World News for Students of English

27-05-2021 07:00

Bitcoin is a digital currency without a central bank or one administrator. Bitcoin can be sent from user to user via the Internet. Transactions are verified by miners who get bitcoin as a reward for the mining.

There will be only 21 million bitcoins, and there will never be more. The price of bitcoin goes up over time but its value can be very volatile at times. It can go up very quickly, but it can go down even faster.

When bitcoin was invented in 2008 by Satoshi Nakamoto, everybody could mine bitcoin. All you needed was a computer and special software.

If you want to mine bitcoins today, you need more than just one computer. You need many of them. That’s why people create networks of computers to mine bitcoin. Such networks are called mining farms. These farms need a lot of electricity and a good cooling system.

One such farm was built is Russia where low temperatures help to cool the system. This big farm can mine up to six bitcoins a day on average.

Difficult words: miner (a person who works to get gold, silver, or bitcoin), volatile (changing very quickly), on average (a level that is usual or normal).

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