{"id":11818,"date":"2023-03-19T21:00:00","date_gmt":"2023-03-19T20:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=11818"},"modified":"2023-03-16T10:57:42","modified_gmt":"2023-03-16T09:57:42","slug":"bitcoin-farms-cryptocurrency-mines","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/bitcoin-farms-cryptocurrency-mines\/","title":{"rendered":"Bitcoin farms: the cryptocurrency mines"},"content":{"rendered":"
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The sharp rise in the price and profitability of cryptocurrencies, led by Bitcoin, has caused a real gold rush. But in this case, the gold is digital currency.<\/b><\/h3>\n

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Unlike the traditional monetary system, where Governments print money based on their needs, if we focus on Bitcoin, monetary creation is limited. Bitcoins are put into circulation every ten minutes and, approximately every four years, the <\/span>software<\/span><\/i> halves the blocks of currency issued, in a process known as <\/span>halving<\/span><\/i>. It is expected that by 2140 the total of 21 million Bitcoin will have been put into circulation.<\/span><\/p>\n

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How do Bitcoin <\/b>mines<\/i><\/b> work?<\/b><\/h3>\n

Bitcoins are not issued or are available to anyone who wants or gets to pick them up first. No, they are put into circulation in encrypted blocks that need to be decrypted. And this is where the concept of cryptocurrency mining comes in: with each issue, every ten minutes, miners connected to the network receive a new algorithm to solve a mathematical problem that, once solved, gives them the reward of new Bitcoins or commissions for the transaction; the miners validate the block and add it to the <\/span>blockchain<\/span><\/i> string.<\/span><\/p>\n

Increasing competition to do this work has led to the creation of Bitcoin Farms around the world, where cryptocurrencies are said to be cultivated. These farms respond to the need to build real supercomputers by networking computers, so that they are able to decipher increasingly complicated algorithms as quickly as possible, to do so before the countless competitors.<\/span><\/p>\n

These structures generate such a high consumption of electricity that they are most often installed in countries where this energy is more economical and the climate is colder, which allows avoiding overheating of computers and equipment. However, they have also led to the intensive demand for essential computer components to create these networks, such as graphics cards, to the point that some online retail chains have removed them from their open catalogue to avoid running out of them.<\/span><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n

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