin mining uses about 40% renewable energy while the indicator stands at only 12% in the non-bitcoin mining economy. She emphasized:

Bitcoin mining is already more environmentally adapted to non-carbon emitting energy sources.

Bitcoin Mining Is Not an Energy Bad Guy, Says Cynthia Lummis

The Wyoming representative in the U.S. Senate also turned attention to the “innovation that’s happening behind the scenes” in the crypto mining industry, providing an example with her own energy-rich state. Wyoming is a producer of oil and gas and when a new well is drilled, initially it’s not connected to a pipeline, Lummis explained. Bitcoin miners are helping to utilize the gas that would otherwise be vented into the atmosphere with mobile mining platforms that can be installed and operated close to the source.

“I would say – don’t judge bitcoin mining as an energy bad guy. There are a lot of things going on to prove otherwise,” the lawmaker concluded. Cynthia Lummis also noted that cryptocurrency mining is helping the drilling industry in a way that keeps carbon out of the air while using it to produce another product in the form of bitcoin.

The race to attract crypto miners is on in the U.S. with Miami Mayor Francis Suarez recently giving his best to entice mining companies that are leaving China. “Hey, we want you to be here,” Suarez addressed them in another interview with CNBC, highlighting that his region relies on nuclear power which is a source of clean and cheap electrical energy.

Do you expect many crypto miners from China to relocate to the United States? Share your thoughts on the subject in the comments section below.

Miami Mayor Tries to Entice China’s Bitcoin Miners — ‘We Want You to Be Here’

18/06/2021 by Idelto Editor

Miami’s Mayor Francis Suarez told the press on Thursday that his city was open to bitcoin miners from China who are flocking to find new homes. Suarez says he hasn’t actually talked to any miners from China but said he wants them to know the opportunity is there.

Miami’s Mayor Says City Is Open to Chinese Mining Operations, Touts Florida’s Cheap Nuclear Power

According to an interview, Francis Suarez, the American attorney and 43rd mayor of Miami, is inviting Chinese miners to his city to set up shop if they desire.

Suarez is a fan of the cryptocurrency ecosystem, the decentralized crypto asset bitcoin (BTC), and he has explained that he owns BTC as well. The Miami mayor has also said on a number of occasions that he wants the city of Miami to become a crypto hub for entrepreneurs and builders.

On Thursday, Suarez told CNBC he’s inviting Chinese miners to seek shelter in the region after the crackdown stemming from Beijing. Suarez explained that the region has an abundance of clean and cheap electricity thanks to nuclear energy.

“We want to make sure that our city has an opportunity to compete,” Suarez said during his interview. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here,’” the mayor added.

Suarez made these statements to CNBC from the second floor of the Miami City Hall building which is located near the Turkey Point Nuclear Plant. In fact, Florida houses a great abundance of nuclear power plants all over the state.

“The fact that we have nuclear power means that it’s very inexpensive power,” Suarez stressed during his chat with the press in Miami. According to CNBC’s report, miners in Miami could obtain a rate of 10.7 cents per kilowatt-hour (kWh).

At $0.11 per kWh, a Bitmain Antminer S19 Pro with 110 terahash per second (TH/s) can get around $18.59 per day using current BTC exchange rates. The Microbt Whatsminer M30S++ 112 TH/s gets around $18.50 per day at $0.11 per kWh according to data from asicminervalue.com.

Suarez’s invitation to Chinese miners comes at a time when governments in China’s provinces are banning bitcoin mining operations. The latest crackdown happened today, as Sichuan miners have been instructed to close shop by June 25, 2021.

“We understand how important this is… miners want to reach a certain kilowatt price per hour, and we’re working with them on it,” Suarez told CNBC.

What do you think about Miami’s mayor trying to woo Chinese miners to the city? Let us know what you think about this subject in the comments section below.

Elon Musk Says Tesla Will Resume Accepting Bitcoin When Miners Confirm 50% Clean Energy Usage

13/06/2021 by Idelto Editor

Tesla CEO Elon Musk has announced that when there is “confirmation of reasonable (about 50%) clean energy usage by miners with positive future trend,” his electric car company will start accepting bitcoin for payments again.

Elon Musk Reveals When Tesla Will Resume Accepting Bitcoin

Tesla CEO Elon Musk talked about when Tesla will resume accepting bitcoin for payments Sunday. He wrote:

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

Tesla began accepting bitcoin for car payments in March. Musk confirmed at the time that any BTC received will not be converted into fiat currencies. This followed the company’s filing with the U.S. Securities and Exchange Commission (SEC) declaring that it had purchased bitcoin worth $1.5 billion. In April, its bitcoin stash was worth $2.5 billion.

However, Tesla suspended accepting bitcoin as a payment option in May, citing environmental issues. Musk then met with North American bitcoin miners to discuss using renewable energy in mining. The miners subsequently set up Bitcoin Mining Council. Nonetheless, Musk confirmed that Tesla did not sell any bitcoins due to environmental concerns.

The company did sell some coins during the first quarter of this year, however, before the mining issues surfaced. During Tesla’s Q1 2021 earnings announcement, Master of Coin Zachary Kirkhorn revealed that the company trimmed its BTC position by 10%. Musk explained at the time that the BTC sale was “essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.”

Musk’s Sunday tweet was in response to allegations cited in a Cointelegraph article. Sygnia CEO Magda Wierzycka alleged that the Tesla technoking had manipulated the bitcoin market and the SEC should investigate him. The South African billionaire believes that Musk knowingly pumped bitcoin with the announcement that Tesla was going to accept BTC and then “sold a big part of his exposure at the peak.”

However, Musk denied the allegations. “This is inaccurate,” he tweeted, reiterating his earlier explanation of why Tesla sold some bitcoins:

Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

What do you think about Elon Musk’s comments on bitcoin and when Tesla will resume accepting the cryptocurrency for payments? Let us know in the comments section below.