Cryptocurrency Mining | ForkLog

ForkLog 23 19.08.2024

Seven Bitcoin Miners Arrested in Malaysia for Electricity Theft

Malaysian authorities have arrested seven individuals suspected of mining Bitcoin using stolen electricity, according to Bernama. Police in the Sepang district clarified that the group includes three locals and four foreigners, aged between 30 and 74. None of the arrested individuals have prior criminal records. During the operation, 52 devices for mining the leading cryptocurrency, […]

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ForkLog 29 18.08.2024

Bitcoin Mining Recovery in July: Miners Report Increased Production

In early August, mining companies disclosed their operational results for the previous month. ForkLog compiled the key metrics in one report. MARA In July, MARA (formerly Marathon Digital) produced 692 BTC — a 41% decrease compared to the same period last year. However, this was a 17% increase from June. Source: MARA. According to the […]

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ForkLog 10 16.08.2024

Bernstein Sees Bright Future for Public Bitcoin Miners

Analysts at Bernstein have rated the shares of mining companies Riot Platforms, CleanSpark, IREN, and Core Scientific as outperforming the market. This was reported by The Block. This rating suggests a forecast of above-average growth for these firms, with an investment recommendation to buy. The prospects for the securities of MARA were deemed by experts […]

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ForkLog 28 16.08.2024

IMF Proposes 85% Global Energy Tariff Increase for Bitcoin Miners

Raising electricity costs for miners worldwide by 85% through taxation could significantly reduce carbon emissions, according to experts from the IMF. Shafik Hebous from the Fiscal Affairs Department and climate policy economist Nate Vernon-Lin noted that cryptocurrency mining and data centers could account for up to 3.5% of global energy consumption by 2025. This is […]

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ForkLog 120 15.08.2024

AI Energy Consumption Surpasses Bitcoin Mining

The energy consumption of AI likely already exceeds that of Bitcoin mining, according to a study by the Bitcoin Policy Institute (BPI). The report states that annual energy consumption at mining facilities is approximately 121.13 TWh. In 2023, AI consumed between 20 and 125 TWh. A more precise estimate is challenging, as data centers supporting […]

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ForkLog 16 15.08.2024

Bitcoin Mining Difficulty Decreases by 4.19%

Following the latest recalibration, the difficulty of mining the leading cryptocurrency has decreased by 4.19%, settling at 86.87 T. Source: BTC.com. The average hash rate since the previous adjustment was 740.3 EH/s, with the interval between blocks being eight minutes and 24 seconds. According to Glassnode, the smoothed 7-day moving average of computational power reached […]

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ForkLog 18 14.08.2024

Riot Platforms Expands Stake in Bitfarms to 18.9%

Mining firm Riot Platforms has acquired an additional 1 million shares of Bitfarms, raising its stake to 18.9% with the intention of a hostile takeover, as reported by The Block. Currently, Riot Platforms holds over 85.29 million securities of its competitor, making it the largest shareholder. On August 13, Bitfarms co-founder Nicolas Bonta resigned from […]

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ForkLog 17 12.08.2024

Bitcoin Miners’ Revenue Plummets to Annual Low

On August 11, the daily revenue of Bitcoin miners, smoothed by a seven-day moving average, fell to approximately $25.5 million, marking a new low for 2024. Source: Blockchain.com. Following the April halving, the figure plunged from levels above $60 million prior to the event to roughly half. Comparable figures were last recorded between August and […]

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ForkLog 9 12.08.2024

Ukrainian Official Accused of Illegal Cryptocurrency Mining

The head of a municipal enterprise in Chernihiv has been accused of stealing electricity for cryptocurrency mining and other illicit enrichment schemes. This was reported by the National Police of Ukraine. Law enforcement discovered a mining farm in a technical room behind the elevator on the premises of the municipal enterprise. According to the investigation, […]

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ForkLog 11 09.08.2024

Bitcoin Mining Profitability Hits Critical Low

As the price of Bitcoin fell below $50,000, the hashprice plummeted to a record low of $36 per PH/s per day, according to BlocksBridge Consulting. ? Record Low Profits Push Miners to the Brink Tough times as #bitcoin mining costs topped $60k in July. Read more in #MinerWeekly for details and estimated $MARA, $RIOT, and […]

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ForkLog 61 08.08.2024

Putin Approves Legalisation of Cryptocurrency Mining and Trading Under Experimental Legal Regimes

On August 8, Russian President Vladimir Putin signed a law permitting the legalisation of cryptocurrency mining in the country, as reported by TASS. The document will come into effect on August 18, with the provision for a miners’ registry starting on November 1. For more details on its contents, read the special ForkLog material. Additionally, […]

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ForkLog 32 08.08.2024

Kazakhstan Cracks Down on Illegal Cryptocurrency Operations Worth $75.4 Million

Special units of Kazakhstan’s AFM identified 18 crimes related to illegal cryptocurrency operations and mining, with a total turnover exceeding 36 billion tenge ($75.4 million). In 2024, six convictions were handed down for illegal trading of digital assets. During the pre-trial investigation of these cases, assets worth a total of 1.2 billion tenge ($2.51 million) […]

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