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Digital Currency Group Pledges $100 Million to Bolster Bitcoin Mining Industry

The firm Digital Currency Group (DCG) is entering the mining industry, as the firm has pledged $100 million into a cryptocurrency mining firm called Foundry. The mining company Foundry was noiselessly founded in 2019 and it aims to offer capital, consulting, and intelligence to digital assets miners. Bitcoin mining is becoming a massive industry and the competition continues to heat up across the world. News.Bitcoin.com has been recently reporting on how mining firms like Marathon Patent Group and Riot Blockchain have been spending millions of dollars on mining rigs manufactured by Microbt and Bitmain. Meanwhile, the Bitcoin (BTC) network, in…

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Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’

This week cryptocurrency enthusiasts are still focused on the severe flooding in China during the 2020 monsoon season. The flooding has already displaced millions of Chinese citizens and skeptics are concerned about the vast number of bitcoin miners located in the Sichuan province. The landlocked province in Southwest China, Sichuan is located upstream of the Three Gorges Dam. During the last two months, the 2020 monsoon season ravaged the region. Reports note that by the end of June, flooding from the rainy season has displaced 744,000 Chinese residents stemming from 26 provinces. The latest reports highlight that 54 million citizens…

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2020 Monsoon Season and Dam Stress Threatens Chinese Bitcoin Miners

Digital currency proponents have been discussing the 2020 monsoon season in East Asia and how there’s a possibility it could wreak havoc on large bitcoin mining operations located in China. Recent estimates note that China has 50% of the world’s bitcoin mining capacity but if mining facilities are taken out by heavy rainfall and flooding, Bitcoin’s hashrate could plummet fast. During the first week of July, the Bitcoin (BTC) network hashrate touched 125 exahash per second (EH/s). Alongside this, the price of the crypto asset has been meandering in the $9k region for a while now. Since July 7, BTC’s…

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