BitCoin: What Am I Missing Here?

First of all let me just start this out by saying that what I've learned about BitCoin I've learned from Gawker which might as well be one massive eye roll and a "Yeah you go ahead and do that" but I have a questions!

So here we have an article about a giant Bitcoin mining operation. Awesome! Great! But to me there's a contradiction: it's an uncontrolled currency, yet it will stop at 21 million. So then who controls the code so that it stops? Doesn't that make it a controlled currency? If it was uncontrolled then couldn't everybody just keep mining coins and/or make their own Bitcoin puzzles, create false confirmations and ignore the cap?

My questions are probably dumb but I must know and I can't seem to find an answer for this.

Also, I love it whenever this topic come up and every commentor thinks they sound 'edgy' by saying "Yeah well money is only money because people agree it's money. Paper is worthless." Oh yeah? Then give it to me.

Bitcoin Mining Is Getting Out of Control

Bitcoins are digital currency that can be mined by computers solving mathematical puzzles. Over the years, they've shot up in value. They might make you rich! Maybe not! It's a Bitcoin rush, and the mining operations are getting large, complex, and bonkers.

As website Hong Wrong points out, the puzzles are getting increasingly difficult. And once 21 million Bitcoins are produced, production will cease. In the past, we've seen impressive digital drilling outfits—and our colleagues at Gizmodo have even noted their environmental impact. However, this set-up in Hong Kong seems to be a step above from your typical Bitcoin mining operations.

Website Bitell, run by journalist Xiaogang Cao, posted photos of a Bitcoin mining outfit in Hong Kong's Kwai Chung industrial building. According to Bitell (via Hong Wrong), the company behind this mine is called Asicminer, and it owns other mines as well.



The farm is filled with computer boards soaked in cooling liquid to keep the machines cool. There is also an advanced cooling system on the roof to maintain the temperature. Bitell says the mine is "quieter than a library."

Construction on this mine began in August; however, actual mining didn't begin until this past October. While Hong Wrong doesn't say how many Bitcoins this outfit mines, with the cost necessary to start and maintain such an elaborate set-up, someone sure thinks this is worth it.



从ASICMINER液冷矿场访问归来 [Bitell via Hong Wrong]

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