Here are some informative links about cryptocurrency (Bitcoin is the first and best-known) and the enabling Blockchain technology.
Cryptocurrency
The introduction and Overview in this article provide a good quick view of the topic, including the concept of a production cap that limits the ultimate amount of the currency in circulation.
Cryptocurrency Mining
In the early years of Bitcoin, computer users were able to run software to "mine" new Bitcoins. Over time this has become much harder, requiring great amounts of electrical power and computer processing power. This article from 2015 describes the futility for an average PC user.
Update - January 11:
The large-scale mining of Bitcoin was explored in a visit by CNBC to the Wenatchee, WA location of Salcido Enterprises. This facility takes advantage of cheap electrical power to operate 1800 servers that mine 5 to 7 Bitcoins per day. The current power consumption is 7.5 MW, costing $200,000 per month. The CEO hopes to mine 50 Bitcoins per day by July, consuming 40 MW. Salcido is one of 12 companies in the area who are mining Bitcoins. Four companies have requested 100 MW of electrical power from the local utility.
You can view one of the CNBC video segments at this link.
Coinbase
This is probably the best-known site for exchanging ordinary currency into Bitcoin and other popular cryptocurrency.
Special Report: Blockchain World
This series of articles from IEEE Spectrum has LOTS of detail on the subject and its application to transactions far beyond cryptocurrency.
No comments:
Post a Comment