Home Bitcoin News Bitcoin (BTC) Mining and Kentucky’s AN ACT relating to commercial mining of cryptocurrency

Bitcoin (BTC) Mining and Kentucky’s AN ACT relating to commercial mining of cryptocurrency

Bitcoin BTC Mining

The price increase of BTC in February have led to increased demand for BTC mining.  Reportedly, Chinese mining device manufacturing businesses are able to see an increased demand for their mining products.  Therefore, mining machine makers are happy about the demand.

Also, the lack of ASIC availability from the sources have made Bitcoin mining rig second market prices skyrocket.

Meanwhile a bill has been submitted to the Kentucky Senate that would include Bitcoin mining operations in their clean energy incentive program.

The Summary of the bill reads:  Amend KRS 154.27-010 to define additional terms; amend KRS 154.27-020 to change the name of the program to “Incentives for Energy-related Business” and include cryptocurrency facilities with a minimum capital investment of one million dollars; amend KRS 154.27-030, KRS 154.27-095,154.12-2035, and 353.804. to conform; EFFECTIVE July 1, 2021.

Title:  AN ACT relating to commercial mining of cryptocurrency.

For those who are new, “Bitcoin mining refers to the process of digitally adding transaction records to the blockchain. Blockchain authentication is what supports cryptocurrency security, which is a publicly distributed ledger holding the history of every bitcoin transaction.”

Also, regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin. At 600 seconds (10 minutes), all else being equal it will take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power usage provided by ASIC miners.

For those who are wondering if it is still worth mining Bitcoin in 2021, it is important to understand the hash rate. A high hashrate means it’s more difficult to make a profit mining Bitcoin. The higher the hashrate the more miners there are (or fewer but more efficient miners) which means you’ll earn less by mining.

For instance, successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020!

Those who are just beginning to mine bitcoin should get Bitcoin mining rig to start mining and to own a mining rig, they need to get a Bitcoin Wallet and set it up, join a mining pool, and get a mining program for the computer and then begin mining. Since huge amount of processing power is required, it still takes a computer to mine Bitcoin.  Device mining on Android and iOS hardware is not possible.

Further,MIT have announced a four-year research initiative to strengthen Bitcoin, which includes contributing to Bitcoin core development.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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