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Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 6/8 - Bitmain was founded in 2013 by Jihan Wu and Micree Zhan. Wu was a financial analyst who had borrowed 100,000 yuan from family to buy 900 BTC in 2011 at $11 each. Zhan was a chip designer.
Where others saw a speculative asset, they saw a hardware problem.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 5/8 - Bitmain shipped four Antminer generations in 2014: S2 (April), S3 (June), S4 (October), S5 (December). Each made the previous obsolete — by design.
Capture market share, fund the next chip, repeat. For miners, constant hardware spend just to stay in place.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 4/8 - The asking price: 0.75 BTC, roughly $435 at mid-2014 rates.
Buyers were spending BTC to mine more BTC, at Bitcoin's worst price moment. That same 0.75 BTC held untouched through every crash and rally since would be worth approximately $47,000 today.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 3/8 - The S3 ran on the BM1382: a 28nm chip, putting Bitcoin mining on the same fabrication node as mainstream consumer electronics.
Rated at 478 GH/s, 366W, 0.77 J/GH — about 20% more efficient than the S2, which had shipped three months before.
https://www.coindesk.com/markets/2014/06/30/bitmain-releases-energy-efficient-478ghs-antminer-s3
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 2/8 - Bitcoin was at $580 in June 2014, down from $1,100 at year's start. Mt. Gox had collapsed four months earlier, taking 850,000 BTC with it. Confidence was at its lowest since 2011.
It was in this environment that Bitmain announced a new miner shipping in ten days.
Today in Bitcoin History / @daily_btc_lore:
June 30, 2014 (12 years ago)
Bitmain Releases the Antminer S3 - 478 GH/s for 0.75 BTC
At Bitcoin's 2014 low, Bitmain priced its new miner in BTC, not dollars. Most buyers couldn't stay competitive long. The company it helped build ran mining for a decade. Brief thread... 🧵👇
Delving Bitcoin - Latest posts:
Bird of Prey 2: non-malleable Schnorr + PQ signatures
DistroWatch.com: Distributions:
Parrot 7.3
The Bitcoin Libertarian - En Español:
Por Que Los Ricos Construyen Su Fortuna En Base A La Deuda? | Jhonny
stacker news ~bitcoin:
Jeff Booth Weighs In On BIP 110, Knots & Gloria
