To some observers, the video and images demonstrated that crypto miners — even those located in China, where low energy rates provide greater profit margins — were beginning to feel the pinch from bitcoin’s prolonged bear market. If miners were dumping ASICs on the street, it not only meant that the bitcoin price had reached their “shutdown-mark,” the point at which miners can no longer turn a profit running the machines, but also that they didn’t think these devices would ever be profitable again. Continue reading Bitcoin Miners are Selling Old ASICs for Scrap Metal as Price Decline Hastens Obsolescence
Brian Kelly, the founder and CEO of BKCM LLC, an investment company focused on cryptocurrencies, came out bullish on Bitcoin Cash (BCH) on CNBC May 21. Continue reading Bitcoin Cash Could Go Up Following More Use Cases
Say what you will about their position, but the developers of Monero are sticking to their guns. Over the weekend, Riccardo Spagni — lead maintainer of the privacy-centric cryptocurrency — released Lithium Luna, the latest version of the Monero source code. The update itself was planned, but included in the software is an emergency provision intended to prevent ASIC miners from operating on its network, which uses the Cryptonight Proof-of-Work (PoW) hashing algorithm. Continue reading Monero Sticks to Anti-ASIC Guns
As covered by CCN, last year’s cryptocurrency mining ‘boom’ has led to a shortage in the GPU market. So much so that reports suggest using GPUs to mine cryptocurrencies is stopping us from finding aliens, as these are also used in observatories. New data shows crypto miners actually bought 3 million GPUs last year, worth roughly $776 million. This, according to a new report published by Jon Peddie Research (JPR) that found AMD is emerging as the primary cryptocurrency ‘mining rush’ benefactor over Nvidia. The numbers have a major impact on the market as a whole and have even incurred the wrath of gamers, while chip manufacturers have seen the value of their shares soar. AMD’s market share reportedly increased by around 8.1 percent, while Nvidia’s share went down by 6 percent. Last year, notably, the GPU market as a whole dipped 4.8 percent. The preference for AMD over Nvidia could be justified by the lower price tag in its GPUs. Nvidia’s CEO has recently stated cryptocurrencies aren’t going away, and the company has prioritized gamers over cryptocurrency miners amid the graphics card shortage. Nvidia’s move, however, isn’t believed to have been what drove AMD’s sales up, but rather the potential ROI (return on investment) cryptocurrency miners could obtain by buying cheaper graphics cards from AMD.
Canada’s Hydro Quebec will have to turn away cryptocurrency miners looking to setup operations in the province. The electricity supplier has been inundated with requests from cryptocurrency miners looking to setup operations in energy-rich province Quebec, according to Reuters.
Many miners, including giants like China-based Bitmain, have made it clear that they are looking to setup new mining operations overseas in countries with low power costs and surplus of energy. The crack down on cryptocurrency exchanges in China, as well as talks of power regulations applying to miners, has prompted miners to consider new sites to operate from.