This afternoon, Chinese business mythology Li Ka-shing officially announced his retirement. From now on, he retired from the post of Chairman of the Board of Directors of Changjiang Hutchison Industrial Co., Ltd., and the eldest son Li Zezhen took over. However, Li Ka-shing, 90, is not really retired. He will continue to serve as Chairman of the Li Ka Shing Foundation and Senior Consultant of the Yangtze River Group. Li Ka-shing’s legendary story is no longer necessary. Apart from the well-known industries and real estate, Li Ka-shing has been paying attention to the technology industry since 2000 and has invested in many technology projects through its Victoria Harbour Investment Group, including the well-known Facebook, skype, Siri, Razer, DeepMind, etc. Blockchain and cryptocurrency are emerging technologies, and Li Ka-shing has long been concerned. The most famous event should be that in January of this year, Li Ka-shing said that he is more conservative and believes that Bitcoin is risky. The reason why it is conservative is that in 2014, it only invested more than 1 billion Hong Kong dollars to the bitcoin terminal market. Li Ka-shing's wonderful remarks have clearly become the classic quotations of "Wang Jianlin's 1 billion small goals" in the blockchain circle. In fact, it is not just a direct purchase of Bitcoin. Li Ka-shing has also invested in multiple blockchain and cryptocurrency projects through its Victoria Harbour Investment Group. In 2014, when Li Ka-shing spent more than 100 million Hong Kong dollars to buy bitcoin, he invested in bitcoin payment company Bitpay. Bitpay is known as the "Alipay" in the cryptocurrency circle. It has developed rapidly in more than three years. At present, Bitpay's daily trading volume has exceeded 2 million US dollars. In addition, Bitpay also reached a partnership with Bithumb, Korea's largest cryptocurrency exchange, this week to jointly develop a new $200 billion cross-border payment market. In 2016, Li Ka-shing invested in Blockchain, a blockchain company, through its Victoria Harbour Investment Group. Blockstream mainly develops cryptocurrency payment technologies and protocols. Typical projects include special currency micropayment systems, side chain applications, and Blockstream satellite programs. The blockchain has created a lot of wealth myths. For example, Ripple's market value has been arrogant for several years. It is said that the founder's net worth has surpassed Li Ka-shing, the richest man in Hong Kong for 20 years. Therefore, it is not just Li Ka-shing, other world-class business leaders generally have the experience of investing in blockchains. In the 1990s, there was a precedent for the Internet to subvert the world. Even the big ones could not ignore the existence of blockchains, no matter Optimistic or against. Mining is the process of creating a block of transactions to be added to the Ethereum blockchain in Ethereum's now-deprecated proof-of-work architecture.
Mining is the lifeblood of any proof-of-work blockchain. Ethereum miners - computers running software - used their time and computation power to process transactions and produce blocks prior to the transition to proof-of-stake.
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The word mining originates in the context of the gold analogy for cryptocurrencies. Gold or precious metals are scarce, so are digital tokens, and the only way to increase the total volume in a proof-of-work system is through mining. In proof-of-work Ethereum, the only mode of issuance was via mining. Unlike gold or precious metals however, Ethereum mining was also the way to secure the network by creating, verifying, publishing and propagating blocks in the blockchain.
Mining ether = Securing the Network
April 06, 2023