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<ul class="summary-list"><li>Greenidge Generation has drawn the ire of several environmental organizations for its massive energy consumption.</li><li>The groups called on NY Gov. Kathy Hochul to block its permit to operate.</li></ul><ul class="summary-list"><li>The signatories highlighted how this will jeopardize the state's progress in reducing greenhouse gas emissions.</li></ul>Greenidge Generation's power plant in New York that's mining <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> has drawn the ire of several environmental businesses and organizations, all of whom recently urged Governor Kathy Hochul to block its permit to operate."New York must halt this move to turn old fossil-fuel-powered plants into <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> centers until a full environmental assessment is conducted on the impact that these operations will have on greenhouse gas emissions, as well as the state's air and water quality," according to a <a href="https://earthjustice.org/sites/default/files/files/cryptominingmoratoriumletter_governorhochul10_13_2021.pdf">letter dated October 13</a> addressed to the governor with more than a hundred signatories.The letter cited how a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> mining expansion in the state could "drastically undermine New York's climate goals established under the Climate Leadership and Community Protection Act." The <a href="https://apnews.com/article/bitcoin-mining-new-york-power-plant-climate-change-516dbd319394a6a30f83d94947abad20">Associated Press</a> was first to report.New York State Commissioner Basil Seggos also took to <a href="https://twitter.com/BasilSeggos/status/1435724739352449025?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1435724739352449025%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fnew-york-businesses-ask-governor-to-deny-permits-for-crypto-miningning">Twitter</a> to call out Greenidge saying it "not shown compliance with New York's climate law."<keyword id="11971141" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> - the process whereby computers solve complex puzzles to verify transactions and are rewarded with new coins - has long been criticized for its intensive energy consumption.The signatories raised issues with resurrecting defunct fossil fuel power plants, highlighting how this will jeopardize the state's progress in reducing greenhouse gas emissions.As such, they are demanding the governor deny the renewal of the plant's air quality permit. Included in the letter is also a request to deny the permit of the Fortistar North Tonawanda Facility, a natural gas-burning power plant.Greenidge maintained it is compliant with all laws. New York has yet to make a determination on its permits.<h2>How Greenidge started bitcoin mining</h2>Greenidge Generation began in 1937 as a coal-fired power plant, according to its <a href="https://greenidge.com/our-story/">website</a>. A corporation purchased the plant in 1999 and continued to operate it until 2011.Then in 2014, a group of private investment funds acquired Greenidge and converted it to cleaner-burning natural gas, allowing it to provide electricity to power up to 20,000 homes and businesses in 2020 alone, the website added. In 2020, it started commercially mining bitcoin. Today, the company claims to be the "first and only carbon neutral, vertically integrated power generator and bitcoin miner of scale" in the US. Greenidge in the third quarter of 2020 said in a <a href="https://www.prnewswire.com/news-releases/greenidge-generation-announces-selected-preliminary-operating-results-for-third-quarter-2021-301391673.html">statement</a> it mined 729 bitcoins and had approximately 15,300 miners in operation.While there are many opponents of the facility, it does have some advocates. This includes Chairman of the Yates County Legislature Douglas Paddock who, in a public hearing testimony last week, said the plant has brought 45 high-paying jobs to the area and has made a "significant contribution" through tax payments and capital investments, the AP reported. Around the US, crypto mining plants have and will continue to rise, especially following China's wide-ranging digital asset ban. The US, in fact, has already <a href="https://markets.businessinsider.com/news/currencies/us-biggest-bitcoin-mining-hash-rate-china-cryptocurrency-energy-consumption-2021-10">unseated the Asian nation</a> as the world's biggest bitcoin miner, according to data from the <a href="https://cbeci.org/mining_map" target="_blank" title="Link to Cambridge Bitcoin Electricity Consumption Index" rel="noopener">Cambridge Center for Alternative Finance</a> as miners migrate out of China.

A New York power plant that mines bitcoin faces big test in governor's office

<ul class="summary-list"><li>The president of <keyword id="11907000" type="UNKNOWN" weightage="60" keywordseo="belarus" source="Orion">Belarus</keyword> urged his government to use deserted industrial sites to mine crypto, <a href="https://cointelegraph.com/news/belarus-president-lukashenko-calls-on-state-to-mine-cryptocurrency">Cointelegraph</a> reported.</li><li><keyword id="12004261" type="UNKNOWN" weightage="60" keywordseo="alexander-lukashenko" source="Orion">Alexander Lukashenko</keyword> said his country has enough energy resources to power the electricity-intensive activity.</li><li>The leader's prompt comes as <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> has drawn global criticism for its negative environmental impact. </li></ul>The president of Belarus, Alexander Lukashenko, has urged his government to use the country's deserted industrial sites to mine cryptocurrencies rather than moving overseas to pursue low-paying farming jobs, <a href="https://cointelegraph.com/news/belarus-president-lukashenko-calls-on-state-to-mine-cryptocurrency">Cointelegraph</a> reported, citing <a href="https://www.rbc.ru/crypto/news/6128f2569a794793d5821309">Russian media</a>. Lukashenko said his country has enough energy resources to power the electricity-intensive activity that China has famously <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-mining-ban-riot-blockchain-renewable-jason-les-crackdown-2021-7">banned</a> in June.The 66-year-old authoritarian leader pointed to the already existing locations that Belarusians could use to mine digital assets during the opening of the Petrikovsky mining and processing plant on August 27. "We must understand, they are not waiting for us anywhere [...] Build something based on electricity," he told <a href="https://www.rbc.ru/crypto/news/6128f2569a794793d5821309" target="_blank" rel="noopener nofollow">Russian media RBC</a>. "After all, start mining cryptocurrencies or whatever it's called. There is enough electricity in the country."Lukashenko's prompt comes as cryptocurrency mining has drawn global criticism for its negative environmental impact.Earlier this year, <a href="https://www.businessinsider.com/elon-musk-dogecoin-developers-environmentally-friendly-2021-5?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">bitcoin mining's energy consumption</a> have hounded the world's most valuable cryptocurrency, causing it to shed nearly half of its value from its April all-time high. Shortly after China's clampdown, <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-mining-ban-riot-blockchain-renewable-jason-les-crackdown-2021-7">various industry experts</a> have said the Asian superpower's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ban on mining</a> has been one of the most impactful moves on the bitcoin network. Miners located in China, as a result, scrambled to relocate their operations to other countries.But Lukashenko, who became president in 1994, has been favoring cryptocurrency mining for a while. In April 2019, the strongman <a href="https://cointelegraph.com/news/what-would-the-re-election-of-alexander-lukashenko-mean-for-crypto">proposed to use excess energy</a> from one of his country's nuclear power plants to mine cryptocurrencies, as Cointelegraph reported. Read more: <a href="https://www.businessinsider.com/crypto-price-forecasts-altcoins-tokens-goldman-sachs-hedge-fund-executive-2021-8" target="_blank" rel="noopener">An ex-Goldman hedge-fund exec predicts bitcoin will reach $250,000 to $400,000 and ethereum will surpass $20,000 by March. He lays out his investment case for the 2 largest cryptos - and shares other altcoins in his portfolio.</a>

The president of Belarus reportedly wants his government to mine crypto using spare power infrastructure

<ul class="summary-list"><li>China's <keyword id="329891" type="COMPANY" weightage="60" keywordseo="Inner-Mongolia">Inner Mongolia</keyword> Autonomous Region has set up a hotline for the general public to report any outlying cryptocurrency-mining operations that are still active in the region.</li><li id="recirc"><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>Its a move to further crack down on mining operations that could jeopardize China's goal to reduce carbon emissions. </li><li>Inner Mongolia was once a hub for crypto-mining operations but has tried to fully clear them out of the region.</li></ul>The government in China's Inner Mongolia Autonomous Region is cracking down further on cryptocurrency-mining operations. The Inner Mongolia Autonomous Region Development and Reform Commission <a href="http://fgw.nmg.gov.cn/xxgk/zxzx/tzgg/202105/t20210518_1502529.html">announced </a>on Tuesday that it has set up a hotline, email, and mail address for the general public to report any outlying crypto-mining operations that are still active in the region.The commission is also targeting mining companies that are posing as data centers and enjoying preferential policies in tax, land, and electricity prices, and any company that offers land rental services for crypto mining operations.The creation of a hotline comes after the commission announced in March it was trying to fully clear out and shut down all virtual currency mining projects by the end of April 2021, <a href="https://www.theblockcrypto.com/linked/96591/chinas-inner-mongolia-seeks-to-shut-crypto-mining-farms-in-new-proposal">per The Block</a>.According to <a href="https://cointelegraph.com/news/inner-mongolia-sets-up-hotline-to-report-suspected-crypto-miners">Cointelegraph</a>, Inner Mongolia was once a hub for <keyword id="6097384" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-mining">cryptocurrency mining</keyword> operations, and accounted for 7.71% of the global Bitcoin hash rate from September 2019 to April 2020.Now, China has pledged to reduce carbon emissions, and Chinese authorities have cracked down on mining operations. China pledged in 2020 to reach carbon neutrality before 2060 and reach peak carbon emissions before 2030.The announcement from Inner Mongolia comes as the cryptocurrency market experiences a <a href="https://markets.businessinsider.com/currencies/news/crypto-market-value-47-percent-lost-7-days-2021-5-1030447473">steep sell-off.</a> As of Wednesday afternoon, the global crypto market cap is $1.6 trillion, a 18.46% decrease over the last day, according to <a href="https://coinmarketcap.com/">CoinMarketCap</a>.Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>

Inner Mongolia doubles down on crypto-mining ban and sets up a hotline for the general public to report suspected activity

<ul><li>The Federation of Indian <keyword id="1547832" type="COMPANY" weightage="20" keywordseo="Mining-industries">Mining Industries</keyword> (FIMI) has held the Supreme Court liable for job losses in the mining sector. </li><li>The Supreme Court judgements have cost India nearly 2.3 million jobs — directly and indirectly. </li><li>The imposed ban and restrictions has taken away around 1.28 million jobs in Karnataka and Goa mining sector. </li><li>There are 10 indirect jobs created against every direct employment in the mining sector.</li></ul>Amid economic slowdown, the Federation of Indian Mining Industries (FIMI) has held the Supreme Court liable for job losses in the mining sector. India’s mining sector is the third largest employment generator. And, the industrial body said that the judgements rolled out by the court has cost India nearly 2.3 million jobs — directly and indirectly. This number excludes the petroleum and natural gas segment. “Although the mining sector employed 2.3 million people in 2011-12, various judgments, including bans and restrictions on mining by the Supreme Court, has led to a significant drop in employment in the mining sector,” Financial Express <a href="https://www.financialexpress.com/economy/supreme-court-judgments-led-to-around-2300000-job-losses-fimi/1715209/">reported</a> citing FIMI’s secretary general RK Sharma. The shutdowns have largely impacted operations in remote and tribal areas of the country. And, roughly <a href="https://www.businesstoday.in/current/slowdown-blues/mining-sector-stares-slump-lakhs-of-jobs-on-the-line/story/376712.html">264,000 jobs are on the line</a>. "We are staring at huge employment loss due to expiry of tenure of 329 non-captive mining leases on 31st March, 2020. Out of 329 non-captive, 48 are working mines. The closure of these mines will hit production of about 50-60 million tonnes of raw materials, mainly iron ore and is expected to result in loss of about 2,64,000 jobs, direct and indirect," he added. The apex court’s ban on mining activities led to the closure of several mines. This has led to a loss of around 1.28 million jobs in Karnataka and Goa mining sector alone, news agency IANS reported. This was after the Supreme Court suspended mining activities across Goa in 2012. The restrictions and penalties also resulted in loss of 50,000 direct jobs in Odisha. And the ban affected indirect employees even more. According to Sharma, the ratio of direct to indirect employment in the mining sector is 1:10. That means, there are 10 indirect jobs created against every direct job. See also: <a href="https://www.businessinsider.in/textile-workers-diamond-polishers-and-others-face-job-losses/articleshow/70977544.cms">The untold crisis to befall India’s artists, artisans and weavers</a> <a href="https://www.businessinsider.in/job-cuts-at-parle-and-britannia-sales-show-indian-economy-is-in-dire-straits/articleshow/70766429.cms">India’s biscuit crisis shows slowdown is hurting the poor more — and job losses are making it worse</a> <a href="https://www.businessinsider.in/auto-sector-slowdown-puts-one-million-contractual-jobs-at-risk/articleshow/70373751.cms">Auto sector slowdown puts one million contractual jobs at risk</a>

Supreme Court ban on mines resulted in 2.3 million job losses — laments industry body

<ul><li>While the rescue of the 15 miners stuck in a ‘rat hole’ mine in the eastern state of Meghalaya in India since December 13, 2018, is still underway, two more incidents of <keyword id="6367140" type="UNKNOWN" weightage="20" keywordseo="illegal-mining">illegal mining</keyword> have come to light. </li><li>Two miners have lost their lives in one of the incidents, while three more are stuck in another ‘rat hole’ mine. </li><li>Government officials in Meghalaya have repeatedly denied any knowledge of illegal mining in the state after the ban implemented in 2014. </li><li>But the chief minister of the state quickly turned on his words after the first incident took place. </li><li>Data shows that administrative oversight is one of the primary reasons this problem was allowed to continue for so long.</li></ul>While the Indian government is still struggling to rescue the <a href="https://www.businessinsider.in/indian-supreme-court-expresses-dissatisfaction-instructs-government-to-get-the-miners-out-dead-or-alive/articleshow/67257937.cms">15 rat hole miners</a> stuck in the eastern Indian state of Meghalaya, two more incidents of illegal mining in state paint a disturbing picture. The issue is not only about the prevalence of illegal mining but the resultant loss of life due to the risk involved and lax security regulations. The first incident is where two miners <a href="https://www.ndtv.com/india-news/2-dead-as-another-meghalaya-mine-collapses-rescue-stumbles-at-older-site-1973517">died</a> as a result of a ‘side cutting’ mine collapsing on top of them. The second is where three miners have been trapped in another ‘rat hole’ mine in the area for nearly nine days <a href="https://www.thehindu.com/news/national/other-states/boulders-fall-in-meghalaya-mine-kill-two/article25927321.ece">according</a> to the locals in the area. Questions for politicians Meghalaya has always maintained that the ban imposed by the National Green Tribunal (NGT) in 2014 was effectively implemented. But after the mining incident of December 13, 2018, where 15 miners are still stuck in a ‘rat hole’ mine — their story seems to be changing. Chief Minister Conrad K Sangma has <a href="https://www.telegraphindia.com/states/north-east/dec-report-admits-to-illegal-mining-in-meghalaya/cid/1681055">admitted</a> to knowing about the illegal mining in Meghalaya only after the incident took place. Earlier that year, when there were allegations of illegal mining activity in Meghalaya, he denied all charges. 
 
 <div type="ExtQuote" text="&quot;We are aware that illegal mining activities were on. Appropriate action will be taken against those who are involved in it. This is not acceptable to us.&quot;" auname="Conrad K Sangma, Chief Minister of Meghalaya"></div>




 Reports also show that over the past four years — despite the coal mining ban being in place — over 2,700 trucks have seized containing coal even though only about 1,100 cases were actually registered. Experts <a href="https://www.hindustantimes.com/editorials/meghalaya-rat-hole-mining-tragedy-politicians-have-a-lot-to-answer-for/story-eiALqenJkbeggHDatUsEfM.html">cite</a> the prevalence of mining in Meghalaya to three reasons. One, that these ‘risky’ mining practices are also cheaper than conventional methods lacking the usual safety requirements. Two, there is political support in place. And, three, the local community needs the job opportunity since they are mostly migrants from neighboring states. The fact that the mines are privately owned makes it even harder to keep track of where they are, who owns them or even of their exact number. So rather than illegal mining in Meghalaya being a surprise, it was more of administrative oversight that allowed the phenomenon to continue. See also: <a href="https://www.businessinsider.in/indian-supreme-court-expresses-dissatisfaction-instructs-government-to-get-the-miners-out-dead-or-alive/articleshow/67257937.cms">Photos that show the efforts to rescue 15 miners trapped in illegal 'rat hole’ mine in India</a> <a href="https://www.businessinsider.in/for-74-indian-activists-the-punishment-for-seeking-the-truth-has-been-death/articleshow/63425570.cms">For 74 Indian activists, the punishment for seeking the truth has been death</a> <a href="https://www.businessinsider.in/indian-authorities-used-google-maps-to-expose-illegal-sand-mining-activities/articleshow/64945513.cms">Indian authorities used Google Maps to expose illegal sand mining activities</a>

More illegal mining in India — the state of Meghalaya has more questions than answers

<ul class="summary-list"><li><keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">Crypto mining</keyword> firm <keyword id="11699433" type="UNKNOWN" weightage="60" keywordseo="core-scientific">Core Scientific</keyword> is going public via a SPAC in a deal that values the combined entity at $4.3 billion.</li><li id="recirc"><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>The <keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">mining</keyword> firm will merge with Power and Digital Infrastructure Acquisition Company.</li><li>Core Scientific operates proprietary mining facilities and hosts digital asset mining hardware for customers. </li></ul>Core Scientific, one of North America's largest <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3">crypto miners</a>, is going public via a SPAC merger in a deal that values the combined entity at $4.3 billion, the firm said in a Wednesday <a href="https://www.prnewswire.com/news-releases/core-scientific-the-largest-blockchain-hosting-provider-and-digital-asset-miner-in-north-america-to-list-on-nasdaq-through-merger-with-power--digital-infrastructure-acquisition-corp-301338591.html">announcement</a>. The mining firm will merge with <a href="https://markets.businessinsider.com/stocks/xpdi-stock">Power and Digital Infrastructure Acquisition Company</a>, whose anchor investor is BlackRock. Following the transaction, the combined company will operate as Core Scientific and trade on the Nasdaq exchange. Core Scientific owns four US facilities where it operates proprietary mining facilities and hosts <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other digital asset mining hardware for customers. The company said it operates with 100% net carbon neutrality through using clean energy inputs and purchasing renewable energy credits. The proceeds from the SPAC merger are expected to fund mining equipment purchases of and infrastructure build out.The firm mined 755 <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> in the first quarter of 2021. Publicly traded competitor Marathon Digital Holding's mining fleet produced 196 newly minted bitcoins during the same period. Core Scientific also estimates it will boast a mining capacity of 510 megawatts by the end of the year through its four facilities. For the first half of 2021, Core Scientific has mined 1,683 bitcoins total.The merger is expected to be completed in the fourth quarter of 2021. Shares of Power and Digital Infrastructure Acquisition Company have jumped as high as 2% since the close Tuesday before the transaction was announced.

Bitcoin mining firm Core Scientific is going public via SPAC in a $4.3 billion deal

<ul class="summary-list"><li><keyword id="41896" type="COUNTRY" weightage="60" keywordseo="Iran">Iran</keyword> has banned <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> mining over the summer ahead of an anticipated surge in <keyword id="159873" type="PERSON" weightage="60" keywordseo="electricity-demand">electricity demand</keyword>, Bloomberg reported.</li><li>The ban is effective immediately until September 22.</li><li>Approximately 4.5% of all <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> occurs in Iran, according to Elliptic.</li></ul>Iran has banned cryptocurrency mining over the summer ahead of an anticipated surge in electricity demand, <a href="https://www.bloomberg.com/news/articles/2021-05-26/iran-bans-crypto-mining-to-keep-the-lights-on-over-summer">Bloomberg first reported</a>. The country the past few days has experienced widespread <keyword id="4330279" type="PERSON" weightage="60" keywordseo="blackouts">blackouts</keyword> due to higher than usual energy consumption, compounded by drought and high temperatures, according to <a href="https://www.arabnews.com/node/1863336/middle-east">Arab News</a>.While cryptocurrency mining was highlighted, other electricity-intensive activities were also prohibited, President Hassan Rouhani announced on state television Wednesday."The ban on the mining of cryptocurrencies is effective immediately until September 22," Rouhani said as <a href="https://www.reuters.com/technology/iran-bans-cryptocurrency-mining-4-months-amid-power-cuts-2021-05-26/">Reuters reported</a>. "Some 85% of the current mining in Iran is unlicensed." <a href="https://www.businessinsider.com.au/category/bitcoin-mining">Cryptocurrency mining</a> has <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497">long been criticized</a> due to its heavy energy use and environmental impact. Various research, including a study from Cambridge University, <a href="https://cbeci.org/cbeci/comparisons" target="_blank" rel="noopener">has shown</a> that bitcoin mining around the world uses more energy each year than some entire nations.Mining cryptocurrencies, a complex process that includes validating data blocks to include in the public ledger, is power-intensive and often relies on fossil fuels. Approximately 4.5% of all bitcoin mining occurs in Iran, according to blockchain analytics firm <a href="https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions">Elliptic</a>.<div type="image" title="Screen Shot 2021 05 26 at 9.01.11 AM" height="443" width="591" msid="82975545" hostid="261"></div>The fact that the country has <a href="https://www.businessinsider.com/currency-crisis-impoverishes-iranians-strains-economic-defenses-2020-7">restricted access to foreign currencies</a> also makes cryptocurrency mining more attractive.The ban however raises concerns about pushing the practice -including those licensed-into the black market. Iran in the past has launched a crackdown on illegal miners, accordin to <a href="https://www.bloomberg.com/news/articles/2021-05-21/iran-enlists-its-spies-to-hunt-down-power-hungry-bitcoin-miners">Bloomberg</a>.

Iran bans crypto mining for the summer ahead of peak electricity demand

<ul class="summary-list"><li>Insider spoke to two <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> industry executives about the state of the industry after China's crackdown. </li><li>The drop in bitcoin's hashrate as a result of the ban has made <keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">mining</keyword> more profitable and easier than ever, <keyword id="5304583" type="PERSON" weightage="60" keywordseo="riot-blockchain">Riot Blockchain</keyword> CEO said. </li><li>US mining companies are also facing a flood of demand from Chinese miners looking to house mining operations.</li></ul>China has taken a harsh view of the crypto space since the early days of bitcoin. Industry experts say though that June's outright <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">ban on mining operations</a> has been one of the most impactful moves by the country on the bitcoin network. Look no further than the chart of the bitcoin hashrate, the measure of computing power being contributed to the network through mining, to see the ban's effect: a significant drop-off beginning in June as the authorities in the country implemented the ban. <div type="image" title="hashrate" height="389" width="526" msid="84708239" hostid="261"></div>The drop off isn't entirely negative for the mining industry, however. In fact, as more miners suddenly shut down in China, it made mining easier, and more profitable for those still able to operate."As miners, we're all competing against each other for the same fixed piece of pie, so when the competition drops off like that, you're just getting a bigger piece of the pie," said <keyword id="11713502" type="UNKNOWN" weightage="60" keywordseo="jason-les">Jason Les</keyword>, CEO of <a href="https://markets.businessinsider.com/stock/RIOT">Riot Blockchain</a>, one of the largest publicly traded mining companies. He described to Insider how the network hashrate dropped 50% within a matter of weeks in June as mining in China stopped. Due to how bitcoin was designed, a drop in the hash rate also led to a drop in the network difficulty, meaning it was easier to mine with less people competing, and subsequently more profitable.Les said the crackdown and drop in hashrate has created "tremendous" opportunities for miners unaffected by the ban, though he deeply sympathizes with miners in China, which is the birthplace of the bitcoin mining industry. "I can't imagine going through something like that, where just suddenly you've devoted so much time and capital, you built this business, and then at the stroke of a pen, the government decides your business is done," he said. As a result of the ban, miners in China are scrambling to relocate their operations to other countries. Les said his Linkedin inbox is flooded with inquiries from miners looking for facility space in the US."There have been Chinese miners who have just showed up in Texas asking 'can you take us to a mining facility that you know is nearby? We need capacity," he added. The migration out of China is especially good for mining companies that are able to host third-party miners within their facilities, like Riot."Being a hoster puts us in a great position because now we have an increased base of prospective customers looking for space," said Les. Interestingly, the mining ban in China has also helped bitcoin toward a fundamental goal of becoming a truly decentralized network, Whit Gibbs, CEO and co-founder of Compass Mining, told Insider. Gibbs said the most "dangerous thing for Bitcoin" is for more than 50% of the hash rate to be located in any one country and vulnerable to the whims of one country's regulations. For many years, many bitcoin enthusiasts were concerned about the hashrate being heavily concentrated in China. Now, miners are flocking to countries like the US, Kazakhstan, and Russia.According to the <a href="https://www.jbs.cam.ac.uk/insight/2021/new-data-reveals-timeline-of-chinas-bitcoin-mining-exodus/">Cambridge Centre for Alternative Finance</a> (CCAF), the US's share of the total <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> hashrate increased from a mere 4.6% to 16.8% from September 2019 to April 2021. "It makes for a more secure Bitcoin," Gibbs said.

Why China's crypto crackdown is creating 'tremendous' opportunities for miners in other countries, according to industry execs

<ul class="summary-list"><li><keyword id="10975637" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining-stocks">Bitcoin mining stocks</keyword> mounted a recovery on Friday after <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> found support at the $50,000 per-coin level.</li><li>Shares of Riot Blockchain, Marathon Digital Holdings, BitDigital, and other crypto-associated stocks all rose early Friday.</li><li>Bitcoin has been under pressure after Elon Musk reversed a decision to accept bitcoin as payment for Tesla vehicles.</li></ul><keyword id="6097384" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-mining">Cryptocurrency mining</keyword> stocks recovered on Friday as <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> climbed back above the $50,000 per-coin level despite continued pressure on the cryptocurrency for its environmental impact.Shares of crypto miners like <a href="https://markets.businessinsider.com/stocks/riot-stock">Riot Blockchain</a>, <a href="https://markets.businessinsider.com/stocks/mara-stock">Marathon Digital Holdings</a>, and <a href="https://markets.businessinsider.com/stocks/btbt-stock">Bit Digital</a> all rose during premarket hours on Friday.However, over the past month, shares of Riot Blockchain are down 62%, while shares of Bit Digital and Marathon Digital Holdings are down 37% and 61%, respectively.The fall comes amid a breakdown in bitcoin's price due to repeated questions about the cryptocurrency's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5-1030424949">environmental drawbacks</a>, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-vs-ethereum-experts-which-asset-rather-hold-btc-eth-2021-5-1030405530">competition from Ethereum</a> and <a href="https://markets.businessinsider.com/currencies/news/dogecoin-tesla-payment-elon-musk-crypto-bitcoin-environment-stocks-2021-5-1030429931">Dogecoin</a>, and more recently, comments from <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Elon Musk.Musk announced Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingestgest">suspend vehicle purchases</a> using bitcoin due to the environmental impact of the digital currency on Wednesday.The billionaire CEO's bitcoin "U-turn" caused the digital asset's price to plummet below $48,000 per coin before mounting a mild recovery back above the $50,000 resistance level.Bitcoin's fall from grace came just a day after the US Securities and Exchange Commission said the digital currency is a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-regulation-sec-volatility-highly-speculative-asset-suitable-etf-2021-5-1030421711">"highly speculative"</a> investment in a warning to investors."As such, investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market," the SEC said in a statement.Despite warnings from the SEC and an Elon Musk "U-turn," <keyword id="1926395" type="PERSON" weightage="60" keywordseo="Bitcoin-miners">bitcoin miners</keyword> have continued to invest in their businesses.Marathon Digital Holdings announced on Monday in its first-quarter earnings report that it produced 386 newly minted bitcoins in 2021 and increased the number of active miners in its operations to 6,800.Last week, Bit Digital announced that it earned 1,013.40 bitcoin from mining operations in the first quarter and now owns more than 40,000 miners.And on Monday, Riot Blockchain announced that it mined 206 bitcoin in April, a 90% jump from the 108 bitcoin the company mined in April of last year.Shares of Riot Blockchain traded up 9.99%, while shares of Bit Digital and Mara Digital Holdings traded up 6.11% and 12.36% as of 9:40 a.m. ET.

Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000

<ul class="summary-list"><li><keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">Crypto mining</keyword> could pose power supply issues for US public utilities, <keyword id="12224692" type="UNKNOWN" weightage="60" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword> said.</li><li>The mining process is highly energy intensive and can increase a utility's electric load, Fitch said.</li><li>The US is now the biggest <keyword id="11971141" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining" source="Orion">bitcoin mining</keyword> hub in the world.</li></ul><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> mining in the United States poses a risk to the power supply to public utilities if not mitigated, <a href="https://www.fitchratings.com/research/us-public-finance/crypto-mining-poses-challenges-to-public-power-utilities-24-01-2022">said Fitch Ratings</a> on Monday. The ratings agency said the significant amount of power mining operations require could considerably increase a utility's electricity load. Crypto mining is a process whereby powerful computers solve complex calculations and receive tokens, or fractions of a token, as a reward. But it is hugely energy intensive. The US is the biggest miner of <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, the largest cryptocurrency by market capitalization. The US accounted for<a href="https://ccaf.io/cbeci/mining_map"> more than 35%</a> of the world's bitcoin hashrate, a measure of the mining network's computing power, in mid-2021. The enormous amounts of energy crypto mining produces led to a US House <a href="https://www.bloomberg.com/news/articles/2022-01-20/bitcoin-mining-s-hearing-in-u-s-house-questions-its-power-usage">subcommittee hearing</a> on January 20. One House representative said the <keyword id="12040003" type="UNKNOWN" weightage="60" keywordseo="energy-consumption" source="Orion">energy consumption</keyword> of the bitcoin mining process was <a href="https://www.bloomberg.com/news/articles/2022-01-20/bitcoin-mining-s-hearing-in-u-s-house-questions-its-power-usage">"deeply concerning"</a>, according to Bloomberg.Fitch Ratings said utilities with "excess capacity must evaluate the opportunity costs and benefits of a new large crypto load". The agency also mentioned that "crypto mining operations typically bring in very little additional economic benefits in the form of jobs or ancillary business to a local economy."Fitch said crypto mining operations are price-sensitive and risk quickly closing if they are unviable, which means utilities may face non-payment. It called crypto mining "volatile and unregulated" in nature.Utilities can protect themselves and limit their risk by "restricting the scope of crypto mining operations in their service area or by defining their power procurement commitments," the agency said.The US overtook China as the world's largest crypto mining center last year after Beijing <a href="https://www.cnbc.com/2021/10/13/us-beats-china-as-the-number-one-destination-for-bitcoin-miners.html">banned</a> all mining operations last year, in part due to the carbon footprint of the mining process itself.Russia's central bank has also recently proposed <a href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">banning</a> crypto mining in the country due to its negative impact on the country's environment and financial systems.A <a href="https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html">New York Times report</a> in September found bitcoin mining consumed around 91 terawatt-hours of electricity per year, more than some countries and almost 0.5% of all electricity used worldwide.

US crypto mining poses a supply risk to public power utilities, according to Fitch Ratings

<ul class="summary-list"><li>Former Credit Suisse traders Kyle Davies and Su Zhu started a firm that now owns billions in <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>.</li><li>Their largest <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> holding is in <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword>, Bloomberg reported.</li><li>They were unphased by last week's crypto sell-off amid concerns over energy use. </li></ul>Crypto whales Kyle Davies and Su Zhu have billions of dollars worth of cryptocurrency in their portfolios - and tweets from Tesla CEO Elon Musk and concerns over energy use aren't phasing them.An article from Bloomberg, titled, "<a href="https://www.bloomberg.com/news/articles/2021-05-25/ex-credit-suisse-traders-amass-billions-of-dollars-of-crypto?sref=BWbpWjRm">Ex-High School Classmates Are Among the World's Largest Crypto Holders</a>," details how the pair of 34-year-olds quit their jobs as Credit Suisse derivatives traders after three years and started Three Arrows Capital, which has focused exclusively on cryptocurrency for the past three years. <a href="https://www.threearrowscap.com/about-us/">Three Arrows Capital</a>, based in Singapore, owns a 5.6% stake in the $22 billion Grayscale <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> Trust, making the firm the largest shareholder, Bloomberg reported, citing a January filing. Davies and Zhu, who have advised crypto billionaires on Twitter to remain quiet on their fortunes, didn't reveal to Bloomberg how much of their firm's capital belongs to them or other direct cryptocurrency investments.But, Davies said the firm's largest cryptocurrency holding is in Ethereum. Investing in Ethereum is the "best way to beat bitcoin," and beating bitcoin is their "ultimate goal," he told Bloomberg. Three Arrows Capital did not immediately respond to Insider's request for comment for the story. The two have been vocal on Twitter about their bullishness in Ethereum and crypto in general. Following last week's volatility, Zhu said he "<a href="https://twitter.com/zhusu/status/1396413451065466882">didn't sell any ETH</a> or DeFi on the way down and own more ETH today than ever before." With Three Arrows Capital, the two started a fund called <a href="https://www.defiance.capital/#About">DeFiance Capital</a>, which is a "Decentralized Finance (DeFi) focused cryptoasset fund" betting that "DeFi will eat traditional finance during the next decade." <a href="https://www.businessinsider.com/bitcoin-stumbles-again-following-a-wild-week-global-cryptocurrencies-selloff-2021-5">Cryptocurrencies plummeted</a> last week amid concerns over energy use, tweets from Tesla CEO Elon Musk, and a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">crackdown from China</a>. Read more: <a href="https://www.businessinsider.com/what-does-inversion-of-btc-basis-trade-mean-crypto-analysts-2021-5" target="_blank" rel="noopener">A nearly risk-free trade that cashed in on bitcoin's volatility is now inverted. Analysts and traders break down what this has to do with the massive rebound of major cryptos this week - and whether this upward move is sustainable.</a>Musk said Tesla may <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">dump bitcoin</a> because of energy use, creating turmoil for the cryptocurrency. But as for his influence over the market, Davies told Bloomberg outsized voices "usually don't last very long if they're used too much."With regard to concerns over energy use, Davies said it doesn't apply to all of crypto, as those that use very little electricity is "the direction that a lot of crypto is headed in."According to an estimate from the University of Cambridge's <a href="https://cbeci.org/cbeci/comparisons">Bitcoin Electricity Consumption Index</a>, Bitcoin <keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">mining</keyword> consumes more than 113 terawatt hours per year, slightly more than the Netherlands, which consumes 110 terawatt hours.Ethereum, for its part, is trying to switch to a proof-of-stake system, which reduces the carbon emissions problem of the proof-of-work system currently used by Ethereum and Bitcoin that needs a global network of computers running 24/7, <a href="https://fortune.com/2021/05/24/ethereum-bitcoin-buterin-carbon-footprint-proof-of-stake/">Fortune reported</a>.The proof-of-stake system is already used by other cryptocurrencies such as Cardano, Polygon, Tezos, Polkadot, and EOS, <a href="https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030">NBC News reported</a>.

A pair of 34-year-old former Credit Suisse traders turned crypto whales say they're beating bitcoin by owning ether - and downplay the energy-use concerns of mining and Elon Musk's impact

<ul><li><keyword id="10876235" type="UNKNOWN" weightage="60" keywordseo="cipher-mining-technologies">Cipher Mining Technologies</keyword> announced it will go public through a merger with blank-check company Good Works Acquisition.</li><li>The deal values the combines entity at $2 billion.</li><li>The transaction is expected to close in the second quarter of 2021. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Newly formed <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> operation Cipher Mining Technologies announced it will go public in a merger with blank-check company Good Works Acquisition. The deal values the combined entity at $2 billion.The transaction is expected to close in the second quarter of 2021. Upon closing, the combined companies will be named Cipher Mining and will trade under the Nasdaq ticker symbol CIFR.The deal is expected to give the combined companies $595 million in gross cash proceeds, which includes a $425 million PIPE (private investment in public equity) from investors such as Fidelity Management &amp; Research Company and Counterpoint Global, a unit of Morgan Stanley."We were attracted to Cipher Mining as we believe the <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> mining space represents a compelling way to gain risk-adjusted exposure to the growing crypto ecosystem," said Good Works Co-Chairman Doug Wurth <a href="https://www.businesswire.com/news/home/20210305005234/en/Cipher-Mining-Inc.-a-Newly-Formed-US-based-Bitcoin-Mining-Company-to-Become-a-Publicly-Traded-Company-via-a-Merger-with-Good-Works-Acquisition-Corp.">in a statement</a>. Cipher Mining is a subsidiary of Bitfury Top HoldCo B.V or Bitfury Group. Since 2011, the Bifury Group has been a provider of bitcoin mining hardware and other blockchain software and services.

You Searched For "mining" and got 12 results

A New York power plant that mines bitcoin faces big test in governor's office

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A pair of 34-year-old former Credit Suisse traders turned crypto whales say they're beating bitcoin by owning ether - and downplay the energy-use concerns of mining and Elon Musk's impact

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