Bitcoin Miner Makes Big Profits When the Rest Goes To Dust…

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Mr. Petersen helps himself.

Mr. Petersen helps himself to some “fruit.”

Mr. Petersen has devised a method of mining Bitcoin that does not depend on scarcity of the Bitcoin scheme that has been artificially setup by it’s founders to divert the usage of the old world banking system currency to a new system fluid, open and free from controls.

Before we go into Petersen’s methods I think it is only fair to exhibit some of the qualities of this phantom currency:

1) There are only a certain number of Bitcoins available so the scarcity model that was prevalent and what makes the Gold standard secure in value gives our minds some safety in knowing that the value cannot be manipulated.

2) Mining Bitcoins requires an exponential increase in power and resources as the scarcity becomes even closer to the limit.

With the scarcity of Bitcoin getting closer to it’s limit one must wonder how Mr. Petersen is banking on it.

Mr. Petersen does not mine Bitcoin directly; he mines the computers themselves left over from the last Bitcoin miners, of valuable gold and copper and then buys Bitcoin with the cash he earns with the trade. This process requires very little power usage from ComEd and a few sometimes dangerous chemicals. And there are many rigs left to dust of the near moments when it was once profitable to actually mine Bitcoin through rigorous computation.

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