An EV company is planning a crypto-mining car that will dig for bitcoin and dogecoin while parked

A pile of bitcoin cryptocurrencies is seen.
Bitcoin mining is highly energy intensive.

  • Canadian electric-vehicle maker Daymak is planning a car that will mine bitcoin while charging.
  • It is intended to launch in 2023, and Daymak is accepting pre-order payments in cryptocurrencies.
  • Critics have slammed bitcoin mining, however, as very energy intensive and bad for the environment.
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Forget Tesla, there’s a new electric carmaker on the cryptocurrency block. Maybe.

Canadian light-electric-vehicle manufacturer Daymak said on Tuesday that its new Avvenire Spiritus model will be able to mine cryptocurrencies, including bitcoin and dogecoin.

However, the technology – which Daymak calls the Nebula Miner – is yet to secure a patent. And the Avvenire range is yet to begin production, although Daymak has received more than $350 million of pre-orders, with the bitcoin-mining Spiritus three-wheeler set to launch in 2023.

Nonetheless, Daymak is bullish about the future. “Whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked,” said Aldo Baiocchi, president of Daymak, cited in a press release.

“Daymak has been a champion for disruptive technologies since its inception, and the current crypto movement is a clear indication that by the 2023 Spiritus release date, we will be in the midst of the blockchain revolution.”

Daymak – which specializes in electric scooters but is planning a major move into cars – said the Nebula Miner will go to work whenever the vehicle is charging.

Cryptocurrency mining is the energy-intensive process through which computers solve complex puzzles to secure crypto networks and create coins. Critics – now including bitcoin evangelist and Tesla boss Elon Musk – have slammed it as extremely bad for the environment.

Daymak is planning to link the car to a Nebula Wallet that will allow owners to collect, store and transact with the cryptocurrencies their car has mined.

The company is accepting pre-order payments in cryptocurrencies including dogecoin, ethereum, bitcoin and cardano, it said in its statement.

Bobby Ong, cofounder of crypto data platform Coingecko, said there are a number of problems with Daymak’s idea.

“Embedding a bitcoin mining chip into a machine that is supposed to last for several years assumes that bitcoin’s difficulty will not increase over time,” he said. “Bitcoin’s difficulty will increase over time, making old mining chips inefficient and obsolete.”

He added that the car would need to be constantly connected to the internet to mine, “not to mention draining electricity from the car too.”

At least one amateur crypto fan has already had a crack at mining bitcoin with a car. Simon Byrne decked out a BMW i8 hybrid with a small crypto mining rig in January, according to the Hardware Times.

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Ether mining revenue and transaction volume soared to record highs in May, report says

genesis ether enigma mining ethereum

  • Ethereum on-chain transaction volume and mining revenues reached record highs during the month of May, The Block data showed.
  • Ether mining brought in $2.35 billion in total revenue, an increase of 42.4% from April.
  • Revenue soared amid a record run-up in the world’s second largest cryptocurrency.
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Ethereum on-chain transaction volume and mining revenues reached record highs during the month of May, The Block data showed.

Ether mining brought in $2.35 billion in total revenue, an increase of 42.4% from the previous month. Meanwhile, Ethereum miner transaction fees increased 43.9% to reach $1.03 billion. Mining revenue consists of transaction fees, or costs associated with transacting on ethereum, and block subsidy payouts to miners.

Miners who successfully create a block are rewarded in 2 freshly minted ether and all the transaction fees within the block. A miner may also get 1.75 ether for an “uncle block,” which is a valid block created simultaneously to the successful block, by another miner.

Revenue soared amid a record run-up in the world’s second largest cryptocurrency. Ether hit an all-time high above $4,300 on May 12. The token has pulled back 41% since then and now trades around $2,500.

Amid the recent pullback, transaction fees have fallen. According to data from YCharts, transaction fees have plummeted 93% in less than two weeks.

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Inner Mongolia doubles down on crypto-mining ban and sets up a hotline for the general public to report suspected activity

bitcoin mining servers
  • China’s Inner Mongolia Autonomous Region has set up a hotline for the general public to report any outlying cryptocurrency-mining operations that are still active in the region.
  • Its a move to further crack down on mining operations that could jeopardize China’s goal to reduce carbon emissions.
  • Inner Mongolia was once a hub for crypto-mining operations but has tried to fully clear them out of the region.
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The government in China’s Inner Mongolia Autonomous Region is cracking down further on cryptocurrency-mining operations.

The Inner Mongolia Autonomous Region Development and Reform Commission announced on Tuesday that it has set up a hotline, email, and mail address for the general public to report any outlying crypto-mining operations that are still active in the region.

The commission is also targeting mining companies that are posing as data centers and enjoying preferential policies in tax, land, and electricity prices, and any company that offers land rental services for crypto mining operations.

The creation of a hotline comes after the commission announced in March it was trying to fully clear out and shut down all virtual currency mining projects by the end of April 2021, per The Block.

According to Cointelegraph, Inner Mongolia was once a hub for cryptocurrency mining operations, and accounted for 7.71% of the global Bitcoin hash rate from September 2019 to April 2020.

Now, China has pledged to reduce carbon emissions, and Chinese authorities have cracked down on mining operations. China pledged in 2020 to reach carbon neutrality before 2060 and reach peak carbon emissions before 2030.

The announcement from Inner Mongolia comes as the cryptocurrency market experiences a steep sell-off. As of Wednesday afternoon, the global crypto market cap is $1.6 trillion, a 18.46% decrease over the last day, according to CoinMarketCap.

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100X trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

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Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000

GettyImages 1020194172
Bitcoin mining.

  • Bitcoin mining stocks mounted a recovery on Friday after bitcoin found support at the $50,000 per-coin level.
  • Shares of Riot Blockchain, Marathon Digital Holdings, BitDigital, and other crypto-associated stocks all rose early Friday.
  • Bitcoin has been under pressure after Elon Musk reversed a decision to accept bitcoin as payment for Tesla vehicles.
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Cryptocurrency mining stocks recovered on Friday as bitcoin climbed back above the $50,000 per-coin level despite continued pressure on the cryptocurrency for its environmental impact.

Shares of crypto miners like Riot Blockchain, Marathon Digital Holdings, and Bit Digital all rose during premarket hours on Friday.

However, over the past month, shares of Riot Blockchain are down 62%, while shares of Bit Digital and Marathon Digital Holdings are down 37% and 61%, respectively.

The fall comes amid a breakdown in bitcoin’s price due to repeated questions about the cryptocurrency’s environmental drawbacks, competition from Ethereum and Dogecoin, and more recently, comments from Tesla CEO Elon Musk.

Musk announced Tesla would suspend vehicle purchases using bitcoin due to the environmental impact of the digital currency on Wednesday.

The billionaire CEO’s bitcoin “U-turn” caused the digital asset’s price to plummet below $48,000 per coin before mounting a mild recovery back above the $50,000 resistance level.

Bitcoin’s fall from grace came just a day after the US Securities and Exchange Commission said the digital currency is a “highly speculative” investment in a warning to investors.

“As such, investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market,” the SEC said in a statement.

Despite warnings from the SEC and an Elon Musk “U-turn,” bitcoin miners have continued to invest in their businesses.

Marathon Digital Holdings announced on Monday in its first-quarter earnings report that it produced 386 newly minted bitcoins in 2021 and increased the number of active miners in its operations to 6,800.

Last week, Bit Digital announced that it earned 1,013.40 bitcoin from mining operations in the first quarter and now owns more than 40,000 miners.

And on Monday, Riot Blockchain announced that it mined 206 bitcoin in April, a 90% jump from the 108 bitcoin the company mined in April of last year.

Shares of Riot Blockchain traded up 9.99%, while shares of Bit Digital and Mara Digital Holdings traded up 6.11% and 12.36% as of 9:40 a.m. ET.

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