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Topic: What will happen if Tech Giants get into Bitcoin or Altcoin Mining? (Read 2208 times)

hero member
Activity: 1302
Merit: 532
I do not see the tech giants to enter mining but the possibility of getting involved in bitcoin or altcoin in a different role is a big posssibility and still there are untapped business opportunities in the crypto currency sector and these giant corporates will be eyeing for an entry in the near future.
sr. member
Activity: 574
Merit: 252
If the big tech giants are to enter mining they will definitely be the power house of mining with millions of bank roll they would get but they will analyze the possibility of cost versus profit percentage before investing into something like mining.
member
Activity: 110
Merit: 10
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?
I think that big tech would just pay founders of new coins royalty to make wallets that have their logo or ads in them thats next I think. Good topic
hero member
Activity: 868
Merit: 500
Would be great as they could develop cheaper miners for us, but all i remember about those giants companies is that they like the power and the control, soo joining bitcoin mining would have a hiden purpose to take control over it, and its something we dont need to bitcoin, someone with 70-80% of all bitcoins, manipulating the price anytime.
hero member
Activity: 910
Merit: 501
I don't think that tech giants would go into mining bitcoins. I suppose from their point of view it's not profitable enough.
What I can imagine is that they might create an altoin of their own and implement it as a part of their payment system.
For such a coin there are big chances that it could remove bitcoin as number one crypto-currency in a relatively short time.
legendary
Activity: 1904
Merit: 1074
In my opinion, their business model and IT infrastructure would not be ideally suitable for Bitcoin mining. Their computers and servers and

data farms are currently geared for other tasks. {not hashing Bitcoin algorithms} A government researcher once tried to use the super

computers to mine some bitcoins and only managed to mine about 16 bitcoins. http://www.businessinsider.com/researcher-bitcoin-supercomputers-2014-6

hero member
Activity: 2282
Merit: 505
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?

A lot of the hash percentage will be keeping by the big companies, they can do anything like manipulating the price. I will be expecting about 51% attack.
http://bitcoin.stackexchange.com/questions/658/what-can-an-attacker-with-51-of-hash-power-do
sr. member
Activity: 1400
Merit: 283
Right now bitcoin is only being mined by small companies that can't afford a huge tech to increase their mining speed so the more the bitcoin gets harder to mine the more power it is gonna need and the more price it is gonna cost , however in china there are dedicated servers and companies that are specifically made for mining bitcoin and that explains why it has the largest portion of hash power, so if by any mean the big world companies like Google or Amazon or any other large company get into the world of bitcoin mining they will dominate the market and the bitcoin will became much easier to get.
legendary
Activity: 3080
Merit: 1500
Bitcoin mining won't be profitable to anyone without few PH/s of power. Only tech giants will be able to afford such kind of hardware and maintenance cost. So if these tech giants get in to bitcoin mining, then they will get a major share in to bitcoin within a very short period of time. Also in the other hand the bitcoin market cap will be increased and the price will follow suit. The general bitcoin users will be benefited.

If they get in to altcoin mining, it will again help to stebilize the price of of that particular altcoins. Specially ETH or Monero. Similar way, the price of these altcoins will be increased as the public trust will be increased for them. Overall, I don't see any downside of it.
legendary
Activity: 1442
Merit: 1016
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?

Altcoin mining would only make sense for them if they create their own token.They will not mine any other already existing altcoin.
In terms of Bitcoin if that would happen you may see some boost in hashrate and price as this would signal the big tech giants give Bitcoin a serious try.I can not see them trying to attack Bitcoin if you mean that with mining.Expect them to create their own shitcoin scams.
hero member
Activity: 518
Merit: 500
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?
It is good bitcoins will be more popular and the bitcoin's price will going up if they make investing into bitcoin business,
But if they make investing on altcoins mining the of altcoins will be increase too.
For altcoins mining depend on to what are the coins be mined and not all of altcoins will be increasing. Cheesy
hero member
Activity: 1470
Merit: 655
companies like Google are too big to even see bitcoin mining as a viable option. Google alone is worth $527 billion dollars! miners are earning peanuts compared to that Cheesy
and besides these companies are mostly offering some service or product, if they want profit they will do that with bitcoin for example we may see Microsoft make a bitcoin wallet and release it with windows next version when you can buy bitcoin directly through microsoft and pay them fee.
sr. member
Activity: 280
Merit: 253
Would probably mean there would be more competition and more miners being produced at a lower cost for all of us which is a win win Smiley
But small individual miners cannot compete with these giants and eventually these giants will take over all mining, form a cartel and dictate the transaction fee.
Big giants are also under government contol and will oblige government agencies to influence bitcoin technology
This would be bad. If they really would want that, then i think they could achieve it and all we could do is to accept it or start using some altcoin. But i guess it would be only a matter of time until they would take over the altcoin to. So we would need an altcoin where everybody could mine making more or less the same.
legendary
Activity: 854
Merit: 1000
Would probably mean there would be more competition and more miners being produced at a lower cost for all of us which is a win win Smiley
But small individual miners cannot compete with these giants and eventually these giants will take over all mining, form a cartel and dictate the transaction fee.
Big giants are also under government contol and will oblige government agencies to influence bitcoin technology
legendary
Activity: 3248
Merit: 1402
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Well, they will get some btc and some slight ability to control it which is good for them. As for us, the price is very likely to grow in this case, because of the investments. And yet there will be some people (around 2% of btc users I guess) who will stop using btc, because they are very paranoic that this way the government can spy on them and all that.
legendary
Activity: 1120
Merit: 1000
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?
I dont think that they will get into bitcoin or altcoin mining, however if someday they starts investing in mining i think they would create their own cryptocurrency and mining their own rather than investing in bitcoin or any altcoins since people will interested on what they've created.
To be honest i really love if those Tech Giants starts accepting bitcoin as payment processor it would make bitcoin gain more popularity as well as the price would be up, also give us an opportunity to spend our coin.
legendary
Activity: 1750
Merit: 1115
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What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?
They will end up centralizing the network and controlling bitcoin,in short words - we're fucked.
You can write a essay about logical side of the story and prove me I'm wrong but Tech Giants don't do anything besides making money .Plus it wouldn't really make sense for Tech Giants to take up Bitcoin Mining on a large scale since it isn't lucrative in  the long run.
hero member
Activity: 602
Merit: 500
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?

Good Question. Looking at the difficulty of bitcoin mining, I feel some giants must have already joined the raise, they must be keeping the entire thing hidden from the public, I will not be surprised if any tech giants admit it in the coming days. I have heard of rich people just mining and dumping bitcoin simply to make quick bucks.

The same people feel bitcoin will fail and it is just a bubble.
They are in just to profit from the "bubble".
legendary
Activity: 3136
Merit: 1172
Leading Crypto Sports Betting & Casino Platform
What will happen if Tech Giants Like Google, Microsoft, Amazon starts investing in Bitcoin or Altcoin Mining?

Good Question. Looking at the difficulty of bitcoin mining, I feel some giants must have already joined the raise, they must be keeping the entire thing hidden from the public, I will not be surprised if any tech giants admit it in the coming days. I have heard of rich people just mining and dumping bitcoin simply to make quick bucks.
copper member
Activity: 1330
Merit: 899
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Why do you say if? because they are already doing it with small hashrates to avoid difficulty increases too much.
Though they wont sell their mined coins anytime soon and rather hold on to them to make the price go and rise even higher or they may sell in low volumes to avoid price drop.
Cheap electricity and full pocket are equal to profit in mining bitcoin but I doubt any altcoin is profitable for them to mine due to their fishy dev teams and price fluctuation.
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