Trying to follow, but the cryptic bits, the numerology, and my own lack of technical understanding get in the way.
I don’t get the mining part. How do the miners know where to look? I think I understand that there are keys buried within computer code (is that accurate?).
I don’t quite get how the author lost his fortune just because his computer glitched or failed. No back ups? No way to access the digital wallet? He had 2 computers, one very well-equipped and he didn’t keep copies of the keys to a fortune?
Interested in what the professionals can add to all this.
It also seems very volatile, just from having seen (and barely understood) headlines over the years.
I don’t get the mining part.
Mining is somewhat complicated and every day seems to require greater computational power.
Those crafty old Ruskies went for the big guns!
“The suspects had tried to use one of Russia’s most powerful supercomputers to mine Bitcoins, media reports say.”
https://www.bbc.com/news/world-europe-43003740
What Coin Miners Actually Do
Miners are getting paid for their work as auditors. They are doing the work of verifying previous Bitcoin transactions. This convention is meant to keep Bitcoin users honest and was conceived by Bitcoin’s founder, Satoshi Nakamoto. By verifying transactions, miners are helping to prevent the “double-spending problem.”
More here:
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/