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Bitcoin mining has come a long way in its 14-year history. What began as a simple task powered by desktop computers has now turned into an industry with many high-tech machines. Along with the popularity of mining BTC, the cost of electricity has also increased over time. This has made the activity all the more expensive to carry out. Also Read: Bitcoin Mining Difficulty Rises 6.17% to Claim New ATH Mining a single Bitcoin (BTC) requires about 266,000 kilowatt-hours (kWh) of electricity. This translates to almost seven years of continuous mining at a monthly energy consumption of 143 kWh. Given the rising cost of electricity, there are only a few nations where BTC mining can be profitable. Let’s have a look at some of them located in the Middle East. Top Countries to mine Bitcoin in the Middle East Source: BeinCrypto Lebanon : Although trading crypto is formally prohibited in Lebanon, there is no enforcement as such. Moreover, mining as a business seems to have grabb...

Greenpeace’s “Skull of Satoshi” artwork highlights their gripes with Bitcoin’s consensus mechanism, but Bitcoin supporters adopted it as a new mascot. Environmental group Greenpeace’s latest salvo against Bitcoin (BTC) has seen the commissioning of an artwork aimed at highlighting its climate impact. Instead, the art piece has been widely praised by Bitcoiners, who want to adopt it as its mascot. On March 23, the climate activism group partnered with art activist Benjamin Von Wong for its ongoing “change the code, not the climate” campaign that seeks to convert Bitcoin’s consensus mechanism to a proof-of-stake (PoS) model. Greenpeace revealed its art piece dubbed the “Skull of Satoshi” — an 11 feet (3.3 meters) tall skull featuring the Bitcoin logo and red laser eyes, a popular meme adopted by Bitcoin supporters. Some climate activists think #Bitcoin is just fake internet money they can safely ignore. The truth? Bitcoin is causing dangerous amounts of real-world pollution from its rav...

Public Bitcoin miners sold off nearly everything they mined in 2022 but appear to have started accumulating reserves once again in what some hope is a bullish signal. Publicly listed Bitcoin (BTC) miners sold off almost 100% of all the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created "a persistent headwind" for the Bitcoin price or not. Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet which indicated that approximately 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital from Jan. 1 to Nov. 30 was sold off. BTC miners sell roughly 100% of the coins they mine The 10 public bitcoin miners detailed here mined ~40.7k BTC and sold ~40.3k in 2022 This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade pic.twitter.com/L1iI6Z07p7 — Tom Dunleavy (@dunleavy89) Decem...

As per a recent letter to shareholders, German Bitcoin (BTC) mining firm Northern Data is expecting $202 million to $206 million in revenue. If the target is achieved, the revenue will account for a 1.11% growth from 2021’s $202 million. It should be noted that 2021’s revenue was ten times the earnings in 2020. However, the firm expects profits, regardless of the bear market. CEO Aroosh Thillainathan noted that the firm does not have any financial debts. The lack of debts gave it a “unique opportunity to consolidate and expand our current position in BTC mining.” Additionally, the letter noted that Northern Data would continue to utilize “BTC mining to strengthen and expand its HPC (High-Performance Computing) activities.” The firm expects “significant opportunities in the HPC markets” they are targeting. Despite the competition, the firm was able to expand its mining market share in 2022. Currently, the firm’s entire computing c...

Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) Mining company — avoid possible bankruptcy , report s emerged confirming the business’ inevitable fate. Core Scientific reported ly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report citing a person familiar with the company’s finances said that the Bitcoin mining company would file for Chapter 11...