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Operation Wants To Mine 10% of All New Bitcoins
An anonymous reader writes: "Mining new Bitcoins is computationally expensive — you can't expect to do much on your standard home computer. Many miners have built custom rigs to mine more efficiently, but it was only a matter of time until somebody went industrial. Dave Carlson's goal is to mine 10% of all new Bitcoins from now on. He's built literally thousands of units. They collectively use 1.4 million BitFury mining chips, which are managed by a bunch of Raspberry Pis. 'The current rigs each contain 16 boards, with each board containing 16 BitFury chips, for a total of 256 mining chips on each rig. Carlson said about 90,000 processor boards have been deployed, which would put the number of rigs at about 5,600. A new board [being designed] will have 756 chips on each rig instead of 256.' Carlson says his company spent $3-5 million to get everything set up. They current generate 7,000 — 8,000 Bitcoins per month, which, at current rates, would be worth over $4 million."
very wow many btc
Why mine them? It's much easier to set up an exchange and just steal them.
Also, FP.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
When I see how much hardware and electricity is being wasted on these various mining processes, I can only shake my head.
The hardware and alectricity is no more wasted than hardware and electricity and employees used by your bank to secure your account.
I'm not sure when BTC is slated to have all of its coins mined, but it will be instructive to see what happens to it at that point.
The last BTC should be mined sometimes in 2140 but the miners will carry on because they are needed to verify transactions. The'll get their profit from transaction fees.
They current generate 7,000 — 8,000 Bitcoins per month, which, at current rates, would be worth over $4 million
And at tomorrows rates $125, and the day after's rates $1.7 billion, and the day after that...
There's a difference?
You are welcome on my lawn.