10 Jul '13, 5pm

Portrait of a Bitcoin miner: How one man made $192K in virtual currency

Portrait of a Bitcoin miner: How one man made $192K in virtual currency

"Unless you started mining early, you're going to fail," said Eric. This has to do with the sheer volume of miners (competition is fierce), combined with a peculiar quality of the Bitcoin algorithm: It's designed to make Bitcoins more difficult to create as more and more miners try to find them. A block of coins is rewarded roughly every 10 minutes, so the difficulty is dependent upon how many miners are involved. The reward also halves itself every four years, so when Eric began mining, the payout was 50 bitcoins per block, but now it's down to 25. This insures a steady trickle of currency. It also insures that new miners will have a much smaller jackpot--and hit that jackpot less frequently--than those who got in early.

Full article: http://www.itworld.com/internet/364484/portrait-bitcoin-m...

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