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/bitcoin is amazing and we love it but sometimes it's nice to have an area dedicated to the technical details and interesting projects of bitcoin so this exists to complement /bitcoin, Feel free to X-Post if you think your article is relevant to both /bitcoin and /bitcointechnology This subreddit is for all proposals, articles, questions and answers on bitcoin related technology DO NOT POST icos, pricing, memes, scams, etc here as they will be removed.
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New Siberian Bitcoin mining center set to provide 100 jobs to locals

New Siberian Bitcoin mining center set to provide 100 jobs to locals submitted by InTheKnow_2016 to mrcryptolive [link] [comments]

New Siberian Bitcoin mining center set to provide 100 jobs to locals

New Siberian Bitcoin mining center set to provide 100 jobs to locals submitted by a36 to AllThingsCrypto [link] [comments]

New Siberian Bitcoin mining center set to provide 100 jobs to locals

This post was originally published on this siteThis post was originally published on this site The governor of the Republic of Buryatia, Russia signed a decree allowing for the construction of a 13.6 acre data center in Southeastern Siberia. The facility will become home to a number of hi-tech activities, including a Bitcoin (BTC) mining operation. The facility will be built by BitRiver […]
submitted by FuzzyOneAdmin to fuzzyone [link] [comments]

New Siberian Bitcoin mining center set to provide 100 jobs to locals.

New Siberian Bitcoin mining center set to provide 100 jobs to locals.


13.6 acres of cold and barren land in Siberia will be put to good use with the support of international investors.

The governor of the Republic of Buryatia, Russia signed a decree allowing for the construction of a 13.6 acre data center in Southeastern Siberia. The facility will become home to a number of hi-tech activities, including a Bitcoin (BTC) mining operation.

The facility will be built by BitRiver and is expected to create up to 100 local jobs. It will be equipped with the latest generation of ASIC miners and will take about a year to complete. In addition to cryptocurrency mining, the facility will be used for Big Data and the Internet of Things. The required investment is estimated at 691 million rubles or $0.9 million, to be provided by investors from the U.S.A., China, and Japan.

Siberia is one of the more attractive places in the world for Bitcoin mining. Its abundance of natural resources translates into low electricity prices, and its cold climate means that the miners do not have to spend as much energy on cooling. Is proximity to China, the main producer of mining equipment, should also make the outfit's supply chain more efficient.

It is possible that these advantages will be negated by the legal uncertainty surrounding the regulation of crypto mining in the region, however.

https://preview.redd.it/g95t000mwrv51.jpg?width=450&format=pjpg&auto=webp&s=586ed4c4980f64037ffd89373bb070604ec5f4b8
submitted by dibarto1973 to u/dibarto1973 [link] [comments]

Bitcoin is real guys, I just cashed out my investments in bitcoins. I lost my job during this pandemic and I have been finding it hard and almost went into depression until I met @dellyshaw_ on IG. I invested in her mining pool, Today I transferred my earnings to my bank account without a fuse.

submitted by Accomplished-Ad-3396 to jobsearchhacks [link] [comments]

Looking on Linkedin, Fidelity is hiring Bitcoin miner engineers. Doing some further research it turns out they are hosting miners with a big colocation start up building mines around the us. First colo is 300mw and I think in Georgia. The job listings here are for other cities. Very cool.

Looking on Linkedin, Fidelity is hiring Bitcoin miner engineers. Doing some further research it turns out they are hosting miners with a big colocation start up building mines around the us. First colo is 300mw and I think in Georgia. The job listings here are for other cities. Very cool. submitted by BitkingRoss to Bitcoin [link] [comments]

China Crypto Roundup (May 11-17): Sichuan Encourages Bitcoin Mining, Mining Pool Shift, Blockchain Job as New Occupation

submitted by raaner12 to Altcoinss [link] [comments]

ProHashing stops mining ABC: "According to @el33th4xor, the two orphaned blocks related to yesterday's Bitcoin Cash fork are a "temporary hiccup." When you are dealing with so much money, mistakes cost jobs and change lives. We decided to stop mining with @Bitcoin_ABC as a result."

ProHashing stops mining ABC: submitted by cryptorebel to bitcoincashSV [link] [comments]

According to @el33th4xor, the two orphaned blocks related to yesterday's Bitcoin Cash fork are a "temporary hiccup." When you are dealing with so much money, mistakes cost jobs and change lives. We decided to stop mining with @Bitcoin_ABC as a result.

https://twitter.com/ProHashing
submitted by 2763rxmh to bitcoinsv [link] [comments]

Curious about who makes bitcoin mining their day job here. Care to share your story?

submitted by TheCilician to BitcoinMining [link] [comments]

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses submitted by BitcoinMafia to BitcoinMining [link] [comments]

Bitcoin mining: future global job once for citizens once everything else gets phased out.

Discuss.
submitted by buddychrist_dogma to conspiracy [link] [comments]

Ways to earn Bitcoin as a teenager

Hi all, I'm a 15 year old teenager that's been following along with Bitcoin for 2 years. With PayPal now integrating Bitcoin, I truly do think that BTC is on a verge of exploding. I want to join in on the hype and put in as much money as I can, but my parents refuse. Over the past 2 months, I've worked hard at doing surveys, claiming airdrops, etc. Finally, I have $4 (that's depressing). Can any of you give me advice on how I can get a hold of as much BTC as possible in as little time as possible? Thanks.
submitted by ProHackerEvan to Bitcoin [link] [comments]

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses [X-Post]

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses [X-Post] submitted by BitcoinMafia to btc [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Instead of mining bitcoin off of strong computers, can we used millions of normal computers to do the job?

Essentially, can we create a network of millions of computers that work together to mine bitcoin using just enough power to compensate for the energy being used.
submitted by violentvasectomy to Bitcoin [link] [comments]

Can someone explain mining and trading in simple terms for a job interview? /r/Bitcoin

Can someone explain mining and trading in simple terms for a job interview? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses

Bitmain, Bitcoin Mining Bring Hope to Texas Town Devastated by Job Losses submitted by BigWicket to Crypto_Currency_News [link] [comments]

Found this during my day job: Innergex says bitcoin mining is coming out of China going global. Bitcoin miners are coming and knocking on their door.

Found this during my day job: Innergex says bitcoin mining is coming out of China going global. Bitcoin miners are coming and knocking on their door. submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

03-30 17:03 - 'I made 521BTC. in Cryptocurrency Trading/Mining Investment: You earn thousands of dollars investing in crypto forks, I layoff my job to invest on this and i am making it...Bitcoin is profitable ask how?..drop your comment and...' by /u/Ryan_Cash removed from /r/Bitcoin within 2-12min

'''
I made 521BTC. in Cryptocurrency Trading/Mining Investment: You earn thousands of dollars investing in crypto forks, I layoff my job to invest on this and i am making it...Bitcoin is profitable ask how?..drop your comment and i will tell you how it works...
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Ryan_Cash
submitted by removalbot to removalbot [link] [comments]

u/lprekon does a great job explaining why Bitcoins are extremely secure, why they prevent inflation, and how Bitcoin mining works (also giving a nice and simple introduction to hashing).

submitted by _luca_ to DepthHub [link] [comments]

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Bitcoin mining is a full time job

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