Chinese Internet Giant Baidu Starts Web Service ‘Baidu Jinkuang’ To Mine Bitcoins - JPKee.com

Singapore, November 23: Chinese Internet Giant Baidu has launched a web service named ‘Baidu Jinkuang’ which taps into unused hard disk space and extra bandwidth space of users to mine Bitcoins in exchange for real money. Baidu, often called the Google of China is headquartered in Beijing. The firm in its statement put out some caveats to its users for this program. According to a report in the South China Morning Post, the caveats include a computer equipped with at least a “16-core CPU, 64 gigabytes of storage and 1-gigabit broadband network connection”.

Bitcoin is a worldwide cryptocurrency and digital payment system. It is called the first decentralized digital currency, as the system works without a central repository or single administrator. The value of a single Bitcoin has ballooned to over $8,000 this year from its humble beginnings of $10 a Bitcoin in 2012, with China being the leading ‘miner’ of Bitcoins. Report state that it was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.The bitcoin system works peer-to-peer, and transactions take place between users directly, without an intermediary.

Baidu’s technical team claim that once the initial requirements are met by harnessing peer to peer content delivery networks, or in layman term, leasing the processing power of computers and banding them together to increase processing output…the rate at which Bitcoins will be mined will improve.

Tech giants like Google and Facebook are still blocked in China which makes Chinese tech companies like Baidu the one stop shop for web services. Baidu, acts like Google in China and is well known for search engine that operates within the boundaries of the ‘Great Firewall of China’ a tongue in cheek jibe at the Golden Shield Project, which is China’s internet censorship and surveillance tool.

Bitcoins can act as a potential transaction and payment mechanism for businesses to boost digital economy in any nation. With its advantages, they are fraught with risks in the absence of proper monitoring and regulatory framework for the currency and not backed by any tangible asset but by sheer demand.

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Author - Vikash Kumar