Bitcoin mining costs real world money

Satu Insan - Malaysia

 

The active mining of virtual currency in the online world for real world profit is nothing new. This has been a common process in a number of online video games, especially World of Warcraft where an entire economy has sprung up around the mining and selling of in-game currency. With the rising popularity of the digital currency Bitcoin, attempts to digitally mine the currency are increasing all around the world.

Total-value-of-Bitcoin-surpasses-1-billion-dollars

 

According to TechCrunch, the mining of Bitcoins is performed by unlocking blocks of data that “produce a particular pattern when the Bitcoin ‘hash’ algorithm is applied to the data.” Considering that a single Bitcoin can be worth hundreds of dollars depending on the exchange rate, there are number of people all around the world keen on mining the virtual currency. However, reports indicate that as more of the virtual currency is mined, it becomes more difficult to find…

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