https://padlet.com/jread0019/s4k3p6pydg0mkljm en-us 2021-05-20 04:08:44 UTC 2025-09-28 13:21:39 UTC hello@padlet.com jread0019 https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542349830 "Bitcoin is a digital currency that was created in January 2009. Bitcoin is a cryptocurrency, a type of money that is entirely digital” (Frankenfield). It's like an online version of cash. People can send Bitcoins, or part of a bitcoin, to your digital wallet, and you can send Bitcoins to other people. Cryptocurrencies can be an easy way to send cash online and that’s why they have value in the first place.]]> 2021-05-20 04:11:55 UTC https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542349830 jread0019 https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542374855 What “mining” bitcoin actually refers to is high powered computers solving insanely difficult math problems. These problems are seriously hard, too hard for any person to solve and they even stump most computers.]]> 2021-05-20 04:24:00 UTC https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542374855 jread0019 https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542377197 Cryptocurrencies rely on something called the Blockchain, which is a decentralized sort of database that stores information or more specifically, transactions. What a computer is doing when it is mining Bitcoin is that it goes into the blockchain to create a new bitcoin and once the computer completes the problem, “bitcoin miners make the bitcoin payment network trustworthy and secure by verifying its transaction information” (Kenton). ]]> 2021-05-20 04:25:11 UTC https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542377197 jread0019 https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542398776 Some investors see this field or work as a gold mine, literally and figuratively. Investors will fund these massive bitcoin mining operations with hundreds to thousands to even tens of thousands of these computers. Each computer can reach up to several thousand dollars. Each bitcoin mine can have hundreds to thousands to even tens of thousands of computers running day and night mining bitcoin. 1 issue that this can create is a massive power bill. Just 1 month worth of power can easily top hundreds of thousands of dollars because these computers are running day and night.]]> 2021-05-20 04:35:42 UTC https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542398776 jread0019 https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542423492 One mine is located in northern Washington and is owned and funded by Malachi Salcido, the CEO of Salcido Enterprises. Salcido has about 1,800 computers in his farm. In his interview with Digital Trends he explains his process of mining bitcoin “We manufacture it (bitcoin) continuously, we hold it for when the price runs up, and then we sell it, take the proceeds and expand our operation” (Digital Trends). Salcido explains that he produces about 7 full bitcoin per day which, at the time, was worth about $70,000.]]> 2021-05-20 04:46:03 UTC https://padlet.com/jread0019/s4k3p6pydg0mkljm/wish/1542423492