12-18 23:03 - 'Large mining operations, with massive hardware rigs running on cheap electricity, have the hashing power to get to the finish line first if left unchallenged. So, this means they get the lion's share.' (cryptodetail.com) by /u/ExpertSpell2 removed from /r/Bitcoin within 179-189min
When the bitcoin price goes up so do mining rigs. Is this the last time normal people can invest in rigs before it gets completely taken over by big companies?
Im thinking about bitcoin mining as an oil drilling company. When the prices of the underlying commodity goes up so does the drills. When the price of 1 btc will hit 100k USD the price for a rig will be approx 150k or am im thinking completely wrong? I'll be more than happy to hear your thoughts. Have an awesome day!
A mining rig is a computer system used for mining bitcoins.The rig might be a dedicated miner where it was procured, built and operated specifically for mining or it could otherwise be a computer that fills other needs, such as performing as a gaming system, and is used to mine only on a part-time basis. Introduction. Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions (and a "mining rig" is a colloquial metaphor for a single computer system that performs the necessary computations for "mining".This ledger of past transactions is called the block chain as it is a chain of blocks.The blockchain serves to confirm transactions to the rest of the ... Bitcoin Mining Hardware Guide The best Bitcoin mining hardware has evolved dramatically since 2009. At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 ... In addition to a Bitcoin mining ASIC, you’ll need some other Bitcoin mining equipment: Power Supply – Bitcoin rigs need special power supplies to funnel and use electricity efficiently. Cooling Fans – Bitcoin hardware can easily overheat and stop working. Nevertheless, Bitcoin’s maintained support for ASICs means that miners are more likely to have to pay more per mining rig. Mining Difficulty and Competition. Even in bear markets, there is some good news. Generally, lower BTC prices lead to less competition among Bitcoin miners.
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