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Tag: Bitcoin Mining

  • How Long Does It Take to Mine 1 Bitcoin?

    How Long Does It Take to Mine 1 Bitcoin?

    Theoretically, you can mine 1 Bitcoin in roughly 10 minutes. This is because the Bitcoin blockchain adds a new block (and releases the associated block reward) about every 10 minutes. Realistically, however, you need to make a significant investment in ASIC miners to mine 1 BTC in a reasonable period of time.

    Currently, the Bitcoin block reward is 3.25 BTC. If you set up a solo Bitcoin miner and got extremely lucky, you would be able to earn 3.25 BTC in about 10 minutes after you started mining. However, it’s important to understand that this scenario is highly unlikely unless you made a very large investment into Bitcoin mining hardware.

    Since Bitcoin mining is extremely competitive and the Bitcoin protocol releases 100% of the block reward to a single miner, most miners would never earn any BTC if they didn’t join a mining pool.

    If a miner that’s part of a given mining pool receives a block reward, the reward is split across all miners in that pool, proportional to the amount of hashrate they are contributing to the pool. For example, if you contributed 10% of the pool’s hashrate and another miner in your pool found a block, you would receive 10% of the 3.125 BTC reward (0.3125 BTC). 

    So, how long does it take to mine 1 Bitcoin realistically?

    The Bitcoin blockchain is entirely public, which means we have access to all the information required to calculate roughly how long it would take to mine 1 Bitcoin in various scenarios.

    By knowing a mining pool’s average hashrate in a given time period and how many Bitcoin blocks they mined during that period, we can arrive at a rough estimate of how much hashrate is required to mine 1 BTC in that period. 

    Market share of Bitcoin mining pools based on number of blocks mined in the last 7 days as of February 2026. Image source: HashrateIndex.com

    For example, let’s calculate how much hashrate we would need to mine 1 BTC in 1 day on average.

    Foundry, which is currently the biggest Bitcoin mining pool in the world, mined 319 blocks in the last 7 days, which translates to 997 BTC in rewards. By dividing this figure by 7, we see that they earned 142 BTC per day on average in the last week.

    Therefore, you would need 1 / 142 (equivalent to 0.7%) of Foundry’s hashrate if you wanted to mine 1 BTC per day on average. The average hashrate of the Foundry mining pool in the last 7 days was 310.6 EH/s, and 0.7% of that figure is 2.17 EH/s. This is how much hashrate you would need to be able to mine 1 BTC per day on average.

    Reaching that level of hashrate requires a very large investment. As an example, let’s take the Bitmain Antminer S21 ASIC miner, which produces 200 TH/s and is listed at a price of $5,400 by the manufacturer (prices can vary depending on the merchant). 

    To achieve the 2.17 EH/s that is currently required to mine 1 BTC in a day on average, you would need 10,375 Antminer S21 miners, which would require an investment of $35 million.

    Your computing power determines how long it takes to mine 1 Bitcoin

    Now, let’s take a quick look at the following table to get a better idea of how fast you can mine Bitcoin, assuming different investment amounts into ASIC miners:

    Amount of Bitmain Antminer S21 ASIC minersHashrateInvestment amountTime to mine 1 Bitcoin
    51,000 TH/s$27,0001,310 days 
    102,000 TH/s$54,000655 days 
    5010,000 TH/s$270,000131 days
    10020,000 TH/s$540,00065 days
    500100,000 TH/s$2.7 million13 days
    1,000200,000 TH/s$5.4 million6.5 days
    5,0001 EH/s$27 million1.3 days
    10,0002 EH/s$54 million0.65 days

    These calculations are based on the difficulty of mining Bitcoin as of February 2026 and the assumption that the miner being used is the Antminer S21, which produces 200 TH/s and is listed at a price of $5,400 by the manufacturer. 

    It’s also important to stress that the calculations above don’t account for other costs of mining Bitcoin, such as electricity, maintenance, cooling, and the space where the miners are located. Accounting for these costs would drive the investment amounts required to mine 1 BTC in a given time period substantially higher.

    The Bitcoin mining landscape has become even more competitive lately following the Bitcoin halving, which happened on April 19, 2024. The halving reduced the block reward from 6.25 BTC to 3.125 BTC. 

    Even though the Bitcoin mining difficulty has dropped recently, it’s still roughly at the levels we saw in March. This means that mining a Bitcoin block still requires about the same amount of resources as it did in March, but yields half the rewards, which puts significant pressure on less efficient Bitcoin mining operations.

    Why Bitcoin miners join mining pools

    Without specialized Bitcoin mining hardware, it’s nearly impossible to mine 1 Bitcoin in any reasonable timeframe. For example, trying to mine Bitcoin with a standard gaming GPU won’t work due to the high level of competition in Bitcoin mining.

    Solo mining (mining Bitcoin without joining a mining pool) is more akin to gambling in a lottery than a reliable income source, unless you operate a large-scale mining farm with hundreds or thousands of rigs. The most feasible way to earn through Bitcoin mining is by joining a mining pool, which still requires a significant investment in proper mining hardware to make sense financially.

    The reason why it’s so difficult to make any profits with solo mining is that the Bitcoin protocol awards each block reward to only one miner. For example, if you controlled just 0.0001% of the total Bitcoin network’s hashrate, you would only have a 0.0001% chance of receiving a reward as each block is added to the Bitcoin blockchain. 

    Joining a mining pool provides a much more predictable stream of revenue. When any miner in your pool successfully mines a block, you would receive a portion of the Bitcoin reward, proportional to the amount of hashrate you contribute. 

    The bottom line

    With Bitcoin being priced north of $66,000 at the time of writing this article, it’s no surprise that mining 1 Bitcoin is far from a trivial task. 

    The recent Bitcoin halving has heated up the competition in the Bitcoin mining industry even further, which means that mining only makes sense for miners that can achieve the highest levels of efficiency through low electricity costs, highly effective cooling solutions, or other competitive advantages. 

    If you don’t want to make a significant investment of money and time into Bitcoin mining, it will likely result in a financial loss. Of course, if you want to engage in mining simply from a hobbyist perspective, the financial aspect is less important.

    If you want to explore an alternative way of investing into Bitcoin mining, make sure to take a look at our list of the best Bitcoin mining companies to invest in for 2026.

  • NiceHashX – NiceHash’s Major Bitcoin Conference Central Europe

    NiceHashX – NiceHash’s Major Bitcoin Conference Central Europe

    nicehashx conference

    A big conference organized by NiceHash is scheduled to take place in Central Europe, Maribor, 2nd largest city in Slovenia. A two-day conference called NiceHashX with the theme “Bitcoin Conference on the Sunny Side of the Alps” is scheduled for November 8 and 9, 2024, to commemorate the startup’s ten years in business. NiceHash was founded in 2014 by two students from Slovenia. 

    Commenting on this anticipated conference, CEO of NiceHash, Vladimir Hozjan, said “We are delighted to welcome the world to discover how Slovenia is leading the way in European Bitcoin adoption,” He added, “With 10 years of experience in this industry, we have witnessed phenomenal growth in the interest of using Bitcoin, here in Maribor and around the country. Join us as we celebrate, and witness Bitcoin in its purest form, used by everyday people, alongside some of the brightest speakers in the industry.”

    Though frequently disregarded in favor of cryptocurrency hotspots like Switzerland, Slovenia has quickly become a leader in using blockchain and Bitcoin. Over 1,000 establishments in the country, such as cafes, hotels, restaurants, and even large grocery chains, are all currently accepting Bitcoin as a mean of payment. 

    NiceHash’s Bitcoin Conference on the sunny side of the Alps

    The goal of NiceHashX is to draw the world’s attention to Slovenia’s developing Bitcoin community and establish Maribor as a center of innovation for the European cryptocurrency industry. A number of Maribor-based businesses that are making use of blockchain technology will be highlighted; in fact, one of the conference’s sections will be devoted to exhibiting these businesses. 

    Aside from drawing the attention of the world to Slovenia, the anticipated conference has also drawn the attention of popular speakers from the Bitcoin industry. Notable figures comprise Saifedean Ammous, the author of the well-known book “The Bitcoin Standard,” Joe Hall, previously a reporter with CoinTelegraph; Martin Kuchař, the founder of the BTC Prague conference, Pierre Corbin, the co-founder of Bitcoin FilmFest, Jameson Lopp, the CTO of CASA, and many more.

    The conference agenda includes subjects covering legislation challenges amidst the growth of crypto exchanges, changes in the mining and energy industry, and the regulation and acceptance of Bitcoin as legal tender in Europe. 

    The guests at the conference will be entertained with exhibitions, side events, an official after-party, and a VIP dinner.

    NiceHash is soft-launching a new Bitcoin payment method integrated with local Maribor merchants in the run-up to the conference. This innovation will enable guests to engage in real-world Bitcoin payments with practical demonstrations.

    Conclusion

    Maribor’s 2012 nomination as the European Capital of Culture makes it a perfect place for a crypto conference. Located in the Pohorje Mountain foothills, the city is a popular ski resort area because of its stunning architecture, vineyards, and laid-back atmosphere.  

    With Nicehash celebrating its tenth anniversary since its launch in 2014 and acceptance of Bitcoin expanding throughout Europe, NiceHashX offers a rare chance to get up close and personal with the emerging Bitcoin ecosystem.

  • How to Make Thousands of Dollars from Mining — Interview with Michael Jerlis, EMCD Founder and CEO

    How to Make Thousands of Dollars from Mining — Interview with Michael Jerlis, EMCD Founder and CEO

    Michael Jerlis, EMCD founder and CEO

    The Bitcoin halving event occurred on April 20, 2024, reducing the reward for mining each block to 3.125 BTC. With that, the cost of mining doubled, surpassing the $53,000 mark. In response, miners globally are adjusting their strategies to navigate these new economic realities.

    Michael Jerlis, the leader of EMCD, the biggest mining pool in Eastern Europe and one of the top seven worldwide, believes that miners can still profit post-halving by adopting coherent strategies and collaborating. More details are disclosed below in this interview

    Michael, can you describe the current structure of the mining market and its key players?

    M.J.: Today’s mining market has evolved significantly. Cryptocurrency mining has shifted from a complex and niche activity to a well-established and lucrative industry. Regarding the market landscape, it features a number of participants, but a few mining pools stand out by controlling between 7% to 15% of the total computational power.

    Our pool, EMCD, ranks among the top seven globally. Each leading pool possesses a significant hash rate and offers varying reward percentages. Notably, EMCD provides highly competitive conditions, with payment sizes among the highest in the industry. We consistently rank in the top three for profitability and offer one of the lowest commission rates in the market—at 1.5% across all mined coins, including BTC, BCH, DOGE, DASH, and others.

    Michael, what changes have occurred in the mining market following the halving, and what should miners understand about the new environment?

    M.J.: The recent halving has cut the mining rewards in half. Previously, miners earned 6.25 BTC for each block mined; now, they receive only 3.125 BTC. Concurrently, the expenses associated with mining, such as electricity, equipment, firmware, and other essential components, have doubled.

    However, there’s an increasing interest in mining from major investors. Since the start of the year, the stock prices of mining companies have been rising, with an average monthly increase of 5-8%. This trend suggests that large investment funds and corporations are acquiring stakes in mining pools and data centers, anticipating a significant surge in Bitcoin’s value post-halving and over the coming years. Prominent firms like J.P. Morgan have projected that the price of BTC could reach $100,000 by year’s end. Should this occur, mining could yield millions of dollars in monthly profits.

    Will halving benefit institutional and corporate investors?

    M.J.: Should Bitcoin increase in value as anticipated, reaching $100,000 per coin, the benefits would extend across the board. Miners would compensate for the reduction in block rewards through the rising price of Bitcoin, long-term retail investors holding onto their coins in expectation of growth would see significant gains, and large investors would profit from the appreciation of the shares in the companies they have stakes in.

    How can miners earn income just from holding assets? Isn’t that what would be true for investors?

    M.J.: Certainly. While staking and savings accounts were initially designed for investors, other market players, including mining pools, have adopted these strategies. For instance, we’ve introduced Coinhold, allowing our pool members to automatically transfer their mining rewards into a savings account, earning up to 8% annually on their mined coins.

    Additionally, our users can deposit non-mining coins such as USDT and USDC stablecoins into these accounts. The interest rates for these deposits can vary; for USDT, rates are up to 14% per annum for a fixed account and up to 10% for a flexible one. Thus, miners benefit twice: once from mining rewards and again from holding their coins.

    Furthermore, clients can withdraw their funds whenever it suits them. Withdrawals are processed within 24 hours of the request, during which our security team verifies all details to prevent unauthorized transactions.

    Let’s jump a bit on unauthorized activities, how secure is it to keep funds with EMCD given the frequent reports of cryptocurrency thefts and hacks?

    M.J.: Security is indeed a major concern across the entire market. However, I want to clarify that EMCD has never been compromised by any hacks throughout our operational history. We ensure the safe storage of user funds and continually enhance our system’s security.

    Great to hear that. Considering the potential for Bitcoin’s value to rise, your plans sound promising. But what should miners do if the price of Bitcoin fails to increase or, worse, drops significantly?

    M.J.: That’s a valid concern. Should Bitcoin’s value fall, miners would need to adjust their strategies accordingly. One approach could be to mine alternative cryptocurrencies, such as Dash or Kaspa, alongside Bitcoin. Additionally, I strongly suggest leveraging savings accounts as another means to accrue profits. These accounts can help miners increase their earnings in Bitcoin or other currencies while they continue mining for new blocks.

    How should one go about selecting a mining pool? What are the key factors to consider?

    M.J.: Primarily, you should focus on profitability, as the main objective of mining is to generate earnings. It’s also crucial to thoroughly examine the terms offered by different mining pools, such as the effectiveness of their support services, the security measures for user funds, and the frequency of reward payouts, among other considerations.

    Additionally, the transparency of both the company and its founders is vital. If a team or company prefers to remain anonymous, that should raise concerns. It’s important to stay informed about the market by regularly reading news and gaining a deeper understanding of industry trends. This knowledge is invaluable for anyone involved in mining.

  • Binance to Support Bitcoin Miners With $500M in Loans, Intends to Launch Cloud Mining Products

    Binance to Support Bitcoin Miners With $500M in Loans, Intends to Launch Cloud Mining Products

    Bitcoin (BTC) cryptocurrency image cover

    Key takeaways:

    • Binance Pool has launched a $500 million lending program for Bitcoin miners
    • The company will charge between 5% and 10% interest rates for loans that will be collateralized with physical or digital securities
    • The move comes at a time when Bitcoin mining difficulty is at its ATH, leading to slim margins for miners

    Binance’s mining subsidiary launches a $500 million lending fund

    Binance crypto exchange announced on Friday the launch of a new financing program designed to support the Bitcoin mining industry via medium-term loans. Binance Pool, the exchange’s mining subsidiary, will reportedly make $500 million available for eligible borrowers. 

    According to a blog post, interested parties will have the option to decide between 18 and 24-month loan terms. Interest rates will vary between 5% and 10%, while borrowers will have to offer security, either physical or digital assets, as collateral.

    A Binance spokesperson told Cointelegraph that the eligibility criteria for borrowers entail Binance VIP status and the requirement to “connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.”

    In addition to the lending program, Binance Pool is reportedly also intending to launch cloud mining products. The company said they are currently looking for cloud mining vendors that are open for collaboration.

    Profit margins get slimmer as BTC mining difficulty reaches an all-time high

    Due to the rising cost of electricity and the poor market performance of Bitcoin this year, the mining profits have gotten very slim. Add to that the all-time high BTC mining difficulty, and we have the recipe for a very competitive and cutthroat environment.

    Bitcoin mining difficulty over time: Image source: BTC.com

    For context, an online Bitcoin mining calculator shows that using a popular and one of the most capable Bitcoin mining machines, Bitmain’s Antminer S19 XP, nets about $2 in daily profits if we take a $0.10 per kWh electricity rate as an example. Keep in mind that the Antminer costs almost $18,000. 

  • A New Country for Bitcoin Mining Officially Opens Its Doors

    A New Country for Bitcoin Mining Officially Opens Its Doors

    ECOS bitcoin mining

    A new country for Bitcoin Mining officially opens its doors.

    A new ECOS data center with a capacity of 60 MW has been launched in Armenia. Full state support for the Free Economic Zone provides unique benefits and affordable electricity for mining.

    In 2018, the Armenian government entrusted ECOS to create and manage a Free Economic Zone to support the development of high technologies and the blockchain industry in the country. Learn more about FEZ here.

    Today, the company maintains more than 250,000 users that use cloud mining and hosting services worldwide, and you can become one of them! An end-to-end infrastructure was built on the territory of the data center, including a service center, warehouses and regular supplies of spare parts, armed guards and a staff of servicemen located on the territory 24/7.

    ECOS data center receives an additional 60 MW of clean, affordable and stable electricity from high-voltage networks, which makes it possible to claim almost 100% up-time electricity.

    The new plot can accommodate more than 20,000 mining devices on an area of 2.2ha, with the potential to expand to an additional 200MW.

    Moreover, the optimal temperature of this region allows to eliminate problems with overheating without additional expenses – the average annual temperature in Hrazdan is 4.8°C.

    Also, we have to mention ECOS end-to-end service: The company takes full care and responsibility for the purchase of mining equipment from Bitmain, on behalf of our clients or simply helps to move from other data-centers to ECOS, the company’s employees test, install and maintain equipment 24/7 and you can watch and control your assets directly from the mobile app.

    This is a really good opportunity to earn passive income with ECOS hosting and manage it with two clicks on your smartphone. Your earnings on mining are not so easy? Let’s check out all the benefits here.

    “We have come a long way from legalizing mining in Armenia to launching our own energy infrastructure that is ready for scaling. We want to offer our partners simplicity in everything: from launching your mining business on our data-center to daily monitoring of the result in the application without leaving your home” — said Ilya Goldberg, managing partner of ECOS. — “Our bundled product is made to serve both institutional and retail clients from any part of the world.”

    Armenia patronizes the blockchain / mining sector and has allowed the creation of FEZ with unique conditions such as 0% income tax and 0% VAT, 0% import and export duties, 0% property and real estate taxes for the next 25 years, which allows our partners to receive maximum revenue on capital.

    At present days due to the lack of stable and affordable electricity in the world and the constantly changing legal requirements, ECOS services are extremely relevant, the company said.

    Crypto winter is coming to an end and now is the best time to start mining. Historically, it is most profitable to invest in cryptocurrencies during such periods. If you have not yet started earning on bitcoin mining, then start now with ECOS hosting!

  • Intel Launches Second Generation of its Bitcoin Mining Hardware

    Intel Launches Second Generation of its Bitcoin Mining Hardware

    Key takeaways:

    • Intel has updated its Bitcoin mining chip product line with power-efficient dedicated hardware
    • Intel’s second-gen mining equipment, called “Intel Blockscale ASIC”, features on-chip temperature and voltage sensors for improved efficiency
    • The new chips are slated to ship in the third quarter of this year

    The new chip brings energy efficiency improvements and user-specific builds

    Integrated circuit manufacturing giant Intel has launched the next generation of its mining chip, called the “Intel Blockscale ASIC”. The second generation of Intel’s mining hardware comes just a month after the California-based tech giant unveiled the previous generation of Bitcoin mining equipment at this year’s International Solid-State Circuits Conference (ISSCC).

    According to Intel, the new chip features notable improvements in the energy consumption department thanks to on-chip temperature and voltage sensors. The system is designed to reach up to 580 GH/s (gigahash per second) while drawing up to 22.7 watts of electricity, for maximum power efficiency of 26 J/TH (joules per terahash).

    For context, both Bitmain’s Antminer S19 Pro+ Hyd. (27.5 J/TH) and MicroBT’s Whatsminer M30S++ 112T (31 J/TH) feature lower power efficiency. However, the flagship offerings of currently leading Bitcoin mining hardware manufacturers boast a higher hashrate.

    While Ethereum and the majority of other digital currencies can be profitably mined with consumer-grade desktop GPUs and CPUs, Bitcoin mining demands far more computing power and specialized ASICs (Application-specific integrated circuits) to meet the requirements of the power-hungry Proof-of-Work (PoW) network. According to Intel, the new chips feature a dedicated SHA-256 (Secure Hash Algorithm-256) ASIC processor and support for up to 256 integrated circuits per chain.

    With the latest generation of its PoW miners, Intel is focused on giving end-users a larger degree of freedom when designing their mining machines. Intel wrote in a statement: 

    “Optimized for energy efficient hashing, the accelerator enables customized cryptocurrency mining, thereby lowering the total cost of ownership by allowing system designs to be tailored to end user requirements.”

    It seems that the strategy of allowing users to build machines based on their particular set of needs is already paying off. Last month, Bitcoin mining firm HIVE Blockchain announced it will acquire Intel’s next-generation mining hardware and expand its operation in the US with a 100-megawatt facility in Texas. Once fully integrated later this year, Intel’s specialized chips will increase HIVE’s aggregate mining hashrate by up to 95%. Argo Blockchain, Block Inc. (formerly known as Square), and GRIDD Infrastructure have also committed to expanding their mining operations with Intel’s new chips.

    According to a report from CoinDesk, Intel’s new mining chips will start shipping in the third quarter of 2022. Intel hasn’t disclosed the pricing and availability of its crypto-centric hardware as of yet.

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  • Only 2 Millon BTC Left to Mine out of the Total Supply of 21 Million

    Only 2 Millon BTC Left to Mine out of the Total Supply of 21 Million

    Key takeaways:

    • 19 million BTC have been mined since the Bitcoin network went online roughly 13 years ago
    • Bitcoin is earned by miners as a reward for securing the network and upkeeping blockchain transactional records
    • According to current estimates, the last coin will be mined in 2139

    19M BTC have been mined, the last one will enter circulation in 2139

    Today, the world’s oldest and largest cryptocurrency network reached another notable milestone. As of April 1st, 19 million BTC had been mined out of the artificially capped total supply of 21 million coins.

    The 19 millionth BTC has entered circulation. Image source: Blockchain.com

    While Bitcoin miners have been able to solve complex mathematical problems to earn a bit over 90% of the total supply as a reward during the span of the first 13 years, it will take an additional 118 years to mine the last coin. According to Clark Moody’s Bitcoin dashboard, the last BTC will be mined at the tail end of 2139 (the exact date could change over time due to mining difficulty adjustments).

    To make the Bitcoin network secure and impenetrable to attackers, Bitcoin miners are tasked with solving complex mathematical problems linked with each block. Put simply, a block is a part of the blockchain with immutable records of past transactions made on the BTC network. Once a new block is produced and the first transaction recorded, a BTC reward is delegated to the miner that completed (solved) the new block. 

    As of the last Bitcoin halving that took place in May 2020, each miner responsible for new block creation is awarded with 6.25 newly minted BTC. During its total life cycle, the Bitcoin network will undergo a total of 32 halvings, with each halving decreasing the block reward by half (hence the name). 

    At the moment, we are at the mid-point in the currently ongoing BTC’s halving cycle. The next halving, which will bring the BTC mining reward down to 3.125 BTC, will take place in May 2024. 

    The next major circulation milestone, when the 20 millionth BTC will be mined, will take place sometime in 2027.

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  • Iran Softens its Stance on Crypto Mining, Will Issue Licenses to Mining Farms That Use Renewable Energy Sources

    Iran Softens its Stance on Crypto Mining, Will Issue Licenses to Mining Farms That Use Renewable Energy Sources

    Key takeaways:

    • Iran has softened its stance on cryptocurrency mining and will grant over 1,000 operating licenses to miners using renewable energy
    • In 2021, the Iranian officials issued a ban on crypto mining after the nation suffered from a series of electricity blackouts
    • According to last year’s data, Iran accounted for more than 3% of the global Bitcoin hashrate

    The Iranian government will grant operating licenses to crypto miners that use renewable energy

    At the tail end of 2021, the Islamic Republic of Iran banned cryptocurrency mining due to high energy consumption associated with the process of securing blockchain networks and minting new coins. The decision was in large part reached due to a series of electricity blackouts the Middle Eastern country suffered throughout the year.

    Now, four months after the ban was put in place, Iranian officials have released a new set of guidelines designed to regulate the industry. According to last year’s data curated by the University of Cambridge, Iran accounts for roughly 3.1% of the global Bitcoin hashrate. 

    Per the new rules issued by the Ministry of Industry, Mine, and Trade (MIMT), cryptocurrency miners are allowed to file for an operating license as long as they meet the following criteria. Be in Crypto reports that the licenses will be given only to those mining farms that consume electricity exclusively from renewable power plants. The government will reportedly be issuing over 1,000 operating licenses.

    According to Blockchain.com, Bitcoin’s total hashrate has been steadily increasing since last summer and currently sits at 206 EH/s, up from 58 EH/s last July. Along with the rise in hashrate, Bitcoin mining difficulty reached a new all-time high in February, which confirms that a growing number of miners are joining the Bitcoin network.

    Despite issuing a ban on crypto mining, Iran has historically been in favor of digital assets, especially as a means of bypassing economic sanctions enforced by the US. Case in point, earlier this year, the Central Bank of Iran announced it would allow domestic merchants to use crypto in international trade deals. Additionally, Iran’s central bank is developing its own central bank digital cryptocurrency (CBDC), which is slated to enter a pilot phase in the near future.

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  • Bitcoin Mining Firm Hive Blockchain to Purchase Intel’s ‘Bonanza Mine’ ASICs

    Bitcoin Mining Firm Hive Blockchain to Purchase Intel’s ‘Bonanza Mine’ ASICs

    Key takeaways:

    • Hive Blockchain will acquire Intel’s next-generation mining hardware and expand its operation in the US with a 100-megawatt facility in Texas
    • Hive will receive the first shipment of Intel’s ASICs in the second half of 2022
    • Once fully integrated, Intel’s specialized chips will increase HIVE’s aggregate mining hashrate by up to 95%

    Hive Blockchain is buying Intel’s mining equipment, expanding its operation in the US

    A Vancouver-based Bitcoin mining company, Hive Blockchain, has announced it will be acquiring Intel’s recently unveiled cryptocurrency mining hardware and expanding beyond Canadian borders with a rented Texas-based mining facility.

    Intel unveiled the first generation of its mining chips at this year’s International Solid-State Circuits Conference (ISSCC). Aptly nicknamed “Bonanza Mine,” new chips pack 75 ASICs (application-specific integrated circuits) that can deliver up to 40 terahash/second (TH/s) with a power consumption of 3,600 watts. Intel’s new offering features a dedicated “ultra-low” voltage mode, which allows the circuit to run at its maximum power while not surpassing the 75° Celsius mark.

    According to Monday’s press release, Hive Blockchain will receive Intel’s miners over the course of one year, with the first shipment coming in the second half of 2022. Once successfully integrated into Hive’s mining system, the company’s Bitcoin mining hashrate is expected to increase by up to 95% from 1.9 exahashes per second (EH/s).

    Hive’s President and COO Aydin Kilic commented on the company’s mining expansion:

    “After months of careful planning, we are very excited to take this step forward with a global technology leader like Intel.  HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure.”

    In addition to acquiring Intel’s mining equipment, Hive has also entered a deal to rent renewable energy data center facilities from Compute North. The deal will see Hive expand its mining operation in the United States with 100 megawatts of mining capacity. 

    Generally speaking, the mining infrastructure and hashrate capabilities of companies based in the North American region increased drastically in the 10 months since Beijing cracked down on its mining operations. According to data from CBECI, the US commanded a 35% share of the global hashrate as of August 2021, ahead of Kazakhstan’s 18% and Russia’s 11%.

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