Bitcoin mining was one of the first new industries to rise up out of the invention of cryptocurrency, and there never seems to be a dull day in this new market. With plenty of scandals and fraudsters in the industry, most of the stories seem to focus on how purchasing bitcoin mining hardware usually turns into a poor investment. Having said that, there are still some bright spots in the industry, and that’s where we’ve kept our focus for this week’s review of all the latest mining news.
KnCMiner Wants to Own 20% of Bitcoin Network Hashrate
In the past, KnCMiner has estimated that their mining hardware is behind 25% of the overall bitcoin network hashrate. It seems that they are now planning to take control of that hashrate themselves, rather than outsourcing the mining process to other members of the community. This is part of a greater overall trend in bitcoin mining where many hardware manufacturers have decided to stop selling their ASIC devices in favor of mining with them on their own. The company recently raised $14 million in venture capital, and they are now looking at various locations in Iceland and Sweden as possible spots for their new bitcoin mining data center. The company is currently responsible for 5% of the bitcoin network hashrate, and they want to get that share of the market up to 20% with their new mining facilities.
New Game Offers Bitcoin Mining Simulation
A new game for iPhone will allow users to mine bitcoins from their smartphone, but not in the way that most would probably think. Bitcoin Billionaire is supposed to be the “Roller Coaster Tycoon” of bitcoin mining. The point of the game is to obviously mine as many bitcoins as possible, and you can upgrade your gear and improve your office as you continue to mine more bitcoins over time. Although it’s fine to look at this new game as a sort of bitcoin mining RPG, it’s important to remember that you cannot actually mine any real bitcoins on your iPhone. This game is currently awaiting approval on the App Store.
Iceland is the Promised Land for Bitcoin Mining
One last note from the bitcoin mining industry has to do with Iceland. As mentioned in a previous story, KnCMiner is looking into Iceland as a possible location for their new mining facilities. Apparently, they aren’t the only bitcoin mining company with that bright idea. There are three main features of Iceland that make it a perfect place for setting up a new bitcoin mining data center. First, you have the cool temperatures that won’t require the miners to worry about cooling down their hardware as it continues to run in a warehouse 24/7. Secondly, Iceland has data cables that connect directly to both Europe and the United States. Although often overlooked, a direct connection to the bitcoin P2P network is valuable. Finally, the third perk of mining bitcoins in Iceland is that miners can use 100% renewable energy. For many, this trifecta of benefits for bitcoin mining will be too much to pass up.