13 Nov '17, 12am

More Singaporeans riding on cryptocurrency wave on soaring Bitcoin prices

SINGAPORE: It looks like a simple gaming computer. But Mr Dexter Ng and his group of friends realised that it was able to produce cryptocurrencies through a process called "mining". Armed with a powerful graphics processing unit, these computers are able to solve complex math problems which will gain the user rewards in the form of cryptocurrencies like the bitcoin. Bitcoin is just one of the many cryptocurrencies out in the market, but it is currently the most highly-valued. BITCOIN PRICE SOARS Its price soared to a record high of nearly US$7,500 on Nov 8, compared with around US$1,000 at the beginning of this year, and it has therefore generated greater investor interest among Singaporeans. Bitcoin’s popularity has trickled down to other “alternate coins” like Ether and Litecoin, sparking interest in cryptocurrency mining in general. Advertisement Advertisement So Mr Ng ...

Full article: http://www.channelnewsasia.com/news/business/more-singapo...

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