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Re: <nettime> de Jong, Lovink, and Riemens: 10 Bitcoin
John Hopkins on Wed, 2 Dec 2015 18:11:50 +0100 (CET)


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Re: <nettime> de Jong, Lovink, and Riemens: 10 Bitcoin


This info from the morlock & elloi and the previous poster raised the question in my mind -- a question that is *not* facetious -- of the conditions that Bitcoin miners are working under.

Bitcoin mining is currently reduced to less than 10 operators. There is
relatively small number of people involved, and none of these seem to have a
standing army or a navy. How much would it cost to coerce/subvert 51% of these

It does sound a bit like other global mining industries -- coalescing to a few powerful operators over time, yet, while they are operating crucial enterprises in terms of globalism, they are subject to the whims of the market, and to government regulatory activities (up to and including the use of military force).

I wonder, though, about the personal lives of the miners. Are they enjoying the fruits of their labor?, what are their daily living conditions?, what kinds of stresses are incurred by their activities? As is well-known on this list, there is a terrible price paid by many of those who are at the contact point of natural resource extraction (and the ensuing wealth creation from the natural commons). Is there a corollary in Bitcoin? Why? Why not?

jh


--
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Dr. John Hopkins, BSc, MFA, PhD
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http://tech-no-mad.net/blog/
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