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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