Its Thursday evening and you are back at it again staring at the charts. You are sitting there pondering to yourself, why is the price dropping again and why did I go all in at $15,000. At the time of…
Cryptos have been hit with a double whammy today.
Around 1pmET, the entire space tumbled almost instantly as large blocks went through in Bitcoin, with chatter suggesting the MtGox custodian was unloading once again. Prices quickly stabilized once that selling pressure abated.
However, shortly after the US market closed at 4pmET, Nvidia announced its results, posting quarterly sales that topped expectations.
Come for the wine, stay for the crypto! Redbank Power Station, a coal-fired plant that has been disused since 2014, is set to reopen for the soul purpose of blockchain mining.
First reported by The Age, the reopened station will be renamed the Blockchain Operations Centre. It is being sent up by tech company IOT Group in partnership with Hunter Energy, and is the first operation of this kind within Australia.
Part of the appeal of the operation is the access to cheap wholesale electricity behind the grid. “The average consumer pays around 28 cents per kilowatt-hour, with what IOT are doing its pre-grid [price] is 8 cents and will be 5 cents at night time,” IOT said in a company statement to The Age.
Cheap electricity is great and all, but hopefully some serious thought will be put into the environmental impact of the enterprise. Blockchain mining requires an enormous amount of processing power, which could translate into real-world pollution with the utilisation coal power.
At first glance, nothing looks particularly cutting-edge about this aging industrial park in Saint-Hyacinthe, Quebec, about 60 miles east of Montreal. The air is thick with the smell of roasting cacao, which billows from a massive chocolate factory and seeps into tractor-trailers and forgotten offices. Nearby, an audiovisual repair shop and an agricultural lab specializing in the detection of livestock pathogens vie for space with a massive disused dairy processing plant. Tucked behind all three sits a worn, low-slung building that previously served as a warehouse for a soup company and, before that, a factory producing diapers. You might think it, too, had since been forgotten, were it not for the plastic sheeting hinting at new construction inside and the small fleet of shining company cars stationed in the parking lot. But the biggest clue of all that something both new and decidedly high-tech is happening here can be heard while standing next to those cars: an omnipresent hum, audible well outside the building, created by thousands of computers, each one completing the same singular task again and again and again, day after day, without change or interruption.
Bitcoin and other cryptocurrency miners have created a dearth of mid-range and high-end GPU cards that are selling for twice as much as suggested retail. The reason: miners are setting up server farms with the cards.
If you thought Kodak news couldn’t get any stranger following the company’s debut of a “photo-centric cryptocurrency” called KODAKCoin earlier this week… you were wrong. In a further attempt to cash in on the cryptocurrency mania currently spreading across the world, Kodak has debuted its own bitcoin mining machine at CES.
The bitcoin miner is called the Kodak KashMiner, and you can rent it for just $3,400 and keep a share of the profits you make mining bitcoin for the next 2 years.
We’ll give you a moment to let the absurdity of those last few sentences soak in before we attempt to put this madness in context.
South Korea’s lawmakers and Ministry of Finance have reportedly shot down a crypto-trading ban proposed by the South Korean Ministry of Justice (since more than 2 million South Koreans own bitcoin, such a ban would inevitably lead to many retail traders booking heavy losses).
But China’s attempt to suppress the local crypto economy is continuing unabated as the PBOC leans on local authorities to deny resources to bitcoin miners and exchanges to encourage “an orderly exit” from the business.
Today, Bloomberg reported that ViaBTC Technology Ltd., which runs the fourth-biggest bitcoin mining collective, is jacking up maintenance fees for some of its clients Friday to 50% from 6%, according to a statement posted on its website.
The disruption in mining power has caused already soaring transaction fees to climb to all-time highs as transactions compete for space on the network.
This week the Canadian firm, Hive Blockchain, announced it would be starting a $100Mn USD mining operation in Sweden. Hive’s CEO says the mining center will “ten times bigger” than the company’s Iceland mining centers.
Hive Blockchain Is Starting a Mining Operation in Sweden
Hive Blockchain is a company that was created by Harry Pokrandt and Olivier Roussy Newton in 2013. The firm is dedicated to mining operations and developing the blockchain industry in a partnership between Genesis Mining and Fiore Group. According to regional publications in Sweden, Pokrandt explains the company raised approximately $115Mn for mining operations in Boden this past May. During that time Hive was also listed on the Toronto Stock Exchange, and interest in the company grew exponentially. Genesis mining will also be involved with Hive’s Boden mine and help get the operations started.
MONTREAL/SHANGHAI (Reuters) – China’s Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative.
FILE PHOTO: Bitcoin mining computers are pictured in Bitmain’s mining farm near Keflavik, Iceland, June 4, 2016. REUTERS/Jemima Kelly/File Photo
China has grown into one of the world’s biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector’s players and may ask local authorities to regulate their power use. Bitmain Technologies, operator of some of the largest mining farms in the country, is among several companies looking to expand overseas.
Two of China’s largest bitcoin mining operations are looking to set up shop elsewhere as the country expands its clampdown on cryptocurrencies to mining operations, Bloomberg news reported Friday.
Bitmain, which runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada, CEO Wu Jihan told the news channel in an interview. News of the impending crackdown was first reported Wednesday.