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Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Step 1 - Hashing Transactions<\/h3>\n\n\n\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Once in the memory pool, transactions are put into a candidate block<\/a>. If the miner is successful with the following steps the candidate block is added to the blockchain, giving this miner a reward for their efforts.<\/p>\n\n\n\n

Step 1 - Hashing Transactions<\/h3>\n\n\n\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A miner is a node<\/a> in the given blockchain network that collects transactions and organizes them into blocks. Whenever a new transaction occurs miners receive and verify the data of the transaction before sorting it into a memory pool<\/a>, mempool for short.<\/p>\n\n\n\n

Once in the memory pool, transactions are put into a candidate block<\/a>. If the miner is successful with the following steps the candidate block is added to the blockchain, giving this miner a reward for their efforts.<\/p>\n\n\n\n

Step 1 - Hashing Transactions<\/h3>\n\n\n\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

How Does Cryptocurrency Mining Work?<\/h2>\n\n\n\n

A miner is a node<\/a> in the given blockchain network that collects transactions and organizes them into blocks. Whenever a new transaction occurs miners receive and verify the data of the transaction before sorting it into a memory pool<\/a>, mempool for short.<\/p>\n\n\n\n

Once in the memory pool, transactions are put into a candidate block<\/a>. If the miner is successful with the following steps the candidate block is added to the blockchain, giving this miner a reward for their efforts.<\/p>\n\n\n\n

Step 1 - Hashing Transactions<\/h3>\n\n\n\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Cryptocurrency mining is how new transactions are validated on a blockchain's public ledger<\/a>. Validating transactions results in a reward of the cryptocurrency on the blockchain - adding new coins into circulation.<\/p>\n\n\n\n

How Does Cryptocurrency Mining Work?<\/h2>\n\n\n\n

A miner is a node<\/a> in the given blockchain network that collects transactions and organizes them into blocks. Whenever a new transaction occurs miners receive and verify the data of the transaction before sorting it into a memory pool<\/a>, mempool for short.<\/p>\n\n\n\n

Once in the memory pool, transactions are put into a candidate block<\/a>. If the miner is successful with the following steps the candidate block is added to the blockchain, giving this miner a reward for their efforts.<\/p>\n\n\n\n

Step 1 - Hashing Transactions<\/h3>\n\n\n\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

What Is Cryptocurrency Mining?<\/h2>\n\n\n\n

Cryptocurrency mining is how new transactions are validated on a blockchain's public ledger<\/a>. Validating transactions results in a reward of the cryptocurrency on the blockchain - adding new coins into circulation.<\/p>\n\n\n\n

How Does Cryptocurrency Mining Work?<\/h2>\n\n\n\n

A miner is a node<\/a> in the given blockchain network that collects transactions and organizes them into blocks. Whenever a new transaction occurs miners receive and verify the data of the transaction before sorting it into a memory pool<\/a>, mempool for short.<\/p>\n\n\n\n

Once in the memory pool, transactions are put into a candidate block<\/a>. If the miner is successful with the following steps the candidate block is added to the blockchain, giving this miner a reward for their efforts.<\/p>\n\n\n\n

Step 1 - Hashing Transactions<\/h3>\n\n\n\n

A miner will take transactions from their memory pool, and put them through a hash function. A hash function turns any piece of data, no matter how big into a fixed size, called a hash. In this context, all of the data of the transaction is turned into a 'transaction hash'.<\/p>\n\n\n\n

Along with this, the miner will create a separate block with a transaction called the coinbase<\/em>. This separate block will give them their mining reward if their candidate block is successful, although it can contain any arbitrary data.((https:\/\/en.bitcoin.it\/wiki\/Coinbase))<\/p>\n\n\n\n

Step 2 - Create A Merkle Tree<\/h3>\n\n\n\n

After transactions are hashed they're organized into a Merkle Tree or Hash Tree. <\/p>\n\n\n\n

This process links two transactions together, hashes them, and repeats the process over and over until all data is encoded under one singular hash, called the Merkle Root or Root Hash.<\/p>\n\n\n\n

\"Merkle
Credit: bitcoininsider.com<\/figcaption><\/figure>\n\n\n\n

Step 3 - Find A Valid Block Hash<\/h3>\n\n\n\n

To create a valid block hash, a miner has to combine the hash of the previous block, with their root hash, and an arbitrary number called Nonce<\/a> (number used only once).<\/p>\n\n\n\n

The nonce number is changed until a valid hash is found, as the hash of the previous block and the root hash cannot be changed.<\/p>\n\n\n\n

In order to be considered valid, the block hash must be less than a certain target value determined in the protocol<\/a>. In Bitcoin mining, the block hash must start with a certain number of zeros. This is what we call mining difficulty.<\/p>\n\n\n\n

What Is Mining Difficulty?<\/h4>\n\n\n\n

The cryptocurrency mining difficulty is adjusted by the protocol regularly. This ensures that the rate at which new blocks are mined remains constant. <\/p>\n\n\n\n

This is what makes the issuance of new coins steady and predictable. The difficulty adjusts in proportion to the amount of computational power or mining hash rate<\/a> on to the network.<\/p>\n\n\n\n

This means as more miners join the network the hashing difficulty gets harder. Likewise, if miners leave the hashing difficulty is easier. Allowing for a steady flow of blocks being mined.<\/p>\n\n\n\n

Step 4 - Broadcast The Block<\/h3>\n\n\n\n

Once a miner finds a valid block hash, the miner who found it will broadcast it to the entire network of other miners\/nodes. The nodes will confirm that the block and its hash are valid. If they find it is valid, the block is added to their copy of the blockchain. <\/p>\n\n\n\n

The previous candidate block has now become a confirmed block. The miners now move on to the next block. The miners whose candidate blocks weren't successful discard it and repeat the process in hopes of having the next confirmed block.<\/p>\n","post_title":"Cryptocurrency Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptocurrency-mining","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-a-cryptographic-nonce-a-number-only-used-once\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/\nhttps:\/\/www.thedistributed.co\/what-is-a-mempool-cryptocurrency-memory-pool\/\nhttps:\/\/www.thedistributed.co\/what-is-a-blockchain-protocol\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-07-25 00:47:38","post_modified_gmt":"2022-07-24 14:47:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3527","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3518,"post_author":"1","post_date":"2022-02-19 23:27:34","post_date_gmt":"2022-02-19 12:27:34","post_content":"\n

ConocoPhillips, the world's largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.<\/p>\n\n\n\n

A CNBC report<\/a> states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich. <\/p>\n\n\n\n

Instead of burning off their excess gas, they've sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.<\/p>\n\n\n\n

Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.<\/p>\n\n\n\n

ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue. <\/p>\n\n\n\n

Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.<\/p>\n","post_title":"Oil And Gas Giant ConocoPhillips To Power Bitcoin Mining","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"oil-and-gas-giant-conocophillips-to-power-bitcoin-mining","to_ping":"","pinged":"","post_modified":"2023-04-11 12:54:42","post_modified_gmt":"2023-04-11 02:54:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3471,"post_author":"1","post_date":"2022-02-15 20:49:02","post_date_gmt":"2022-02-15 09:49:02","post_content":"\n

A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger<\/a>.<\/p>\n\n\n\n

The hashrate of a miner<\/a> refers to the number calculations a rig can solve per second, known as a hash. <\/p>\n\n\n\n

The hashrate of a network refers to the hash rates of all miners<\/a> on a specific network.<\/p>\n\n\n\n

Why Is Hashrate Important?<\/h2>\n\n\n\n

Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack<\/a> is unlikely due to the high amount of computational power needed. The more computational power or nodes<\/a> within a network, the more secure it is.<\/p>\n\n\n\n

Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you'll increase your compensation for the work you put in, giving you a better reward.<\/p>\n","post_title":"Mining Hashrate Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"mining-hashrate","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/what-is-a-51-attack-on-a-blockchain\/\nhttps:\/\/www.thedistributed.co\/what-are-nodes\/\nhttps:\/\/www.thedistributed.co\/what-is-distributed-ledger-technology\/","post_modified":"2022-06-02 22:17:31","post_modified_gmt":"2022-06-02 12:17:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3471","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3460,"post_author":"1","post_date":"2022-02-14 20:37:17","post_date_gmt":"2022-02-14 09:37:17","post_content":"\n

Hashrate<\/a> is the computational power that is needed to verify transactions within a proof-of-work blockchain.<\/p>\n\n\n\n

The Bitcoin hash rate surged over 31% to a new all-time high of 248.11 terahashes (248,110,000,000,000) per second in raw values according to data<\/a> from Blockchain.com.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After a steep decline in July of 2021 due to the banning of cryptocurrencies in China, numbers have steadily recovered and seem to be on an upwards trajectory.<\/p>\n\n\n\n

After a majority of the miners shifted from China to Khazakstan after the ban, political chaos and power shortages are causing miners to pack up and move once again out of Khazakstan, which became the second-largest Bitcoin mining country only behind the United States.((https:\/\/globelynews.com\/world\/world-top-bitcoin-crypto-mining-countries\/))<\/p>\n\n\n\n

Are we going to see another collapse of the hash rates just after it reached an ATH, or will the miners recover quickly to keep the hash rate at its peak?<\/p>\n","post_title":"New ATH For Bitcoin Hashrate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-ath-for-bitcoin-hashrate","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/what-is-a-mining-hashrate\/","post_modified":"2023-04-11 12:55:12","post_modified_gmt":"2023-04-11 02:55:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3460","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n

Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n

Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n

\"\"
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n

Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n

But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT

Mining

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
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