Off Topic Does anybody understand bitcoin?
- Thread starter Plum
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There are opportunities to be had. I've stuck some in for another quick in and out - anywhere near a 20% bounce and I'm out again with my stake and leave any profits in.
It's been such a big correction lately that it feels more than just people panic selling through fear and over exposure. I reckon it could be a big transfer of wealth from the little fella to the big big boys.
Who knows 'maybe' crypto IS the future and will go to the moon
There are opportunities to be had. I've stuck some in for another quick in and out - anywhere near a 20% bounce and I'm out again with my stake and leave any profits in.
It's been such a big correction lately that it feels more than just people panic selling through fear and over exposure. I reckon it could be a big transfer of wealth from the little fella to the big big boys.
Who knows 'maybe' crypto IS the future and will go to the moon
Haha the moon is going to be over populated at this rate
I guess that would be a central bank digital currency CBDC not crypto, but as that nears the crypto currencies will devalue won't they?
I was completely stumped as to how Bitcoin worked but now I’m ****ing bamboozled lol. You can actually mine for the stuff ????
Cops Stumble on Bitcoin Mine in Hunt for U.K. Cannabis Farm
Jonathan Browning, (Bloomberg) -- When British police raided a warehouse, they were expecting to find a cannabis farm. Instead they found banks of computers illegally siphoning the electricity needed to mine for Bitcoin. Cops in West Midlands, England seized around 100 computer units that were working to bypass the local power grid. They discovered the warehouse after sending a drone over the site, which detected a considerable heat source. Mining for Bitcoin devours massive amounts of power, racking up huge bills for dedicated miners. The process, which needs computers to solve complex math problems to create new coins, now uses 66 times more electricity than in 2015, Citigroup Inc. said in a recent report. The Centre for Alternative Finance at the University of Cambridge estimates it uses more electricity globally in a year than the Netherlands. “It’s certainly not what we were expecting,” Police Sergeant Jennifer Griffin, said in a statement Friday. “It had all the hallmarks of a cannabis cultivation set-up.”The police said they hadn’t yet made any arrests but believed thousands of pounds worth of power had been taken from the grid. “Mining for cryptocurrency is not itself illegal but clearly abstracting electricity from the mains supply to power it is,” Griffin said. It is just the second illegal mining operation the local force have discovered in the region.
Cops Stumble on Bitcoin Mine in Hunt for U.K. Cannabis Farm
Jonathan Browning, (Bloomberg) -- When British police raided a warehouse, they were expecting to find a cannabis farm. Instead they found banks of computers illegally siphoning the electricity needed to mine for Bitcoin. Cops in West Midlands, England seized around 100 computer units that were working to bypass the local power grid. They discovered the warehouse after sending a drone over the site, which detected a considerable heat source. Mining for Bitcoin devours massive amounts of power, racking up huge bills for dedicated miners. The process, which needs computers to solve complex math problems to create new coins, now uses 66 times more electricity than in 2015, Citigroup Inc. said in a recent report. The Centre for Alternative Finance at the University of Cambridge estimates it uses more electricity globally in a year than the Netherlands. “It’s certainly not what we were expecting,” Police Sergeant Jennifer Griffin, said in a statement Friday. “It had all the hallmarks of a cannabis cultivation set-up.”The police said they hadn’t yet made any arrests but believed thousands of pounds worth of power had been taken from the grid. “Mining for cryptocurrency is not itself illegal but clearly abstracting electricity from the mains supply to power it is,” Griffin said. It is just the second illegal mining operation the local force have discovered in the region.
Long read but the energy figures and the effect on the climate is amazing. I hope none of the ones involved with them are Greta fans.
https://www.dailymail.co.uk/news/ar...t-cryptocurrency-West-Midlands-drug-raid.html
WTF does "abstracting electricity from the mains" mean? Is there a short in the circuit?
That's what happens when you move on from reporting garden fates too early in your career.
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Weirdly I was aware of the mining thing
I just don’t understand why!...?
News this morning tells of hackers stealing 600 million dollars in crypto currency. Bad as it is the shock was that this is a similar amount to two other recent thefts.