03 Feb '13, 8pm

"Miner problem: big changes are coming for #Bitcoin working class | The Verge" #SundaySocial

"Miner problem: big changes are coming for #Bitcoin working class | The Verge" #SundaySocial

Bitcoin has been described as cash for the internet, but gold is a more appropriate analogy. Anyone can "mine" Bitcoins on their own computers by running a program that’s designed to produce a 64-digit number in a resource-intensive way. This program randomly computes a cryptographic "hash" over and over until the result is below the number the network is looking for. The network rewards the first miner to get the right answer with 50 Bitcoins and then the process starts again. Only 21 million will be created in total, mimicking the scarcity of a precious metal. The race to mine them has attracted a rush of digital ‘49ers. There are many, likely thousands, like O’Shea.

Full article: http://mobile.theverge.com/2012/11/16/3649784/bitcoin-min...

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