Wednesday, January 15, 2014

Bitcoin mining, the law of jungle

To earn USD $21,725 in every 10 minutes (more than $130K per hour) sounds a pie in the sky. This covetous money is what all the Bitcoin "miners" are fighting for 24 hours a day. It still has more than 10M Bitcoins up for grabs. Bitcoin mining basically follows the law of jungle, if you are strong, you get everything. Any one equipped with a lot of resources, i.e., a lot of computation power with each specialized processor equivalent to 70,000 fastest Intel CPU, can solve the arcane Nakamoto's solutions ahead of worldwide competitors and rake up more than USD $130K per hour (price in the night of Jan. 15). Again, Bitcoin mining enhances the economic gap between high- and low-skill individuals.

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