M1 Money Supply Arms Race: Bitcoin Overtakes 23 Countries In 2020 Alone
2020 will go down in history for various reasons. While the pandemic took center stage, the emergence of Bitcoin, stimulus money, and unprecedented fiat money printing have been critical themes economically. The ballooning effect of national currencies printing fiat money to offset the impact of the pandemic, caused the global M1 money supply to expand exponentially. Despite this, however, Bitcoin’s rank in the total M1 money supply has risen substantially, from rank 34 to 13th […]
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CoinDesk's Daniel Cawrey recently visited and toured the facilities at Butterfly Labs, one of the most prominent and written about producers of bitcoin mining technology. In this second part of this series, he reports on the factors involved in the bitcoin mining arms race. Now that Butterfly Labs is shipping ASIC bitcoin miners at a steady pace, their production plus that of Avalon and mining pools like ASICMiner are causing the mining difficulty to go up quite quickly. What this means is that it takes more computational power to complete proof of work algorithms. It means that a race is....
Manufacturers are planning to ship scrypt-based equipment that will speed up mining and reduce the power overhead for the alternative cryptocurrency algorithm. Could this fuel the next cryptocurrency arms race? Most cryptocurrencies that are mined by computers use a 'proof of work' algorithm, designed to make them prove that they have invested the computing power in producing the coins. Bitcoin uses SHA-256, but many alternative coins (altcoins) use another system, called scrypt. One of the biggest differences between scrypt and SHA-256 is that the former relies heavily on computing....
The face of industrial-scale bitcoin mining is changing with every passing month, having already pushed far beyond the bounds once envisioned, perhaps, by the hobby miners of four years ago. The landscape is much different now. Many large-scale mines are shifting from warehouse set-ups to data centers better equipped to deliver the massive power and cooling resources necessary to compete in a steadily accelerating industry. CoinDesk spoke with executives from some of the biggest hardware companies in the mining space. During those discussions a picture emerged of an industry undergoing a....
The bitcoin mining industry has witnessed massive change over the past two years. The technological arms race launched by ASIC makers quickly put an end to GPU and FPGA (field-programmable gate array) mining, but much like the Cold War arms race, additional investments may prove unsustainable in the long run due to ROI constraints. Currently, miners are hitting the wall. Technology is the first problem. Most miners are already using the latest nodes, namely 28nm and 20nm processors offered by TSMC and GlobalFoundries, while the first 14nm/16nm FinFET ASICs are expected next year. Yet....
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