The currency “gold rush” a brief history of: dust to dusts, dirt to dirts

cloud network hunting note: once upon a time, has experienced ups and downs of the currency, has been slowly fade out. It is like a congenital deficiency of the child, with good hope launched quietly, and in the glorious abruptly into ruin. Perhaps you are one of millions of miners, perhaps you also don’t know the currency, this article will uncover the currency for you all men are mortal.

or gold mining and seek their fortunes in land business, has inspired in the history of the most fervent migration and effort, attracted millions of explorers, enslaved people advance wave upon wave, even in a dusty remote mountain town built the Sydney opera house. And when all, resource depletion, brilliant left here is just a dilemma of the miners. They find the most primitive natural material, then from the rocks carved into a huge potential value treasures. And so night, still can keep long-term wealth, but also very few. However, for the currency to dig, but has a slightly different.

New York COINS center: from Wall Street to the metamorphosis of a ghost town

New York COINS Center (bitcoins Center NYC), claims to be “COINS revolution Center”, broad street in Manhattan runs a retail store, and the New York stock exchange just across the street. Next to the store is an Asian flavor steak restaurant, the restaurant’s employees will occasionally come out to drive the diggers COINS, loitering in the front of the indifference to their so-called “revolution”. In the center of the COINS inside, the side of the room with two small table, put a pile of the Internet age extraction equipment, it is the currency of mining machine. Looks like a boxy desktop computer, but to be bigger, but without the display and keyboard. Last November, when the author went to find out, found COINS in the center of many equipment, only a CoinTerra production TerraMiner IV COINS mill in operation, not the whining of white noise. But, in fact, the situation of the currency is much more heavy.

this TerraMiner IV COINS mill just quietly flat on the table, wrapped in a layer of black metal, rack-mountable server at both ends is stainless steel grille, two eye socket looks like a deep-sea diver. Grille is fan, in a series of application-specific integrated circuit (ASIC) cooling, ASIC is advanced chip combination, the password through complex mathematical calculations exploited to deal with currency trading, and the currency is currently the world’s most famous virtual currency system. This kind of operation in return is that miners will get new COINS in a network, the cost of the user transaction currency. Virtualization as its name, dig encryption currency are profitable, but this one TerraMiner IV mill returns are low.

in a year, this currency ore machine has descended into fast, synonymous with outdated bubble collapse, waiting to be any new opportunity in the rush hour. Because of competition from on high speed network and orderly pattern, TerraMiner IV mill is “to make ends meet,” COINS excavated it work every day is not enough to pay the consumption of electricity. Even now the latest version of the mill, through night and day, non-stop work, also is buying and selling at a loss. Continued diving because of the price of the currency, down from $1100 at the end of 2013 to less than $250 now. Add 25 gold COINS every 10 minutes on the network, but still hollowing out. TerraMiner IV mill maker CoinTerra also filed for bankruptcy in January 24, it’s like a dried up gold mine, the noise of the mill at the center of the old COINS the feeling of a busy night turned into a ghost town.

Nick is a real estate company’s agent in New York, his first exposure to the currency was in 2013, before the New Year a winter night, he inadvertently discovered the center of the currency. Nick had thought his company as COINS preemption in the forefront of New York’s financial district center position, but because he had been waiting for government departments, such as New York’s financial services authority, virtual currency policy about specification, lead to store at the beginning of the run has been losing money. And set up a currency machine plan has not implemented, at the same time near the mill of COINS ATM machine also has been offline trading, lead to delay the culprit was the law of the two is not clear. At present, Nick is sold at low prices gradually his mill, mostly used for teaching purposes. At the same time, in the long winter, he would have opened a couple of mine machine and ACTS as a store of heating equipment.

“I feel like a martyr, a sacrifice for the currency of the martyrs, to this end, we all pay a high price”, said Nick. But to any value depends on the confidence of investment goods, diffuse pessimism is deadly killer. Nevertheless, Nick didn’t hesitate, firmly believe the currency “is about to change the world”.

The birth of

COINS: timely, astounding

to be fair, the currency should be able to lead a new global economy, namely the age of the Internet gold rush, not controlled by a certain country central agency management, but through computer users accurate algorithm of circulation. At first, the currency of the first converts are proficient in the utopians of science and technology, then they hand COINS from a few cents up to several hundred dollars. Then, a large number of media industry to join the reporting team, magazines, websites repeating all kinds of report on the currency, to further promote the public awareness of the new currency. Then appeared in Florida a charity based on currency trading, buying a piece of nine acres of forest, shelter for the homeless. At this time, in view of the future will likely financial services transferred to the ordinary people of the right hand of the potential, the wired magazine will COINS hailed as “the great equalizer. At the same time, the currency also has attracted the interest of innovation type hungry investors, such as temperature, clay, brothers: Mr Cameron, clay voss (Cameron Winklevoss) and Taylor temperature clay voss (Tyler Winklevoss), has ambitious currency trading prices to rise to $40000, at the same time they also mark zuckerberg Nemesis. Soon after, Bill Gates also speak, think the currency “is better than money. COINS revolution, however, more and more like it is going to replace the system, in addition to the more centralised, inequality, even will be blocked by some improper benefit groups.

mining, especially should be a kind of the behavior of democracy. COINS the anonymous founder of the hearing (Satoshi Nakamoto), online BBS in P2P foundation wrote: “the root of the traditional monetary problem is trust”. This passage appeared in the February 11, 2009, when the world is covered under the haze of the financial crisis, the currency of the original creation piece just a month after the launch, ordinary computer users can dig, although there are a lot of technical difficulties at the time, is also the basic unprofitable. These common miners can choose to run the software version, then watch network running situation, mining is used to describe, more image. In the hearing the currency design goal is to seek more nuggets method, by setting upper limit of the total number, with the scarcity of COINS and dig up cost of resources, to ensure that the value of it.

there is no doubt that this is a big breakthrough. This is the first time in history, based on the currency technology to create a viable financial network security, decentralization, open source. The user does not have to rely on any financial institution or government departments, just need to run software. And trading is not rely on a single server, but will the currency data to allocate all the transactions on the platform, namely the cascade structure block chain, now trading as high as 50 million. Miners are popular in the world, like to extract money from the air. Supporters claim that even the traditional banking transactions will soon be replaced by the currency financial freedom, then anywhere in the world can realize free transfer through the network, and transaction fees. In the hearing also predicted that the currency is “using the essential characteristics of the information and communication much easier than containment”. Traditional financial industry numbered, people familiar with the all know that the so-called “revolution” is on the horizon.

Of destruction of

: deadly disadvantages in the Italian thin

as the price of the currency against the dollar in the whole year of 2013, a equipment of mining competition pulled open heavy curtain. Miners are aware of the display chip computer CPU is more than the standard is suitable for the currency of the mining algorithm. Hence, there is a professional mining machine, full of graphics processor, thus improve the dig into the currency risk. It was also in 2013 the first month, ASIC appeared, the only purpose this application-specific integrated circuit board design is used to extract the currency. Soon after, with the ordinary computer mill and outdated, unable to compete with the new mining group, or dig pool, from all over the world millions of dollars worth of data center, these places have cold weather, and the most profitable advantage combination of cheap power. In Sweden, for example, a helicopter library with 45000 miners, and the consumption of Georgia 20 million watts of power. At the same time, the currency of miners in total computational power is the world’s top five hundred supercomputer hundreds of times more computing power combined. In addition, treatment and protection of gross more than $3 billion a year of currency trading and operation, need to cost more than $100 million in electric power, and produces huge amounts of carbon emissions.

Dave Hudson is a website about COINS mining analyst, he said: “from the perspective of science and technology, the currency network is unprecedented. As far as I know, the past never consume a huge industry.” Dig up the currency of computing power, this can be used to cure cancer or the exploration of the universe, but are locked by mill, in addition to the currency trading, no he.

on the other hand, the currency system of democratic outlook is becoming more and more uncertain. By the end of last year, the biggest mining pool account for 50% of the currency market, that means they could possibly endanger the whole system by tampering with trading. Factor and prevent them to do so is the tamper with the system will reduce the market’s confidence in the currency value, and the harvest COINS is consumed them lots of manpower, do more harm than good. At the same time, they also can prevent changes in the currency of software to appear, in case of weakening control. Thus cause now distributed network users, can only trust composed of capital-intensive miners “oligarchs”.

Edwin is a 26-year-old airbrush artist, runs a cheese cake shop in Manhattan, queens, and at the same time also act as Nick an intern in the center of the COINS. Here he witnessed the COINS democratic vision is to attract the first motive force of the miners, “the most COINS are needed, is a traditional banking”, Edwin said. He wants to see is that the currency is not just on Wall Street, but spread to his living in the Bronx, even broader space.

Edwin know for the first time that the currency is at the end of 2013, when the federal government is still in the closed period, one of his friends in the use of COINS for personal reasons. Then came to the currency in January 2014, Edwin center, want to know more about the currency. First visit to the currency center, Edwin for $350, bought a oven size, calculation of 30 Gigahash per second (note: cloud editor king hunting a Gigahash approximately equal to the calculation of one billion times per second) of the Butterfly Labs (laboratory) Butterfly mining equipment; A month later, he spent 2000 dollars to buy the Titan mill. Edwin, frankly, to dig with the mining machine COINS is not enough to buy the cost of the equipment, but at least his room became warm. And he also digging up all the stolen COINS to store up and used as his five-year-old daughter’s education funds. In addition, Edwin will also through mine machine prints in others the Star Wars universe pattern to earn extra money.

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