The Coming Bitcoin Hash Wars Will Be the New Space Race
But who will win?
How far we’ve come.
In a little over a decade, Bitcoin has gone from being a little club of geeks sending “magic internet money” to each other to a truly global money phenomenon held by individuals, funds and even publicly listed companies. Like it or loathe it, Bitcoin is almost certainly here to stay.
The main focus, of course, is almost always on price, but this is often just a function of market forces rather than a true indicator of what’s really going on. For that you need to look behind the curtain and, in Bitcoin’s case, that means looking at the underlying network.
And, in the same way that hash rate and difficulty are quite often correlated with upcoming price movements in fiat terms, the network itself can paint a clear picture of what may well be coming next.
And it’s quite the story.
Fundamentals First
If you’re not familiar with what happens “under the hood” with Bitcoin, I can tell you it’s a fascinating place.
I don’t pretend to be code-level expert, but as a veteran miner you get to understand a lot about how blocks are processed, what equipment you need and the importance of a well-priced electricity supply…
