Mining requires a lot of electrical power and Entergy vastly upgraded the service to that location. While MakerStar did not disclose the number of “miners” in place at that location, a huge cooling system was installed.
Robert Whitaker says he is the CEO of MakerStar although the state business license names DongDong Chen as the CEO. “After the last round of investing I became the CEO. DongDong Chen is the founder,” says Whitaker.
Bitcoin is a currency used in most countries worldwide and has been a currency type since 2008. Well into its second decade of use, “Bitcoin is here to stay,” claims Whitaker.
Bitcoin mining refers to ensuring that transactions are valid and added to the Bitcoin blockchain correctly using a global network of computers running the Bitcoin code. The process of mining is also the means by which new Bitcoins are created.
- The process of bitcoin mining involves the verification of new transactions against the Bitcoin network, which results in the production of new bitcoins.
- Bitcoin mining is the process by which Bitcoin transactions are validated digitally on the Bitcoin network and added to the blockchain ledger.
- It is done by solving complex cryptographic hash puzzles to verify blocks of transactions that are updated on the decentralized blockchain ledger.
The local operation employs a few local people to maintain the equipment and ensure temperatures are maintained. Whitaker says, “We are opening several locations in Mississippi because we think it makes sense for our operation. Other groups like places like big cities with big populations but we think Mississippi will be just right for us.”