Norway’s Parliament Rejects Proposal to Ban Bitcoin Mining

In a voting majority, earlier this week, Norway’s parliament the Storting ruled against a proposal to outlaw Bitcoin mining. Proposing the bill was Sofie Marhaug, representing Rodt, Norway's communist party. Marhaug’s party contended that Bitcoin extraction consumed too much energy which according to them was not good for Norway’s electricity reserves.   Backing them were only two parties: The Socialist People's party and the Labor party. Unfortunately for rising Bitcoin mining naysayers, the Storting disagreed and rejected the proposal. Bitcoin Mining…

Bitcoin Hits Another Mining Difficulty High 

Bitcoin's mining difficulty rate hit an all-time high as April neared its end — its second within the month. The network’s increasing difficulty is a testament to its growing adoption and an increasing pool of miners. Bitcoin Marks a Milestone Barely three weeks after Bitcoin broke the record for its highest network difficulty rate yet, it set another. On Wednesday, April 6, Bitcoin first made history when its difficulty mining rate jumped a notable 5.56%. This put it at the…

New York State Assembly Passes Moratorium on Bitcoin Mining 

New York is close to signing a two-year moratorium on Bitcoin mining into law. The state assembly passed a bill today to prevent users from renewing fossil-fuel permits for proof-of-work mining activity. New York Against Mining After passing yesterday, the bill is now headed for the Democratic-controlled State Senate. Democrats – who are more concerned with environmental protections than their Republican counterparts – have a reputation for standing against Bitcoin mining. That includes New York City Mayor Eric Adams, who…

Fort Worth, Texas Directs City Staff to Begin Mining Bitcoin

The city of Fort Worth, Texas is tentatively entering the Bitcoin mining industry at a government level. The six-month pilot program should establish the area as a welcoming blockchain hub. Miners at City Hall On Tuesday, the Fort Worth city council voted unanimously on a resolution to accept a donation of three Bitcoin miners. The miners – a Texas Blockchain Council donation – are worth $2,100 each. As CNBC reports, the Bitmain Antminer S9 mining rigs will mine Bitcoin 24/7…

US Treasury Targets Russian Bitcoin Mining Companies With New Sanctions

One day after the IMF’s warning, the US treasury has hit multiple Russian Bitcoin mining companies with secondary sanctions. The increased restrictions should prevent Russia from monetizing its energy resources using proof-of-work crypto networks. Cutting Off Mining Resources As reported by CNBC, this marks the first time the Treasury has ever placed trade restrictions on virtual currency miners. Last month, President Biden announced that America would no longer accept Russian oil, with other jurisdictions following suit. Gas prices in the…

IMF Believes Countries Can Monetize Energy Using Bitcoin Mining

The International Monetary Fund (IMF) recently released its Global Financial Stability Report for April 2022. Covering the financial system’s resilience amidst the Russia Ukraine war, it repeats oft-cited concerns about crypto threatening financial integrity. Among these worries is that Russia, despite worldwide sanctions, could manage to monetize its energy resources by mining Bitcoin. Crypto: A Double-Edged Sword As claimed in the report released today, cryptocurrencies could “undermine domestic policy objectives” as they gain more widespread use. For example, crypto asset…

Tesla’s Equipment Will be Used to Mine Bitcoin for Block and Blockstream

Adam Back – CEO of Blockstream – announced on Friday that his company will construct a $12 million Bitcoin mining facility. The project is a joint effort with Jack Dorsey’s Block and it will leverage renewable energy technology originating from Tesla. A Triple-Threat Bitcoin Partnership Adam Back is one of Bitcoin’s original developers, who many suspect of being Satoshi Nakamoto himself. The CEO is the man behind Hashcash, which is the basis of proof-of-work mining that secures Bitcoin today.   However,…

Kevin O’Leary Explains Why Bitcoin Mining Will “Save the World”

Kevin O’Leary – a Canadian entrepreneur and TV personality – explained why crypto mining will “save the world” at Bitcoin 2022. Despite regulatory concerns about Bitcoin’s carbon footprint, the Shark Tank star argues that the network is “good for the earth”. The Right Incentives O’Leary’s keynote speech covered the importance of regulation for crypto, and how it will impact the industry’s growth. He described the SEC as a “minefield” in crypto policy, due to a recent memorandum the commission put…

The 19 Millionth Bitcoin Has Been Mined

The 19 millionth Bitcoin has officially been mined from the premiere blockchain network. That leaves only 2 million left to enter circulation. Bitcoin’s price is $46,467 at the time of writing, leaving its market cap (value of all Bitcoin combined) at $882,917,060,274. Block 730002 was mined at 16:21:29 UTC earlier today, according to mempool. It featured a reward of 6.32 Bitcoin for the winner – 6.25 of which was part of the block subsidy. The other 0.07 was from transaction…

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