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More Chinese Bitcoin Miners Flock to Sichuan as Demand Soars

More Chinese Bitcoin Miners Flock to Sichuan as Demand Soars

Despite the long-standing ban on Bitcoin trading, China continues to be a breeding ground for cryptocurrency mining operations — statistically speaking. As BeInCrypto has previously covered, Chinese Bitcoin miners dominate an estimated 65 percent of the total network hashrate — with others, including the United States and Russia, lagging far behind with roughly five percent and 10...

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Leaked Transcript Details Power Struggle Inside Bitcoin Mining Giant Bitmain

Leaked Transcript Details Power Struggle Inside Bitcoin Mining Giant Bitmain

The Takeaway: A partial transcript of an internal meeting at Bitmain on Tuesday details a long-running power struggle that led to the sudden ousting of co-founder Micree Zhan. The conflict between Zhan and fellow co-founder Jihan Wu came to a head in December 2018 as the company pursued a round of layoffs. In Tuesday’s emergency...

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Bitcoin Mining Mega Summit Held in Chengdu

Bitcoin Mining Mega Summit Held in Chengdu

Bitcoin wouldn’t be much without miners. The mining community is essential to maintaining Bitcoin & its blockchain. Initially Bitcoin mining was an endeavor taken on by hobbyists and computer geeks, who dedicated their computers and electricity. Miners are of course rewarded for their efforts, as they receive “block rewards” for mining. This is the incentive...

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MicroBT Expects $400 Million in Q3 as Bitcoin Miner Sales Surge

MicroBT Expects $400 Million in Q3 as Bitcoin Miner Sales Surge

MicroBT, the maker of WhatsMiner bitcoin mining equipment, says it has made about $400 million in just a few months, despite delays to its chip supply. Yang Zuoxing, founder and CEO of the Shenzhen, China-based firm, said in a keynote speech at the New Era Mining Summit hosted by mining pool Poolin on Sunday that...

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China’s Inner Mongolia to Shutter ‘Illegal’ Bitcoin Miners by October

China’s Inner Mongolia to Shutter ‘Illegal’ Bitcoin Miners by October

China’s Inner Mongolia autonomous region is carrying out an inspection to eliminate “illegal” bitcoin mining operations by October, confirming a local report. The official document detailing the inspection plan was leaked to Chinese media which published photos of the decree from the Inner Mongolian regional authority. “The inspection is directed by the central government, rather...

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Bitcoin’s Computing Power Sets Record as Over 100K New Miners Go Online

Bitcoin’s Computing Power Sets Record as Over 100K New Miners Go Online

The total computing power now dedicated to securing the bitcoin blockchain has set yet another record. According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining...

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China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining. The news was reported by daily Chinese tabloid The Global Times on June 13. The Global Times is published under the auspices of state-backed newspaper group The People’s Daily. The report outlines that the Green...

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China Throws Bitcoin-Mining Grandma in Jail for Electricity Theft

China Throws Bitcoin-Mining Grandma in Jail for Electricity Theft

Chinese authorities sentenced a 61-year-old grandmother to four months in jail for stealing electricity while mining bitcoin. Qiuping Tang was also fined 10,000 yuan (about $1,500) for electricity theft. A federal court in the Hebei Province of China made the decision pursuant to a lawsuit filed by the Tangshan Power Supply Company, Chinese media reported. Specifically,...

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Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs, a blockchain fund manager that’s backed Binance, Coinbase and Canaan Creative, is investing $44 million in top-of-the-line bitcoin miners, a longer-term bet than most are making in the sector. Revealed exclusively to CoinDesk, the Shanghai-based firm plans to run 20,000 to 30,000 units of brand-new mining equipment starting in June to capture on...

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Majority of Chinese Mining Activity Happens With Renewable Energy

Majority of Chinese Mining Activity Happens With Renewable Energy

Bitcoin miners made the case for their industry as a driver of clean energy adoption, rather than the ecological disaster depicted by critics, at Fidelity’s Mining Summit Friday. The venue for the daylong event was as notable as the talks. The Fidelity Center for Applied Technology, an R&D division that has dabbled in bitcoin mining, hosted the...

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