Bitcoin mining: how does it work and who does it in Colombia? – Technology News – Technology

Market Cryptocurrency It has become one of the most ambitious and futuristic economic fields in the world. Despite the fact that its behavior is evaluated on a daily basis, there are many doubts that pervade the world of digital money.

The participation of miners is of vital importance in the world of Bitcoin, Because they are the people who can find coins after solving many math challenges and investing time and huge amounts of energy.

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There are two categories of miners: those who devote themselves to this topic as a hobby, as well as those who work industrially and have more powerful facilities.. The day-to-day work of both is not much different, only the density and dimensions of their teams or operations centres, since constant monitoring of platforms and equipment maintenance is required.

It is necessary to determine that Bitcoin mining basically means providing a certain network infrastructure and getting a payment generated, First, with support from the block and also with compensation that is given when transactions are created.

In Colombia, Milton Quiroga, director of CYTE, a leading information security company, systems engineer, and also a professor at the Universidade de Los Andes on issues of TCP/IP networks, cryptography and information security management, he also has been involved in bitcoin mining as a hobby. In an interview with EL TIEMPO, he explained that after he was passionate about mathematics and hearing about the crypto system, he decided to start mining to gain more knowledge of digital currencies.

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This is what the machines used in mining look like.

however, These processes require a more complex technical system, not to mention the huge amounts of energy expended in the process. For this reason, he had to install several solar panels in his house which was able to cope with the massive energy expenditure.

For his part, Carlos Akita, a Bitcoin miner and co-founder of Terawatt LLC, told this newspaper that his mining operation is now more industrial and started in 2016 in Venezuela, considering that the electricity service was practically free, which made the country a place Almost ideal for activity development. Their first mine contained a total of 10 pieces of equipment and was built in a room with several air conditioning units in Caracas to keep the equipment cool.

The expert also noted that equipment such as the Antminer S19 or the Whatsminer Microbt brand is currently in use. In addition, he noted that everything indicates that Intel will focus on launching a bitcoin mining pipeline as well.

Carlos notes that his company is betting on developing industry in Colombia, specifically with facilities that will use gas. With this, generate energy for mining and thus reduce the carbon emissions of oil companies through an industrial hub. also, From Terawatt LLC they intend to be the first industrial miners in the country with a mine that will be operational soon.

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Another approach was introduced by Theodoro Tocomides, CEO of Doctorminer, a company dedicated to providing technology and energy for cryptocurrency mining in Venezuela, one of the countries where it is cheaper to do this practice and where it is already regulated by the National Cryptoactive Superintendence. enormous in Latin America.

bitcoin mining factory

bitcoin mining equipment

“Energy and the amount of natural resources is part of the process and work of a bitcoin miner, converting that into energy, and that into value; this is obviously happening with an industry that isn’t dependent on bitcoin or mining but is the current energy industry where you can pass work tests to be released Bitcoin which is a new form of decentralized and censorship-resistant money; Tokomides explained that, in addition, it has a new exchange of value and language that does not depend on a central financial entity, but on the many others that are part of this technology, which makes all aspects of life change.”

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Energy and the amount of natural resources are part of the process and work of a bitcoin miner, converting that into energy, and that, into value

In addition, she points out that mining is the process in which computing power secures financial networks: it is processed and secured through the use of a computer with high-capacity processors that solves equations, validates the transaction sent from A a B., has money and has already received it.

Experts point out that one of the limitations is the lack of knowledge, given that many companies consider miners to be those who manage capital, which is not true. Miners do not handle or approve transactions, but they develop the infrastructure To secure the Bitcoin network, this network has operating costs as 95 percent focus on electricity and power.

bitcoin mining equipment

bitcoin mining factory

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