Google’s Sergey Brin Mines Ethereum With His Son

Ethereum, the most popular smart contract-powered cryptocurrency network, has found a new miner—none other than Alphabet Inc.’s Google (GOOGL) co-founder Sergey Brin. (See also: How Did Sergey Brin Get Rich?)

The noted stalwart of the technology sector made the interesting revelation while speaking at a blockchain conference in Morocco. "A year or two ago, my son insisted that we needed to get a gaming PC," said Brin. "I told him, 'OK, if we get a gaming PC, we have to mine cryptocurrency. So we set up an ethereum miner on there, and we've made a few pennies, a few dollars since," reports Business Insider. Mining is the process to validate transactions on the cryptocurrency network and is used to add newly found coins to circulation

As president of Google’s parent company Alphabet Inc., Brin admitted that “he didn't know too much about cryptocurrencies,” in addition to admitting that Google missed the blockchain bus during early stage, the leading technology company was slow on taking on the blockchain technology. "[Google] already failed to be on the bleeding edge," he said.

Blockchain Summitry

Brin, however, remains positive on the potential of the blockchain technology that is finding increasing use across all genres of businesses. "It's mind-boggling," said Brin. "I see the future as taking these ... research-y, out-there ideas and making them real," he said.

The Blockchain Summit conference was hosted by Sir Richard Branson, the noted British businessman, to discuss the potential of the new-age blockchain, cryptocurrency, artificial intelligence (AI), among other innovations, and their combination, which can make a difference. Brin was accompanied by other prominent personalities in the panel that included Brian Forde, Elizabeth Stark (Lightning Labs), Chase Koch (Koch Disruptive Technologies), Neha Narula (MIT), Katie Hain and Koichi Narasaki (SOMPO).

Blockchain Technology Gains Mass Adoption

While Google had announced a ban in March on cryptocurrency advertisements on its platform, which came into effect this month, blockchain technology continues to see increasing adoption. (See also: Google Bans Advertising Related To Cryptocurrency Products.)

Leading social media platform Facebook Inc. (FB) had also announced a ban earlier in January, but reversed it partially by allowing pre-approved cryptocurrency advertisers to advertise on their platform. The company recently hired a new director of engineering for its blockchain division. (See also: Facebook Bans Ads for Cryptocurrencies and ICOs.)

With large technology companies like International Business Machines Corp. (IBM), Microsoft Corp. (MSFT) and Huawei actively pursuing blockchain ventures in individual capacity as well as their joint consortium, the technology continues to gain traction globally.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.

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