The race for ever faster and cheaper Bitcoin-mining technology is eerily similar to the race for ever faster and cheaper gold-mining solutions during the Gold R

The race for ever faster and cheaper Bitcoin-mining technology is eerily similar to the race for ever faster and cheaper gold-mining solutions during the Gold Rush of 1848-1855. During the early stages of the Gold Rush, gold miners would just pan for gold in rivers and streams. Then they organized themselves into larger teams and started using mining "cradles" and diverting river water into sluices. Then they developed modern hydraulic mining with high-pressure hoses. Towards the end of the 19th century they invented dredging technology for mining.[1] Let's call this what it is: The Bitcoin Rush. -- [1] http://en.wikipedia.org/wiki/California_Gold_Rush#Development_of_gold-recovery_techniques http://en.wikipedia.org/wiki/California_Gold_Rush#Developmen...