Discover and read the best of Twitter Threads about #bitcoinmining
Most recents (22)
Guys arguing BTC can be classified as a security under Howey test.
1/8: Let's explore why #Bitcoin and similar #cryptocurrencies aren't classified as securities under the Howey Test. This test assesses whether an arrangement involves an investment contract. #Crypto #HoweyTest
1/8: Let's explore why #Bitcoin and similar #cryptocurrencies aren't classified as securities under the Howey Test. This test assesses whether an arrangement involves an investment contract. #Crypto #HoweyTest
2/8: The Howey Test has 4 key points: an investment of money, expectation of profits, a common enterprise, and efforts of a promoter or third party. Let's break these down for Bitcoin. #CryptoRegulation #Bitcoin
3/8: Investment of Money: Yes, Bitcoin miners invest money in hardware and electricity, but they're not buying an investment contract from a third party. They contribute resources to validate transactions & secure the network. #CryptoMining
-$btc recupera i $ 23.000 aumentando di oltre il 35% dall'inizio dell'anno tra segnali concreti che i prezzi stanno diminuendo senza che l'economia cada in una forte recessione. Ma lo scetticismo continua sul fatto che questo sia un fake rally.
Ne parliamo in questo thread!
Ne parliamo in questo thread!
"Anche #ethereum si mantiene sopra i $1.600 mentre altre criptovalute vedono performance miste. AVAX e XRP in crescita del 4% e 5%, ma AXS in calo del 12%. Il mercato delle criptovalute continua a essere volatile #crypto #criptovalute"
Tutti e tre i principali indici azionari hanno chiuso in verde lunedì, poiché il pessimismo tra gli investitori è svanito negli ultimi giorni scommettendo sul più lento inasprimento della Fed, in vista della settimana intensa degli earnings.
Please be prepared for some ups and downs this weekend as we deal with the winter storm. Our hosting partners and technicians are working in rough conditions that may slow down progress but we are monitoring things throughout the weekend. This is what #bitcoin mining does...
Because your miner is offline, people can heat their homes and cook, hospitals can continue to take care of patients, military bases can continue to monitor our borders and you can be proud to have been a integral part of balancing your grid...
Miners are becoming the backbone of grid energy and this is where it all starts. This is where #bitcoinmining shows the community what we can give back to them when there's a need.💪
🧵1/Ω
So RiotBlockchain:
➽ is apparently paying > $40,000 per $BTC
➽ turned off their brand new facility for "cold weather" (wtf? cold cools!)
➽ says it's for "safety of team" (wtf? its #bitcoinmining. $RIOT can't administer it remotely?)
Something smells.
So RiotBlockchain:
➽ is apparently paying > $40,000 per $BTC
➽ turned off their brand new facility for "cold weather" (wtf? cold cools!)
➽ says it's for "safety of team" (wtf? its #bitcoinmining. $RIOT can't administer it remotely?)
Something smells.
🧵2/Ω
The price of energy in Texas as reported by ERCOT is rising.
Texas taxpayers have, in their ∞ wisdom¹, decided to pay $RIOT a bunch of money to turn off during times of peak demand.
But this shutoff was for "safety"
¹ read as "stupidity"
energyonline.com/Data/GenericDa…
The price of energy in Texas as reported by ERCOT is rising.
Texas taxpayers have, in their ∞ wisdom¹, decided to pay $RIOT a bunch of money to turn off during times of peak demand.
But this shutoff was for "safety"
¹ read as "stupidity"
energyonline.com/Data/GenericDa…
🧵3/Ω
@WSJ article 2 weeks ago put the #SEC etc. filings of 22 publicly traded cryptocurrency companies through an AI tool that checks for anomalies. The vast majority were flagged as suspicious.
But $RIOT stood out most of all.
wsj.com/articles/accou…
@WSJ article 2 weeks ago put the #SEC etc. filings of 22 publicly traded cryptocurrency companies through an AI tool that checks for anomalies. The vast majority were flagged as suspicious.
But $RIOT stood out most of all.
wsj.com/articles/accou…
The last few months eco-friendly #Bitcoin mining or biomining has been a trending topic. I looked into the opportunity for miners using wasted or stranded #biogas as an input. Making Bitcoin mining a #CarbonNeutral or even #carbon negative operation. 🧵👇
#Biogas is produced through a process called anaerobic digestion. A series of biological processes in which micro-organisms break down biodegradable material in absence of oxygen. Inputs can be:
- Waste crop residues
- Animal manure
- Municipal Solid Waste
- Wastewater sludge
- Waste crop residues
- Animal manure
- Municipal Solid Waste
- Wastewater sludge
The precise composition of biogas depends on the type of feedstock and the technology used to produce it. The main technologies applied are:
- Biodigesters
- Landfill gas recovery systems
- Wastewater treatment plants
- Biodigesters
- Landfill gas recovery systems
- Wastewater treatment plants
This lawsuit between GMO Internet and Riot's Whinstone offers a glimpse into their interesting and yet entangled history since the bottom of the last bear.
It shows how the current market downturn is again putting existential pressure on inefficient miners. 1/n
It shows how the current market downturn is again putting existential pressure on inefficient miners. 1/n
How big is GMO's fleet colocating at Whinstone in Texas? Its complaint filed in June against Whinstone suggested a power draw at ~50MW.
Riot's Q2 filing also suggested that just 3 customers accounted for "nearly all" of its third-party #bitcoinmining hosting revenue. 2/n
Riot's Q2 filing also suggested that just 3 customers accounted for "nearly all" of its third-party #bitcoinmining hosting revenue. 2/n
GMO is one of the first and few public co. from the tech world that set up an in-house mining biz in Dec 2017.
It mined 5,747 BTC in 2018 before taking an $80m impairment and restructuring around the year end. 3/n
It mined 5,747 BTC in 2018 before taking an $80m impairment and restructuring around the year end. 3/n
Q2 was tough for #bitcoinmining companies. 18 of them sold more than 21,000 bitcoins, which was 660% of what they sold in Q1 and ~150% of their #BTC production in Q2.
To make matters worse, the cost of production increased while the general and interest expenses swelled 🧵👇 1/6
To make matters worse, the cost of production increased while the general and interest expenses swelled 🧵👇 1/6
2/6 Analysis of 8 public #bitcoin miners who have released full financial statements so far show that their average cost of production, general and interest expenses per each BTC mined spiked by 22% in Q2 vs. Q1. They represent ~10% of the network hashrate.
3/6 On the lower end was @HiveBlockchain, @RiotBlockchain and @CleanSpark_Inc (~$16k per BTC, everything included).
On the higher end was @SDIGigital (~$45k with big general and interest expenses). Nice photo choice here @DavidPan_1 bloomberg.com/news/articles/…
On the higher end was @SDIGigital (~$45k with big general and interest expenses). Nice photo choice here @DavidPan_1 bloomberg.com/news/articles/…
1/ Is Bitcoin mining making a comeback in China despite the ban? How did the U.S. state of Georgia overtake Texas as America’s Bitcoin mining hub? And what is happening with Bitcoin mining in Russia and Kazakhstan?
Time for a thread 🧵 👇
Time for a thread 🧵 👇
2/ As recently as May 2021, China was the uncontested global leader in Bitcoin mining, with over 65% of the global Bitcoin hashrate.
3/ But that drastically changed the next month when China banned Bitcoin mining. In a matter of weeks, China’s share of global Bitcoin mining plummeted from 65% to 0%. Other countries, notably the U.S., took advantage of this and rapidly increased their share of global mining.
1/9
Just in: our report on #bitcoinmining & #climatechange
Full report: batcoinz.com/quantifying-th…
Findings
1. Using #BTC mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions...
#ESG #sustainability #methane #UNEP #IPCC #CCAC #climatechange
Just in: our report on #bitcoinmining & #climatechange
Full report: batcoinz.com/quantifying-th…
Findings
1. Using #BTC mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions...
#ESG #sustainability #methane #UNEP #IPCC #CCAC #climatechange
2/9
2. By aggressively targeting leaked methane, Bitcoin mining has the potential to avoid 0.15% of warming by 2045, potentially earlier.
#BitcoinIsGreen #environment
2. By aggressively targeting leaked methane, Bitcoin mining has the potential to avoid 0.15% of warming by 2045, potentially earlier.
#BitcoinIsGreen #environment
3/9
3. No other existing technology is currently equipped to achieve this feat at this pace.
In short: Reducing methane emissions is the strongest lever we have to slow climate change. #Bitcoin mining is the fastest, most reliable hand we have upon that lever.
3. No other existing technology is currently equipped to achieve this feat at this pace.
In short: Reducing methane emissions is the strongest lever we have to slow climate change. #Bitcoin mining is the fastest, most reliable hand we have upon that lever.
1/
At our #ESG ClimateTech fund, as part of our due diligence on #bitcoinmining, we examined the 7 Most #ESG arguments against #Bitcoin.
We expected to find a mixture of some true, some false, some grey
We were surprised to find all 7 were false. No grey areas
Here's the list
At our #ESG ClimateTech fund, as part of our due diligence on #bitcoinmining, we examined the 7 Most #ESG arguments against #Bitcoin.
We expected to find a mixture of some true, some false, some grey
We were surprised to find all 7 were false. No grey areas
Here's the list
#ESG Argument 1. "Bitcoin competes with other users like hospitals, industry, residential users"
We found this to be unlikely in theory and practice because more users on the grid means more expensive wholesale electricity: which quickly makes #bitcoin mining unprofitable...
We found this to be unlikely in theory and practice because more users on the grid means more expensive wholesale electricity: which quickly makes #bitcoin mining unprofitable...
... What we did find evidence for was that when demand spiked, Bitcoin miners either voluntarily stop mining to preserve profitability, or executed pre-agreements with grid operators that taper power consumption down 99%.
Read this about Bitcoin Mining, the network's block rewards & issuance rate.
I did these calculations which took some time. A retweet would be much appreciated😂
90% of the Total BTC has been mined and the last Bitcoin is expected to be mined in the year 2140.
I did these calculations which took some time. A retweet would be much appreciated😂
90% of the Total BTC has been mined and the last Bitcoin is expected to be mined in the year 2140.
What is Bitcoin Mining?
Bitcoin mining is how new coins come in circulation. It's also how our transaction on the BTC network are verified.
As the Bitcoin blockchain uses the Proof-of-Work consensus algorithm, Mining is done by solving a complex computational math problem.
Bitcoin mining is how new coins come in circulation. It's also how our transaction on the BTC network are verified.
As the Bitcoin blockchain uses the Proof-of-Work consensus algorithm, Mining is done by solving a complex computational math problem.
No advanced math is really involved. What miners are actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a "hash") that is less than or equal to the target hash.
It's basically guesswork.
It's hard as there's over a trillion guesses.
It's basically guesswork.
It's hard as there's over a trillion guesses.
Dear @greenpeace. You didn't address me directly with your campaign
However the demand of a code change makes me - as a developer - feel addressed
Despite being sure that your campaign is more about seeking attention than dialogue I feel the urge to reply to your demands:
1/11
However the demand of a code change makes me - as a developer - feel addressed
Despite being sure that your campaign is more about seeking attention than dialogue I feel the urge to reply to your demands:
1/11
I'd first like to recall that - according to @stlouisfed and many others - money has three functions
First: Money is a store of value.
Second: Money is a unit of account.
Third: Money is a medium of exchange.
Source: stlouisfed.org/education/econ…
2/11
First: Money is a store of value.
Second: Money is a unit of account.
Third: Money is a medium of exchange.
Source: stlouisfed.org/education/econ…
2/11
Thus It is my understanding that the value of money is directly connected to people accepting it.
It is my understanding that this is true for #Bitcoin in the same way as it is true for the Norwegian Krona, the Euro or any other currencies like the USD or the Turkish Lira
3/11
It is my understanding that this is true for #Bitcoin in the same way as it is true for the Norwegian Krona, the Euro or any other currencies like the USD or the Turkish Lira
3/11
Just posted an electrical guide for home miners: bit.ly/3MhjSef
Electrical safety shouldn't be an afterthought!
We all want to plug in as many miners as quickly as possible, but don't sacrifice safety for convenience.
#Bitcoin
#bitcoinmining
🧵1/n
Electrical safety shouldn't be an afterthought!
We all want to plug in as many miners as quickly as possible, but don't sacrifice safety for convenience.
#Bitcoin
#bitcoinmining
🧵1/n
There has never been an application like mining in a home before...
Ultra high-power demanding ASICs that run 24/7.
While it is possible to plug ASICs into your home's existing infrastructure, there are few online technical resources that explain how to do this safely.
2/n
Ultra high-power demanding ASICs that run 24/7.
While it is possible to plug ASICs into your home's existing infrastructure, there are few online technical resources that explain how to do this safely.
2/n
Knowing the electrical current flow (amps) at each point in the power distribution system is the key to a safe setup.
This starts with calculating the current demand for each miner that you plan on plugging in.
Current Demand (Amps) = Power (Watts) / Voltage (Volts)
3/n
This starts with calculating the current demand for each miner that you plan on plugging in.
Current Demand (Amps) = Power (Watts) / Voltage (Volts)
3/n
🧵 time...
For years, as I have discussed the value prop for seizure-resistant, non-sovereign💲like #BTC with noobies, I have always had to caveat it with "we don't think about it in the Western world too much bc our money, banking system, and law typically work well"
Well...
For years, as I have discussed the value prop for seizure-resistant, non-sovereign💲like #BTC with noobies, I have always had to caveat it with "we don't think about it in the Western world too much bc our money, banking system, and law typically work well"
Well...
2/ #Bitcoin's value in the Western world has NEVER been more obvious thanks to the last ~ 2 years.
Reminder, it has ALWAYS been valuable to those less fortunate living under authoritarianism or double-digit inflation (over half the world)
newsweek.com/half-world-liv…
@gladstein
Reminder, it has ALWAYS been valuable to those less fortunate living under authoritarianism or double-digit inflation (over half the world)
newsweek.com/half-world-liv…
@gladstein
3/ Now, Westerners are getting their taste:
- 10%+ inflation for many (screw the official #CPI numbers)
- Bank accounts being inexplicably closed @haydenzadams @PeterMcCormack
- Govt freezing funds and threatening companies #TruckersForFreedom
- ~25% M2 debasement in ~2 years
- 10%+ inflation for many (screw the official #CPI numbers)
- Bank accounts being inexplicably closed @haydenzadams @PeterMcCormack
- Govt freezing funds and threatening companies #TruckersForFreedom
- ~25% M2 debasement in ~2 years
I had the opportunity to participate as a speaker at the @MiningConf in Austin, with the support of @ShanonSquires and @offordscott
Here’s my recap and takeaway with with lots of pics and vids that you’ll enjoy!🧵👇🏽 1/18
Here’s my recap and takeaway with with lots of pics and vids that you’ll enjoy!🧵👇🏽 1/18
2/Everything was very well organized, registration a day before, a cool welcome kit and a great location with The Kalahari Resort 🦏
3/First day on monday, I attended the @RiotBlockchain tour, and seeing the biggest farm in North America inspired me a lot. 150 people witnesses the humility from David, Ashton, @chadeverett, and Lyle while sending the message that everything is possible and believing is key!
In this thread I'll be talking about the interesting potential of waste water treatment plants energy for #Bitcoin Mining. Pay attention.
Waste Water streams carry our poop wich is loaded with internal energy that can be extracted via Anaerobic Digestion, a process where bacteria consumes organic matter and produces biogas (which is on average 65% methane and 35% CO2)
The question remains, how large is the amount of energy that can be produced by a Waste Water Treatment Plant, and how costly can it be. Short answers: 26kW per each million gallons per day (MGD) of wastewater and ranges from 1.3 to 10 cents per kWh
The stock market is hard to predict or explain day-to-day, and that is especially true for #Bitcoin miners…(1/15)
I can’t speak for the whole market, but given the recent sell-off in mining stocks, I’d like to point out a few salient facts about @CipherInc $CIFR …(2/15)
We revolutionized the #Bitcoin mining industry with our transformational merger deal with $GWAC that we announced in March and closed in August…(3/15)
Don't beat your utility bill, Eat your utility bill!
A quick thread on a home mining project that will profitably heat a home this winter😎. This immersion rig heats water & augments the home furnace🔥
#bitcoinmining #bitcoin #cryptocurrecy @CoinDesk @BitcoinBrains @SGBarbour
A quick thread on a home mining project that will profitably heat a home this winter😎. This immersion rig heats water & augments the home furnace🔥
#bitcoinmining #bitcoin #cryptocurrecy @CoinDesk @BitcoinBrains @SGBarbour
Making $15 USD/day, and using 1700 Watts, the system creates a current "subsidy" of $450/month 💰
A tank with an indirect heat-exchanger is placed upstream of an on-demand water heater, allowing the system to work even when the miners are offline.
5 langkah senang untuk mula Bitcoin mining dengan phone dan laptop sahaja.
#Bitcoin #Bitcoinmining #Cryptotab
#Bitcoin #Bitcoinmining #Cryptotab
[Step 1: Download CryptoTab]
CryptoTab salah satu apps mining algorithm yang legit.
Adakah CryptoTab percuma? Ya, ikut link bawah, scroll down cari Crypto Tab Browser Mobile (free version).
Download yg free version tu kat phone or laptop.
cryptotabbrowser.com/24619123
CryptoTab salah satu apps mining algorithm yang legit.
Adakah CryptoTab percuma? Ya, ikut link bawah, scroll down cari Crypto Tab Browser Mobile (free version).
Download yg free version tu kat phone or laptop.
cryptotabbrowser.com/24619123
[Step 2: Daftar CryptoTab Account]
Sekejap boleh siap, lebih kurang 5 minit.
Sekejap boleh siap, lebih kurang 5 minit.
China Update: A small miner on a forum got a call from authorities. They researched his home business and worked out that it did not require as much kWh as he was consuming. They suspected he was #bitcoinmining and will pay him a visit to inspect, ‘with force if needed’. 1/
Underground #bitcoin farms may exist in China, yet they run at great risk and some have trouble with low water levels. Turbines at rural hydroelectric plants cannot run unless more rain comes. Such farms charge up to $0.10 cents per kWh. 2/
Home miners also have difficulties in China, because there is a law that decibel levels in residential areas cannot exceed 55. ASIC machines take around 75 db. Neighbors can report suspected miners to authorities. 3/
1/ Why China is cracking down on #Bitcoin? 🧵
Currently many of the Chinese provinces where Bitcoin miners resided, rolled out new policies restricting or banning the #BTC miners.
Inner Mongolia, Xinjiang, Yunnan and Sichuan banned Bitcoin.
Currently many of the Chinese provinces where Bitcoin miners resided, rolled out new policies restricting or banning the #BTC miners.
Inner Mongolia, Xinjiang, Yunnan and Sichuan banned Bitcoin.
2/ Energy companies were told to stop providing energy to crypto miners due to them using too much electricity.
It became an illegal activity to mine cryptocurrencies. If someone would be found to do so regardless, they would be added to the blacklist of social credit system.
It became an illegal activity to mine cryptocurrencies. If someone would be found to do so regardless, they would be added to the blacklist of social credit system.
3/ All decision seems to be linked mainly with Energy usage.
China plans to achieve carbon neutrality by 2060 and reducing carbon intensity or the amount of carbon emitted per unit of GDP, by more than 65% by 2030.
Bitcoin mining ban can help with that.
China plans to achieve carbon neutrality by 2060 and reducing carbon intensity or the amount of carbon emitted per unit of GDP, by more than 65% by 2030.
Bitcoin mining ban can help with that.
Great points on #BitcoinMining energy consumption by @aantonop:
1. Energy used by Fiat #currencies are hidden yet enormous;
2. #Bitcoin incentivises #greenenergy via economic benefits to #energycompanies as a store of value for non-distributable energy.
1. Energy used by Fiat #currencies are hidden yet enormous;
2. #Bitcoin incentivises #greenenergy via economic benefits to #energycompanies as a store of value for non-distributable energy.
With Fiat currencies we're not questioning the costs of global payment networks, data centres for payment services providers and banks, their office buildings, computers, printing/minting/transportation of notes/coins and so on. It's taken for granted.
The latter, where unused energy of wind/solar that exceeds battery storage capacity can produce #Bitcoin, thus shortening the return on investment of renewable energy. This return can then be used to reinvest in real energy storage capacity.
