Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
A Swedish firm, KnCMiner, sold $8 million worth of their bitcoin mining hardware at $10k per unit in just one day. The hardware won’t be available until Q2 next year.
“KNC says it sold $1 million every hour for the first five hours the new unit, called the Neptune, went on sale,” Business Insider reports.
“We went right to the cutting edge, because we had to, as someone was going to, so it better be us,” said KnC spokesman Alex Lawn.
“A formula one race if you will. The competitors were late to the start line so they had to make wild claims, but I think they’ve taken it a bit too far…we may well beat Apple as they plan to use it at ‘some point’ next year.”
Bitcoin mining requires massive amounts of computing power in order to solve complex math problems. “The faster and more efficiently you can solve math problems, the more bitcoins you get.”
Comments
LAMB
SO, solving math problems , you are rewarded with BITCOINS, the imaginary currency (who or what controls them?). Then you can trade them in for REAL $ that some poor jerk pays for in order to become a BITCOIN MILLIONAIRE? What a dream – OR – is it a nightmare??? A REAL SCAM, with overtones of A BRE-X ENTERPRISE. Have any of you heard of Bre-X? It was an IMAGINARY GOLD MINE !