5 Best Bitcoin Mining Hardware ASIC Machines (2020 Rigs)

Mining profitability gaining momentum

Mining profitability gaining momentum
We are back!
For the last 2 years there was not much to shill in mining mining was on the life support. And the profits constantly got decreasing. Start of 2020 Bitcoin and Altcoins are showing great performance in price action. This price action has also increased mining profits in some coins for more then 100% since december 2019. It might be to early to say that “we are back” , as crypto can be so unpredictable. But there is a lot of signs that we have now oversold a lot and value of crypto market is increasing steadily. We might see this pattern continue for good bit of times as BTC halving is coming up in 3 month. Let’s get in straight in. I will choose 3 hardware devices which in my opinion would be the best choice and we will see how profitable they are.
If you are new to mining and you want to know which devices to choose, choose from top market cap coins latest equipment. This will be your safest bet, as the mining profits are much more stable on bigger cap coins then on smaller cap coins. If you are small miner and don’t have large electric bills, you can choose smaller cap coins. They might go up in price lot faster then bigger cap coins in bull market, but be aware they they might dump lot faster. It is high risk high reward type of mining.
If you are really serious about mining, you need to look at cheapest power source possible which would be in 0.05c a kw/h range. It is not 2017 and mining from home wont be profitable at 0.30c a kw/h. Industrial power is possible to achieve 0.05 in many places in the world. If it is not possible in your country , look for the country where it is possible. So all profit calculations done for 0.05c a kw/h
Top mining profitability websites :
  • https://www.asicminervalue.com/ It is great website to see newest ASIC miners and their profitability. Usually the new upcoming mining machines gets listed here. So come and checkout this page every few days/weeks this page if you are serious about mining.

https://preview.redd.it/aut9qgz76df41.png?width=1206&format=png&auto=webp&s=b85486b8b0171c91301c6fa9827bc3795a4ea2b7
  • https://whattomine.com/ Is the best known for GPU/CPU mining profitability. You can choose what ever hardware to use and it will give you the best and most profitable coins to mine. It is very simple to use it. It does have Also asic miner profitability check, but for asics i do prefer asicminervalue,com

https://preview.redd.it/y0xr3dr86df41.png?width=1182&format=png&auto=webp&s=439e7cb67f8becc86f4d97c128504636922939e9
The top and 3 most profitable Crypto currencies to mine in February 2020 , for some people miner pick could be different. The prices changes if you are buying new/used , depending in which part of the world are you. This is my recommended , brand new purchase in Europe.
  • Bitcoin – Most suitable Antminer S17+ . It is one of the efficient Bitcoin miner currently publicly available, alternatives would be M20s miner and Avalon miner 1166. Antminer S17 efficiency is 73TH/s @ 3000watts . Current profitability after you have paid your electric bill is 7.82 usd in 24hours , with ROI achievable in 6-7month. It does seems great, but crypto doesn’t stand still. And has plenty of risks.

https://preview.redd.it/msokirj96df41.png?width=891&format=png&auto=webp&s=7552b4aff2c0df4c25d9a72ecc25dfb4c2510f43
  • Ethereum – Best miner to use is RX5700 graphic cards mining rig. I know there is an ASIC miner available A10, but most of you who are in mining will agree with me, that it is complete junk. It is only slightly more efficient then RX5700 gpu rig in terms of price per hash and watt per hash . But it is 10x more riskier investment in mining rig then buying GPU mining rig. So the efficiency of 12xgpu RX5700 mining rig is 640 mh/s @ 1700watts. Current profitability after you have paid your electric bill is 7.62 usd in 24hours , with ROI achievable in about 20-22 month. Ethereum is one of the underdogs which could perform quite well in 2020 and might reduce your ROI much more faster.

https://preview.redd.it/ajx9eyfc6df41.png?width=894&format=png&auto=webp&s=30442d846a9d70ea3eaac6eaf7c2bdbe476384e4
  • DASH – Lately has been released most efficient DASH miner STU-U6. Asic miners are very risky investment, but sometimes they might be very profitable. The beauty of this miner is that it is quite new model and it is mining profitably DASH , even that DASH is still over 90%down from its all time highs. This miner performance is 420GH/s u/2100 watts. Current profitability after you have paid your electric bill is 8.11 usd in 24hours , with ROI achievable in about 5-6 month.

https://preview.redd.it/l80xnwbd6df41.png?width=902&format=png&auto=webp&s=5620ecf7af742cdcae0ae7010cf910d9131ae801
These would be my to pick miners for start of 2020. There is big risks in any on these miners as no high reward investment is guaranteed anywhere. I’ll have more detailed explanation of the risks of each of these miners in my next post.
Any miner suggestion, what would be your best choice and why?

Video here - https://www.youtube.com/watch?v=QvVYQFJEmnQ&t
submitted by mineshop to gpumining [link] [comments]

Canaan's new ASIC is a Pipe Dream, not an Ethereum Threat

So, yesterday Kristy-Leigh Minehan posted on Twitter that a company named Canaan announced an ASIC that is capable of 0.68W/Mhs
That's 2200Mh/s running at 1500w
https://twitter.com/OhGodAGirl/status/1176938519866089473
Here is a list of how it compares to other ASICs and GPUs.
https://blog.miningstore.com/blog/ethereum-mining-hardware-for-2019
She used this tweet to promote the need for ProgPoW
Today, I am attempting to explain that Canaan is not a threat to centralize Ethereum mining with their ASICs.
First, I cannot find any information regarding Canaan announcing an Ethereum ASIC other than Kristy's twitter post
There is only one article written about it and it uses Kristy's twitter post as their source.
https://cryptoslate.com/ethereum-asic-dominates-gpu-performance/
Nothing on Canaan's website talks about this miner
Nor does Canaan's twitter account mention anything like this.
If we look closely at Kristy's twitter picture, you can see the Canaan Ethereum miner will be called the V10.
I cannot find any info anywhere on this miner.
You would think that if Canaan is unveiling a new product, they would be talking about it more to spread awareness and raise hype, but they aren't.
I mean, they made a big to-do when they announced the A10 bitcoin miner in March, so why are they posting nothing about the V10 ethereum miner.
https://twitter.com/canaanio/status/1111513725733724160
And a google search will show many many more articles written about the bitcoin A10 after its announcement.
I'm not saying the announcement isn't real, just that I find it odd that the company isn't talking about it themselves.
Canaan did respond to a tweet from “cryptoState”, the writer's of the article based on Kristy's tweet.
Canaan replied that the v10 is not an official worldwide Canaan product.
https://twitter.com/canaanio/status/1177088253431668736
and further in the cryptostate article, Canaan says “It is a little hard to explain, but those are not products designed and built by Canaan engineering. They are products sold by the domestic sales team and are not an official worldwide Canaan product,”
I do not know what that means exactly. If it means it's not an official Canaan product, or that it won't be available worldwide, or what.
But this is the first clue to me that it isn't anything to worry about.
If it's not an official Canaan product, then it doesn't seem like it will have support from Canaan to bring it to market.
It won't be marketed by Canaan, use it's supply chain, it's business resources and contacts, use it's support system, or be built by Canaan.
Next, yes 0.68W/Mhs is more efficient than GPUs, but that isn't all that matters when miners choose the devices to use.
What matters also is how much the machine costs.
If the V10 is price too high, then it's not something to worry about.
Without a price, Kristy can't claim in good faith that the V10 is something Ethereum needs to worry about and a reason ProgPoW needs to be adopted.
I'm not sure how to price the thing, myself, but at current ETH prices and hashrate, it would make $2200 in 4 months.
I think generally ASIC mfgs price their machines to break even in 3-4 months.
So that would be the machine will cost around $2200.
BUT, that's only if ONE machine is running on the network.
The more machines on the network, the less profitable they are.
If we look at the Avalon A1066, it's november batch costs $1390, and has a break-even time of 464 months at current bitcoin prices.
So it seems to me the Canaan V10 will be quite a bit more expensive than $2200.
Which doesn't make it feasible for that many people to buy.
Next, there was no product on display at the New Era Mining Summit, where this product was announced.
Only some graphics of numbers they claim.
Nor can I find any technical documentation talking about how they plan to achieve the advertised hashrate
I tweeted Kristy telling her that this seems, at best, like just an idea to me, to help them raise money and that it takes more than an idea to bring an ASIC to market.
https://twitter.com/AltcoinXP/status/1177290387205054464
Kristy then blocked me on Twitter and told me to stop spreading misinformation.
https://imgur.com/lWEAWbd
So, now let's talk about the article I replied to her with, claiming that Canaan doesn't have enough funding for this.
Granted, I said this without doing as much research as I could've, but let's see if what I said holds true.
Here is the article I linked in the tweet.
https://www.coindesk.com/avalon-bitcoin-miner-maker-canaan-is-plotting-another-ipo-attempt
Notice the date this article was published. March 27th 2019.
Notice that Avalon announce their Bitcoin A10 miner the next day.
https://twitter.com/canaanio/status/1111513725733724160
Perhaps to help attract funding from new investors, which the Coindesk article says they haven't been able to bring on any new investors in a long time.
I'm not going to cite the whole article here, read it for yourself, but it generally explains that Canaan is unable to attract new funding.
Also, Xianfu Lui, a 17.2% shareholder in Canaan left the company in February, so I doubt he invested money into Canaan.
https://www.coindesk.com/co-founder-quits-avalon-mining-chip-maker-canaan-over-differences
Here are some more Coindesk articles speaking about Canaan trying to raise money.
https://www.coindesk.com/huobi-plans-backdoor-ipo-attempt-in-hong-kong-document-suggests
“After mining giant Bitmain’s IPO attempt in Hong Kong was allowed to expire, apparently due to reluctance from HKEX, it’s reportedly now planning to list in the U.S. Another miner manufacturer, Canaan Creative, is also reported to have already confidentially filed in the U.S. after a failed HKEX attempt. “
https://www.coindesk.com/bitcoin-miner-maker-canaan-confidentially-files-for-ipo-in-us-report
https://www.coindesk.com/bitcoin-miner-canaans-ipo-likely-delayed-after-hong-kong-filing-expires
“The Reuters report, citing anonymous sources, further said the HKEX and financial regulators in Hong Kong have raised questions over Canaan’s business model, given the volatile nature of cryptocurrencies. As such, the news agency said the IPO might not go ahead this year, since there have been no updates from a listing hearing with the HKEX. “
So seems to be Caanan is having a hard time finding funding for their endeavors. Pretty much every single article on Coindesk about them is about them trying to get funding and failing at it.
So do they have enough money to bring the V10 to market AND bring enough V10s to be a problem?
They would need to produce 45,000 units to get 50% of the Ethereum mining power.
Current network is 197TH/s https://bitinfocharts.com/ethereum/
Currently Bitmain is estimated to have produced less than 20,000 units since the Antminer E3's announcement in April 2018.
https://www.reddit.com/ethereum/comments/d8fuvj/an_argument_against_progpow_a_day_part_1/f1axc2c/
https://www.coindesk.com/bitmain-confirms-release-first-ever-ethereum-asic-miners
Bitmain being a much larger company than Canaan, it seems unlikely they will produce 45,000 units quick enough to become a problem.
Anyway,
For those of you that don't know, Canaan manages the Avalon bitcoin ASICs and have done so since 2014. Canaan is fulling in charge of Avalon.
https://en.bitcoin.it/wiki/Avalon
Maybe I should've said that sooner, I don't know. I'm just typing as I come up with stuff.
But we can look at Avalon's bitcoin past to determine what the future ethereum miner supply might look like. Keep in mind though, this was also during a time when they were well-funded.
I'm not sure what their bank account looks like now, but they have been in the red every year since their existance, so I have to assume they have less money now than when they were releasing bitcoin miners
Avalon announce the A10 March 2019, and started shipping pre-orders in October 2019.
If the V10 follows suit, we won't see a V10 in the hands of miners until April 2020
https://www.coindesk.com/demand-for-new-bitcoin-miners-is-again-outstripping-supply
Ok, I'm done. That's all I put together and why I don't believe the Canaan ASIC that was announced is a concern warranting the immediate adoption of ProgPoW
Thanks for reading.
submitted by Anthony-AltcoinXP to ethereum [link] [comments]

Transcript of discussion between an ASIC designer and several proof-of-work designers from #monero-pow channel on Freenode this morning

[08:07:01] lukminer contains precompiled cn/r math sequences for some blocks: https://lukminer.org/2019/03/09/oh-kay-v4r-here-we-come/
[08:07:11] try that with RandomX :P
[08:09:00] tevador: are you ready for some RandomX feedback? it looks like the CNv4 is slowly stabilizing, hashrate comes down...
[08:09:07] how does it even make sense to precompile it?
[08:09:14] mine 1% faster for 2 minutes?
[08:09:35] naturally we think the entire asic-resistance strategy is doomed to fail :) but that's a high-level thing, who knows. people may think it's great.
[08:09:49] about RandomX: looks like the cache size was chosen to make it GPU-hard
[08:09:56] looking forward to more docs
[08:11:38] after initial skimming, I would think it's possible to make a 10x asic for RandomX. But at least for us, we will only make an ASIC if there is not a total ASIC hostility there in the first place. That's better for the secret miners then.
[08:13:12] What I propose is this: we are working on an Ethash ASIC right now, and once we have that working, we would invite tevador or whoever wants to come to HK/Shenzhen and we walk you guys through how we would make a RandomX ASIC. You can then process this input in any way you like. Something like that.
[08:13:49] unless asics (or other accelerators) re-emerge on XMR faster than expected, it looks like there is a little bit of time before RandomX rollout
[08:14:22] 10x in what measure? $/hash or watt/hash?
[08:14:46] watt/hash
[08:15:19] so you can make 10 times more efficient double precisio FPU?
[08:16:02] like I said let's try to be productive. You are having me here, let's work together!
[08:16:15] continue with RandomX, publish more docs. that's always helpful.
[08:16:37] I'm trying to understand how it's possible at all. Why AMD/Intel are so inefficient at running FP calculations?
[08:18:05] midipoet ([email protected]/web/irccloud.com/x-vszshqqxwybvtsjm) has joined #monero-pow
[08:18:17] hardware development works the other way round. We start with 1) math then 2) optimization priority 3) hw/sw boundary 4) IP selection 5) physical implementation
[08:22:32] This still doesn't explain at which point you get 10x
[08:23:07] Weren't you the ones claiming "We can accelerate ProgPoW by a factor of 3x to 8x." ? I find it hard to believe too.
[08:30:20] sure
[08:30:26] so my idea: first we finish our current chip
[08:30:35] from simulation to silicon :)
[08:30:40] we love this stuff... we do it anyway
[08:30:59] now we have a communication channel, and we don't call each other names immediately anymore: big progress!
[08:31:06] you know, we russians have a saying "it was smooth on paper, but they forgot about ravines"
[08:31:12] So I need a bit more details
[08:31:16] ha ha. good!
[08:31:31] that's why I want to avoid to just make claims
[08:31:34] let's work
[08:31:40] RandomX comes in Sep/Oct, right?
[08:31:45] Maybe
[08:32:20] We need to audit it first
[08:32:31] ok
[08:32:59] we don't make chips to prove sw devs that their assumptions about hardware are wrong. especially not if these guys then promptly hardfork and move to the next wrong assumption :)
[08:33:10] from the outside, this only means that hw & sw are devaluing each other
[08:33:24] neither of us should do this
[08:33:47] we are making chips that can hopefully accelerate more crypto ops in the future
[08:33:52] signing, verifying, proving, etc.
[08:34:02] PoW is just a feature like others
[08:34:18] sech1: is it easy for you to come to Hong Kong? (visa-wise)
[08:34:20] or difficult?
[08:34:33] or are you there sometimes?
[08:34:41] It's kind of far away
[08:35:13] we are looking forward to more RandomX docs. that's the first step.
[08:35:31] I want to avoid that we have some meme "Linzhi says they can accelerate XYZ by factor x" .... "ha ha ha"
[08:35:37] right? we don't want that :)
[08:35:39] doc is almost finished
[08:35:40] What docs do you need? It's described pretty good
[08:35:41] so I better say nothing now
[08:35:50] we focus on our Ethash chip
[08:36:05] then based on that, we are happy to walk interested people through the design and what else it can do
[08:36:22] that's a better approach from my view than making claims that are laughed away (rightfully so, because no silicon...)
[08:36:37] ethash ASIC is basically a glorified memory controller
[08:36:39] sech1: tevador said something more is coming (he just did it again)
[08:37:03] yes, some parts of RandomX are not described well
[08:37:10] like dataset access logic
[08:37:37] RandomX looks like progpow for CPU
[08:37:54] yes
[08:38:03] it is designed to reflect CPU
[08:38:34] so any ASIC for it = CPU in essence
[08:39:04] of course there are still some things in regular CPU that can be thrown away for RandomX
[08:40:20] uncore parts are not used, but those will use very little power
[08:40:37] except for memory controller
[08:41:09] I'm just surprised sometimes, ok? let me ask: have you designed or taped out an asic before? isn't it risky to make assumptions about things that are largely unknown?
[08:41:23] I would worry
[08:41:31] that I get something wrong...
[08:41:44] but I also worry like crazy that CNv4 will blow up, where you guys seem to be relaxed
[08:42:06] I didn't want to bring up anything RandomX because CNv4 is such a nailbiter... :)
[08:42:15] how do you guys know you don't have asics in a week or two?
[08:42:38] we don't have experience with ASIC design, but RandomX is simply designed to exactly fit CPU capabilities, which is the best you can do anyways
[08:43:09] similar as ProgPoW did with GPUs
[08:43:14] some people say they want to do asic-resistance only until the vast majority of coins has been issued
[08:43:21] that's at least reasonable
[08:43:43] yeah but progpow totally will not work as advertised :)
[08:44:08] yeah, I've seen that comment about progpow a few times already
[08:44:11] which is no surprise if you know it's just a random sales story to sell a few more GPUs
[08:44:13] RandomX is not permanent, we are expecting to switch to ASIC friendly in a few years if possible
[08:44:18] yes
[08:44:21] that makes sense
[08:44:40] linzhi-sonia: how so? will it break or will it be asic-able with decent performance gains?
[08:44:41] are you happy with CNv4 so far?
[08:45:10] ah, long story. progpow is a masterpiece of deception, let's not get into it here.
[08:45:21] if you know chip marketing it makes more sense
[08:45:24] linzhi-sonia: So far? lol! a bit early to tell, don't you think?
[08:45:35] the diff is coming down
[08:45:41] first few hours looked scary
[08:45:43] I remain skeptical: I only see ASICs being reasonable if they are already as ubiquitous as smartphones
[08:45:46] yes, so far so good
[08:46:01] we kbew the diff would not come down ubtil affter block 75
[08:46:10] yes
[08:46:22] but first few hours it looks like only 5% hashrate left
[08:46:27] looked
[08:46:29] now it's better
[08:46:51] the next worry is: when will "unexplainable" hashrate come back?
[08:47:00] you hope 2-3 months? more?
[08:47:05] so give it another couple of days. will probably overshoot to the downside, and then rise a bit as miners get updated and return
[08:47:22] 3 months minimum turnaround, yes
[08:47:28] nah
[08:47:36] don't underestimate asicmakers :)
[08:47:54] you guys don't get #1 priority on chip fabs
[08:47:56] 3 months = 90 days. do you know what is happening in those 90 days exactly? I'm pretty sure you don't. same thing as before.
[08:48:13] we don't do any secret chips btw
[08:48:21] 3 months assumes they had a complete design ready to go, and added the last minute change in 1 day
[08:48:24] do you know who is behind the hashrate that is now bricked?
[08:48:27] innosilicon?
[08:48:34] hyc: no no, and no. :)
[08:48:44] hyc: have you designed or taped out a chip before?
[08:48:51] yes, many years ago
[08:49:10] then you should know that 90 days is not a fixed number
[08:49:35] sure, but like I said, other makers have greater demand
[08:49:35] especially not if you can prepare, if you just have to modify something, or you have more programmability in the chip than some people assume
[08:50:07] we are chipmakers, we would never dare to do what you guys are doing with CNv4 :) but maybe that just means you are cooler!
[08:50:07] and yes, programmability makes some aspect of turnaround easier
[08:50:10] all fine
[08:50:10] I hope it works!
[08:50:28] do you know who is behind the hashrate that is now bricked?
[08:50:29] inno?
[08:50:41] we suspect so, but have no evidence
[08:50:44] maybe we can try to find them, but we cannot spend too much time on this
[08:50:53] it's probably not so much of a secret
[08:51:01] why should it be, right?
[08:51:10] devs want this cat-and-mouse game? devs get it...
[08:51:35] there was one leak saying it's innosilicon
[08:51:36] so you think 3 months, ok
[08:51:43] inno is cool
[08:51:46] good team
[08:51:49] IP design house
[08:51:54] in Wuhan
[08:52:06] they send their people to conferences with fake biz cards :)
[08:52:19] pretending to be other companies?
[08:52:26] sure
[08:52:28] ha ha
[08:52:39] so when we see them, we look at whatever card they carry and laugh :)
[08:52:52] they are perfectly suited for secret mining games
[08:52:59] they made at most $6 million in 2 months of mining, so I wonder if it was worth it
[08:53:10] yeah. no way to know
[08:53:15] but it's good that you calculate!
[08:53:24] this is all about cost/benefit
[08:53:25] then you also understand - imagine the value of XMR goes up 5x, 10x
[08:53:34] that whole "asic resistance" thing will come down like a house of cards
[08:53:41] I would imagine they sell immediately
[08:53:53] the investor may fully understand the risk
[08:53:57] the buyer
[08:54:13] it's not healthy, but that's another discussion
[08:54:23] so mid-June
[08:54:27] let's see
[08:54:49] I would be susprised if CNv4 ASICs show up at all
[08:54:56] surprised*
[08:54:56] why?
[08:55:05] is only an economic question
[08:55:12] yeah should be interesting. FPGAs will be near their limits as well
[08:55:16] unless XMR goes up a lot
[08:55:19] no, not *only*. it's also a technology question
[08:55:44] you believe CNv4 is "asic resistant"? which feature?
[08:55:53] it's not
[08:55:59] cnv4 = Rabdomx ?
[08:56:03] no
[08:56:07] cnv4=cryptinight/r
[08:56:11] ah
[08:56:18] CNv4 is the one we have now, I think
[08:56:21] since yesterday
[08:56:30] it's plenty enough resistant for current XMR price
[08:56:45] that may be, yes!
[08:56:55] I look at daily payouts. XMR = ca. 100k USD / day
[08:57:03] it can hold until October, but it's not asic resistant
[08:57:23] well, last 24h only 22,442 USD :)
[08:57:32] I think 80 h/s per watt ASICs are possible for CNv4
[08:57:38] linzhi-sonia where do you produce your chips? TSMC?
[08:57:44] I'm cruious how you would expect to build a randomX ASIC that outperforms ARM cores for efficiency, or Intel cores for raw speed
[08:57:48] curious
[08:58:01] yes, tsmc
[08:58:21] Our team did the world's first bitcoin asic, Avalon
[08:58:25] and upcoming 2nd gen Ryzens (64-core EPYC) will be a blast at RandomX
[08:58:28] designed and manufactured
[08:58:53] still being marketed?
[08:59:03] linzhi-sonia: do you understand what xmr wants to achieve, community-wise?
[08:59:14] Avalon? as part of Canaan Creative, yes I think so.
[08:59:25] there's not much interesting oing on in SHA256
[08:59:29] Inge-: I would think so, but please speak
[08:59:32] hyc: yes
[09:00:28] linzhi-sonia: i am curious to hear your thoughts. I am fairly new to this space myself...
[09:00:51] oh
[09:00:56] we are grandpas, and grandmas
[09:01:36] yet I have no problem understanding why ASICS are currently reviled.
[09:01:48] xmr's main differentiators to, let's say btc, are anonymity and fungibility
[09:01:58] I find the client terribly slow btw
[09:02:21] and I think the asic-forking since last may is wrong, doesn't create value and doesn't help with the project objectives
[09:02:25] which "the client" ?
[09:02:52] Monero GUI client maybe
[09:03:12] MacOS, yes
[09:03:28] What exactly is slow?
[09:03:30] linzhi-sonia: I run my own node, and use the CLI and Monerujo. Have not had issues.
[09:03:49] staying in sync
[09:03:49] linzhi-sonia: decentralization is also a key principle
[09:03:56] one that Bitcoin has failed to maintain
[09:04:39] hmm
[09:05:00] looks fairly decentralized to me. decentralization is the result of 3 goals imo: resilient, trustless, permissionless
[09:05:28] don't ask a hardware maker about physical decentralization. that's too ideological. we focus on logical decentralization.
[09:06:11] physical decentralization is important. with bulk of bitnoin mining centered on Chinese hydroelectric dams
[09:06:19] have you thought about including block data in the PoW?
[09:06:41] yes, of course.
[09:07:39] is that already in an algo?
[09:08:10] hyc: about "centered on chinese hydro" - what is your source? the best paper I know is this: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
[09:09:01] linzhi-sonia: do you mine on your ASICs before you sell them?
[09:09:13] besides testing of course
[09:09:45] that paper puts Chinese btc miners at 60% max
[09:10:05] tevador: I think everybody learned that that is not healthy long-term!
[09:10:16] because it gives the chipmaker a cost advantage over its own customers
[09:10:33] and cost advantage leads to centralization (physical and logical)
[09:10:51] you guys should know who finances progpow and why :)
[09:11:05] but let's not get into this, ha ha. want to keep the channel civilized. right OhGodAGirl ? :)
[09:11:34] tevador: so the answer is no! 100% and definitely no
[09:11:54] that "self-mining" disease was one of the problems we have now with asics, and their bad reputation (rightfully so)
[09:13:08] I plan to write a nice short 2-page paper or so on our chip design process. maybe it's interesting to some people here.
[09:13:15] basically the 5 steps I mentioned before, from math to physical
[09:13:32] linzhi-sonia: the paper you linked puts 48% of bitcoin mining in Sichuan. the total in China is much more than 60%
[09:13:38] need to run it by a few people to fix bugs, will post it here when published
[09:14:06] hyc: ok! I am just sharing the "best" document I know today. it definitely may be wrong and there may be a better one now.
[09:14:18] hyc: if you see some reports, please share
[09:14:51] hey I am really curious about this: where is a PoW algo that puts block data into the PoW?
[09:15:02] the previous paper I read is from here http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/
[09:15:38] hyc: you said that already exists? (block data in PoW)
[09:15:45] it would make verification harder
[09:15:49] linzhi-sonia: https://the-eye.eu/public/Books/campdivision.com/PDF/Computers%20General/Privacy/bitcoin/meh/hashimoto.pdf
[09:15:51] but for chips it would be interesting
[09:15:52] we discussed the possibility about a year ago https://www.reddit.com/Monero/comments/8bshrx/what_we_need_to_know_about_proof_of_work_pow/
[09:16:05] oh good links! thanks! need to read...
[09:16:06] I think that paper by dryja was original
[09:17:53] since we have a nice flow - second question I'm very curious about: has anyone thought about in-protocol rewards for other functions?
[09:18:55] we've discussed micropayments for wallets to use remote nodes
[09:18:55] you know there is a lot of work in other coins about STARK provers, zero-knowledge, etc. many of those things very compute intense, or need to be outsourced to a service (zether). For chipmakers, in-protocol rewards create an economic incentive to accelerate those things.
[09:19:50] whenever there is an in-protocol reward, you may get the power of ASICs doing something you actually want to happen
[09:19:52] it would be nice if there was some economic reward for running a fullnode, but no one has come up with much more than that afaik
[09:19:54] instead of fighting them off
[09:20:29] you need to use asics, not fight them. that's an obvious thing to say for an asicmaker...
[09:20:41] in-protocol rewards can be very powerful
[09:20:50] like I said before - unless the ASICs are so useful they're embedded in every smartphone, I dont see them being a positive for decentralization
[09:21:17] if they're a separate product, the average consumer is not going to buy them
[09:21:20] now I was talking about speedup of verifying, signing, proving, etc.
[09:21:23] they won't even know what they are
[09:22:07] if anybody wants to talk about or design in-protocol rewards, please come talk to us
[09:22:08] the average consumer also doesn't use general purpose hardware to secure blockchains either
[09:22:14] not just for PoW, in fact *NOT* for PoW
[09:22:32] it requires sw/hw co-design
[09:23:10] we are in long-term discussions/collaboration over this with Ethereum, Bitcoin Cash. just talk right now.
[09:23:16] this was recently published though suggesting more uptake though I guess https://btcmanager.com/college-students-are-the-second-biggest-miners-of-cryptocurrency/
[09:23:29] I find it pretty hard to believe their numbers
[09:24:03] well
[09:24:09] sorry, original article: https://www.pcmag.com/news/366952/college-kids-are-using-campus-electricity-to-mine-crypto
[09:24:11] just talk, no? rumors
[09:24:18] college students are already more educated than the average consumer
[09:24:29] we are not seeing many such customers anymore
[09:24:30] it's data from cisco monitoring network traffic
[09:24:33] and they're always looking for free money
[09:24:48] of course anyone with "free" electricity is inclined to do it
[09:24:57] but look at the rates, cannot make much money
[09:26:06] Ethereum is a bloated collection of bugs wrapped in a UI. I suppose they need all the help they can get
[09:26:29] Bitcoin Cash ... just another get rich quick scheme
[09:26:38] hmm :)
[09:26:51] I'll give it back to you, ok? ha ha. arrogance comes before the fall...
[09:27:17] maye we should have a little fun with CNv4 mining :)
[09:27:25] ;)
[09:27:38] come on. anyone who has watched their track record... $75M lost in ETH at DAO hack
[09:27:50] every smart contract that comes along is just waiting for another hack
[09:27:58] I just wanted to throw out the "in-protocol reward" thing, maybe someone sees the idea and wants to cowork. maybe not. maybe it's a stupid idea.
[09:29:18] linzhi-sonia: any thoughts on CN-GPU?
[09:29:55] CN-GPU has one positive aspect - it wastes chip area to implement all 18 hash algorithms
[09:30:19] you will always hear roughly the same feedback from me:
[09:30:52] "This algorithm very different, it heavy use floating point operations to hurt FPGAs and general purpose CPUs"
[09:30:56] the problem is, if it's profitable for people to buy ASIC miners and mine, it's always more profitable for the manufacturer to not sell and mine themselves
[09:31:02] "hurt"
[09:31:07] what is the point of this?
[09:31:15] it totally doesn't work
[09:31:24] you are hurting noone, just demonstrating lack of ability to think
[09:31:41] what is better: algo designed for chip, or chip designed for algo?
[09:31:43] fireice does it on daily basis, CN-GPU is a joke
[09:31:53] tevador: that's not really true, especially in a market with such large price fluctuations as cryptocurrency
[09:32:12] it's far less risky to sell miners than mine with them and pray that price doesn't crash for next six months
[09:32:14] I think it's great that crypto has a nice group of asicmakers now, hw & sw will cowork well
[09:32:36] jwinterm yes, that's why they premine them and sell after
[09:32:41] PoW is about being thermodynamically and cryptographically provable
[09:32:45] premining with them is taking on that risk
[09:32:49] not "fork when we think there are asics"
[09:32:51] business is about risk minimization
[09:32:54] that's just fear-driven
[09:33:05] Inge-: that's roughly the feedback
[09:33:24] I'm not saying it hasn't happened, but I think it's not so simple as saying "it always happens"
[09:34:00] jwinterm: it has certainly happened on BTC. and also on XMR.
[09:34:19] ironically, please think about it: these kinds of algos indeed prove the limits of the chips they were designed for. but they don't prove that you cannot implement the same algo differently! cannot!
[09:34:26] Risk minimization is not starting a business at all.
[09:34:34] proof-of-gpu-limit. proof-of-cpu-limit.
[09:34:37] imagine you have a money printing machine, would you sell it?
[09:34:39] proves nothing for an ASIC :)
[09:35:05] linzhi-sonia: thanks. I dont think anyone believes you can't make a more efficient cn-gpu asic than a gpu - but that it would not be orders of magnitude faster...
[09:35:24] ok
[09:35:44] like I say. these algos are, that's really ironic, designed to prove the limitatios of a particular chip in mind of the designer
[09:35:50] exactly the wrong way round :)
[09:36:16] like the cache size in RandomX :)
[09:36:18] beautiful
[09:36:29] someone looked at GPU designs
[09:37:31] linzhi-sonia can you elaborate? Cache size in RandomX was selected to fit CPU cache
[09:37:52] yes
[09:38:03] too large for GPU
[09:38:11] as I said, we are designing the algorithm to exactly fit CPU capabilities, I do not claim an ASIC cannot be more efficient
[09:38:16] ok!
[09:38:29] when will you do the audit?
[09:38:35] will the results be published in a document or so?
[09:38:37] I claim that single-chip ASIC is not viable, though
[09:39:06] you guys are brave, noone disputes that. 3 anti-asic hardforks now!
[09:39:18] 4th one coming
[09:39:31] 3 forks were done not only for this
[09:39:38] they had scheduled updates in the first place
[09:48:10] Monero is the #1 anti-asic fighter
[09:48:25] Monero is #1 for a lot of reasons ;)
[09:48:40] It's the coin with the most hycs.
[09:48:55] mooooo
[09:59:06] sneaky integer overflow, bug squished
[10:38:00] p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has joined #monero-pow
[11:10:53] The convo here is wild
[11:12:29] it's like geo-politics at the intersection of software and hardware manufacturing for thermoeconomic value.
[11:13:05] ..and on a Sunday.
[11:15:43] midipoet: hw and sw should work together and stop silly games to devalue each other. to outsiders this is totally not attractive.
[11:16:07] I appreciate the positive energy here to try to listen, learn, understand.
[11:16:10] that's a start
[11:16:48] <-- p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has quit (Quit: Leaving)
[11:16:54] we won't do silly mining against xmr "community" wishes, but not because we couldn'd do it, but because it's the wrong direction in the long run, for both sides
[11:18:57] linzhi-sonia: I agree to some extent. Though, in reality, there will always be divergence between social worlds. Not every body has the same vision of the future. Reaching societal consensus on reality tomorrow is not always easy
[11:20:25] absolutely. especially at a time when there is so much profit to be made from divisiveness.
[11:20:37] someone will want to make that profit, for sure
[11:24:32] Yes. Money distorts.
[11:24:47] Or wealth...one of the two
[11:26:35] Too much physical money will distort rays of light passing close to it indeed.
submitted by jwinterm to Monero [link] [comments]

The total computing power now dedicated to securing the bitcoin blockchain has set yet another record.

According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July.
Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle.
Assume this additional 6.9EH/s (or 6.9 million tera hashes per second, TH/s) computing power has all come from powerful ASIC miners, such as Bitmain’s AntMiner S17 or MicroBT’s WhatsMiner M20S, both of which boast a mining rate of around 55TH/s and recently hit the market.
That means more than 100,000 top-of-line ASIC miners could have been switched on within the past two weeks. Further, given these products have been sold for at least $2,000 each, this equates to some $200 million in revenue pocketed for major miner makers.
The continued interest in bitcoin mining comes at a time when the cryptocurrency’s price appears to be en route to challenging all-time highs, however distantly, and amid the arrival of the rainy season in China, which leads to cheaper hydropower electricity costs in the country’s southwest provinces – a region that is reported to account for 50 percent of the global mining activity,
Miners in China estimated earlier this year that bitcoin’s hash rate in the summer would break the level of 70EH/s. To be clear, at several single points of time, bitcoin’s hash rate had already crossed that level in June and even reached 80EH/s around Aug. 1.
However, today marks the first time that the two-week average computing power has been able to remain above the 70EH/s threshold. As such, bitcoin’s mining difficulty has also set a new record of nearly 10 trillion.

Market change

Amidst this uptick in mining interest, there have been notable changes in the mining market, where top manufacturers are racing to produce more powerful equipment.
For instance, in Bitmain’s 2018 initial public offering prospectus, the Beijing-based mining giant claimed it had a 70 percent market dominance. Now, it may be facing serious competition from rival players that some believe are capable of shipping more top-of-line products with better profitability.
Michael Zhong, a former mining analyst who now operates mining farms at a startup called Force Mine, told CoinDesk that based on his experience, the production capacity ranking among major Chinese miner makers for their flagship products have changed over the years.
Zhong explained that from 2017 to 2018, Bitmain had topped the list with its AntMiner S9 series miners, followed by Canaan’s Avalon 8 series machines. InnoSilicon, Ebang and former Bitmain design director’s MicroBT were all in the third position at the time.
But from January to June this year, the delivery capacity ranking has reshuffled, with now MicroBT’s WhatsMiner M20 series at the top, followed by Bitmain’s S17 series miners and then InnoSilicon, Canaan, and Ebang, Zhong added.
According to F2pool’s miner profit tracker, Bitmain’s flagship AntMiner S17 Pro ranks third in terms of mining profitability, following BitFury’s Tardis and MicroBT’s WhatsMiner M20S. The cost for WhatsMiner M20S is around $3,000, while that of AntMiner S17 Pro is around $4,000 each, based on the information advertised on the two firms’ websites.
Although orders for these flagship machines have queued up until November and December this year, MicroBT’s founder Zuoxing Yang told CoinDesk previously that the bottleneck of production capacity is the availability of chips from suppliers.
For example, MicroBT uses 10-nm chips for its M20 series, which are relatively more affordable with a higher level of availability compared to more advanced 7-nm chips used by Bitmain for its AntMiner S17 series equipment.
While Bitmain has always been relying on chips supplied by Taiwan Semiconductor Manufacturing Company (TSMC), MicroBT has switched from TSMC to Samsung earlier this year for its flagship products.
Both TSMC and Samsung have estimated in their most recent Q2 earnings calls that the demand for cryptocurrency mining chips will come back in the third and the fourth quarter this year.
Operating miners image courtesy to Hashage
https://www.coindesk.com/bitcoins-computing-power-sets-new-record-as-over-100k-miners-go-online?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
submitted by Muxa84 to Bitcoin [link] [comments]

Bitcoin Mining Profitability: How Long Does it Take to Mine One Bitcoin in 2019?

When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry — and how it has changed — over the last several years.
Bitcoin mining is, essentially, the process of participating in Bitcoin’s underlying security mechanism — known as proof-of-work — to help secure the Bitcoin blockchain. In return, participants receive compensation in bitcoins (BTC).
When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards — currently set at 12.5 BTC — as well as the transactions fees for the transactions included within the block.
Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption.
The limited supply of Bitcoin is also one of the reasons why Bitcoin mining has become so popular. In previous years, Bitcoin mining proved to be a lucrative investment option — netting miners with several fold returns on their investment with relatively little effort.
bitcoin mining hardware
Mining Hardware
The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in 2019.
Bitcoin uses SHA256 as its mining algorithm. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin. Although it is technically possible to mine Bitcoin on your current computer hardware — using your CPU or GPU — this will almost certainly not generate a positive return on your investment and you may end up damaging your device.
The most cost-effective way to mine Bitcoin in 2019 is using application-specific integrated circuit (ASIC) mining hardware. These are specially-designed machines that offer much higher performance per watt than typical computers and have been an absolutely essential purchase for anybody looking to get into Bitcoin mining since the first Avalon ASICs were shipped in 2013.
When it comes to selecting Bitcoin mining hardware, there are several main parameters to consider — though the importance of each of these may vary based on personal circumstances and budget.
Performance per Watt
When it comes to Bitcoin mining, performance per watt is a measure of how many gigahashes per watt a machine is capable of and is, hence, a simple measure of its efficiency. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware.
Ideally, your mining hardware would be highly efficient, allowing it to mine Bitcoin with lower energy requirements — though this will need to be balanced with acquisition costs, as often the most efficient hardware is also the most expensive. This means it may take longer to see a return on investment.
In countries with cheap electricity, performance per watt is often less of a concern than acquisition costs and price-performance ratio. In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment.
However, this may not be the case for those operating in countries with extremely cheap electricity — such as Kuwait and Venezuela — as even older equipment can still be profitable. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware.
Longevity
The lifetime of mining hardware also plays a critical role in determining how profitable your mining venture will be. It’s always a good idea to do whatever possible to ensure it runs as smoothly as possible.
Since mining equipment tends to run at a full (or almost full) load for extended periods, they also tend to break down and fail more frequently than most electronics — which can seriously damage your profitability. Equipment failure is even more common when purchasing second-hand equipment. Since warranty claims are often challenging, it can often take a long time to receive a warranty replacement.
Price-Performance Ratio
In many cases, one of the major criteria used to select mining hardware is the price-performance ratio — a measure of how much performance a machine outputs per unit price. In the case of cryptocurrency mining hardware, this is commonly expressed as gigahashes per dollar or GH/$.
Under ideal circumstances, the mining hardware would have a high price-performance ratio, ensuring you get a lot of bang for your buck. However, this must also be considered in combination with the acquisition costs and the expected lifetime of the machine — since the absolute most powerful machines are not always the cheapest or the most energy efficient.
Acquisition Costs
Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. This problem is further compounded by the fact that many hardware manufacturers offer discounts for bulk purchases, allowing those with deeper pockets to achieve a better price-performance ratio.
Acquisition costs include all the costs involved in purchasing any mining equipment, including hardware costs, shipping costs, import duties, and any further costs. For example, many ASIC miners do not include a power supply — which can be another considerable expense, since the 1,000W+ power supplies usually required tend to cost several hundred dollars alone.
Ensuring your equipment runs smoothly can also add in additional costs, such as cooling and maintenance expenses. In addition, some miners may want to invest in uninterruptible power supplies to ensure their hardware keeps running — even if the power fails temporarily.
asic mining
Current Generation Hardware
One of the most recent additions to the Bitcoin mining hardware market is the Ebang Ebit E11++, which was released in October 2018. Using a 10nm fabrication process for its processors, the Ebit E11++ is able to achieve one of the highest hash rates on the market at 44TH/s.
In terms of efficiency, the Ebang Ebit E11++ is arguably the best on the market, offering 44TH/s of hash rate while drawing just 1,980W of power, offering 22.2GH/W performance. However, as of writing, the Ebang Ebit E11++ is out of stock until March 31, 2019 — while its price of $2,024 (excluding shipping) may make it prohibitively expensive for those first getting involved with Bitcoin mining.
Another popular choice is the ASICminer 8 Nano, a machine released in October 2018 that offers 44TH/s for $3,900 excluding shipping. The ASICminer 8 Nano draws 2,100W of power, giving it an efficiency of almost 21GH/W — slightly lower than the Ebit E11++ while costing almost double the price. However, unlike the E11++, the 8 Nano is actually in stock and available to purchase.
ASICminer also offers the 8 Nano Pro, a machine launched in mid-2018 that offers 80 TH/s of hash rate for $9,500 (excluding shipping). However, unlike the Ebit E11++ and 8 Nano, the minimum order quantity for the 8 Nano Pro is curiously set at five, meaning you will need to lay out a minimum of $47,500 in order to actually get your hands on one (or five).
While the 8 Nano Pro doesn’t offer the same performance per watt as the Ebit E11+ or AICMiner 8 Nano, it is one of the quieter miners on this list, making it more suitable for a home or office environment. That being said, the ASICminer 8 Nano Pro is easily the most expensive miner per TH on this list — costing a whopping $118.75/TH, compared to the $46/TH offered by the E11++ and $88.64 offered by the 8 Nano.
The latest hardware on this list is the Innosilicon T3 43T, which is currently available for pre-order at $2,279, and estimated to ship in March 2019. Offering 43TH/s of performance at 2,100W, the T3 43T comes in at an efficiency of 20.4GH/W, which is around 10 percent less energy efficient than the Ebit E11++.
The T3 43T also has a minimum order quantity of three units, making the minimum acquisition cost $6837 + shipping for preorders. All in all, the T3 43T is more costly and less efficient than the E11++ but may arrive slightly earlier since Ebang will not ship the E11++ units until at least end March 29, 2019.
Finally, this list would not be complete without including Bitmain’s latest offering, the Antminer S15-28TH/s, which — as its name suggests — offers 28TH/s of hash power while drawing just under 1600W at the wall. The Antminer S15 is one of the only SHA256 miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list.
Like most pieces of top-end Bitcoin mining hardware, the Antminer S15 27TH/s model is currently sold out, with current orders not shipping until mid-February 2019. However, the S15 is offered at a significantly lower price than many of its competitors at just $1020 (excluding shipping), with no minimum quantity restriction. At these rates, the Antminer comes in at just $37.78/TH — though its energy efficiency is a much less impressive 17.5GH/W.
Mining Hardware Mining Hardware Comparison
Performance (GH/W) Price Performance Ratio ($/TH)
Ebang Ebit E11++ 22.2GH/W $46/TH
ASICminer 8 Nano 21GH/W $88.64/TH
ASICminer 8 Nano Pro 19GH/W $118.75/TH
Innosilicon T3 43T 20.4GH/W $53/TH
Antminer S15-28TH/s 17.5GH/W $37.78/TH
How To Select a Good Mining Pool
Mining pools are platforms that allow miners to pool their resources together to achieve a higher collective hash rate — which, in turn, allows the collective to mine more blocks than they would be able to achieve alone.
Typically, these mining pools will distribute block rewards to contributing miners based on the proportion of the hash rate they supply. If a pool contributing a total of 20 TH/s of hash rate successfully mines the next block, a user responsible for 10 percent of this hash rate will receive 10 percent of the 12.5 BTC reward.
Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. Without operating through a mining pool, many miners would be unlikely to discover any blocks at all — due to only contributing a tiny fraction of the overall Bitcoin hash rate.
While it is quite possible to be successful mining without a pool, this typically requires an extremely large mining operation and is usually not recommended — unless you have enough hash rate to mine blocks on a regular basis.
Although it is technically possible to discover blocks mining solo and keep the entire 12.5 BTC reward for yourself, the odds of this actually occurring are practically zero — making pool collaboration practically the only way to compete in 2019 and beyond.
Selecting the best pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees. Because of this, we have broken down the qualities you should be looking for in a new pool into four categories; reputation, hash rate, pool fees, and usability/features:
Reputation
The reputation of a pool is one of the most important factors in selecting the pool that is best for you. Well-reputed pools will tend to be much larger than newer or less well-established pools since few pools with a poor reputation can stand the test of time.
Well-reputed pools also tend to be more transparent about their operation, many of which provide tools to ensure that each user is getting the correct reward based on the hash rate contributed. By using only pools with a great reputation, you also ensure your hash rate is not being used for nefarious purposes — such as powering a 51 percent attack.
When comparing a list of pools that appear suitable for you, it is a wise move to read their user reviews before making your choice — ensuring you don’t end up mining at a pool that steals your hard-fought earnings.
Hash Rate
When it comes to mining Bitcoin, the probability of discovering the next block is directly related to the amount of hashing power you contribute to the network. Because of this, one of the major features you should be considering when selecting your pool is its total hash rate — which is often closely related to the proportion of new blocks mined by the pool
Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features.
Sometimes, some of the largest pools have a minimum hash rate requirement ù leaving some of the smaller miners left out of the loop. Although smaller pools typically have more relaxed requirements with reduced performance thresholds, these pools may be only slightly more profitable than mining solo.
Pool Fees
When choosing a suitable pool, typically one of the major considerations is its fees. Typically, most pools will charge a small fee that is deducted from your earnings and is usually around 1-2 percent — but sometimes slightly lower or higher.
There are also pools that offer 0 percent fees. However, these are often much smaller than the major pools and tend to make their money in a different way — such as through monthly subscriptions or donations.
Ideally, you will choose the pool that offers the best balance of fees to other features. Usually, the pool with the absolute lowest fees is not the best choice. Additionally, pools with the lowest fees often have the highest withdrawal minimums — making pool hopping uneconomical for most.
Usability and Features
When first starting out with Bitcoin mining, learning how to set up a pool and navigating through the settings can be a challenge. Because of this, several pools target their services to newer users by offering a simple to navigate user interface and providing detailed learning resources and prompt customer support.
However, for more experienced miners, simple pools don’t tend to offer a variety of features needed to maximize profitability. For example, although many mining pools focus their entire hash rate towards mining a single cryptocurrency, some are large enough to offer additional options — allowing users to mine other SHA256 coins such as Bitcoin Cash (BCH) or Fantom if they choose.
These pools are technically more challenging to use and mostly designed for those familiar with mining, happy to hop from coin to coin mining whichever is most profitable at the time. There are even some exchanges that automatically direct their combined hash rate at the most profitable cryptocurrency — taking the guesswork out of the equation.
bitcoin mining pool
Best Mining Pools for 2019
The Bitcoin mining pool industry has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just a few pools. Currently, there are dozens of suitable pools to choose from — but we have selected just a few of the best to help get you started on your journey.
Slushpool was the first Bitcoin mining pool released, being launched way back in 2010 under the name “Bitcoin Pooled Mining Server.” Since then, Slushpool has grown into one of the most popular pools around — currently accounting for just under 10 percent of the total Bitcoin hash rate.
Although Slushpool isn’t one of the very largest pools, it does offer a newbie-friendly interface alongside more advanced features for those that need them. The pool has moderately high fees of 2 percent but offers servers in several countries — including the U.S., Europe, China, and Japan — giving it a good balance of fees to features.
BTC.com is another potential candidate for your pool and currently stands as the largest public Bitcoin mining pool. It is responsible for mining around 17 percent of new blocks. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made.
Image courtesy of Blockchain.info.
BTC.com is owned by Bitmain, a company that manufacturers mining hardware, and charges a 1.5 percent fees — placing it squarely in the middle-tier in terms of fees. Unlike other platforms, BTC.com uses its own payment structure known as FPPS (Full Pay Per Share), which means miners also receive a share of the transaction fees included within mined blocks — making it slightly more profitable than standard payment per share (PPS) pools.
Another great option is Antpool, a mining pool that supports mining services for 10 different cryptocurrencies, including Bitcoin, Litecoin (LTC) and Ethereum (ETH). AntPool frequently trades places with BTC.com as the largest Bitcoin mining pool. However, as of this writing, it occupies the title of the third-largest public mining pool.
What sets Antpool apart from other pools is the ability to choose your own fee system — including PPS, PPS+, and PPLNS. If you choose PPLNS, using Antpool is free but you will not receive any transaction fees from any blocks mined. Antpool also offers regular payouts and has a low minimum payout of just 0.001 BTC, making it suitable for smaller miners.
Last on the list of the best Bitcoin mining pools in 2019 is the Bitcoin.com mining pool. Although this is one of the smaller pools available, the Bitcoin.com pool has some redeeming features that make it worth a look. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. According to Bitcoin.com, they are the highest paying Pay Per Share (PPS) pool in the world, offering up to 98 percent block rewards as well as automatic switching between BTC and BCH mining to optimize profitability.

Electricity Costs
While your mining hardware is most important when it comes to how much BTC you can earn when mining, your electricity costs are usually the largest additional expense. With electricity costs often varying dramatically between countries, ensuring you are on the best cost-per-KWh plan available will help to keep costs down when mining.
Most commonly, large mining operations will be set up in countries where electricity costs are the lowest — such as Iceland, India, and Ukraine. Since China has one of the lowest energy costs in the world, it was previously the epicenter of Bitcoin mining. However, since the government began cracking down on cryptocurrencies, it has largely fallen out of favor with miners.
Technically, Venezuela is one of the cheapest countries in the world in terms of electricity, with the government heavily subsidizing these energy costs — while Bitcoin offers an escape from the hyperinflation suffered by the Venezuelan bolivar. Despite this, importing mining hardware into the country is a costly endeavor, making it impractical for many people.
Finding ways to lower your electricity costs is one of the best ways to improve your mining profitability. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term.
if you are looking to buy bitcoin mining equipment here is some links:

Model Antminer S17 Pro (56Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 56Th/s for a power consumption of 2385W.
https://miningwholesale.eu/product/bitmain-antminer-s17-pro-56th-copy/?wpam_id=17
Model Antminer S9K from Bitmain mining SHA-256 algorithm with a maximum hashrate of 14Th/s for a power consumption of 1323W.
https://miningwholesale.eu/product/bitmain-antminer-s9k-14-th-s/?wpam_id=17
Model T2T 30Tfrom Innosilicon mining SHA-256 algorithm with a maximum hashrate of 30Th/s for a power consumption of 2200W.
https://miningwholesale.eu/product/innosilicon-t2t-30t/?wpam_id=17
mining wholesale website:
https://miningwholesale.eu/?wpam_id=17
submitted by mohamadk to Bitcoin [link] [comments]

Powerful New Ethereum Miner Reaches Final Stage Before Mass Production

Powerful New Ethereum Miner Reaches Final Stage Before Mass Production

https://preview.redd.it/ao78avnae4m31.png?width=860&format=png&auto=webp&s=11f62e6227dc7d93e9a6c2c3874782fcd4892b59
News by Coindesk: Wolfie Zhao
After a nine-month delay and $3.8 million of investment, an upstart manufacturer is ready to produce its first batch of powerful new machines for mining cryptocurrencies ethereum and ethereum classic.
Linzhi, based in Shenzen, China, said Wednesday it had ordered 37 wafers from Taiwan Semiconductor Manufacturing Company, the main parts that will allow it to build about 200 application-specific integrated circuit (ASIC) miners.
These sample units will test whether the machines can mine as efficiently as they are designed to do using ethash, the proof-of-work algorithm used on ethereum and ethereum classic.
The testing units, if successful, would mark a major step toward mass production as Linzhi sets out to compete with makers of general-purpose computing chips, such as NIVIDA, as well as mining gear specialists Bitmain and InnoSilicon, which both make ASIC miners for the ethash algorithm.
Roughly five million ether (ETH), the native cryptocurrency on the ethereum network, is being mined every year, which, at its current price, is worth more than $800 million. Even for ethereum classic, which maintains the original ethereum ledger from before a hard fork in 2016, about nine million native ETC gets mined every year, worth more than $60 million.

Powerful chips

Linzhi was founded in February 2018 by Chen Min, a former chip design head at Canaan Creative, maker of the Avalon bitcoin miner. Chen told CoinDesk the new company was completely self-funded with about $4 million as starting capital.
It announced the plan to produce ethash ASIC miners in September 2018 with an ambition to beat the efficiency of most existing equipment. Chen’s target specification for Linzhi’s ethash ASIC miner is set at 1400 mega hashes per second (MH/s) with an electricity consumption level of one kilowatt-hour.
To put those figures in perspective, NVIDIA’s GTX TitanV 8 card is now one of the most profitable piece of equipment on the ethash algorithm, able to compute 656 MH/s at an energy consumption level of 2.1 kWh, according to mining pool f2pool’s miner profitability index,
With ETH’s current price ($180) and network difficulty, as well as an electricity cost of $0.04 per kWh, each GTX TitanV 8 would bring home a daily profit of $7.35. Similarly, if one uses the same GTX TitanV 8 card to mine ETC, which has both a lower price and a lower mining difficulty than ETH, the daily profit would still be around $6.70.
The total computing power racing on ethereum and ethereum classic to compete for block rewards and to secure the two networks is around 160 and 13 tera hashes per second (TH/s), respectively.

Plan A

Since the announcement of its plan, Linzhi has spent almost all of its initial capital on research and development of the chip design, the operations of its dozen-person team, and the order of the first batch of wafers, to bet the sample testing units will deliver the intended mining power.
Linzhi previously said it was aiming to order the first batch of wafers around December in order to have samples ready in April and mass production in June.
Speaking of the delay, the company said:
“We underestimated the complexity of the chip and how long it would take to grow the team and make the company functional. We are cautiously optimistic that we can just move forward the rest of the schedule, which would mean 12/2019 for sample machines and 02/2020 for mass production.”
One possible risk for the business is that the ethereum community has previously voted to activate the so-called ProgPow algorithm in order to remove the edge maintained by large miners that can afford expensive, specialized chips, although the timing for that switch is not yet decided. (Eventually, ethereum developers want to transition from proof-of-work to proof-of-stake, which would eliminate mining altogether.)
When asked if Linzhi has any Plan B if the switch happens, Chen said the company is, in fact, more active in the ETC community, adding:
“Our plan A is to focus on ETC mining. So if ETH will still be an option, that’s something good to have. In the ethereum community, the ProgPow plan still has some uncertainty. For the time being, we don’t see it as a market that we will obtain, so I don’t really care that much.”

Reverse discount

In an arguably counterintuitive move, Chen said the company plans to adopt what it calls a “reverse discount” strategy when it starts to take in pre-orders if sample units prove to be successful. That would mean the more you buy, the more you are likely going to pay.
The reason is to discourage any single entity from buying too many machines and thus concentrating power over the network.
While Linzhi has not yet decided on final pricing for each unit to be sold at pre-orders, it says the goal is to achieve a payback period of four months for individual miners with a relatively small number of orders.
“This is our efforts and contribution to the idea of decentralization,” Chen said, concluding:
“Our sales will go to developers and community first, with a focus on geographical distribution, and potentially with a malus [reverse discount] for large orders. This means that small orders by individuals would be priced to hit the 4 month [return of investment] and larger orders would pay more.”
Mining equipment image via CoinDesk archive
submitted by GTE_IO to u/GTE_IO [link] [comments]

Addressing the many concerns related to Obelisk

Why make ASICs at all?

Our blog has a longer post on the subject, but the ultimate answer is that GPU mining is very insecure. For the vast majority of GPU mined coins out there (including Sia), it is the case that there are multiple, if not many, individuals who operate enough GPUs to execute a 51% attack against the coin all by themselves. There are some very large Ethereum GPU farms out there, and they are a threat to all small GPU-mined coins. (our market cap is a factor of 50 smaller than Ethereum - we are a small coin). And it's not just Ethereum farms to be afraid of, there are massive GPU farms dedicated to machine learning as well, and other big-data related use cases. All of those are potential sources for a 51% attack. Even worse, if the price of the coin tanks following such an attack, the attacker has nothing to lose, because the core purpose of their hardware is unrelated to Sia, and unaffected by a change in price.
Though it sounds terrible and unintuitive, a single centralized entity running ASICs would be a much more secure situation than this. Because with a single central ASIC entity, you get two huge advantages:
  1. There's only 1 entity capable of performing a 51% attack. This is much better than having multiple entities that are each individually capable of performing a 51% attack.
  2. If the price of the coin falls, the entity that has all of the hardware loses a lot of money. That hardware isn't good for anything besides Sia mining, so that entity is quite invested in propping up the siacoin price.
We chose ASICs over GPUs because even the worst case scenario is more secure and better for the coin than the situation with GPU mining.
But we also did not want a single entity owning and operating all of the ASICs. That's when we realized, if we were ASIC manufacturers ourselves, we could guarantee that at least one entity is selling chips to the larger community. The unfortunate fact is that either way, there is going to be a small number of chip manufacturers who have the power to sell chips to the community. Even so, this is a better situation than what you get with GPU mining.
We are making ASICs so that we can guarantee the first batch of ASICs will make it to the Sia community. Without that, we have no idea if the first batch of ASICs will be sold to the public or hoarded by some greedy investors who were able to pay the full price of manufacturing up-front.

Why are you doing the presale so early?

We, put simply, don't have enough cash even to do the early development of the chips. We need financing to pay for chip development.
Traditionally, we would find some private investors, have them front some millions, and in return promise them a very good deal on some hardware. The private investors would get the first stab at buying ASICs, they'd get a huge chunk, and they'd get them at an exclusive deal for taking on the risk early. We actually had private investors come forward offering this to us, with enough money to fund the full development and manufacture of the first batch of chips - this isn't a hypothetical, it's a real offer that the Sia team received.
This didn't seem fair to us. When we finally did get to the point where the miners were ready to be sold to the community, we would have to offer the community a worse deal. Less risky, but ultimately it would mean that the community was excluded from the opportunity of participating early, and the result is a huge chunk of the chips going to some private investors.
Such a situation is still better than GPU mining, but it didn't seem like the best that we could do. We felt that we could do better by opening the early presale to everyone.

Why not accept credit cards?

Payment processors are not friendly to Bitcoin products. We contacted Stripe and were told point-blank that they would not process payments for cryptocurrency miners. We appreciate everyone who pointed us towards Stripe as a bitcoin-friendly company, but they gave us a direct no.
Paypal has a long history of freezing merchant accounts with little warning, and when they do so they freeze your existing money in addition to freezing incoming payments - we would be unable to pay our bills if Paypal did this to us, and it would unquestionably cause delays. Visa and MasterCard are not much better in terms of track record.
Losing access to our accounts would unquestionably cause delays. ASIC hardware is already well known to suffer from serious delays, and we need to limit our exposure to delays.
We are in an industry that is unfortunately fraught with fraud. With revenue-generated devices such as miners, criminals are much more likely to try to target these devices as a way to cash in on stolen credit cards, stolen identities, hacked bank accounts, etc. The fraud rates are staggering, and as a result most payment processors outright refuse to deal with it. We are aware that Bitmain is partnered with Paypal, though we don't know the details behind how that came to be.

Why not accept Siacoin?

This was a harder decision. We could quite easily choose to accept siacoin, however we fear that Siacoin is not ready to handle such a massive presale. The market cap and daily volume of Bitcoin is a factor of 100 times as large as the Siacoin market cap and volume. Moving millions or tens of millions of dollars through Bitcoin is not likely to make much of a dent. Siacoin on the other hand, a sudden sell order for millions of dollars would likely tank the price. That not only means the ecosystem is unhappy with us, it also means that we might only be able to sell $2499 of siacoin for $2200.
A lot of people have accused us of not having confidence in our own coin. Unfortunately, this is true. Even at a $500 million market cap, Sia is not ready to handle a presale of this size. It's a pragmatic decision based on the fact that we don't want to dump our own coin. We know that people will be selling siacoin to buy the miners anyway, but we still feel that this situation is much better than us accepting siacoin directly.
This decision was a disappointment for us as well. We would love to accept siacoin, and if we weren't talking about processing millions of dollars in a single day, we absolutely would be accepting siacoin. And, as Sia continues growing up, the concerns above will become less and less.

What about this 5% gains/losses stuff?

Our intention was never to play fishy financial games with our users, and honestly this isn't even something that crossed our minds as a potential problem point. I think a big part of the issue was that people did not realize we will be converting to US dollars as fast as possible - we will be doing the conversion in minutes or hours as long as we can keep up with the order volume.
The rationale is very simple. If the price plummets before we are able to convert the Bitcoin, we won't have enough money to create the hardware. We really don't expect this to matter, because we don't expect the price to swing by more than $100 (which is what would be required) in the few hours that we're going to be sitting on the BTC. If it does, we'll need more coins or we can't produce the hardware - our costs are in dollars, which means we need to end up with the right amount of dollars in our account at the end of the day.
The original stance on not returning gains was also very simple. There's no transparency into when we sell the coins. If we sell the coins within 60 minutes of receiving them, and then 4 hours later there's a huge surge in the price, we will almost certainly have users emailing us and posting about how we owe them a refund. We won't have that refund, because we'll have sold the coins before the price rise.
There's not much we can do to provide transparency into this either. And we're likely to get requests for refunds even if it takes 3 months for Bitcoin to rise by 5%. This promise of returning gains that we've put forward is going to be a massive headache, because we're not expecting to have any gains, even if the price goes up by that much we'll have likely converted to USD faster than that. Our whole goal is to convert to USD as fast as possible.
We're sorry that we have to go through this headache at all. If we could get set up with a processor like Stripe, we could accept both Bitcoin and USD and let them deal with the conversion process, slippage risk, and all the other headache associated with using multiple currencies.

Why shipping a full 12 months away?

Before we set out to make Sia miners, we did a study of companies who had previously sold and pre-sold Bitcoin miners. This included talking to both Avalon and Butterfly Labs, and talking to professionals and advisors who have shipped hardware successfully in other industries. The core piece of advice we got was pretty consistent: expect delays. Expect lots of delays, and expect them to come from the most absurd setbacks. (Example: one of the people we talked to had to delay their product because there was a global shortage of power supplies, and they had to wait in line behind billion dollar companies to get some).
Our projections indicate that if all goes well, we should be able to ship the miners in 6-8 months. Nothing we are doing is new. Plenty of companies have gone through the process of developing a chip, manufacturing it, putting it in a box, and then shipping it to users. There is almost no innovation risk here. Sia's PoW algorithm is deliberately very ASIC friendly, even more than Bitcoin. We have advisors who have gone through this process before, and the types of challenges facing us are well known.
6-8 months is reasonable, except that every single person we've talked to has told us that unexpected delays is a guarantee, and that by nature of being unexpected, there's not really any way to prevent them by planning around them. Delays are just inherent to shipping hardware. So we chose to set our target at 12 months.
We will ship the miners as soon as they are ready. If we are a few months ahead of schedule, and have somehow managed to avoid the foretold delays, we will ship them months ahead of schedule. But we want our users to have a realistic understanding of the expected delays. We've baked a generous amount of time for setbacks into our shipping date. We'll almost certainly need at least some of it.

Why $2499?

Making chips is very expensive. We have to sell thousands of units to cover the cost of the chips. A nontrivial percentage of the price is going to go towards chassis, shipping, power supply, control board, fans, etc. Those costs are relatively the same even if we put in fewer chips, which means the total percentage of our budget going towards chips drops significantly. If we cut the price in half, we'll have to sell roughly three times as many units to break even on the cost of the chips. If we cut the price in half again, we'd need to sell a completely unreasonable number of units to break even on the cost of the chips. It's unfortunate, but the fixed costs of chip manufacture means that we really need vast majority of the price of the unit to be spent on chips, otherwise we simply won't be able to sell enough units.
There is a second reason as well. As stated in the section above, the industry is plagued by delays an unexpected expenses. We need a healthy budget to plan around potential setbacks, because we've been guaranteed that there will be multiple significant setbacks by those who have gone through this process before. If we bring down the price of the unit, we will also be reducing the amount of wiggle room we have for disaster if suddenly we have to replace parts, re-do designs, or otherwise perform expensive adjustments to our plans.

Are you guys qualified to be working on hardware?

Zach is a mechanical engineer, I've been in the Bitcoin space since before ASICs started shipping, and we have advisors who have successfully shipped hardware before. The team that is designing the chips for the miner has designed chips and shipped chips for Bitcoin miners previously - they are familiar with the whole process, and have done it before. The people in charge of designing the PCB board and other aspects of the miner are also all experienced with their respective tasks. We will be facilitating frequent and strong communications between everyone working on the various components of the miner.
The ultimate answer is that the Sia development team is not qualified to be making this type of hardware. However, the Sia development team is not the team working on the hardware. Most of the heavy lifting is being performed by teams with lots of experience in this industry, including experience that is directly related to cryptocurrency miners.
What we are doing is not new. Dozens of cryptocurrency miners have been created and shipped in the past, and we are not starting from day zero. We have many advantages over the previous rounds of pre-sale cryptocurrency miners, but the biggest is that it's no longer the wild west of hardware design. There is a standard, and there are tried-and-true methods for making reliable cryptocurrency miners. We get to fall back on the mistakes and successes of the many miners that have been built previously, and we will be leaning heavily on teams and people that have direct experience in this field as opposed to doing everything ourselves.

Does this mean that Sia is getting less attention from the developers?

Sia right now has four full time employees. Myself, Zach, Luke, and Johnathan. Zach was hired in June 2017, less than one month ago. He is not a programmer.
Luke and Johnathan will continue with the same responsibilities that they've always had. They helped out a little bit in setting up the website, and in setting up a secure database to process orders + payment information, however the majority of their time has been focused on Sia even as we set up this presale. Going forward, they will be almost entirely uninvolved in Obelisk.
I have had to allocate about 25% of my time to Obelisk. Slightly more this week, due to the PR meltdown we had from the initial announcement. But most of my time is still going towards Sia. Most people know I work over 100 hours per week (some weeks will eclipse 120), and that a quarter of my time is not a small amount.
Zach is closer to 50% Sia, 50% Obelisk at this point. We're expecting that to tone down once the presale is over - much of this time has been spent with banks, with lawyers, with payment processors, and we won't have to do that beyond the initial setup phase. Zach and myself will still be having weekly conversations with every part of the Obelisk supply chain, including the chip designers, chip manufacturers, control board designers, the miner assembly teams, and the fulfillment centers, so even after the presale there will be effort going towards Obelisk.
But nobody on the Sia team is doing chip design, nobody is doing control board design, most of the really heavy work is being done by experienced teams and suppliers that we've found and already spent weeks vetting and verifying. We incorporated Obelisk as a separate company precisely so that Obelisk would eventually have a completely separate team.
And finally, as Obelisk is wholly owned by Nebulous, a successful hardware company does mean revenue and income for the Sia team. Cryptocurrency mining tends to be low margin, so tens of millions in revenue for Obelisk does not necessarily millions in funding for the Sia team. But it is something, and it will give us more time to get the storage platform to the next levels of maturity.

Conclusion

I know that a lot of you are concerned about the miner presale that we are conducting. I hope that this post has helped to alleviate those concerns. I hope it makes sense why we are doing a public presale, instead of seeking private investment until we have a full prototype. I hope this post has clarified our decisions around payment methods, and around our price point. I hope you feel more confident that this is something we will be able to pull off. And finally, I hope I've reassured you guys that Sia is still our primary focus, and that we haven't suddenly pivoted into being a hardware company.
We are ultimately doing this to provide better security to the Sia network. GPU mined coins are frighteningly insecure, and Sia is now large enough where there is serious money on the line. We are doing this to gain security, and also to ensure as much decentralization as possible when it comes to chip manufacture.
We are typically viewed as one of the most reputable teams in cryptocurrency, and I know it's why a lot of you are here. We hope that the Sia ASIC that we are going to be manufacturing and selling strengthens this reputation, but ultimately we will not find out until the miners are actually being shipped.
We continue to be excited about this new product. We truly do feel that ASICs are the right direction for Sia, and we also feel that we are doing the right thing by bringing the opportunity to own a Sia ASIC to the broader Sia community. We are sorry for the fallout from our sloppy original announcement, and we hope that we have since made up for it.
Finally, we hope that you are interested in buying a miner. Even if we only sell a small batch, ASICs are going to utterly dominate the hashrate of Sia going forward. This is an egalitarian sale where everyone has equal opportunity to buy a miner - there's no cap, and we will ensure that small buyers are not shut out by larger buyers in any way.
submitted by Taek42 to siacoin [link] [comments]

We are miners: There is a legend whose name is derived from King Arthur, meaning the world of bliss

We are miners: There is a legend whose name is derived from King Arthur, meaning the world of bliss
We are an old leek, old miner! Being cut one after another, filling one by one, this thing is very fun, we are still playing.

From 2013 the present, the crypto mining circle is full of stories. Do you remember the butterfly mining machine that was pre-ordered a year later? Remember that the ASICMiner (friedcat) accounted for one-third of the world's hash rate in the BTCGuild mining pool?

In the interviewing ngzhang (Zhang Nangeng, the founder of Avalon) by Cybtc.com, he said,

"Avalon's name is derived from the legend of King Arthur, meaning the world of bliss."

Zhao Dong mentioned in the interview by Cybtc.com,

"I am not selling the house for the sake of speculation. I watched the property market, so I sold the house. I just touched Bitcoin, so I played Bitcoin. If I think that I am selling the house for the sake of speculation, it is a big misunderstanding."

On the 2013 Singles Day (Double eleven day), Bitmain announced that "55nm mining chip test was successful, power consumption is as low as 0.68w/gh/s, the upcoming spot ant mining machine".

2015 Antminer with you and me New Year's Eve - Essays waiting for you! \"Ant and me: my encounter with the antminer machine\" creative painting of beauty fendy.

In an interview with zhanketuan, the CEO of Bitmain always said,

"Doing things well every day is our plan."

Dream

The southwestern border of China is also known as Yunnan, also known as the south of the colorful clouds. The name of Cybtc.com, Colorful Yunnan Bitcoin" comes from here. There is beautiful scenery here, the climate of the four seasons like spring, the blue sky, the white clouds, there is abundant hydropower here. Resources. Every digital currency miner is profitable, but when you are in the arms of nature, watching a mining machine creak and calculating bitcoin transactions from around the world. This feeling is somewhat wonderful. The combination of high-tech and primitive nature will make you forget the difficulty of life, forget the pressure of work, and the feeling of magic and coziness is born. Feel like you don't want to leave, as Lijiang or Dali. In this deep valley, building a small house. The family is enjoying themselves in this pure nature. Sleeping early every day, sleeping until you wake up naturally. Soaking a pot of Pu'er tea, watching the river in front of you, let it be sinister in the world, all thrown into the brain Rear.

On the mining road: the rising sun shines above the sea of clouds.

On the mine road: enter the cloud, a pool of Jasper into the eye.

On the mine road: the lake and the autumn moon are two phases, and the windless mirror on the surface of the pond is not worn.

"Looking at the Dongting Mountains and Waters, a Green Snail in a Silver Plate" - "Wang Dongting" Tang Liu Yuxi
. . . . . . . . .

Reality

Brothers can wake up, it is a dream. The days of miners are actually very hard, Yunnan's highways and mountains are more curved. Every day, going to the mine to drive a mountain road for 10 hours is a common practice. You can see the piles of landslides everywhere. On the road beside the cliff, loneliness and loneliness hit the heart.

On the mine road: the altitude changes, the road surface is slippery.

I hope that the days of the miners will be better every day!

Recently, Miners of Cybtc 2019 New Year One-Stop Group Mining have all been put on the shelves. Bitcoin has been like this river, rolling forward. Come on, let the bear market come even more fierce!

https://preview.redd.it/u4wm4kcdrxa21.jpg?width=1280&format=pjpg&auto=webp&s=7fc62840e647f1a0ee3cca9cc08e095e809534f6

Pictures of the mine.

The mining machine has just put on the frame.

Mine curtain temperature has been checked not more than 12 degrees.

Mine air inlet temperature.

Mine air outlet temperature.

Ventilator.

Mine dedicated transformers.
English:www.cybtc.org
Twitter: https://twitter.com/Cybtc
Telegram: https://t.me/joinchat/LgPYnE1vPpXqYDVpPaQyxw
Discord: https://discord.gg/RfCZMNY
submitted by cybtc to BitcoinMining [link] [comments]

Stuff to know before starting mining

With the new all time high Bitcoin price, there's bound to be lots of people asking for mining advice.
First, you need ASIC mining machines to mine Bitcoin.
You can't mine it directly with a GPU. There's services that let you mine alt coins and convert that to BTC, but this advice below is if you want to mine Bitcoin directly.
On average, the two best in class miners as of this post are the Canaan Avalon 741 and the Bitmain S9.
Second, mining requires lots of consideration.
The 741 costs $800(US) and produces 7 TH/s at 1200 watts (~29 kWh of power.) The S9 costs $1500(US) and produces 14 th/s at 1500 watts (~36 kWh of power.)
Both will require PCIe cables and power supplies, which are an addition $100-$150 or so.
Neither will be in stock for the rest of the year, so if you want them NOW, you'll have to pay a larger mark up on eBay or to a person selling them.
Those watts translate almost 100% into heat, so the more miners you have, the more heat you'll have to deal with (either exhausting/venting it, or using active cooling like AC)
Each miner is a little bit bigger than a shoe box, so you'll need racks to store them - and they're pretty loud, putting out about the sound of a vacuum cleaner.
Many people use a separate space to store them - whether its their garage, a shed they've built/modified, or a warehouse.
The S9 can be unreliable, and while under warranty, your only option is to ship it back to China for them to repair it, which takes weeks at least, months at most.
The Avalon is a little more reliable, but less overall hash rate.
Finally, the difficulty increases every 2016 blocks, or roughly two weeks. This means your miners get less effective all the time. Eventually, new miners come out to replace them, so you're hoping you've made enough coin to pay for those so you can keep up.
submitted by deadwavelength to BitcoinMining [link] [comments]

im considering buying a ASIC rig

So i've been considering buying a ASIC rig to do some mining, and i've been reading a couple of articles on that matter, trying to figure out if it would be a good investment. And my main concern is quite sumarized in this video, forget the whole "conspiracy", "sky is falling" part, just the technical points it raises, are they correct ? From what i read it seems to be so. Would it still be wise to buy an ASIC miner now ? considering that i will most certantly be pushed back to end of the order queue. Thanks
submitted by norwat to Bitcoin [link] [comments]

Hi, I'm Ngzhang, founder of Avalon Project, a senior BTCer in China , AMA!!

I am Ngzhang, the founder of Avalon Project and the CEO of Canaan Creative Co. Avalon project released the world's first Bitcoin Mining ASIC chip(A3256) and Machine(Avalon1), and spread mining machines to the community. I regrouped the team in Beijing and found the company -- Canaan Creative in Sep 2013 and begun to take full responsibility of the Avalon Project. Up to now, we are still making efforts in the area of Bitcoin, especially Bitcoin mining.
BTC belong to the whole world, but for some reasons, China seems like a mystery in the eyes of Westerners and there are seldom any news about BTC in China compared to the vast news in US and EU. As a senior BTCer in China, I am here to provide more information about China Bitcoin according to what I have learned in recent years.
I will answer your questions based on truth. I will truthfully answer any questions here.
Proof as belowed,
https://bitcointalk.org/index.php?topic=1018675.new#new
http://www.canaan-creative.com/avalon-project-ceo-scheduled-for-a-reddit-ama/
https://ehash.com/canaan-creativeavalon-project-ceo-scheduled-for-a-reddit-ama/
EDIT:
Great time with you in this AMA. Hope you all have got the info you need. For more information about BTC and China, please feel free to continue posting here or contact us by email: [email protected]
submitted by AvalonBTC to IAmA [link] [comments]

Updated FAQs for newcomers

TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party.
Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this?
Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?"
Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here.
Now, why are these changes so large?
A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010.
In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon.
In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips.
In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race.
ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty.
The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months.
Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase.
And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case.
The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
You can check out the manufacturers and their products below along with a calculator here.
If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice.
Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee.
However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
I actually do not use any of the pools recommended to the left because I think they lack features.
My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap.
Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me.
BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised.
All of them pay out transaction fees.
submitted by Coz131 to BitcoinMining [link] [comments]

BFL lied to customers, I may as well share how they flat out lied to us as well

might as well post these emails since shit's hitting the fan
Hi [killhamster],
Thanks for your patience. It looks like the site issues are mostly fixed.
My name is Jeff Scott and I bought Buttcoin.org because I believe there is space for an Onion type parody site in the Bitcoin world. But let me be clear - I like Bitcoin. I believe in it. I also know many of the companies who operate in Bitcoin. Some of the owners of these companies are friends of mine. And thankfully, many of them have a sense of humor and understand parody.
In order for Buttcoin.org to survive, it needs to generate revenue. In order to generate revenue, you need to attract advertising from the people who are making money in Bitcoin. My job is to sell this "parody" business model to them and convince them that we can do our parody in a way that will make fun of them and Bitcoin but won't hurt their businesses. If we can walk that fine line, we can generate revenue and still remain cutting edge and humorous.
While I don't necessarily agree with whitewashing bad news, I think stories can be told in a way to take digs at companies and products without harming their reputation too much.
The article about Butterfly Labs at the top of your popular stories is a good example. Do you know how much money Butterfly Labs has made in this industry? It's quite a bit. And they advertise a lot. That customer alone would pay for our expense (and more) per month. But they would never advertise with us in the current state.
The bottom line is this - Buttcoin.org will not be forum troll bait any more. Bitcoin is bigger than Bitcointalk and Reddit. We're in new territory. If we want to capture revenue, we need to build this site into something new. We have to change the way we write stories.
One of the first things we need to do is clean up some of these older articles. The Butterfly Labs article is an example because it's a top story. I took a stab at making the post positive for now until we can figure out our "new voice." I need to start attracting advertisers. I would like you to rewrite the Butterfly Labs stories so they are not forum troll slams, but parody. Here's an example of a headline that would take a dig at the company and Bitcoin but maybe give them a little boost.
Current headline: The Butterfly Labs Mini-rig is a huge broken unstable piece of shit. (it has been proven that while you might not get rich with one, the product is not that bad) Possible new headline: Butterfly Labs Mini-rigs Mine Detroit Out Of Bankruptcy. "The Detriot city council finally took delivery of 2 Mini-rigs from Butterfly Labs..."
This is just an example I thought off the top of my head. It takes a dig at Bitcoin, the fact that the Mini-rig will not make anyone rich, but at the same time doesn't offend a possible advertiser.
So, this is the direction I want to go. There is a place and budget for a writer who can help make this happen. If you think it's you, please let me know and we can work on moving forward. If you cannot accept this new direction, we will have to part ways right now.
Thanks
A second, clarifying email
I don't necessarily want to tone down the site. I just want advertisers.
I understand your feelings about Butterfly Labs. I know the industry quite well. Avalon had issues, KnC had boards explode in the wild and I don't see any articles nailing them for shipping less than perfect products. Every single hardware manufacturer has missed their target dates for delivery. It's not just BFL.
BFL did just ship out 45,000 bitcoin miners which is a pretty big task for a company that started 2 years ago and I know they are replacing units that are not functioning. But this is not the point. They pay another site (I know the owner) $1000 a month to run banners. I can make a deal with them overnight. This doesn't mean I am tying myself to them. It means I am taking their money. I'm not sure how much [FCKGW] was paying you to write, but I think he mentioned a % of revenue and adsense couldn't be making that much.
Let's make fun of Bitcoin and Bitcoin Mining, but try to stay brand neutral.
Let me know if you're interested.
after we caught them saying the BFL minirig is a big sexy mining machine
The BFL stuff is temporary. I want to rewrite them later. If you want to change the author on them for now that's fine. I'll do that. I'm working on a deal for ad space with them. It's an olive branch.
Sorry slammed today. Will answer the rest soon.
Thanks
after these it was mostly me saying "hey the site is down check it out" and him saying "OK"
submitted by killhamster to Buttcoin [link] [comments]

Crypto News Recap for the week ending August 3rd

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

CRYPTO FARM for sale (whole farm or retail)

Hello, I've registered here specially to have an additional option to sell our Crypto Farm located in Russia, Irkutsk Region
Who we are: One of the largest private mining farm in Russian Federation (2.5 MW total energy consumption)
What we sell [used miners, 6 months average in use]: --1070 pcs of Antminer s9 13.5 TH/s, from 385 USD per miner with PSU;
--180 pcs of Avalon miner 741 7.3 TH/s, 25 USD per miner;
--400 pcs of Antminer L3+ 504 MH/s, from 150 USD per miner with PSU;
--995 pcs of Innosilicon miner A4+ 620 MH/s, from 185 USD per miner with PSU;
All miners are legally imported in Russia Federation, have notifications and docs
Brand New miners located in our Warehouse in Hong Kong --500 pcs of Antminer s9 13 TH/s, 280 USD per miner;
PM Me For Pictures Of The Farm / Machines If you have a strong willing to buy, then procedure is the following: 1). Skype call 2). Showing Proof of Machines (and documentation if needed) from our side 3). Showing proof of funds from buyer's side Trade via bank-to-bank or BTC transfer (preferrable option)
To contact please send me a private message. Telegram: @bull_BA_zavr or @btcchain
BitcoinTalk Link to Contact
submitted by MarketBot to HellsCrypto [link] [comments]

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.
submitted by EAIFoundation to u/EAIFoundation [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]

4 Bitcoin-Newbies: What I have learned about BTC in 4 months

Hi guys,
I was introduced to Bitcoins last September. I didn't know anything about that and I started studying more about that.
I also found this forum and learned A LOT from you guys, so, to thank you all and to give back, I thought about doing a small summary of what I have learned so maybe new guys can find this helpful.
I will post a lot of links from outside and to my own posts, so people with the same doubts that I had can look for the answers that I got there and maybe that may answer their question too.
I learned: In September 2012, the very first thing I learned was from this video (like many of us) :
http://youtu.be/Um63OQz3bjo and this website: http://www.weusecoins.com
My friend introduced me to my first wallet and my first pool: http://bitcoin.org/ and http://bitminter.com/
I still didn't know what I was doing.
This amazing post resolve 99% of your doubts: https://bitcointalk.org/index.php?topic=9430.0
At the end September I found out that mining as we know it (or as I just knew) was about to end thanks to the ASIC machines. I didn't know what mining was and less idea of what ASIC was. So I started reading about that and I find many companies like Butterfly Labs, Avalon and BTCFPGA (http://bitcoinmagazine.com/tag/asic/)
I learned how awesome this forum is, willing to help a new guy like me
I was still learning how to mine, so I asked in this forum about that (https://bitcointalk.org/index.php?topic=114723.msg1236829#msg1236829) and they told me about pools, mining and I ended upgrading my graphic card (you can compare the speed of mining here: https://en.bitcoin.it/wiki/Mining_hardware_comparison and you can calculate how many bitcoins here: http://tpbitcalc.appspot.com/)
I found out all the pools out there (https://bitcointalk.org/index.php?topic=104664.0)
In October I was looking for rigs to mine (https://bitcointalk.org/index.php?topic=114823.msg1238027#msg1238027) because I found this video: http://youtu.be/eLt8Se3vVNg
Then I didn't understand why pay fees when mining, but this forum was even greater than what I thought https://bitcointalk.org/index.php?topic=115260.msg1242456#msg1242456
So once I learned about mining, I download GUIminer and I started mining in 3 pools at the same time (https://bitcointalk.org/?topic=3878.0)
After 40 days I mined my first bitcoin YAY! now, I wanted to know what I can do with that and I found places to buy with bitcoins like www.bitmit.net
I wanted to control my mining from my cellphone and I found Bitcare very useful (https://play.google.com/store/apps/details?id=org.cryptcoins.btcare&hl=en), and also Bitcoin Wallet to have a new wallet in your phone (https://play.google.com/store/apps/details?id=de.schildbach.wallet&feature=search_result#?t=W251bGwsMSwyLDEsImRlLnNjaGlsZGJhY2gud2FsbGV0Il0).
I wanted to buy more bitcoins, didn't know where. Dwolla https://www.dwolla.com/ and Mt.Gox https://mtgox.com/ were there for me. I found out that Dwolla is a pain in the ass. I had to wait 3 weeks to verify me and 3-5 days every time to make a deposit. But besides that, it works...althought I found this today: http://codinginmysleep.com/dwolla-begins-suspensions/
People who likes bitcoins don't usually likes PayPal
I also found places where they give bitcoins away...for free! http://makebitcoinsfast.com/ and http://earnbitcoin.wikidot.com/
I was new and happy until I found what a block is and how it dropped from 50BTC to 25BTC https://en.bitcoin.it/wiki/Blocks and http://blockchain.info/
You can know when the new block will happen: http://bitcoinclock.com/
More companies started to use bitcoins like WordPress (http://www.forbes.com/sites/jonmatonis/2012/11/16/whats-your-bitcoin-strategy-wordpress-now-accepts-bitcoin-across-the-planet/). You can even buy a house with btc! http://bitcoinmagazine.com/where-to-spend-your-bitcoins/
Cool sites that I still don't understand like: http://cognitivemining.com/ or http://bitcoinstatus.rowit.co.uk/
The biggest wallet so far had more than 613,000 BTC and its own site (http://1dkybekt5s2gdtv7aqw6rqepavnsryhoym.com/)
You can watch how bitcoins are going higher or lower in sites like here: http://bitcoinwatch.com/ and http://bitcoin.clarkmoody.com/
That a guru of Gold and Silver, is accepting Bitcoins in his web: http://mogamboguru.blogspot.com/
They have more names than just bitcoins... Sub-units of a bitcoin such asmillibitcoins ("Millies") or microbitcoins ("Mikes"). The Bitcoin protocol uses a base unit of one hundred-millionth of a Bitcoin ("a Satoshi")
What 2013 has in store for bitcoins: http://bitcoinmagazine.com/the-next-year-in-bitcoin-what-2013-has-in-store/
Some companies are afraid of bitcoins like apple and why: www.forbes.com/sites/jonmatonis/2012/06/13/why-apple-is-afraid-of-bitcoin/
You can help others by crowd founding with btcs: https://bitcointalk.org/index.php?topic=118458.0
You can bet anything: http://betsofbitco.in/ or http://bitbet.us/
And also short cut your wallet: http://payb.tc/
Hitler sells alls bitcoins: http://youtu.be/alc0gG0u48M
That if the bitcoin drops to $4 (it was my dream )... 82% of the people would buy all the btc they could https://bitcointalk.org/index.php?topic=137249.0
Casinos will make money....ALWAYS, any currency, any country: www.forbes.com/sites/jonmatonis/2013/01/22/bitcoin-casinos-release-2012-earnings/
There is wikipedia about bitcoins (http://en.wikipedia.org/wiki/Bitcoin) and there is a wikipedia only of bitcoins: (https://en.bitcoin.it/wiki/Main_Page)
Blogs keep growing to understand better about bitcoins: http://www.thebitcointrader.com/
I learned the hard way that if you have several wallets in your Bitcoin Wallet in your phone, it can crash and lose money. Be careful. https://bitcointalk.org/index.php?topic=137785.msg1468748#msg1468748
You can have multiples wallets in your computer thanks to: https://multibit.org/
I thought a fork was for eating, but there are more https://bitcointalk.org/index.php?topic=136802.msg1457287#msg1457287
There is no flaws in bitcoins: https://bitcointalk.org/index.php?topic=136740.msg1456910#msg1456910
Also, if you sign your account of the forum with your wallet, your nickname would be attached to it, always: https://bitcointalk.org/index.php?topic=137667.msg1467500#msg1467500
You must create a SECURE wallet: https://bitcointalk.org/index.php?topic=17240.0
And that's it so far. I'm still learning but I can see how much I have learned in just 4 months. I got my wallets secured, with many bitcoins and waiting for an asic.
I hope this post can help anybody.
Thank you guys!
All the best.
Source:https://bitcointalk.org/index.php?topic=138890.0
submitted by saidee to Bitcoin [link] [comments]

20ft Bitcoin mining container for Canaan Avalon SHA256 ASICs by Power Mining DIY Bitcoin Mining: Hardware (part1) - YouTube MintForge.com Avalon ASIC Bitcoin Miner 230 GH/s makes $70/day Bitcoin Mining Farm in Malaysia - YouTube Best Bitcoin Mining Software That Work in 2020 🍓 - YouTube

Bitcoin Mining Hardware Guide The best Bitcoin mining hardware has evolved dramatically since 2009. At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 ... Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq. ... The company currently sells bitcoin mining machines under the Avalonminer brand and mining machine parts. In July, the company ... The Avalon6 is the latestÊgeneration Bitcoin miner from the company that built the world's first Bitcoin ASIC. These miners utilize Avalon's newly designedÊ28nm ASIC chip, which is the 5th generation chip that Avalon has successfully produced since their first chip in 2013. ... 4.0 out of 5 stars Good machine for starting up a mining ... The latest offering from the China based Avalon miners. Containing eighty A3218 28nm chips, AvalonMiner 6.0 is the latest product of AvalonMiner. Its maximum hash rate can reach 3.7Ths . ... You can also mine bitcoin through a cloud mining contract with ... Avalon was founded in 2012 and produces mining rigs. At present the mining power and consumption of its latest machine is slightly behind those of its competitors - as it uses 40nm chips.

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20ft Bitcoin mining container for Canaan Avalon SHA256 ASICs by Power Mining

-------------------------------------------------------------------------------- Download: https://anonfiles.com/j4m326Lco7 -------------------------------... https://s.click.aliexpress.com/e/_dVBfpBV Avalon 851 14.5T SHA256 ASIC BTC Bitcoin mining machine Miner A851 14.5TH/s Better than A841 Ebit E9Antminer S9i Get an additional $10 in Bitcoins from Coinbase when purchasing through my referral link http://fredyen.com/get/Bitcoins Raspberry Pi: http://amzn.to/2l6yrW7... Can Canaan one of the largest ASIC mining manufacturers in the world actually compete with Bitmain and their Antminers? Bitcoin BTC ASIC miners for sale - ht... This container is built for Avalon 1041 model, therefore it’s possible to put 162 miners inside, and if need be, we can design and build mining containers for any miner models on the market ...

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