Poor Man’s Bitcoin Mining Rig Update 3x
Image by brownpau
Three ASICMiner 300MHz Block Erupters in an AmazonBasics hub with a fan. Each miner actually performs at over 333 MH/s so the full setup gets a modest 1GH/s, about 0.0008 BTC/day at current difficulty, uses about 10W energy. (The tape is to keep the hub from tipping over from the weight of the fan and miners. And yes, I know how embarrassing this looks; I use the word "rig" with no small sense of self-aware irony.)
Since 2008 Spain has endured a prolonged economic recession, and at the moment the country is running without a government. However throughout this turbulence Spaniards are getting along just fine — Bitcoin is growing popular there and the economic downturn has spurred several fintech startups.
Also read: Russia, South Africa Join to Develop Blockchain Tech
Spains Lack of Governance Is Exciting Spanish Citizens
According to reports, Spain’s government is doing nothing. It’s not passing any new legislation and has suspended its services.
Many in the region, though, welcome the situation as quite a few Spaniards consider their government thieves. The Mises Wire reported a local language teacher named Felix Pastor said “no government, no thieves.” Pastor added that without government intervention Spain could last “until hell freezes over.”
With the current economic downturn, many Spaniards are turning to Bitcoin. The cryptocurrency has been so popular, the government in August said it wanted to tax Bitcoin miners by 47%.
The Spanish Ministry of Finance and Public Administrations said it would not include residents using digital currency for trading and payments. The announcement caused quite a stir within the crypto-community, and may explain why Spaniards call politicians thieves.
Interestingly, while the economic crisis has been bad for Spanish residents, high-tech entrepreneurs are flocking to Spain in great number. Fintech startups are choosing Spain because office space is cheaper, and there’s a plentiful supply of skilled developers and IT engineers. For instance, Cabify is doing well in Spain and recently won backing from Bitcoin-friendly Japanese company Rakuten.
Government Officials In Spain Crack Down On Money Laundering But Seem To Be Dirty Themselves
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If Only Spain Embraced Bitcoin and Zero Governance
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