The Prometheus League
Breaking News and Updates
- Abolition Of Work
- Ai
- Alt-right
- Alternative Medicine
- Antifa
- Artificial General Intelligence
- Artificial Intelligence
- Artificial Super Intelligence
- Ascension
- Astronomy
- Atheism
- Atheist
- Atlas Shrugged
- Automation
- Ayn Rand
- Bahamas
- Bankruptcy
- Basic Income Guarantee
- Big Tech
- Bitcoin
- Black Lives Matter
- Blackjack
- Boca Chica Texas
- Brexit
- Caribbean
- Casino
- Casino Affiliate
- Cbd Oil
- Censorship
- Cf
- Chess Engines
- Childfree
- Cloning
- Cloud Computing
- Conscious Evolution
- Corona Virus
- Cosmic Heaven
- Covid-19
- Cryonics
- Cryptocurrency
- Cyberpunk
- Darwinism
- Democrat
- Designer Babies
- DNA
- Donald Trump
- Eczema
- Elon Musk
- Entheogens
- Ethical Egoism
- Eugenic Concepts
- Eugenics
- Euthanasia
- Evolution
- Extropian
- Extropianism
- Extropy
- Fake News
- Federalism
- Federalist
- Fifth Amendment
- Fifth Amendment
- Financial Independence
- First Amendment
- Fiscal Freedom
- Food Supplements
- Fourth Amendment
- Fourth Amendment
- Free Speech
- Freedom
- Freedom of Speech
- Futurism
- Futurist
- Gambling
- Gene Medicine
- Genetic Engineering
- Genome
- Germ Warfare
- Golden Rule
- Government Oppression
- Hedonism
- High Seas
- History
- Hubble Telescope
- Human Genetic Engineering
- Human Genetics
- Human Immortality
- Human Longevity
- Illuminati
- Immortality
- Immortality Medicine
- Intentional Communities
- Jacinda Ardern
- Jitsi
- Jordan Peterson
- Las Vegas
- Liberal
- Libertarian
- Libertarianism
- Liberty
- Life Extension
- Macau
- Marie Byrd Land
- Mars
- Mars Colonization
- Mars Colony
- Memetics
- Micronations
- Mind Uploading
- Minerva Reefs
- Modern Satanism
- Moon Colonization
- Nanotech
- National Vanguard
- NATO
- Neo-eugenics
- Neurohacking
- Neurotechnology
- New Utopia
- New Zealand
- Nihilism
- Nootropics
- NSA
- Oceania
- Offshore
- Olympics
- Online Casino
- Online Gambling
- Pantheism
- Personal Empowerment
- Poker
- Political Correctness
- Politically Incorrect
- Polygamy
- Populism
- Post Human
- Post Humanism
- Posthuman
- Posthumanism
- Private Islands
- Progress
- Proud Boys
- Psoriasis
- Psychedelics
- Putin
- Quantum Computing
- Quantum Physics
- Rationalism
- Republican
- Resource Based Economy
- Robotics
- Rockall
- Ron Paul
- Roulette
- Russia
- Sealand
- Seasteading
- Second Amendment
- Second Amendment
- Seychelles
- Singularitarianism
- Singularity
- Socio-economic Collapse
- Space Exploration
- Space Station
- Space Travel
- Spacex
- Sports Betting
- Sportsbook
- Superintelligence
- Survivalism
- Talmud
- Technology
- Teilhard De Charden
- Terraforming Mars
- The Singularity
- Tms
- Tor Browser
- Trance
- Transhuman
- Transhuman News
- Transhumanism
- Transhumanist
- Transtopian
- Transtopianism
- Ukraine
- Uncategorized
- Vaping
- Victimless Crimes
- Virtual Reality
- Wage Slavery
- War On Drugs
- Waveland
- Ww3
- Yahoo
- Zeitgeist Movement
-
Prometheism
-
Forbidden Fruit
-
The Evolutionary Perspective
Category Archives: Bitcoin
‘Bitcoin cash’ soars to record high above $900 as ‘mining’ profits jump – CNBC
Posted: August 20, 2017 at 5:53 pm
The bitcoin offshoot surged Saturday to a record high in high trade volume, helped by strong demand from South Korea and digital currency "miners" who found the offshoot more profitable to mine.
Bitcoin cash, an alternative version of bitcoin launched by a minority of developers on Aug. 1, climbed 44 percent to $996.92, according to CoinMarketCap. That's the highest bitcoin cash has ever traded in its less than three weeks of history, and a jump of almost 374 percent from its low of $210.38 on its first day of trading.
Bitcoin cash traded off that high at $944.45 in mid-morning trade, still less than a quarter of the original bitcoin's price.
Bitcoin cash seven-day performance and trade volume
Source: CoinMarketCap
After stagnating interest in the first two weeks of its existence, the bitcoin offshoot began climbing late last week after digital currency "miners" on Wednesday mined an eight megabyte bitcoin cash block. That demonstrated bitcoin cash could fulfill its promise of faster transaction speeds, which is determined by block size. The original bitcoin has a one megabyte block size and is set for an upgrade to a two megabyte block this fall.
The gains in bitcoin cash's price and built-in protocols that gradually reduce the difficulty of mining the digital currency have made the offshoot more attractive to miners. Bitcoin cash is now 69 percent more profitable to mine than the original bitcoin, according to data analysis from Coin Dance.
Digital currency miners often switch their mining power among different currencies depending on their relative profitability.
Relative profitability of bitcoin cash vs. bitcoin
Source: Coin Dance
Bitcoin cash's 24-hour trade volume of nearly $4.4 billion topped bitcoin's roughly $3.4 billion and that of another digital currency, ethereum, at $918 million, according to CoinMarketCap.
South Korean exchanges Bithumb, Coinone and Korbit dominated trade activity, with Bithumb alone accounting for $1.7 billion of trade volume, CoinMarketCap data showed. At the overnight peak, trade in the South Korean won contributed to nearly half of bitcoin cash trade volume, according to CryptoCompare. Trade in won for the original bitcoin accounted for only 10.5 percent, the site showed.
Investors in bitcoin at the time of the Aug. 1 split into bitcoin and bitcoin cash should have received an equivalent amount of the bitcoin offshoot. However, major digital currency storage and exchange site Coinbase plans to add support by Jan 1, 2018, after initially saying it would not support the alternative digital currency.
The original bitcoin traded about 0.6 percent lower near $4,133 after hitting a record high of $4,522.13 Thursday, according to Coin Desk. Bitcoin has more than quadrupled in value this year.
Ethereum, traded 2 percent lower to $290.01, still up more than 3,000 percent this year, according to CoinDesk.
Read more:
'Bitcoin cash' soars to record high above $900 as 'mining' profits jump - CNBC
Posted in Bitcoin
Comments Off on ‘Bitcoin cash’ soars to record high above $900 as ‘mining’ profits jump – CNBC
‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds – CNBC
Posted: at 5:53 pm
The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
Bitcoin cash rose 40 percent from Thursday's close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap. That's the highest since bitcoin cash touched $756.93 on Aug. 2, the day after bitcoin split into bitcoin and bitcoin cash.
However, the volatile surge was even greater when considering bitcoin cash hit an intraday low of $293 Thursday before climbing to $460.53, according to CoinMarketCap.
On Wednesday morning, bitcoin cash "miners" successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin's one megabyte. Blocks are part of the blockchain technology behind digital currencies like bitcoin that limit transaction speeds.
Bitcoin cash (Aug. 1 - 18)
Source: CoinMarketCap
The eight megabyte block "has proven that bitcoin cash is working," said Charlie Hayter, CEO of digital currency information website CryptoCompare.
He added that gains in bitcoin cash's price made it more profitable and easier for miners to mine bitcoin cash versus bitcoin, contributing to further gains in the offshoot currency's price.
Investors in bitcoin at the time of the Aug. 1 split should have received equal amounts of bitcoin cash.
The original bitcoin traded 2 percent lower Friday near $4,220 after hitting an all-time high of $4,522.13 Thursday, according to CoinDesk. At Friday's prices, bitcoin had a market value of about $70 billion and remained more than four times higher for the year.
Another digital currency, ethereum, traded 3 percent lower near $292, according to CoinDesk. Ethereum has the second-largest market capitalization among cryptocurrencies at $28 billion, according to CoinMarketCap.
With Friday's gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.
CNBC's Arjun Kharpal contributed to this report.
See the original post here:
'Bitcoin cash' surges 40% in single day as investors bet on its faster processing speeds - CNBC
Posted in Bitcoin
Comments Off on ‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds – CNBC
Teenage bitcoin millionaire is back with a better Botangle … – TechCrunch
Posted: at 5:53 pm
Erik Finman gained notoriety and a certainfameas a 14-year-old entrepreneur and bitcoin investor whod managed to turn a $1,000 investment in the cryptocurrency into more than a million dollars and a chance to never see the inside of a college institution.
Hailing from the small town of Post Falls, Idaho, Finman, the son of two Stanford-educated engineers whose small business sells big technology to the Defense Department, was a kid who never took to public education.
Unlike his brothers, Ross and Scott, the youngest Finman didnt respond to his parents curriculum of home-schooling and entrepreneurship and decided that a public education would be his way out into the wider world beyond the outskirts of a Coeur dAlene exurb (if Coeur dAlene can have an exurb).
Unfortunately, the public school system proved to be equally as ineffective as home-schooling for the young Finman, and at the tender age of 15 he had already turned on to bitcoin, tuned in to its wealth-creating allure and essentially dropped out.
He began making the tech-media speaking circuit discussing his rise to fame (and some fortune) through his bitcoin investments and his startup ideas.
Botangle, the first startup Finman launched, had as many as 20 developers around the world working on it, and is what provided his entre into the semi-rarified world of hucksters, hipsters, self-promoters, writers, entrepreneurs, inventors and the internet-famous that comprise the TED-talk-circus-circuit.
The company was born from Finmans early (and only) experiences in schooling, where he was unmotivated, uninspired and underwhelmed by his teachers.
His solution was to create a search service for students like him, who were looking for inspiration and werent finding it in their own schools. Indeed, one of Finmans early teachers told him he would end up working at McDonalds.
(According to a profile in New York Magazine, that same teacher got an email with a Look at me now, bitch! header from Finman after his bitcoin-based success.)
Botangle was acquired by another bitcoin millionaire from Finmans hometown one whose concerns over a government crackdown on the currency has led the individual to keep his identity off the record.
Now, several years after its sale, Finman is buying back his original startup. In the intervening years, Finman has set up shop in Los Angeles, bought a Lamborghini (as one does in Los Angeles) and is casting about for his next big thing.
In the meantime, hes returning to the educational mission that gave his early (earlier?) entrepreneurial years purpose education.
The idea is that an open-sourced Botangle can let anyone create an online school for their own interests.
My real life goal is to fix the education system, Finman writes. And the reason I created Botangle was because of my own personal negative experiences.
For Finman, it wasnt his aptitude, it was the environment. I wasnt doing very well academically, honestly, so I went to a summer program to prep for the next year. There, I had one teacher who helped me to love hardcore physics I realized that when I had the right teacher, I could not just love learning but be extremely competent in a particular subject.
See more here:
Teenage bitcoin millionaire is back with a better Botangle ... - TechCrunch
Posted in Bitcoin
Comments Off on Teenage bitcoin millionaire is back with a better Botangle … – TechCrunch
Bitcoin bond launch brings digital currency step closer to ‘world of high finance’ – CNBC
Posted: August 18, 2017 at 4:53 am
Bitcoin is getting closer to looking like a traditional financial product.
Japanese financial information firm Fisco announced Monday it is experimenting with the country's first bitcoin-backed bond. The news follows other announcements in the last several weeks for bitcoin options, futures and an exchange-traded fund tracking bitcoin derivatives in the U.S.
"I think it's a very healthy and natural progression of the space," said Adam White, Coinbase vice president and general manager of its GDAX exchange, told CNBC in a phone interview.
Derivatives products will allow for greater liquidity, better price discovery and lower volatility, White said. "I think products like derivatives or an ETF effectively allow traders to do two things: speculate and hedge risk on the price speculation."
Bitcoin price 12-month performance
Source: CoinDesk
Bitcoin has more than quadrupled in price this year, hitting a record above $4,500 Thursday and notching a market value of $74 billion amid growing institutional investor interest in the digital currency. Many governments and financial institutions see enormous potential for improving transaction security and efficiency using the blockchain technology that supports bitcoin.
But the surge in investor demand has also revealed access issues with third-party storage systems and trading platforms that fall short of the more established Wall Street markets.
Bitcoin's price is also prone to massive swings of several hundred dollars within a day. With bitcoin futures in the works, investors will be able to protect themselves from potential sharp drops in prices through hedging.
The ability to hedge bitcoin investments paves the way for other products, such as bonds.
Fisco's three-year bitcoin bond was issued by its digital currency exchange unit for an internal trial on Aug. 10, according to a Google translate of the press release.
The bond has a three percent annual interest rate and returns bitcoins when it matures, the release said. The total worth of the bond was 200 bitcoin, or $900,000 at Thursday's prices.
The bitcoin bond "brings digital currencies into the world of high finance," said Dan Doney, chief executive officer of Securrency, which plans to launch a platform at the end of the year to allow investors to buy stocks using bitcoin. Doney was chief innovation officer at the U.S. Defense Intelligence Agency before co-founding Securrency in 2015.
The biggest challenge is "it is very difficult to predict the price of bitcoin tomorrow, let alone a year from now," Doney said.
A bitcoin-backed bond would allow large institutions to store value using the digital currency and potentially be more open to accepting bitcoin as payment, analysts said.
"It is interesting financial firms are trying to get their arms around the currency and what it can be," said Brian Patrick Eha, author of "How Money got Free: Bitcoin and the Fight for the Future of Finance."
In early August, the Chicago Board Options Exchange said it planned to launch bitcoin futures as soon as the fourth quarter of this year. That paved the way for VanEck, which sells gold ETFs and other investment products, to file last Friday with the U.S. Securities and Exchange Commission for a "VanEck Vectors Bitcoin Strategy ETF" that proposes to initially invest in bitcoin futures.
The U.S. Commodity and Futures Commission in late July also approved a digital currency trading platform called LedgerX to clear derivatives.
Historically cryptocurrencies "were very much a domain for crypto anarchists and tech-savvy people, and that has changed in the last couple years," said Niklas Nikolajsen, CEO of Swiss-based digital currency broker Bitcoin Suisse. "This means a whole new ballgame of people are going to get access to the market."
Continue reading here:
Bitcoin bond launch brings digital currency step closer to 'world of high finance' - CNBC
Posted in Bitcoin
Comments Off on Bitcoin bond launch brings digital currency step closer to ‘world of high finance’ – CNBC
Bitcoin just passed $4,000 | TechCrunch
Posted: at 4:53 am
What a day for Bitcoin.
24 hours ago the cryptocurrency was trading below $3,700. About an hour ago it surged passed $4,000 and has no signs of stopping. Its now trading around $4,135.00. For reference, a week ago Bitcoin hit an all-time high as it passed $3,000 for the first time.
Check out the chart below to see what the price has done in the last 24 hours.
So the million dollarbitcoin question iswhy now?
Without wasting too much of your Saturday night with detailed analysis, here are a few possible reasons you can tell your friends during brunch tomorrow.
Two weeks ago Bitcoin went through a hard fork, and came out essentially unscathed. Sure, a bitcoin-clone called Bitcoin Cash was created, but its gotten a lot less attention than most people expected. A few days later Bitcoin locked in SegWit, a code modification that fixesmalleability issues and frees up space in blocks, allowing for more transactions to be stored in each one.
These two code-related developments have helped boost conference in Bitcoins future.
Another reason the ICO frenzy. The amount recently raised via initial coin offerings have now (at least temporally) topped amount raised via early stage venture capital. Just last week Filecoin raised $180 million in a few hours. Most investors have to convert fiat currency to bitcoin or other cryptocurrencies to participate in ICOs, which could be driving up the price (and providing some investors with their first taste of bitcoin).
Another reason Wall Streets new obsession is bitcoin. You cant watch CNBC for five minutes without seeing a trader or analyst give their opinion which is usually something insanely bullish like its going to be the best performing investment of the year. For better or for worse, statements like these are getting non-technically inclined investors interested in bitcoin, some of which are definitely buying coins for the first time.
So what happens next? No one knows. Bitcoin could crash 50% to $2,000 tomorrow or spike to $5,000 and I dont think anyone who truly knows crypto would be surprised at either option. Everyone has a different opinion some say the bubble is oversized and should have popped months ago others think that bitcoin is currently just a fraction of what it could eventually trade at.
Whichever camp you fall in, heres one friendly reminder: dont invest more than you can afford to lose because if you ask anyone whos spent more than a few months in the cryptocurrency world theyll tell you its a roller coaster.
Continue reading here:
Bitcoin just passed $4,000 | TechCrunch
Posted in Bitcoin
Comments Off on Bitcoin just passed $4,000 | TechCrunch
Bitcoin Surged to a New High Adding $17 Billion in Just Over a Week – Fortune
Posted: at 4:53 am
Defying naysayers, Bitcoin's price surged above $4,500 for the first time early Thursday to reach a market value of $73.6 billion.
While the cryptocurrency has since pared some of its gains, falling to $4,453 by midday Thursday, it's risen by about $1,000 in the past nine days. The currency's total market value jumped $17 billion in the same period, thanks in part to the optimism traders have around plans to help Bitcoin eventually go mainstream . This includes speedier transactions, starting with its software updatedubbed Segwit2xearlier this month.
We can also speculate that it is related to the increased interest from Korean and Japanese exchanges where volumes are also increasing, William Mougayar, the founder of Startup Management, told Fortune . Another part of it is driven by the psychology of markets, as $USD 5,000 seems to be within reach, now that the $4,000 level has been easily broken.
That said, Bitcoin's sudden rise is cause for concern for some.
Goldman Sachs analyst Sheba Jafari wrote in a Sunday note that she expected Bitcoin to potentially hit and peak at $4,827.
"The market should in theory enter a corrective phase. This can last at least one third of the time it took to complete the preceding advance and retrace at least 38.2% of the entire move," she wrote. "From current levels, that would measure out to around $2,221."
Meanwhile, plans to scale up Bitcoin haven't exactly gone smoothly. Miners still appear split about how to implement SegWit2x. The first part of that plan was activated earlier this month, but the second part, an upgrade to Bitcoin's software by increasing block size to two megabytes in November, has been a point of contention. That upgrade, which was made official this week, will result in a " hard fork ."
Miners already dissatisfied with Segwit2x decided not to make that upgrade earlier this year, forming a new cryptocurrency offshoot dubbed Bitcoin Cash . If more miners shun the November upgrade, it would in theory result in yet another Bitcoin currency.
Bitcoin Cash is trading at about $373.80, 47% off its all-time high earlier this month. Ethereum, on the other hand, is trading at about $289, 26% off its all-time high earlier this year.
Link:
Bitcoin Surged to a New High Adding $17 Billion in Just Over a Week - Fortune
Posted in Bitcoin
Comments Off on Bitcoin Surged to a New High Adding $17 Billion in Just Over a Week – Fortune
Another major country joins China and Japan in cracking down on bitcoin exchanges – CNBC
Posted: at 4:53 am
Following moves by China and Japan to regulate digital currencies, Australia is attempting to crackdown on money laundering and terrorism financing with plans to regulate bitcoin exchanges.
"The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide," said Australia's Minister for Justice Michael Keenan in a press release.
The Australian government proposed a set of reforms on Thursday which will close a gap in regulation and bring digital currency exchange providers under the remit of the Australian Transactions and Reporting Analysis Centre (AUSTRAC).
These exchanges serve as marketplaces where traders can buy and sell digital currencies, such as bitcoin, using fiat currencies, such as the dollar.
Bitcoin has grown massively this year. The market cap has increased to $73.93 billion and the price recently hit fresh record highs. It currently trades at $4,476 and the price has risen 348 percent year to date.
The reform bill is intended to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act and increase the powers of AUSTRAC.
View post:
Another major country joins China and Japan in cracking down on bitcoin exchanges - CNBC
Posted in Bitcoin
Comments Off on Another major country joins China and Japan in cracking down on bitcoin exchanges – CNBC
Bitcoin Cash Breaks Price Doldrums to Push Past $400 – CoinDesk
Posted: at 4:53 am
Bitcoin Cash's price rose above the $400 mark today, breaking the rangebound market trend of thepast several days.
The cryptocurrency climbed as high as $406 today, according to data fromCoinMarketCap. The move followed days of steadymarketfluctuations, with the price of Bitcoin Cash trading no more than a few dollars above or below the $300 level.
The largest Bitcoin Cash market by-volume is Bithumb, which accounts for roughly 30 percent of the global trade through its Korean won-Bitcoin Cash trading pair, CoinMarketCap figures show. The exchange reports more than $145 million in volume over the past 24 hours.
At press time, Bitcoin Cash is trading at about $391 onBithumb.
As previously reported by CoinDesk, Bitcoin Cash split off from the main bitcoin blockchain earlier this month when a group of miners and developers moved to adopt software, with new network rules, that was incompatible with the rest of the network. The result: bitcoin "forked" into two distinctblockchains with their own freely-traded digital assets.
Today's upward price action comes just hours after bitcoin reached a new all-time high above$4,500.
Rollercoaster image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].
Read more from the original source:
Bitcoin Cash Breaks Price Doldrums to Push Past $400 - CoinDesk
Posted in Bitcoin
Comments Off on Bitcoin Cash Breaks Price Doldrums to Push Past $400 – CoinDesk
Bitcoin wallet ‘Blockchain’ adds Ethereum support – TechCrunch
Posted: at 4:53 am
This isnt a game of bingo, the company called Blockchain is maintaining the worlds most popular bitcoin wallet. And starting today, Blockchain users will also be able to create Ethereum wallets and hold ethers.
Blockchain isnt a centralized exchange like Coinbase or Kraken. It is simply a wallet so that you can safely story all your cryptocurrencies. Compared to many services out there, Blockchain is more secure and more difficult to hack.
When you create a Blockchain wallet on the web or using the mobile app, the company cant see your balance or your transactions. You can back up your wallet to Blockchains servers, but you keep the keys to your wallet.
And this approach has been quite popular as there are now 14 million Blockchain wallets. The startup also recently raised a $40 million round.
If you want to buy bitcoins or ethers, Blockchain has partnered with exchanges to build seamless integrations. This way, you can send USD, EUR or whatever and receive bitcoins in exchange on your Blockchain wallet.
And the new Ethereum wallets look and work just like bitcoin wallets. The company has partnered with ShapeShift Blockchain users can exchange bitcoins for ethers and vice versa.
While Blockchain has remained dedicated to bitcoin wallets for a while, adopting Ethereum is an interesting move. It proves that there wont be just one universal cryptocurrency.
See the rest here:
Bitcoin wallet 'Blockchain' adds Ethereum support - TechCrunch
Posted in Bitcoin
Comments Off on Bitcoin wallet ‘Blockchain’ adds Ethereum support – TechCrunch
Photos: Inside one of the world’s largest bitcoin mines – Quartz
Posted: at 4:53 am
One of the worlds largest bitcoin mines is located in the SanShangLiang industrial park on the outskirts of the city of Ordos, in Inner Mongolia, an autonomous region thats part of China. Its 400 miles from Chinas capital, Beijing, and 35 miles from the the city of Baotou. The mine is just off the highway, near the intersection of Latitutde 3rd Road and Longitude 3rd Road. It sits amidst abandoned, half-built factoriesvictims of an earlier coal mining boom that fizzled out, leaving Ordos and its outlying areas littered with the shells of unfinished buildings.
The mine belongs to Bitmain, a Beijing-based company that also makes mining machines that perform billions of calculations per second to try and crack the cryptographic puzzle that yields new bitcoins. Fifty Bitmain staff, many of them local to Ordos, watch over eight buildings crammed with 25,000 machines that are cranking through calculations 24 hours a day. One of the buildings is devoted to mining litecoin, an ascendant cryptocurrency. The staff live on-site in a building with a dormitory, offices, a canteen, and a repair center. For recreation, they play basketball on an unfinished cement court.
Bitcoin mining consumes enormous amounts of electricity, which is why miners seek out locations that offer cheap energy. The Ordos mine was set up in 2014, making it Chinas oldest large-scale bitcoin mining facility. Bitmain acquired it in 2015. Its powered by electricity from coal-fired power plants. Its daily electricity bill amounts to $39,000. Bitmain also operates other mines in Chinas remote areas, like the mountainous Yunnan province in the south and the autonomous region of Xinjiang in the east.
Despite the costs, bitcoin mining remains a lucrative industry. At the current bitcoin price of about $4,000 per bitcoin, miners compete for over $7 million in new bitcoins a day. The more processing power a mining operation controls, the higher its chances of winning a chunk of those millions. The Ordos mine accounts for over 4% of the processing power on the bitcoin networka huge amount for a single facility.
Quartz visited the mine in Ordos on Aug. 11.
Read next: The lives of bitcoin miners digging for digital gold in Inner Mongolia
Read next: Take a 360 walk around one of the worlds biggest bitcoin mines
See the original post here:
Photos: Inside one of the world's largest bitcoin mines - Quartz
Posted in Bitcoin
Comments Off on Photos: Inside one of the world’s largest bitcoin mines – Quartz