Tag Archives: Bitcoin Mining

Iceland: Figurehead in Bitcoin Miner Heist Jailed for More Than Four Years

An Icelandic man has received a four-and-a-half-year prison sentence for stealing Bitcoin mining equipment, local English-language news outlet Iceland Monitor reported Jan. 17. Sindri Þór Stefánsson, who in April 2018 boarded a flight to Stockholm from Reykjavik reportedly with a stolen passport, was subsequently arrested in Amsterdam and returned home. Stefánsson claimed he legally fled custody to Sweden.… Read More »

‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theft

The “Big Bitcoin Heist” perpetrators have finally been brought to justice in Iceland. | Source: Shutterstock By CCN.com: Suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to various prison terms based on their level of involvement in the much-publicised theft of more than three-quarters of a million dollars worth of crypto mining equipment. Crypto Mining… Read More »

The Finance Prof. Who Says Bitcoin’s Going to ‘Bite The Dust’ Is Wrong

Kevind Dowd. Image from Independent Institute. By CCN.com: Kevin Dowd is a Professor of Finance and Economics in the Business School at Durham University, Northeast England, and the co-author of the 2015 paper “Bitcoin Will Bite the Dust,” along with market analyst and author, Martin Hutchinson, for the libertarian Cato Institute in Washington DC. CoinDesk published an op-ed… Read More »

Washington State County Doubles Down on Cryptocurrency After Mining Bust

After the boom, backlash, and (partial) bust of Bitcoin in central Washington, one might expect an aversion to the technology. But instead, one authority wants to capitalize on the resources left in the aftermath, to promote new growth in blockchain. A Story Sad To Tell Central Washington’s story is not uncommon in the cryptocurrency world. A cool climate… Read More »

Bitcoin Mining Getting More Decentralized As Bitmain Loses Dominance

Bitcoin mining has become so decentralized that six transaction confirmations now provide “complete protection” against double spending. Data: Mining Monopolies Dwindling That was the conclusion drawn among social media commentators analyzing the latest statistics about the Bitcoin mining industry, which as of January 16 showed no single pool controlling more than 11.4 percent of the total hashrate. “The… Read More »

Bankrupt Bitcoin Miner Giga Watt Forced to Cease Daily Operations

Bankrupt U.S.-based bitcoin mining firm Giga Watt has confirmed that it’s been forced to shut down day-to-day operations. The firm sent an email to customers on Tuesday, seen by CoinDesk, which states that, while it had continued to operate in the two months since the bankruptcy filing, “At present, both access and power to the facilities in which… Read More »

Large Bitcoin Miners Losing their Dominance, Unknown Miners Join the Race: Diar Research

2018 was not an exceptional year for bitcoin and crypto- industry at large but it has changed the complete dynamics of the crypto mining industry. While the industry has seen a few calamities because of the dropping prices, it has also reduced the dominance of popular mining pools and has led to emergence of newer names. Unknown Bitcoin… Read More »

Giga Watt: Bitcoin Mining Company Finally Shutting Down Amid Unpaid Power Bills and Bankruptcy Hearings: Token To Be Worthless

A user contacted CCN with information related to Giga Watt, a Bitcoin mining company finally going out of business after declaring bankruptcy in November 2018. The firm lasted a little over a year, launching with an ICO model in September 2017. The business model of Giga Watt was slightly different than other hosted mining solutions. Clients owned the… Read More »

Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy

Cryptocurrency mining giant Bitmain Technologies has opted to reduce its operations in the Netherlands, the company said in a statement on Jan. 14. Bitmain, which in November announced the first in what has become a series of cost-saving measures by shutting down a blockchain development center in Israel, said the move was part of its longer-term roadmap. The… Read More »

Mongolia Continues to Attract Bitcoin (BTC) and Crypto Miners

Bitcoin (BTC) and crypto mining needs the perfect balance of energy costs and revenue to be a viable investment venture. In the case of energy, cheap rates are preferred. There is also the aspect of cooling the mining machines that is usually taken care of by air conditioning in traditional data centers. But why use extra energy when… Read More »