What is a Crypto Mining Rig? A crypto mining rig is a computer system specifically designed and optimized for the purpose of mining cryptocurrency. Mining involves using computational power to solve complex mathematical equations in order to verify and process transactions on a blockchain network. Mining rigs typically consist of multiple high-performance graphics processing units…
Cloud mining is currently being used as an alternative to regular cryptocurrency mining; in which the miner directly uses cryptocurrency mining hardware to mine new crypto. Cloud mining is a good choice for those people who have little to no technical knowledge of mining hardware, live in countries where crypto mining is considered illegal, and…
Introduction Bitcoin is the first ever decentralized blockchain in the world. Most people take Bitcoin for a simple online transaction program. However, Bitcoin was designed as an alternative to the centralized fiat currency system. Therefore, it contains several economic control features to ensure that it is a viable solution to replace the government-issued paperback as…
A suggestion has been put forward by advisers to the Kremlin about banning home crypto mining in Russia, or at least in some of its regions. The motive behind the said proposal is to ensure that fires do not erupt in residential buildings. The grid is under high load because of electricity consumption by amateur…
Compass Mining is known as a hosting service and reseller of bitcoin mining machines. Its clients have decided to sue the company for $2 million. On January 17th, the customers filed the lawsuit in a Florida court in which they accused the company of breach of contract, fraud and negligence after it terminated its partnership…
Introduction Cryptocurrencies were first introduced as an alternative to fiat currency-based economics. There are many issues related to the fiat currency economy such as the money supply that makes the case for cryptocurrency applications. To improve the cryptocurrencies, the developers have ingrained some important features in the blockchain such as Token Burning. This article is…
Hasty Decisions Decisions taken in haste may bear fruit temporarily but in the long run, they have consequences. This is exactly the situation with which a lot of Bitcoin miners are struggling today. 2021 was undoubtedly the best year not for Bitcoin alone but for the entire crypto economy. The Crypto economy was thriving and…
Excavation of Over 50K BTC Blocks As of 22nd December 2022, approximately 53,240 blocks pertaining to Bitcoin were excavated by BTC miners since 1st January 2022. These 53K plus blocks of Bitcoins were shared between a total of 23 leading Bitcoin miners. The excavators of Bitcoins need to be appreciated because right now Bitcoin mining…
In the running year, the cryptocurrency industry has become a major loss for all kinds of investors. Like the rest of the investors’ groups, the crypto miners are also facing a downtrend. Even when the year is about to end in less than a month, the crypto mining sector is facing a crisis. Although the…
Litecoin saw its mining difficulty hitting a new high, with the metric peaking beneath 18 million hashes. That’s according to the November 4 Coinmarketcap post by the Litecoin Foundation. Crypto miners contend by randomly generating hashes to find one less than the goal that the platform’s mining algorithm set. Winners of this rate received rewards…
Mario Abdo Benítez, the President of Paraguay, has recently vetoed legislation on crypto mining. The legislation labeled crypto mining in the country as an industrial operation. President Benítez Vetoes Crypto Mining Bill Benítez argued that the enormous power usage of mining might impede the growth of a healthy national industry. According to the presidential decree,…
According to statistics, the average transaction fees for Bitcoin have dropped below $1. This could be due to upgrades on the network such as the Lighting Network. Other factors that might be responsible for the drop include the recent price drops and reduced mining difficulty. Average Fee For Bitcoin Transaction Drops Below $1 For the…
According to reports, several BTC miners took advantage of the “bullish” momentum in the past two weeks. According to data from cryptoquant.com, Bitcoin miners sold over 5,925 BTC during the period. In the past 24 hours, Bitcoin has dropped by over 7.3% after over $600 million left the crypto market. The Crypto market has struggled…
In 2022, the BTC mining sector witnessed great financial strain. This is because the price drop of BTC affected their crypto holdings. Their crypto holdings dipped by over 50% this year compared to 2021. However, the year’s lowest mining income day, June 13th, didn’t deter miners. Within a month, mining revenue spiked by about 68.63%….