Mining

The Environmental Impact of Cryptocurrency

Thursday. September 12 at 7:30 AM

1 min. read

The cryptocurrency industry faces scrutiny over its environmental impact, with debates on the sustainability of mining practices. UCL's new report challenges the notion that Proof-of-Stake (PoS) blockchains are more eco-friendly than Proof-of-Work (PoW) ones. While PoW protocols like Bitcoin are criticized for their energy consumption, PoS protocols like Ethereum offer a more collaborative approach. The industry, represented by companies like Hedera, is urged to measure and mitigate its environmental footprint. Despite claims of green energy use in Bitcoin mining, studies show its significant electrical consumption compared to PoS blockchains. The ongoing debate raises questions on decentralization, energy efficiency, and the industry's responsibility towards the environment. With efforts from organizations like UCL, the crypto community aims to address these challenges and promote sustainability.

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Legal Battle Over Crypto Mining Regulations in Arkansas

Wednesday. October 2 at 11:00 AM

A lawsuit has been filed by a crypto mining company against an Arkansas County judge and prosecutor for allegedly selectively enforcing noise legislation against crypto firms. NewRays, a Bitcoin mining firm, claims that Judge Allen Dodson and prosecutor Phil Murphy are targeting its business operations with discriminatory regulations. The company acquired property in Faulkner County to operate a data center for crypto mining, but faced restrictions following resident complaints. The ordinance imposed decibel limits and criminal sanctions, which NewRays argues violate the Arkansas Data Centers Act. The complaint alleges that the defendants coordinated to enforce the ordinance to benefit a civil lawsuit. Despite other businesses generating more noise, the ordinance was allegedly designed to target NewRays specifically. The company seeks injunctive relief to prevent enforcement of the ordinance. This legal battle highlights the challenges faced by crypto companies in navigating regulatory hurdles.

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Bitcoin Mining Firm CleanSpark Working to Restore Power After Hurricane Helene

Tuesday. October 1 at 11:30 AM

CleanSpark, a US Bitcoin mining company, is currently in the process of restoring power to all its facilities following the impact of Hurricane Helene. The hurricane caused significant flooding, power outages, and damage across multiple states. Initially, CleanSpark's hashrate dropped from 28 exahashes per second to 10.5 EH/s after shutting down 365 MW in Georgia. However, the company has since brought back 200 MW online, raising its operating hash rate to 22 EH/s. CleanSpark aims to have the remaining 165 MW operational by October 4. Despite the hurricane's severity, CleanSpark's mining infrastructure remained intact, with no significant damage reported. The company prioritizes the safety of its team members above all else. Hurricane Helene has resulted in numerous casualties and property damage across several states, with winds reaching up to 140 mph. Bitcoin's hash rate has fluctuated post-hurricane, but CleanSpark remains committed to restoring full power and operations.

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Alleged Conspiracy to Steal Bitcoin Mining Business

Friday. September 27 at 3:30 PM

Bitcoin company Swan has filed a lawsuit accusing former employees, along with Tether, of plotting to take over its Bitcoin mining business. The lawsuit claims that ex-employees, including executives, conspired to steal proprietary code, vendors, and business partners. They allegedly resigned en masse to create a rival company, Proton Management. The complaint also alleges that Tether played a role in aiding the scheme. Swan further accuses Proton of soliciting its mining personnel and using Tether to harm Swan's competitiveness. The lawsuit details how Proton's CEO, a former Swan executive, attempted to disrupt Swan's operations and take over its mining management. Swan is seeking a permanent injunction against Proton and damages. The case is ongoing, with Swan investigating the alleged theft of data and trade secrets by its former employees.

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Hut 8 Launches GPU-as-a-Service Program for AI Developers

Friday. September 27 at 4:30 AM

Hut 8, a Bitcoin miner and computing infrastructure company, has introduced a GPU-as-a-service program in collaboration with AdvizeX. The initiative targets artificial intelligence developers, granting them access to Hewlett Packard Enterprise supercomputers powered by 1,000 Nvidia H100 GPUs. Hut 8, initially focused on Bitcoin mining, shifted towards cloud and AI services due to the common use of GPUs in both sectors. Following the Bitcoin halving in April 2024, mining has become more challenging, leading to revenue constraints for mining facilities. Hut 8's move into AI services has proven successful, with their GPU-as-a-service program already generating revenue. This program offers developers an alternative to building their own clusters by providing access to GPUs via cloud computing. The increasing demand for GPUs, like Nvidia's H100, has made such services valuable for developers and startups.

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