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Is Bitcoin Mining Finally Profitable for Miners in 2019?

The recent bitcoin rally has driven bitcoin mining profits. Profits earned from bitcoin mining have seen a clear rise since the start of April 2019 and hit a near half-a-year high on April 15, 2019.Source: BCtrendAccording to crypto analyst Alex Kruger, the breakeven cost for efficient bitcoin mining operations currently hovers around $3,550 to $4,350, while the price of bitcoin is in the $5,500-plus range at the time of this writing. That ensures a $1,000-plus profit for each bitcoin mined and a substantial profit for bitcoin miners considering the uptick momentum in bitcoin price continues.Kruger said that the breakeven cost was calculated based on an electricity rate of 5.5 cents per kilowatt hour (kWh). While electricity costs vary in different regions, the breakeven cost could vary in line with that.“[The] exact number is heavily dependent on electricity cost,” Kruger said. “E.g., last December Coingeek reported an electricity cost (inclusive of all operational expenses) of $0.073. I am using $0.055.”Given that the electricity rate in China is much lower — 3.5 cents kWh as some mining farms have claimed — when the wet season in Sichuan started, miners in China can make more than $2,000 in profit for each bitcoin mined. Over the second half of 2018, however, the breakeven cost dropped below the BTC price, leading to inefficient bitcoin mining and losses, with some miners even shutting down their operations and selling off their hardware.Together with the rise of mining profitability, the hashrate of the whole Bitcoin network has also been climbing. That means more miners have been coming back or freshly entering the market. As BTC.com shows, Bitcoin hash power has seen a 25 percent increase, from 36.55 Exa hashes per second (Eh/s) in mid-December 2018, to 45.76 Eh/s in mid-April 2018.The ASIC miner market has also been waking up, rolling out faster, new-gen mining devices. In late March, Canaan rolled out its Avalonminer 10 which delivers a hashrate of 31 terahashes per second (TH/s) at 1,736 watts (W). Days later, Bitmain revealed its Antminer 17 series, delivering a hashrate ranging from 50 TH/s to 56 TH/s, operating at 42 watts per terahash (W/Th) to 45 W/Th. And MicroBT released a whopping 72 TH/s bitcoin ASIC M20S recently.These figures suggest that the market is showing signs of life after coming off of some of its worst months. Bitcoin mining is finally profitable for miners and getting its prospects back after the year-long sluggish market. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

No, China Didn’t Ban Bitcoin Mining

If you’ve gone anywhere near the internet this month, you’ve probably heard about the untimely demise of China’s Bitcoin mining industry. As reported in many media outlets, some three quarters of Bitcoin mining is now non grata in the People’s Republic, which appears to have taken an unusually firm stand on environmental protection. But, as often occurs in the cryptoverse, news of Bitcoin mining’s death was wildly exaggerated. Contrary to what our mainstream media friends at Bloomberg, Business News Network and Forbes have published, China did not ban crypto mining this month. That may be confusing if you read the following headlines: “China Plans to Ban Cryptocurrency Mining in Renewed Clampdown”  “China’s Shutdown of Bitcoin Miners Isn’t Just About Electricity” “China Says Bitcoin Mining Is Wasteful. Now It Wants To Ban Mining.” These lurid titles went on to explain in their alarming articles that China mines close to 75% of Bitcoin globally, that the country is concerned with “wasted energy” and criminal activity, and that major cryptocurrency giants, such as Bitmain, could be forced to relocate. One quote by Bloomberg read: “Beijing was said to have asked local agencies at the time to try and push miners out of business.” These quotes and headlines had a lot of readers concluding that China will ban cryptocurrency mining, as they did with ICOs and domestic spot trading in 2017, which caused Binance to flee. This ICO ban was put forth by the People’s Bank of China (PBoC), financial regulators, and other government agencies directly within the Chinese central government. Here’s what really happened in early April… The National Development and Reform Commission (NDRC) is China’s macroeconomic planner, and the Commission proposed thousands of industries that it would like to encourage, limit, and eliminate. This document was only published in Mandarin, and according to Katherine Wu, one line item among thousands in the “elimination” section of the 130-page document read: “The mining of virtual currencies (such as the mining process for Bitcoin and other virtual currencies).” The NDRC has maintained this public list of industries since 2005 and amends it every couple of years.  This section typically includes business activities that the country feels are wasteful and harmful to the environment; in 2016, “beverage packaging” was listed for elimination.  Comments close on this proposal on May 7th, so as of right now, this public list isn’t even finalized. When finalized, and assuming mining remains in the elimination section, some Chinese provinces may choose to avoid prioritizing this motion. According to Dovey Wan, who analyzed the 2011 guideline, most industries listed in the 2011 version have been unaffected and are still present in the newest guideline. She also noted that implementation of these guidelines, if they are ever put into effect, will take tens of years and there will be minimal impact on local mining. Guys, let’s not FUD about China banning crypto mining OK? There is a same guideline published in 2011 Most of the stuff should be eliminated in the 2011 version guideline 1) still happily hang around 2) reappear in the 2019 guideline https://t.co/CS4P5lMN4E — Dovey Wan (@DoveyWan) April 9, 2019 This could spell trouble down the road for China’s miners, especially as competition increases from the country’s growing industrial sector. For now, we’ll wait until May 7th when the NDRC list becomes official. When mainstream headlines suggest that the sky is falling, it’s wise to look up before you panic.  The post No, China Didn’t Ban Bitcoin Mining appeared first on Crypto Briefing.
CryptoBriefing

Bitcoin Mining Finally Profitable for Miners in 2019?

The recent bitcoin rally has driven bitcoin mining profits on continual growth. Profits earned from bitcoin mining have seen obvious rise since the start of this April and hit a near-half-a-year high on April 15. (source: BCtrend) According to crypto analyst Alex Kruger, the breakeven cost for efficient bitcoin mining operations currently hovers around $3,550-$4,350 while the price of bitcoin is in the $5,000+ range. That ensures a $1,000+ profit for each bitcoin mined, and a substantial profit for bitcoin miners considering the uptick momentum in bitcoin price continues (at the time of this writing, a bitcoin is trading at $5,564). The bitcoin mining operational breakeven for efficient mining operations currently stands around $3550. pic.twitter.com/gQrNYBcvLH — Alex Krüger (@krugermacro) April 21, 2019 Kruger said the breakeven was calculated based on the electricity rate of 5.5 cents kWh. While as electricity cost varies in different regions, the breakeven cost could vary in line with that. “Exact number is heavily dependent on electricity cost. e.g. last December Coingeek reported an electricity cost (inclusive of all operational expenses) of $0.073. I am using $0.055.” Kruger added. Given the electricity rate in China is much lower – 3.5 cents kWh as some mining farms claimed – when the wet season in Sichuan started, miners in China can make more than $2,000 in profit for each bitcoin mined. Over the second half of 2018, however, the breakeven cost dropped below the BTC price, leading to inefficient Bitcoin mining and losses, some even shut down their mining operation and sell off their miners. Together with the rise of mining profitability, the hashrate of the whole bitcoin network has also been climbing all the way. That means, more miners have been coming back or freshly entering bitcoin mining. As btc.com shows, bitcoin hash power has seen a 25% increase from 36.55 Eh/s in mid-December 2018, to 45.76 Eh/s in mid-April. The ASIC miner market has also been waking up rolling out faster new-gen mining devices. Late March, Canaan rolled out Avalonminer 10 which delivers a hashrate of 31TH/s at 1736W; Days later, Bitmain revealed its Antminer 17 series delivering a hashrate ranging from 50 TH/s – 56 TH/s operating at 42W/T-45W/T; and MicroBT released a whopping 72TH/s bitcoin ASIC M20S recently. These figures are suggesting that the market is showing signs of life after coming off the worst months. Bitcoin mining is finally profitable for miners and getting its prospects back after the year-long sluggish.
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BTC and ADA Are Showing Positive Signs With Strong Bullruns and Weaker Corrections

The cryptomarket is going through some good times, recovering from the sharp fall it had during 2018. The recovery of the global marketcap, and the high number of developments around cryptos and blockchain technologies has led many analysts to claim that we are close to witnessing not only a stabilization of the markets but also a bullish trend in the short term. Of all the crypto currencies on the ecosystem, BTC has always been the reference token, not only for holding the most powerful position in the top 10 but also for having the highest number of users and software developments. BTC is Having a Great Week BTC has experienced a significant price increase. After a period of constant “Bart Simpsons”, it finally seems that the most important cryptocurrency in the world broke the 5k resistance. This marks an a crucial milestone as it is a a value that could not be reached for months. However, during the last few hours BTC was curiously bullish. The token easily broke the 5.4K to flirt with the 5.6K band. If this trend continues, it could be said that BTC has been bullish for the entire past week, winning between 500 to 600 Dollars per token. BTC. 30 minute candles. After the big green candle, 5580 has become a new support Bitcoin (BTC) 1day candles. courtesy Tradingview Cardano (ADA) Also Shows Some Positive Signs Another token that has been specially bullish is Cardano (ADA) The project that promises to solve the “blockchain trilemma” experienced a a surge of about 10% in less than 24h, standing at one point almost at $0.08 per token. One of the reasons for this rise is the positive reaction of the market to the announcement by Charles Hoskinson (head of the project) saying that IOHK managed to close a an association with the Ethiopian government to popularize the use of Cardano in that region. According to Mr. Hoskinson, thanks to this partnership the Ethiopian authorities, the government will allow its citizens to use ADA to make payments as if it were fiat. Also, residents of Addis Ababa, the capital of the country, will be able to use ADA to pay for public transport services in the city. Right now, Cardano (ADA) experienced a correction that placed the token back to the support at 0.074 USD. The token then went up again to 0.075 with signs of another possible bullish trend in the short term Currently the bullish trend seems to be solid in most of the markets. The signs of a trend reversal are not strong enough to be frightened, however it is important to follow the charts, remembering that cryptocurrencies are extremely volatile. The post BTC and ADA Are Showing Positive Signs With Strong Bullruns and Weaker Corrections appeared first on Ethereum World News.
Ethereum World News

USDX Wallet Announces Integration with First Crypto Exchange, ExMarkets

April 23rd, 2019, Frankfurt, Germany – USDX Wallet is a mobile-first instant transfers solution powered by blockchain technology. It targets crypto holders, allowing individuals to send and receive funds quickly and fee-free. It also covers the needs of an unbanked audience, and those who don’t want to pay commissions within traditional money transfer mobile apps. The USDX Wallet app guarantees multi-level security for all transactions and instant transfers of assets by username, phone number or QR code. The native blockchain used by the USDX Wallet is based on the BitShares protocol and allows 100,000 transactions per second. USDX and LHT Tokenomics The payment system has two cryptocurrencies at its core: USDX token and LHT coin. The USDX token is a stablecoin pegged to the U.S. dollar at a 1:1 ratio via a smart contract. USDX is collateralized by the system’s core cryptocurrency, LHT. The total supply of LHT is 1 billion coins. LHT coins will be released gradually to the market; only 10% of the LHT supply will be issued each year, of which 5% will be freely tradeable and 5% will be locked on the blockchain to provide 200% collateralization. Recent Developments USDX Wallet has not held any private sales or presales, as it has received a sufficiently large venture investment. Future profits of the project will come from business account fees. From December 2018 to January 2019, there was an airdrop that attracted tens of thousands of participants. At the moment, USDX Wallet has surpassed 50,000 verified accounts. For the last several months the team behind the app have been implementing integration with crypto exchanges. The first platform to list LHT will be ExMarkets exchange, with two more exchanges to come. On Exmarkets, LHT will be available in trading pairs with Bitcoin (LHT/BTC) and Ethereum (LHT/ETH). About Exmarkets ExMarkets is a digital asset exchange platform powered by the state-of-the-art trading engine developed in-house. On the exchange, ExMarkets users can trade the most popular cryptocurrencies as well as gain the chance to participate in the token sales of the most promising blockchain and crypto projects through ExMarkets Initial Exchange Offering (IEO) LaunchPad. Recently, ExMarkets was granted two operational licenses for crypto-fiat gateway and custodian service provision by the Estonian regulator making it one of the few certified players in the market. Also, ExMarkets supports EUR (SEPA transfers) deposits to the cryptocurrency exchange and is a part of the CoinStruction liquidity framework which is aggregating order-books from the most well-known cryptocurrency exchanges guaranteeing 24/7 crypto liquidity. It takes only a few minutes to set up an account; users are allowed to make deposits in Bitcoin, Ethereum, other supported cryptocurrencies, and tokens. ________________________________ For more information on USDX Wallet, visit https://usdx.cash. The free USDX Wallet app is available on Google Play and the App Store. Follow USDX Wallet on Medium, Twitter, Facebook and Telegram. ExMarkets platform https://www.exmarkets.com/. Media Contact Details Contact Name: Maria Lobanova Contact Email: mlobanova@usdx.cash Partnership Request Details Contact Email: partners@usdx.cash USDX Wallet is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of stable value, or of any value at all. Disclosure: This is a sponsored press release. The post USDX Wallet Announces Integration with First Crypto Exchange, ExMarkets appeared first on NullTX.
NullTX
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