Financial Industry News
When it comes to the energy- and capital-intensive process of mining cryptocurrency, people tend to think of China, where about 65% of global hash power is located. But like many other closely observed metrics in crypto, American hashrate is a number that seems to be on the cusp of significant increase. Crypto mining, which harnesses […]
Continue ReadingA poorly organized cryptocurrency mining farm has caused a fire in an apartment in St. Petersburg, Russia, and injured the operator, according to a 78.ru report citing the Ministry of Emergencies. The resident of the seven-bedroom apartment had apparently failed to set up sufficient cooling for his equipment, and was hospitalized due to severe burns […]
Continue ReadingAs Chinese authorities make it harder than ever to exchange cryptocurrency into fiat, miners may be forced to move to other jurisdictions, local sources say. On Monday, crypto industry blogger Colin Wu tweeted that miners in China have been struggling to pay for electricity after the authorities started cracking down on OTC brokers in the […]
Continue ReadingEn+, one of the largest aluminium and power producers in the world, is venturing into crypto mining. En+ decided to enter the crypto space after some experimentation in the field, the firm’s chief financial officer, Mikhail Khardikov, told CoinDesk via a spokesperson. Three years ago the company got mining firm BitRiver as a client, selling […]
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Continue ReadingMiners for the decentralized storage project Filecoin are facing such a dire lack of liquidity to participate in the network they are willing to pay high interest rates of up to 40% average per year (APY) to investors holding large amounts of filecoin (FIL), the network’s native token. This dynamic has created a lending market […]
Continue ReadingMineSpot, a company previously unknown in the crypto mining industry, said it is opening a 160-megawatt mining venue in the middle of Siberia that would be the largest mining farm in Russia. The venue is located near the Boguchany Dam in East Siberia, in the town of Kodinsk. It will occupy the building and land […]
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Continue ReadingFilecoin, a decentralized storage network launched by Protocol Labs, is off to a rocky start after a strike by miners just one day after its highly anticipated miannet launch on Oct. 15. Five of its largest miners turned off their machines to protest the project’s “unfair” economic model that requires a significant amount of FIL […]
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