Bitcoin mining wikipedia. Bitcoin mining is a competitive endeavor. An arms race has been observed through the various hashing technologies that have been used to mine bitcoins: basic CPUs, high-end GPUs common in many gaming computers, FPGAs and ASICs all have been used, each reducing the profitability of the less-specialized technology Bitcoins are created as a reward for a process known as ... A miner who over spends on old gen miners and runs expensive electricity will get wiped out., There are no bail-outs in the Bitcoin economy; Least efficient miners shutting off is a healthy cleanse – here is why: Bitcoin’s price go down, inefficient miners capitulate, causing more sell pressure A bitcoin miner, I called him Luis--I used pseudonyms for many of these people. I interviewed them on the condition of anonymity because there's obvious incredible risks in terms of being caught doing this activity in Venezuela. He--I tell him--he's the story of what's called an express kidnapping. He was driving in Caracas with his girlfriend. He was pulled over; guys with guns got out. One ... The “miner” whose computer first finds an acceptable hash value is rewarded with newly minted bitcoins. The Bitcoin system adjusts the difficulty of the hashing requirements to control the minting rate. To its proponents, this is one of Bitcoin’s biggest attractions: Unlike the printing of “fiat” currency, which can be done on demand, the creation of Bitcoins will gradually taper ... Gavin Andresen, Principal of the BitCoin Virtual Currency Project, talks with EconTalk host Russ Roberts about BitCoin, an innovative attempt to create a decentralized electronic currency. Andresen explains the origins of BitCoin, how new currency gets created, how you can acquire BitCoins and the prospects for BitCoin’s future. Can it compete with government-sanctioned money?
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