All that said, I keep hearing the word 'mining' lately. So I am simply wondering what anyone is actually 'mining'. Like there are bitcoins in the ground to be found?
Posted on 02/08/2021 7:58:03 AM PST by nuconvert
Iran has been clamping down on mining farms, but it also wants to use crypto mining to boost the sanctioned nation's revenue stream.
Iran is trying to make crypto mining a source of income for the state, while cracking down on miners.
Iran, hit hard by international sanctions, lost revenue supplied by oil exports. Crypto might be a way to get some extra cash, so Iran has been toughening its grip on miners at home in an effort to better control this revenue stream. Since last year, Iran has also opened new opportunities for foreign mining firms.
Iran is a notable player on the bitcoin mining market, and during 2020 it contributed almost 4% of the global bitcoin hashpower, according to research by the University of Cambridge.
But Iran’s relationship with miners is best described as complicated.
On the one hand, Iran clearly sees crypto mining as a way to generate income for the state. Iran began requiring miners to register with the country’s Ministry of Industry, Mines and Trade and pay a higher tariff on electricity than retail or industrial users last year.
But Iran has also blamed bitcoin miners for recent power outages. Just this month, Iranian authorities reportedly shut down 1,620 unregistered mining farms and confiscated 45,000 mining devices.
(Excerpt) Read more at coindesk.com ...
Oil is going up nicely too - glad I bought a bunch.
I think we'll see significant price increases with Biden and the commies hating on anything/everything oil.
Translation: “Bitcoin is preferred by terrorists and that is why it needs to be illegal and replaced by a crypto coin created by the Federal Reserve and operating like a digital fiat dollar.”
More CIA propaganda here.
Yes. Even the ExxonMobil stock I’ve been holding onto for years is on the way up.
All that said, I keep hearing the word 'mining' lately. So I am simply wondering what anyone is actually 'mining'. Like there are bitcoins in the ground to be found?
Don’t think so.
No, it isn’t in the ground. “Mining” is a way of earning bitcoins using computers to record & verify transactions instead of buying bitcoins with cash. “Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of 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.”
•By mining, you can earn cryptocurrency without having to put down money for it.
•Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions which are added to the blockchain.
•Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.
•You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
Ok, Thank you. Despite my tonge in cheek, I do learn something new everyday.
I would not invest in bitcoin—but I understand that for black market transactions it is one way to avoid snooping eyes and ears.
Will the bitcoin market always consume huge amounts of electricity?
LOL
Musk is cheerleading dogecoin now, for at least 2 weeks. Pronounced “doggy-coin,” I believe. I had never heard of it.
Iran is having problems with their children?
Has anyone calculated the average kWh cost of mining one bitcoin? It seems to me that bitcoin mining now wastes a tremendous amount of energy, mostly generated by coal, oil or gas.
Cash is far superior to Bitcoin for black market/money laundering. People keep saying Bitcoin = black market, but the fact is it’s terrible for illegal use, since every transaction is permanently recorded on a public ledger. It’s almost as bad as using your credit card to make an illegal purchase.
It it don’t involve DIGGING, BLASTING, and WASHING, it ain’t MINING!
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