The next Bitcoin halving is planned for 2028, considering that this procedure, where the rate of issuance is adjusted and miners’ rewards are halved, occurs every four years.

This mechanism was defined this way from the protocol’s inception and “sets the pulse of the available supply and is closely followed by investors, developers, and analysts in the ecosystem.”

The previous halving took place on April 20, 2024, when “the reward dropped from 6.25 BTC to 3.125 BTC per block.” In the process, “the only constant is the threshold: when the network reaches another 210,000 blocks, the halving will be executed automatically.”

Previous halving dates were:

• 2012: 50 BTC to 25 BTC
• 2016: 25 BTC to 12.5 BTC
• 2020: 12.5 BTC to 6.25 BTC
• 2024: 6.25 BTC to 3.125 BTC

The halving is an important process that directly impacts three areas: supply, mining, and market behavior. In 2028, when the next halving occurs, “the reward will be reduced again, and the rate of new BTC creation will be even lower. With each cycle, Bitcoin approaches its maximum limit of 21 million units, reinforcing its deflationary design and the rigidity of its supply.”

M.Pino

Source: cripto247

(Reference image source: Kanchanara on Unsplash)

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La entrada Bitcoin’s next halving is planned for 2028 apareció primero en Bitfinance.

In a May 30 announcement, Tether claimed it intends to establish a mining division in the South American nation “in collaboration with a licensed local company,” while also investing in Uruguay’s energy production. The stablecoin issuer emphasized that the company will use renewable energy sources for “sustainable” Bitcoin mining, with the goal of contributing to environmentally friendly practices.

Paolo Ardoino, Tether’s CTO, stated that “by harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether leads the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint, while maintaining the security and integrity of the Bitcoin network.”

Tether cited Uruguay’s ability to generate 94 % of its electricity from renewable sources such as wind, solar, and potentially hydroelectric, as well as the reliability of its electrical grid. Job postings on the Tether website at the time of the announcement also hinted at expansion plans in South Africa and Brazil.

The decision to venture into mining follows Tether’s earlier statement to allocate “up to 15 % of its earnings on a regular basis” to purchase BTC. The stablecoin issuer reported that it had approximately $1.5 billion worth of Bitcoin in Q1 2023, representing 2 % of its total reserves. Tether primarily held most of its reserves in cash, cash equivalents, and US Treasuries.

K. Tovar

Source: Cointelegraph

(Reference image source: Shubham Dhage, Unsplash)

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La entrada Tether will start mining cryptocurrencies in Uruguay apareció primero en Bitfinance.

The bitcoin mining community experienced a 50% increase in revenue in the first month of 2023 through mining rewards and transaction fees.

The drop in bitcoin mining revenue in December 2022, coupled with a rise in energy prices, had put financial pressure on mining companies, forcing some to close. As more miners join the network, the hash rate keeps hitting new all-time highs.

One of the biggest criticisms of bitcoin is its high energy consumption. However, an initiative called Gridless is using green energy to power bitcoin mining facilities. The project uses river-based hydropower in Malawi and has a low environmental footprint.

In conclusion, despite the criticism of power consumption, the bitcoin mining industry is experiencing an increase in revenue and is expected to continue to improve in the future.

K. Tovar

Source: Cointelegraph

(Reference image source: Kanchanara, Unsplash)

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La entrada Bitcoin miners begin to show significant increases apareció primero en Bitfinance.

Kazakhstan’s Minister of Economy, Alibek Kuantyrov, explained that the government is working on a new tax regime that aims to increase taxes on activities related to cryptocurrency mining. As well as “its intention to link the new rate to the value of the minted cryptocurrency”, as a measure to increase income to the national treasury.

The economy minister noted: “We are considering increasing the tax burden for miners, at the moment we are also considering linking the tax rate for miners to the value of the cryptocurrency. If cryptocurrency grows, it will be good for the budget.”

As will be remembered, Kazakhstan has established itself as an important mining center on a global level after miners migrated from China to other countries. However, the eastern country’s policy towards miners is changing drastically and if the government continues with that plan, “miners in Kazakhstan will see their taxes grow along with the value of the digital assets they are extracting.”

Mining companies were recently forced to pay more for energy service than most consumers, due to the rising cost of energy use in the country, which rose to 10 Kazakh tenge (approximately 0.0022 dollars) per kilowatt-hour (kWh) of electrical energy. In addition, other mining stations had to close because the government cut off their electricity service.

Criticism of new fiscal policies

Uncertainty and criticism over fiscal policies began when Kazakhstan’s President Kassym-Jomart Tokayev ordered agencies to increase taxes on spaces used by miners.

The president also determined that the country’s financial entities had to verify “the customs and fiscal documents of all the country’s mining facilities to guarantee compliance with their fiscal regime.”

Cryptocurrency Mining Group co-founder Dennis Rusinovich said that Kazakhstan “has gone from being a hero to a zero, despite the mining community establishing a new sector in the country and building a strong global position as a Bitcoin mining hub.”

For his part, Alan Dorjiyev, director of the National Association of the Data Center and Blockchain Industry of Kazakhstan, considers that there is no such thing as security in the way the new taxes will be structured.

M. Rodríguez

Source: themoneypost.io

La entrada Kazakhstan to propose new tax regime for cryptocurrencies apareció primero en Bitfinance.

After the different prohibitions and problems that have arisen in China around cryptocurrencies, foreign investors have been forced to migrate to other parts of the world, and one destination is Texas.

The US region is now becoming the world capital of digital assets, due to the arrival of a significant number of customers from Beijing.

Among them is Kevin Pan, chief executive of the mining company Poolin, who just a day after they took the restrictions against cryptocurrencies took a direct flight to the United States.

In what some are calling “the great mining migration”, Poolin executives are among the many bitcoin miners who have recently landed in a reputed place like America’s Wild West, specifically Austin.

Texas Governor Greg Abbott has been a supporter of cryptocurrency. “It’s happening! Texas will be the leader in cryptocurrencies,” he posted on Twitter in June.

In the same month, Texas became the second US state after Wyoming to recognize blockchain and cryptocurrencies in its trade law, paving the way for businesses to operate in the state.

K. Tovar

Source: El Nacional

La entrada Texas becomes the crypto capital of the world apareció primero en Bitfinance.

The authorities of the National Electricity Corporation (Corpoelec) of Venezuela reconnected the electricity service of the digital mining farms in Carabobo State, which were disconnected last week for allegedly affecting energy stability in the region, which is presenting serious limitations in the generation and distribution of the service.

The National Superintendency of Crypto Assets and Related Activities (Sunacrip) held a meeting with the miners involved in the problem in order to coordinate the logistics for the reactivation of energy and avoid further losses.

The board of directors of the National Association of Cryptocurrencies (Asonacrip) visited one of the 12 disconnected farms, to find out their situation and assured, through its social network Instagram, that “the affected farms operated in industrial parks prepared for the activity and not they harmed the energy consumption of the central region of the country.” Also indicating that the consumption of these farms does not “exceed 2 % of the electricity generation not used in the entity.”

Legal mining

In Venezuela, mining activities are completely legal, as long as the people who perform these tasks meet the requirements established by Sunacrip. This institution has been developing, since July, a comprehensive plan to facilitate normalization and legalization of digital mining in the country.

Sunacrip has also been working with Corpoelec to streamline the procedures for miners so that they can obtain their license in a timely manner to complete the registration and certification process.

M. Rodríguez

Source: morocotacoin.news

La entrada Electrical service to miners in Carabobo was restored apareció primero en Bitfinance.

Paraguay has a bill to regulate the mining of digital assets that would allow it to absorb, in three years, more than 500,000 cryptocurrency miners if it manages to consolidate a friendly policy with the bitcoin industry, in addition to taking advantage of the exodus of Bitcoin miners in China.

Juanjo Benítez Rickmann, CEO of the mining company Digital Assets and advisor to the local bill to regulate cryptocurrencies, highlighted that there are at least 8 Chinese economic groups that have an interest in transferring their mining operations to the Guaraní nation. One of these groups is already in the country to install 90,000 pieces of equipment in the coming months.

Other companies are making some contacts with Paraguayan miners in order to learn about progress on the “law that regulates the industry and commercialization of virtual assets and crypto assets.” According to Benítez Rickmann, these investors also have businesses in the traditional mining industry of “gold, silver, copper or bronze.” But with favorable legal conditions they would be willing to invest in cryptocurrencies.

Renewable energy

Paraguay has two large hydroelectric dams that produce approximately 8,500 MW and the nation’s internal consumption is in the order of 3,300 MW, with a surplus of approximately 5,500 MW, which coincides with the amount of MW that was turned off in China, which it is highly attractive to investors.

For the CEO of Digital Assets, not only Chinese entrepreneurs are interested in coming to Paraguay. Other companies are also interested because they would use renewable energy and qualified local labor. “Some are from Taiwan, from where they have established contacts through their embassy in Asunción, a remarkable aspect since it involves diplomatic relations,” he said.

According to Benítez Rickmann, there are currently a maximum of 20,000 Bitcoin ASIC miners connected to the network in the country. “If that figure and the potential to install more than 500,000 miners in a period of three years are taken into account, then the Paraguayan digital mining industry could grow 25 times,” he said.

M. Rodríguez

Source: criptonoticias.com

La entrada Paraguay could receive 500,000 Bitcoin miners apareció primero en Bitfinance.

The National Superintendency of Crypto Assets and Related Activities (Sunacrip in Spanish) recently held a meeting together with the National Cryptocurrency Association (Asonacrip) for an approach with the institutions that are dedicated to mining in Venezuela.

The objective of this meeting is to talk about the legalization and regularization of cryptocurrency mining within Venezuela. The topics of this meeting were related to security, among others.

One of the objectives they want to achieve is to ensure that people who practice digital mining have all the documentation required to carry out said activity legally and thus avoid having their machinery confiscated due to non-compliance with the required documentation.

One of the most important agreements reached during the meeting is that there should not be any type of home visit “without the presence of Sunacrip as the governing body of the matter.”

The director of the institution, Joselit Ramírez, wants to offer all possible protection to cryptocurrency miners, but if they do not have the corresponding documentation they will be “an easy target for national authorities.”

K. Tovar

Source: Criptotendencia

La entrada Venezuela to offer guarantees to cryptocurrency miners apareció primero en Bitfinance.