We meet with him in the morass of computing equipment he and his partners work around; he is explaining the newest trend in market spending – cryptocurrency.”
“It is just a number in thin air,” he says. “It’s not like it’s a real thing. It’s software; don’t get it confused. But that doesn’t mean it’s easy to create because it’s happening in ‘softwareland.’”
The cryptocurrency market, Sean says, is extremely volatile.
“It’s changing all the time. The amount of money we’re making changes as well.”
You may have heard of Bitcoin – it’s made headlines as its value has skyrocketed in recent months.
Sean is a partner with Miners Revolution Incorporated (MRI) – a Duluth company that mines these coins in a virtual environment.
“We mine a little bit of Bitcoin, we mine Lightcoin, we mine Vergecoin, we mine Electroneum; we’re mining Burstcoin. And we stay on top of what is the most profitable thing to mine,” Sean says.
These words might sound like video games to you and to Sean that’s not a bad analogy.
“If you’re playing a video game, there’s only one way to get a high score and that’s to play the game really well,” he explains. It takes an incredible feat of talent to get that high score. Even though it’s in a game, it’s software; it’s still incredibly difficult to do.”
Because what these computers are doing is solving complex problems.
The coins can only be unlocked by solving these algorithms.
And the person – or the computer – that solves them gets the reward.
“The way that the code is written for cryptocurrency, it takes a huge amount of electricity and resources and time and energy from machines and people to get those coins created,” Sean says. “That’s the only way to create them.”
And these virtual coins can be traded on the market for real world money.
To Sean, these cryptocurrencies are just a new technology, new technology like computers were decades ago or like cell phones were not long after that.
“There’s something real happening here that is difficult and requires real world resources,” he says. That is going to intrinsically going to give coins real-world value.”
And while their business operates in a virtual space, in a virtual marketplace, and their operation is just an ocean of wires and computer chips, Sean and his partners look optimistically to their future.
According to Hiwe, “The people who understand cryptocurrency know that this is the way money will work in the future. We are building a technological world.”
This article was curated from Google News. You can read the original article here.