In the middle of the night, Xi Ming thought about Bitcoin tossing and turning, and it was still conservative in the Republic of Bitcoin law.

In the past eight years, Bitcoin has formed a fairly complete industrial chain from birth, transaction to application.

Some people believe that it can solve the shortcomings of current society in many fields, such as inflation, and "make human society a better place."

There are also those who believe that Bitcoin does not have the essential attributes of being a currency, and has potential risks and core flaws.

The law has not yet kept pace with its "savage growth", a "grey" new world that has not yet fully established order.

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At the beginning of Bitcoin's birth, many coin holders did not anticipate the future value, and stories of losing coins abounded. When it is easy to mine coins, for example, there is a famous Mr. Li Gang who hoarded about 8,000 coins in his laptop. Later, the computer was lost, and according to the market price in May, the loss was as high as 100 million.

Bitcoin is "decentralized" and does not rely on monetary institutions such as central banks to issue it, and anyone can obtain it through a specific 64-bit operation.

To put it simply, "mining" is like using a computer to solve a complex math problem, and for each qualified answer, the Bitcoin network generates a new amount of bitcoin as a reward.

Ordinary computers are not enough to support this kind of high-intensity computing, and instead they are specially built computers with amazing computing power (i.e., mining machines). Whoever has the most computing power (i.e., computing power) is likely to get more bitcoins.

According to Satoshi Nakamoto's design, the total amount of bitcoin is fixed at 21 million. The difficulty of the calculations will continue to rise, and the rewards will continue to decrease, "like digging for gold". Therefore, the process of acquiring bitcoins is figuratively called "mining", and the participants in the mining are the "miners".

Kangding, Sichuan Province of the Republic.

10,000 mining machines are neatly arranged on layers of steel shelves, making a loud noise. As the fan of the machine turns, the light and shadow in the mine flow around. When the light dimmed, the machine glowed a faint green glow, like a wolf's eyes.

A lot of electricity is required to maintain the continuous high-speed calculations of the mining rigs, and in order to reduce costs, the mines mainly look for cheaper electricity.

Many bitcoin mining companies have signed contracts with small hydropower stations scattered in remote areas to take advantage of the abundant and cheap hydropower there. When electricity prices rise during the dry season in winter, the company will move the mining machine to Xinjiang Province and replace it with local cheap thermal power, and then move it back to Sichuan Province when the wet season comes next year, "like migratory birds".

Of course, not all mines are profitable. The cost of running a mine is affected by the ability to find cheap electricity, the ability to maintain the stable operation of mining machines, and the ability to find a site with suitable rent. If you are unlucky to catch up with the fall in the price of the currency, losing money has become a high probability event.

Mining rigs around the world can perform 2.4 trillion calculations per second, which is equivalent to the amount of sand on a small island within a radius of 5 kilometers, and it is rising.

At present, more than 75% of the world's computing power is concentrated in China. Mines around the world currently consume more than 600,000 kWh of electricity per hour and more than 5.2 billion kWh per year.

Some people question that the perennial high-speed operation of the mining machine consumes a lot of electricity, but it produces "an ethereal thing", which is a waste of resources.

The Republic curtails 50 billion kWh of electricity every year, and the mine has solved a lot of local water and electricity curtailment in Tibet and Sichuan provinces. ”

Xi Ming didn't want to work hard to mine in the past, he just wanted to speculate, log in to the bitcoin trading platform, users can buy ** bitcoin like buying and selling stocks, but the process may be more bloody. It's a 365-day, 24-hour market with no price limits.

Bitcoin is like a large-scale, decentralized social experiment. The entire circulation of bitcoin does not require a central bank, nor does it require commercial banks or third-party payment institutions, and the entire issuance is limited and does not bring inflation, these concepts are very tempting for many investors.

Every time there is a surge, the major trading platforms will usher in a prosperous scene.

The price of bitcoin is up and down, because the current global market is still very uncertain about the development of bitcoin, some people firmly believe that bitcoin will become a very valuable and scarce asset, and some people think that bitcoin is just a round of speculation, and will eventually be a game of drumming and passing flowers, "which leads to bitcoin is easily affected by market confidence, and it rises rapidly when it encounters good news, and falls sharply when it encounters bad news." ”

As soon as I think about it, the coming May, the ransomware virus "Eternal Blue" has swept the world. To unlock a computer controlled by a virus, you need to pay the equivalent of $300 to $600 in Bitcoin.

This incident once again brought Bitcoin into the spotlight. It is a very safe, convenient, and does not go through any state agency, and is very popular with hackers.

Many people are confident about the future of Bitcoin. Even if it weren't for Bitcoin, the world would definitely need a currency of the future, and that would be a better future for humanity.

At present, there is no pattern to the rise and fall of the price of Bitcoin, which is greatly affected by national policies and government attitudes.

Xi Ming doesn't know if Bitcoin will change the currency of the future world, he doesn't care what the meaning of Bitcoin's existence is, he just wants to make a quick buck.

Moreover, the pace of Bitcoin in the Republic is very slow, and before the law is clear, it is still a bit hot.

In 2013, the German Ministry of Finance stated that Bitcoin was closer to "private money" and could be used for multilateral settlements; In 2015, HM Treasury said it would develop an "optimal" regulatory framework for the digital currency industry; In 2015, the New York State Department of Financial Services issued a regulatory framework for digital currency companies, detailing the regulation of Bitcoin from 19 aspects.

In December 2013 and March 2014, the People's Bank of China and other five ministries and commissions issued the "Notice on Preventing Bitcoin Risks" and the "Notice on Further Strengthening the Prevention of Bitcoin Risks". China's regulatory legislation on Bitcoin is blank, and its investment risk is very large.

In the middle of the night, Xi Ming clenched his fists, after the outbreak of the virus, after the Bitcoin skyrocketed, just sell it for a profit!

A lot of wealthy people say they make money before the law is announced. For example, at the beginning of the reform and opening up, they were not allowed to set up stalls, but they were early 10,000 yuan households, such as the old plug-ins, profiteering game black programs, Wenzhou real estate speculation group when the value of the skyrocketed did not have a real estate purchase restriction order......

On Bitcoin, he wants to be a speculator who tests drugs and makes a good addiction to making quick money!

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