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But while this frenzy has been playing out, one group has stayed under the radar: But these mysterious miners are integral to the functioning of Bitcoin, and are without question the ones who understand it best.
The results were extraordinary. Our search uncovered a futuristic world made up of a diverse group of tech entrepreneurs and cryptoanarchists, making a killing from the unprecedented surge in interest in Bitcoin.
Another was a Melbourne-based former accountant currently building one of the biggest Bitcoin mines in the world, in Mongolia. And most bitcoin mining news south, the third was a middle-aged tradie-turned-solar farm owner in outback New South Wales who is using the electricity generated by his solar farm to mine the increasingly valuable cryptocurrency.
To truly understand what these miners do requires a level of cryptoliteracy far beyond the average Joe this journalist included. It bitcoin mining news south essential that independent Bitcoin miners do this because it securely and immutably records the existence of the Bitcoin, making it as solid a piece of property as anything in the tangible world.
For their efforts and considerable expense, above all on energy bills Bitcoin miners are rewarded with new Bitcoins. Allan Guo was working as an accountant in Melbourne bitcoin mining news south, inhis friend Sam Lee suggested they start trading Bitcoin.
Mr Guo and Mr Lee quickly realised there were major opportunities in Bitcoin mining. He says there are three factors that make China attractive as a Bitcoin mining destination: Personally knowing the manufacturers of these machines has also helped. When finished, it will be the biggest cryptocurrency mining farm in the world.
Mr Guo is confident that even if the current surge in value is a bubble, over the long-term Bitcoin and cryptocurrencies in general are here to stay, meaning mining will bitcoin mining news south a necessary service, and therefore a viable business. So far the Chinese government has let cryptocurrency mining carry on without interference.
Mr Guo acknowledges the authoritarian government could suddenly decide to stamp out Bitcoin mining as well.
The New Daily tracked down one of these small-scale miners, a Phillippines-based IT worker in his twenties, who began mining with a friend earlier this year — just before the boom started. Once the Bitcoin price began to surge in June, more partners came on board. Now there are 18 people mining together, and sharing the proceeds. Closer to home, on a solar farm in Singleton, New South Wales, former electrical fitter Andrew Thaler is pushing the Bitcoin mining business in a truly innovative direction.
Unsatisfied with the price he was getting selling solar-generated electricity back to the grid, Mr Thaler began looking around for other ways of monetising the electricity his farm was generating.
So he trawled through eBay and Gumtree, tracked down some mining machines, and within a couple of hours of mining, he had hit his first block. He has already purchased a refrigerated shipping container for the purpose, and is teaching his five kids how to mine, in the hope of turning it into a family business. Bitcoin mining news south China, the Australian government has so far made no effort to regulate Bitcoin mining, and Mr Thaler is adamant this is a good thing.
Whenever you try to regulate it, a way around the regulations emerges. Subscribe Get The New Daily free every morning and evening. A bitcoin mining farm in Sichouan, China.
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