Forums Chit Chat Bitcoin: does anyone get it?? Reply To: Bitcoin: does anyone get it??
#218
oldfogie
5 Posts

@jaz Think of mining as a code cracking ‘game’.

A person whose identity is not known set up a software ‘game’ called a Bitcoin Mine.

Its fiendishly complicated code, and it adjusts itself to how many coins are being successfully ‘mined’, so it only allows a certain number to be ‘mined’ in a given time. So as more people mine, it gets harder to get one. And it is, apparently, limited to 21,000,000. And will shut when that limit is reached.

It now takes warehouses full of servers to provide the computing power necessary to run a mining operation, and these take so much energy to cool that people are putting them in the Arctic circle!