NFT News by Thebittimes.Com

Illegal Malaysian crypto miners stole $722 million worth of electricity between 2018 and 2023, according to the country’s deputy minister of energy transition and water transformation. As reported by Malay Mail, Akmal Nasrullah Mohd Nasir revealed the figure at an event to mark the disposal of 2,022 seized items, including bitcoin mining equipment. “The theft of electricity by those who mine cryptocurrency occurs because they believe this activity cannot be detected due to the absence of meters on their premises,” said Akmal Nasrullah. He added, “Energy supply companies have various methods to detect unusual energy consumption in an area.” Weed and crypto behind record electricity theft in England and Wales Read more: Europol says alleged crypto miner made millions from stolen electricity He also claimed that stopping crypto miners from stealing electricity is a priority for Malaysia’s government. This is alongside boosting the production of renewable ...

Mining company Bitfarms has placed an order for 35,888 Ant miner T21 Bitcoin mining devices from Bitmain at a price of $2,660 per unit. According to the statement, the transaction amount will be about $95.5 million. Equipment delivery is expected in March-May 2024, and Bitfarms also received an option to purchase an additional 28,000 Antminer T21. After deploying the purchase d installations, the company expects to increase the hashrate to 12 EH/s with an installed capacity of 310 MW in the first half of 2024. By the end of the year, the figures should reach 17 EH/s and 391 MW, respectively. Hashrate is directly proportional to the profitability of a miner or mining pool. The higher the miner’s hashrate, the higher the block mining speed and the chance of receiving a reward for its creation. The new devices are expected to significantly increase the ability for miners to mine Bitcoin (BTC). Source: Bitfarms You might also like: Bitmain fired employees after salary da...

Steering away from the FTX contagion, Bitcoin [BTC] was making its way onto $17K. After residing in the bearish arena for quite some time, BTC managed to figure its way out. The asset even hit a low of $15,599.05 stirring panic among investors. However, bringing back some hope into the market the king coin revised it’s two-week high earlier today. Source As seen in the above chart, the sudden spike took Bitcoin from a low of $16,366.66, all the way to a high of $17,021.67. At press time, however, the asset encountered a slight correction which pushed BTC to $16,899. The asset’s daily price gain was at 2.54 percent. Out of all its investors, Bitcoin miner s were expected to be the ones at relief. The BTC mining industry took a major hit as the king coin continued to plummet. Amidst this, the latest surge was expected to be beneficial to these miner s. Despite this surge, the hash rate of the Bitcoin network continued to plummet. It was further brought to light that...