Last month we covered the story of the Long Island Iced Tea Company rebranding itself as Long Blockchain as part of a broader shift in corporate strategy. The company's stock price tripled over night.
On Friday, we got the first concrete details of the company's new blockchain strategy. Long Blockchain planned to raise up to $8.4 million with a stock offering and then use some of the money to buy 1,000 Antminer S9 bitcoin mining machines. The machines would be "installed in a world-class third-party data center experienced in cryptocurrency mining and located in a Nordic country."
But today Long Blockchain announced it was scrapping the stock offering. The company says that it's still planning to buy bitcoin-mining hardware. However, Long Blockchain says that it "can make no assurances that it will be able to finance the purchase of the mining equipment."
(Score: 2) by MichaelDavidCrawford on Friday January 12 2018, @12:08AM
or rather the calculations become more difficult as calculation speed increases so as to always take about ten minutes per block.
The block header has a "difficulty" factor. That really should be called easiness because the lower it is the harder it gets. The header also has a "nonce" which is an integer which results in the entire header's hash being smaller than the difficulty.
The root of the block's merkle tree - a tree of transaction hashes - is also in the header, as well as a hash of the previous block.
Or at least that's my current understanding. I'm not convinced I have it all strait yet.
Yes I Have No Bananas. [gofundme.com]