Japanese Miners See Solar Energy as ‘Only Way’ to Stay Profitable

Japanese Miners See Solar Energy as ‘Only Way’ to Stay Profitable

Kumamoto-Energy, an area energy producer in Japan, has introduced that they’ll use photo voltaic power for mining cryptocurrencies.

Japan Looks to Greener Energy
Cryptocurrency mining farms are attempting to cut back prices and devour as much less power as potential, however typically the duty could be very troublesome. Japanese miners are attempting to devour renewable power make mining actions extra sustainable in the long run.

Saburo Takashashi, a safety analyst at Kansai Electric Power, says:
This is a time for improvisation, mining received’t go away fro the following 100 years, environment friendly renewable sources of power are the one approach that cryptocurrency mining will probably be worthwhile sooner or later.
Cryptocurrency mining if left unchecked will doubtlessly result in environmental catastrophe and main useful resource crunch.
Bitcoin’s Electricity Consumption
Across the globe, lower than 1% of the world’s complete power is consumed for cryptocurrency mining. However, consultants state that since cryptocurrencies are right here to remain, so are environmental considerations.  If companies don’t discover a technique to cut back the influence on the earth by means of sustainable assets, it may well turn out to be an issue for the following generations.
However, Kumamoto Energy hopes for a extra sustainable and greener future, which doesn’t exclude cryptocurrency mining.
The firm has arrange an affiliate referred to as OZ Mining with the intention of utilizing the surplus energy generated at solar energy crops for mining operations. The firm will even work with different Japanese electrical energy enterprises to run “mega photo voltaic crops” within the Kumamoto Prefecture.
Kumamoto Energy can also be growing and getting ready to promote eco-friendly methods that they are saying are very environment friendly at mining cryptocurrency corresponding to Bitcoin.
The power firm is anticipating that after they’ll go browsing, different corporations will observe go well with, making it a extra reasonably priced and worthwhile exercise for native miners.
Japan and Kumamoto-Energy are doing what is feasible to enhance the effectivity of the power utilized in cryptocurrency mining actions. The present challenges for clear power are complicated. It is costlier than conventional power sources, it’s erratically distributed, it’s nonetheless being developed with so much to enhance.
The value for mining 1 BTC in Japan is among the many costliest on the planet, and utilizing photo voltaic power can considerably drive these prices down.
Once these challenges are addressed and using renewable power will increase, then mining actions will probably be more cost effective, much less dangerous and able to unfold all around the world.
What do you consider the utilizing Solar Power for cryptocurrency mining? Can we count on extra of the identical from different nations? Let us know within the feedback under!

Images courtesy of Bitcoinist archives, Shutterstock
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Mapped: Cheapest & Most Expensive Countries To Mine Bitcoin

Mapped: Cheapest & Most Expensive Countries To Mine Bitcoin

Where you reside on the planet impacts how worthwhile your Bitcoin mining operation is, in accordance with an evaluation of worldwide electrical costs by lighting firm Elite Fixtures. Bitcoinist reviewed the information and mapped the power prices for mining 1 BTC throughout the globe.

Electricity = Bitcoin
Energy costs around the globe fluctuate relying on a spread of things, together with authorities subsidies and entry to pure sources. These identical elements affect how a lot it prices to run the energy-demanding computer systems generally known as Bitcoin miners, which crack extremely complicated math issues to earn Bitcoin.
One of probably the most environment friendly miners, the Bitmain Antminer S9, drains 1350 Watts whereas working. That’s the identical quantity of electrical energy a blow dryer on a max setting can burn up.
With a median of $12,203 in electrical energy prices per Bitcoin, the island-dotted area of Oceania is the most costly space on the globe for mining, adopted by South America at $7,150, Europe at $6,695, Asia at $6,378, the Middle East at $6,249, and North America at $5,456. Africa is the most cost effective area for mining, costing a median of $4,626 in electrical energy per BTC.
The common electrical price to mine 1 bitcoin throughout all of the nations is $7,295. Electricity prices in Canada and the United States each fell greater than $2,000 under the typical. And with 1 BTC incomes greater than $10,000 in at the moment’s market, excessive electrical energy payments can justify the payoff.
It’s vital to notice that the research solely surveyed 111 of the 195 nations on Earth. The uncolored nations on the map signify the international locations that weren’t represented within the research. (Click the map to enlarge.)

The nation with the best power prices for Bitcoin mining is South Korea at $26,170 per BTC. Bloomberg reported final yr that hovering electrical energy costs within the nation attributable to tariffs are leaving many households paying greater than factories for power.
The least expensive nation for mining is Venezuela at simply $531 per BTC. The socialist South American nation was the one nation to land within the triple-digits, partially because of its closely backed electrical energy costs.

Miners to Get Cheap Electricity?
The power costs concerned in mining Bitcoin have all the time been an impediment. Some miners are slicing prices by going inexperienced with renewable tech like photo voltaic panels. Moonlite.io is one firm seeking to launch a 100% renewable mining operation. In addition, the New York Power Authority CEO has brazenly spoken about offering cheaper electrical energy for Bitcoin mining.
What do you consider the affect of various international electrical energy prices on Bitcoin mining? Let us know within the feedback under!

Images courtesy of Dieter Holger/Bitcoinist
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Louisiana Attorney General Fires Employees Over Cryptocurrency Mining

Louisiana Attorney General Fires Employees Over Cryptocurrency Mining

Jeff Landry, Louisiana’s Attorney General, has opened a felony investigation into the IT division of his personal workplace. According to legislation enforcement officers, the investigation comes amid allegations of former staffers utilizing state sources to mine Bitcoin.

Landry’s workplace didn’t acknowledge the overhaul inside its IT division for months, a transfer that resulted within the former director and a half-dozen workers being let go. No prices have been filed as of but, however Landry confirmed that the investigation continues to be ongoing.
According to The Advocate, the Louisiana Bureau of Investigation questioned staffers after authorities allegedly uncovered they believed might be used to mine Bitcoin in September of final yr, a course of that attracts an unlimited quantity of energy and complex computer systems. It has not been revealed what tools raised a flag to authorities, however legislation enforcement officers have been involved the pc techniques might have been compromised.
Staffers insisted the tools was not getting used for private acquire.
Three of the fired workers denied any wrongdoing on their half, attributing their sudden termination to a misunderstanding by the Attorney General’s Office. Landry will not be certain by legislation to provide an explanation for what precipitated a termination. Roiz de Chavez, a spokeswoman for the state Civil Service system, acknowledged that workers of the Attorney General’s Office are thought-about “unclassified” by state legislation and “don’t have appeals rights.”

In December of 2017, the Attorney General’s Office launched personnel data that showcased the previous 4 months of company turnover. The studies revealed that 5 workers who labored with the IT division had been fired over a two-day interval in September, nevertheless, the studies failed to say an ongoing investigation. All of the staff had labored below the administration of Landry’s predecessor, Buddy Caldwell, and precipitated them to really feel particularly liable to termination.
The terminated workers included a techniques supervisor, a assist desk supervisor, a litigation assist coordinator, and a human sources worker who was intently affiliated with the division. The director of the IT division, among the many group of fired workers, tried to resign September 1st however was fired earlier than it took impact.
The former workers defended themselves, saying they wouldn’t have been ready to make use of company computer systems as a result of they’re merely not highly effective sufficient. Additionally, the huge quantity electrical energy that might be used to energy the techniques would have been simply detectable by officers.
What do you consider the best way this case was dealt with? Do you assume that the staff have been mining cryptocurrency? Let us know within the feedback under!

Featured picture courtesy of The Advocate/Leslie Westbrook, Pixabay
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Bitcoin Mining Giant Bitmain Raked in $3 to 4 Billion in Profits Last Year

Bitcoin Mining Giant Bitmain Raked in $3 to 4 Billion in Profits Last Year

It’s no secret that Bitcoin mining was a worthwhile enterprise enterprise final yr — however simply how worthwhile was it?

First to the Gold Rush
2017 was a particularly worthwhile yr for Bitmain Technologies Ltd., a privately owned Bitcoin mining firm headquartered in Beijing, China. In addition to working a number of of the world’s largest Bitcoin mining swimming pools, Bitmain manufactures ASIC chips and the mining that makes use of these chips. All whole, the corporate raked in someplace between $3 and $4 billion in income final yr, in response to estimates made by Bernstein Research.
By comparability, dominant GPU producer Nvidia’s working revenue was $3 billion throughout the identical interval, that means Bitmain made roughly the identical amount of cash in 2017 because the know-how trade big. Unlike Nvidia, nevertheless, Bitmain achieved their success in solely a fraction of the time – 1/sixth, to be precise. In a report revealed final week, Bernstein analysts famous:
But Bitmain achieved this in merely 4 years, whereas it took Nvidia 24 years to get right here.
How Did They Do It?
Bitmain’s speedy success stems from a number of sources of income throughout the Bitcoin mining provide chain, as proven within the following diagram from the Bernstein report:

First and foremost, the Chinese-based firm revolutionized cryptocurrency-mining by promoting application-specific built-in circuits (ASIC) able to mining Bitcoin 50 instances quicker than the competitors. The firm additionally manufactures and sells Antminer machines starting from a number of hundred all the way in which as much as hundreds of per machine.
Secondly, Bitmain operates mining swimming pools, which cuts down on mining prices by permitting miners to collaborate their efforts.
Most of the corporate’s income come from the sale of their mining rigs, however their worthwhile mining enterprise in and of itself is nothing to scoff at. According to analysts:
The relaxation [of the profits] was largely generated by mining itself and, to a a lot lesser extent, by amassing administration charges from the mining swimming pools it operates and renting out the mining energy of its mining farms via cloud providers.

Thanks to their dominance on all fronts, Bernstein estimates that Bitmain holds declare to someplace between 70 % and 80 % of Bitcoin mining’s whole market share.
Furthermore, Bitmain is unlikely to go wherever in 2018. According to the report:
In the yr 2018, Bitmain will probably lead the cryptocurrency ASIC trade and migrate a few of its chips to 10nm and probably the most superior 7nm. That will make the corporate one of many prime 5 customers of TSMC’s 7nm in 2018, with demand comparable with Qualcomm’s, HiSilicon’s, or AMD’s.
That’s some severe firm to maintain.
Are you shocked to be taught that Bitmain was so worthwhile in 2017? Do you suppose their success will proceed into 2018? Let us know within the feedback under!

Images courtesy of Quartz, Bitmain, Bernstein Research
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Bitcoin Mining is Booming in Iceland, But at What Cost?

Bitcoin Mining is Booming in Iceland, But at What Cost?

Bitcoin mining is booming in Iceland. Problem is, they don’t have sufficient vitality to go round, and never everybody within the authorities is on board.

Black Out
Mining bitcoin – the method of confirming transactions throughout the blockchain – is an extremely energy-consuming course of. To meet the computational calls for wanted to truly flip a revenue from cryptocurrency payouts, miners require top-tier hardware and low cost vitality.
Iceland gives the latter, however there isn’t sufficient for everybody.
Iceland is likely one of the finest locations on Earth to mine Bitcoin, thanks partly to its chilly local weather, which naturally helps preserve hardware from overheating and cuts down on prices related to air situation and cooling methods. Additionally, vitality costs are low and the nation’s web is powered by a robust fiber-optic infrastructure, making it a promised land for miners.

Nevertheless, Bitcoin mining in Iceland nonetheless consumes immense quantities of vitality. Johann Snorri Sigurbergsson from Icelandic vitality firm HS Orka instructed BBC that there merely isn’t sufficient vitality to energy newly-proposed information facilities. According to Sigurbergsson’s estimations, Bitcoin mining within the nation makes use of extra energy than all of Iceland’s houses, mixed.
The sudden demand for vitality has overwhelmed Iceland’s vitality corporations. Explained Sigurbergsson:
Four months in the past, I couldn’t have predicted this development — however then bitcoin skyrocketed and we obtained much more emails. Just at present, I got here from a gathering with a mining firm in search of to purchase 18 megawatts.
 
Not solely is that this a problem for vitality corporations, but additionally one for some Icelandic authorities officers, who’re catching on to the truth that Iceland’s energy-eating miners aren’t paying taxes. Smari McCarthy, a member of Iceland’s Pirate Party, instructed the Associated Press:
Under regular circumstances, corporations which might be creating worth in Iceland pay a certain quantity of tax to the federal government. These corporations usually are not doing that, and we would wish to ask ourselves whether or not they need to.
McCarthy moreover issued some statements which clearly point out his lack of awareness surrounding cryptocurrency, claiming:
We are spending tens or perhaps tons of of megawatts on producing one thing that has no tangible existence and no actual use for people outdoors the realm of economic hypothesis. That can’t be good.

Bitcoin mining firm Genesis Minining’s supervisor Helmut Rauth, nonetheless, takes an unsurprisingly completely different viewpoint, claiming that, “What we’re doing right here is like gold mining. We are mining on a big scale and getting the gold out to the folks.”
Whether or not Iceland’s vitality corporations will have the ability to meet the rising demand for vitality from Bitcoin miners stays to be seen.
What do you consider the environmental prices of large-scale Bitcoin mining? Do you assume miners ought to pay taxes in Iceland? Let us know within the feedback under!

Images courtesy of Shutterstock, Pirate Party
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Russian Scientists in Top-Secret Warhead Facility Arrested for Mining Bitcoin

Russian Scientists in Top-Secret Warhead Facility Arrested for Mining Bitcoin

Scientists at a top-secret Russian nuclear analysis facility have been taken into custody after allegedly trying to mine Bitcoin utilizing a high-powered supercomputer.

In Soviet Russian Nuclear Facility, Bitcoin Mines You
Several scientists working in a top-secret nuclear warhead facility within the closed city of Sarov have been arrested by Russian authorities for allegedly trying to mine Bitcoin with the ability’s supercomputer.
“There has been an unsanctioned try to make use of laptop services for personal functions together with so-called mining,” The Federal Nuclear Centre in Sarov said.
According to BBC News, the supercomputer allegedly used for mining was flagged as quickly because it related to the web, as trying to take action instantly alerts the middle’s safety division in an effort to stop intrusions.

The alleged miners have been delivered to the Federal Security Service (FSB), with a prison case in opposition to them possible pending.
Not the Brightest Idea
Mining Bitcoin is an extremely taxing course of, requiring super quantities of computational energy and power consumption to show a revenue. Thus, making an attempt to reap the benefits of a supercomputer is a considerably comprehensible resolution. Trying to reap the benefits of a top-secret Russian nuclear warhead facility’s supercomputer, nevertheless, is just not.
The Federal Nuclear Centre’s supercomputer is one highly effective beast, carrying a capability of 1 petaflop—which equals 1,000 trillion calculations per second. It’s additionally not imagined to be related to the web, which is a vital step in terms of mining Bitcoin.

As the nation’s heart for nuclear analysis, Sarov isn’t listed on Russian maps and produced the us’s first nuclear bomb. It’s additionally tightly guarded, surrounded by barbed wire fencing, and allegedly the place the radioactive polonium-210 used to kill ex-FSB agent Alexander Litvinenko got here from.
We’d quite simply mine Bitcoin from dwelling.
On a scale from 1 to silly, simply how silly was the alleged criminals try at mining Bitcoin from a top-secret Russian nuclear facility? If you had the possibility, would you give it a go? Let us know within the feedback beneath!

Images courtesy of Shutterstock
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