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In this video I try to breakdown the "cryptographic problem" that people reference when they talk about bitcoin mining. 13uJjYF12aRVdwaiTmALx5XDfguQ9MnYtK
Iceland is rapidly becoming a hub for cryptocurrency mining. Jake and Jack traveled there to find out why...turns out, it's got a lot to do with the weather. Plus, they get a look inside Iceland's largest cryptocurrency mine and meet the young entrepreneur making millions off it. Sources & Further Reading: Genisis Mines https://www.genesis-mining.com/ Bitcoin energy use in Iceland: http://www.bbc.com/news/technology-43030677 Follow Beme on Twitter: https://twitter.com/bemeapp Facebook: https://www.facebook.com/officialbeme/ Instagram: https://www.instagram.com/beme/ Beme: https://beme.com/
Asteroid Mining and Space Based Economy Asteroid mining could start 15-20 years from now Asteroid Mining is inevitable consequence of Space becoming more accessible and affordable. Number of companies have already set their goals of prospecting nearby asteroids. Mining space rocks for valuable resources can become reality within two decade. Great enabler being increased competition in the space launch market, with companies such as SpaceX and Blue Origin reducing the costs of launching stuff in to Space by a significant margin. Accessing space will become affordable even for small start-ups such as DSI or Planetary Resources. One the biggest proponents of Space based economy and asteroid mining is Jeff Bezos, current CEO of Amazon. His vision calls for million people working in space by 2100 and Asteroid Mining forming the core of future space based economy. Construction of large orbital habitats housing thousands of future space travellers and explorers. Increasingly large mining conglomerates will look at opportunities in nearby asteroids as returns on investment and these will feed further opportunities available, increasing exponentially. But any industry must start somewhere, and smaller outfits with great vision will start small scale prospecting nearby asteroids 20 years from now, at which point the surrounding ecosystem will begin to grow opening doors for many more players to join the game. The California gold rush in dying years of 19 century would pale in comparison. Recent discovery of large underground cave on the Moon by Japan Aerospace Exploration Agency (Jaxa) confirmed the presence of a cave after examining the hole using radio waves. The chasm, 50km (31 miles) long and 100 metres wide, appears to be structurally sound and its rocks may contain ice or water deposits that could be turned into fuel, according to data sent back by the orbiter, nicknamed Kaguya after the moon princess in a Japanese fairytale. Opening the moon for eventual exploitation and habitation in not too distant future. Although current treaties prevent industrial scale exploitation of the moon, however for growing Lunar colony it would be quite feasible to see development of some sort of mining and exploitation process in not too distant future. Future asteroid mining prospects remain very positive, especially with the involvement of some major outfits such as Blue Origin. The driving force of future industrial growth will be space based. There are asteroids which contain more gold and platinum than we ever mined in entire human history. With some estimates putting value of platinum alone at $10 quadrillion only in one asteroid, Psyche. Future of humanity is space based, how fast we achieve the next step, remains to be seen.
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These huge open-pits in the ground can either be called mines or quarry and they give us amazing things like gold, silver, and copper! Subscribe to Talltanic http://goo.gl/wgfvrr 7. The Barrick Goldstrike Mine Owned and operated by Barrick Gold, which is the largest gold mining company, the goldstrike mine happens to be the largest gold mine in all of North America. Located in Eureka County, Nevada, the goldstrike mine is comprised of 3 different mines, the larger of the three is the Betze-Post open-pit mine, the Meikle, and the Rodeo, both of which are found underground. This complex of mines is also the largest Carlin-type mine in the world. First opened way back in 1986, the mine not only produces gold but silver as well, which just so happens to be where Nevada gets its famous nickname, the “Silver State”, from. 6. The Oyu Tolgoi Mine The name for this combined open-pit mining project translates to Turquoise Hill and is located in the southern region of the Gobi Desert in Mongolia. The mines that are filled with gold-copper ore deposits are actually relatively new and were only recently discovered back in 2001 by the Canadian company Ivanhoe Mines. It’s expected that the mine will reach full capacity in the year 2021. It’s believed that this mine contains around 2,700,000 tons of copper and another 1.7 million ounces of gold. Like with all other mines, the environmental impact that the Oyu Tolgoi mine is often criticized since it is located in such a dry area and uses more than one billion gallons of water each month. 5. The Chuquicamata (choo-kee-kə-mah-tə) Mine In terms of volume, the chuquicamata mine, or the “Chuqui” mine as it’s more commonly known is the second deepest open-pit mine on the planet. This mine can be found in the northern area of Chile where its main export is that of copper. This has been the country’s main export and staple that is crucial to how the people of Chile rely on an income and it’s here that the metal is called “Chile’s salary” ever since they became dependent on the copper industry back when the first World War ended. Copper actually makes up about a third of all the country’s foreign trade but that 33 percent was once at a high percentage of 75% a few years earlier. 4. The Dionysos Marble Quarry This quarry lies on the Penteli Mountain in the town and municipality of Dionysos, Attica in Greece. It’s here that the world famous Dionysos pentelicon marble is extracted. The quarry has been opened for more than a 100 years and it was back in 1949 that it was owned by the Dionysos Marble Company. The quarry currently has 2 underground sites and 9 above ground sites where the marble is extracted. The marble here is protected by law and is solely used for the Acropolis Restoration Project and other ancient buildings in Athens. 3. The Udachnaya Pipe The name of this open-pit mine literally translates to lucky pipe and can be found right outside of the Arctic Circle in Sakha Republic, Russia. This mine was discovered way back in June of 1955 and is believed to contain around 225.8 million carats of diamonds with an estimated 10.4 million carats harvested annually. The diamond mine was taken over by the Russian diamond company Alrosa back in 2010. This is mine also happens to be the third deepest open-pit mine in the world at a depth of 1,970 feet. 2. The Mir Mine Occasionally called the Mirny Mine, this was once a former open-pit diamond mine that is located in Mirny, Eastern Siberia, Russia. This mine reaches a depth of 1,722 feet deep, along with a diameter of 3,900 feet making it one of the largest excavated holes to ever exist. The mine was first discovered back in June of 1955 by a group of three Soviet geologists. It proved to be rather difficult as it seemed like there was always one problem arising after another. The cold winter months provided harsh conditions that slowed production, the mine suffered a flood in the 90’s, and surface operations would cease in June of 2001 with underground operations still moving forward until the whole mine was permanently shut down in 2004. 1. The Bingham Canyon Mine Known by the locals at the Kennecott Copper Mine, the Bingham Canyon Mine is located in the southwest region of Salt Lake City, Utah, in the United States. This massive chasm is known for being the largest man-made excavation in all of the world. Owned by the Rio Tinto Group, the production of this mine was started an astonishing 110-years ago and since then the mine measures at being 2.5 miles long, 0.6 miles deep, and covers a distance of 1,900 acres. The mine endured a tremendous landslide back in 2013 and then a smaller one later that same year.
Crypto Mining Companies Will Consume More Energy Than Households In 2018 in Iceland Hindi
Iceland is set to consume more energy for crypto mining than for household use this year, the Associated Press reports Monday, Feb. 12. The naturally cold climate and access to renewable energy are listed as the primary reasons for the influx of crypto mining companies to the Nordic island nation.
Icelandic businessman Johan Snorri Sigurbergsson of the energy company Hitaveita Sudurnesja predicts a doubling of the country’s cryptocurrency mining energy consumption to 100 megawatts this year, more energy than the 340,000 residents of Iceland will consume for personal use in that time.
Sigurbergsson told the AP that he “could not have predicted this trend” four months ago, “- but then Bitcoin skyrocketed.” He reports that he had just met with a mining company wanting to buy 18 megawatts.
Bitcoin mining hardware requires a large amount of energy to perform the calculations to find “hashes,” which then gives the miner a Bitcoin reward. Alternatives to the current energy-consumption-heavy method of mining have been proposed, like using a Proof-of Stake system instead of Proof-of Work, or using renewable energy to power mining computers.
Mining sites in Iceland naturally have the opportunity to produce less pollution than the coal-burning mining sites located in China, for they have access to geothermal and hydroelectric power plants, both cheaper and more environmentally friendly alternatives to coal.
Keflavik, a coastal town on the southern peninsula of Iceland, is home to three of the biggest Bitcoin mining sites in the country. These mining “farms” have walls that are open to the elements, which allows cold wind to naturally cool down the mining hardware.
In the US, when mining companies began moving en masse to Washington to take advantage of the state’s cheaper electricity, the data infrastructure of one small county became quickly overloaded and now requires an addition of 100 megawatts.
Smari McCarthy of Iceland's Pirate Party, an anti-establishment political party that entered Iceland’s Parliament after the 2008 financial crash, brought up the possibility of taxing any profits made by Bitcoin mining, considering that a mining company falls under the category of “creating value” within the country.
Regardless of the potential profits, McCarthy is unsure about what Bitcoin mining can bring to Iceland, reports the AP:
"We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the realm of financial speculation. That can't be good."
In December 2016, when Iceland was rallying to form an alternative coalition that included the Pirate Party after inconclusive election results, the Pirate Party’s founder referred to their platform as the most “favorable” for Bitcoin’s path to legality in the country.