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Could the Chinese Govt take over the mining of Bitcoin?
It is very much possible for a communist government like China. They are infamous for violating human rights. For reference, you can check out the current situation of Uyghurs Muslims in Xinjiang. Every possible human rights are being violated for them by the Chinese Government and they are being denied even the basic requirements of life. So it is very much possible for Chinese government to forcefully take over the mining operations under their own control. Probably this is unimaginable in first world countries, but very much possible in China. If this happens, it would not give us a positive impact on the market. This news is slowly coming out but over half the Bitcoin miners are Chinese entities! What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!
Bitcoin halving will bring in mass industrial mining of bitcoin. Think solar, nuclear, hydro, coal. May 2020 is the time. Mine like hell before then. After that profits will be harder for the little guys with ant miners. #btc #bitcoin truthraider.com /r/Bitcoin
Is it worthwhile to be engaged in the mining of bitcoin in 2018?
Many people engaged in mining and bought from the trading shelves of the video card, against the background of the rapid growth of bitcoin in 2017. People could not buy special ASIC-miners even by prior order. But what to do today, when bitcoin is not happy with its price the last six months? The mining market will continue to develop this year. It is enough to look at the bitcoin network hashrate timetable to make sure the industry develops. So from January to June, the bitcoins get more than doubled from 15 to 36 execs per second. Another confirmation of the prospect of mining is the multimillion-dollar investment in the industry. Japanese Internet giant GMO Internet Group spent $ 320 million on its own farm and has already extracted over 900 bitcoins on it. According to estimations of large market players for the mining of one bitcoin goes from 6 to 7 thousand dollars. A typical miner needs to carry out an individual calculation. Take into account the complexity of production and predict its change, choose a mining pool and calculate the commission and electricity costs. Comparing these parameters, you need to make a conclusion about how much to invest in equipment for mining, and how quickly investments will make a profit. With the current complexity of the network, the cost of equipment and the price of electricity, it is not worth waiting for fast super-profits. Return on investment is from 8 months to a year and a half.
Why mining of Bitcoins doesn't cause hyperinflation, just as printing of currency notes does?
Printing money faster than the real output of economy is always a worry. e.g. Zimbabwe now and Germany in 1923. I understand Bitcoins are mined by solving complex computer puzzles. So I have couple of questions:
Who creates these puzzles? Humans or computers? Either ways, it is human. So the creator knows how to solve the puzzle. Isn't that scary? What benefit does the creator gets if someone else solves the riddle?
Bitcoins are growing faster than any economy. If the whole economy trades in Bitcoins and the growth rate continues, wouldn't it cause hyperinflation?
Currently, puzzles and mining Bitcoins are proportional, the quest to mining will never stop. Isn't it same as printing infinite money?
Bitcoin mining is done by private computers. The role of miners is to secure the network and process each Bitcoin . Miners do this by solving a calculation problem that allows them to assemble the transaction blocks (hence bitcoin's famous blockchain). 4. Bitcoin Mining Pools. Mining is an extremely competitive game. Even if you buy the best possible miner out there, you’re still at a huge disadvantage compared to professional Bitcoin mining farms.That’s why mining pools came into existence.. The idea is simple – miners group together to form a “pool” so they can combine their mining power and compete more effectively. How Bitcoin Mining Works. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The Bitcoin.com mining pool has the lowest share reject rate (0.15%) we've ever seen. Other pools have over 0.30% rejected shares. Furthermore, the Bitcoin.com pool has a super responsive and reliable support team. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.
How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ...
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