Mining calculator 🖥️ minerstat

I started an account with cex for bitcoin mining. Have I made the right choice?

So far they seem legit, and not a scam. I need to make a living and mining seems to be a stable source of income even though I havent started. Do you think I have made the right choice in using cex, or is there another that is better for starting out with. I dont have alot of money now, and I am not sure of individuals experiences with cex as to say if its worth it or not, but I need something simple and straight forward to use because I am new to this. Can anyone make recommendation? You can contact me privately.
submitted by TrishaFairbanks to BitcoinMining [link] [comments]

Bitcoin Rhodium Mining Guide

Bitcoin Rhodium Mining Guide
Happy Mining!

All available XRC pools can be found on MiningPoolStats

Bitcoin Rhodium Mining Hardware

Baikal Giant+: 1.6 GH/s
Baikal Quad Cube: 1.2 GH/s
Baikal Giant: 900 MH/s
Baikal Quadruple Mini Miner: 600 MH/s
Baikal Miner Cube: 300 MH/s
Baikal Mini Miner: 150 MH/s

Mining Setup

To mine Bitcoin Rhodium you need to set up an XRC wallet and configure your miner of choice. You can choose between Web wallet, Electrum-XRC or Magnum wallet. To set up a web wallet please visit wallet.bitcoinrh.org. Or download and install Electrum-XRC wallet (recommended) for Windows, Linux and MacOS.
Web wallet: wallet.bitcoinrh.org
Electrum-XRC wallet: electrum.bitcoinrh.org
Magnum wallet: https://magnumwallet.co

Sign up for XRC web wallet if not yet done so

  1. Create an account, with your username, password and secure question.
  2. Sign in and click “Create Wallet”.
  3. Set up a strong transaction password. Make sure you store it securely in a secure password manager of choice.
  4. Copy the seed somewhere safe. It’d be a good idea to write seed on a hardcopy and keep it safe.
  5. Paste it to confirm you got it right.
  6. Grab an address for the mining step. Your wallet is now ready to mine XRC.

Instructions for mining XRC on the official pool

Pool link: poolcore.bitcoinrh.org
  1. Any miner that supports X13 will be able to mine XRC. We have a few examples below of miners that are well tested with Bitcoin Rhodium network.
  2. For any miner, configure the miner to point to:
(0–0.8 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3061
(0.8–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062
(3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063
(5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064
with your XRC address as username and x as password. You don’t need to open an account on pool. You will be mining to XRC address and mined coins will be transferred to your wallet
after blocks reach 10 block maturity
after you mined up minimal amount of coins (currently 0.1 XRC)
sometimes mined blocks could get rejected by network (orphaned) after they were counted as valid blocks. This is normal network behavior to follow longest chain
  1. http://poolcore.bitcoinrh.org is used to follow your miner and network statistics.

CPU Miner-Multi

Source: https://github.com/tpruvot/cpuminer-multi
Sample configuration with CPU Miner tested on UBUNTU.
{
“url” : “stratum+tcp://poolcore.bitcoinrh.org:3061”, “user” : “YOUR XRC ADDRESS”,
“pass” : “x”,
“algo” : “x13”, “threads” : 1,
“cpu-priority” : 5,
“cpu-affinity” : 1, “benchmark” : false, “debug” : true, “protocol”: true, “show-diff”: true, “quiet” : false
}
Command to run your CPUMiner: cpuminer -c cpuminer.json

SGMiner (ATI GPU)

SGMiner is a GPU-based mine: https://github.com/nicehash/sgminereleases
The configuration below was tested on Windows:
setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
cd C:\Software\sgminer-5.6.1-nicehash-51-windowsamd64 sgminer.exe
— gpu-platform 1 — algorithm x13mod -url stratum+tcp://poolcore.bitcoinrh. org:3062 — pool-user — userpass :x — auto-fan — temp-target 70 — temp-over- heat 82 — temp-cutoff 85 — gpu-fan 65–85 — log-file log.txt — no-adl — no-extra- nonce -P –T

CCMiner (NVIDIA GPU)

CCMiner is a GPU-based miner (NVIDIA)
Command to run your CCMINER:
ccminer-x64.exe -a x13 -o stratum+tcp://poolcore.bitcoinrh.org:3062 -O :without -D — show-diff

Baikal miner

Settings: Url:
(0–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062
(3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063
(5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064
Algo: x13User: your XRC receiving address (make sure you set 2 distinct addresses for each hashing board)
Pass: x
Extranonce: leave off Priority set to 0 and 1
Once pool stratum address and your wallet as user are set up you should see your miner mining against XRC pool. When miner is working the status column is green. The pool and miner are incorrectly configured now as status says “Dead” highlighted in red.

Instructions for mining XRC on BSOD pool

Pool link: bsod.pw/en/pool/dashboard/XRC/
Use this code for your miner: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig
BSOD pool allows both solo and party mining.
For solo mining use code: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=solo And for party mining use: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=party.yourpassword
NOTICE: You can use us for North America and asia for Asia instead of euin your .bat file or config.
You can also use BSOD pool’s monitor app for Android and iOS.

Instructions for mining XRC on ZERGPOOL

Zergpool offers low fees (just 0.5%) and also SOLO and PARTY mining with no extra fees.
To mine XRC on Zergpool use this command lines for your miner:
Regular: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC Solo: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=solo Party: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=party
Use your coin wallet address as username in mining software. Specify c=SYMBOL as password to identify payout wallet coin, and the same coin in mc=SYMBOL to specify mining coin.
For more information and support please visit http://zergpool.com
Notice that when there are more pools mining XRC in different geographic/availability locations choose the nearest to you as lowest priority and then add desirable fall back pool options in different geographic locations or pools. This is useful when one pool experiences issues, to fall back to different pool in Bitcoin Rhodium network.

Calculate your Bitcoin Rhodium mining profitability

WhatToMine: https://whattomine.com/coins/317-xrc-x13
CoinCalculators: https://www.coincalculators.io/coin/bitcoin-rhodium

Feel free to ask questions in Discord community. There are lots of helpful people around the world watching XRC 24x7.

Bitcoin Rhodium Dev Team
submitted by BitcoinRh to BitcoinRhodium [link] [comments]

Asicpower AP9-SHA256 Review


Asicpower AP9-SHA256 Review

Bitmain is regarded as one of the most influential companies in the ASIC mining industry. It is estimated that they have manufactured approximately 53% of all mining equipment.Without including their mining profits, that’s around $140 million dollars in sales. These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of PowerAsic’s asicpower AP9-SHA256.

About the asicpower AP9-SHA256

Designed with brand new technology and boasting 94 TH/s per miner, the AP(-SHA256 is the most powerful and efficient Bitcoin miner to date.PowerAsic claims they spent $12 million dollars on research, development, and prototypes.PowerAsic also noted that their miners take advantage of ASICBOOST, an exploit of Bitcoin’s algorithm which improves mining efficiency by 20%.An unusual approach separate Powerasic’s miner to the other manufactures is the implementation of copper heat-sink claimed to have a superior thermal conductivity 69% better than aluminium. Don’t take their words for it but confirm the facts are correct on widely well known and published science documents as this one.The first batch of miners were announced and made available for order in August of 2019, with start scheduled for shipment in September, 2019.
Powerasic claims that the machines are around 40 percent more productive than the most proficient ASIC on the market, Bitmain’s Antminer S17.According to PowerAsic, they started a mining project with the aim to bring much needed competition to the market…We want to ‘make SHA256 great again.Sitting at the hefty price of $2,795.00, the powerasic AP9-SHA256 is far from affordable for the average person. Fortunately, due to the newly born rivalry between Bitmain and Powerasic, the price will probably lower with time and competition.The power supply for this unit is included and integrated in the top-box also including the controler card as a one unit. You will also get standard power cable, network cable, manual and software in the packet. In comparison to the price of the Antminer S17 , the Powerasic AP9-Sha256 is a better value.

Power Supply

The integrated PSU 3300W has a inputVoltage 220V 50Hz 30A. There are 2 fan 40mm., 1 fan 60mm to keep it cool and the power cable 3 legs following CEE 7 standard.Professional mining hardware runs optimally at 220-240V, hence why mining farms step down their own electricity supply to 220-240V. Note that 220V current is only found outside of the US – American outlets are 110V by default. Unless you want to hire an electrician, this could cause some people trouble adapt to the eficient and recomended 220V power needed, still 110V will get the job done, but they are not ideal for optimum mining performance.

Power Consumption

Thanks to the powerasic AP9-HA256’s new 7nm generation of ASIC chips, the AP9-SHA256 has become the most electrically-efficient miner on the market.Consuming merely 30.J/TB, or 2860W from the wall, the 16T is 30% more electrically-efficient than the Antminer S17.

Profitability

Powerasic ’s new ASIC technology is impressive. When compared to its closest competitor, the Antminer S17, the powerasic AP9-HA256 is the clear winner. It hashes at 94 TH/s, as opposed to the S17’s 56 TH/s. Moreover, the the AP9-HA256 consumes 30J/GH, whereas the S17 consumes 39-45J/TB.The difference in power consumption is miniscule, but when it comes to large-scale mining, the the AP9-HA256’s edge will drastically increase the profitability of a mining operation. This ASIC is profitable not only for mining on a large scale, but for the individual miner as well.Take a look at the projected mining profitability of a single miner:Note that is appears profitable even with high electricity costs ($0.1 per KW/h). With $0.05 / KW/h it’s even more profitable:📷Each powerasic AP9-HA256 will generate about $6,009 per year (calculated with 1 BTC=$10,141.5). Mining profitability may vary. You can usethis free profitability calculator to determine your projected earnings.

Is powerasic AP9-HA256 a Scam?

There is been a lot of talk on Twitter that powerasic AP9-HA256 is a scam. It appears it is not, as many users are already claiming to have received their miners.Slush, the creator ot Slush Mining Pool and the TREZOR hardware wallet, claims on Twitter that he has seen units and knows people who have had their miners delivered:

Verdict: Is The Antminer S17 Outdated?

When the first batch of Bitmain’s Antminer S17 ASICs reached the eager hands of miners, they were all the rage. The S17 was renowned as the most efficient ASIC miner on the market. Many used the S17 as the industry’s golden standard.Up until the launch of the powerasic AP9-HA256, it was the golden standard.But, now?Things have changed.Not only is the powerasic AP9-HA256 more powerful than its predecessor from Bitmain, but also more efficient, and therefore, more profitable.Ever since the announcement of the new ASIC, there was widespread speculation of its legitimacy – and rightly so.The Bitcoin community has been plagued with small, phony companies manipulating images of preexisting antminers as a ploy to hype up their fake products. Nevertheless, powerasic AP9-HA256 is taking things seriously, and their first batch of miners have lived up to expectations.The fact of the matter is, Bitmain’s most powerful and efficient antminer has been dethroned by the new reigning king of ASICs: The powerasic AP9-HA256.

Conclusion

Bitmain has dominated the ASIC market since its inception in 2013.There are a few other companies producing ASICs. However, before the creation of PowerAsics AP9-SHA256., Bitmain was the only company with a proven track record that sold efficient miners directly to the public.Powerasic AP9-HA256 has the potential to bring Bitmain’s monopoly to an end. Powerasic AP9-HA256 has a bright future ahead of them. Now that Bitmain has noteworthy competition, it will be interesting to see how it affects the market. The powerasic AP9-HA256 is the best option (for now) for anyone getting started with mining. Powerasic’s innovation should force other ASIC producers to innovate and force other companies to release new miners with better efficiency. So whether you’re buying a miner now or soon, you’re likely to benefit from the development of this new miner. For more, Visit Us: https://asicpower.net/product.php
submitted by farwa786 to u/farwa786 [link] [comments]

Small cost effective setup

So hers my question what would the best choice for a small but cost effective mining set up I kno this question has been asked a million times but I'd like to hear if anyone has anything new to say about it thanx in advance
submitted by thefallmountianfarme to BitcoinMining [link] [comments]

I've been working on a bot for crypto subs like /r/bitcoin for a few days now. Say hello to crypto_bot!

Hey guys, I've been working on crypto_bot for some time now. It provides a bunch of features that I hope will enhance your experience on /bitcoin (and any other subreddit). You can call it by mentioning it in a comment. I started working on this a few days ago. I'm constantly adding new features and will update this post when I do, but if you're interested I'll post all updates and some tips at /crypto_bot. Please either comment here, message me, or post there if you'd like to report a bug, request a feature, or offer feedback. There's also one hidden command :)
You can call multiple commands in one comment. Here's a description of the commands you can use:

Market Data:

crypto_bot 
Responds with the USD price of one bitcoin from an average of six of the top bitcoin exchanges (BTC-E, Bitstamp, Bitfinex, Coinbase, Kraken, Cryptsy).
crypto_bot ticker 
Responds with the USD price of one bitcoin at seven exchanges (all of the ones listed above, plus LocalBitcoins). Also lists the average at the bottom.
crypto_bot [exchange] 
Responds with the USD price of one bitcoin from [exchange] (any of the seven listed above).
crypto_bot [litecoin|ltc|dogecoin|doge] 
Responds with the USD price of one litecoin, or the price of 1 doge and 1,000 doge.
crypto_bot litecoin|ltc [exchange] 
Responds with the USD price of one litecoin from BTC-E, Bitfinex, Kraken, or Cryptsy.
crypto_bot [currency] 
Responds with the price of one bitcoin in the specified currency. Available currencies (symbols): JPY, CNY, SGD, HKD, CAD, NZD, AUD, CLP, GBP, DKK, SEK, ISK, CHF, BRL, EUR, RUB, PLN, THB, KRW, TWD.

Information:

crypto_bot [about|info] [arg] 
Responds with a short description about [arg], as well as a link to an external site (Wikipedia, bitcoin.it, and some others) for more information. You can list multiple arguments and get a description for each. Available arguments: bitcoin, block chain, transaction, address, genesis, satoshi, mining, confirmation, coinbase, gox, cold wallet, hot wallet.
crypto_bot legal 
Responds with a chart about the legality of bitcoin in 40 countries, copied straight from Wikipedia.
crypto_bot [explain transaction delay|explain tx delay] 
Responds with an explanation of why transactions may take longer to confirm (the bot specifically discusses spam-transaction attacks in this command).

Network information/tools:

crypto_bot difficulty 
Responds with the current difficulty of the bitcoin network.
crypto_bot [height|number of blocks] 
Responds with the current height of the block chain.
crypto_bot retarget 
Responds with what block the difficulty will recalculate at, as well as how many blocks until the network reaches that block.
crypto_bot [unconfirmed transactions|unconfirmed tx] 
Responds with the current number of unconfirmed transactions.
crypto_bot [new address|generate address] 
Responds with a newly-generated public and private key. This is mainly to provide an explanation of what both look like, and contains a clear warning to not use or send bitcoins to the address.
crypto_bot blockinfo [height] 
Responds with information about block #[height], including its hash, time discovered, and number of transactions.
crypto_bot [address] 
Responds with information about [address], including its balance and number of transactions.
crypto_bot [transaction_id] 
Responds with information about [transaction_id], including what block it was included in, its size, and its inputs and outputs.

Calculators:

crypto_bot calc <# miningspeed> [#][w] [#][kwh] [#][difficulty] [hc$#] [$#] [#%] 
Responds with calculations and information about how a miner would do with the above data (mining calculator). The only required field is mining speed. Order of the arguments does not matter. Everything other than hashrate defaults to the following if not given: w (watts): 0, kwh ($kilowatt cost/hour): 0, difficulty: current network difficulty, hc$ (hardware cost): $0, $: current bitcoin price in usd (according to Coinbase), % (pool fee): 0. The calculator does not account for nor allow for input of the increase/decrease of difficulty over time, though I may add this feature soon. Working hashing speeds: h/s, kh/s, mh/s, gh/s, th/s, ph/s.
Example usage: "crypto_bot calc 30th/s 10w .12kwh hc$55 1.5%" (to make it easier to remember, th/s can also be inputted as ths). This calls the bot with a hashrate of 30 th/s, electricity usage of 10w, a cost of $.12 kWh, a hardware cost of $55, and a pool fee of 1.5%.
crypto_bot number of btc <$amount to convert> [bp$bitcoin price] 
Responds with the number of bitcoins you could buy with <$amount to convert>. If the comment specifies a [bp$bitcoin price], it calculates it with that exchange rate. Otherwise, it uses the rate from Coinbase.
Example usage: "crypto_bot $419.29 bp$180.32" This calculates how many bitcoins you can buy if you have $419.29 and the bitcoin exchange rate is $180.32.

Broadcasting

SignMessage! "" 
Signs a message in the bitcoin block chain in a transaction using OP_RETURN. The message must be less than 40 characters.
Example usage: "SignMessage! "Post messages in the block chain!""
I hope you find this bot useful! Again, if you have any questions or comments, please either comment on this post, message me, or post on /crypto_bot.
Update 1 (June 24, 2015, 17:35): The bot now responds with information if you post a link to a block, transaction, or address on Blockchain.info in a comment, even if you don't call it. For example, if I wrote "https://blockchain.info/block/0000000000000000126448be07fb1f82af19fbbf07dd7e07ebcd08d42c2660cb" in a comment, it would respond with information about block #362,377.
Update 2 (July 10, 2015, 1:59): The bot now has two additional commands: "unconfirmed transactions" (or "unconfirmed tx") and "explain transaction delay" (or "explain tx delay"). The first command responds with the number of unconfirmed transactions, and the second explains why transactions might take extra time to confirm.
Update 3 (August 24, 2015, 1:34): The bot now responds in a better way than before when transaction ids or addresses are posted. Before, it only responded when the transaction id or address was used in a link to Blockchain.info. Now the bot will respond whenever a transaction id or address is posted at all; a link to Blockchain.info is no longer necessary.
Update 4 (August 27, 2015, 3:00): The bot can now sign messages in the Bitcoin block chain using OP_RETURN.
submitted by busterroni to Bitcoin [link] [comments]

New people please read this. [upvote for visibility please]

I am seeing too many new people come and and getting confused. Litecoin wiki isn't the greatest when it comes to summing up things so I will try to do things as best as I can. I will attempt to explain from what I have learned and answer some questions. Hopefully people smarter than me will also chime in. I will keep this post updated as much as I can.
Preface
Litecoin is a type to electronic currency. It is just like Bitcoin but it there are differences. Difference explained here.
If you are starting to mine now chances are that you have missed the Bitcoin mining train. If you really want your time and processing power to not go to waste you should mine LTC because the access to BTC from there is much easier.
Mining. What is it?
Let's get this straight. When making any financial commitment to this be prepared to do it with "throw away" money. Mining is all about the hashrate and is measured in KH/s (KiloHash/sec). Unlike the powerful ASICs (Application Specific Integrated Circuit) that are used to mine bitcoins using hashrates in the GH/s and even TH/s, litecoin mining has only been able to achieve at the very best MH/s. I think the highest I've seen is 130 MH/s so far. Which leads us to our next section.
Mining Hardware
While CPU mining is still a thing it is not as powerful as GPU mining. Your laptop might be able to get 1 a month. However, I encourage you to consult this list first. List of hardware comparison You will find the highest of processors can maybe pull 100 KH/s and if we put this into a litecoin mining calculator it doesn't give us much.
Another reason why you don't want to mine with your CPU is pretty simple. You are going to destroy it.
So this leaves us with GPUs. Over the past few months (and years) the HD 7950 has been the favourite because it drains less power and has a pretty good hashrate. But recently the introduction of the R9 290 (not the x) has changed the game a bit. People are getting 850 KH/s - 900 KH/s with that card. It's crazy.
Should I mine?
Honestly given the current difficulty you can make a solid rig for about $1100 with a hashrate of 1700 KH/s which would give you your investment back in about a month and a half. I am sure people out there can create something for much cheaper. Here is a good example of a setup as suggested by dystopiats
PCPartPicker part list / Price breakdown by merchant / Benchmarks
Type Item Price
CPU AMD Sempron 145 2.8GHz Single-Core Processor $36.01 @ Amazon
Motherboard ASRock 970 EXTREME4 ATX AM3+ Motherboard $99.48 @ OutletPC
Memory Crucial Ballistix Tactical Tracer 4GB (1 x 4GB) DDR3-1866 Memory $59.99 @ Newegg
Video Card Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire) $245.38 @ Newegg
Video Card Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire) $245.38 @ Newegg
Video Card Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire) $245.38 @ Newegg
Power Supply SeaSonic Platinum 860W 80+ Platinum Certified Fully-Modular ATX Power Supply $146.98 @ SuperBiiz
Total
Prices include shipping, taxes, and discounts when available. $1078.60
Generated by PCPartPicker 2013-11-29 00:52 EST-0500
Estimated Hashrate (with GPU overclocking) : 1900 KH/s
Hardware Fundamentals
CPU - Do you need a powerful CPU? No but make sure it is a decent one. AMD CPUs are cheap to buy right now with tons of power. Feel free to use a Sempron or Celeron depending on what Motherboard you go with.
RAM - Try to get at least 4 GB so as to not run into any trouble. Memory is cheap these days. I am saying 4 GB only because of Windoze. If you are plan to run this on Linux you can even get away with less memory.
HDD Any good ol 7200 RPM hard drive will do. Make sure it is appropriate. No point in buying a 1TB hard drive. Since, this is a newbie's guide I assumed most won't know how to run linux, but incase you do you can get a USB flash drive and run linux from it thus removing the need for hard drive all toghether. (thanks dystopiats)
GPU - Consult the list of hardware of hardware I posted above. Make sure you consider the KH/s/W ratio. To me the 290 is the best option but you can skimp down to 7950 if you like.
PSU - THIS IS BLOODY IMPORTANT. Most modern GPUs are power hungry so please make sure you are well within the limits of your power consumption.
MOTHERBOARD - Ok, so a pretty popular board right now is Gigabyte GA-990FXA-UD3 and the ASRock 970 Extreme4. Some people are even going for Gigabyte GA-990FXA-UD5 and even the mighty Gigabyte GA-990FXA-UD7 because it has more PCI-E slots. 6 to be exact. However you may not need that much. With risers you can get more shoved into less.
PCI-E RISERS - These are called risers. They come in x16 to x16 and x1 to x16 connections. Here is the general rule of thumb. This is very important. Always get a POWERED riser otherwise you will burn a hole in your MoBo. A powered rise as a molex connector so that additional power from PSU can be supplied.
When it comes to hardware I've provided the most basic knowledge you need. Also, take a look at cryptobader's website. This is very helpful. Please visit the mining section of Litecoin Forums and the litecoinmining subreddit for more indepth info.
Mining Software
Now that you have assembled your hardware now you need to get into a pool. But before you do that you need a mining software. There are many different ones but the one that is most popular is cgminer. Download it and make sure you read the README. It is a very robust piece of software. Please read this if you want to know more. (thanks BalzOnYer4Head)
Mining Pools
Now that your hardware and software is ready. I know nothing about solo mining other than the fact that you have to be very lucky and respectable amount of hashing power to decrypt a block. So it is better to join pools. I have been pool hopping for a bit and really liked give-me-coin previously known to the community as give-me-ltc. They have a nice mobile app and 0% pool fees. This is really a personal preference. Take a look at this list and try some yourself.
How do I connect to a pool?
Most pools will give you a tutorial on how to but the basics are as follows:
  • Signup for a pool
  • Create a worker for your account. Usually one worker per rig (Yes people have multiple rigs) is generally a good idea.
  • Create a .run file. Open up notepad and type cgminer.exe -o (address_to_the_miningpool:port_number) -u (yourusername.workername) -p (your_worker_password_if_you_made_one). Then File>Save As>runcgminer.run (Make sure the drop down is set to "All Files" and .txt document.) and save in the same folder as cgminer. That's it.
  • Double click on runcgminer.run (or whatever you named it) and have fun mining.
Mining Profitability
This game is not easy. If it was, practically everyone would be doing it. This is strictly a numbers game and there are calculations available that can help you determine your risk on your investments. 4 variables you need to consider when you are starting to mine:
Hardware cost: The cost of your physical hardware to run this whole operation.
Power: Measured in $/KwH is also known as the operating cost.
Difficulty rate: To put it in layman's terms the increase in difficulty is inversely proportional to amount of coin you can mine. The harder the difficulty the harder it is to mine coin. Right now difficulty is rising at about 18% per 3 days. This can and will change since all you miners are soon going to jump on the band wagon.
Your sanity: I am not going to tell you to keep calm and chive on because quiet frankly that is stupid. What I will tell you not to get too carried away. You will pull you hair out. Seriously.
Next thing you will need is a simple tool. A mining profitability calculator. I have two favourite ones.
coinwarz
I like this one cause it is simple. The fields are self explanatory. Try it.
bitcoinwisdom
I like this one because it is a more real life scenario calculator and more complicated one (not really). It also takes increasing difficulty into account.
Please note: This is the absolute basic info you need. If you have more questions feel free to ask and or google it!
More Below.
submitted by craeyon to litecoin [link] [comments]

Thinking of ordering an ASIC? There is most likely nothing you can order right now that will earn you more BTC than you can buy right now. In fact, there is not really anything you can order right now that will ROI, even using generous figures.

Disclaimer: I am a miner and have ASICs, so there is a conflict of interest in posting this. But I'm not just trying to talk potential competition out of mining. If you think you'd enjoy it and aren't driven solely by making a profit, I've always recommended it when asked.
Disclaimer 2: You will likely see much better ROI on buying Bitcoins than mining them. Some already understand this and want to mine anyway, and I am one of those (although I had bought coins along with ordering ASICs). I'm sure this point will be echoed repeatedly.
Disclaimer 3: This is based on the mining calculator and ASIC info currently listed on TGB (using default 117% monthly increase in difficulty). This is only a guess based on past performance, which many consider to be too low of a guess. But for the sake of this post, I'd rather take a conservative (low) guess to present a best-case scenario.
Disclaimer 4: I'm tired. I apologize for the disclaimers, but I've used reddit enough to know I need to qualify every sentence before I write it.
After receiving the ASICs I ordered 7+ months ago, I wanted to compare my investment with the new miners that have appeared since I ordered. It turns out that anything you were to order right now will most likely lose money, it's just a matter of how much you want to lose. If anything is incorrect here feel free to prove otherwise. I'd appreciate any corrections. My reason for posting is because I was honestly surprised by what I found, but maybe my math is wrong or maybe TGB's data is wrong.
The lowest cost-per-Gh/s available to pre-order right now is $3, but those miners won't be shipping until January 2014 (Cointerra). The next option would be $4 shipping in December (Bitmine). Even at these low prices-per-Gh/s, that is too late. The lowest cost-per-Gh/s shipping in November is $9.10 (KnC) but even if you start mining November 1st, that is not enough. This is all assuming these companies ship and ship on time. KnC has started shipping, but if you were to order today you definitely won't be mining all of November.
Take these figures with a grain of salt. You'll want to make your own calculations before making any investment decision, but these are rough estimates.
These calculations are based on a 100Gh/s miner running at 50W (0.5W/Gh which is below what any listed miner is capable of achieving: lowest is 0.6W/Gh). If you scale it up to a 1Th/s miner running at 500W, you get about $0.60 extra to spend per Gh/s and still get the same ROI.
So unless you have free electricity or you're an Electrical Engineer that dabbles in the black arts, your ROI will be even less likely. This is also using a $0.10/kWh rate, which I think is also low for many people.
There are a lot of variables here, so this is in no way a guaranteed outcome. To determine ROI I used BTC instead of USD, so the future price of Bitcoin is not a factor here. If you're buying a miner in USD (or other fiat) and are basing ROI on that same currency, then the future BTC price when you sell your mined coins would matter. This also doesn't account for "miner protection plans" which we have yet to see in action so it's difficult to say how well they'll work.
The way I personally look at it: most hobbies don't ROI and if you think mining is valid hobby and can take a loss then go for it. There can be more to mining than "plugging it in and watching it" as is usually the argument of people who don't mine.
Again, please feel free to correct any mistakes. It's very late here and I did this quickly. This is as much of a question asking if my thinking is correct as it is a notice to potential ASIC buyers. I'll edit this post as necessary.
TL;DR - If profit is your only goal, don't buy an ASIC right now.
submitted by milone to Bitcoin [link] [comments]

Plz Help. Have I found a Discrepancy in Slush Pool?

I may have found a bad discrepancy in Slushpool's reporting... Can you guys cross-check it for me? I'm not happy to say this, and rather than accuse anyone, I'd just like to get some second opinions. If I'm wrong, I ask redditers to politely explain why this discrepancy appears to be happening. After all, maybe it's my math, or logic, or facts missing, etc... But if there is a discrepancy, it could affect major things like payouts, theoretically... and I mean in a major way... retroactive for years.
My concern starts with the average speed per worker of the bitcoin mining pool, on Slushpool.
As I write (12/26/17 Pacific time, around 11pm), Slushpool currently says it is running at 1.587 Eh/s. https://slushpool.com/dashboard/?c=btc
The website also says there are 62810 workers in the pool. I want to calculate the speed per worker. Speed per worker should be expressed in Th/s, so to reduce it to common terms, we need to convert the pool's global Eh/s to Th/s... which means to multiply the Eh/s by 10002... one thousand, squared.
The speed of Slushpool was 1.587 Eh/s, so we set it up like this: 1.587 * 1000 * 1000 = 1587000 Th/s. †
Now to get from Slush Pool's total Th/s to Slush Pool's average Th/s per worker, divide total by number of workers...
(1587000 th/s) / (62810 workers) = 25.26 Th/s per worker.
So I got the number I was looking for... excellent. You might say "Okay, interesting, so the average worker is mining at 25.26 Th/s. NP. Cool."... But what you SHOULD be doing here is asking HOW ON EARTH ANY WORKER IS MINING AT 25.26 TH/S, and even moreso how THE AVERAGE worker mining on Slush Pool is mining at that speed. The fastest miner on the market is the s9, and it mines at 14 Th/s. So how is the average miner on Slush Pool more so much faster than the very best miner on the market, today? The S9, The BEST MINER on the MARKET, today, is only 56% the speed of the AVERAGE miner on Slush pool.
Now, maybe somebody built a specialized frankenminer in a laboratory... maybe someone uncovreed a secret cache of Spondoolies SP50 miners... which was designed to mine at a whopping 110th/s, for example... but Spondoolies went bankrupt in 2016, and production was halted. Even before then, they didn't make too many sp50's, and they were restricted to special clients.
So... assuming it isn't legacy Spondoolies sp50's doing this mystery hashing, how else can we explain the high h/s on Slush Pool? Maybe someone got really good at overclocking... maybe they cooled the hell out of their miners, so they can run at super fast speeds. Would that really be enough to yield 25.26 Th/s? Is that credible? Is it possible or plausible? ... Even if some miners are achieving that incredibly blazing speed, would the AVERAGE miner be achieving it?
Don't forget about how the AVERAGE includes all these micro miners, as well... misfits like the u3, gridseed orb, blade miner, s1-s5, running in a dorm rooms, etc. There are hobby miners who would pull the average h/s (per miner) on Slush Pool down alot.
So, how is it possible that the pool is running at this speed? Better asked... IS it possible, and if so, how? And if it's not possible, then what are we looking at?
If the pool operator is overstating the total hashing power of the mining pool, then are payouts being reduced according to a false ratio, where the divisor in the ratio is artificially large? The payouts are based on that... they depend on it. So are the payouts on Slush Pool being artificially shrunken? If the total Eh/s of the pool is really much lower than what they say, then I'd have to suspect that it is. But I am absolutely NOT saying for certain that this is what's happening. It's what my suspicious anxiety closet suggests could be happening... but I really don't know. That's why I'm asking you guys to help sort this all out, and explain to me whether these concerns are misguided or not. I'm asking a question, here... not throwing accusations. Frankly I think it is more likely that I've made an error of some kind, either miscalculating or possibly unaware of some vital detail, than that the net's oldest and most respected mining pool is doing something like this. It is very likely there's a good explanation for the apparent discrepancy, but I do not know what it is... so again, I'm asking you, reddit, if you can evaluate this reasoning and comb it for flaws, math errors, weak factual assumptions, and/or whatever else might explain what I'm seeing, or if you can confirm the math and logic framed in the questions I've asked. Thanks everyone, and have a happy new year.
† (Here is a site which tells the relation) https://bitcoin.stackexchange.com/questions/9219/what-is-the-difference-between-kh-s-mh-s-and-gh-s/21498 (here is a site with a calculator which goes from E~ to T~. Although it does not have Eh/s and Th/s, you can use Ehenry to get the same mathematical result. https://www.translatorscafe.com/unit-converteen/inductance/5-4/gigahenry-terahenry/
submitted by mercucio007 to MiningPoolHub [link] [comments]

Bitcoin mining, Antminer S9, $790 USD/month profit

Profit per month:
Disclosure: Mining metrics are calculated based on a network hash rate of 13,823,824,128 GH/s and using a BTC - USD exchange rate of 1 BTC = $ 16838.21. These figures vary based on the total network hash rate and on the BTC to USD conversion rate. Block reward is fixed at 12.5 BTC and future block reward reductions are not taken into account. The average block time used in the calculation is 600 seconds. The electricity price used in generating these metrics is $ 0.132 per kWh.
https://www.cryptocompare.com/mining/calculatobtc?HashingPower=14&HashingUnit=TH%2Fs&PowerConsumption=1372&CostPerkWh=0.132
Antminer S9 Specs:
https://shop.bitmain.com/antminer_s9_asic_bitcoin_miner.htm?flag=specifications
CryptoCompare shows a $790.46 USD profit per month with the following input:
1 BTC = $ 16838.21
Hasting power: 14
Power consumption (w): 1372
Cost per KW/h ($): 0.132
$790 USD/month is the total mined - total cost.
$790 is very profitable. Mining 0.05 BTC/month is very good when the current BTC price is $16k.
"According to the above inputs, the S9 will produce** 0.285 BTC / $159 per month** and 3.36 BTC / $1939 per year." - June 27, 2017 article
https://www.buybitcoinworldwide.com/mining/hardware/antminer-s9/
buybitcoinworldwide.com June 27, 2017 article shows only a profit of $159/month but BTC then was 1BTC = $2500USD.
Is it very profitable to run a bitcoin Antminer S9 now with profit of $790 USD/month?
submitted by curiousgeorge1000 to Bitcoin [link] [comments]

howmanyconfs.com - How does the security of different Proof-of-Work blockchains compare to Bitcoin?

https://howmanyconfs.com
Original post in Bitcoin here: https://np.reddit.com/Bitcoin/comments/biokgy/howmanyconfscom_how_does_the_security_of/

https://github.com/lukechilds/howmanyconfs.com/raw/mastescreenshot.png

How are these values calculated?

It's easy to compare blockchain hashrates when the Proof-of-Work algorithm is the same. For example if Bitcoin has a hashrate of SHA-256 @ 40 PH/s and Bitcoin Cash has a hashrate of SHA-256 @ 2 PH/s, it's easy to see that for a given period of time the Bitcoin blockchain will have 20x (40/2) the amount of work securing it than the Bitcoin Cash blockchain. Or to say that differently, you need to wait for 20x more Bitcoin Cash confirmations before an equivalent amount of work has been done compared to the Bitcoin blockchain. So 6 Bitcoin confirmations would be roughly equivalent to 120 Bitcoin Cash confirmations in the amount of work done.
However if the Proof-of-Work algorithms are different, how can we compare the hashrate? If we're comparing Bitcoin (SHA-256 @ 40 PH/s) against Litecoin (Scrypt @ 300 TH/s), the hashes aren't equal, one round of SHA-256 is not equivalent to one round of Scrypt.
What we really want to know is how much energy is being consumed to provide the current hash rate. Literal energy, as in joules or kilowatt hours. It would be great if we had a universal metric across blockchains like kWh/s to measure immutability.
However that's fairly hard to calculate, we need to know the average power consumption of the average device used to mine. For GPU/CPU mined Proof-of-Work algorithms this varies greatly. For ASIC mined Proof-of-Work algorithms it varies less, however it's likely that ASIC manufacturers are mining with next generation hardware long before the public is made aware of them, which we can't account for.
There's no automated way to get this data and no reliable data source to scrape it from. We'd need to manually research all mining hardware and collate the data ourself. And as soon as newer mining hardware comes out our results will be outdated.
Is there a simpler way to get an estimated amount of work per blockchain in a single metric we can use for comparisons?
Yeah, there is, we can use NiceHash prices to estimate the cost in $ to secure a blockchain for a given timeframe. This is directly comparable across blockchains and should be directly proportionate to kWh/s, because after all, the energy needs to be paid for in $.
How can we estimate this?
Now we have an estimated total Proof-of-Work metric measured in dollars per second ($/s).
The $/s metric may not be that accurate. Miners will mark up the cost when reselling on NiceHash and we're making the assumption that NiceHash supply is infinite. You can't actually rent 100% of Bitcoin's hashpower from NiceHash, there isn't enough supply.
However that's not really an issue for this metric, we aren't trying to calculate the theoretical cost to rent an additional 100% of the hashrate, we're trying to get a figure that allows us to compare the cost of the current total hashrate accross blockchains. Even if the exact $ value we end up with is not that accurate, it should still be proportionate to kWh/s. This means it's still an accurate metric to compare the difference in work done over a given amount of time between blockchains.
So how do we compare these values between blockchains?
Once we've done the above calculations and got a $/s cost for each blockchain, we just need to factor in the average block time and calculate the total $ cost for a given number of confirmations. Then see how much time is required on the other blockchain at it's $/s value to equal the total cost.
So to calculate how many Litecoin confirmations are equivalent to 6 Bitcoin confirmations we would do:
Therefore we can say that 240 Litecoin confirmations are roughly equal to 6 Bitcoin confirmations in total amount of work done.

Notes

$/s doesn't mean what it sounds like it means.

The $/s values should not be taken as literal costs.
For example:
This is does not mean you could do a 51% attack on Bitcoin and roll back 6 blocks for a cost of $360,000. An attack like that would be much more expensive.
The $/s value is a metric to compare the amount of work at the current hashrate between blockchains. It is not the same as the cost to add hashrate to the network.
When adding hashrate to a network the cost will not scale linearly with hashrate. It will jump suddenly at certain intervals.
For example, once you've used up the available hashrate on NiceHash you need to add the costs of purchasing ASICs, then once you've bought all the ASICs in the world, you'd need to add the costs of fabricating your own chips to keep increasing hashrate.

These metrics are measuring "work done", not security.

More "work done" doesn't necessarily mean "more security".
For example take the following two blockchains:
Bitcoin Cash has a higher $/s value than Zcash so we can deduce it has more "work done" over a given timeframe than Zcash. More kWh/s are required to secure it's blockchain. However does that really mean it's safer?
Zcash is the dominant blockchain for it's Proof-of-Work algorithm (Equihash). Whereas Bitcoin Cash isn't, it uses the same algorithm as Bitcoin. In fact just 5% of Bitcoin's hashrate is equivalent to all of Bitcoin Cash's hashrate.
This means the cost of a 51% attack against Bitcoin Cash could actually be much lower than a 51% attack against Zcash, even though you need to aquire more kWh/s of work, the cost to aquire those kWh/s will likely be lower.
To attack Bitcoin Cash you don't need to acquire any hardware, you just need to convince 5% of the Bitcoin hashrate to lend their SHA-256 hashpower to you.
To attack Zcash, you would likely need to fabricate your own Equihash ASICs, as almost all the Equihash mining hardware in the world is already securing Zcash.

Accurately calculating security is much more complicated.

These metrics give a good estimated value to compare the hashrate accross different Proof-of-Work blockchains.
However to calculate if a payment can be considered "finalised" involves many more variables.
You should factor in:
If the cryptocurrency doesn't dominate the Proof-of-Work it can be attacked more cheaply.
If the market cap or trading volume is really low, an attacker may crash the price of the currency before they can successfully double spend it and make a profit. Although that's more relevant in the context of exchanges rather than individuals accepting payments.
If the value of the transaction is low enough, it may cost more to double spend than an attacker would profit from the double spend.
Ultimately, once the cost of a double spend becomes higher than an attacker can expect to profit from the double spend, that is when a payment can probably be considered "finalised".
submitted by dyslexiccoder to CryptoCurrency [link] [comments]

Where is the network difficulty headed, come November?

Reposted for accuracy. (Read: My math skills are the result of public education.)
KNCMiner announced today that they're doing encapsulation on their new Scrypt ASIC chips, and then when they're completed, will be shipping to Stockholm for integration and testing, buildout and finally...shipping!
I have read on forums that they have sold 3,000 Titans via pre-order, for batch 1, at 250MH/s nominal performance, each. I figured it was time to look at my "hashrate/difficulty prediction" again and see where it may actually be, by the time the snow's falling. All of the below is calculated with a Litecoin price of around $5.
Let's assume for a moment that both Alpha Technology and Mining ASICs Technologies have also sold around 3,000 systems on pre-order (probably a safe bet) and all three expect to ship in September-October.
9,000 systems @ 250MH/s = 2,250,000MH/s. That's somewhere in the neighborhood of 2.25 TH/s being added to the network in roughly two months' time...that we can account for.
The current network hashrate, as I post this? Not quite 1 TH/s...it's 896 GH/s. But at the current rate of network expansion, we're going to be 1 TH/s by the time these systems ship, easily.
So...let's say we're looking at a 3.5 TH/s Litecoin network by November. What does that mean?
When the Bitcoin network hit 3.5 TH/s back in May of 2011, the difficulty was around 244,000. Litecoin's difficulty is currently around 28,000.
You can probably see where this is going, already. Fun with mining calculators time.
Say you have one 250MH/s miner and deployed it TODAY (impossible, but for the sake of argument). You're looking at pulling in 9 LTC/day with it. If you pay $.10/kwh you're very lucky not to live in California, but we'll say that's the case. You pay around $4.50/day in power. So you walk away with $42.50 worth of Litecoin, at $5/each. If you somehow managed to freeze the network at that difficulty and the coin at that price, you'd pay off your $9,200 purchase of hardware in roughly seven months or so...or if you bought a Titan at $10,000 you're looking closer to eight. But since difficulty marches on, forget that entire concept.
Now...say you get your system after all three companies have shipped and their customers have deployed them, and we've seen the network rocked to the tune of two-and-a-quarter terahashes per second. Oh, it's a rosy picture...
Now, with the network difficulty having blown up to 244,000 the miner with a 250MH/s system is mining 1.03 Litecoin per day. And if my estimates are correct...this is NOVEMBER, we're talking about. At the current price of $5/LTC and $.10/kwh you are pulling down a healthy $0.80/day in profits, after power. If you again had the power to freeze the hashrate and price, you'd be able to pay off that hardware purchase in, oh...roughly 35 years.
To have a REASONABLE shot at getting a return on your investment (around 5-6 months), Litecoin will need to be $70 by November and climbing steadily, in concert with network hashrate.
Bear in mind, again that there is nowhere else for that hashrate to go but Litecoin. Nothing else will profit the Scrypt miner. So what will happen? There is built-in hardware cost here that has to be recouped and the only real way of doing that is by mining...and there's only one game in town for Scrypt mining: Litecoin.
It's going to be a really, really wild fourth quarter for this year. Either the miners mine and hoard, decreasing supply and demand increases radically, or miners take heavy losses on hardware, can't afford to run them and the Litecoin network contracts until they CAN make money with them. In the interests of self-preservation, I have a feeling miners will start hoarding. Soon.
submitted by FreeJack2k2 to litecoin [link] [comments]

Need help choosing hardware/what to mine with just 200$ or less.

Hello guys, I am digging deep on the internet to try and find this question but any help is really appreciated.
Noticing how my country is getting really awful in terms of currency exchange (Venezuela), getting USD is pretty valuable in here so I'm considering to mine for profit. I am really new on this, and I've just heard the bitcoin basics and the mining basics a couple of weeks ago.
I only have available around 200$ to invest on an ASIC miner if it's really worth it, seeing that my 'calculator' is really awful to use as a miner (Gave it a try, and I could only get 80 H/s tops). The question is: What to mine? What can be truly be spent for a profit?
I know miners can break even but here's the thing: Watts doesn't matter. Here where I live the electricity bill is around 0.0003 kWh, so no need to go green.
My choices are either spend 3 AntMiner U3 (45$ each, 63 GH/s SHA-256), or 1 single ZeusMiner Cyclone (195$, 22MH/s, Scrypt), but I'm all ears if there are other more profitable choices.
Any suggestion is appreciated, thank you.
submitted by Ronaldo1024 to CryptoCurrency [link] [comments]

Is all mining now negative return-on-investment?

I have been closely watching the mining scene for only about 3 months, so excuse me if this sort of question is asked frequently, or is too speculative.
Is all BTC mining now underwater, with a negative ROI?
That's what it looks like to me. I initially got interested years ago, when the return was small and BTC was not worth much. I didn't mine because it seemed like a miniscule return on investment. Oh I wish I had started back then, those "worthless" BTCs would be worth a lot now.
But I started getting more interested again when that Ars Technica article on the BFL Jalapeno appeared. Holy crap, a machine that prints free money. He made hundreds of bucks in a week.
So I started checking it out. With the delays in BFL's product shipping, all the mining calculators show that any new investment in mining hardware will never break even. Difficulty is increasing so fast, that the only machines making money are already in place, and soon they won't even pay for the cost of electricity.
Now just to screw this up even further, BFL did a classic "Osborne Effect" announcement of their new Monarch board. Their existing ASIC machines are obsolete. The new 28nm machine that does not exist yet, is promised to deliver 600Gh for 350 watts, and costs $4680. I ran the numbers through the mining calculator at The Genesis Block. Unfortunately their calculator seems to be down at the moment, but I recall running numbers on a Monarch, delivered even in December, would not break even unless BTC went up to 2000 per dollar!
Now even accounting for BFL's broken promises, if I could buy mining hardware like this today and turn it on now, it would make a negative ROI. I run the numbers for every possible hardware I could buy, none of them are as cheap in dollars/Gh or Gh/watt as the Monarch. And none of them break even.
I decided to track the existing performance of mining using my dinky Mac mini's GPU. It won't mine much, and GPU mining will never break even in a network full of ASICs. But it would give a rough index of how difficulty is affecting mining. Here's a rough description of my results. At this point, it looks like mining is doubling in difficulty every month. Nobody can make money unless either BTC rises in value dramatically, or the majority of miners give up and unplug their unprofitable mining hardware.
So someone tell me if this assessment is realistic or not. At the moment, it looks like any new investment in mining hardware will result in turning every dollar of investment into 50 cents worth of BTC at most. With increasing difficulty, soon even existing mining hardware will be turning every dollar of electricity into less than a dollar worth of BTC. ROI is underwater now for new hardware, and soon will be underwater for all hardware, even advanced ASICs that haven't even shipped yet. There are only two ways that mining might ever make a profit. One is if almost everyone gives up when their miners become unprofitable. The other is if BTC goes up massively in value to like $2500/USD, which will only fuel the arms race even more.
Yeah, I know there is a big incentive to spread disinformation to convince people to drop out of mining. So don't try to BS me. Let me hear your honest assessments, or please point me in a direction where I can do research to figure this out.
submitted by nmrk to BitcoinMining [link] [comments]

Starting into bitcoin mining.

So I got alittle lucky last week, I had 30 remaining $ in my bitcoin wallet, I've had them for months. I found a bitcoin betting website, I deposited $10, Turned it into $300. Cashed out, I ordered 2 Antminer S3+'s with a 1000W HP server power supply kit with wiring/adapter for the miners. Electricity costs me .08$/kWh, $10 invested, How accurate are bitcoin miner calculators? Like coinwarz for example, you can insert difficulty, electricity costs, watts, and GH/s, Based off that calculator, I'm looking at $27 a month profit, Which is next to nothing. But it costs me $10 to start so who cares right? Does anyone have any tips for someone new to it (I've followed bitcoins and mining a bit but never done it) Also any pool advice for when I get my miners?
submitted by OneFastGSR to BitcoinMining [link] [comments]

5 AntMiner S1's for my home mining rig?

Sometime mid next week (Jan 19-21) I should have ~$5,000-6,000 in PayPal. I am looking to buy 5 S1's direct from BitMain.
I've got a few questions/concerns however.
The biggest concern right now is being able to buy $5,000 of bitcoin, using PayPal. I'm 16, so withdrawing all that money to my student checking account is a no-go. My mom also doesn't want to give PayPal her tax ID, and credit card so she has unlimited withdrawing capabilities. I plan on asking around the Chicago Bitcoin Meetup if anyone there would be able to sell me that much Bitcoin, and for PayPal or something along those lines.
After I get the bitcoins, and the S1's delivered, any advice on keeping them cool, and clean? They'll probably go in my basement, and I'm thinking about some kind of horizontal rack, and cooling system. I'd like to overclock them to 208 gh/s. One of my friends has built a LN2 creator before, and was talking to me about possibly doing this for all my BTC miners, so we could further overclock them, increasing profitability.
I'd expect some kind of decent ROI with this setup, and yes current profiribility calculators will probably tell you I won't make much, but I'm gonna go out on a limb and assume Bitcoins will be at, or over $1,000 a pop by SeptembeOctober of 2014.
I also plan on using Coinwarz and mine the most profitable coin each day, and sell via cryptsy. I'll also just save some bitcoins for the future.
What kind of PSU's should I get for 5 of these bad-boys? Would 2 1050w PSU's and then another 700w one be alright?
My friend, who bought an Avalon Asic Batch 2 last year for ~$1,500 made a great ROI, and he is doing the same exact thing I am with this project. Except that he might end up with 10 S1's, while I'll have 5 of them.
If anyone has any advice for me, I'd love to hear it. I've been following Bitcoin very heavily sense I first herd about it in 2008 (It was only $2 a pop when I just went on #otc) but this will be my very first mining rig of my own. I've mined of my GPU/CPU using various coins, along with my usb asic, but this will be a large project/rig.
submitted by llanox to BitcoinMining [link] [comments]

Decred Journal — May 2018

Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium

Development

dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements.
In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds.
Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack).
Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing.
dcrdata: work ongoing on improved design, adding more charts and improving Insight API support.
Android: design work advancing.
Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters.
Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here.
Trezor support is expected to land in their next firmware update.
Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings.
Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM.
Two new faces were added to contributors page.
Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s]
Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate.
Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.

ASICs

Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin.
@SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit).
A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.comtranslated)
Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these two threads.

Integrations

A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee.
Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now.
Exchange integrations:
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR.
@i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel.
Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue)
CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.

Adoption

New merchants:
An update from VotoLegal:
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot!
Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
Alex Evans, a cryptoeconomics researcher who recently joined Placeholder, posted his 13-page Decred Network Analysis.

Marketing

@Dustorf published March–April survey results (pdf). It analyzes 166 responses and has lots of interesting data. Just an example:
"I own DECRED because I saw a YouTube video with DECRED Jesus and after seeing it I was sold."
May targeted advertising report released. Reach @timhebel for full version.
PiedPiperCoin hired our advisors.
More creative promos by @jackliv3r: Contributing, Stake Now, The Splitting, Forbidden Exchange, Atomic Swaps.
Reminder: Stakey has his own Twitter account where he tweets about his antics and pours scorn on the holders of expired tickets.
"Autonomy" coin sculpture is available at sigmasixdesign.com.

Events

BitConf in Sao Paulo, Brazil. Jake Yocom-Piatt presented "Decentralized Central Banking". Note the mini stakey on one of the photos. (articletranslated, photos: 1 2 album)
Wicked Crypto Meetup in Warsaw, Poland. (video, photos: 1 2)
Decred Polska Meetup in Katowice, Poland. First known Decred Cake. (photos: 1 2)
Austin Hispanic Hackers Meetup in Austin, USA.
Consensus 2018 in New York, USA. See videos in the Media section. Select photos: booth, escort, crew, moon boots, giant stakey. Many other photos and mentions were posted on Twitter. One tweet summarized Decred pretty well:
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 1 2, video, video (from 32 min))
Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos)
Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures.
Second Decred meetup in Hangzhou, China. (photos)
Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo)
Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2)
Upcoming events:
There is a community initiative by @vj to organize information related to events in a repository. Jump in #event_planning channel to contribute.

Media

Decred scored B (top 3) in Weiss Ratings and A- (top 8) in Darpal Rating.
Chinese institute is developing another rating system for blockchains. First round included Decred (translated). Upon release Decred ranked 26. For context, Bitcoin ranked 13.
Articles:
Audios:
Videos:

Community Discussions

Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31.
Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies.
@R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students.
dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search.
Forum: potential social attacks on Decred.
Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more.
One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain.
Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.

Markets

The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap.
The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world.
An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.

Relevant External

David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied.
Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago.
Three pure PoW coins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them.
Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges.
Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ.
Poloniex announced lower trading fees.
Bittrex plans to offer USD trading pairs.
@sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)

About This Issue

Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel.
Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
submitted by jet_user to decred [link] [comments]

So you’ve got your miner working, busy hashing away … but what is it really doing?

Posted for eternity @ https://vertcoin.easymine.online/articles/mining
Your miner is repeatedly hashing (see below for detail about a hash) a block of data, looking for a resulting output that is lower than a predetermined target. Each time this calculation is performed, one of the fields in the input data is changed, and this results in a different output. The output is not able to be determined until the work is completed – otherwise why would we bother doing the work in the first place?
Each hash takes a block header (see more below, but basically this is a 80-byte block of data). It runs this through the hashing function, and what comes out is a 32-byte output. For each, we usually represent that output in hexadecimal format, so it looks something like:
5da4bcb997a90bec188542365365d8b913af3f1eb7deaf55038cfcd04f0b11a0 
(that’s 64 hexadecimal characters – each character represents 4-bits. 64 x 4 bits = 256bit = 32 bytes)
The maximum value for our hash is:
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 
And the lowest is:
0000000000000000000000000000000000000000000000000000000000000000 
The goal in Proof-of-Work systems is to look for a hash that is lower than a specific target, i.e. starts with a specific number of leading zeros. This target is what determines the difficulty.
As the output of the hash is indeterminate, we look to statistics and probability to estimate how much work (i.e. attempts at hashing) we need to complete to find a hash that is lower than a specific target. So, we can therefore assume that to find a hash that starts with a leading zero will take, on average, 16 hashes. To find one that will start with two leading zeros (00), we’re looking at 256 hashes. Four leading zeros (0000) will take 65,536 hashes. Eight leading zeros (00000000) takes 4,294,967,296 hashes. So on and so on, until we realize that it will take 2 ^ 256 (a number too big for me to show here) attempts at hitting our minimum hash value.
Remember – this number of hashes is just an estimate. Think of it like rolling a dice. A 16-sided dice. And then rolling it 64 times in a row. And hoping to strike a specific number of leading zeros. Sometimes it will take far less than the estimate, sometimes it will take far more. Over a long enough time period though (with our dice it may take many billions of years), the averages hold true.
Difficulty is a measure used in cryptocurrencies to simply show how much work is needed to find a specific block. A block of difficulty 1 must have a hash smaller than:
00000000FFFF0000000000000000000000000000000000000000000000000000 
A block of difficulty 1/256 (0.00390625) must have a hash lower than:
000000FFFF000000000000000000000000000000000000000000000000000000 
And a block of difficulty 256 must have a hash lower than:
0000000000FFFF00000000000000000000000000000000000000000000000000 
So the higher the difficulty, the lower the hash must be; therefore more work must be completed to find the block.
Take a recent Vertcoin block – block # 852545, difficulty 41878.60056944499. This required a hash lower than:
000000000001909c000000000000000000000000000000000000000000000000 
The achieve finding this, a single miner would need to have completed, on average 179,867,219,848,013 hashes (calculated by taking the number of hashes needed for a difficulty 1 block - 4,294,967,296 or 2 ^ 32 or 16 ^ 8 – and multiplied by the difficulty). Of course, our single miner may have found this sooner – or later – than predicted.
Cryptocurrencies alter the required difficulty on a regular basis (some like Vertcoin do it after every block, others like Bitcoin or Litecoin do it every 2016 blocks), to ensure the correct number of blocks are found per day. As the hash rate of miners increases, so does the difficulty to ensure this average time between blocks remains the same. Likewise, as hash rate decreases, the difficulty decreases.
With difficulties as high as the above example, solo-mining (mining by yourself, not in a pool) becomes a very difficult task. Assume our miner can produce 100 MH/s. Plugging in this into the numbers above, we can see it’s going to take him (on average) 1,798,673 seconds of hashing to find a hash lower than the target – that’s just short of 21 days. But, if his luck is down, it could easily take twice that long. Or, if he’s lucky, half that time.
So, assuming he hit’s the average, for his 21 days mining he has earned 25 VTC.
Lets take another look at the same miner, but this time he’s going to join a pool, where he is working with a stack of other miners looking for that elusive hash. Assume the pool he has joined does 50 GH/s – in that case he has 0.1 / 50 or 0.2% of the pool’s hash rate. So for any blocks the pool finds he should earn 0.2% of 25 VTC = 0.05 VTC. At 50 GH/s, the pool should expect to spend 3,597 seconds between finding blocks (2 ^ 32 * difficulty / hashrate). So about every hour, our miner can expect to earn 0.05 VTC. This works out to be about 1.2 VTC per day, and when we extrapolate over the estimated 21 days of solo mining above, we’re back to 25 VTC.
The beauty of pooled-mining over solo-mining is that the time between blocks, whilst they can vary, should be closer to the predicted / estimated times over a shorter time period. The same applies when comparing pools – pools with a smaller hash rate will experience a greater variance in time between blocks than a pool with a greater hash rate. But in the end, looking back over a longer period of time, earnings will be the same.
Hashes
A Hash is a cryptographic function that can take an arbitrary sized block of data and maps it to a fixed sized output. It is a one-way function – only knowing the input data can one calculate the output; the reverse action is impossible. Also, small changes to the input data usually result in significant changes to the output value.
For example, take the following string:
“the quick brown fox jumps over the lazy dog” 
If we perform a SHA256 hash of this, it results in:
05c6e08f1d9fdafa03147fcb8f82f124c76d2f70e3d989dc8aadb5e7d7450bec 
If we change a single character in the input string (in this case we will replace the ‘o’ in ‘over’ to a zero), the resulting hash becomes:
de492f861d6bb8438f65b2beb2e98ae96a8519f19c24042b171d02ff4dfecc82 
Blocks
A block is made up of a header, and at least one transaction. The first transaction in the block is called the Coinbase transaction – it is the transactions that creates new coins, and it specifies the addresses that those coins go to. The Coinbase transaction is always the first transaction in a block, and there can only be one. All other transactions included in a block are transactions that send coins from one wallet address to another.
The block header is an 80-byte block of data that is made up of the following information in this order:
  • Version – a 32-bit/4-byte integer
  • Previous Block’s SHA256d Hash – 32 bytes
  • Merkle Hash of the Transactions – 32 bytes
  • Timestamp - a 32-bit/4-byte integer the represents the time of the block in seconds past 1st January 1970 00:00 UTC
  • nBits - a 32-bit/4-byte integer that represents the maximum value of the hash of the block
  • Nonce - a 32-bit/4-byte integer
The Version of a block remains relatively static through a coin’s lifetime – most blocks will have the same version. Typically only used to introduce new features or enforce new rules – for instance Segwit adoption is enforced by encoding information into the Version field.
The Previous Blocks’ Hash is simple a doubled SHA256 hash of the last valid blocks header.
The Merkle Hash is a hash generated by chaining all of the transactions together in a hash tree – thus ensuring that once a transaction is included in a block, it cannot be changed. It becomes a permanent record in the blockchain.
Timestamp loosely represents the time the block was generated – it does not have to be exact, anywhere within an hour each way of the real time will be accepted.
nBits – this is the maximum hash that this block must have in order to be considered valid. Bitcoin encodes the maximum hash into a 4-byte value as this is more efficient and provides sufficient accuracy.
Nonce – a simple 4-byte integer value that is incremented by a miner in order to find a resulting hash that is lower than that specified by nBits.
submitted by nzsquirrell to VertcoinMining [link] [comments]

BFL Jalapeno alternative?

Hey /bitcoinmining!
I recently stumbled upon some bitcoin in an old wallet, and I'm looking to re-invest my newfound wealth into BTC mining. I wouldn't be doing so looking to make a profit, it would be more of a hobby purchase. In my research, I found the BFL jalapeno, a machine that seems to fit my needs perfectly - under $500, small, and powerful. However, in looking into BFL as a company, all I can find is horror stories. Hell, the number 3 link in the sidebar is how to get a refund from BFL.
I've looked around a little bit, but all I've found (either linked from here or other places) are miners that are either inexpensive hobby miners without very much power, or monsters that cost well over $500. I just can't seem to find something small and cheapish that compares to the jalapeno.
So my question is: Is there a good alternative to the BFL jalapeno that I can purchase from a company that doesn't have a horrendous track record? I'm not looking for an ROI, but I am looking for something with a little umph under the hood: at least 5 GH/s like the jalapeno, in a box I can set on my desk and forget about, all in a package for under ~$500. Energy consumption isn't an issue.
Thanks!
TL;DR: What's an alternative to the BFL jalapeno that I can get from a non-shady company?
submitted by RalphORama to BitcoinMining [link] [comments]

At current state-of-the-art Bitcoin ASIC miner efficiency, the network hash rate will increase until it hits around 1243 PH/s (1,243,360 TH/s) (difficulty 168 billion)

We know the efficiency of the newest ASICs. Miners will keep adding capacity until their margins are fairly low, say 20% more than their electricity costs.
Bitfury's new miner only uses 0.8J/GH (here it uses 1J/GH, but they're underclocking the chips in final devices to reach 0.8J/GH). With an electricity price of $0.1/kWh, that means miners want to make at least $0.12 per kWh spent.
0.8J / GH
1 kWh = 3600000 J
So mining for one day at 1 GH/s at 0.8J / GH uses 3600*24*0.8J:
69120J / GH/s for 1 day
which, in kWh, is:
0.0192 kWh / GH/s for 1 day
so to spend 1 kWh per day we can mine at 1/0.0192 GH/s for 1 day:
1 kWh / 52 GH/s for 1 day
Mining at 52 GH/s for 1 day currently makes $78.53 (at the next difficulty of 25.7M).
So in order for it to only produce $0.12 (which miners are willing to go down to), network hash rate would have to increase by a factor of 78.53/0.012 = 6544
So at current ASIC efficiency (using Bitfury as an example), the difficulty will increase to 168 billion (168,000M) until miners' margins are 20% (at current BTC prices).
This will bring the network hashrate up to 1243 PH/s (1,243,360 TH/s).
submitted by runeks to Bitcoin [link] [comments]

"Bitcoin consumes more energy than [insert country here]", "Bitcoin is DESTROYING the planet", "Bitcoin could cost us our green future" A deeper look into bullshit.

As you might have noticed there has been an explosion of mainstream media article about Bitcoin's energy consumption. I won't link these crap but here are the titles:
So what is the info? Where does it come from? How did they come up with it? Is it true?
What is the info
Wrapped in sensationalism, the info is the following:
energy consumption of the bitcoin network, which is responsible for verifying transactions made with the cryptocurrency, is 30.14TWh a year
Where does it come from
Following direct links, or going through endless source circle of newspaper quoting one another, the source for absolutely all of these news article is the following website:
https://digiconomist.net/bitcoin-energy-consumption
The about section contains the following:
Digiconomist is a platform that provides in-depth analysis, opinions and discussions with regard to Bitcoin and other cryptocurrencies. The goal of Digiconomist is to cover any relevant financial, economic or regulatory cryptocurrency-related topic.
Additionally a quick look at the website shows a few things: 1. The website only talks about ETH and BTC 2. Outside of the blog posts it almost only talks about energy consumption (there is an ETH obituaries) 3. Blog posts started in march 2014 4. The domain was registered the 2014-07-03 5. No address, no country, no name, no foundation, no agency... Who are they?
Disregarding the fact that it comes from a no name website the, info is right there with a nice graph and even a methodology explained with a pretty infochart. It almost looks to good for a blog about cryptos. How did the Bloomberg, ars technica and the like found this website? I do not know, but when they did a ready to use report for newspaper was there waiting for them. Also, the graph as an url embedded at the bottom: "bitcoinenergyconsumption.com" which interestingly enough is a redirect for Digiconomist.
Also the bottom of the page on consumption has a list of news articles referring to this website for their sensationalist claims.
How did they come up with it
So as I said the methodology is there, and the result of it is there too:
Bitcoin's current estimated annual electricity consumption* (TWh) 32.53
So let's dive into the methodology on a step by step process, first of all, a further detailed methodology is shown here
  1. First, calculate the "Annualized global mining revenues (USD)", the website says: $13,487,831,695 As of this writing, on fork.lol, the reward for BTC is around r = 240 000 USD per block. r * 6 * 24 * 365 = 12 614 400 000. This is the same order of magnitude, but not good enough. Including the BCH reward as well (17 639 as we speak) gives : C = 13 541 505 840 USD. Seems about right.
  2. Calculate the mining operating cost "Annualized estimated global mining costs" : $1,626,480,051 This is easy, it is simply 60% of the previous number C * 0.6 = 8 124 903 504 USD ??? Ok this is weird, their number is not even 60%, it is more like 12%. So where is that number coming from?? Turns out this 60% assumption is not used at all in the calculation...
  3. Disregard the previous step
  4. Calculate the current total hashrate on the network: 14.12 ExaHashes/s at the time of these lines
  5. Assume the following:
Since the marginal product of mining is equal to the number of Bitcoins received per unit of mining effort, it would thus be expected that miners will either add more hashrate if the resulting revenue exceeds associated electricity costs, or reduce the hashrate once electricity costs start exceeding the revenue per hash. This also means that it is expected that the total network of Bitcoin miners is always mining at the calculate-able break-even efficiency. The break-even efficiency for Bitcoin mining can simply be calculated as:
W per GH/s=(price∙BTC/day)/(price per kWh ∙ 24hrday)
In layman terms, this means that they assume that the number of miners is always the exact amount for break even. This is a fair assumption. The formula that follows it make no sense without the context it came with in that working paper. A quick look at this document shows concerning mathematical mistakes... I have tried for far too long, I cannot reproduce any of their numbers...
So is it true? No
These numbers are not reproducible, they make no sense and calculated using a dubious paper by some professor of "social research". I assume he is also the owner of the website because his name appears way too often in there...The university where he studies has a nice wikipedia page:
The New School is a private non-profit research university centered in Manhattan, New York City, USA, located mostly in Greenwich Village. It was founded in 1919 as an institution dedicated to academic freedom and intellectual inquiry, serving as a home for progressive thinkers.
The real estimation
This is actually pretty straight forward. The maximum ever reached in hash rate was 16.5 exahashes/s according to fork.lol.
This is equivalent to 1.18 million S9 ant miner at 14 TH/s. Assuming everyone suck and they all have old hardware with crappy PSU. Let's say each S9 consumes 2000W. This is a 17520000 Wh per year per miner, which yields 20.67 TWh.
So peak production with very negatives assumptions yields a number 40% lower...
General critic
Deriving consumption from the mining revenue is purely ludicrous.
No including the fees in the mining revenue calculation is also ludicrous.
If your numbers are not reproducible, they are worthless.
submitted by Azeroth7 to btc [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]

Anyone want a free cloud-hosted 10 GH/s bitcoin miner?

So I guess I can send invites to anyone's email, and if you make a new account at zenminers and complete the account tour (takes 30 seconds) you get a completely free 10 GH/s miner. Not a lot of power in the bitcoin mining world, but, hey, it's free!
First come, first serve. I believe I may have a limited supply of invites.
So, if you're interested, comment/PM me your email and I'll send an invite to you when I get home.
I think you could also sell the hashlet on the market for an easy $5-ish
Fine Print:
This is an email referral, not a link. I can't send non-referral emails. I guess I get something if you ever buy anything from their online store.
EDIT: Profitability calculator link: here. Not much but it's free.
EDIT2: AS OF THIS EDIT, EVERYONE WHO PM'D ME THEIR EMAIL HAS BEEN SENT AN INVITE
submitted by t1m1d to beermoney [link] [comments]

USB Bitcoin Miner - The Power of 1000's Computers - YouTube 7 DAY$-24/HR$ - BITCOIN MINING EXPERIMENT - See How Much ... MAKE $700 BY MINING BITCOINS ON YOUR PC AND SMARTPHONE IN ... BUTTERFLYLABS 5 GH/s Bitcoin Miner ( Life of a Miner, From Altcoins to Bitcoins over 4 years ...

Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. Bitcoin Mining Calculator. A Bitcoin mining calculator allows you to determine how much can you profit from a certain Bitcoin miner.It takes into account all relevant costs, such as hardware, electricity, and fees. Mining with VBit since March 2019. Whenever I check my VBit Technologies dashboard I hear the sound of “ka-ching” in my mind. It is real and exciting! In the short period of time mining bitcoin has resulted in earning a significant amount of money. I’m so grateful and blessed that I’m in the right place at the right time with this… Bitcoin mining is very competitive. If you are looking to generate passive income by mining Bitcoin, it is possible, but you have to play your cards right. In order to profitably mine, make sure that you: Mine with cheap electricity; Buy the most efficient miner you can; Join a mining pool; Have patience We currently don't offer an option for 24h average difficulty because the main purpose of this mining calculator is to see the real-time state of the coins and use it in our software. Also, calculating reward regarding the 24h average difficulty cannot be compared to the results that are provided by multi-algo pools as it wouldn't be fair. However, you can compare results of median and average ...

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USB Bitcoin Miner - The Power of 1000's Computers - YouTube

#best bitcoin miner software 2019 #best bitcoin mining app 2019 #bitcoin mining android 2019 #telegram bitcoin mining bot 2019 #best bitcoin miner 2019 #best bitcoin miner hardware 2019 #bitcoin ... New video every Tuesday! Today we are taking a look at the Gekkoscience NewPac USB miner. We'll check all the hardware you need for setting it up, discuss so... What do you need to mine one Bitcoin BTC coin in 2020? Let's review Bitcoin mining profitability and what BTC mining rigs you would need to mine an entire co... Check out CryptoTab (PC, Android, iOS): https://bit.ly/3cDT3Po Do you want to know how to make $700 by mining bitcoins on your PC and smartphone in 2020? Che... This is the story of what it was to become a miner spread from the years of 2013-2017 Enjoy the life that I struggle thro to understand what it takes to mine...

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