Bitcoin Mining Pool | Bitcoin.com

The 8 Skills to Be a Good Miner

Many people may feel quite confused about their low profit now. Maybe you forget to think about the small details when you are mining. Small little details will make big difference in your final income.
Now, i want to share you the 8 skills to improve your benefits.
1, Get a cheaper power
Everyone knows the power is the most charge in mining, if we can find a cheaper electricity, it will be good. So, how to get a cheaper electricity?
55% of the mining is in China, and 40% of the mining is in Sichuan China. Why? Because there are many hydroelectric power station in there. So, you can find a place near the station and get a cheaper electricity from them.
If you can find free electricity, it is the best anyway
2, Choose low w/t machine
As you know, low comsuption machine is very popular those days, like S17 pro 53t, T17 42t. They are 7nm technical, the w/t is low and it can even overclock, it maybe a good choice. Also, we need to consider the price of machine.
Cheap price machine means fast ROI, But low W/T machine has a bright future.
3, Buy miner when BTC begin to raise after long drop
When BTC price keep falling, of course the machine will be cheaper and cheaper. When the BTC price begin to raise, we can buy miner at that time, because the price is the cheapset and you can earn money back soon.
Normally at that time, the good machine will be sold out quickly, when the market feedback that those machine are good, you may be late to get the chance. So, make your plan for purchasing before, when price down, get them.
4, Do not forget BCH, BSV, ZEN coin
Do remember SHA-256 Algorithm can mining BCH and BSV as well. Sometimes those coin may get even a better profits than BTC.
Some miner has auto setting for BTC, but you can choose BSV and BCH mining if you set it,
5, Notice the half reward period information
Because the half reward time is coming in 2020, there will be a chance or a risk for it. Many low hashrate machine may be out of the style and high hashrate will be more competitive.
Low your risk and not to buy those cheap machine now
6, Choose a good future crypto currency
There are many coins in this field now, we need to analyse and find a better direction for mining. Like Z11, many people use it for ZEN mining nowadays, and their benefits is top now.
Also, people buy many S17, it can earn money back before next year half reward time. And they believe the BTC price will increase creazily as last two times.
7, Make plan for your selling of coin or machine
As you know, the price of the BTC changes everytime, we can mining the BTC first and keep it in hand, do not sell it every day. It is very stupid. Just sell it when price high, you do not need to take any risk if you do not buy BTC directy. We do not need to care about the low price situation, we only need to wait. When chance come, get it.
Same for machine
8. Don't be fooled by the mining calculator
Many sites calculate mining profits based on hardware and electricity prices. If you've never mined before, you might be happy to see the numbers provided by these websites and calculators and think, "I'll make a fortune!"
However, these websites don't tell you: in addition to the cost of electricity, there may be other current costs, such as maintenance, cooling, rent, labor, etc. Generally, the hash rate and power consumption of the device are slightly different from what the factory says.
This difference is more common in unpopular brands. You can better understand the actual hash rate and the actual power consumption by watching the miner test video on YouTube. In addition, depending on the distance from the meter to the device and the type of cable used, the power loss from the meter to the device can be as high as 200 watts.
In addition to the cost of mining machines, some initial costs are required to prepare the infrastructure, such as cooling and venting, cabling and distribution, shelves, network and monitoring equipment, safety measures, etc.
The network difficulty is constantly changing and increasing at a significant speed, which directly affects the mining revenue. You can check the bitcoin network difficulty chart to see its growth rate, but your miner will not always be 100% active.
Due to maintenance, network problems, ore pool problems, power problems and many other problems, the miner may be offline for several hours. I suggest that you consider setting the normal operation time of the miner to less than 97% when calculating. We have rich mining experience in professional ore pools, and the normal operation time of these mining machines will not exceed 97-98%.
Thats all, hope those information will help you become a good mining investor.
submitted by 15Ansel to BitcoinMining [link] [comments]

The Implications of Bitcoin (x-post from r/cryptocurrency)

This is starting to develop into a series of posts (here is the first one on both steemit and reddit), I've thrown this post on steemit, though the full text is available here. My next post is already half done and will deal with wallets, personal security, and the future therein. A table of contents is on the way that will help organize these.
I realize many here are familiar with a lot of this information, but I aim to present it in a way that's understandable to people that haven't yet spent the time to research for hours. I would appreciate any comments or criticism in order to refine the ideas. I'm not trying to shill anything in particular, though I reference bitcoin specifically for a lot of reasons I won't go into right here, most if not all of what I explain could be applied to other cryptos. I don't wish to encourage people to "invest" in this tech, I only wish that they begin to learn about it. I think this technology will change the world no matter what we do right now, I simply wish to explain in plain English how it might benefit our global society.

The Implications of Bitcoin - Deciphering the Enigma

Money is one of the oldest technologies; it's older than writing; we know this because the first writing we find is keeping track of transactions. Money has held many forms (rock, bone, metal, paper, cloth, plastic, etc.), each generation of token ideally being more portable and harder to forge. Portability, (ease of moving around the tokens) increases what you can do with it, while forgeability describes how secure it is against counterfeiters. Modern banking is essentially impossible to forge, and is vastly more portable than physical tokens because it exists solely on banking networks. For those with access to modern banks, money has never been more free to move around. Enter Bitcoin; it is no less forgeable than its predecessor,but it's portability is exponentially increased, and being decentralized it introduces a new feature, it's open to everyone.

What is Bitcoin?

At first glance bitcoin appears very similar to how we already transact in the developed world; it's "just" digital money. We have paypal, venmo, online banking, and credit cards that allow us to move our money around. However, to call bitcoin similar is making a huge mistake and vastly misunderstanding its concept, philosophy, and power. Modern banking services are exclusive to the developed world and only accessed with the permission of for-profit, private institutions, the gatekeepers of local and global money transfer. In the developing world there are billions of people without access to any bank, and many more have limited access to even basic services. Often there's little competition which stifles innovation and increases monopolistic practices. It's these citizens of our global society that stand to benefit most from this technology in an immediate sense.
Bitcoin is a decentralized, open, and immutable means of exchanging value. There are several layers to this concept alone; most significantly, that bitcoin is fundamentally different from anything we have ever contemplated. This makes it difficult to understand the implications or benefits of such a revolutionary technology. It's an epochal shift in how we can transact and store value.
This system can be accessed by everyone, anywhere, anytime. It is neutral, trans-national, and facilitates the freedom of money. Bitcoin itself requires no personal information or account creation through a business, nation, or organization. One simply generates keys and is free to transact with anyone. There isn't a central authority to dictate who can and can't use the network, no gatekeepers, no one to freeze payments or hold funds.

How is Bitcoin Secure?

I think people are well-justified to be skeptical of bitcoin's security, it's often touted as "unhackable" or "immutable". I try not to speak in absolutes; so I simply state that it's not worth trying to hack because its security lies in cryptography and game-theory.
If you guessed my private key you could spend coins associated with that address. Computers can guess many times in a a second, but even with every computer on the planet it would take much longer than the universe has existed to guess the private keys to a single bitcoin address. This is still true even with 1,000 earths worth of computing power. This is cryptographic security.
Game theory sounds daunting but it's easy to understand, it's "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." In bitcoin this manifests through "proof of work" which amounts to "miners" using computers to do lots of math problems, the results of which get embedded in the transaction record (the blockchain), and they receive rewards for their effort of mining a block. Miners are incentivized to contribute to the system.

So what if we try to cheat?

The amount of money and resources required to assemble enough computing power to even attempt to cheat the system (the "51% attack") would cost more than any benefits of doing so because the attack has no guarantee of working, and it would be obvious to anyone looking at the transaction record. In some cases the cheating transaction could be routed-around, essentially erased, negating all the work put in by the attacker who still had to pony up all the computing hardware and electricity. It's simply more profitable to take those computing resources and just mine bitcoins instead of attempting an attack. Game theory at its finest.
Many criticize the computing power and electricity "wasted" on bitcoin mining. Another perspective is that all this computational expenditure is quite intentional because it maintains the security of the system. It's analogous to mining gold; gold ore is just a pile of rocks that require significant extraction and refining to yield highly valuable and useful gold. Bitcoin's proof of work is so-called because the blockchain is evidence of massive computation, that computation equals security. The security is what makes bitcoin valuable. The proof of work is the proof that energy and computing power were expended in securing a history that can never be altered. Furthermore, renewable energy can increasingly provide electricity for miners mitigating environmental concerns. Not to mention the environmental impact of continuously replacing paper currencies in hundreds of countries, gold mining resources "wasted" on gold just to sit in vaults, or all of the concrete and steel poured into thousands of banks across the globe.

What can it do?

Right now citizens of Venezuela are losing purchasing power of their money by 25,000% per year. Their failing government continues printing more money robbing constituents of their savings. When this happened in Zimbabwe and people needed wheelbarrows full of money to buy a single loaf of bread the residents had little recourse. But some Venezuelan locals are turning to crypto-currencies to flee the currency crisis, escape the inflation, and protect their ability to acquire food and shelter. It's capital flight away from a national currency without having to even leave their neighborhood because their $20 cell phone can now act like a global bank.
Global remittances account for over 500 billion dollars a year. International money transfer services require physically being near the local office during business hours. A fair amount of coordination is required to find an institution with local access in both countries. Transfers can take days to clear, and fees vary wildly and make it difficult to transfer small amounts. Bitcoin can send a transaction at any time from your phone to anywhere on the globe in seconds with negligible fees without any intermediary. It's not hard to see why in some places this industry is being heavily disrupted.
Credit cards are a "pull" system, meaning you give out your card number and anyone can pull money from it, this model is the cause of credit and debit card fraud. If your card info is ever compromised you will need a replacement card and sometimes have to fight with institutions for weeks, months, or years to get your money back or have your credit restored. Bitcoin is a "push" system, only you can spend your money. No fees or extra charges can ever be added without you manually sending them. Automatic payments can be set up on your end, but never "their" end.
Bitcoin is programmable and flexible, allowing money to flow around the world as easily as cat videos and memes. It can mimic the way we do business currently when we desire, but, so much more is possible that will never be viable with our current systems. In fact, we haven't even figured out what yet is possible because innovation has just begun. Until now the only ones that could innovate in the financial space are those with the connections to permissioned worldwide banking network. Now, a 19 year-old has created a global computer whereby the programs can never be silenced and money itself can be programmed. Ultimately this enables anyone to write the next killer banking app without permission from anyone; it's a free market of money. And we are just getting started.
submitted by mrcoolbp to CryptoTechnology [link] [comments]

All We Know About Cryptbontix (DIG) + Other Tokens

All We Know About Cryptbontix (DIG) + Other Tokens
“If you want to go to the future, you have to go to the past. The future of money is gold.”
Arbitrade has acquired Cryptobontix, and although they both have different but complementary business models, they have formed a symbiotic relationship benefiting both parties to bring you this multidimensional asset class.
Cryptobontix is the company responsible for creating a family of tokens backed by precious metals such as Gold, Silver, Platinum and Palladium.
Currently, you will not be able to find a lot of information on their website, because:
“The website is awaiting legal approval from our council and council of our newly developed partners before we can release details of our operations and partnerships.” ~ Cryptobontix
The Cryptobontix Inc. development team has created four cryptocurrencies based on the Etherium smart contract technology (ERC20 Token), which are backed by valuable hard-backed assets. These include:
  • Dignity (DIG) – backed by ingot of gold bullion
  • Namaste (NAM) – backed by ingot of silver bullion
  • Orectic (ORE) – backed by ingot of palladium bullion
  • Honor (HNR) – backed by ingot of platinum bullion

Key Features Of The Asset-Backed Tokens:

  • Robust security & privacy protection, making it difficult for hackers, corporations and governments to unfairly seize assets.
  • Faster & cheaper transactions than traditional electronic systems.
  • Elimination of boundaries and fees associated with international transaction, some bank charges are as high as 10-15% – Baffles the mind to think what big industries and companies must spend on these fees!

How this changes the digital asset landscape and the future

To give you a better understanding of how powerful this family of tokens really is for the future economy, let’s take a closer look at another traditional store of value, money.
Money has four functions; It is a:
  • Store of value
  • Medium of exchange
  • Unit of account
  • Standard of deferred payment
One of the many problems with our traditional monetary system is the declining value of our fiat currencies, they are dropping immensely due to the impact of inflation on the economy over time.
For instance, the Great British Pound has lost 90\% of its value since 1973 and the price of a pint of milk has increased by 767\% in 40 years.
What is commendable and unique about the Cryptobontix Inc. cryptocurrency tokens is that they provide a dependable means of exchange beyond the direct control of national banks, such as the U.S. Federal Reserve, European Central Bank, Bank of Canada, Monetary Authority of Singapore, etc.
This is particularly attractive for those concerned about future long-term inflation as a result of:
  1. Loose monetary policy such as quantitative easing (often central banks’ “printing money” by purchasing government bonds).
  2. Near zero inter­bank lending rates.
  3. Banks going into liquidation such as the recent crash of Deutschebank or India’s war on cash.In 2016 Indias Finance Minister says “honest people” have no need worry. They removed the two large denominations of the rupee (500 and 1000 rupee) from use, stating it will no longer be legal tender. Citizens were given only four hours notice of this change, thus removing 86\% of cash in circulation by value. And in a country where 95\% of all transactions happen in cash and this is where more than 40\% of the population of the country has no bank account. The immediate effect was expected to be a loss of 2-4\% of the GDP of the country, and the ripple effect has been devastating.
By combining bullion, the oldest store of value, with the newest, cryptocurrencies, we believe Arbitrade & Cryptobontix have created both a new hybrid asset class and investment vehicle that has the potential to become a global leader in this sector.
We are witnessing the start of a new era in bullion backed digital assets. Trust-less is the key & decentralisation is the strength
“Arbitrade is acquiring $8.7 Billion worth of the four bullions (gold, silver, platinum, and palladium) that will back the company’s four major tokens.” - Arbitrade Management 25/05/18

History: UNY To DIG Swap

The history of events leading up to the rebranding of T.J.L. Holdings to Cryptobontix Inc. has been outlined below:
  • T.J.L. Holdings launched unity Ingot (UNY) on May 8th 2017. Tokens value proceeded on a gradual decline.
  • T.J.L Holdings, then rebranded to Cryptobontix Inc.
  • A 1:1 token swap from Unity Ingot (UNY) into Dignity (DIG) was initiated by Cryptobontix Inc. and took place from the 8th February through to 20th February 2018 on the Livecoin exchange.
  • During the take-over, a small number of members from T.J.L Holdings remained with the development team in the capacity of consultants until the transfer was completed and the company is successfully operating as Cryptobontix Inc.
  • Cryptobontix Inc. has a renewed vision of the original idea behind the Unity Ingot project and is now leading a family of tokens into its next stages of expansion.

Dignity (DIG)

Backing the Dignity token to Gold will give the token a floor value that matches the true value of the gold. It should be noted that assets usually trade at multiples of their intrinsic value.
Key facts about the Dignity (DIG) token:
  • The first token of it’s kind to be backed by both:
  1. Mining hardware – 10,000+ high performace mining rigs
  2. Gold bullion -$3 Billion in Gold Bullion ($1 worth of Gold Bullion for every token issued.)
  • Tender: GOLD
  • Quantity: 0.02445 grams per token
  • ‘Floor’ Value: $1.00 USD (awaiting audit confirmation)
  • Original UNY supply: 10,000,000,000
  • UNY Burned: 7,000,000,000
  • Token swap UNY > DIG
  • DIG Total Supply: 3,000,000,000
  • Currently listed on Coinmarketcap, ticker DIG and currently on the Livecoin exchange, with further popular exchanges listing the token throughout the summer of 2018.
https://preview.redd.it/qf7ztyr764911.png?width=207&format=png&auto=webp&s=2729bbc87357b9b4079ffa8e59c75dc0a5f76683
https://preview.redd.it/etewsb7664911.png?width=491&format=png&auto=webp&s=054d1f9bee31c029dfabd5d02fffcc1a9148ee76
What makes DIG so unique in the crypto-space, is that once it is developed, its continued growth is tied to both the value of gold and the performance of cryptocurrency (mining & buyback), which means the only way it could completely fail is if the entire cryptocurrency market fails.
Global trends and adoption rates indicate this is a highly unlikely event when one considers the value, energy and passion that has transpired and got us to this point.

Namaste (NAM)

This token represents the very first truly silver backed cryptocurrency and sets another industry standard for the new era of hard backed tokens.
Key facts about the Namaste (NAM) token:
  • Backed by $2 Billion in Gold Bullion to be traded for Silver Bullion upon each payment. ($2 worth of Silver Bullion for every token issued.)
  • Tender: SILVER
  • Quantity: 3.6559 grams per token
  • Value: $2.00 USD (on release)
  • NAM Supply: 1,000,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/2d3beqma64911.png?width=230&format=png&auto=webp&s=fe9ae7e27fe582c9dbe1c7a1f4f30785890881fd

Orectic (ORE)

This token represents the very first, truly palladium backed cryptocurrency and sets yet another industry standard.
Key facts about the Orectic (ORE) token:
  • Backed by $1 Billion in Gold Bullion to be traded for Platinum Bullion upon each payment. ($3 worth of Platinum Bullion for every token issued.)
  • Tender: PALLADIUM
  • Quantity: 0.101 grams per token
  • Value: $3 USD (on release)
  • ORE Supply: 500,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/tz6407hc64911.png?width=207&format=png&auto=webp&s=a0389248a042de61c9c7a6ebc064f775df1fa28c

Honor (HNR)

This token represents the very first truly platinum backed cryptocurrency and sets yet another industry standard.
Key facts about the Honor (HNR) token:
  • Backed by $500 million in Gold Bullion to be traded for Palladium Bullion upon each payment. ($4 worth of Palladium Bullion for every token issued.)Tender: PLATINUM
  • Quantity: 0.125 grams per token
  • Value: $4 USD (on release)
  • HNR Supply: 500,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/pgg4n0yd64911.png?width=206&format=png&auto=webp&s=f0e64dbd25e05d24918fd6c60a95630711b03ff7

Gold Bullion

Arbitrade Ltd. has made a definitive deal with Sion Trading FZE Dubai to acquire $10,000,000,000 in gold bullion. The bullion will be held at Brinks’ vault at the Dubai Gold Exchange. The company will have the bullion audited by a major accounting firm that operates in both Bermuda, Dubai and the United States before the end of September 2018 or as the accounting firm’s schedule permits. The audit is not an important factor and is only being done to satisfy U.S. Regulators.
Source: Arbitrade news update

How To Get Hold Of Your Physical Assets

According to the existing white paper:
  • After two years, you will be able to swap your token 1 to 1 for a special utility coupon that grants you your amount of bullion.
  • These will be redeemable during specific periods each year.
  • In November of every year, 1/15th of the token float will become available for you to trade your tokens with, until the expiration date of the coupons.
  • You will then be able to redeem the physical bullion held against the token by using the coupon.
  • At any point throughout the year, you can place a bullion order at the Cryptobontix website and fill out and send an order form to the prescribed address.
  • The shipping department will then process the transaction when the November redemption window opens and will ship the physical bullion to the token holders.

Mining Facility

Cryptobontix Inc. and Arbitrade have partnered with:
  1. Coin Miner LLC – to provide mining hardware
  2. Cryptotopic Inc. – to build and operate the mining facilities
View video footage of one of the facilities.

Coin Miner LLC

  • Arbitrade Ltd. and Cryptotopic Industries have been working with Coin Miner LLC and the build team to create a 100,000 square foot industrial mining facility in Ontario, Canada. A facility that was previously used for metal manufacturing.
  • Has over five years experience in industrial sized mining infrastructure & development
  • Over the next 12 months, they aim to provide the facilitities with 65,000 mining units, ranging from high-performance ASIC and GPU mining units such as proprietary G Series mining units with Nvidia & AMD chips achieving 275MH at 1,200 watts each.
Hayden Gill, Arbitrade’s leading advisor & mining consultant, says:
“The D9 miners alone will be generating a minimum of 305 Decred (DCR) per day which is currently trading at $99.90 on CoinMarketCap.com ***(June 2018)***
Arbitrade and Cryptobontix have also reported purchasing additional units from Bitmain, Canada Computers & Halong.
The mining units will commence operations for:
  1. Arbitrade’s decentralized exchange (DEX)
  2. Cryptobontix’s bullion and cryptocurrency mining backed tokens
Once installed and operational, the facility will mine the most profitable cryptocurrencies such as Bitcoin, Etherium, Dash & Monero.
The daily cryptocurrency mining profits are to be used to:
  • 50\% – purchase physical bullion
  • 20\% – buy additional high standard mining rigs
  • 15\% – support buy back tokens and trade exchange marketplaces
  • 15\% – operational cost and upkeep of mining facility
https://preview.redd.it/f6oadqzf64911.png?width=600&format=png&auto=webp&s=683ac55d711e736a959dd03df896ef2b6365a828

Cryptotopic Inc.

Arbitrade reported it has commenced a 15-year lease agreement with Cryptotopic Inc., an Ontario company that will work with Coin Miner LLC, on behalf of Arbitrade, to build Canada’s largest mining facility in a 100,000 square foot industrial warehouselocated in Watford, Ontario, Canada, which will house the 65,000 mining units.
This lease agreement marks the first of four facilities Arbitrade plans to open over the next 36 months with Cryptotopic Inc. and Coin Miner LLC.

Coin Miner LLC

Hayden owns Coin Miner LLC and has been overseeing the mining developments in Watford and Atlanta. Watford has 5MW of current power that can facilitate 4,000 mining rigs to start. Arbitrade, along with Coin Miner LLC, has been successfully negotiating with Hydro One and its partners to bring in up to an additional 150MW of power so that the Watford facility will be among the largest cryptocurrency mining facilities in the world.
Currently, the property boasts a massive size of 100,000 square feet, but there are an additional 16 acres available that can accommodate an enormous expansion up to 1,000,000 square feet of mining space. The company, on behalf of Hayden, has been in negotiations to develop the company’s own ASIC mining rigs and GPU miners.
The Atlanta facility has already been toured by top stock and crypto analyst Ronnie Moas. Photographs and videos are available on his Instagram account. You can also check the Timeline.
If Arbitrade execute properly, this will make them one of the largest cryptocurrency mining operations globally.
submitted by BlockchainBullion to DignityCoin [link] [comments]

List of upcoming Bitcoin forks:

Bitcoin Smart: Forking at Block 505050, 21 January 2018, For each 1 BTC you get 100 BCS - With integration of smart-contract system, new features such as token issuance will be available and on-chain performance will no longer be an issue.
Bitcoin Interest: Forking at Block 505083, 22 January 2018, For each 1 BTC you get 1 BCI - A frictionless global payment system focusing on three key areas Technology, Community, and Savings. The payment system has a new integrated savings technology that allows our users to park their coins and earn interest.
Quantum Bitcoin: Forking on 28th January 2018, For each 1 BTC you get 1 QBTC - No idea.
Bitcoin LITE: Forking on 30th January 2018, For each 1 BTC you get 1 BTCL - Bitcoin LITE, BTCL, is a NEW WORLD cryptocurrency created for mass adoption, that began in 2018 as a fork of the Bitcoin blockchain, but has been independent since then.
Bitcoin Ore: Forking on 31st January 2018, For each 1 BTC you get 1 BCO - Users can employ unused hard disk capacity to mine Bitcoins without the need for expensive mining rigs and other specialized hardware.
Bitcoin Private: Forking TBA in January 2018, For each 1 BTC you get 1 BTCP (also if you have 1 ZCL you get 1 BTCP) - Click for Q&A
Bitcoin ATOM: Forking TBA in January 2018, For each 1 BTC you get 1 BCA By using built-in hash time-locked contracts (HTLCs) and its own HTLC API, Bitcoin Atom attempts to disrupt the way we exchange cryptocurrencies today, giving independence from intermediaries and any centralized entities.
submitted by ManBearPig9220 to CryptoCurrency [link] [comments]

Need expert opinion from expert miners

Very newbie but learning from reading and youtube and reddit.
Myself and my friend considering doing mining in Western Canada. I just checked my electric bill where I get charge 0.0849000 /kWh.
So question is at this time of stage where Bitcoin hit quite high and also other currencies are going up as well is it still good choice to do mining?
If yes, what kind of hardware do you suggest and what should we mine. For short and long term? What we are expecting in term of revenue?
I heard some S9 miners is good option but pre order has delay but if buy over ebay will cost double. I see some say pay high and start mining but if ore order and order 2 i stead one to get asap will that be a good choise?
Or should build one ourself?
Any guidance will be appreciated
Thank you
submitted by Seithji to BitcoinMining [link] [comments]

The Implications of Bitcoin

This is starting to develop into a series of posts (here is the first one on both steemit and reddit), I've thrown this post on steemit, though the full text is available here. My next post is already half done and will deal with wallets, personal security, and the future therein. A table of contents is on the way that will help organize these.
I realize many here are familiar with a lot of this information, but I aim to present it in a way that's understandable to people that haven't yet spent the time to research for hours. I would appreciate any comments or criticism in order to refine the ideas. I'm not trying to shill anything in particular, though I reference bitcoin specifically for a lot of reasons I won't go into right here, most if not all of what I explain could be applied to other cryptos. I don't wish to encourage people to "invest" in this tech, I only wish that they begin to learn about it. I think this technology will change the world no matter what we do right now, I simply wish to explain in plain English how it might benefit our global society.

The Implications of Bitcoin - Deciphering the Enigma

Money is one of the oldest technologies; it's older than writing; we know this because the first writing we find is keeping track of transactions. Money has held many forms (rock, bone, metal, paper, cloth, plastic, etc.), each generation of token ideally being more portable and harder to forge. Portability, (ease of moving around the tokens) increases what you can do with it, while forgeability describes how secure it is against counterfeiters. Modern banking is essentially impossible to forge, and is vastly more portable than physical tokens because it exists solely on banking networks. For those with access to modern banks, money has never been more free to move around. Enter Bitcoin; it is no less forgeable than its predecessor,but it's portability is exponentially increased, and being decentralized it introduces a new feature, it's open to everyone.

What is Bitcoin?

At first glance bitcoin appears very similar to how we already transact in the developed world; it's "just" digital money. We have paypal, venmo, online banking, and credit cards that allow us to move our money around. However, to call bitcoin similar is making a huge mistake and vastly misunderstanding its concept, philosophy, and power. Modern banking services are exclusive to the developed world and only accessed with the permission of for-profit, private institutions, the gatekeepers of local and global money transfer. In the developing world there are billions of people without access to any bank, and many more have limited access to even basic services. Often there's little competition which stifles innovation and increases monopolistic practices. It's these citizens of our global society that stand to benefit most from this technology in an immediate sense.
Bitcoin is a decentralized, open, and immutable means of exchanging value. There are several layers to this concept alone; most significantly, that bitcoin is fundamentally different from anything we have ever contemplated. This makes it difficult to understand the implications or benefits of such a revolutionary technology. It's an epochal shift in how we can transact and store value.
This system can be accessed by everyone, anywhere, anytime. It is neutral, trans-national, and facilitates the freedom of money. Bitcoin itself requires no personal information or account creation through a business, nation, or organization. One simply generates keys and is free to transact with anyone. There isn't a central authority to dictate who can and can't use the network, no gatekeepers, no one to freeze payments or hold funds.

How is Bitcoin Secure?

I think people are well-justified to be skeptical of bitcoin's security, it's often touted as "unhackable" or "immutable". I try not to speak in absolutes; so I simply state that it's not worth trying to hack because its security lies in cryptography and game-theory.
If you guessed my private key you could spend coins associated with that address. Computers can guess many times in a a second, but even with every computer on the planet it would take much longer than the universe has existed to guess the private keys to a single bitcoin address. This is still true even with 1,000 earths worth of computing power. This is cryptographic security.
Game theory sounds daunting but it's easy to understand, it's "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." In bitcoin this manifests through "proof of work" which amounts to "miners" using computers to do lots of math problems, the results of which get embedded in the transaction record (the blockchain), and they receive rewards for their effort of mining a block. Miners are incentivized to contribute to the system.

So what if we try to cheat?

The amount of money and resources required to assemble enough computing power to even attempt to cheat the system (the "51% attack") would cost more than any benefits of doing so because the attack has no guarantee of working, and it would be obvious to anyone looking at the transaction record. In some cases the cheating transaction could be routed-around, essentially erased, negating all the work put in by the attacker who still had to pony up all the computing hardware and electricity. It's simply more profitable to take those computing resources and just mine bitcoins instead of attempting an attack. Game theory at its finest.
Many criticize the computing power and electricity "wasted" on bitcoin mining. Another perspective is that all this computational expenditure is quite intentional because it maintains the security of the system. It's analogous to mining gold; gold ore is just a pile of rocks that require significant extraction and refining to yield highly valuable and useful gold. Bitcoin's proof of work is so-called because the blockchain is evidence of massive computation, that computation equals security. The security is what makes bitcoin valuable. The proof of work is the proof that energy and computing power were expended in securing a history that can never be altered. Furthermore, renewable energy can increasingly provide electricity for miners mitigating environmental concerns. Not to mention the environmental impact of continuously replacing paper currencies in hundreds of countries, gold mining resources "wasted" on gold just to sit in vaults, or all of the concrete and steel poured into thousands of banks across the globe.

What can it do?

Right now citizens of Venezuela are losing purchasing power of their money by 25,000% per year. Their failing government continues printing more money robbing constituents of their savings. When this happened in Zimbabwe and people needed wheelbarrows full of money to buy a single loaf of bread the residents had little recourse. But some Venezuelan locals are turning to crypto-currencies to flee the currency crisis, escape the inflation, and protect their ability to acquire food and shelter. It's capital flight away from a national currency without having to even leave their neighborhood because their $20 cell phone can now act like a global bank.
Global remittances account for over 500 billion dollars a year. International money transfer services require physically being near the local office during business hours. A fair amount of coordination is required to find an institution with local access in both countries. Transfers can take days to clear, and fees vary wildly and make it difficult to transfer small amounts. Bitcoin can send a transaction at any time from your phone to anywhere on the globe in seconds with negligible fees without any intermediary. It's not hard to see why in some places this industry is being heavily disrupted.
Credit cards are a "pull" system, meaning you give out your card number and anyone can pull money from it, this model is the cause of credit and debit card fraud. If your card info is ever compromised you will need a replacement card and sometimes have to fight with institutions for weeks, months, or years to get your money back or have your credit restored. Bitcoin is a "push" system, only you can spend your money. No fees or extra charges can ever be added without you manually sending them. Automatic payments can be set up on your end, but never "their" end.
Bitcoin is programmable and flexible, allowing money to flow around the world as easily as cat videos and memes. It can mimic the way we do business currently when we desire, but, so much more is possible that will never be viable with our current systems. In fact, we haven't even figured out what yet is possible because innovation has just begun. Until now the only ones that could innovate in the financial space are those with the connections to permissioned worldwide banking network. Now, a 19 year-old has created a global computer whereby the programs can never be silenced and money itself can be programmed. Ultimately this enables anyone to write the next killer banking app without permission from anyone; it's a free market of money. And we are just getting started.
submitted by mrcoolbp to CryptoCurrency [link] [comments]

The Implications of Bitcoin (x-post)

This is starting to develop into a series of posts (here is the first one on both steemit and reddit), I've thrown this post on steemit, though the full text is available here. My next post is already half done and will deal with wallets, personal security, and the future therein. A table of contents is on the way that will help organize these.
I realize many here are familiar with a lot of this information, but I aim to present it in a way that's understandable to people that haven't yet spent the time to research for hours. I would appreciate any comments or criticism in order to refine the ideas. I'm not trying to shill anything in particular, though I reference bitcoin specifically for a lot of reasons I won't go into right here, most if not all of what I explain could be applied to other cryptos. I don't wish to encourage people to "invest" in this tech, I only wish that they begin to learn about it. I think this technology will change the world no matter what we do right now, I simply wish to explain in plain English how it might benefit our global society.

The Implications of Bitcoin - Deciphering the Enigma

Money is one of the oldest technologies; it's older than writing; we know this because the first writing we find is keeping track of transactions. Money has held many forms (rock, bone, metal, paper, cloth, plastic, etc.), each generation of token ideally being more portable and harder to forge. Portability, (ease of moving around the tokens) increases what you can do with it, while forgeability describes how secure it is against counterfeiters. Modern banking is essentially impossible to forge, and is vastly more portable than physical tokens because it exists solely on banking networks. For those with access to modern banks, money has never been more free to move around. Enter Bitcoin; it is no less forgeable than its predecessor,but it's portability is exponentially increased, and being decentralized it introduces a new feature, it's open to everyone.

What is Bitcoin?

At first glance bitcoin appears very similar to how we already transact in the developed world; it's "just" digital money. We have paypal, venmo, online banking, and credit cards that allow us to move our money around. However, to call bitcoin similar is making a huge mistake and vastly misunderstanding its concept, philosophy, and power. Modern banking services are exclusive to the developed world and only accessed with the permission of for-profit, private institutions, the gatekeepers of local and global money transfer. In the developing world there are billions of people without access to any bank, and many more have limited access to even basic services. Often there's little competition which stifles innovation and increases monopolistic practices. It's these citizens of our global society that stand to benefit most from this technology in an immediate sense.
Bitcoin is a decentralized, open, and immutable means of exchanging value. There are several layers to this concept alone; most significantly, that bitcoin is fundamentally different from anything we have ever contemplated. This makes it difficult to understand the implications or benefits of such a revolutionary technology. It's an epochal shift in how we can transact and store value.
This system can be accessed by everyone, anywhere, anytime. It is neutral, trans-national, and facilitates the freedom of money. Bitcoin itself requires no personal information or account creation through a business, nation, or organization. One simply generates keys and is free to transact with anyone. There isn't a central authority to dictate who can and can't use the network, no gatekeepers, no one to freeze payments or hold funds.

How is Bitcoin Secure?

I think people are well-justified to be skeptical of bitcoin's security, it's often touted as "unhackable" or "immutable". I try not to speak in absolutes; so I simply state that it's not worth trying to hack because its security lies in cryptography and game-theory.
If you guessed my private key you could spend coins associated with that address. Computers can guess many times in a a second, but even with every computer on the planet it would take much longer than the universe has existed to guess the private keys to a single bitcoin address. This is still true even with 1,000 earths worth of computing power. This is cryptographic security.
Game theory sounds daunting but it's easy to understand, it's "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." In bitcoin this manifests through "proof of work" which amounts to "miners" using computers to do lots of math problems, the results of which get embedded in the transaction record (the blockchain), and they receive rewards for their effort of mining a block. Miners are incentivized to contribute to the system.

So what if we try to cheat?

The amount of money and resources required to assemble enough computing power to even attempt to cheat the system (the "51% attack") would cost more than any benefits of doing so because the attack has no guarantee of working, and it would be obvious to anyone looking at the transaction record. In some cases the cheating transaction could be routed-around, essentially erased, negating all the work put in by the attacker who still had to pony up all the computing hardware and electricity. It's simply more profitable to take those computing resources and just mine bitcoins instead of attempting an attack. Game theory at its finest.
Many criticize the computing power and electricity "wasted" on bitcoin mining. Another perspective is that all this computational expenditure is quite intentional because it maintains the security of the system. It's analogous to mining gold; gold ore is just a pile of rocks that require significant extraction and refining to yield highly valuable and useful gold. Bitcoin's proof of work is so-called because the blockchain is evidence of massive computation, that computation equals security. The security is what makes bitcoin valuable. The proof of work is the proof that energy and computing power were expended in securing a history that can never be altered. Furthermore, renewable energy can increasingly provide electricity for miners mitigating environmental concerns. Not to mention the environmental impact of continuously replacing paper currencies in hundreds of countries, gold mining resources "wasted" on gold just to sit in vaults, or all of the concrete and steel poured into thousands of banks across the globe.

What can it do?

Right now citizens of Venezuela are losing purchasing power of their money by 25,000% per year. Their failing government continues printing more money robbing constituents of their savings. When this happened in Zimbabwe and people needed wheelbarrows full of money to buy a single loaf of bread the residents had little recourse. But some Venezuelan locals are turning to crypto-currencies to flee the currency crisis, escape the inflation, and protect their ability to acquire food and shelter. It's capital flight away from a national currency without having to even leave their neighborhood because their $20 cell phone can now act like a global bank.
Global remittances account for over 500 billion dollars a year. International money transfer services require physically being near the local office during business hours. A fair amount of coordination is required to find an institution with local access in both countries. Transfers can take days to clear, and fees vary wildly and make it difficult to transfer small amounts. Bitcoin can send a transaction at any time from your phone to anywhere on the globe in seconds with negligible fees without any intermediary. It's not hard to see why in some places this industry is being heavily disrupted.
Credit cards are a "pull" system, meaning you give out your card number and anyone can pull money from it, this model is the cause of credit and debit card fraud. If your card info is ever compromised you will need a replacement card and sometimes have to fight with institutions for weeks, months, or years to get your money back or have your credit restored. Bitcoin is a "push" system, only you can spend your money. No fees or extra charges can ever be added without you manually sending them. Automatic payments can be set up on your end, but never "their" end.
Bitcoin is programmable and flexible, allowing money to flow around the world as easily as cat videos and memes. It can mimic the way we do business currently when we desire, but, so much more is possible that will never be viable with our current systems. In fact, we haven't even figured out what yet is possible because innovation has just begun. Until now the only ones that could innovate in the financial space are those with the connections to permissioned worldwide banking network. Now, a 19 year-old has created a global computer whereby the programs can never be silenced and money itself can be programmed. Ultimately this enables anyone to write the next killer banking app without permission from anyone; it's a free market of money. And we are just getting started.
submitted by mrcoolbp to btc [link] [comments]

Mining and mining machine overview

The essence of mining is decryption, and the encrypted digital currency we all recognize is a series of passwords.
The digital currency in a pool, if we dig it out, we’ll have it. The mining machine is essentially the equivalent of a hacker system capable of cracking the code in a short time and then taking it out.
How to dig the ore — pit and the types of mining machines
How to dig? Mining can be done by buying a miner. The essential principle of mining is to operate the mining program on the mine, and calculate the algorithm to get the reward.
Mine pool: the output of individual miners is not stable.In order to obtain stable mining profits, there is a mine pool. The pool is a collection of miners’ machines.
The more the ore, the stronger the calculation. In the total strength of the entire network, a certain proportion of the share, so that a stable mining out. When mining a mineral, it will be distributed proportionally according to the calculating forces contributed by a single miner to the pit, which will usually charge a small fee.
Mining machine variety
At the beginning, most of the mainstream miners were mainly bitcoin mining by ASIC mining machines, supplemented by LTC. With the emergence of ETH, ZEC, SC and other digital currencies, some of them began to choose to use the graphics card mining machine to dig ETH and other currencies. Miners are chasing the biggest profits.
The mine is divided into two types: ASIC miner and video card miner.
ASIC mining machine: the ant S9 produced by bit China is now the most mainstream mining machine in the market, which is famous for its small power consumption. Other manufacturers include AvalonMiner, EBANG, etc.
Video card mining machine: at present, there is a professional video card mining machine in the market, professional mining machine manufacturers have the flag mining machine, panda mining machine and so on.
Costs, benefits and risks of mining
Mining cost is divided into three types:
Mining machine cost: the mining machine cost is a fixed one-time expense. The choice of mining machine depends on which currency to dig. From the perspective of hardware performance, a machine can work normally for at least 3–5 years. In other words, the one-time investment of the mining machine can provide a relatively fixed output for at least 3 to 5 years without the increase of calculating force. If you want to sell it in the middle, you can also find someone to sell it, but the price will depreciate.
Electricity price cost: the electricity price cost belongs to long-term fixed output, so it is very important to find a place where the electricity price is low. In the long run, it is important to choose cheap power sources in these places.
Other costs: site costs and labor costs are all other costs, including the cost of machine maintenance.
Mining benefits
The source of income from mining is divided into two parts, namely new block award and commission fee award.
Mining awards at the start of bitcoin’s life are mostly made up of new block awards, with minimal processing fees. Along with the bitcoin mining mechanism, the production is halved and the amount of transaction data is increased, and the fees will gradually increase in the income. When the bitcoin production is exhausted, it will be all composed of fees.
Mining risks fall into three categories
The soaring computational power: The soaring computational power is the biggest risk of mining investment. The increase of computational power leads to the increase of mining difficulty and the decrease of earnings. However, due to the inevitable competition in the free market, the increased risk of computational power is acceptable.
Currency price falls: when the currency price falls to a certain extent, the output income from mining is less than the electricity generated, there will be loss. But it is estimated that a 50 percent charge for electricity, with a price below 50, 000 yuan (bitcoin), is likely to lose money, and the current price is close to 100, 000 yuan (bitcoin), unless it falls below 50, 000 yuan (bitcoin) in the short term for special reasons, such as regulation.
System risk:system risks are common in bitcoin, the most common of which is bifurcation. Bifurcation will lead to a drop in the value of the currency, mining profits are sharply reduced. However, as far as the present situation is concerned, bifurcation can only bring benefits to the miners. The bifurcated competitive currency also requires the miners’ computing power to complete the process of casting and trading. In order to attract more miners, the competitive currency will offer more block rewards and fees to attract them. On the contrary, risk makes miners.
Summary: mining investment risk in addition to calculate power surge, other kinds of investment risk is also block chain have to bear the risk, systemic risk due to the workload in the currency needs of the miners, but gives the miners more profit opportunities, ensure that the mining income is relatively stable, so the investment of mining is relatively low in block chain investment risks of investment. Mining is not the early days when personal computers could be used to dig up bitcoins. A large number of professional miners and professional mines have created large-scale mines.
submitted by EAIFoundation to u/EAIFoundation [link] [comments]

OP-ED On Current Concerns In Bitcoin

I have been in the Bitcoin space for a while now. Not exactly an old hat but definitely not exactly a “fledgling” either. I have a couple things to say about the Bitcoin ecosystem, at the moment, that I feel haven’t been talked about enough. Who doesn’t right? You know the old adage, opinions and assholes.
I will start with some of the more recent developments because everyone seems to be up in arms about it. Covert ASICBOOST. Is it good? Should it be killed with software fire? More importantly, cui bono? IMO, attackers. There is no proof that Bitmain is currently running Covert ASICBOOST to get a competitive advantage over other miners. Sure they did implement the chips and/or use ASICBOOST on testnet, but from a hardware development standpoint it makes sense. You want your hardware to be as robust and effective as possible. I want an Intel 6950X to run Speedrunners (2D racing platformer game with low processing need for those not in the know). Sweet hardware, but I would probably never use it to its full potential. You have to be aware of every possible efficiency gain and trick there is to survive this cutthroat world. And I think it’s great there is some unspoken agreement between miners to not use this technique. The covert operation is the bad part. The fact that you can get some sort of advantage in mining without people knowing about it is the problem. That is why we have the open ledger that isn’t completely obfuscatedcoughzCashcough. The only way trustless ecosystems work is if everyone can tell what is going on in that ecosystem at all times. Sometimes I don’t think people take seriously the risk of state sponsored attacks against Bitcoin. The whole point of the PoW system, AFAIK, was to make attacks against the network not worth the money they would cost. A 20% reduction in this cost is monumental. Huge. Currently, most of us are just gigantic nerds with a new toy to play with to the rest of the world. Not scoffing at what has been accomplished in this space but that is the case. Sure not many people care now, but eventually, if Bitcoin takes off like we all want it to, people are going to start caring. Some of the reasons Bitcoin was even started is a spit in the face of a lot of powerful groups. Not now, but down the line, attacks are almost guaranteed in some way. On a long enough timeline, everyone’s life expectancy hits 0. Look at Venezuela, I believe it is still illegal to own and/or use Bitcoin. Sure that doesn’t affect most of us but that is just one attack. If I remember correctly, the EU is looking to place heavy restrictions on Cryptocurrency. Limiting potential attack vectors such as ASICBOOST is paramount.
I’m not done though. Get that hook away from me.
Scaling. I will always prefer an efficiency gain over a supply gain. I cannot stand the argument that since hardware has been scaling so much that efficient software just gets thrown out the window. Some of the best programming was developed in a time when the hardware wasn’t there yet, and out of that came some software that did amazing things to circumvent the hardware’s shortcomings. We’ve lost that. Video games (I’m a gamer, can’t you tell?) as an example that has lost that. Though not entirely popular, Doom 3 was a marvel technically. It was optimized to the (g)ore. Years later, the graphics of that game held up because it was just so far ahead of its time. Then I play something else and it looks like crap and my beast of a machine can’t run it at 60 frames per second consistently. Optimize your shit fam. SegWit is a very ingenious piece of a solution. It fixes a couple of very important issues in a fairly uncomplicated way. Even I understand the whitepaper. I have little professional programming experience but I know enough to get it. What I don’t like is it being packaged as a “safe” soft fork. It isn’t really that safe. It changes the way transactions are processed and recorded on the blockchain. Enough to where if something were to go wrong, or if something better were to come along, it would be very hard to roll back, if possible at all. That seems dangerous to me. Possibly helpful to the development of Bitcoin, but decidedly not safe. That being said, a safe hard fork just isn’t possible for Bitcoin anymore. ETC came out and didn’t really do much. But they could sell it. It was still worth a lot of money for people who already held a lot of Ethereum. It is still traded today. People are still making money on it. As long as that is still happening, it will still be around. Even if a change is unanimously accepted, to think people won’t mine the old chain is ignorant. Bitcoin is supposed to be immutable but, hey, all of a sudden I can have double my Bitcoin? Would you just look at it? EB/AD seems overly complicated. Just look at the current scaling debate. While mainly politically and economically based, everyone has different opinions on what should be done. To think that “eventually” the ecosystem will come to a majority consensus is foolish. Even if it did, the ability to game the system seems too possible for me. Another possible attack vector. TBH I haven’t read enough into Extension Blocks so fully understand them, same as most people I’m sure. From what I have read, I don’t really trust how complicated it seems. At least even if Lightning Network takes off, the layer 1 blockchain is still available in its basic and efficient glory.
To top this all off we have an issue with Developer Centralization. This should be a genuine concern to everyone. Any sort of centralization is concerning when it comes to this decentralized ledger. We have one not so large group of people who are doing the main programming recently for Bitcoin. The amount of power this entails in the long term is staggering, again assuming Bitcoin gets to the point we all want it to get to. But then here is the issue with this. No one is putting out consistently improving, quality, and innovative code like Core is doing. Classic and XT seems to have stagnated in their innovation department. BU seems like a joke. I read the BUIP001 and it looked like something I wrote. Core put out a roadmap for Schnorr Signatures and I was blown away at the quality of the writing and the future thinking of it, and it was just a roadmap. Some BIPs put out by core are amazing. Sure not all are the best but they definitely try to overthink it on purpose. And for right now, maybe Core being centralized isn’t a bad thing. I haven’t seen anything that would make me believe they were actively trying to hurt Bitcoin. They want it to succeed just as much as we do. Open Source projects are very hard to coordinate. Not all projects have someone like Linus Torvalds who headed the direction of the Linux kernel and probably saved it from falling into obscurity as people fought over what should be included in it. Maybe we need a leader right now. And I haven’t seen anyone step up anywhere close to how Core has.
I thank you for listening to me and my ramblings. I look forward to the discussion this may fuel. I feel I need to do something for Bitcoin, even if it is just this stupid post. I truly believe Crypto is the future, and I’m just excited to be a part of it.
TL;DR IMO: Covert ASICBOOST is a possible attack vector and should be a concern. SegWit is not everything some people make it out to be, but is still better than other solutions. EB/AD would never come to a consensus. More research is required on Extension Blocks. Development being centralized is a concern but, let’s be honest, who else is putting out so much useful and high quality coding? If you don’t agree, fight me.
Edits: I have been corrected that Flexible Transactions came from Bitcoin Classic. Another piece of tech I will have to familiarize myself with. Also, side note, I'm against UASF.
submitted by Linrono to btc [link] [comments]

What is Mining?

If you are new to cryptocurrency or are interested in learning more about the technology behind the increasingly popular field, then this article is for you. Some of the terminology and concepts in the cryptocurrency world are very foreign to most people, and as a wise person once said, “you don’t really understand something if you can’t explain it to your grandmother.” So let us try to make sense of mining crypto currencies in the simplest terms, along with how a service like MinerGate can facilitate your goals from a simple hobby to larger investment-oriented results.
First, ask yourself why the world needs banks. Civilization needs a place where money can be stored safely, where transactions can be recorded by an honest and independent 3rd party, and a place where money can be invested or borrowed in loans or other credit. That has worked out pretty well for bankers, hasn’t it? Today, banks own professional sports arenas all over the world and control huge sectors of global finance from construction to the arts. There is a lot of profit in banking, and very little of that goes to you and me, the little guys. But imagine if we no longer needed banks. Imagine if all those grand profits no longer went to the 1% of top earners in the world, but instead was shared more evenly across the 99%. That’s the idea behind cryptocurrency: basically, we don’t need powerful banks holding all the money anymore now that blockchain technology is here.
Let us next work with some foreign sounding terms. Imagine that the “Blockchain” is basically an excel spreadsheet file on your computer with some data in it. Except that it isn’t just on your computer, it is on a million computers across the globe, and it isn’t just “some” data, it’s all the financial transactions on record for that particular currency—and encrypted so no trusted 3rd party is needed. If a hacker wanted to hack your computer and change the data in your file to reflect all of the money in your checking account going into their account, that would be pretty easy. But when that file is on a million computers, the hacker would have to hack a million computers all at once to do the same thing—and that it nearly impossible. It is certainly more impossible that it would be to hack a bank’s computer system!
So you have this account data that is shared across all these computers, but so what? Well, that is where “mining” comes into play. Mining is just a funny word used to describe participation in the financial record-keeping with a high-powered computer. When I decide to mine a particular currency, what I am actually doing is connecting my super-fast (often super-expensive) computer to the cryptocurrency network and allowing that network to use my computing power to run the transactions. There is a lot of technical jargon that happens here, and we will keep it simple. Computational challenges arise from the heavy burden of encrypting all the financial record-keeping. All you need to know is that “mining” is nothing more than applying your personal computing power to solving those computational challenges. Mining rewards are a financial incentive to users who provide the fastest, most powerful computers. The faster and more accurate the computer you provide, the greater your reward in crypto currency coins. MinerGate is a great way to do this, where users can join a mining “pool” that combines computational resources among a group of users who share the rewards together. Many currencies are reasonably profitable today when mined in a good pool like Minergate with even a modest computer CPU and GPU (examples include the Intel i5 or the AMD RX series). Why not download MinerGate and put that computer to work for you no matter how modest the return? You never know how much those coins will be worth in ten years, do you?
Remember when we said those super-fast computers are often super-expensive? Well, that is where cloud-mining services like MinerGate’s program come into play. The mining analogy really does fit well in this case. Imagine you are a prospector in California back in the 1800s during the Gold Rush days. You go out into the mountains with your mule and pick axe and find a spot. You start digging and get lucky. There’s a vein of gold right there. So you go back into the nearest town with your mule loaded down with ore, ready to cash in, buy more supplies, and head back out to dig up some more. What’s going to happen next? You think you’ll be going back out alone, or will about 200 other prospectors follow you out? How will you protect your claim when the minute you ride back into town those other prospectors are going to “claim jump” all over your ore so when you get back, it is all gone? The answer back then was mining contracts where claims were protected by businesses who had experienced miners, security, lawyers, smelters, and payroll so they could share into claims and provide valuable services while sharing profits.
That is much like what has happened in cryptocurrency with computing power. When people discovered that they could make money by participating in the mining system, a virtual arms race of computational power ensued to the point that now the machines go far beyond a desktop computer. MinerGate takes the pressure off users by procuring the expensive equipment and then leasing it under contract. This allows for excellent returns on investment over time without huge up-front costs that truly competitive mining hardware would require for coins like Bitcoin. MinerGate is also one of the most trusted names in cloud mining, as they make no wild claims of get-rich-quick or insane returns on investments. Instead, MinerGate’s cloud mining is an excellent way to profit from the rising market trend over time of cryptocurrencies like Bitcoin and Monero – plus Ethereum soon!
No matter what your goals, experience level, or familiarity with cryptocurrency, MinerGate is a solution you can be comfortable with from start to finish. Whether you want to mine with your own hardware and MinerGate’s software, or if you want to start out with your own mining contract, MinerGate is a trusted partner that will help you achieve your goals by providing the services you need.
Try out mining on your PC or mobile your self now
submitted by zwtor to Etoro [link] [comments]

OP-ED On Current Concerns In Bitcoin

I have been in the Bitcoin space for a while now. Not exactly an old hat but definitely not exactly a “fledgling” either. I have a couple things to say about the Bitcoin ecosystem, at the moment, that I feel haven’t been talked about enough. Who doesn’t right? You know the old adage, opinions and assholes.
I will start with some of the more recent developments because everyone seems to be up in arms about it. Covert ASICBOOST. Is it good? Should it be killed with software fire? More importantly, cui bono? IMO, attackers. There is no proof that Bitmain is currently running Covert ASICBOOST to get a competitive advantage over other miners. Sure they did implement the chips and/or use ASICBOOST on testnet, but from a hardware development standpoint it makes sense. You want your hardware to be as robust and effective as possible. I want an Intel 6950X to run Speedrunners (2D racing platformer game with low processing need for those not in the know). Sweet hardware, but I would probably never use it to its full potential. You have to be aware of every possible efficiency gain and trick there is to survive this cutthroat world. And I think it’s great there is some unspoken agreement between miners to not use this technique. The covert operation is the bad part. The fact that you can get some sort of advantage in mining without people knowing about it is the problem. That is why we have the open ledger that isn’t completely obfuscatedcoughzCashcough. The only way trustless ecosystems work is if everyone can tell what is going on in that ecosystem at all times. Sometimes I don’t think people take seriously the risk of state sponsored attacks against Bitcoin. The whole point of the PoW system, AFAIK, was to make attacks against the network not worth the money they would cost. A 20% reduction in this cost is monumental. Huge. Currently, most of us are just gigantic nerds with a new toy to play with to the rest of the world. Not scoffing at what has been accomplished in this space but that is the case. Sure not many people care now, but eventually, if Bitcoin takes off like we all want it to, people are going to start caring. Some of the reasons Bitcoin was even started is a spit in the face of a lot of powerful groups. Not now, but down the line, attacks are almost guaranteed in some way. On a long enough timeline, everyone’s life expectancy hits 0. Look at Venezuela, I believe it is still illegal to own and/or use Bitcoin. Sure that doesn’t affect most of us but that is just one attack. If I remember correctly, the EU is looking to place heavy restrictions on Cryptocurrency. Limiting potential attack vectors such as ASICBOOST is paramount.
I’m not done though. Get that hook away from me.
Scaling. I will always prefer an efficiency gain over a supply gain. I cannot stand the argument that since hardware has been scaling so much that efficient software just gets thrown out the window. Some of the best programming was developed in a time when the hardware wasn’t there yet, and out of that came some software that did amazing things to circumvent the hardware’s shortcomings. We’ve lost that. Video games (I’m a gamer, can’t you tell?) as an example that has lost that. Though not entirely popular, Doom 3 was a marvel technically. It was optimized to the (g)ore. Years later, the graphics of that game held up because it was just so far ahead of its time. Then I play something else and it looks like crap and my beast of a machine can’t run it at 60 frames per second consistently. Optimize your shit fam. SegWit is a very ingenious piece of a solution. It fixes a couple of very important issues in a fairly uncomplicated way. Even I understand the whitepaper. I have little professional programming experience but I know enough to get it. What I don’t like is it being packaged as a “safe” soft fork. It isn’t really that safe. It changes the way transactions are processed and recorded on the blockchain. Enough to where if something were to go wrong, or if something better were to come along, it would be very hard to roll back, if possible at all. That seems dangerous to me. Possibly helpful to the development of Bitcoin, but decidedly not safe. That being said, a safe hard fork just isn’t possible for Bitcoin anymore. ETC came out and didn’t really do much. But they could sell it. It was still worth a lot of money for people who already held a lot of Ethereum. It is still traded today. People are still making money on it. As long as that is still happening, it will still be around. Even if a change is unanimously accepted, to think people won’t mine the old chain is ignorant. Bitcoin is supposed to be immutable but, hey, all of a sudden I can have double my Bitcoin? Would you just look at it? EB/AD seems overly complicated. Just look at the current scaling debate. While mainly politically and economically based, everyone has different opinions on what should be done. To think that “eventually” the ecosystem will come to a majority consensus is foolish. Even if it did, the ability to game the system seems too possible for me. Another possible attack vector. TBH I haven’t read enough into Extension Blocks so fully understand them, same as most people I’m sure. From what I have read, I don’t really trust how complicated it seems. At least even if Lightning Network takes off, the layer 1 blockchain is still available in its basic and efficient glory.
To top this all off we have an issue with Developer Centralization. This should be a genuine concern to everyone. Any sort of centralization is concerning when it comes to this decentralized ledger. We have one not so large group of people who are doing the main programming recently for Bitcoin. The amount of power this entails in the long term is staggering, again assuming Bitcoin gets to the point we all want it to get to. But then here is the issue with this. No one is putting out consistently improving, quality, and innovative code like Core is doing. Classic and XT seems to have stagnated in their innovation department. BU seems like a joke. I read the BUIP001 and it looked like something I wrote. Core put out a roadmap for Schnorr Signatures and I was blown away at the quality of the writing and the future thinking of it, and it was just a roadmap. Some BIPs put out by core are amazing. Sure not all are the best but they definitely try to overthink it on purpose. And for right now, maybe Core being centralized isn’t a bad thing. I haven’t seen anything that would make me believe they were actively trying to hurt Bitcoin. They want it to succeed just as much as we do. Open Source projects are very hard to coordinate. Not all projects have someone like Linus Torvalds who headed the direction of the Linux kernel and probably saved it from falling into obscurity as people fought over what should be included in it. Maybe we need a leader right now. And I haven’t seen anyone step up anywhere close to how Core has.
I thank you for listening to me and my ramblings. I look forward to the discussion this may fuel. I feel I need to do something for Bitcoin, even if it is just this stupid post. I truly believe Crypto is the future, and I’m just excited to be a part of it.
TL;DR IMO: Covert ASICBOOST is a possible attack vector and should be a concern. SegWit is not everything some people make it out to be, but is still better than other solutions. EB/AD would never come to a consensus. More research is required on Extension Blocks. Development being centralized is a concern but, let’s be honest, who else is putting out so much useful and high quality coding? If you don’t agree, fight me.
Edits: I have been corrected that Flexible Transactions came from Bitcoin Classic. Another piece of tech I will have to familiarize myself with. Also, side note, I'm against UASF.
submitted by Linrono to Bitcoin [link] [comments]

Title: The Bit Mines | Get Paid to Play Minecraft SMP! [PvE][1.3.2]

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submitted by joshburt to mcservers [link] [comments]

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