Between all the bad comments about Bitcoin, the comment that it “wastes” energy power is the most nonsensical. This way of thinking is contradictory to the fundamentals of the electric power, the way it works and the way markets work.
Electric power is a real-time service which is transmitted by wired lines by specialized companies. It is produced through Nuclear, Hydro Coal, Solar, Wind, etc. Those producers produce energy which is consumed in real time and users are billed per kilowatt-hour. Electricity is used for a lot of purposes like entertainment, heating, cooking, even cars are running on stored electricity … Read the rest
Bitcoin total supply is capped at 21 million which means that on 21 million bitcoin can be ever created. Unlike traditional currencies that are issued by governments which constantly add more cash supply causing the devaluation of the national currency and reducing the value of money held by people.
Bitcoin is created in a way that while more time passes the value of bitcoin increases. Bitcoin is not only capped at 21 million but also every 4 years there is a halving which means that the miner’s reward is reduced by 50%.
Basically, when a new block is minted by … Read the rest
BIP91 blocks have been successfully mined by BiXin and Antpool helping to allay fears that Bitcoin could split in the face of incompatibility between rival Segwit2x and BIP148 implementations.
BIP91 (or Bitcoin Improvement Proposal 91) is the work of software engineer James Hilliard, it addresses incompatibilities between the competing SegWit2x and BIP148 protocols. Both bring SegWit to Bitcoin, except that SegWit2x refuses communication with BIP148, which would effectively cause Bitcoin to split in two.
BIP91 seeks to address this problem by enabling SegWit2x and BIP148 to communicate. However, in order for BIP91 to be successful it must also … Read the rest
One of the most appealing aspects of Bitcoin is the ability to create it out of thin air via a process known as “mining”. While that’s a bit of an oversimplification (earning Bitcoin is more about contributing hardware than alchemy), mining remains an incentive for getting on board with Satoshi Nakamoto’s “magic internet money” – but is mining still a feasible activity for the average person almost a decade after Bitcoin first appeared?
Assuming that average person is somebody with an equally average computer, the answer is “no”, simply because the era when mining was profitable with … Read the rest
On the edge of a tiny Chinese town is a strange building where you can get an insight into the future – and only a handful of people know what is happening inside.
I am on my way to visit one of the biggest bitcoin mines in the world: where up to $8m in digital currency is generated per year by solving complicated mathematical algorithms with computers.
The location is secret and I have been invited under the strict condition that I live onsite with the miners. The owners don’t want to broadcast their specific location, because while the Chinese … Read the rest
Imagine being told that your wage was going to be cut in half. Well, that’s what’s soon going to happen to those who make money from Bitcoin mining, the process of earning the online currency Bitcoin.
The current expected date for this change is 11 July 2016. Many see this as the day when Bitcoin prices will rocket and when Bitcoin owners could make a great deal of money. Others see it as the start of a Bitcoin crash. At present no one quite knows which way it will go.
Bitcoin was created in 2009 by someone known as Satoshi … Read the rest