Bitcoin mining
Texas is home to nearly 30% of all Bitcoin hash rate — Foundry
Published
9 months agoon
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adminThe U.S. state of Texas accounts for over 28% of all Bitcoin (BTC) hashing power in the United States, according to the latest Hashrate Map by crypto mining service provider Foundry USA.
The newly updated map shows Texas with 28.5% of all Bitcoin hash rate in the country, followed by the states of Georgia claiming 9.64% hash rate, New York with 8.75%, and New Hampshire accounting for 5.33%. Bitcoin’s hash rate represents how fast a mining machine operates when trying to calculate a valid block hash.
A snapshot of Foundry’s pool in December 2021 shows a different picture. At the time, Texas controlled 8.43% of the country’s hash rate, Georgia had 34.17%. Meanwhile, Kentucky stood at 12.40% and New York held 9.53% of the U.S. hash rate. Compared to 2021, more U.S. states are mining Bitcoin this year.
Overall, by July 2023, the Bitcoin global hash rate had reached 400 EH/s, nearly twice as high as at the end of 2021, when it stood at 174 EH/s, said Foundry.
The data was pulled between July 21-27, 2023, when Texas faced power curtailment. According to the report, the data captured during curtailments means that the Texas hash rate may be “higher than what’s reported on the map.”
During power curtailment, Bitcoin miners lower their production to balance energy supply and demand in the grid. Essentially, it is a way to balance energy consumption during peak times. In Texas, a program grants large energy consumers, such as Bitcoin miners, incentives for being flexible with energy use.
One of the Bitcoin miners participating in Texas’ curtailment program is Riot Platforms. In August, the company mined fewer Bitcoin than in July but received over $31 million in power credits from the state.
Texas has been evolving as a hub for crypto mining thanks to its cheaper energy and welcoming regulatory framework. The state’s electricity prices are below the U.S. average, according to data from the Energy Information Administration.
As of January 2023, Texas’s average residential electricity tariff was $0.14 per kilowatt-hour (kWh), an 8.3% discount compared to the national average of $0.15 per kWh. The costs are even lower for large consumers like crypto miners.
The state became a hotbed for large mining operations following China’s crackdown on crypto mining in 2021.
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Bitcoin mining
Digital Shovel Sues RK Mission Critical for Patent Infringement on Bitcoin Mining Containers
Published
2 days agoon
July 3, 2024By
adminDigital Shovel Holdings Inc. has filed a lawsuit against RK Mission Critical LLC, RK Mechanical LLC, and RK Industries LLC in the US District Court for the District of Colorado, accusing them of patent infringement, according to a press release sent to Bitcoin Magazine. The dispute revolves around Digital Shovel’s V-Shape technology, designed to increase miner density in crypto mining containers.
Digital Shovel developed the V-Shape technology in 2018, securing patents in 2022, 2023, and 2024. These patents enable a 30% increase in miner density, providing significant operational advantages. According to the complaint, Compute North, a client of RK Mission Critical, initially sought to license this technology from Digital Shovel in 2019 but was refused. Despite this, RK Mission Critical allegedly produced containers strikingly similar to Digital Shovel’s, with some staff initially mistaking them for their own products.
“Instead of competing fairly, defendants are exploiting the innovative technologies that Digital Shovel has worked hard to develop and protect through patents,” the complaint stated.
Digital Shovel’s CEO, Scot Johnson, stated that based on RK Mission Critical’s marketing, they believe they’ve sold approximately 850 units which were sold for over $200,000 per unit, resulting in sales of $170 million worth of product.
“A variety of publicly traded mining companies are using the product from RK,” Johnson said. “However, our focus is not on them or any other end user at this time. It’s on enforcing our intellectual property on the company that is building products using our technology and stealing customers from us.”
Despite being aware of the pending patents since 2021, Digital Shovel claims RK Mission Critical continued its production without authorization, and their refusal to engage in settlement negotiations has led Digital Shovel to seek legal redress. The company aims to obtain compensation and a court order to prevent further sales of the infringing containers.
Bitcoin Magazine will be interviewing Johnson in an upcoming spaces on X later today at 1:15PM EST, where those interested in learning more about this lawsuit are encouraged to attend.
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Bitcoin mining
Marathon Uses Bitcoin Mining To Heat Town of 11,000 in Finland
Published
2 weeks agoon
June 20, 2024By
adminToday, Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leader in Bitcoin mining, has launched an innovative pilot project to recycle heat generated from Bitcoin mining to warm a community in Finland. The 2-megawatt data center, energized at the end of May, is located in the Satakunta region, home to 11,000 residents.
JUST IN: Marathon is now warming a town of over 11,000 in Finland using heat from #Bitcoin mining 🤯 🇫🇮
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
“This pilot project in Finland is a critical step forward in our strategy to expand globally and innovate sustainably,” said Fred Thiel, Marathon’s chairman and CEO. “We are not just producing digital assets; we are heating homes and integrating sustainable practices into our business model. We believe that this kind of innovation can drive the advancement of the digital asset compute industry and further strengthen Marathon’s leading position in the field.”
The initiative marks Marathon’s first district heating project and its debut in Europe. District heating involves centrally heating water and distributing it through underground pipes to heat local buildings. Finland, known for its clean energy mix, relies heavily on biomass for district heating. By utilizing heat from digital asset data centers, the project aims to reduce carbon emissions and operating costs.
“Europe’s colder climate has given rise to an extensive network of district heating systems that provide warmth to millions of residents,” Marathon stated in its new Heating with Hashes report, published in full below. “This same climate has attracted a different industry – data centers – which benefit from reduced energy consumption and infrastructure costs associated with the cooler temperatures. The share of electricity consumed by data centers in the EU is at least double the global average, with data centers accounting for around 3% of the EU’s electricity consumption compared, to 1.0-1.5% globally. These energy-intensive facilities generate 3 significant amounts of heat, creating a unique opportunity for strategic partnerships with district heating systems.”
“One industry needs heat, while the other generates plenty of it,” Marathon continued in the report. “Instead of wasting the abundant heat produced by data centers, it could be recycled to meet heating demand. This innovation transforms an unwanted byproduct of data centers into a valuable resource for district heating systems, reducing costs and waste for everyone involved while reducing the need for inefficient, carbon-emitting heat sources.”
The project is part of Marathon’s broader commitment to sustainability, expanding its footprint to twelve sites across four continents. According to Future Market Insights Inc, the district heating market is projected to grow from $198 billion to $340 billion by 2033, offering significant growth opportunities. By recycling heat, Marathon aims to enhance its sustainability portfolio and explore new revenue streams, aligning with its goal of achieving zero-cost power for digital asset computing.
“Following the success of our pilot project in Utah, where we demonstrated that it is both economically viable and environmentally beneficial to use landfill gas for digital asset compute, we have continued to experiment with innovative ways that our operations can add value beyond securing distributed ledgers, like Bitcoin’s,” stated Adam Swick, Marathon’s chief growth officer. “This pilot project in Finland is our first attempt to convert the heat that we produce as a byproduct of our operations into a valuable resource for a local community. We look forward to gathering more data from this project as we look for additional ways to leverage digital asset compute to build a more sustainable future.”
For more information about Marathon’s sustainability initiatives, visit their website here. Those interested in reading Marathon’s full Heating with Hashes report can do so below:
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Biden Administration
Trump’s Appeal to Bitcoin Miners Is a Wakeup Call for Crypto to Stay Apolitical
Published
3 weeks agoon
June 12, 2024By
adminMany see it as frankly embarrassing to be buddying up with any politician, putting aside Trump’s Napoleonic sized ego. Bitcoin writer and privacy advocate L0la L33tz, for one, wrote a whole essay about the subject, arguing that politicians cannot be trusted, that Trump failed to deliver on many of his previous campaign promises, and that Bitcoin doesn’t really even need political support.
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