Definition of data mining

Data mining involved analysing large amounts of data held on computers. Typically this data will have been collected for another reason and mining the data means that additional uses can be extracted from the database. Data mining has been used on social networks to gather information about potential customer preferences, for example. 

 

data mining in the news

In May 2012, the only so-called Twitter hedge fund shut down after deciding to offer its social media indicators to day traders instead. The hedge fund had been analysing tweets from thousands of Twitter users for mood statements. The moves in sentiment tended to predate a move in the markets by about three days.

In October 2013, Twitter announced it was planning to mine data on its own platform to help sell advertising on other mobile apps or websites.