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Chances are you hear the phrase “bitcoin mining” and your mind begins to wander to the Western fantasy of pickaxes, dirt and striking it rich. As it turns out, that analogy isn’t too far off.
Bitcoin mining is performed by high-powered computers that solve complex computational math problems; these problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.KEY TAKEAWAYS Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle.Bitcoin mining is necessary to maintain the ledger of transactions upon which bitcoin is based.Miners have become very sophisticated over the last several years using complex machinery to speed up mining operations.
https://imasdk.googleapis.com/js/core/bridge3.473.0_en.html#goog_1875438056Volume 75%00:0000:00Click Play to Learn How Bitco…
It’s diamonds that are forever, not your computer hardware. A few weeks ago, I was pleasantly surprised when I received a 5-minute voice note from an enterprising young man that I know from my local church. The Chemical Engineering graduate innocently elaborated his plan of crypto mining on any high-powered computer I may own.
Essentially, he was politely requesting to digitally “korokoza” in my backyard, as he claimed that his software would quietly and unobtrusively crypto mine in the background. Fortunately, being a man of virtue, he was not wielding any weapons or hurling any threats nor insults as you normally see from everyday Korokozas. He was most sincere and humble in his ignorance. Naturally, I had to respond with a voice note twice as long explaining why I had to courteously decline.
“Korokoza is a slang word in the Shona language that refers to an illegal miner or illegal mining activity.”
Cryptocurrency has been and stil…
For years to come, we’ll be talking about the “Stock Market Crash of 2020.”
This has been one of the worst months for the Dow which included the three worst point drops in U.S. history.
We are headed, quite possibly, for a depression.
I’ve said for a long time, dating all the way back to 2002 when I predicted , that the biggest stock market crash in U.S. history would happen sometime around 2016.
What I didn’t see at the time of my prediction were two things:
In 2008, after the weapons of mass ﬁnancial destruction exploded (mortgage-backed securities and collateralized debt obligations), and the world economy nearly collapsed, Fed Chairman Ben Bernanke did what he believed the Fed should have done in 1929: print more money.
Bernanke was driving into the future, but looking into the rearview mirror.
As the old saying goes, “Generals prepare to ﬁght the …