Bitcoin mining difficulty set to rise 18% next week

Posted on September 19, 2014

As bitcoin’s price continues to decline, miners have gotten even more bad news. The projected difficulty is currently expected to jump 17.94% on Thursday, climbing from roughly 29 billion to 35 billion. The network hashrate, the key factor in determining difficulty, has grown dramatically in recent days, rocketing up from 213 Petahash per second to […]

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DigitalBTC and Cryptsy to launch mining contract exchange

Posted on September 17, 2014

If a new deal between alt-coin exchange Cryptsy and Australian bitcoin mining company digitalBTC is any indication, tradable mining contracts could soon become bitcoin’s next boom market. CoinDesk reports that the partnership will result in a new trading platform, dubbed digitalX Mintsy, will offer tradable mining contracts and allow users to lease time on their […]

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Bitcoin exchange Bitfinex launches cloud-mining contracts

Posted on September 15, 2014

Hong Kong-based bitcoin exchange and derivatives platform Bitfinex announced a new product today: Cloud-based mining contracts. The contracts are being offered in a limited quantity during the “live beta” phase of testing, allowing Bitfinex’s team to “tweak” the product as needed after the initial tranche of 100 TH/s mining power. Should the offering prove successful, […]

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KnCMiner raised $14 million in new funding round

Posted on September 4, 2014

Stockholm-based bitcoin mining hardware maker KnCMiner announced the results of a new funding round today, adding $14 million to the company’s expansion plans. The Series A round cash will be invested into new hardware designs and software development, as well as funding the company’s ongoing growth in the cloud-based mining sector. The fundraising round was […]

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Huobi’s interest-bearing bitcoin deposit service sells out an hour after launch

Posted on September 2, 2014

Within an hour after opening their new Digcoin “hashing power mortgage” product to users, Beijing-based bitcoin exchange Huobi had sold out of all available shares. The interest-bearing Dig-VC mining service, which is arranged to suggest a “certificate of deposit”-style of investment, provides a guaranteed, monthly interest rate of 1.2%. Each share has a minimum 60-day […]

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Publicly traded bitcoin company DigitalBTC claims $4 million in revenue in first quarterly report

Posted on August 29, 2014

Australia’s first publicly traded bitcoin mining and exchange company digitalBTC released a preliminary final yearly report today, revealing an estimated revenue of $4 million U.S. over three months of operations. The company’s normalized earnings were around $2.5 million for the same period, with a profit of about $600,000. Interestingly, digitalBTC actually reported a net loss […]

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Return to status quo as bitcoin mining difficulty increases in the double digits

Posted on August 20, 2014

Since July 12, bitcoin miners have had a much-needed break from the relentless growth in the mining difficulty. As one of the key metrics determining just how profitable a mining operation is, and a relative measure of how much competition there is to solve the next block in the block chain and gain a 25 […]

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Bitcoin hashrate crosses 200 PH/s … and still climbing

Posted on August 19, 2014

Strange things are afoot in the bitcoin mining world. The overall hashrate of the network made a gigantic leap today, climbing from an already impressive 171 petahashes per second to an incredible 206 petahashes per second in a matter of hours. For perspective, bitcoin only crossed the 1 PH/s threshold in September of 2013. Put […]

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PetaMine backs out of plan to switch to P2Pool, sticks with GHash.io

Posted on August 15, 2014

Shortly after bitcoin-mining megapool GHash.io caused panic across the cryptocurrency community by briefly gaining 51% of the total bitcoin network hashing power, several smaller mining collectives decided it was time to investigate alternatives. Mid-sized, shareholder-owned mining collective PetaMine was one of those groups, deciding in a much-discussed vote to point their miners away from the […]

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ISP-rerouting hackers steal $83,000 in various cryptocurrencies

Posted on August 8, 2014

A report published by Dell’s SecureWorks says that hackers were able to steal roughly $83,000 in bitcoin and other cryptocurrencies by exploiting a weakness in how web traffic is routed. The report claims that 19 internet service providers, including big players like Amazon and DigitalOcean, were impacted. The exploit allowed hackers to briefly gain control […]

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Report: BTC.com purchased for $1.1 million

Posted on August 4, 2014

If you needed proof that bitcoin-related domain names are quickly becoming a hot commodity, look no further than today’s news that cryptocurrency mining hardware retailer GAW Miners has purchased BTC.com for an eye-popping $1.1 million. According to a report on Cryptocoins News, the domain has been available for at least a few weeks, with several […]

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Report: Mining hardware maker CoinTerra buys developer Bits of Proof

Posted on July 28, 2014

Is bitcoin hardware maker CoinTerra looking to expand beyond the mining game? According to a new report published today by CoinDesk, the Austin, TX-based company has acquired Hungarian bitcoin software maker Bits of Proof (BOP) for an undisclosed sum. BOP CEO Tamás Blummer will join CoinTerra as Vice President of Enterprise Software, bringing the developer’s […]

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Report: BTC Guild may close due to NY’s BitLicense restrictions

Posted on July 27, 2014

Could the New York Department of Financial Services (NYDFS) BitLicense shutter long-running mining pool BTC Guild? Recent discussions about the impact of the disclosure rules in the proposed regulations may result in the closure of the mining collective. In a statement published on July 19, BTC Guild’s operator said that compliance with the new rules […]

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Report: GHash commits to a 40% hashrate cap

Posted on July 16, 2014

In June, behemoth bitcoin-mining pool GHash.io briefly gained more than half of the total network hashrate, a move that caused many to question just how secure bitcoin’s much-touted decentralized network really was. The situation was a wake-up call for many, as it meant that the long-hypothesized “51% attack” wasn’t as implausible as many experts had […]

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BitFury announces seed-investment fund

Posted on July 14, 2014

In a short press release published over the weekend, bitcoin mining hardware maker BitFury announced the launch of a new venture capital fund to provide cryptocurrency startups with much-needed seed money. Dubbed BitFury Capital, the fund will “accelerate other parts of the [bitcoin] ecosystem through strategic partnerships, and expansion into adjacent business opportunities.” In addition […]

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Mining difficulty increases by 3%, lowest since early 2013

Posted on July 14, 2014

Ask any bitcoin miner about the constant grind of mining difficulty increases, and you’ll rarely hear anything positive. From the miners’ perspective, a rapidly rising difficulty doesn’t mean that the network is growing healthily and becoming more secure, it means that their already thin profit margins will be taking another hit. A single, double-digit jump […]

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Bitcoin Core update to include “floating fees”

Posted on July 8, 2014

In an update posted to the Bitcoin Foundation blog yesterday, Chief Scientist Gavin Andresen explained the implementation of the long-rumored “floating” transaction fee system. While previous versions of Bitcoin Core had hard-coded (yet optional) fees to miners for including transactions in blocks, version 0.10 will alter the wallet code to allow high-priority transactions to happen […]

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Report: “Futile” mining botnets on the rise

Posted on June 24, 2014

In its latest security report, McAfee Labs turned its attention to bitcoin mining malware. While botnets for bitcoin and various alt-coins is on the rise, McAfee’s analysis claimed that even highly powerful networks of zombie machines were ineffective at mining. Even allowing for zero cost for hardware and power, most cryptocurrency algorithms long ago passed […]

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Report: GHash.io’s Jeffrey Smith talks about the 51% problem

Posted on June 23, 2014

Few organizations in the bitcoin community have been the subject of such heated debate as GHash.io. On the one hand, GHash has created one of the most user-friendly, efficient and low payout-variability pools in the cryptocurrency world, leveraging their own dedicated cloud mining system to encourage high rewards for independent contributors. On the other, GHash […]

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In the wake of mining centralization worries, PetaMine takes vote on switching to P2Pool system

Posted on June 21, 2014

Bitcoin cloud mining company PetaMine controls about 1150 TH/s of hashing power, accounting for just under 1% of the current network hashrate. The company has generally pointed its miners at mega-pool GHash.io, but with that group recently coming under serious criticism for having more than 51% of the total network’s hash rate, PetaMine’s organizers have […]

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Mining pool giant GHash.io reaches 50% of bitcoin hashing power

Posted on June 13, 2014

Yesterday, mining pool giant GHash.io controlled fully half of the hashing power of the entire bitcoin network. For a distributed network that relies on trustless consensus, having the majority of the “voting” power controlled by a single mining pool is more than a little problematic. Most notably, it opens up the bitcoin network to the […]

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Miners flee GHash.io after near 51% scenario

Posted on June 9, 2014

The possible 51% scenario crisis over the weekend has been averted, with bitcoin miners leaving GHash.io for other pools. GHash.io is still the most popular mining pool, with 33% of the total hashrate, but the problematic scenario surrounding any one pool gaining the majority of the network hashing power has been averted. While there was […]

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Mining hardware maker BitFury announces $20 million financing deal

Posted on May 30, 2014

San Francisco-based bitcoin mining hardware maker BitFury announced today that it had secured a new round of financing worth $20 million dollars. Investors in the new round included Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners and ZAD Investment Company. Angel investors Bill Tai and Jonathan Teo were also involved in […]

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Report: Falling sales prompt bitcoin mining hardware maker CoinTerra to offer mining contracts

Posted on May 13, 2014

Is the skyrocketing hash rate pricing out even the most established mining hardware makers? According to a post on the Wall Street Journal‘s MoneyBeat blog, that might just be the case for bitcoin mining-rig maker CoinTerra. The Austin-based company announced today that it will be offering mining contracts of up to 1 petahash per second […]

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Statoshi project tracks Bitcoin node statistics

Posted on May 8, 2014

In March, software engineer and bitcoin blogger Jameson Lopp posed an interesting question on CoinChomp: How many Bitcoin nodes is enough? To his surprise, Lopp found that while it was relatively easy to determine the number of nodes in the Bitcoin system, it was impossible to determine how well those nodes were performing. And even […]

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Mining malware found in Google Play apps

Posted on April 25, 2014

At least five apps with bitcoin-mining malware were discovered in the Google Play store yesterday. San Francisco-based mobile security company Lookout announced that the “BadLepricon” mining malware was found hidden inside free live wallpaper apps. Google removed the apps shortly after the announcement. In a blog post about their discovery, Lookout explains how the malware […]

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Game on! “Take My Bitcoins!” brings bitcoin to the game show universe

Posted on April 15, 2014

One of the best things about innovation is that you get to make up your own rules. In Mike Rotman’s case, creating a streaming, bitcoin-themed game show meant that he didn’t have to worry about pitching his idea to a network. Instead of running the gauntlet of TV industry gatekeepers, Rotman and his team simply […]

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Iceland’s parliament goes behind closed doors to discuss Auroracoin

Posted on March 15, 2014

Earlier this month, Auroracoin caught the attention of the cryptocurrency community when it briefly passed Litecoin in value, becoming the third most valuable virtual currency on circulation. This sudden spike in value also caught the attention of another group: Iceland’s banking regulators, central bankers and Iceland’s parliament, the Althing. Yesterday, the Althing’s Economic Affairs and […]

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Bitcoin transaction fees to be dramatically reduced

Posted on February 28, 2014

All Bitcoin transactions require that each transfer be confirmed by a Bitcoin miner. In order to make it worth the miner’s while to include the transaction in a mining block, miners are rewarded with small amount of Bitcoin called “transaction fees.” These fees are set by the core developers, and as the price of Bitcoin […]

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Suspicious SPAM: The 1 Satoshi Mystery

Posted on February 16, 2014

While the transaction malleability bug, DDoS attacks and massive problems at Mt.Gox have snagged many headlines this week, another mystery has been on the minds of Bitcoin experts: What’s with the flood of 1 Satoshi (0.00000001BTC) transactions being sent to random wallets? Bryan Chaffin at The Mac Observer takes a look at the situation, and […]

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Report: Transaction malleability, hour by hour

Posted on February 15, 2014

Last week’s transaction malleability scare made international headlines, once again bringing Bitcoin into the mainstream news. It was the cited cause of the total collapse of Silk Road 2.0, the glitch that forced both Mt.Gox and Bitstamp to freeze user accounts for a few days, and it put massive downward pressure on global Bitcoin value. […]

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