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<ul class="summary-list"><li>Russia is considering slapping special energy tariffs on cryptocurrency miners, <a href="https://cointelegraph.com/">CoinTelegraph</a> reported.</li><li>The energy minister said he is exploring ways on how to distinguish energy used for <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword>. </li><li>In June, Beijing ordered bitcoin miners in the country to shut down, triggering an exodus from China.</li></ul>Russia is considering slapping special energy tariffs on cryptocurrency miners amid a wave of migration following China's recent wide-ranging industry ban, <a href="https://cointelegraph.com/">CoinTelegraph</a> reported. Energy Minister Nikolai Shulginov on Wednesday said he is exploring ways to distinguish energy consumption for cryptocurrency mining. "We can't let miners capitalize on the situation at the expense of low residential electricity tariffs," he said, according to <a href="https://cointelegraph.com/">CoinTelegraph</a>, which cited local news agency <a href="https://www.rbc.ru/economics/14/10/2021/616722b59a7947b3fa5a45e6">RBC</a>. "In order to maintain the reliability and quality of power supply, we believe it is necessary to prohibit miners from consuming electricity at residential tariffs."An exodus of miners from China began in June, when Beijing ordered <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin miners operating in the country to shut down</a>. Right after that, nearly half of the bitcoin network went dark as miners looked to migrate. Then in September, China <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-china-ban-cryptocurrency-transactions-crackdown-2021-9?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">banned all cryptocurrency transactions</a>. As a result of the clampdown, countries such as the US, Kazakhstan, and Russia, have seen a rise in cryptocurrency mining activity. The US has even <a href="https://markets.businessinsider.com/news/currencies/us-biggest-bitcoin-mining-hash-rate-china-cryptocurrency-energy-consumption-2021-10">unseated China</a> as the world's biggest bitcoin miner, according to the <a href="https://cbeci.org/mining_map" target="_blank" title="Link to Cambridge Bitcoin Electricity Consumption Index" rel="noopener">Cambridge Center for Alternative Finance</a>.China, at one point, accounted for as much as 75% of the global hash rate thanks to an abundance of coal and hydro plants that kept electricity prices low.

Russia is mulling energy tariffs for crypto mining amid a wave of migration following China's ban, report says

<ul class="summary-list"><li>Many <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> miners are angry about planned changes to the network.</li><li>An overhaul is set to slash transaction fees for miners and destroy coins to lower the supply.</li><li>Some miners are suggesting strikes or similar protests to demonstrate their opposition and strength.</li></ul>The planned upgrade to the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">Ethereum</a> network that will start to destroy ether coins has angered many of the cryptocurrency's miners, with some trying to organize a form of strike to demonstrate their opposition. On Friday, Ethereum blockchain developers <a href="https://markets.businessinsider.com/currencies/news/ether-price-ethereum-upgrade-explosive-growth-destroys-coins-eip-1559-2021-3-1030160187">approved a major change to the network</a> that runs the ether cryptocurrency. It is set to overhaul the bitcoin rival's auction system, under which users send tokens to miners to pay for transactions to be completed. Under the changes, known as <keyword id="10910562" type="General" weightage="60" keywordseo="eip-1559" source="Orion">EIP-1559</keyword>, users will send a base transaction fee to the network that <a href="https://www.gemini.com/cryptopedia/ethereum-improvement-proposal-ETH-gas-fee">would then destroy or "burn" ether tokens</a>, reducing the number of coins in circulation. The changes are scheduled to come into force in the summer, most likely in July. Many ether miners are angry about the overhaul, which would slash their fees. Spark Pool, a major mining group, has <a href="https://twitter.com/sparkpool_eth/status/1364790269820825604?s=20">signaled opposition on Twitter</a>. One Twitter user said the proposed changes showed that <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">Ethereum</a> network managers' attitudes towards miners were "absolutely disgusting." Some miners are now attempting to rally support to disrupt the Ethereum network to express their opposition to the changes, by <a href="https://twitter.com/RedPandaMining/status/1368625214674796550?s=20">redirecting their mining power</a> to Ethermine.org - a pool of miners - for 51 hours on April 1. The idea is that miners could show they have enough power to alter the network themselves, according to a popular cryptocurrency YouTuber called <a href="https://www.youtube.com/watch?v=v1Qw4vZsqBc&amp;t=1st=1s">Bits Be Trippin'</a>, whose comments were <a href="https://cointelegraph.com/news/ethereum-miners-plot-hash-power-show-of-force-against-eip-1559">reported by Cointelegraph</a>. Others have been <a href="https://twitter.com/Ayrton_scott/status/1369786923628310528?s=20">discussing going on strike</a> by shutting down their mining power, which could also disrupt the Ethereum network. "We are necessary, we maintain this network secured and fast. We deserve our gains," one Twitter user said. Miners complete transactions and create <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> by using computing power to solve puzzles on the network. It is not yet clear whether the miners' plans will come to fruition. And the changes to the Ethereum network have plenty of support, with many users excited that the reduction in coins could boost the price and save them on transaction fees. Justin d'Anethan, a sales manager at the cryptocurrency exchange Equos, told Insider this week it could be a recipe for <a href="https://markets.businessinsider.com/currencies/news/ether-price-ethereum-upgrade-explosive-growth-destroys-coins-eip-1559-2021-3-1030160187">"explosive" price growth</a>. The <a href="https://markets.businessinsider.com/currencies/eth-usd">ether price</a> has soared more than 130% in 2021 to $1,774. Tim Beiko, a ConsenSys product manager overseeing the implementation, <a href="https://decrypt.co/60395/upgrade-reduce-supply-ethereum-gets-launch-date-eip-1559">told Decrypt</a> the EIP-1559 changes would come into force in the summer in an event known as "London" no matter what. "If we find a serious vulnerability that could not be fixed in time, we would remove it, but aside from that, it would go into London," he said.

Ethereum upgrade that will destroy coins sparks anger among miners - with some planning to fight back

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword>'s first big pullback of the year is hurting cryptocurrency miners on Monday.</li><li>Shares of <keyword id="5304583" type="PERSON" weightage="60" keywordseo="riot-blockchain">Riot Blockchain</keyword> and <keyword id="4364057" type="PERSON" weightage="60" keywordseo="marathon-patent-group">Marathon Patent Group</keyword> have fallen over 15% on the back of Bitcoin's pullback.</li><li><keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">Bitcoin mining</keyword> is now more popular, and more difficult, than ever before according to <a href="https://www.coindesk.com/bitcoin-mining-difficulty-record-20-trillion-january-2021">data from CoinDesk.</a></li></ul>Shares of Cryptocurrency miners <a href="https://markets.businessinsider.com/stocks/riot-stock?utm_source=markets&amp;utm_medium=ingestgest">Riot Blockchain</a> and <a href="https://markets.businessinsider.com/stocks/mara-stock?utm_source=markets&amp;utm_medium=ingestgest">Marathon Patent Group</a> are taking the brunt of <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin's</a> fall on Monday.Both stocks are down over 15% following bitcoin's tumble from over $40,000 to under $33,000 per coin. The slide wiped some $170 billion off of total cryptocurrency market value in just a few days.As of Monday morning, the decline is the largest drop for <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> since their historic run began back in October.The bitcoin sell-off comes after months of gains for cryptocurrencies and may signal some profit-taking, according to Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance.Chen said in a statement, "the correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure," <a href="https://www.cnbc.com/2021/01/11/bitcoin-btc-price-nearly-170-billion-wiped-off-entire-cryptocurrency-market.html">per CNBC.</a>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-for-2021-top-earnings-growth-jpmorgan-2020-12?utm_source=markets&amp;utm_medium=ingestgest">JPMorgan says stocks are primed for sustained gains in a way they haven't been in years - and identifies 43 names to buy for above-average earnings growth in 2021</a>However, according to the Bitcoin bulls, there's still room for the cryptocurrency to run."It's probably going to $100,000, then $150,000, then $200,000," Social Capital's Chamath Palihapitiya argued on CNBC's "<a href="https://www.cnbc.com/halftime/">Halftime Report</a> last Friday.Others, including economist David Rosenberg, argue <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-bubble-david-rosenberg-supply-mining-cryptocurrency-outlook-record-high-2020-12-1029903485">Bitcoin is nothing more than a "massive bubble"</a> that investors just don't understand.Bubble or not, Bitcoin miners <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-stocks-marathon-patent-group-riot-blockchain-record-miners-2020-12-1029921575">saw unprecedented gains</a> in recent months.Shares of Riot Blockchain went from trading at under $10 per share in early December to around $22 per share on Monday. And shares of Marathon Patent Group traded at under $5 per share in early December vs. over $21 per share as of Monday morning.The rapid price appreciation among crypto miners came on the back of mining revenue <a href="https://www.coindesk.com/bitcoin-miners-daily-revenue-terahash-hashprice">tripling in recent months.</a>Unfortunately for public Bitcoin miners, the crypto gold rush also brought new competition to the industry, making mining for bitcoin more difficult, and d<a href="https://www.coindesk.com/bitcoin-mining-difficulty-record-20-trillion-january-2021">ata from Coindesk</a> shows cryptocurrency mining is more popular and harder than ever before.This has also put a strain on hardware suppliers in the industry, according to Edward Evenson, business development lead at Braiins, a mining software company."ASIC manufacturers have had to turn away more than half a billion dollars in mining equipment orders in Q4 2020 alone. Hardware supply chains are currently overloaded by immense demand," Evenson said.The good news for Riot Blockchain and Marathon Patent Group shareholders is the companies have already placed pre-orders for 31,000 and 90,000 crypt mining machines, respectively, through 2020.Still, if Bitcoin prices don't stabilize, these highly correlated stocks could continue their fall in 2021.

Crypto mining stocks plummet as Bitcoin falls from historic highs

<ul class="summary-list"><li><keyword id="4364057" type="PERSON" weightage="60" keywordseo="marathon-patent-group">Marathon Patent Group</keyword> announced the purchase 4,812.66 BTC on Monday.</li><li>The transaction, handled by NYDIG, was worth $150 million.</li><li>By the end of the first quarter of 2022, <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> miner Marathon expects to own and operate over 100,000 <keyword id="1926395" type="PERSON" weightage="60" keywordseo="Bitcoin-miners">bitcoin miners</keyword>.</li></ul>Cryptocurrency miner <a href="https://markets.businessinsider.com/stocks/mara-stock">Marathon Patent Group</a> announced on Monday it purchased $150 million of <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> after the cryptocurrency fell from historic highs of over $40,000.The company bought 4,812.66 BTC at an implied average price of $31,167.79 per coin in the transaction, which was enabled by NYDIG, a leading technology, and financial services firm dedicated to bitcoin."By purchasing $150 million worth of bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class," said Merrick Okamoto, Marathon's chairman &amp; CEO."We also believe that holding part of our Treasury reserves in bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like <keyword id="2430955" type="COMPANY" weightage="60" keywordseo="MicroStrategy">MicroStrategy</keyword>." <a href="https://markets.businessinsider.com/stocks/mstr-stock">MicroStrategy</a>, a business intelligence, mobile software, and cloud-based services company, has been leading the charge into bitcoin for some time. The company announced yet another purchase of roughly 314 bitcoins for $10 million on Monday.That purchase brought MicroStrategy's total holdings to 70,784 bitcoins worth some $2.38 billion at current prices. The company has now netted over $1 billion from its bitcoin investments after buying the currency at an average price of $16,035 per coin.Read more: <a href="https://www.businessinsider.com/bitcoin-investing-strategy-michael-saylor-explains-billion-dollar-crypto-bet-2021-1?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=insider_investing&amp;utm_campaign=Post%20Blast%20moneygame:%20Crypto%20whale%20lays%20out%20bitcoin%27s%20bull%20case%20%E2%80%94%20Cathie%20Wood%27s%202021%20forecasts%20%E2%80%94%20How%20to%20pick%20tiny%20biotech%20winners&amp;utm_term=INSIDER%20INVESTING%20-%20ENGAGED%2C%20ACTIVE%2C%20PASSIVE%2C%20DISENGAGED%2C%20NEW?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">Michael Saylor has invested over $1 billion of MicroStrategy's funds in Bitcoin. He explains why he is making such a massive bet on the digital asset.</a>While Marathon doesn't boast the same level of bitcoin wealth just yet, the company is currently contracted to purchase 103,060 bitcoin miners, which will be operational by the end of the first quarter of fiscal 2022.At today's <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> difficulty rate, that would mean Marathon could produce a potential 55-60 bitcoins per day.This news comes after <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etp-boss-says-institutional-investors-supporting-the-price-2021-1-1029996516?utm_source=markets&amp;utm_medium=ingestgest">bitcoin spiked</a> through early January to a record-high of nearly $42,000 per coin, before profit-taking and bearish news dragged prices down.The cryptocurrency <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-double-spend-flaw-critical-report-suggests-2021-1-1029990921?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">struggled last week</a> after a BitMEX Research report suggested a flaw allowed for a "double-spend," when a <a href="https://www.businessinsider.com/bitcoin-whales-the-key-facts-figures-you-need-to-know-2021-1?utm_source=markets&amp;utm_medium=ingestgest">user ends up being allowed to spend</a> the same bitcoin twice.Commentary from <a href="https://www.businessinsider.com/janet-yellen-unlikely-revive-federal-reserve-lending-programs-coronavirus-stimulus-2021-1?utm_source=markets&amp;utm_medium=ingestgest">Treasury Secretary-designate Janet Yellen</a> also hurt bitcoin's momentum. On Wednesday, the former Federal Reserve chairwoman said the government should consider regulating cryptocurrencies to prevent their use in illicit financing.The pace of flows into the <a href="https://markets.businessinsider.com/stocks/gbtc-stock">Grayscale Bitcoin Trust</a> also "appears to have peaked," according to JPMorgan strategists led by Nikolaos Panigirtzoglou."At the moment, the institutional flow impulse behind the Grayscale Bitcoin Trust is not strong enough for Bitcoin to break out above $40,000. The near-term balance of risks is still skewed to the downside," JPMorgan strategists said, <a href="https://www.bloomberg.com/news/articles/2021-01-25/bitcoin-return-to-40-000-in-doubt-as-grayscale-fund-flows-slow">per Bloomberg</a>.Read more: <a href="https://newsletter.businessinsider.com/click/22743918.38543/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9jYXRoaWUtd29vZC1zaGFyZXMtMjAyMS1vdXRsb29rcy1vbi10ZXNsYS1lY29ub215LWJpdGNvaW4tYXJrLTIwMjEtMT9ucl9lbWFpbF9yZWZlcmVyPTEmdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jb250ZW50PWluc2lkZXJfaW52ZXN0aW5n/5d0cd4a524c17c4d6716770bH62f6a38f?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Cathie Wood's ARK Invest runs 5 active ETFs that more than doubled in 2020. She and her analysts share their 2021 outlooks on the economy, Bitcoin, and Tesla.</a>Despite the bearish tone from JPMorgan and falling bitcoin prices, Marathon, MicroStrategy, and others are staying the course when it comes to the cryptocurrency, buying up reserves when they can.Shares of Marathon Patent were down 2.13% on Monday as of 3:27 PM EST, giving the crypto miner a market cap of $1.68 billion.

Crypto miner Marathon Patent Group pours $150 million into bitcoin as the token pulls back from record highs

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Christinne MuschiA worker checks the fans on miners, at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada.</div></div></div><ul><li>The city of Plattsburgh, New York is imposing an 18-month moratorium on commercial cryptocurrency mining.</li><li>Due to its low electricity costs, Plattsburgh is an attractive place to set up a commercial cryptocurrency mining operation, since it uses up a lot of electricity. </li><li>Commercial cryptocurrency mining has caused Plattsburgh to exceed its allotted monthly power budget, which forced the city to buy power on the open market for a higher cost. </li><li>The purchase of electricity from the open market has caused significantly higher electricity bills for Plattsburgh residents. </li></ul> The city of Plattsburgh, New York announced on Thursday that it is temporarily <a href="http://www.cityofplattsburgh.com/CivicAlerts.aspx?AID=229">banning the commercial mining of cryptocurrency</a> for 18 months.The official reasoning for the moratorium is to "protect and enhance the City's natural, historic, cultural and electrical resources."Plattsburgh residents have seen skyrocketing electrical bills - as much as $100 to $200 increases - as a result of commercial cryptomining operations that mine for cryptocurrencies like bitcoin, according to Plattsburgh Mayor Colin Read, who spoke with <a href="https://motherboard.vice.com/en_us/article/8xk4qv/bitcoin-ban-plattsburgh-coinmint-mining">Motherboard.</a> The city is taking action to protect its citizens from those rising electrical bills that the city of Plattsburgh says is caused by cryptomining operations.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersA collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration</div></div></div>It turns out that commercial cryptocurrency mining operations used up so much electricity that the city of Plattsburgh exceeded its allotted monthly budget of electricity. One single cryptocurrency mining operation called Coinmint used up around 10% of the city's allotted power supply alone in January and February, according to Motherboard. When its electrical budget was exceeded in January, the city had to buy electricity from the open market at a higher cost, which was distributed among its residents. Mining for cryptocurrency involves powerful computer components that use a large amount of electricity in order to solve complex computational problems. The problems being solved are used to verify the transfer of cryptocurrencies independently of a central bank. Those components are usually dedicated cryptocurrency-mining components called "ASIC" cards. Some operations use graphics cards that are normally used to run high-resolution PC games. Plattsburgh was a particularly attractive place to set up a large-scale commercial cryptocurrency mining operation due to its low electricity costs compared to the national average. The city charged 4.5 cents per kilowatt-hour (kWh) when the <a href="https://www.eia.gov/electricity/state/">national average is about 10 cents per kWh</a>. And industrial operations, which include cryptocurrency operations, paid even less at 2 cents per kWh for electricity. Plattsburgh obtains its electricity from a hydroelectric power dam on the St. Lawrence River. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Wikipedia/ceedub13The Moses-Saunders Power Dam on the St. Lawrence River.</div></div></div>The city's moratorium isn't designed to remove cryptocurrency mining from Plattsburgh. During the 18-month moratorium, the city will work with residents and commercial cryptocurrency miners to come up with a solution, like applying overages on miners when the city's power budget is exceeded, according to Motherboard. Local cryptocurrency miners who spoke with Motherboard say they're willing to work with the city to come up with a solution. The city will issue a penalty of $1,000 per day of operation for any "firm, person, corporation, or other entity" that established or runs a commercial cryptocurrency mining operation when the moratorium goes into effect. The effective date of the moratorium has yet to be approved. Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-bluetooth-sucks-bad-problems-issues-disconnects-2018-2">Why does Bluetooth still suck?</a></h3> <div> </div> </div>

For the first time, a US city has banned cryptocurrency mining

<ul class="summary-list"><li>May has ben a record-setting month for <keyword id="11314196" type="UNKNOWN" weightage="60" keywordseo="ethereum-miners">ethereum miners</keyword>, who have so far made $1.93 billion in revenue, research from <a href="https://www.theblockcrypto.com/linked/105755/ethereum-mining-revenue-may">The Block</a> shows.</li><li>The strong figures were revealed following a brutal selloff in the cryptocurrency market in the last week. </li><li>Most crypto assets have regained some ground Monday, with <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword> is trading 30.36% higher to $2,521.</li></ul>May has been a record-breaking month for <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> miners, who have so far made $1.93 billion in revenue with one week still left to go in the month, data collected by <a href="https://www.theblockcrypto.com/linked/105755/ethereum-mining-revenue-may">The Block Research</a> shows.Of that total, $922 million came in the form of transaction fees, which are costs associated with transacting on the ethereum blockchain, according to <a href="https://www.theblockcrypto.com/linked/105755/ethereum-mining-revenue-may">The Block Research</a>. Subsidy payments to miners, meanwhile, comprised $1.01 billion. Miners complete transactions and create <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> by using computing power to solve puzzles on the network. They make profits when their mining revenue exceeds other costs, such as electricity.The robust figures earned by ethereum miners were revealed following a brutal selloff in the cryptocurrency market over the past week, which saw global crypto market value slip by <a href="https://markets.businessinsider.com/currencies/news/crypto-market-value-47-percent-lost-7-days-2021-5-1030447473">47%</a>. Cryptocurrencies have regained some ground Monday.Ethereum's <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">ether</a> token, the second-largest cryptocurrency by market capitalization, has fallen sharply from its record-high in May. But as of Monday, ether is trading 30.36% higher to $2,521.65.

Ethereum miners made a record-breaking $1.93 billion in revenue in May, report says

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Library of Congress</div></div></div>The end of the <a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> war is fast approaching and the winners are not yet clear.<a href="http://www.businessinsider.com/bitcoin-price-war-amid-volatility">Bitcoin has been embroiled in a dramatic civil war</a> for the last several years. The bitcoin platform has not kept up with its user and transaction volume growth as its price has skyrocketed. This has led to what is being called a "civil war" between bitcoin developers and miners.There are several potential solutions for speeding up the platform. Until last week, the <a href="http://www.businessinsider.com/bitcoin-price-war-amid-volatility">solution known as Segwit2x was heavily favored</a> to win the war and become the standard after the August 1 deadline. Then, bitcoin cash came along. The new solution is <a href="http://www.businessinsider.com/what-does-a-bitcoin-fork-mean-2017-7">a fork of the bitcoin system,</a> basically, a new platform that has all the history of the old platform but plays by new rules. Because it's built on bitcoin's history, users would automatically receive tokens on the bitcoin cash platform if they had tokens on bitcoin's platform.There is a lot of volatility and uncertainty in cryptocurrencies right now, and Nvidia and AMD have been the only sure bets. Both companies produce graphics processing units that are used by cryptocurrency miners to speed up their machines' processing payments on the platforms. Faster processing speeds mean a bigger share of the payouts from the platform, so miners have been buying lots of the cards recently.The graphics cards are in such high demand that they are often sold out, and <a href="http://www.businessinsider.com/cryptocurrency-miners-rent-boeing-747s-2017-7">miners are even renting entire jumbo jets</a> in order to deliver their GPUs faster.The demand for these graphics cards is not a steady driver of growth for Nvidia or AMD though. Both companies are receiving a short-term boost from increased demand, but the price of these cryptocurrencies are volatile and demand, which picked up rapidly, could be just as unpredictable.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Nvidia on YouTube</div></div></div>On AMD's earnings call, <a href="http://markets.businessinsider.com/currencies/news/amd-stock-price-cryptocurrency-mining-wont-be-a-long-term-growth-driver-2017-7-1002206475">CEO Lisa Su said that cryptocurrencies are not a "long term growth driver</a>" for her company. "Relative to cryptocurrency, we have seen some elevated demand," Su said on the earnings call. "But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the blockchain technologies as they go forward."Nvidia is a bit more bullish on cryptocurrencies, according to a <a href="https://www.asus.com/Graphics-Cards/MINING-P106-6G/overview/">product page for unreleased GPUs</a>, the company is working on graphics cards that are specifically designed for the demands of cryptocurrency mining. But according to Mitch Steves, an analyst at RBC, miners won't provide a long-term benefit to Nvidia either."As of July 30, we think demand for GPUs related to Ethereum mining will normalize and we won't see a large snap up in the network rate," Steves wrote in a note to clients. "To put it all together, our official estimate is ($500M of GPUs) with revenue of $175M for AMD and $75M for Nvidia (last 4 months), while the exact number is difficult to calculate."Nvidia is betting on other areas like data center and artificial intelligence to be its main drivers of growth.The winner of the civil war will be declared on August 1 at 8:20 am EST.Nvidia reports earnings on August 10.<h2><a href="http://markets.businessinsider.com/currencies/BTC-USD">Click here to watch Bitcoin move in real time...</a></h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/currencies/BTC-USD"></a><a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider</a></div></div></div> Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wells-fargo-equity-chief-shorting-anything-is-playing-with-fire-2017-7">Wells Fargo Funds equity chief: Shorting anything is 'playing with fire'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FjNWh3YjE6uD13nJXsT7h9Y1iho-sRYr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Bitcoin's 'civil war' probably won't impact Nvidia and AMD - no matter of who wins

<ul class="summary-list"><li>China found banned crypto miners siphoning electricity from public entities, Bloomberg reported Friday. </li><li>The miners stole electricity as a coal shortage created an energy crunch in the country. </li></ul>China has uncovered hundreds of cryptocurrency miners who were stealing electricity from government agencies and other public institutions at a time when the country has struggled with a power shortage, according to a <a href="https://www.bloomberg.com/news/articles/2021-10-15/china-finds-banned-cryptominers-siphoning-power-at-state-firms?sref=GUP2BhaG">Bloomberg report on Friday</a>. Officials in two eastern provinces - Zhejiang and Jiangsu - recently started targeting miners who were consuming resources from state-owned enterprises, government agencies, research institutions, and universities, the report said, citing a government statement and media reports that didn't name the entities.The Jiangsu province found about one-fifth of roughly 4,500 internet protocol addresses associated with illegal mining activity had belonged to public institutions, with Bloomberg citing media outlet The Paper.Meanwhile, the Zhejiang government published photos of equipment seized in raids and said 184 IP addresses were suspected of being involved with illegal mining exploiting public resources. Crypto miners usually link their equipment to cloud services called mining pools to verify transactions on blockchains. The move allows physical locations to be traced and can lead investigators to accounts with electric companies.A shortage of coal has resulted in an electricity crunch affecting large portions of China, the world's second-largest economy. Zhejiang and Jiangsu account for more than 16% of China's total gross domestic product. The report comes just weeks after China banned all cryptocurrency transactions, while Beijing has been engaged in an ongoing campaign to crack down on miners.The effort has helped the <a href="https://markets.businessinsider.com/news/currencies/us-biggest-bitcoin-mining-hash-rate-china-cryptocurrency-energy-consumption-2021-10">US to overtake China as the world's biggest bitcoin miner</a>, according to a report from the Cambridge Center for Alternative Finance published on Wednesday.

China catches hundreds of banned crypto miners stealing electricity amid energy crisis

<ul class="summary-list"><li><keyword id="11893877" type="UNKNOWN" weightage="60" keywordseo="alibaba" source="Orion">Alibaba</keyword> will block sales of crypto mining equipment and the sale of crypto themselves beginning October 8.</li><li>The e-commerce giant said it took into account the "instability of laws and regulations on virtual currencies."</li><li>It will close down two categories - Blockchain Miner Accessories and Blockchain Miners - under its consumer electronics section.</li></ul><a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> <a href="https://rule.alibaba.com/rule/detail/11004645.htm">announced</a> it will block sales of cryptocurrency mining equipment and cryptocurrencies themselves on its platforms beginning October 8, in step with China's recent <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">blanket ban</a> on all crypto-related transactions.The Chinese e-commerce giant said it took into account the "instability of laws and regulations on virtual currencies."As such, it will also ban any tutorials, strategies, and software for obtaining cryptocurrencies, and will close down two categories - Blockchain Miner Accessories and Blockchain Miners - under its consumer electronics section."We will keep track of policy changes in each country and adjust our control policies accordingly," the company said in its announcement, signed by several Chinese top regulators. Alibaba said merchants who violate the new policies beginning October 15 will face consequences, such as the deletion of their products or the shutting down of their accounts.Alibaba also operates online shopping platform Taobao and used goods platform Xianyu, among others.China's central bank on September 24 declared all <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">cryptocurrency-related transactions illegal</a> and said overseas exchanges are banned from providing services to Chinese residents.Coins such as <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ether</a> "are not legal and should not and cannot be used as currency in the market," the People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a>.The cryptocurrency market fell slightly following the news, though on a more muted note compared to previous, less extreme bans. Experts say the announcement was mostly <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-china-ban-cryptocurrency-transactions-crackdown-2021-9">priced in</a> already.

Alibaba will block sales of crypto mining equipment beginning October 8 to comply with China's clampdown

ReutersMiners prepare to carry out rescue work at the flooded Nadu mine in Tiandong county, Guangxi Zhuang autonomous region July 23, 2008.<ul><li>Bitcoin mining gets more difficult over time, and so it now takes more electricity and money to mine for the cryptocurrency than ever before.</li><li>The rise of ether, another cryptocurrency, and the appreciation of bitcoin could help maintain the profitability of bitcoin mining, despite increasing cost and difficulty.</li></ul>It's getting more difficult to mine bitcoins, but that doesn't mean miners are packing up their servers and seeking greener pastures. The number of bitcoins available for mining has decreased from 50 BTC per bitcoin "block" when the cryptocurrency first came onto the scene to 12.5 BTC per block, according to <a href="https://next.autonomous.com/">Autonomous NEXT</a>, a financial technology analytics service. It is set to decrease to 6 BTC on June 19 2020, according to <a href="http://www.bitcoinblockhalf.com/">bitcoinblockhalf.com</a>, a bitcoin countdown site. Bitcoin mining is the process by which bitcoin "blocks" are unlocked. Miners are rewarded with blocks when they successfully solve complex algorithmic math problems using computer software. Bitcoin's underpinning technology was designed so that those math problems would get more difficult overtime as a means to control the supply.In the early days of the technology, people with a few computers were able to mine hundreds of coins in three to four days. That's not what the landscape looks like today, according to Sebastian Quinn-Watson, a consultant with Blockchain Global, a bitcoin mining firm."Today, about 1,700 bitcoins are generated a day," he said. "Basically, we are all fighting over one coin every 10 minutes.""Since mining has become so much more difficult, it requires more electricity, and as a result, more money," Quinn-Watson said. His firm halted expansion of its Chinese bitcoin mining facilities eight months ago. But Quinn-Watson thinks two factors could make up for a spike in cost and difficulty and sustain bitcoin miners moving forward."Ironically, the rise of ether is one trend that could help bitcoin miners," he said. Ether, the bitcoin rival, which is powered by Ethereum blockchain, is up over 2,000% since last year. Up until June, the cryptocurrency was on track to surpass bitcoin as the world's largest cryptocurrency by market cap, according to <a href="http://www.coindesk.com/flippening-flop-ethereums-price-pulls-back-market-remains-bullish/">Coindesk,</a> but its share of the market has since pulled back. "Many miners without the wherewithal to compete may completely shift over to mining ether tokens," Quinn-Watson said."Less participants means better economies of scale for firms which stay in."Miners could also benefit from future appreciation in bitcoin's price, according to Quinn-Watson. If bitcoin's appreciation were to outpace the rise in the cost of mining, then the profitability of the business would be unaffected. To be sure, bitcoin is up about 250% since last year, but it has recently experienced extreme swings in its price. Some miners have attributed this volatility to <a href="http://www.businessinsider.com/bitcoin-price-war-amid-volatility">ongoing civil war</a> between crypto-power brokers over the future structure of the cryptocurrency.This, however, doesn't bother Quinn-Watson. He told Business Insider volatility is exciting."It will make the system stronger and drive more growth," he said. "So we welcome the uncertainty and see this as necessary aftershock of the Cambrian explosion that is Blockchain." Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/henry-blodget-more-skepticism-around-trumponomics-imf-growth-forecasts-2017-6">HENRY BLODGET: Seeing more skepticism around Trumponomics</a></h3> Please enable Javascript to watch this video

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