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Over $250 billion has been ‘squandered’ by mining companies over the last 10 years

“Global mining companies have had a good run since the start of this century” writes Business Insider Australia for businessinsider.com. But research from Morgan Stanley shows big miners weren’t averse to shooting themselves in the foot while the money was flowing in.The following chart, based on research from Price Waterhouse Coopers, tells the story: It shows that in the period from 2008-2017, global mining companies invested around $939 billion in major projects.Looking ahead, “the industry has made changes that suggest the capital destruction of the last 15 years should not…

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Crypto News 

Hydro-Quebec Can Charge Bitcoin Miners Twice the…

“Utility providers keep close tabs on the electricity usage by Bitcoin miners” writes Jp Buntinx for livebitcoinnews.com. The utility provider can charge miners higher rates for precious electricity.Charging cryptocurrency miners twice the amount of regular consumers is now allowed.Hydro-Quebec has now received permission to charge higher rates to cryptocurrency miners, which will put a crimp in the plans of miners seeking to set up shop in the region.Bitcoin mining is very profitable in a few countries as of right now. Source: livebitcoinnews.com Share This:

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Crypto News 

Why Bitcoin uses so much energy

“Why does bitcoin require so much energy to make something that exists only electronically?” writes The Economist for economist.com. Cryptocurrency “miners” seek results to a kind of algorithmic puzzle that fits a very specific set of requirements.If the cryptocurrency were to stay at its recent price of $8,000, power usage of the bitcoin network would peak at 7.67 gigawatts (67 terrawatt hours of energy on an annual basis, or one-fifth of Britain’s energy use).Every ten minutes on average, a server finds an acceptable solution, and the miner gets a reward…

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The Chilean miners who were trapped underground for 69 days share their advice for the young Thai soccer players

“Chilean Mario Sepulveda, one of 33 miners who were trapped underground for 69 days, had a message of encouragement for the young soccer players trapped in a cave in Thailand” writes Rachel Premack for businessinsider.com. Two of those miners told the Los Angeles Times advice they had for the boys, who are aged between 11 and 16.The miners said those who interact with the soccer players should focus on the positive and avoid words or actions that cast them as victims. Source: businessinsider.com Share This:

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Crypto News 

Ukraine Not Regulating the Cryptocurrency Mining…

“For now, Ukraine is not interested in regulating cryptocurrency mining just yet” writes Jp Buntinx for livebitcoinnews.com. Similar to a lot of other countries, cryptocurrency is very popular among enthusiasts in Ukraine.Even in Ukraine, miners face a fair bit of scrutiny.Additionally, the mining of Bitcoin and altcoins has taken off in Ukraine over the past few years.The mining aspect of this booming industry can be subjected to specific rules accordingly. Source: livebitcoinnews.com Share This:

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Crypto News 

Québec Offers Electricity to Cryptocurrency Miners in Exchange for Jobs

“Canada is a popular destination for cryptocurrency mining operations because the cold weather is good for the mining computers which generate considerable heat” reports financemagnates.com. It temporarily halted electricity supply to cryptocurrency mining operations on the 7th of June, just a week after a total ban was lifted.The Canadian province of Québec has made a proposal to cryptocurrency miners. Source: financemagnates.com Share This:

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U.S. coal miners worry Trump-China trade dispute could hit exports

“The U.S. Energy Information Administration said U.S. coal exports to Asia doubled from 15.7 million tons in 2016 to 32.8 million tons in 2017” writes Midwest Communications Inc for 95kqds.com. Jason Bostic, vice president of the West Virginia Coal Association, said he hoped the dispute would blow over, or at least that the Trump administration’s steel and aluminum tariffs would boost domestic demand for metallurgical coal. Source: 95kqds.com Share This:

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Crypto News 

Chinese Police Confiscate 200 Computers Used to…

“Chinese police have seized more than 200 computers used to mine cryptocurrencies after a man was alleged to have attempted to cheat the electricity company with unpaid bills” writes Rebecca Campbell for livebitcoinnews.com. Yet, as it does, more people are turning their attention to mining cryptocurrencies.The suspect was using the computers to mine for cryptocurrencies such as Bitcoin and Ethereum.In April, Chinese police seized 600 Bitcoin mining machines following reports of irregular electricity use.Ma, who purchased the computers in April, was hoping to make some money through this operation. Source: livebitcoinnews.com…

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Crypto News 

Declining Cryptocurrency Mining Earnings Not Cause…

“Have you seen declining mining revenue?” writes Jp Buntinx for livebitcoinnews.com. All things considered, the declining mining revenue isn’t that concerning.There has always been substantial debate over how profitable cryptocurrency mining is.One “positive” side effect of the declining mining revenue is how demand for GPUs will taper off.Nor will it have any real impact on cryptocurrency prices either. Source: livebitcoinnews.com Share This:

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Crypto News 

William Shatner once called bitcoin a ‘snob currency’ — now he’s pushing bitcoin miners to use solar power

“The former Captain Kirk is a spokesman for Solar Alliance, a Canadian solar energy company that wants to help bitcoin miners go green by using solar power” writes Jeremy Berke for businessinsider.com. William Shatner wants bitcoin miners to think of the planet.”As an advocate for solar energy I was intrigued by the potential for it to power cryptocurrency mining operations.”. Recent research shows the total energy used for mining bitcoins exceeds the annual energy consumption of 159 countries.While 3-megawatts is a relatively small solar facility — and bitcoin miners need…

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