From cryptocurrency mining to quantum computing

With the new world entering into the digital economy, we have cryptocurrency, heavily traded and used for a lot of use cases, whether it be for legal transactions or trading in the shadow world, due to not being able to trace it.

From time to time, we will hear about massive scale cryptocurrency mining, or more specifically bitcoin mining (since it is skyrocketing in trading), or someone be bitcoin miners. The whole purpose is to invest the time and equipment “mining” cryptocurrency without having to put down money for it (except your investment of the equipment and time). Successful mining will receive Bitcon as a reward for completing “blocks” of verified transactions, which are added to the blockchain. Current 1 bitcoin is equal to USD 46,426.70 (now you know why the effort is focused on bitcoin mining). For bitcoin mining will need extensive of GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) (more power efficient) in order to set up a mining rig, and it typically will setup in large scale, and required huge electricity power (this is why you will see bitcoin mining operation will be very sensitive to migrate or relocate from one place to another, to get the better electricity billing and rate).

Since bitcoins indeed can be used for trading for a lot of places, this is further encouraged for illegal bitcoins mining operations. For some countries regulation is a grey area, since it is solving mathematical hash and being the first to prove it, then register it in your blockchain, to some extent, you can not say it is illegal, unless you have complete digital currency regulations and act in place to govern it.Due to bitcoin continue to surge in the trading price by speculator, this is why, it create the space and opportunity windows for people to leverage bitcoin mining, as new form of the social and economic phenomenon, and everyone know cryptocurrency have the issue, but due to the trading price is in the skyrocketing, and it make payoff for a coin miner operation. Every country’s authorities know about the bitcoin mining, and crack down on them, but attempt to set up their own crypto currency, to control over the financial markets. Be noted that depending on the country and geographic location, bitcoin mining is legal or at least not illegal, as long as the industry allows it, bitcoin mining will be legal somewhere in the globe.

With quantum computing arriving, it will challenge the current blockchain security. We are living in the new world where digital innovation is invented at the speed of light and spreads faster than previous centuries due to the Internet, but at the same time, also in the age where better technology will be invented in the short time as well. This is the new world we are living in, get ready for the world of cryptocurrency while at the same time quantum computing transforms the existing digital economy.

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