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.
Over the coming years, even when accounting for Moore’s law, mining will only require more resources to be worthwhile… Though some governments are hesitant about the world’s first cryptocurrency, entrepreneurs are hoping Hong Kong will jump on the bandwagon.
HK’s new bitcoin farm involves one meter high transparent glass tanks, copper piping, cooling machines and computer boards soaked in bubbling 3M cooling liquid. LED lights flash constantly, though the facility is cool, safe and quiet.
Construction began in August, 2013. A crane was used to install cooling systems onto the roof . The cooling technique is one of the world’s most advanced, maintaining temperatures of below 37 degrees.
In a race against time, bitcoin mining began in October. And with an eye on the future, there is extra capacity built into the site…
The company behind the operation is Asicminer, who own multiple mining facilities. Cao said the facility was ‘quieter than a library’
Earlier this month, it was reported that a HK-based Bitcoin trading platform disappeared, taking with it up to US$5million worth of investment. One study showed that 45 percent of Bitcoin exchanges end up closing
Hong Kong could become a hub for Bitcoin use and mining. Hong Wrong’s Tony Wong said that the city has an edge due to ‘sound property rights, cheap electricity, widely available technology and service technicians’.
Xiaogang Cao invites readers to donate to his crowdfunded charitable project (Chinese).
One bitcoin was worth around US$858 at the time of writing.
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- 500th Blog Post – An Appeal for The Philippines.
- A Brief History of HK’s Racist Toothpaste.
- An American Warship in Hong Kong.
- Asians Taking Pictures of Their Food.
- Behold: Epic Hong Kong Piano Boy.
- Best of ‘Hong Kong Memes’.
- Bumbling Boris Johnson Surveying Hong Kong Sparks Photoshop Battle.
- Burgernomics & Hong Kong’s Love Affair with McDonald’s.
- Celebrity ‘Tiger Tutors’ Documentary.
- Chinese New Year in HK by Interactive Google Street View.
- East vs West Cultural Differences.
- Euphoric English Advert for HK’s Noah’s Ark.
- Fake Monks Targeting Westerners on the Rise.
- Free ‘Kick Me In The Balls’.
- Future Maps of the MTR.
- Google Auto-Complete: What the Internet Thinks About Hong Kong.
- Guide to Hong Kong’s Beaches.
- Gweilo Moments Song by RTHK’s Steve James.
- Highlights from HK’s 2013 Mid-Autumn Festivities.
- HK Goes Completely Insane For Big Yellow Duck’s Arrival.
- HK’s Most Quaint & Delightful Public Service Ads from the 80s.
- Hollywood Destroys the Bank of China Building.
- Hong Kong 2013 vs. Fritz Lang’s 1927 Masterpiece ‘Metropolis’.
- Hong Kong in Miniature.
- Hong Kong Makes Tacocopter Internet Meme a Reality.
- Hong Kong Mildly Inconvenienced as Typhoon Usagi Passes Through.
- Hong Kong SantaCon 2012.
- Hong Kong’s Feral Monkey Problem.
- Hong Kong’s Skyscrapers in Height Order.
- Hong Kong’s Weirdest Public Service Ads.
- How to See Fireflies in Hong Kong.
- How to Tell the Time from the HK Skyline.
- How to Use Social Networking in HK.
- Illegal Monkey Mountain Feeding Continues (Photos).
- International No Pants Subway Day: Hong Kong.
- Keeping it Classy on the Hong Kong MTR.
- Kill It With Fire: HK’s Top 5 Most Dreadful Creepy Crawlies.
- Kim Jong-Un Impersonator Wows Hong Kongers.
- King Kong in Hong Kong.
- Literary Death Match Storytelling Smackdown.
- Louis Vuitton’s Pretentious Corporate Claptrap.
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- Map of Hong Kong Island’s New Hos.
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- Photos & Footage from the 1st Hong Kong Soapbox Race.
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- Rave in a Cave.
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- Sexpo 2013: Photos from HK’s First ‘Asia Adult Expo’ [NSFW].
- Salaries of Those Who Serve Us.
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- Shit Jackie Chan Says.
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- Shots from HK’s Summer 2013.
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The Chinese don’t fuck around when it comes to Bitcoins.
The Chinese don’t fuck around when it comes to Bitcoins.
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Omg that is insane! Only in China I guess…. I switched to cloud-mining because I couldn’t keep up with hardware. I payed just 0.07 BTC per 1 GH/s and it mines instantly for you. I can also sell it back anytime I want because they treat GH/s like tradable stocks in real time… awesome. These guys get the point. check it out: https://cex.io/r/1/serial77/0/
Omg that is insane! Only in China I guess…. I switched to cloud-mining because I couldn’t keep up with hardware. I payed just 0.07 BTC per 1 GH/s and it mines instantly for you. I can also sell it back anytime I want because they treat GH/s like tradable stocks in real time… awesome. These guys get the point. check it out: https://cex.io/r/1/serial77/0/
ASICminer.. crazy.. there made their money selling personal mining machines.. promises HUGE rewards… THEN they use the profits to fund this MEGA MINING TECH.. ESSENTIALLY MAKING their own consumer product worthless. SMART business model.
ASICminer.. crazy.. there made their money selling personal mining machines.. promises HUGE rewards… THEN they use the profits to fund this MEGA MINING TECH.. ESSENTIALLY MAKING their own consumer product worthless. SMART business model.
ASICminer.. crazy.. there made their money selling personal mining machines.. promises HUGE rewards… THEN they use the profits to fund this MEGA MINING TECH.. ESSENTIALLY MAKING their own consumer product worthless. SMART business model.
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