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News on Medial
Bitcoin miners win legal battle to keep mum about energy use
The Verge
·
1y ago
Medial
The Department of Energy's (DOE) attempt to collect data on Bitcoin's energy consumption in the US has been blocked by crypto miners. A federal judge issued a temporary restraining order, preventing the DOE from moving forward with its data collection efforts. The order stated that the plaintiffs, including the Texas Blockchain Council and Bitcoin mining company Riot Platforms, are likely to succeed in showing that the DOE did not have sufficient reason to categorize the survey as an emergency request. As a result, the DOE is prohibited from collecting any data or sharing information it has already gathered.
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Bitcoin miners make money ahead of 'halving'
Economic Times
·
1y ago
Medial
Bitcoin miners are making money in anticipation of the upcoming halving event. The halving event, which happens approximately every four years, will reduce the mining rewards by 50%. Despite this, miners are still finding ways to remain profitable by optimizing their operations, reducing costs, and leveraging market conditions. Overall, the article highlights the resilience and adaptability of Bitcoin miners in navigating the cryptocurrency market.
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Bitcoin miners face survival test in 'halving'
Economic Times
·
1y ago
Medial
The upcoming halving event in bitcoin mining is expected to expose weaker mining companies and individuals as their income gets slashed. Bitcoin mining is a resource-intensive process where computers solve complex puzzles to validate blocks and receive rewards. The current reward of 6.25 bitcoins per block is set to decrease to 3.125 bitcoins, making it less profitable for some miners. This could lead to a downward spiral for miners who are unable to compete and may result in the closure or acquisition of their operations. Major players in the sector are investing in efficient machines and cheaper, greener energy sources to cut costs and remain competitive. Consolidation within the industry is also occurring, with mining firms buying stakes in rivals to diversify income streams and cover costs.
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Charter Planes and Bidding Wars: How Bitcoin Miners Raced to Beat Trump’s Tariffs
Wired
·
2d ago
Medial
In April, President Donald Trump's announcement of sweeping tariff hikes triggered a frantic race among bitcoin miners to import equipment into the US before hefty tariffs kicked in. Luxor Technology, a US-based company, organized urgent shipments of bitcoin mining hardware from Southeast Asia, competing for limited air freight capacity and facing skyrocketing shipping costs. Despite efforts to beat the tariffs, Trump later delayed their implementation, rendering the intense scramble and expenses unnecessary.
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US crypto stocks slide as Donald Trump's sweeping tariffs jolt markets
Economic Times
·
4m ago
Medial
US crypto stocks fell after President Trump's tariffs heightened trade tensions and led to a sell-off in riskier assets. Coinbase dropped 4%, Bitcoin holder Strategy 3%, and miners like MARA and Riot fell 4-6%. Bitcoin and ether prices also declined. Despite Trump's crypto-friendly stance, economic instability affects crypto companies. Some analysts see potential gains for crypto ETFs as investors seek opportunities amid macroeconomic uncertainties. However, inflows may wane as volatility rises.
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Police Seize Bitcoin Mining Machines in Venezuelan Prison Bust
Startup News FYI
·
1y ago
Medial
Bitcoin mining machines were seized during a prison raid in Venezuela. The operation, which targeted the country's most powerful organized crime group, resulted in the confiscation of weapons as well as the discovery of a building full of Bitcoin miners. This is the first time Venezuelan authorities have targeted the criminal group known as Tren de Aragua, which is involved in various illegal activities. The mining machines are used to mint new coins and require a significant amount of electricity. Similarly, just two weeks prior, Chilean police uncovered a drug trafficking ring with a Bitcoin mining operation.
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Jack Dorsey-Backed COPA Wants Satoshi Nakamoto ‘False Narrative’ Put to Rest
Startup News FYI
·
1y ago
Medial
Lawyers representing the Crypto Open Patent Alliance (COPA) have stated in court that Craig Wright's claim of being the creator of Bitcoin should be discredited. COPA, backed by Twitter founder Jack Dorsey, has been in a legal battle with Wright over his claim to be Satoshi Nakamoto and his alleged copyright over Bitcoin's founding document. COPA argues that Wright's assertion is a "brazen lie" supported by forgery. They have requested the court to find Wright as not being Nakamoto and to prevent him from intimidating the Bitcoin developer community. Wright's settlement offer was rejected by COPA.
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Ether fettered by fate of spot ETF proposals
Economic Times
·
1y ago
Medial
The second-largest cryptocurrency, ether, has struggled to keep up with the growth of bitcoin. While ether has seen an increase of around 53% in the first three months of the year, bitcoin has grown by 65%. Despite a recent technical upgrade, ether has not seen the same level of enthusiasm from investors as bitcoin. The approval of spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission is seen as crucial for ether's future growth. However, there is uncertainty surrounding ether's legal status, and some believe the SEC will proceed cautiously. Nonetheless, there is growing interest in the Ethereum blockchain, which powers various applications in the crypto space.
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Short on cash, El Salvador doubles down on Bitcoin dream
Economic Times
·
1y ago
Medial
El Salvador is doubling down on its Bitcoin dream despite economic challenges, with President Nayib Bukele pushing ahead with plans to make the country a cryptocurrency haven. This move may affect the country's chances of receiving financial support from the International Monetary Fund (IMF), as the IMF has recommended removing Bitcoin's legal tender status. Critics question the decision to invest taxpayer dollars into a risky asset, while most Salvadorans remain hesitant about using Bitcoin due to concerns about its volatility and lack of understanding. Nevertheless, Bukele's Bitcoin swing has rebranded El Salvador and boosted tourism.
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How a taxi driver in El Salvador got rich with Bitcoin
Economic Times
·
11m ago
Medial
Napoleon Osorio, a taxi driver in El Salvador, became the first to accept bitcoin as payment after the country made it legal tender. Osorio credits President Nayib Bukele's decision to embrace bitcoin for changing his life by providing employment opportunities and enabling him to start his own car rental business. Despite Bukele's efforts to promote bitcoin adoption, a study showed that 88% of Salvadorans have yet to use it. The IMF also expressed concerns, but a preliminary loan agreement was reached in August. Bitcoin's value has been volatile, but Osorio and others have benefited from its rise.
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For Bitcoin Mines in Texas, the Honeymoon Is Over
Wired
·
1y ago
Medial
Some residents in Texas are expressing concerns about the negative effects of industrial-scale bitcoin mining on energy prices and the quality of life in nearby communities. In response, the Texas Blockchain Council (TBC) filed a lawsuit against the US government, objecting to a data request that required mining firms in Texas to disclose information about their energy usage. The lawsuit was successful in stopping further data collection, but it has sparked a larger debate about the impact of cryptocurrency mining on the stability of the Texas energy grid and the environment.
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