Singapore Mall Now Sells Bitcoin Mining Hardware
Bitcoin is the world’s first cryptocurrency, a digital currency that uses the power of encryption to keep transactions secure and to verify transactions’ legitimacy. That was kicked into action just over 10 years ago by a still-unknown person or group of people under the pseudonym of Satoshi Nakamoto who published literature explaining the basics behind Bitcoin and were responsible for its first transactions.
One of the most innovative features that Bitcoin brought to the table was that of its blockchain, a digital record of transactions that is available to the public. In order for new transactions to be verified and added on to the existing blockchain, they must be verified using complex mathematical formulas.
Power Of Encryption
People who mine bitcoin are those who dedicate computing power toward the verification of new bitcoin transactions. Although miners don’t do any math themselves, they are rewarded for contributing their electricity, Internet bandwidth, and computers to the greater good of verifying bitcoin transactions.
Please note that traditional computers used by consumers, businesses, and organizations to browse the Internet mindlessly, create text documents, edit media files, or communicate with others are not recommended for mining use.
Rather than using these traditional, standard computers to mine the world’s most popular and most valuable cryptocurrency, miners almost always turn to GPUs, or graphics processing units, to mine Bitcoin as efficiently as possible. Graphics processing units are better at mining than CPUs, or central processing units, because they can perform many more computations that are necessary for verifying transactions.
Now that you know the most important, basic information about Bitcoin mining, you’ll better be able to understand the recap that follows.
Bitcoin Miners Now Able to Purchase Full-Blown Mining Rigs in Singapore
Unlike computers, which come completely assembled when consumers buy them, cryptocurrency miners, also known as GPU miners, contain a few basic parts:
- Graphics cards, also known as graphics processing units (GPU).
- Central processing unit (CPU). Even though CPUs, as discussed above, aren’t good for mining cryptocurrencies on their own, mining rigs benefit from having a good CPU to effectively keep them running efficiently.
- Rigs also need frames, which are nothing more than rigid metal structures designed to hold the other five contents mentioned herein.
- Cooling devices to keep rigs’ components from overheating.
- Power supply, the conversion tool used to utilize electricity.
- Motherboard, a component of all computers, used to connect GPUs and the CPU into.
In the past, miners have been forced to gather, at a minimum, these six basic components of cryptocurrency miners by themselves and later put them together. These components have been available as long as computers have been around, just not in this configuration or Power Of Encryption use until a decade ago.
Just recently, several stores that are part of Sim Lim Square, a major shopping center in Singapore, started stocking preassembled GPU miners. Singapore, one of the most economically advanced countries in Asia, is a country situated on a small island immediately south of Malaysia.
Wilson Josup, one of the owners of the aforementioned stores, shared with the South China Morning Post that he currently meets customers’ demand for roughly 10 mining rigs every week.
Whenever Josup started stocking them last fall, he claims to have sold just one or two. They’re becoming more popular because they earn about 10 percent return on investment every month they’re used.
He also stated that he has no stereotypical customer, as everyone from young adults to senior citizens buys them.
Most of the miners are sourced from companies hailing from China that have recently jumped ship to Singapore in favor of the island nation’s favorable regulations on cryptocurrencies. Last year, China threatened to punish people dealing in cryptocurrencies, mining equipment, and related products and services. The Power Of Encryption is what ultimately pushed the aforementioned wholesalers of mining equipment out of the country.