Getting Started: To start mining, users must first log in to their verified Binance account and register for a Binance Pool account. After registration, miners can begin mining Bitcoin from November 18, 2024. Users need to add an external wallet address for Fractal Bitcoin (FB) to their Binance Pool account and can track their current hashrate and earnings via the Pool dashboard.

Might interest you: Who Could Replace Gary Gensler as SEC Chairman?

The mining process uses the PPLNS payout model, with a minimum payout threshold of 0.1 FB. However, users need to ensure that they have properly configured an FB wallet address, as no rewards will be accrued without it.

Key Notes:

• Fractal Bitcoin (FB) is not yet available for trading on Binance.com, and the introduction of FB mining does not guarantee a listing.
• If users’ FB earnings fall below the minimum payout of 0.1 FB, the earnings will remain in their balance.
• For users with a sufficient hashrate, the opportunity to apply for VIP status is available via email.

This new feature is part of Binance’s ongoing efforts to innovate in the cryptocurrency mining space, providing users with more opportunities to earn while also adding a new dimension to traditional Bitcoin mining.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post A New Era of Mining with Binance Pool! appeared first on Coin Engineer.

In recent years, various countries have proposed Bitcoin mining bans due to environmental concerns. China was among the first to implement such restrictions, and some European countries are now considering similar measures. However, experts warn that these bans may lead to unintended environmental and economic consequences.

Environmental Impact: Higher Carbon Footprint

Bitcoin mining is often criticized for its high energy consumption. However, banning mining activities could push these operations to countries with fewer environmental regulations. For instance, some regions with attractive energy costs rely heavily on fossil fuels, which could increase Bitcoin mining’s carbon footprint. Mining in countries dependent on coal-powered plants, rather than in regions encouraging renewable energy use, may exacerbate the global climate crisis.

Issues with Oversight and Transparency

Banning mining activities could also lead to a loss of transparency in the sector. Illegal mining operations might arise in unregulated areas, increasing security risks. As a result, unlawful mining activities could harm local economies and negatively impact the environment.

Solution: Regulation Instead of Bans

Experts suggest that, instead of outright bans, countries should implement regulations to encourage sustainable energy use. Directing mining companies toward renewable energy could help increase transparency in the sector and reduce environmental impacts. For instance, some countries have introduced policies that require a certain percentage of energy used in mining to come from renewable sources, which could help minimize environmental effects.

Conclusion

Although Bitcoin mining bans aim to reduce energy consumption in the short term, they may lead to more significant environmental and economic issues in the long run. Developing sustainable solutions to make the sector more eco-friendly could allow mining activities to continue more responsibly while contributing to the global fight against the environmental crisis.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Bitcoin Mining Bans Could Cause Problems! appeared first on Coin Engineer.

The company generated $84.8 million in total revenue in the quarter ended September 30, $67.5 million of which came from Bitcoin mining. Gross profit from mining was recorded at $28.4 million, excluding depreciation, a 42% decrease from the 181% profit margin in the same quarter last year. The decline was driven by higher electricity, labor, and insurance costs.

The company reported a big loss this quarter, well above market estimates. Analysts were expecting a loss per share of $0.18, but it ended up losing $0.54. The majority of the loss was from unrealized securities losses of $38 million, stock-based compensation expenses of $30.6 million, and amortization expenses of $60 million.

Non-GAAP adjusted EBITDA was reported as a loss of $3.6 million, up from a loss of $3.1 million in the same period last year.

Might interest you: What is BabyDoge?

Despite all these challenges, Riot Platforms produced 1,104 BTC in the third quarter, largely in line with the 1,106 BTC produced in the same period last year. The company managed to maintain production despite the upcoming halving event in April and increased network difficulty.

You can join our Telegram channel to not miss the news and stay informed about the crypto world.

The post Riot Platforms Reports $154 Million Net Loss in Q3, Lowers 2024 Hash Rate Targets appeared first on Coin Engineer.

Bitcoin miners such as Hive Digital and Hut 8 surged nearly 15% on Friday, while other miners like CleanSpark, Riot Platforms, and Bitfarms posted gains between 7% to 10%. Major crypto exchange Coinbase’s stock increased by almost 8%, while corporate bitcoin holder MicroStrategy’s stock rose by more than 11%.

Ethereum and Solana also saw significant gains, with Ethereum up 8.3% and Solana rising 7.2% over the same period. These gains in the cryptocurrency market outpaced the growth in traditional indices such as the S&P 500 and Nasdaq, which each rose less than 1% over the past five trading sessions.

Might interest you: What is BabyDoge?

Total liquidations across centralized exchanges reached $113 million in the past 24 hours, with $30 million in Bitcoin liquidations alone, driven by the strong price surge. Earlier in the week, Bitcoin’s rebound to $68,000 triggered nearly $300 million in liquidations in a single day.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Mining Companies Soared as Bitcoin Soared appeared first on Coin Engineer.

The investment focuses on acquiring 88,000 highly efficient Bitcoin miners, including models such as Bitmain’s T21 and S21 series. This effort aims to significantly boost Bitfarms’ operational capacity, hash rate, and efficiency. By March 2024, Bitfarms had mined 286 BTC with a monthly operating hash rate of 6.5 exahashes per second (EH/s), showcasing the necessity of increasing hash rate capacity to ensure profitability.

Bitfarms plans to reinvest proceeds from Bitcoin sales into expanding its mining fleet. The transformational upgrade is projected to triple Bitfarms’ hash rate to 21 EH/s, increase targeted operating capacity by 83% to 440 megawatts (MW), and enhance fleet efficiency by 40% to 21 w/TH.

Jeffrey Lucas, Bitfarms’ chief financial officer, emphasized the significance of operational expertise in achieving industry-leading performance and profitability. This investment underscores Bitfarms’ commitment to maintaining competitiveness in the rapidly evolving Bitcoin mining sector.

In a separate development, Texas-based Bitcoin miner Giga Energy has expanded its operations into Argentina, leveraging wasted energy from natural gas flaring in the nation’s oil fields. Giga Energy converts methane released during the gas flaring process into electricity to power its Bitcoin mining rigs. However, the firm anticipates challenges in achieving profitability until all necessary equipment is imported to fully scale its mining operations in the region.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post Bitfarms to Triple Hash Rate with $240M Mining Upgrade appeared first on Coin Engineer.

In a recent interview, Icelandic Prime Minister Katrín Jakobsdóttir revealed that the country plans to prioritize food security over financial gain.

This decision comes in response to recent protests by farmers in Europe and trade disruptions that have highlighted the need for the Nordic country to reduce its dependence on imports.

Despite the challenges of farming in Iceland, where glaciers cover much of the country, Jakobsdóttir emphasized the importance of agriculture in safety and security strategies. “Being a farmer in Iceland is not easy. The fields are not great. But agriculture is an important part of our safety and security strategy in this world.”

Efforts on food security are coupled with an attempt to curb the energy-hungry Bitcoin miners that have made the island a data center haven. Jakobsdóttir expressed concern that a significant portion of Iceland’s green energy is being consumed by Bitcoin mining centers, and suggested that valuable renewable electricity from these centers be diverted to housing and other sectors:

“Bitcoin is a worldwide problem, but data centers in Iceland use a significant amount of our green energy. A new proposal to increase wind power would ‘prioritize’ green industries to achieve carbon neutrality. Bitcoin and cryptocurrencies, which use a large part of our energy, are not part of this mission.”

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Iceland May Ban Bitcoin Mining appeared first on Coin Engineer.