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The U.S. government has announced a new initiative to keep tabs on the energy consumption of cryptocurrency mining operations. The Energy Information Administration (EIA) will soon embark on a data-gathering mission, engaging directly with commercial crypto miners to gather comprehensive details regarding their energy usage. Starting next week, this exercise aims to highlight the evolving energy patterns related to crypto mining , pinpoint areas of concentrated growth, and shed light on the energy sources underpinning this digital asset creation. Authorized under an urgent data collection directive by the White House Office of Management and Budget, this initiative stems from heightened attention to the environmental impacts of crypto mining. Joe DeCarolis, the EIA Administrator, emphasized the significance of this inquiry, stating that understanding how the energy demand for cryptocurrency mining is changing and identifying regions with rapid expansion will be amongst the agen...

The United Arab Emirates’ combined Bitcoin mining capacity is estimated to be around 400 megawatts or 4% of Bitcon’s global hash rate. The United Arab Emirates (UAE) is gradually solidifying its status as a go-to Bitcoin (BTC) mining destination in the Middle East. The country has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate. The UAE’s mining journey began with Bitcoin miner Marathon Digital partnering with Zero Two — the digital asset arm of Abu Dhabi’s sovereign wealth fund — in May. The joint venture established two mining sites with a combined 250-megawatt (MW) capacity in Abu Dhabi. Abu Dhabi has become a hub for all kinds of crypto mining activity in the UAE due to its energy efficiency and status as the center of trade in the country. According to data from Hashrate Index, UAE’s combined Bitcoin mining capacity is likely around 400 MW — or 4% of Bitcon’s...

The history of mining reflects the ongoing evolution of technology and human ingenuity in the pursuit of extracting valuable resources from the earth. Mining is the process of extracting valuable minerals, metals and other resources from the earth. This may entail extracting minerals from underground deposits or from the earth’s surface. The minerals and resources extracted through Mining are used for a wide range of purposes, including energy production, construction and manufacturing. Mining can take many forms, including underground mining, surface mining and placer mining. The specific method used depends on the type of resource being extracted and the location of the deposit. Moreover, the mining process typically involves several stages, including: Exploration: To locate a deposit. Extraction: To remove the minerals or resources. Processing: To extract the valuable components. Reclamation: To restore the site to its original state. Mining can have a variety of effects on the env...

A handful of improving metrics show profit margins slowly improving for Bitcoin miners, but key areas of the sector remain under pressure. Bitcoin’s mining industry has been relatively stable compared to the bearish price action and the tumultuous fallout of exchanges and lending companies.  The network’s hashrate dipped slightly toward the end of 2022, primarily due to an unprecedented blizzard in the U.S., and has since recovered strongly to surpass its previous peak above 270 EH/s. It was particularly encouraging to see that the hashrate holding well above summer 2022 lows, despite the aftermath of FTX collapse. Bitcoin 7-day average hash rate. Source: Glassnode However, despite the recent robustness in a variety of metrics, the Mining industry faces many challenges, which will likely restrict its growth moving forward. The hurdles include low profitability, a threat from new-age efficient machines and the upcoming Bitcoin halving which will slash block rewards by half. BTC mining...

Join Our Telegram channel to stay up to date on breaking news coverage On January 13, environmentalists filed a lawsuit against the New York Public Service Commission (PSC) for allowing the takeover of a bitcoin mining plant in the state. The state Public Service Commission (PSC), which oversees public utilities, approved the conversion of the Fortistar North power plant into a crypto - mining facility in September 2022, according to The Guardian. The site was slated to be taken over by the Canadian cryptocurrency mining company Digihost and is situated in Tonawanda, a town less than 10 miles from Niagara Falls. The 2019 New York climate law, according to the lawsuit, is violated by the approval. Among other objectives, the Climate Leadership and Community Protection Act (CLCPA) aims to achieve zero-emission electricity by 2040 and a reduction of 85% of state-wide emissions by 2050. The organization Earthjustice is representing the Clean Air Coalition of Western New York an...