Bitcoin Developer Sells $8 Million Worth Of Hardware In 24 Hours, As Mining Technology Arms Race Goes Insane

Stockholm-based KnCMiner sold $8 million worth of their new $10,000-a-pop bitcoin miners in 24 hours last Wednesday, according to KnC spokesman Alex Lawn. Bitcoins are mined by directing intense amounts of computing power at solving math problems. The faster and more efficiently you can solve math problems, the more bitcoins you get.  Bitcoin is structured so that it gets harder and harder to mine bitcoins over time, so there's a huge arms race to build the most hardcore computers dedicated to ...