Daily Archives: November 26, 2013

BLOG – Inside a Bitcoin Mining Operation in Hong Kong 32

Bitcoin, everyone’s favourite decentralised, peer-to-peer digital cryptocurrency, is making headlines around the world.

Entrepreneur and journalist Xiaogang Cao posted pictures of a new HK-based mining operation being set up in an Kwai Chung industrial building…

Bitcoins are generated by ‘miners’ who devote computing power to solving mathematical puzzles. Whilst users could once mine bitcoins at home, setting up a mining operation nowadays involves a lot more infrastructure… As more bitcoins come into circulation, the puzzles involved become increasingly difficult. The rewards are halved at regular intervals until 21 million bitcoins have been created – at which point, production will cease.