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Professional Bitcoin Mining in China
acting-man.com / Pater Tenebrarum / February 17, 2015
A Major Mining Operation
Since recovering from a brief plunge to $150 intraday in January, Bitcoin has moved in a trading range roughly between $210 and $270. Most recently the currency traded around $235. As we will explain further below, at what price Bitcoin changes hands may actually be relevant for the sustainability of its crucial infrastructure backbone. Here is an hourly chart of the action on the Bitstamp exchange over the past 10 trading days:
Bitcoin hourly. Since the low at $150 in January, the crypto-currency has traded in a range between approx. $210 and $270, via bitcoincharts.com
This brings us to a very interesting video of a major professional Bitcoin mining operation in China that has recently been brought to our attention. As you can see in this video, the days when people could mine Bitcoins at home with a souped-up graphics card are long gone. These days entire floors of buildings stuffed with computing hardware are needed to “mine” a halfway decent amount of Bitcoins (many smaller private miners nowadays join pools which share the Bitcoin found by communal effort whenever a member of the pool manages to solve a block of the Bitcoin block chain).
The reason why such huge operations are necessary for Bitcoin mining these days is that the complexity of the calculations required to solve the mathematical puzzle that leads to the discovery of new Bitcoins continually increases the more miners are active.
The post Professional Bitcoin Mining in China appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/02/17/professional-bitcoin-mining-in-china/
