Bitcoin’s average block size has hit all-time highs above 2.5MB for the first time since its inception in 2009, driven by the launch of nonfungible tokens (NFTs) protocol Ordinals in January 2023. Block size data from Blockchain.com reflects a jump in Bitcoin block size from the beginning of February 2023, increasing over 2MB in the weeks following the launch of the Ordinals Protocol. As Cointelegraph previously reported, participants from the Bitcoin mining ecosystem have already made over $600,000 processing transactions of Ordinals, which have been dubbed as Bitcoin-based nonfungible tokens. Related: Bitcoin hits record 44M non-zero addresses, thanks to Ordinals: …

Bitcoin (BTC) miners have earned nearly $600,000 in two months from a new controversial NFT protocol called Ordinals that has triggered a surge in user activity. What are Bitcoin Ordinals? Ordinals allow users to inscribe data in the form of images and other media types in newly mined blocks on the Bitcoin blockchain that's otherwise largely used for peer-to-peer monetary transactions. Since the launch of Ordinals in mid-December, however, users have inscribed nearly 74,000 NFTs into the Bitcoin blockchain, earning miners a cumulative $574,000 in BTC transaction fees to date, data from Dune Analytics shows. These NFTs include "digital artifacts" …

Australia-based Bitcoin (BTC) mining company, Iris Energy, revealed it will nearly triple its mining capacity with the addition of thousands of mining rigs. On Feb. 13 the firm said it purchased an additional 4.4 Exa Hashes per second (EH/s) worth of Bitmain Antminer S19j Pro ASIC miners bringing its self-mining capacity to 5.5 EH/s from 2.0 EH/s. Based on the S19j Pro’s maximum hashrate of 100 Tera Hashes per second (TH/s), the purchase adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations. Daniel Roberts, Iris’ co-founder and Co-CEO said the purchase “is a significant milestone” for the …

Bitcoin (BTC) is known for its robustness, security and predictability. Every 10 minutes–on average–the blockchain produces a new block and the successful miner earns a block reward of 6.25 BTC, circa $130,000. However, every once in a while, the Bitcoin blockchain surprises observers and participants. At block height 776,339, nodes across the network verified a completely empty block. The block was added to the Bitcoin blockchain with zero included transactions–leading to some confusion among the crypto community. So, what exactly is an empty block, and how does it happen? First, while an empty block might seem strange at first, it's …

The first production update of 2023 from publicly listed Bitcoin (BTC) mining companies shows a steady increase in hash rate and a surge in BTC production compared to the previous month, according to a new analysis from Hashrate Index. The majority of public miners increased their bitcoin production in January, with CleanSpark boosting it by 50%, reaching a record monthly production of 697 Bitcoins. Leading the BTC production, Core Scientific reached 1,527 coins mined in January, followed by Riot, the second-biggest producer, mining 740 Bitcoins in the month. Marathon and Cipher have seen significant increases in Bitcoin production, reaching 687 …

How do renewable energy resources benefit Bitcoin mining in rural areas? Renewable energy sources offer a more reliable power supply for Bitcoin mining operations since they are less prone to experiencing power disruptions. Additionally, using sustainable energy for Bitcoin mining can support job growth and economic expansion in rural areas. In the context of Bitcoin, gridless computing, which refers to the usage of alternative computing resources such as edge devices, can encourage the use of renewable energy resources to mine BTC in Africa. That said, gridless computing offers an alternative to the centralized electrical grid, which is often unreliable or …

Kazakhstan, one of the biggest Bitcoin (BTC) mining hubs in the world, announced plans to introduce new crypto regulations aimed at reducing tax fraud and unlawful business operations. A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct legislations, the first requires the secured digital assets issuers to have the government’s permission. Moreover, such issuers will be subject to monitoring in accordance with the existing law of the land — “On Combating the Legalization (Laundering) of Proceeds from Crime …

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 …

Bitcoin (BTC) mining firm CleanSpark is planning to continue its strategy of scooping up distressed mining company assets this year. The Bitcoin miner released its fiscal Q1 earnings presentation on Feb. 9, where the company said it remained optimistic about the coming year and continued growth. Chief Financial Officer, Gary Vecchiarelli, said CleanSpark has seen “explosive growth” in the last 12 months and feels very comfortable with its plans. He added that growth in terms of mergers and acquisitions would continue into 2023. “With respect to our strategy regarding M&A, we have been one of the most active miners to …

The American state of Mississippi is one step closer to protecting the rights of cryptocurrency miners after the state senate passed the Mississippi Digital Asset Mining Act on Feb. 8. There is a companion bill under consideration in the state house of representatives. The senate bill, authored by state Sen. Josh Harkins, legalizes home digital asset mining and the operation of mining businesses in areas zoned for industrial use. There are already crypto miners operating in Mississippi, which has some of the lowest electricity rates in the country. However, the bill claimed: “Digital asset mining has often faced regulatory challenges …

Bitcoin (BTC) miner Bitfarms has settled its debt obligations with BlockFi, closing the chapter on its short relationship with the bankrupt cryptocurrency lender. On Feb. 9, Bitfarms disclosed that it had settled its $21 million debt obligations with BlockFi for a single $7.75 million cash payment. The settlement was reached weeks after Bitfarms warned that it might default on its BlockFi loan. “Combined with the earlier restructuring and elimination of our capital expenditure obligations in December, this successful negotiation and settlement furthers our initiatives to reduce indebtedness,” said Jeff Lucas, Bitfarms’ chief financial officer. Bitfarms’ relationship with BlockFi centers around …

The crypto mining industry has faced moratoriums in some parts of the U.S. and Canada in recent months. Now, Russia provides tax incentives for those who want to invest in crypto mining. The new $12 million crypto mining center will open in East Siberia with the direct support of the government. According to local media, the state-owned Corporation for the Development of the Far East announced the launch of the crypto mining center in Buryatia — a republic in East Siberia and a part of the Russian Federation. The facility will possess 30,000 mining machines, hire 100 workers and consume …