06 Dec '13, 6pm

The World's Most Powerful Bitcoin Miner Is Worried About How It Could Destroy Bitcoin

The World's Most Powerful Bitcoin Miner Is Worried About How It Could Destroy Bitcoin

It's really hard to make money off Bitcoin. How hard is it? The makers of the most powerful miner in the world can't even satisfy the insatiable demand for their product, because they would probably ruin Bitcoin if they did. Here's the problem: Bitcoins are mined by computers solving math problems. More technically, they unlock blocks of encrypted hashes, or numbers. As more of these blocks are unlocked, it requires exponentially more power — literally, electricity — to mine one single Bitcoin, because you need to run your machine continuously to do so. But Bitcoins were designed so that as more Bitcoin was mined and created, the encryptions would get more difficult. In other words, it would require more time and power to mine a single coin. If you were "crazy" enough to get in on Bitcoin in its infancy, say around 2009, you got a great deal, because you could mine a lot o...

Full article: http://www.businessinsider.com/knc-jupiter-hashrate-parad...

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