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Bitcoin Mining Goes into Overdrive

Dec 3 2013, 6:56am CST | by , in News | Technology News

Bitcoin Mining Goes into Overdrive
Photo Credit: Getty Images

A Bitcoin developer was able to sell off as much as $8 million in hardware in a day’s time. It looks like Bitcoin mining has gone into overdrive.

A Swedish company sold their $10,000 Bitcoin miners for over $8 million in a jiffy. By mining Bitcoins you can earn some serious cash. It requires the computation solution to some particularly difficult math problems. However, the framework of Bitcoin is such that it gets progressively more and more difficult to mine the digital currency. 

Therefore, a huge industry has been built around the mining of Bitcoins via complex computer devices. The developer has sold a million per hour worth of its extremely efficient computers. And this is happening even though the devices won’t be coming out until 2014. The complex computer is termed the Neptune. It functions on 20 nanometer ASICs. It is speedier and very efficacious. 

The main issue earlier was the electricity rates that the computers sucked in the course of their functionality. But now, the Neptune computer uses 30% less energy. If left to run all day, a sizeable amount of Bitcoins may be mined and so a lot of money could be made. 

The process of Bitcoin mining has definitely been taken into the stratosphere. The rest of the tech companies arrived on the spot too late and so the Swedish company has left its mark.  So far, the world’s 500 biggest supercomputers can’t match the amount of computational energy used for Bitcoin mining purposes. It is truly an industry in a state of high growth. 

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