Replies to post #20436 on Bitcoin (BTCUSD)

[Investors3]

Japan's SBI opens its bitcoin mining pool for the public
by Yogita Khatri
March 19, 2021, 4:55AM EDT · 1 min read

SBI Crypto, a wholly-owned subsidiary of Japan's SBI Holdings, has opened its bitcoin mining pool for the public.

The move means institutions and individuals looking to mine bitcoin and other cryptocurrencies can join the SBI Crypto Pool service.

SBI Crypto has been self-mining bitcoin, bitcoin cash, and bitcoin SV since August 2017. Its bitcoin mining pool is currently ranked eleventh and has a hashrate of 2.44 exahash per second (EH/s), per BTC.com.

SBI Crypto said part of its pool's service had been developed with its partner Northern Data AG to complement data center management services. SBI first partnered with Northern Data last July by becoming its strategic shareholder.

The SBI pool appears to be the second well-known pool to open for the public after Digital Currency Group's Foundry. After months of operating its pool in private beta mode, Foundry last week opened its public service.

Bitcoin miners have been raking in millions of dollars in revenue given the cryptocurrency's recent rally. According to data compiled by The Block, bitcoin miners made an all-time high revenue of $1.36 billion in February. For this month so far, their revenue has been nearly $1 billion.

https://www.theblockcrypto.com/linked/98788/japan-sbi-crypto-bitcoin-mining-pool-open-for-public?utm_source=coinbase&utm_medium=rss

[Investors3]

Crypto mining will be a bridge to 100% renewable energy production, says Mike Colyer
April 13 2021 - 12:40PM
Cointelegraph

"At some point Bitcoin mining will look like a utility, and it’s going to be a part of critical infrastructure for countries," said the Foundry Digital CEO.

https://ih.advfn.com/stock-market/COIN/BTCUSD/crypto-news/84815956/crypto-mining-will-be-a-bridge-to-100-renewable-e

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Crypto mining will be a bridge to 100% renewable energy production, says Mike Colyer

"At some point Bitcoin mining will look like a utility, and it’s going to be a part of critical infrastructure for countries," said the Foundry Digital CEO.

Mike Colyer, CEO of Foundry Digital, a crypto mining subsidiary of Digital Currency Group, says that mining Bitcoin could eventually help the world transition to green energy.

Speaking at the Crypto Mining Forum online event today, Colyer said he believes that as major energy companies see the economic benefits of mining cryptocurrencies like Bitcoin (BTC), it may lead to a restructuring of both capital and operations. Calling Bitcoin mining "a great stabilizer" for the power grid, the Foundry Digital CEO said the technology could become a "bridge between the current energy production and a world where 100% of our energy is produced from renewables."

“Bitcoin mining provides a steady base load and yet it’s still intermittent to allow grids stability,” said Colyer. “This creates a really powerful economic dynamic for renewable energy products.”

He added:

“Nation-states, they can’t sleep on this, and they’re going to find ways to take advantage of their natural resources to be involved in Bitcoin mining [...] At some point Bitcoin mining will look like a utility, and it’s going to be a part of critical infrastructure for countries.”

Colyer cited examples in the U.S. of the technology moving forward including lawmakers in Kentucky pursuing tax breaks for local cryptocurrency miners, and New-York based Bitcoin mining company Greenidge Generation, which operates a power plant that runs only when there is high demand. According to the CEO, it could be a "10- to 20-year journey" for this transition to renewables to begin, but Bitcoin would likely play an important role.

According to Colyer, Digital Currency Group has now invested more than $225 million in North American cryptocurrency miners seemingly in an effort to make the U.S. competitive against other countries’ operations. China is still the leader in crypto mining, with one recent report suggesting that 75% of Bitcoin mining takes place in the country.

"Institutions have arrived. I can hardly keep up with the news every day of new Bitcoin mining companies. I've always thought the U.S. would be a leader in Bitcoin mining."

https://cointelegraph.com/news/crypto-mining-will-be-a-bridge-to-100-renewable-energy-production-says-mike-colyer

[Investors3]

Bitfarms Is Bringing Hydroelectric Bitcoin Mining to Argentina
The eight-year contract will generate revenues of $650 million at Bitcoin’s current price.
By Mathew Di Salvo
2 min read
Apr 20, 2021

In brief

* Bitcoin mining operation Bitfarms is setting up shop in Argentina.
The Canadian company chose the Latin American country in part due to a
favorable climate.

* Bitfarms hopes to generate mining revenues of over $650 million.

Bitfarms, one of the largest Bitcoin mining operations in the world, is set to launch a new mining data centre in Argentina. It will be its biggest operation yet.

The publicly-traded company, which is based in Québec, said in a Monday statement that the project would draw up to 210 megawatts of electricity.

Bitfarms added that it signed a non-binding memorandum in October to secure electricity at approximately $0.02 per kWh with the plan to develop the 60 MW Bitcoin farm. The idea is that—with Bitcoin’s currency price of around $55,000—this would generate revenues of around $650 million, or 11,774 Bitcoins.

“With a favorable year-round climate, the facility in Argentina does not require expensive liquid immersion cooling to keep the miners cool and operating optimally,” the company said. “The miners will be cooled with fans, similar to how they are cooled in our facilities in Québec.”

The project is due to last for eight years with the initial contract, the company said. And the Bitcoin mining should start early 2022, if all goes according to plan.

Bitfarms, founded in 2017, is listed on TSX Venture Exchange, a public venture capital marketplace for emerging companies.

Mining Bitcoin—using powerful computers to approve Bitcoin transactions—is typically energy-intensive, with miners consuming an estimated 14.44 GW or 128.77 terawatt-hours, according to Cambridge University’s Centre for Alternative Finance.

Bitfarms, which has five industrial-scale hydroelectric facilities in Québec, uses hydroelectric power to mine Bitcoin and supposedly help the environment.

Bitfarms may be the biggest mining operation in North America but it faces stiff competition—primarily from China. Most Bitcoin mining happens in the Asian country; mining firms based in China are responsible for 65% of the coin’s hashrate—the total combined computational power used to process the network’s transactions.

Though Bitfarms said in its statement that Argentina was chosen because of a favorable climate, the region is not a hotspot for mining activity—yet (except maybe in the continent’s most unstable country, Venezuela.)

Mining Bitcoin can be a lucrative business—especially when the cryptocurrency is doing well. Last month, Bitcoin mining revenue hit a record $1.5 billion, and mining profitability has been on the up since last year, according to BitInfoCharts stats. Most modern miners are currently net positive in terms of daily yields.

https://decrypt.co/68538/bitfarms-bitcoin-mining-argentina?&utm_medium=referral&utm_campaign=feed&utm_source=coinbase