[2016-07-11] Bitcoin miners face fight for survival

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 Marco Streng is a miner, though he does not carry a pick around his base in south-western Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins.

In the world of the web-based digital currency, it is not central banks that add new money to the system, but rather computers like Streng's which are awarded fresh bitcoins in return for processing blocks of the latest bitcoin transactions.

http://www.odt.co.nz/news/technology/389965/bitcoin-miners-face-fight-survival

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[Karartma1]

Valery Vavilov, Bitfury CEO:

He also says the company, founded in 2011, is prepared for the mining reward cut. "We're prepared - we already went through one halving event in 2012," he said. "You can forecast this...so you have time to prepare, and if you're prepared you can live quite easily.

This is it: like any other business miners need to adapt. It was known that there was going to be a drop in the reward. It's not something that happens every day.