Bitcoin mining 2013

Two Tragic Facts About Bitcoin Mining

Folding@home

Thirteen years ago, Stanford researchers created a program that allowed anyone in the world to help solve diseases simply by running their computers.

Called Folding@home, the program enables you to perform calculations on your idle computer that are needed to do research into protein folding. This research is important because when proteins mis-fold, cancer, Alzheimer's and Parkinson's can result.

So far, 6.3 million CPUs have contributed 18 petaFLOPS of computation, resulting in 109 peer-reviewed articles describing various breakthroughs, big and small, in managing those diseases.

Bitcoin the digital currency, is about four years old. But the amount of computing power that currently goes into mining Bitcoin, which are created by unscrambling complex strings of encrypted numbers, now stands at 110.6 petaFLOPS.

So if we apply the amount of computing power now being devoted to Bitcoin mining to Folding@home, we could now be pumping out 666 peer-reviewed papers about chronic diseases.

There's more.

Another mass computing program, called Einstein@home, is designed to detect gravitational-wave emissions from spinning neutron stars. the behavior of matter at nuclear density.

So on our same 110.6 petaFLOPS,

Source: www.businessinsider.com June 3, 2014 – 12:39

Article on bitcoins being bad for the environmen

2013-04-22 06:53:18 by t-

About 982 megawatt hours a day, to be exact. Thats enough to power roughly 31,000 US homes, or about half a Large Hadron Collider. If the dreams of Bitcoin proponents are realized, and the currency is adopted for widespread commerce, the power demands of bitcoin mines would rise dramatically.
If that makes you think of the vast efforts devoted to the mining of precious metals in the centuries of gold- and silver-based economies, it should. One of the strangest aspects of the Bitcoin frenzy is that the Bitcoin economy replicates some of the most archaic features of the gold standard

Bitcoin or Gold: Which is More Fiat-Proof?

2013-04-11 17:24:13 by -

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Bitcoin sure is volatile it peaked at $265 per Bitcoin on April 10 but as of the afternoon of April 11 it was trading down 72% at $75 on exchanges other than the temporarily shut-down Mt. Gox that controls 80% of Bitcoin trading. Ironically, some think that banks shutting down in Cyprus last month were behind the rise in Bitcoins price.
Based on an April 11 interview with a Bitcoin enthusiast, I learned that some of the principles behind Bitcoin are patterned after gold another investment that has soared in value along with highly-amped rhetoric about fiat currencies, an imminent spike in inflation and the collapse of our economic system

Chip designers see dollars in Bitcoin

2013-11-10 12:14:56 by -

Consider Ravi Iyengar, who first heard of Bitcoins about six months ago. Since then, he has quit his job as a senior chip architect at Samsung Electronics and raised $1.5m to launch CoinTerra. He says he has already pre-sold more than $5m worth of the hardware he has designed for Bitcoin mining.
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The secret Hong Kong facility that uses boiling

2013-12-06 14:23:08 by -

Goo to mine Bitcoins
The process of mining for the digital currency in which people devote computing power to facilitate global Bitcoin transactions and secure the currency's network is growing increasingly expensive. Serious miners have started to build dedicated facilities for the sole purpose of Bitcoin mining. Journalist Xiaogang Cao visited one such center in Hong Kong, the "secret mining facility" of ASICMINER, reportedly located in a Kwai Chung industrial building.
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