Iran accounts for 4.5% of all Bitcoin mining, according to a new study from the blockchain data firm Elliptic. At the country's current rate of power consumption, Elliptic estimates that Iran’s Bitcoin mining farms would generate $1 billion in revenue, annually.

In putting together their estimate, Elliptic looked at data from Cambridge University’s Centre for Alternative Finance, as well as statements from Iran’s state-controlled Power Generation, Distribution, and Transmission Company (also known as Tavanir), which claimed Iranian miners use up to 600 MW of electricity.

Still, the company admits the numbers are “very challenging to determine.”

Cambridge last updated its per-country figures in April 2020, and pegged Iran’s average monthly share of Bitcoin’s energy consumption at 3.82%. Back then, the price of one Bitcoin was around $7,000—the global hashpower (i.e. the amount of computing power dedicated to mining Bitcoin) has since increased substantially, along with the price.

The study also suggests that Iran has doubled down on Bitcoin as a way of skirting US sanctions around oil exports. Less gas leaving the country means more cheap energy for Bitcoin mines, which is an attractive prospect not just for local miners, but also for Chinese mining companies looking to evade bans.

In effect, Iran is still selling plenty of oil and gas internationally—it’s just happening on the level of electricity generation, rather than the oil and gas itself. “The electricity being used by miners in Iran would require the equivalent of approximately 10 million barrels of crude oil each year to generate—around 4% of total Iranian oil exports in 2020,” reads the study.

The Bitcoin mining boom in Iran is also an example of how Bitcoin’s proof-of-work consensus mechanism incentivizes a race to the bottom for cheap energy; miners make more money when they’re paying less for electricity.

And the cheapest power sources tend to be the dirtiest.

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ক্রিপ্টোকারেন্সি বড় বড় বিনিয়োগকারীদের জন্যই মার্কেটের পাম্প এবং ডাম্পিং সাধারণত হয়ে থাকে। বড় বড় বিনিয়োগকারীরা মার্কেট যে দিকে নিয়ে যাবে মার্কেট তখন সে দিকেই যাবে। ক্রিপ্টোকারেন্সি তে বিশিষ্ট ইনভেস্ট কারী ইলন মাস্ক এর আলোচনা সবাই করে। কারণ বিটকয়েনের দাম বাড়ার মূল কারণ ছিল ইলন মাস্ক এবং ইলন মাস্ক ডগি কয়েন নিয়ে তার টুইটার পেজে টুইট করেছিল সেই ডগি এখন আকাশ ছোঁয়ার মতো তার দাম বৃদ্ধি করে নিয়েছে । মার্কেট নিয়ে বড় বড় ইনভেস্ট কারী যদি নেগেটিভ চিন্তাধারা করে তাহলে মার্কেট অবশ্যই নিচে যেতে পারে। আমি মনে করি এটা কোন বড় রকমের প্রভাব ফেলবে না। কারণ মার্কেট আবার পূর্বের অবস্থানে ফিরে আসতে চলেছে। বিটকয়েনের দাম সহ অন্যান্য সকল কয়েনের দাম ইতিমধ্যেই পাম্পিং করা শুরু করে দিয়েছে। যেখানে বিটকয়েনের দাম 30 হাজারে নেমেছিল সেখানে বিটকয়েন কয়েক ঘণ্টার ব্যবধানে 39000 পৌঁছে গিয়েছে।

বর্তমান মার্কেট এমন পরিস্থিতিতে আছে যেটা দেখে কোন কিছুই বলা সম্ভব হবে না। মার্কেট কখন কোন দিকে যাবে এখন বলা খুবই কষ্টকর। মার্কেটের এমন করুণ অবস্থা দেখে সবাই হতবাক হয়েছে আছে।আমরা সবাই ভাবছি মার্কেট আবারও মনে হচ্ছে 2018 সালের ভূমিকায় চলে যাবে।ক্রিপ্টোকারেন্সি মার্কেটের বেশিরভাগ কয়েনগুলি বিটকয়েন এর উপর নির্ভর করে।যদি বিটকয়েনের দাম বৃদ্ধি পায় তাহলে বাকি সব কয়েন গুলো দাম বৃদ্ধি পেতে থাকে।আর যদি বিটকয়েনের দাম কমতে থাকে তাহলে অন্য সকল কয়েন কমা শুরু করে। মার্কেটের এমন ভয়াবহ পরিস্থিতিতে কেউ কোনো ডিসিশন নিতে পারছে না। মার্কেটের এমন অবস্থা হবে এটা আমি কখনো আশা করিনি।বর্তমানে যারা ট্রেডার ট্রেডিং অবস্থায় ছিল তারা বর্তমানে আমার মনে হচ্ছে অনেকটাই ক্ষতিগ্রস্ত মধ্যে রয়েছে। আমি তাদেরকে সাজেস্ট করবো আরো কিছুদিন ধৈর্য্য সহকারে অপেক্ষা করার জন্য। মার্কেট অবশ্যই তাদের আগের অবস্থানে ফিরে আসবে। আর আমরা সাধারণত জানি ক্রিপ্টোকারেন্সি এর মূল ধর্ম হল মার্কেট আপ ডাউন করা।

In its latest effort to drive out local crypto mining operations, the Inner Mongolia government has set up a platform asking the general public to reveal their whereabouts.

The Inner Mongolia Development and Reform Commission (DRC) said in an announcement on Tuesday that it has set up a dedicated hotline, email and mail address for local people to inform the government if they know of any crypto mining operations that are still active in the region.

The scope of the platform also targets any local crypto mining operation that is enjoying tax, land and power perks under the disguise of a data center or any company that offers land rental services for crypto mining operations.

The measure follows a March announcement by the Inner Mongolia DRC where the government agency sought to shut down crypto miners in the region that mainly use fossil fuels.

Since then, crypto mining companies in the area have been gradually shifting their operations elsewhere in the country. But Inner Mongolia is one of China's largest provinces by land size at 1.183 million square kilometers, 1.6 times that of Texas.

The effort to curb crypto miners is part of Inner Mongolia's bigger plan to meet the carbon emission metrics in the next five years set by the National DRC (NDRC), a central government agency that's in charge of China's macro economic plan.

The NDRC, one of the 26 cabinet ministers of the central government, has outlined various measures of success for each of the country’s five-year macroeconomic plans. One of the goals for the 13th five-year plan (2016-2020) was to reduce national energy consumption per GDP by 15% compared to the previous five-year period.

This was as much an overall national goal as a local one. But Inner Mongolia was the only province that failed to achieve this as of the end of 2019 — and, based on a government review, the first half of 2020 was even worse.
https://cryptonews.net/en/news/mining/669760/

Mike Colyer leads one of North America’s biggest crypto mining companies, Foundry. Owned by Digital Currency Group (the same owner as CoinDesk), the startup emerged in 2019 and has quickly come to exemplify a trend: the comeback of U.S. crypto mining after years of living in the shadows of China’s greater hash power.

We caught up with Colyer for a preview of his thoughts on China vs. U.S. rivalry in Bitcoin mining, institutional adoption and the controversial concept of “clean bitcoin.”

Mike Colyer will appear at this year’s CoinDesk’s Consensus conference on Monday May 24 in a track entitled “Big Capital: How North America is Finding Its Spot in the Global Hashrate Race.” Register here.

The following has been edited lightly for brevity and clarity.

CoinDesk: Foundry is aimed at institutional clients. Why should they start mining bitcoin and other assets? What’s wrong with just holding?

Decentralized infrastructure means anybody in the world can participate in these networks. It opens up an incredible opportunity. With mining, these computers are basically securing the Bitcoin network and you get paid to secure the Bitcoin network. It’s an incredible concept and we’re seeing more institutional players recognize it. In the early days, Bitcoin, you could mine it on your PC. Then, it moved from CPU to GPU mining for basic mining. And then it became more about who’s got the capital to deploy large amounts of these computers. In the last bull run, every once in a while, you’d get somebody who would deploy, say, $1 million worth of machines. Today, people are making $10, $20, $30 million purchases of equipment. And it’s scaling. It’s not a question of ‘are the institutions going to get into this game?’ They’re already here, and they’re doing it.

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The next few months promise to be exhilarating and decisive for Ether (ETH), as its recent all-time highs above $3,500 put an even bigger spotlight on the cryptocurrency and its smart contract blockchain, Ethereum.

As the cryptocurrency markets continue to grow five months into 2021, both the preeminent Bitcoin (BTC) and a host of other blockchain projects and tokens have soared in value, chief among them being Ether. The second-biggest cryptocurrency by market capitalization has enjoyed a buoyant fortnight that has seen it rise to new heights.

Indeed, ETH went on a late-April surge, backed by several key factors that have led to a rapid price appreciation across cryptocurrency markets. The booming decentralized finance sector coupled with the burgeoning nonfungible token, or NFT, space have been attributed as major reasons for ETH’s price boom, as these technologies are mostly based on the Ethereum blockchain. However, the importance of the recently implemented Berlin upgrade and bullish ETH options traders has helped push the price of the network’s token even higher.

The booming price of ETH has also led to renewed talk of a fabled ETH–BTC “flippening,” which would see Ether overtake Bitcoin as the most valuable cryptocurrency by market capitalization. While that is still a long way off, as Ether's $411-billion market cap is worth just 39% of Bitcoin’s $1.06-trillion market cap, ETH is increasingly catching up.

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