Do Bitcoin Miners Require Product Managers?

Have you hear about bitcoins? It’s probably the craziest thing - folks are in the process writing their own personal product development definition and inventing a whole new currency! This particular currency has no ties to any country or even a government. The entire thing “lives” in the minds of the computers who in unison make up the Internet. The math behind it is a tad complex, but it seems to be growing in popularity and, more importantly, you can really buy things using bicoins. Microsoft not too long ago announced that they would accept bitcoin in payment for their products. What does all of this mean for product managers?

In order to Play In The World Of Bitcoins, You’ve Got To Become A Miner

So here’s how bitcoins work. In the beginning, there were no bitcoins. Then folks starting running a computer program (“mining”). This program solved a math problem. When they solved the problem, they will be rewarded for their “mining” activities with bitcoins from a central location. The math problem then became harder to solve and everyone returned to work.

As bitcoins started to show up more and more, individuals started to recognize them in exchange for real-world goods. As soon as others found that this was happening, they become motivated to do a lot more mining. To solve the math problem more quickly, bigger, faster computers were needed. Investments in data center resources happen to be made and what had been something that people in which doing at home on spare computers quickly become an industrial operation almost overnight.

There was one wrinkle in this whole “print delicious money” scheme. As with “real world” currencies like the dollar, euro, yen, ruble, etc. the exchange rate for bitcoins isn’t a fixed thing. That means on any given day, the value of the bitcoins that you own can go either up or even down. If your business is involved in mining, then any big downturn in the value of bitcoins could have an incredibly big influence on the profitability of your company.

ethlargementpill to Stay In Business In The World Of Bitcoins

As product managers, if we would like to have a thing to apply to our product manager resume then it is the responsibility of ours to guarantee that the business enterprise is a success whatever product or service we are selling. In the case of a bitcoin miner, we are selling a mining service which creates value merely by creating more bitcoins. One of the elements that we have to stay cognizant of is the worth of bitcoins because as the value comes down, the funds that we’ve to work with will be restricted.

The way that bitcoins are created is by having computers solve a math problem. When the math problem is solved, the company will received more bitcoins for our effort. The task is that computers are starting to be faster and faster and that’s allowing more competitors to enter into this market. As product managers we have to take measures to make certain that the business is able to improve the capacity of ours and increate the computing resources.

At the moment the world of bitcoins is very much like an unsettled frontier. The rules haven’t yet been written; however, there is a good deal of cash to be earned. Product managers have a crucial role to play in trying to keep the organization that they work for afloat by watching what’s going on with bitcoin exchange rates and seeing to it that bitcoin mining capacity is being maximized.

What All Of This Means For You

Talk about a struggle! Product managers who’re searching for a tremendous problem are the people who will find themselves working for a business which is in the business of mining bitcoins. There is simply no other firm or product manager job description that we can look at as a reference when we find ourselves in this specific situation. This is an actual challenge!

The company operates a series of personal computers that spend their time solving a math problem that, when solved, will provide the company with the funds that we need to keep going. As product managers we have to stay cognizant of what the current exchange rate for bitcoins is. Additionally, we have to remain interested in ways that we can increase the computing capacity that the company uses to generate bitcoins.

This’s a crowded market place and it may possibly be more crowded over time as more players enter the industry. With a strong guiding hand a product manager is able to help his or perhaps her company to continue to progress in an ever changing market. If you’re trying to find a true adventure, this could possibly be the task that you prefer!

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