Category Archives: miners

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Bitcoin Miners Enjoy Bumper Month in June

With the recent boom in crypto prices across the board — the past few days of retracement notwithstanding — miners will be celebrating big, especially since Bitcoin appreciated by over 40% in June alone.

One such miner based in the United Kingdom, Argo Blockchain, had even trumped its own optimistic expectations, according to its Q2 2019 report released today.

Argo had already revealed that the year’s uptake of Bitcoin price had benefited its operations, but now this unexpected windfall would mean their previous estimates have been significantly improved. In just June itself, they almost doubled the mining results from May with a margin over 80%. The mining operator confirmed:

“The Company now expects to generate 161 BTC, or GBP 1.38 million (USD 1.74 million) of cryptoassets, in June based on a BTC price of USD 10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company’s May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.”

All this has happened despite Bitcoin still being a way off its all-time high of USD 20,000, with hashpower reaching new levels never seen before. This also means that the Bitcoin network mining difficulty has never been higher, ensuring that the network is at its most secure level ever, and becoming more so with each passing day.

Companies involved in the mining industry are increasingly competitive as well, seeking more and more efficient ways to maximize profits. In Germany, Northern Bitcoin made a new purchase of 5,000 ASIC miners as part of expansion plans, while Argo itself has committed to accept a new shipment of 2,500 units by the end of September.

The report added:

“Mining yields from existing hardware in operation have improved in line with a strongly rising Bitcoin (BTC) price, which has increased by approximately 24% since the last operational update on 3 June 2019.” is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Crypto Pioneer David Chaum Builds Super Fast Blockchain Platform

Crypto guru and pioneer David Chaum is launching his own platform which he is promising will be able to process thousands of transactions a second.

The new platform named Elixxir will not only outpace Bitcoin, said Chaum at the Consensus conference in Singapore last week, but will allow digital cash to be traded at a similar speed to physical cash as well as cut down on the energy required.

Chaum is an American computer scientist and cryptographer famous for developing ecash, an electronic cash application that aims to preserve a user’s anonymity. He has also invented many cryptographic protocols and founded DigiCash, an electronic money corporation.

One of the reasons for cryptocurrency’s popularity is its speed of delivery to the user, with the Bitcoin network able to process around seven transactions a second. Chaum had been working on speeding up the processing time of electronic funds since the launch of DigiCash and then Bitcoin ten years later.

“These breakthroughs I’ve made change the whole game,” Chaum said in an interview. “We can actually meet the requirements to go to consumer scale…Truth be told, when I invented [DigiCash] there was no chance of using it… People didn’t even know about the internet.”

On the current Bitcoin network, transactions are processed in blocks. When connected, they create the blockchain which the stores the transaction on a ledger replicated on every computer. Miners compete to be the first to verify and process the transaction in a valid block, thus adding to the blockchain and collecting newly-created Bitcoin generated as a reward for finding new blocks.

Chaum’s Elixxir system limits these types of transactions, making the system less decentralized. These blocks won’t carry the transactions and won’t be linked to wallets, requiring less processing power due to less stored information. The key, he claims, is that producers will be given equal status, unlike the current system, thus eliminating the energy-intensive status quo.

Chaum has said that he will open up Elixxir as an open-sourced project to encourage improvement from developers in the future.


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Are Bitcoin Miners Expecting an End to the Price Rally?

Atypical trading patterns from Bitcoin miners indicate they are expecting the price rally to soon come to an end.

While it is not uncommon for miners to sell off a portion of newly-gained coins to cover operating costs, the extent of their sales suggests they are looking to sell before their work becomes less profitable. Reports indicate that in the month of June and the majority of July, the average miner was, in fact, working at a financial loss.

What is particularly unusual about the sales from miners is that the last 24 hours have seen them sell more Bitcoin than they created. They reportedly mined an aggregate of approximately USD 14.4 million in coins, selling a total of USD 17.3 million. Recent trends from the miners show that they have tended sell around the USD 10 million mark of their holdings, averaging less than their daily earnings.

An end to the rally, or just covering costs?

Alternatively, if miners are not expecting an end to Bitcoin’s rally, perhaps the last few unprofitable months have required immediate sales to cover the growing overhead.

Kyle Samani, a managing partner at Multicoin Capital Management weighed in on the subject, speculating that it was likely many miners are currently no longer waiting for a price appreciation to sell, although he did not share any particular reason as to why this might be.

The co-founder of analytics provider Coinmetrics Nic Carter filled this gap by suggesting that miners could not afford to not sell all of their freshly minted coins right now due to the recent relatively low prices. Coinmetrics also suggests that many miners have left the market since Bitcoin’s price highs of December that saw the cryptocurrency reach nearly USD 20,000.
Bitcoin has managed to jump 40% since the start of July, hitting USD 8,000 this week and recovering to May price levels.


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