The new gold of mining, and just as risky
Bitcoin mining seems deceptively simple, but is a minefield
Singapore
THE increasing use of virtual currency Bitcoin has spurred the growth of Bitcoin mining, with some Singapore firms eyeing a slice of what is a potentially lucrative - but tricky - business.
In Bitcoin mining, miners verify and record Bitcoin transactions made in exchange for transaction fees and newly minted Bitcoins. Seen as gold's "new rival", the Bitcoin mining process mirrors that of gold mining.
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