Watch now on MOTHERBOARD: In October of last year Motherboard gained access to a massive, secretive Bitcoin mine housed within a repurposed factory in the Liaoning…
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Watch now on MOTHERBOARD: In October of last year Motherboard gained access to a massive, secretive Bitcoin mine housed within a repurposed factory in the Liaoning…
I don’t really understand this or how bitcoins work. Explain?
The mine we visited is just one of six sites owned by a secretive group of
four people, part of a colossal mining operation that, as of our visit,
cumulatively generated 4,050 bitcoins a month, equivalent to a monthly
gross of $1.5 million.
Watch now on +Motherboard: http://bit.ly/18UCxcu
this doesnt really make much sense. people say mining as if theyre
literally digging in the ground for bitcoins. and if only 21million
bitcoins, exist then theyre obviously not creating them. so does “mining”
just mean theyre stealing them?
The mine we visited is just one of six sites owned by a secretive group of
four people, part of a colossal mining operation that, as of our visit,
cumulatively generated 4,050 bitcoins a month, equivalent to a monthly
gross of $1.5 million.
Watch now on +Motherboard: http://bit.ly/Bitcoin-Mining
Bitcoin my balls. Just another way to rape the public.
What about inflation? Does it exist in the bitcoin-world?
Cryptocurrencies – the biggest financial scam in the history of money. And
we’re in the middle of it.
is hard to turn proffit with bitcoin or mining (coins) because a lot of
money goes into electricity, and even more goes into hardware which don’t
last very much because the rate with wich gets out new and much faster
hardware is incredible, so to remain competitive you have to change the
equipment like once a year, al that equipment that the guy have worth a lot
of mone, and also bitcoin get’s harder and harder to mine and it’s price is
falling. of curse the guy turns out profit but is not as much as they make
you belive because the expensesz are incredibly hingh
WTF Is a bitcoin?
What does it mean to mine bitcoins? They make them up?? How does it work?
(I’m pretty much clueless to bitcoins, other than knowing they’re currency
but,) How do you exactly ‘mine’ a Bitcoin?
So, I’m guessing they’re somehow stealing fractions of a bit coin from
people making transactions. I wonder how many people are out there doing
this.
Can explain to me what they are actually solving. How do we know Bitcoin
miners could be contributing to the creation of some type of nuclear bomb,
some evil people somewhere could just be out sourcing their computer
power?!!
100 Bitcoins a day… That’s $21’685. That’s $7,915,025 a year… Fuck me.
Im 22 years old and i cant fathom this
never trust in these online currencies, the value of the bitcoin today is
less than 300 dollars, investing in bitcoins is like investing in penny
stocks, you’re throwing your life away into the sea
So that’s where all the amd GPU went.
This is extremely confusing: the miners are saying they solve ‘algorithm
problems’ to mine bitcoin. The more they solve, the more bitcoin they have.
What the hell does that mean? Where do they get those ‘algorithm problems’
in the first place? For whom to solve those problems in the first place?
It seems to be that, despite being another scam to trade currency for
virtual poker chips ~that are more useless than actual poker chips~, the
bitcoin miners aren’t telling the whole story on how bitcoin really is
created.
Besides, if bitcoin was a safe haven, it wouldn’t have been affected by the
same symptons as the “bad” fiat currencies are suffering: inflation and
deflation.
Something tells me something like this is not good for bitcoin.
Things like this are why I’ll never invest a penny of my time into Bitcoin.
Anyone who’s been into virtual currencies, like in video games or MMO’s
will know that there is always a loophole, glitch, scam, hack, or other
exploit to create wealth from nothing. Bitcoin is a little different, but
can still be manipulated just as easily. I’d love to see a water cooled
solar powered bit coin farm or perhaps see AMD/Nvidea funded farms who are
able to cut costs dramatically.