Cryptocurrency mining definition

Cryptocurrency mining means the process of confirming transactions to be added on a blockchain by solving complex computations using high performance computers known as Rigs.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Cryptocurrency mining means the operation of specialized computer equipment for the primary purpose of mining one or more blockchain based cryptocurrencies such as Bitcoin. This activity typically involves the solving of algorithms as part of the development and maintenance of a blockchain which is a type of distributed ledger maintained on a peer-to-peer network. Typical physical characteristics of cryptocurrency mining include specialized computer hardware; High Density Load (HDL) electricity use; a high Energy Use Intensity (EUI) where the operating square footage as determined by the Utility is above 250kWh/fr''2/year and with a high load factor in addition to the use of equipment to cool the hardware and operating space. For the purposes of the associated regulations, cryptocurrency mining does not include the exchange of cryptocurrency or any other type of virtual currency nor does it encompass the use, creation, or maintenance of all types of peer-to-peer distributed ledgers.”

Cryptocurrency mining means the process whereby

Examples of Cryptocurrency mining in a sentence

In addition to the foregoing, the Loan Parties agree to (a) provide Agent with (a) API (Application Programming Interface) and/or read access to the Loan Parties’ Bitcoin or other Cryptocurrency mining pool account or similar arrangement that shows the status and hash rate of the applicable mining equipment, and (b) account access to Borrower’s Bitcoin or other Cryptocurrency exchange or brokerage account, which provides transaction details including Bitcoin or Cryptocurrency revenue and trades.
Any Cryptocurrency remaining on Customer’s Cryptocurrency mining equipment 30 days after Customer defaults on payment becomes the property of Bolt automatically.
Notwithstanding the foregoing, Cryptocurrency mining is strictly prohibited.
Any Cryptocurrency remaining on Customer’s Cryptocurrency mining equipment 30 days after Customer defaults on payment becomes the property of NGD automatically.
The overall capacity of FTFT Ohio Cryptocurrency mining farm project is 300MW, with an estimated total investment of USD 62 million.

More Definitions of Cryptocurrency mining

Cryptocurrency mining. The Group has entered into digital asset mining pools by executing contracts with the mining pool operator to provide computing power to the mining pool. In exchange for providing computing power, the Group is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives for successfully adding a block to the blockchain. The Group’s fractional share is based on the proportion of computing power the Group contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Currently, the mining pool mines BTC, LTC and DOGE. The total mining revenue for a given month is calculated as the sum of the daily BTC, LTC and DOGE revenues, where each day’s revenue is determined by multiplying the amount of BTC, LTC and DOGE mined on that day by the BTC, LTC and DOGE market closing price on the same day. From the total monthly revenue, the hosting fees and the maintenance fees will be deducted. The mining pool operator pays the resulting net amount in USDT (or such other mutually agreed stablecoin or fiat currency) on a quarterly basis to the wallet address designated in writing by the Group. The provision of providing such computing power is the only performance obligation in the Group’s contracts with mining pool operators. The transaction consideration the Group receives, if any, is noncash consideration, which the Group measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Group has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block and the Group receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. On March 19, 2024, the Group suspended its cryptocurrencies mining business with the disposal of Blockchain Dynamics Limited and its subsidiary. On January 1, 2025, the Group resumed its cryptocurrencies mining business.

Cryptocurrency mining means the operation of specialized computer equipment for the primary purpose of adding, securing, or verifying transactions to a blockchain or mining one or more blockchain-based cryptocurrencies such as Bitcoin. This activity typically involves the solving of algorithms as part of the development and maintenance of a blockchain which is a type of distributed ledger maintained on a peer-to-peer network.