Vortex doubles mining capacity to combat inflation

2023-5-8 18:45

US-based Bitcoin (BTC) mining company Vortex Mining is doubling its mining capacity to combat global inflation.

Vortex said inflation has been increasing around the globe, which is creating a demand for BTC. Vortex Mining’s CEO, Todd Higley, commented on the increasing mining power and stated:

“We are very excited about the opportunities that bitcoin mining presents in this current economic climate. Our expansion plans reflect our confidence in the future of digital assets and our commitment to providing our shareholders with strong returns.”

Vortex Mining launched in August 2021 and currently holds less than 1 BTC in its public wallet.

For the nine-month period ending Nov. 30, 2022, the company reported net revenues of C$10,792 and a net loss of C$104,855.

While doubling its mining capacity, Vortex Mining also announced that it is committing to reducing its carbon footprint, and all the new expansion operations “will be done in an environmentally responsible manner.

Increasing fees

Vortex Mining’s desire to double its mining power resides in a gap it pinpointed between inflation and BTC demand. However, a recent CryptoSlate insight revealed that BTC miners have been earning more than the block reward.

Last time miners earned more than the block rewards was in 2017. On May 8, 2023, block 788695’s reward was 6.25 BTC. However, the block paid 6.701 BTC in fees, which equates to over $190,000 at the time of writing. The numbers also reveal that over 30% of miner revenue has come from the fees in the last 24 hours.

The post Vortex doubles mining capacity to combat inflation appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining inflation vortex btc combat capacity increasing

mining inflation → Результатов: 33


Bitcoin Halving to Have “Tiny” Supply Shock; More Important Events in 2020

Bitcoin’s mining rewards halving event has long been looked towards as a bullish fundamental event that would catalyze a massive BTC uptrend due to the resulting inflation reduction. In spite of this, one prominent angel investor is now noting that the supply reduction resulting from this event will be “tiny,” and that it is highly... The post appeared first on NewsBTC.

2020-2-5 00:00


Фото:

Beam, BCH, BTC, Zcash to Halve Inflation Next Year

There’s been a lot of noise about Bitcoin’s halving, set to occur in May, and the effect this will have on price as BTC’s mining reward is slashed. It’s not the only PoW coin gearing up for a major reduction in its emission rate next year, with Bitcoin Cash, Beam, and Zcash all set to […] The post Beam, BCH, BTC, Zcash to Halve Inflation Next Year appeared first on Bitcoin News.

2019-12-9 21:35


Zcash Plans To Reduce Inflation With Harmony Mining

Zcash, a prominent privacy coin, has announced plans to reduce its rapid inflation rate. Currently, the coin is experiencing inflation at a rate of 0.1% per day. This may not sound like much, but the rate compounds dramatically over the course of a year, and in absolute terms, the network is issuing miners $400,000 worth… The post Zcash Plans To Reduce Inflation With Harmony Mining appeared first on UNHASHED.

2019-1-7 19:26


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03