5 Best Bitcoin Mining Hardware ASIC Machines (2020 Rigs)

[ Bitcoin ] Bitcoin legality in India – Is Bitcoin Legal ?

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by x23_shivam [link]
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


https://preview.redd.it/t5bxt1cnlgl51.png?width=1200&format=png&auto=webp&s=6b4d014c65e4a8bb3e787531b7654eb37d736994

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - How To Buy Bitcoin in India
x23_shivam your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
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09-07 06:15 - 'Bitcoin legality in India – Is Bitcoin Legal ?' (self.Bitcoin) by /u/x23_shivam removed from /r/Bitcoin within 1501-1511min

'''
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


[link]2

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - [How To Buy Bitcoin in India]1
'''
Bitcoin legality in India – Is Bitcoin Legal ?
Go1dfish undelete link
unreddit undelete link
Author: x23_shivam
1: bu*bit**inhow2*20.*o*/ 2: pre*iew.redd.it/t5bxt1*n*gl51.png?widt*=*2*0&*m*;f**mat**ng&am**auto**eb*&*s=6b***14c**e4a8b**e**75*1b7654eb3*d73699*
Unknown links are censored to prevent spreading illicit content.
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Pi Coin Minepi.com Pi Network Review: Minepi.com Pi Network Scam or Legit? Real or Fake? Genuine or Fraud?

Pi Network is already online from March 2019 but still, it is not listed in Tracked Listing at CoinMarketCap.com.
However, even if it manages to be on the Tracked Listing at CoinMarketCap, still we have a doubt it will be a successful project due to the following reasons:

Real crypto mining takes very high voltage, high wattage, loud, hot, specialized ASICs. Even with ASIC miners, the profit margin is not that high and equipment can fail especially if not kept under the right conditions. In order to be competitive with other cryptominers, a cryptocurrency miner needs a computer with specialized hardware, so it’s doubtful that your phone has the same capabilities. Phones don’t have enough computing power for that.

It is hyped as being started by Stanford PhDs but why are there Chinese letters at the official website of Pi Network (Minepi.com)?

It is allowing people to register from the countries like Nepal where the use and purchase of cryptocurrencies are illegal and banned, even the Bitcoins. So, this makes it clear that it is not taking care of the legal issues that it can face in the future.

When we check its traffic detail coming at its official website-Minepi.com, we find out the majority of its traffic is from countries like Nepal, Israel, India, and so on. These are the countries where very few people have full knowledge of cryptocurrencies. So, why is it targeting such countries where people have less knowledge of cryptocurrencies?

The main activity at Pi Network is constructing a pyramid of members. The current Pi Network is a test net with a faucet and an MLM style recruiting system. You get more out of the faucet if you recruit more people. So, this makes it very similar to Pyramid Scheme. You should know that any company asks you to recruit multiple people without selling any real products or services, fall into the Pyramid Scheme. So, it may also face a legal problem due to its business nature in the future.

To know more details, please click the link provided here: https://de-reviews.com/minepi-pi-network/
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Daily analysis of cryptocurrencies 20191022(Market index 39 — Fear state)

Daily analysis of cryptocurrencies 20191022(Market index 39 — Fear state)

https://preview.redd.it/cvdi2dmyz2u31.jpg?width=1280&format=pjpg&auto=webp&s=2883a5be2ada413d9d280c2576c48fa338631e24

Bank Of Cambodia To Allow More Control With Blockchain Payments Assistant Governor at the National Bank of Cambodia Serey Chea said that blockchain payments will enable greater financial control and remittance efficiency in an interview with CNBC published on Oct. 22. Chea said that the National Bank of Cambodia has experimented with domestic blockchain payments for retail, but the main interest is testing them for cross-border transactions.
Cashaa Launches Banking Solution For Indian Crypto Owners Banking services platform Cashaa is offering a solution for Indian crypto owners facing banking restrictions imposed by the country’s central bank, the Reserve Bank of India (RBI). The service, starting from Oct 23, allows users to deposit up to one crore rupees (~$141,012) per month to purchase cryptocurrencies.
UK Economic Secretary On Proposed Crypto Ban: FCA Operationally Independent From Government On October 21, John Glen, Economic Secretary to the UK Treasury, replied to a series of questions related to cryptocurrencies, with most of them about the effects of the the Financial Conduct Authority (FCA)’s proposed ban on the offering of crypto-based investment products to retail investors. According to Glen, the FCA is operationally independent from government. “The government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms,” he said.
CFTC Chair Says Ether Futures ‘Likely’ In 2020 Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert believes the crypto world will see Ethereum futures contracts sometime in 2020. Speaking at Georgetown University in a fireside chat during the first day of DC Fintech Week, Tarbert told moderator Chris Brummer that he “absolutely” believes Ether futures could trade in the next six to 12 months.

Encrypted project calendar(October 22, 2019)

ZRX/0x: The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22. Locus Chain (LOCUS): 22 October 2019 Public Test Begins Public test runs for three days from October 22nd to October 24th. IOTA (MIOTA): 22 October 2019 EclipseCon Europe Next week, join Lewis Freiberg, our Director of Ecosystem, to learn how to build an ecosystem around IoT focused distributed ledgers. TRON (TRX): 22 October 2019 TRC20-USDT Bonanza “… @Huobiglobal . Deposit #TRC20- #USDT, enjoy APR up to 30%, starting from 00:00, Oct, 22 to 00:00, Nov, 1, 2019(SGT).” PCHAIN (PI): 22 October 2019 Ama with Founder & CEO “Jeff Cao PCHAIN founder & CEO, will host an AMA on 22nd Oct at 11:00 PM (UTC+8) in the @Binance_DEX Telegram.” iExec RLC (RLC): 22 October 2019 AMA “Tuesday 22 October 2019. You can ask the team anything you want until Thursday 17 October.”

Encrypted project calendar(October 23, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.” BTC/Bitcoin: The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th. Cardano (ADA) and 1 other: 23 October 2019 WBS Dubai “One of a kind gathering of 500+ curated & pre-qualified investors, CEOs, CIOs, CTOs, Heads of Blockchain, Chief Digital Officers CloakCoin (CLOAK): 23 October 2019 (or earlier) CloakCoin Competition “CloakCoin competition : solve the CloakCoin ENIGMA transaction, 3rd round.” Loom Network (LOOM): 23 October 2019 Singapore Meetup “Unstack the Stack Series: Loom Network” from 6:30–8:30 PM (SST). BTGS/Bitdog: ZG.COM will open the BTGS currency and coin transfer business at 14:00 on October 23, and open the BTGS/USDT transaction pair on October 23 at 18:18. Waltonchain (WTC): 23 October 2019 Transfers Suspended “$WTC deposits and withdrawals on #TaibiExchange will be suspended from 00:00 Oct 22 (UTC+8) and are estimated to resume at 15:00 Oct 23

Encrypted project calendar(October 24, 2019)

BCN/Bytecoin: Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24. Horizen (ZEN): 24 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. ANT/Aragon: Aragon (ANT) Aragon Network will hold the theme “DAO: ICO and DeFi next step” in Hong Kong on October 24th? DATA/Streamr DATAcoin: Streamr DATAcoin (DATA) Streamr Network Technology Exchange and Project Development Conference will be held in London on October 24th. Lisk (LSK): 24 October 2019 Coding Workshop — Berlin “During this workshop you will acquire the skills to create custom transactions with the Lisk Alpha SDK using Node.js.” BTU Protocol (BTU): 24 October 2019 Africa IT Expo “Our co-founder @vidal007 will be speaking at upcoming @africa_aitex [African IT Expo] held in #Rabat #Morocco on 24th of October.” Matrix AI Network (MAN): 24 October 2019 YouTube AMA YouTube AMA from 3PM, October 24 (GMT+8). Utrum (OOT): 24 October 2019 AtomicDex Listing “We are pleased to announce that Utrum coin OOT is getting listed on Komodo Platform Decentral Exchange — AtomicDEX. “

Encrypted project calendar(October 25, 2019)

ADA/Cardano: Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25. Crypto.com Coin (CRO): 25 October 2019 Live AMA with CEO “Live AMA with our CEO @Kris_HK on @cryptocom’s Twitter next Friday, 25 October, 11AM HKT.” GST/GSTCOIN: GSTCOIN(GST)LBank will be online GST on October 25, 2019 at 16:00 (UTC+8), open trading pair: GST/USDT, GST/ETH.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th Horizen (ZEN): 26 October 2019 (or earlier) ZEN 2.0.19 Upgrade Zen 2.0.19 upgrade at block #610000, which is expected around October 26.

Encrypted project calendar(October 27, 2019)

ICON (ICX): 27 October 2019 Money 20/20 USA Event Money 20/20 USA in Las Vegas from October 27–30.

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th Stellar (XLM): 28 October 2019 Protocol 12 Upgrade Vote Horizon v0.22.0 has been released, which supports Protocol 12. This gives everyone ample time to prepare for the Protocol 12 upgrade vote Celsius (CEL) and 3 others: 28 October 2019 Litecoin Summit “…The Litecoin Summit offers two fun, jam-packed days with something for everyone.” XFOC (XFOC): The IDAX platform will be online XFOC and will open the XFOC/USDT trading pair at 13:00 on October 28. MEDIUM (MDM): The IDAX platform lists MDM and will open MDM/BTC trading pairs on October 28th at 15:00. ZB/ ZB Blockchain: The “2019 Hamburg Intercontinental Dialogue Conference” hosted by ZB.com will be held from October 28th to November 9th at the Four Seasons Hotel Hamburg, Germany. BQT (BQTX): 28 October 2019 Down for Maintenance BQTX.com will be down for maintenance on the 28th of October from 7 to 12am UTC.

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st. ICON (ICX): 29 October 2019 Decentralization “As a result, the decentralization schedule of the ICON Network has been changed from September 24, 2019 to October 29, 2019.” Ark (ARK): and 10 others 29 October 2019 WCC 2019 Second annual Blockchain and Cryptocurrency Technology event, World Crypto Conference (WCC), October 29th — October 31, 2019. Insifa (ISF): 29 October 2019 Prototype Alpha “We from Insifa have decided to be more open. Our Prototype will be developed in scrum. This means new releases every two weeks.”

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.” TRON (TRX): 30 October 2019 SFBW19 Afterparty “TRON Official SFBW19 Afterparty from 7–10:30 PM in San Francisco.” Horizen (ZEN): 30 October 2019 Horizen Quarterly Update Join our first Quarterly Update on October the 30th at 5 PM UTC/ 1 PM EST. Deeper look into Engineering, BD, Marketing, and more. Aeternity (AE): 30 October 2019 Hardfork “The third hardfork of the æternity Mainnet is scheduled for October 30, 2019.” Valor Token (VALOR): 30 October 2019 Transaction Fees Resume “It’s September and the SMART VALOR Platform is still waiving transaction fees for all members, until October 30th!” Aragon (ANT): 30 October 2019 Singapore Meetup “Aragon on DAOs and DeFi” from 6:30–8:30 PM. Kambria (KAT): 30 October 2019 Outliers Hashed Awards Outliers Hashed awards from October 30–31. Ethereum Classic (ETC): 30 October 2019 Cohort Demo Day “ETC Labs hosts it’s 2nd Cohort Demo Day. Learn about the companies and project being accelerated through the Ethereum Classic ecosystem.”

Encrypted project calendar(October 31, 2019)

Spendcoin (SPND): 31 October 2019 (or earlier) Cross Ledger Mainnet “Cross Ledger Mainnet Release and SPND Token Swap,” during October 2019. Spendcoin (SPND): 31 October 2019 (or earlier) Blkchn University Beta “Blockchain University Beta goes live,” during October 2019. Stellar (XLM): 31 October 2019 (or earlier) Minor Release “We will have 6 Minor Releases in 2019; one each in February, March, May, June, August, and October.” Bitcoin SV (BSV): 31 October 2019 (or earlier) BSV Conference Seoul No additional information. Seele (SEELE): 31 October 2019 (or earlier) Public Network Mainne launch has been moved to Oct 31 . Howdoo (UDOO): 31 October 2019 (or earlier) Howdoo Live on Huawei Howdoo begins its exciting partnership with Huawei with listing as a featured app starting in October. Chiliz (CHZ): 31 October 2019 (or earlier) App Soft Launch Soft launch of Socios App by end of October. Dent (DENT): 31 October 2019 (or earlier) Loyalty Program “Afterburner loyalty program launch for all 21,6 Million mobile #DENT users will be in October!” IceChain (ICHX): 31 October 2019 (or earlier) Wallet Release IceChain releases wallet during October. Chiliz (CHZ): 31 October 2019 (or earlier) New Partnerships New sports and new teams joining Socios (+more updates and events) will be announced in the upcoming weeks. Horizen (ZEN): 31 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. PCHAIN (PI): 31 October 2019 (or earlier) New Website No additional information. IOST (IOST): 31 October 2019 (or earlier) New Game on IOST “Eternal Fafnir, a new role-playing game developed by INFUN is coming to you in Oct.” Achain (ACT): 31 October 2019 Mainnet 2.0 Launch “… The main network is officially scheduled to launch on October 31.” Mithril (MITH):31 October 2019 Burn “MITH burn will take place on 2019/10/31 2pm UTC+8. “ Aergo (AERGO): 31 October 2019 (or earlier) Aergo Lite V1.0 Release AergoLite, which brings blockchain compatibility to billions of devices using SQLite, released during October 2019. TE-FOOD (TFD): 31 October 2019 (or earlier) Complementary Product “Development of a new, complementary product with a new partner, which we hope to be launched in September-October.” Edge (DADI): 31 October 2019 (or earlier) Full Open Source Code base for the network fully open-sourced in September or October. BlockStamp (BST): 31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing. Perlin (PERL): 31 October 2019 (or earlier) SSA Partnership “Perlin has partnered with the Singapore Shipping Association to create the International E-Registry of Ships (IERS)” Skrumble Network (SKM): 31 October 2019 (or earlier) Exchange Release “3rd dApp: Exchange Release,” during October 2019. EDC Blockchain (EDC): 31 October 2019 (or earlier) Blockchain Marketplace “As you already know, our ECRO blockchain marketplace is ready for release, and will open to the global community in October!” BlockStamp (BST): 31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing. XinFin Network (XDCE): 31 October 2019 Homebloc Webinar “XinFin — Homebloc Webinar 2019” from 9–10 PM. Akropolis (AKRO): 31 October 2019 (or earlier) Alpha Release “Delivers the initial mainnet implementation of protocol. All building blocks will be united to one product.” Hyperion (HYN): 31 October 2019 (or earlier) Economic Model The final version of the HYN Economic Model launches in October.

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019. VeChain (VET):”01 November 2019 BUIDLer Reunion Party BUIDLer Reunion Party in San Francisco from 8–11 PM. uPlexa (UPX): 01 November 2019 Steadfast Storm — PoS/PoW split (Utility nodes ie. master nodes) — Upcoming Anonymity Network much like TOR — Privacy-based DApps — Reduced network fees. Enjin Coin (ENJ): 01 November 2019 MFT Binding “ICYMI: On Enjin Coin’s 2nd anniversary (November 1), Enjin MFTs will be bound to hodlers’ blockchain addresses…” Auxilium (AUX):01 November 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity. Havy (HAVY):01 November 2019 Token Buyback “Havy tokens buyback, Only in 1 exchange between Idex, Mercatox & Hotbit. The exchange depends on the most lower sell wall.”

Encrypted project calendar(November 2, 2019)

Kambria (KAT): 02 November 2019 VietAI Summit 2019 Kambria joins forces with VietAI for the annual VietAI Summit, with top experts from Google Brain, NVIDIA, Kambria, VietAI, and more!

Encrypted project calendar(November 4, 2019)

Stellar (XLM): 04 November 2019 Stellar Meridian Conf. Stellar Meridian conference from Nov 4–5 in Mexico City. Cappasity (CAPP): 04 November 2019 Lisbon Web Summit Lisbon Web Summit in Lisbon, Portugal from November 4–7.

Encrypted project calendar(November 5, 2019)

Nexus (NXS): 05 November 2019 Tritium Official Release “Remember, Remember the 5th of November, the day Tritium changed Distributed Ledger. Yes, this is an official release date.” NEM (XEM): 05 November 2019 Innovation Forum — Kyiv NEM Foundation Council Member Anton Bosenko will be speaking in the upcoming International Innovation Forum in Kyiv on November 5, 2019.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.

Encrypted project calendar(November 7, 2019)

XRP (XRP): 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.

BTC — So far, BTC has hit a high and fallen back, reaching a maximum of US $8371. At present, BTC has retreated to around us $8200. In the past 24 hours, the net capital inflow of BTC has exceeded US $50 million, and the market capital inflow has decreased significantly compared with the previous period. In terms of the 4-hour line, BTC rose and fell yesterday, with a long shadow. There is a big resistance near the $8400 above. It is possible that BTC will continue to move back in a short term. Sex increased. The medium-term trend is still long. As long as the support of 7800 US dollars is kept below, it is difficult for the air force to dominate the panel. Short term below support around $8100. In terms of operation, close to the resistance level can properly stop the surplus, while maintaining the strategy of bargain hunting.
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Bitcoin Mining Profitability: How Long Does it Take to Mine One Bitcoin in 2019?

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

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

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

Bitcoin equipment

I want Bitcoin mining equipment in india, can anyone help me with that? (Note: please do not advice me how to mine/where to mine. Because i am already myself part time miner and scammers please do not bother to comment) I am facing delivery problems in india. Cryptocurrency ASIC miners are not legal nor illegal in India. I do not have supply problems from China. I already have reliable sources in China that they can deliver miners to India. So, i am not looking for a supplier. I am looking for an agency/agent that he/she can give custom clearance to my goods and give delievery to my home address in INDIA. i will also buy used miner from an Indian minesupplier
submitted by NileshLathidadiya to BitcoinMining [link] [comments]

A minimum of 1470 Bitcoins has to be dumped on the market just to cover electricity cost

Unpleasant Truth...
3975 BTC are mined every day 24x60/9.06x25=3974 (24 hours x 60 minutes / ~9.06 average time between blocks x 25 BTC block reward)
Assuming that the mining farms in China are using the most efficient ASIC miner available on the market, that is to say the Antminer S4, it would cost about 37%* of their mined Bitcoins just to cover the electricity cost at a rate of $0.08/kWh which is the average electricity price in China and India.
So everyday, a minimum of 37% of the newly created coins has to be dumped on the market. Which is 1470.75 BTC or 423,576 USD.
In an ideal world where everyone uses the most efficient ASIC miner, lives in China or India, and holds all their mined coins (and only dump as much as they need to cover the electricity), a minimum of $423,576 worth of Bitcoins has to be bought everyday on the market to maintain a stable price (no price drops). Which in fact is more likely to be double $423,576 as miners also want to make a profit (by dumping more of their BTC for $). Also, miners are located all around the world (higher electricity rates) and not everyone uses the most efficient Bitcoin miners (Bitcoin miners have to cover for the hardware cost too!).
* S4 specs are 2TH/s for 1.38kW/h at a rate of $0.08/kWh, BTC price at $288, difficulty at 40,640,955,016.58 and block reward of 25BTC: (1.38*0.08*24)/(86400/(40640955016.58*2^32/(2*10^12))*25*288) ~ 37%
submitted by Thireus to Bitcoin [link] [comments]

Current Bitcoin Carbon Emissions. The numbers. Can we discuss please?

I received a PM from a redditor about a old comment. His PM reads -
So back 10 months ago I posted this comment and you responded with the most reasoned response about the entire Bitcoin network emitting less carbon than a single 747. It made me feel much better about Bitcoin. It also confused me this past few weeks with people posting stories stating that Bitcoin will soon use nearly 0.1% of the world's energy and already consumes more power than every single solar panel in the entire world produces. Those two don't really square, so I looked back and the article you reference was from 2014. I'm curious if you've reevaluated your stance on bitcoin or perhaps have some insight that the current hysteria is just overblown?
Since I've spent the time doing some napkin math (I could be horribly wrong on this, someone please correct me!), I thought I should make this post public for everone to evaulate my maths and my reasoning.
First, I would just redirect to AA's great clip on the subject -
https://www.youtube.com/watch?v=fExR-IKozOY
As for re-evaluating my position, yes, constantly. Im going to do this really quickly, so unsure of accuracy, but should give a rough ball park.
http://www.yousustain.com/footprint/howmuchco2?co2=761+tons
Says its about 761 tons for a 747 to fly 24 hrs.
https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280
Claims 1 watt per 1 second gigahash. Comes out to 343 mW per second. Thats 1234800 mW per hour, which equals 29635200 mWh for 24 hrs. The formula used to calculate megawatt-hours is Megawatt hours (MWh) = Megawatts (MW) x Hours (h). In this case, I've used 24 hours since we are comparing to 24 hours of a 747 flying, so 24 MWh. So currently btc mining has a rate of 1,234,800 per MWh.
Putting 29635200000 (previous mWh * 1000 for kWh) into this government calculator will give you caron comparisons. That calculator claims an equivilent of 2,481,717,074 gallons of gas consumed. Yes, thats nearly 2.5 billion.
To make this comparison more comprehensible....
https://www.eia.gov/tools/faqs/faq.php?id=23&t=10
In 2017, about 143.85 billion gallons (or about 3.40 billion barrels1) of finished motor gasoline were consumed2 in the United States, a daily average of about 391.40 million gallons (or about 9.32 million barrels per day).
This would be equivilent of 6.33 days of gasoline usage in the USA for a single day of mining.
So go go back to our airplane analogy, the carbon calculator says that many mW = 22,055,020 metric tons of carbon emitted.
I do recall looking into the airplane thing back when we were discussing it, and I remember looking at the numbers. Frankly, its impossible to believe those were accurate and im sorry. I should have double checked everything.
According to - https://charts.bitcoin.com/chart/hash-rate
We had around "5EHash" in august of 2017, when that comment was made. We are now at 31EHash, over a 6x fold since that comment was made.
Now that we have the numbers out of the way, some things to consider...
These estimates are based upon the USA's carbon calculators which measures average carbon output based on the varying technologies in the US. According to the wiki the US only is around 12% (in 2016) for renewable energy.
So in general, our energy is pretty damn dirty and we put out a lot more carbon than we sequester.
In that AA video, he talks about the geolocation arbitrage used by miners. This makes a lot of sense. If you are going to invest 50-500 million into a mining operation, are you going to do it in a area where it costs 12 cents per hour (US average), or where it costs 3-4 cents per kwH? See -
https://www.forbes.com/sites/dominicdudley/2018/01/13/renewable-energy-cost-effective-fossil-fuels-2020/#1c69d08e4ff2
Obviously you are going to massively reduce your operational cost as that is what will lead your investment to become profitable.
Fortunately for us, and the world, many of these arbitrage opportunities are in hydroelectric and geothermal energy areas. These plants are designed to be future proofed, so enterprising mining congolmerates will move to areas where they can secure very cheap energy prices. When these companies are currently using 5-15 GwH for their cities, with 50 GwH capacity, they will happily sell their extra capacity to the mining operation since that is a very favorable economic incentive to all parties.
Another factor to consider is that for every single new ASIC design, they are becoming more energy efficient. So even though the hashrate is jumping, I would say the overall energy used by the network will plateau, if it has not already done so. With GMO and other giants like Samsung entering the mining design fray, this will only speed up energy efficiency.
None of this is intended to be a sidestepping of the facts - Clearly the bitcoin network uses a lot of energy. And when you have less regulated countries (china, India), it presents opportunities for locals to setup mining operations inside their locality, which then uses dirty energy, increasing carbon outputs.
The amount of carbon emissions per day (22,055,020 metric tons) that is above is obviously not very accurate when you account for these arbitrage opportunties. We know for a fact many of the largest mining colo's are situated near hydroelectric and Geothermal energy plants, which means that they are practically zero carbon emissions. Since we do not know the location of every miner, due to the decentralized unregulated nature of bitcoin, it is impossible to calculate how much of a reduction of tons of carbon we will get for that calculation.
But even if we are generous, and say 50% of all mining is done on renewables, that still leaves 11 million tons of carbon per day, a pretty staggering amount.
There is also much to hope for with scientists claiming we can be 100% renewable energy across the entire planet. Such as scientists setting to prove through empiracle data that it is feasible to convert the entire planet to 100% renewables. Though it is probably not realistic that this will happen quickly, or even at all. To give perspective, CFC's have been banned for decades and thought not in use for over a decade, yet recent data has shown levels are increasing. There will always be industry willing to destroy the world in the future for short term profit now.
We should also weigh the costs and benefits of this massive network. If bitcoin becomes adopted across the world as a currency, which if you look at places like Japan, it clearly is, then this will enable literal billions of people who are currently unbanked to join into the global financial ecosystem.
The personal financial soverignty that bitcoin brings is of incalcuable value. Whether the carbon emissions are worth these trade offs is a philosophical question that probably does not have an right or wrong answer.
Then we must also evaluate the carbon impact that the bitcoin network would have if cryptocurrencies were to replace traditional financial networks. There are some good analysis on the carbon footprint of banks, and bitcoin mining, coindesk has done several articles, see -
https://www.coindesk.com/microscope-conclusions-costs-bitcoin/
&
https://www.coindesk.com/microscope-true-costs-banking/
If we are properly to examine the impact that cryptocurrency carbon emissions have on society, then we should also examine the reduction of carbon that cryptocurrency networks will have upon the banking sector.
This site Claims AC & Heating results in 47.7 % of the entire USA's electricity usage. This example is just to present a understanding of how much energy these systems use.
How many Banks are there around the world that have their AC on 24/7? I can imagine just that number alone would lead to a staggering level of CO2 emissions. The coindesk article claims 591k bank branches around the world. The above aritcle claims 3.5k watts for a single central air unit. I had a family member that used to run a A/C business and I've been on top of many businesses. A bank will likely have several of those units to keep the place cool, I would estimate between 2-10 depending upon size.
In more good news, Bank branches are declining, and cryptocurrencies will only accelerate this. Lets hope that bitcoin is the amazon of retail brick and mortor closures.
In conclusion, there is a valid and rational concern as to the amount of power that the bitcoin network brings. And instead of being dismissive, we should recognize the incredible rate at which the bitcoin network is growing on an annual basis. From 4.3EHash to 31EHash over the last year, that is about a 8x fold increase.
Since we can assume that the majority of hashpower is coming online in the last year is likely newer models, these units should be at the current efficiencies. The estimates above should be roughly accurate based on this information.
This information will only be used by politicians and media congolmerates to spin a very bad negative impression of the bitcoin network. And you know what? Maybe they are right. Maybe bitcoin is growing into a massive CO2 producing beast that outweighs the benefits that it brings to society.
But how can we reach a consensus on this issue unless we, the hardcore bitcoiners and techophiles, bring the numbers into sunlight and discuss?
submitted by Cryptolution to Bitcoin [link] [comments]

How much would I have to spend to profitably mine bitcoin?

Currently (Nov. 28th 2017.) annual net earnings just with one Antminer s9 in Serbia is 8.986 USD.
As an investor or small/middle size miner you should consider: the price of bitcoin, investment for mining equipment and the price of electricity.
Superb mining equipment are ASIC processors specially made for bitcoin and alternative (all other) coins mining.
Currently (Nov. 2017.) for mining the bitcoin the best ASIK processor in the world is Antminer s9. It cost from $1.500 up to $3.500. The price varies depending on the series (each subsequent series has better performance), where it is bought (it's a big difference if you buy it directly from the manufacturer or via eBay or Amazon), shipping costs (can be from $0-200) and power supply unit cost from $105 to $200.
The cheapest electricity in Europe is in Serbia. 0,065 € (≈0,077 USD)
Source: Eurostat._YB16.png) (Eurostat is a statistical office of the European Union located in Luxembourg).
One of the essential heritage of communism that has remained in Serbia is that the price of electricity is a social category. So, in Serbia, unlike the rest of the world (perhaps in the communist countries), it is a cheaper electrical cost for domestic households than for the industry.
I decided to pinpoint exactly how much it would electricity cost if 2 Antminers s9 were mining 24/7 365 days a year. The calculation is based on Serbian Dinars. The final value is in US Dollars.
In Serbia, there are 3 zones of electricity categories depending how much of power do you consume per 30 days accounting period: green (0-350 KWh) blue (351 KWh-1.600 KWh) and red zone (more than 1.600KWh). Each zone has own price range. Each zone has night ( lower) and day ( higher) price. Night prices are calculated from 11pm-6am for each zone. Meaning, 16 hours (66,66%) during a day processor will consume higher priced el.energy and 8 hours ( 33,33%) lower priced el.energy.
One Antminer s9 processor consumes 1.400W = 1,4 KW x 24h = 33,6KW / h consumed in one day.
So two processors consume 67,2 KW / h / day
Green zone is up to 350 KWh. So, 350 KWh: 67,2 KWh / per day = 5,2083 days
5,2083 days x 24h = 124,9992 h.
33,33% of 124,9992 h = 41,6622h (lower price hours) x 1,419din. (lower price of el. in the green zone) = 59,1187 din.
66,66% of 124,9992 h = 83,3244 h (higher price hours) x 5,962din. (higher price of el. in green zone) = 496,7804 din.
The blue zone is from 350 KW to 1.600KW
1.600 KW-350 KW = 1.250 KW (the amount of electricity that can be spent in the blue zone price range)
1250KW: 67,2 KWh / per day = 18,6011 days
18,6011 days x 24h = 446,4264 h.
33,33% of 446,4264 h = 148,7939 h (lower price hours) x 2,236din. (lower price of el.price in blue zone) = 332,7032 din.
66,66% of 446,4264 h = 297,5878 h (higher price hours) x 8,943din.(higher price of el.price in blue zone) = 2.661,3280 din.
Red Zone
It remains 6,2 days in the red zone
The number of days spent in the green zone is 5,2
+
The number of days spent in the blue zone is 18,6
23,8 days spent
Calculation period 30 days -23,8 = 6,2 days in the red zone
6,2 x 24h = 148,8h
33,33% of 148,8h = 49,5950h (lower price hours) x 4,472din. (lower price of el. coast in the red zone) = 221,7890 din.
66,66% of 148,8h = 98,208h (higher priced hours) x 17,887din. (higher price of el.cost in the red zone) = 1.756,6464 din.
…………In total: 5.528,3657 dinars( basic amount for tax calculation)…………….
Tax calculation
Note: Some tax I can't translate literary or it is to long for translation, so I have named them Fixed Tax
-Basic amount: ……………………………………......... 5.528,3657 din.
-Fixed Tax : 11,04 KW x 48,552 din.: …………...+ 536,01 din.
-Fixed Tax: …………………………………………........... + 132,76 din.
-Total: …………………………………………..........….…… 6.197,1357 din.
-5% discount on regularity of payment: .....… - 309,8567 din.
-Total: ……………………………………………….........…. 5.887,279 din.
-Tax for green energy: …………………….....……… + 187,48 din.
-Total: ……………………………………………........……. 6.074,767 din.
-Excise (7,5%): ……………………………….....……… +455,6075 din.
-Total: …………………………………………….........…… 6.530,3745 din.
-VAT (20%): ………………………………….....……… +1.306,0749 din.
-Total: …………………………………………….........…… 7.836,4494 din.
-Nacional Television Tax: ………….......…………….. 150,00 din.
……… Grand total: 7.986,4494 din. ≈79,45 $ …………………………….
The exact price KWh for a given period is only 3,9615 din. ≈ 0,039 $
Official National Bank of Serbia exchange rate for Nov. 28th, 2017.
7.986,4494 din : 2.016KWh (total el. power consumption for 30 days) = 3,9615 din. ≈$0,039 per kilowatt/hour. In this way, it is actually cheaper than the average price in China, India or UAE. I'll never complain again about el.price in my country. Worldwide electricity price by region, source: statista.com
The profitability of mining bitcoin ( and other altcoins) is calculated with the power consumption calculator. Simply, chose the coin ( in this case bitcoin) enter the hash power of processor ( in this case 14 TH) and el. coast ( in this case 0,039 USD). When you put all this data, you are making just with 1 Antminer s9 $8,986 in Serbia. Power consumption calculator. Source: cryptocompare.com
Now we can do a little investment brainstorming.
Let's say you rent 10 apartments and in each, you will put two S9s. Rent in Serbia (not in Belgrade) for a flat on less attractive location, is $ 110 (can be even less), x 10 apartments that will cost you $1.100 a month.
The Internet per month is $12 x 10 flats = $120
Electricity per month is $79,45 x 10 flats = $794,5
Since this is a serious investment and business, you need 3 people (8 hours shift) for monitoring the processors pay the bills preventing possible stilling, just to make sure everything goes smoothly. The salary per person is $300, so monthly is $900. For these three persons, you can rent an apartment from where they will monitor the processors, which is an additional $ 200 per month (maybe even less).
Monthly expenses are 3.114,5 $
2 Antminers s9 are making (with current bitcoin mining difficulty, block size and price rate) $1.477,3 x 10 flats = $14.773 per month
Month Net Profit: $11.658,5 x 12 months = $139.902 Annual Net Profit
The variable cost is purchasing price of Antminer s9. From $ 1.500 to $ 3.500 (customs, delivery charges, where do you bay). We need 20 Antminers x $3.500 = $70.000
In a year (at the current bitcoin price) the gross profit is $139.902 - $70.000 ( purchasing price for 20 Antminer s9) = Net profit: $ 69.902 in the first year.
The costs could be further reduced:
~~ If you pay in advance ( 6 months or 1 year ) rant
~~ The price of an Antminer s9 is cheaper in a larger quantity order,
~~ I am not sure but, I spouse you can have better price from internet provider for large internet packet
Why two Antminers s9? Under the law, EPS ( Serbian state electrical company) is required to provide up to 30.000KWh annually to each household. The two Antminers S9 spend 24.192KWh yearly.
…..and there is more to talk about this subject.
So, if you have someone in Serbia I wish you all the best. Call me for dinner ( at least you owe me that :)) .
Or, if you are interested in this and you don’t have contacts in Serbia, you can contact me about this project. [email protected]
Stay happy,
Lazar
submitted by _TETRISMANIA to BitcoinMining [link] [comments]

All We Know About Cryptbontix (DIG) + Other Tokens

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

Key Features Of The Asset-Backed Tokens:

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

How this changes the digital asset landscape and the future

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

History: UNY To DIG Swap

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

Dignity (DIG)

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

Namaste (NAM)

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

Orectic (ORE)

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

Honor (HNR)

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

Gold Bullion

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

How To Get Hold Of Your Physical Assets

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

Mining Facility

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

Coin Miner LLC

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

Cryptotopic Inc.

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

Coin Miner LLC

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

How Can 21's Business Plan Make Sense?

Now that 21 has revealed their plans concretely, I'm finding it hard to figure out some seemingly obvious gaping flaws in their plan. Adding mining to everything isn't efficient, not even a little bit. Mining requires a specialized data center, it can't be done with a toaster: the amount generated will be insignificantly small.
https://medium.com/@21dotco/a-bitcoin-miner-in-every-device-and-in-every-hand-e315b40f2821
I made a stab at translating their medium post from crazy talk into something that could possibly make sense
Point 1: A new approach to micropayments
21 claims people won't use their credit cards when signing up, so they will use a BitShare chip instead.
How I think this could make sense: think Captchas, not Credit Cards. When you sign up for a site, you have to fill in an annoying captcha, it's a way of ensuring that you aren't abusing the site resources. Bitcoin's hashing concept was originally created as an alternative to this: hashcash, something to make abuse a little bit expensive. So the BitShare chip could act as a way to avoid captchas, or to go old school, to send emails with a little bit of authority that yes, I did some work to send this email and help send a signal to a spam filter it's not spam.
Point 2: Silicon as a service
21 claims that video cards and routers are going to be mining
How I think this could make sense: Imagine a future world in which the race to ASICs is over, the smaller and smaller, more efficient and more efficient war is over. Now it's all about electricity. Although this is not a business model I think is very ethical, companies start selling heavily discounted video cards and routers that make up for their discount by basically taking electricity from the customer. The thing is, people are not all that savvy about upfront payments vs payments on installment. This basically takes the payments on installment business model and moves it from the retail level to the manufacturer level
Point 3: Decentralized authentication
21 claims that you will be able to use embedded private keys to authenticate
How I think this could make sense: the best practice we have at the moment to ensure security is using multiple factor security. Instead of just something you know (your password), you use something you have (2 factor auth token) as well. Of course this is still vulnerable, more factors would be better but even 2 is a pretty frustrating experience of copying numbers etc. Imagine if you created auth tokens based on all your surrounding devices. Like to access your bank account fast checking you need to be at home on your network with your toaster, your fridge, your computer, all your devices co-signing to authenticate you. Even at the smallest level, your phone and your password automatically signing together would provide a lot more security than we currently have with just passwords and the rare user who turns on 2FA.
Point 4: Machine Twitter
21 claims that machines want to tell the world they are pooping
How this could make sense: there's a race on to figure out how to make decentralized databases. Whether it's OpenBaazar or Storj or Ethereum or Namecoin, there's obvious use cases for a key value store that's decentralized. The trouble is no one has yet figured out how to make it work and make it useful yet. BitShare chip could act as a gateway into this future database, where you have a Windows registry in the sky that's controlled by no one and authenticated via BitShare too. So your refrigerator can write to the decentralized database how many eggs you have left and you can check that from your mobile phone, and BitShare chip acts as the key that is needed to avoid people from super spamming this decentralized, standardized global database. Theoretically.
Point 5: Pay for associated services
21 claims that their chip could be used to pay for software as a service
How this could make sense: now almost all of the time the mining the chip is doing is going to be pretty worthless, but some of the time it won't. Imagine if Tesla put in BitShares into their new home battery, where when the battery gets full it can start mining, say if you have a solar panel setup. Now Tesla can offer a service to you, you can subscribe to Tesla Home PRO for free (actually paid with electricity) which has a bunch of cool new software, all you have to do is enable the Tesla BitShare chip.
Point 6: Devices create revenue splits
21 claims that the supply chain can be compensated partially
How this could make sense: this could be basically a restatement of smart contracts, where companies can work together and have a contract guiding their cooperation that needs no legal framework to ensure ongoing cooperation. For example I'm a Sauna designer and I contract out to a Chinese company to manufacture my Saunas. Now I can offer the Chinese company a split of the sales directly, and we don't have to trust each other very much. Plus I can cut the Chinese in on ongoing sales, so they now have an incentive to make a quality product that people continue to use and not just lower quality so they can lower their costs and screw me over.
Point 7: Bitcoin for the developing world
21 claims that poor people can't afford things with high upfront costs so they need the BitShare thing to offset the cost of things. This could make sense if you buy the idea that people will buy lower cost things even though there will ultimately be a higher total cost of ownership, because they are too poor for upfront costs and/or not wise buyers. Like I could sell a slightly cheaper car in India that had some embedded BitShare that was reducing the car's efficiency but sending me coins. It's kind of the idea behind the Google ChromeBooks/Android business model: Google gives away stuff for free/low-cost and then people click on ads to make up the difference.
The thing that trips me up and I'm not sure about is the underlying assumption which is that Bitcoin mining efficiency will plateau and these BitShare chips will actually be somewhat competitive vs the most advanced ASICs going forward. If ASICs blow them out of the water completely, all these points won't work because the hashing is so so difficult that mining bitcoin with these things would become indistinguishable from not mining.
submitted by pb1x to Bitcoin [link] [comments]

Vertcoin should position to survive without Bitcoin & Litecoin

After spending a ridiculous amount of time researching the differences and feud between Bitcoin and Bitcoin Cash, I've become completely convinced that Bitcoin Cash is far superior.
Bitcoin Core had been averaging 80-90k unconfirmed transactions all last week until exchanges began denying Core withdrawals and deposits so the network could catch up. The 1MB block size is just not big enough for the current scale of transactions, and because Segwit 2x wasn't approved, the network will be essentially useless until Lightning Network. The LN developers say it won't be ready for at least 18 months, which is eternity in the crypto world.
Bitcoin Cash, however, is choosing to scale on-chain, by increasing block sizes to accommodate network capacity. This has kept transaction fees to almost nothing, allows for extremely fast transactions, and provides more security by keeping all records on the main blockchain, not side chains.
Bitcoin Core is actually losing more merchant acceptance than gaining. Merchants are switching to Bitcoin Cash because the transactions are cheap, confirm quickly, and payment channels are easy to program.
Not only do users and merchants prefer Bitcoin Cash, but it's well-known to be preferable to miners as well. Not only does it average higher profitability, but the world's largest miner manufacturer, Bitmain, now only accepts Bitcoin Cash. That tells you something about which coin miners prefer.
There are only two major subsets of mining networks right now: ASIC-oriented, and ASIC-resistant. If Vertcoin is set to dominate the ASIC-resistant coins, Bitcoin Cash will dominate the other half. "The People's Coin" and "The Miner's Coin."
Due to these reasons, I think Vertcoin's biggest weakness right now is that it ties itself to the lightning network, Bitcoin and Litecoin. Africa, India, and third world countries are going to begin adopting digital currencies on a large scale next year, and they aren't going to be using Bitcoin. I think Vertcoin should begin to diversify it's technologies and scaling plans further away from Bitcoin's in order to ensure it's survival. At the very least, the roadmap should have a Plan B.
submitted by roleroni to vertcoin [link] [comments]

What's next for bitcoin

Here's a brief list that's just a fraction of the positive news. Does anyone have anything to add to the list or any suggestions on things to change?
Future
Videos that really explain where we are headed
submitted by BillyHodson to Bitcoin [link] [comments]

Novice, Intermediate or Expert? A Quiz to Test Your Bitcoin Knowledge

Think you know the ins-and-outs of bitcoin? Test yourself with 30 questions that grill you on Bitcoin’s history, technology and politics. The 30 questions are split up into three segments ranging from novice to intermediate to expert, and cover a wide range of topics across the Bitcoin landscape.
If you get stuck or want to check your answers along the way, an answer sheet has been added below the quiz. Of course, these questions cover only a few points about Bitcoin so far — with so many new developments taking place, there is always more to learn. Good luck!
Novice Questions 1. Who created bitcoin?
a. Vitalik Buterin b. Gavin Andresen c. Satoshi Nakamoto d. Charlie Lee e. Jackson Palmer 2. What is the original document that proposed Bitcoin, considered by many in the space to be a “must read”?
a. The Bitcoin White Paper b. The Golden Proposal c. E-Money: Bitcoin and the Blockchain d. The Bitcoin Manifesto e. The Bitcoin Constitution 3. What is the name of the bitcoin exchange from Japan that famously collapsed in 2014 due to a devastating hack?
a. Tradehill b. Bitstamp c. Mt. Gox d. Blockchain.info e. Bit Trade 4. How many bitcoin will ever be created?
a. Unlimited b. 77,340,109 c. 3,500,000 d. 21,000,000 e. 18,650,000 5. What is the name of the off-chain scaling solution that is being developed to mitigate bitcoin’s fees and long transaction times?
a. Instasend b. Second Layer Network c. Lightning Network d. Quick Net e. The Bitcoin Payment Network 6. Which of the following statements is NOT true about bitcoin wallets?
a. Wallets can come in many forms, as long as they hold your private keys. b. Wallets have addresses that anyone can use to see the current number of unspent bitcoins in them. c. The only thing someone needs to access a wallet is the private key. d. It is possible to send bitcoin by signing the transaction offline and then broadcasting the transaction later. e. To open a wallet you must submit a request to the wallet provider. 7. What is the name of the technology underlying Bitcoin?
a. Bitchain b. Blocklink c. Blockchain d. CoinLedger e. Satoshisquare 8. True or false? Bitcoin can be sent to an Ethereum address.
a. True b. False 9. The first underground marketplace on the dark web which used bitcoin as its native currency and was created by Ross Ulbricht was called:
a. Black Onion b. BTC Market c. East India Trading Company d. Silk Road e. Worldwide Drug Emporium 10. Bitcoins can be divisible down to the eighth decimal point. What is that unit called?
a. Bit b. Satoshi c. Naki d. Shill e. Bitsat Intermediate Questions 11. Which traditional stock exchange was the first to list bitcoin futures contracts?
a. The New York Stock Exchange (NYSE) b. The Intercontinental Exchange (ICE) c. The Chicago Mercantile Exchange (CME) d. The Chicago Board Options Exchange (CBOE) e. None of the above. Futures contracts are only available on cryptocurrency exchanges like BitMex and Bitfinex. 12. The computers that find new blocks are called:
a. Accountants b. Miners c. Mitigators d. Associates e. Verifiers 13. Which of the following is NOT true about Bitcoin Cash, a fork from Bitcoin?
a. Bitcoin Cash was created over an ongoing debate within the Bitcoin community over scaling and transaction speed. b. Roger Ver uses bitcoin.com to convince new investors that Bitcoin Cash is the original bitcoin. c. Bitcoin Cash is commonly referred to as “Bcash” because (some) bitcoin proponents don’t want to give the forked currency the brand recognition that Bitcoin has accumulated since 2009. d. Bitcoin Cash uses the SHA-256 hash function (the same as Bitcoin). e. Bitcoin Cash removed its block size limit completely. 14. Where is the Bitcoin processing server located?
a. Washington, D.C., USA b. London, England c. Undisclosed location d. The United Nations votes on a new location every two years e. None of the above — Bitcoin has no processing server 15. What date was the Bitcoin network launched?
a. November 5, 2008 b. May 1, 2010 c. January 3, 2009 d. December 31, 2008 e. April 23, 2010 16. When was Bitcoin’s all-time high exchange rate achieved (as of 9/11/18)?
a. January 12, 2016 b. July 15, 2017 c. December 17, 2017 d. August 3, 2018 e. January 10, 2014 17. Which of the following statements is true?
a. Bitcoin is owned by the NSA. b. By 2030, all bitcoins will have been mined. c. Bitcoin has smart contract capabilities. d. Before Satoshi created Bitcoin, he and a group of developers premined roughly 1 million coins. e. Only select people can mine bitcoins. 18. How often, on average, can we expect a new block be found by miners?
a. > 1 second b. 2 minutes c. 10 minutes d. 60 minutes e. 6 hours 19. What is Bitcoin Pizza Day, May 22nd?
a. A day every year where people who hold bitcoin pay forward a random pizza to a stranger b. The day when a computer programmer, Laszlo Hanyecz, paid 10,000 bitcoins for two pizzas in 2010 c. The day Satoshi announced his favorite food is pizza d. The day Vitalik compared bitcoin’s security to that of a soggy pizza e. A day sponsored by Pizza Hut where you can pay for pizza with bitcoin 20. How many new bitcoins should be created each day with the current block reward, on average?
a. 2,200 except for February 29 on leap years b. 1,800 c. 5,000 d. 7,200 e. 150 Expert Questions 21. What is the difference between a soft fork and a hard fork?
a. A soft fork happens when the code of a project is copied with permission of the original developers. A hard fork happens when the code of a project is copied without the permission of the original developers. b. A hard fork is a backwards-incompatible protocol change because it makes previously invalid blocks or transactions valid. A soft fork is a backwards-compatible protocol change because it makes previously valid blocks or transactions invalid. c. A hard fork occurs when miners in a mining pool cannot agree on how the block reward should be divided. A soft fork occurs when miners in a mining pool collectively decide to change how block rewards should be distributed. d. None of the above. 22. What does ASIC stand for?
a. Applied Socioeconomic Investment Compository b. Application Specific Integrated Circuit c. Anonymous Spending Instrument for Cryptocurrencies d. Alternative Synthetic Interoperability Circuit e. Antiquated System for Implied Cryptography 23. What does an ASIC do for Bitcoin?
a. Allows consumer access to high-level investment information, similar to a Bloomberg terminal b. Allows users to trade cryptocurrencies between different blockchains c. Anonymously allows users to send cryptocurrencies that aren’t entirely private d. Performs one specific task of solving a mathematical problem in order to find a new block e. Allows developers to cross reference current technology stacks with older languages 24. Is Bitcoin truly anonymous?
a. Yes, people who use bitcoin cannot have their transactions traced by anyone. b. No, bitcoin addresses are derived from IP addresses. c. No, all transactions are recorded on a global transparent ledger that can be traced using analytical technologies. d. No, addresses openly show the name of the user. e. No, bitcoins can be linked to a user’s social security number. 25. What is SHA 256?
a. A secure hashing algorithm used by Bitcoin, originally designed by the NSA b. A set of rules that miners and nodes must follow c. A scheme devised by Craig Wright to convince people he is Satoshi d. An annual conference in New York for blockchain enthusiasts e. The language Satoshi and early developers used to communicate behind closed doors 26. What is a nonce?
a. An empty value in each block that is filled by the miner of that block b. Another name for a node c. A mining device faster than an ASIC d. A part inside a processing chip used in mining e. A name for a troll in Reddit forums 27. What is “difficulty” in relation to Bitcoin?
a. A measure of how hard it is to explain what Bitcoin is b. A measure of how difficult it is to find a hash below the target c. A measure of long it takes to send bitcoin between addresses d. A measure of how difficult it is for bitcoin to move a certain number of basis points e. A measure of how hard it is for Bitcoin to recover to its all-time high 28. What is multi-sig verification?
a. An older method of confirming bitcoin transactions now replaced by single-sig verification b. Verification that a user is allowed to hold bitcoins in a certain address by requiring multiple signatures from friends and family c. A form of verifying if someone is telling the truth by having multiple signatures from people monitoring the event taking place d. A process by which miners select which transaction to verify by having three other miners create a signature giving permission for the transaction to be verified e. A technology to verify wallets by requiring multiple signatures to process a single transaction with enhanced security 29. Bitcoin consumes roughly 1 percent of the world’s energy consumption. What does this mean about its security?
a. A malicious actor doesn’t need to consider the total energy consumption in order to successfully execute a 51% attack. b. Bitcoin is secure to the point that it would require approximately 0 .0001% of the entire world’s energy consumption to attack the network. c. Bitcoin is secure to the point that it would require approximately 1% of the entire world’s energy consumption to attack the network. d. A malicious actor would need 10 times the amount of Bitcoin’s energy consumption in order to successfully attack the network. 30. What is a Merkle Root in Bitcoin?
a. A hash of all transactions in a block that allows any specific transaction to be verified without downloading the entire blockchain b. A series of complex data that uniquely identifies the owner of an address c. A program designed by David Merkle that uncovers the largest inactive bitcoin wallets d. A cryptocurrency developed by the chancellor of Germany e. A part of a complex system of underground “roots” that power the Bitcoin blockchain How did you do? Answers:
  1. c. Satoshi Nakamoto
  2. a. The Bitcoin Whitepaper
  3. c. Mt. Gox
  4. d. 21,000,000
  5. c. Lightning Network
  6. e. To open a wallet, you must submit a request to the wallet provider.
  7. c. Blockchain
  8. b. false
  9. d. Silk Road
  10. b. Satoshi
  11. d. The Chicago Board Options Exchange (CBOE)
  12. b. Miners
  13. e. Bitcoin Cash removed its block size limit completely. (The limit is actually 32MB.)
  14. e. None of the above — Bitcoin has no central server
  15. c. January 3, 2009
  16. c. December 17, 2017
  17. c. Bitcoin has smart contract capabilities
  18. c. 10 minutes
  19. b. The day when a computer programmer, Lazlo Hanyecz, paid 10,000 bitcoins for two pizzas in 2010
  20. b. 1,800
  21. b. A hard fork is a backwards incompatible protocol change because it makes previously invalid blocks or transactions valid. A soft fork is a backwards compatible protocol change because it makes previously valid blocks or transactions invalid.
  22. b. Application Specific Integrated Circuit
  23. d. Performs one specific task of solving a mathematical problem in order to find a new block
  24. c. No, all transactions are recorded on a global transparent ledger that can be traced using analytical technologies
  25. a. A secure hashing algorithm used by Bitcoin, originally designed by the NSA
  26. a. An empty value in each block that is filled by the miner of that block
  27. b. A measure of how difficult it is to find a hash below the target
  28. e. A technology to verify wallets by requiring multiple signatures to process a single transaction with enhanced security
  29. c. Bitcoin is secure to the point that it would require 1% of the entire world’s energy consumption to attack the network. (side note: bitcoin mining, while energy intensive, can be done in an eco-friendly, even carbon-neutral, manner. And it’s getting better all the time.)
  30. a. A hash of all transactions in a block that allows any specific transaction to be verified without downloading the entire blockchain.
The article is from Bitcoin Magazine.
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submitted by uexbruce to UexOfficial [link] [comments]

An Insiders Take on CoinTerra & the Bitcoin Mining Sector

Having been involved in Bitcoin since 2011 and on the inside of one of the 28nm Bitcoin mining contestants for the past two months, here is my story.
Feel free to skip the long intro to skip to the present: I added it because people might want to know where I'm coming from.
My elevator pitch is that I discovered Bitcoin in 2011 while traveling in Argentina, and after doing research I started recommending it as an investment to the subscribers of my financial newsletter in early 2012. BTC was $5 back then, so we did well with that.
Here are some links of the things that I've done in Bitcoin:
"Bitcoin seen through the eyes of a central banker"
Interview Keiser Report about Bitcoin, ECB & Argentina
"Why you should invest in Bitcoin"
"Cryptocurrency is the future of money, banking, and finance"
Since the beginning I've been thinking a lot about how I wanted to invest in Bitcoin. It has always made plain sense to me to begin with buying coins, as it is like an ETF on the entire Bitcoin economy.
However, in early 2012, just the idea of buying bitcoins was a pretty scary prospect. I consulted with two core developers who actually tried to dissuade me from looking at Bitcoin as an investment. One said it was still very much an experiment, the other said (correctly so) that there were still substantial security risks.
Eventually it was my experience in Argentina's difficult economy (rife with currency crackdowns and capital controls) that convinced me to take the leap - I decided that there was enough demand and enthusiasm for financial freedom in the world. Enough for some crazy people to keep funneling resources into Bitcoin, resources that would support the idealist hackers and maverick entrepreneurs to make the technology of cryptocurrency a success.
So I started buying bitcoins, considering myself lucky because my friends in Latin America had it much tougher: they had to mine most of their cryptocurrency in their basement with graphic cards because of the harsh capital controls that prevented them from sending money abroad and buying them on an exchange.
In all, 2012 was a difficult year for Bitcoin. The 'old' bitcoiners were still psychologically numbed from the huge decline in price, and the newbees were continually scared by new scandals: the Bitcoinica thefts in May and July, the BTC Savings and Trust-ponzi implosion in August, and the Bitfloor theft in September. The price of Bitcoin hovered between $5 and $13 all year, the mainstream media ignored or at best scorned Bitcoin, and I for one was mostly happy to still have an unscathed wallet.
Throughout the year I wrote about Bitcoin practically every week in my email updates and every month in my printed investment newsletter. It was often a frustrating job, because my many of my subscribers are babyboomers or from an older generation who don't intuitively grasp the concepts of peer-to-peer, open source, online, etc. I received a good number of emails accusing me of promoting a ponzi scheme, and my publisher (who does all the promotion for the newsletter) was very sceptical and tried to persuade me to write less about Bitcoin and more about traditional investments like gold and stocks.
I think this tension/struggle is part of what prevented me from exploring the investable side of the Bitcoin economy for quite a while, although I did buy a few Bitcoin mining stocks on the GLBSE. (Compliments to the miners that kept paying out dividends even after the wild ending of this stock exchange - COGNITIVE is one of them)
Attending the Bitcoin London conference organized by Amir Taaki in late 2012 was definitely a turning point for me. Cryptocurrency suddenly became tangible and real, and I think that was the case for many people there.
During Amir's conference, I made friends with Jim from MultiBit and Nejc from BitStamp. I likely missed an investment opportunity with BitPay (even though Tony Galippi was just as impressive back then as he is now), and I tried to persuade GLBSE's Nefario to start talking to a lawyer about the legal risks of running a Bitcoin denominated exchange. Josh from Butterfly Labs made an announcement there in London, and that was my first experience with the excitement and controversy that characterizes so much of the Bitcoin mining industry today.
Meanwhile my investment newsletter kept doing well, and I decided to make a move to South America to expand my horizon. That's how it happened that I was with my friends in Buenos Aires when the March-April 2013 explosion in price happened: an exhilarating time, and I'm still grateful for their long term Bitcoin experience which helped me make the right decisions for myself during this period.
Still I kept thinking about how I could invest some of my gains back in the Bitcoin economy. Chasing a dollar profit doesn't make sense to me, so I had to identify business models that gave perspective for making a multiple on my bitcoins.
Bitcoin mining felt like an interesting fit, for several reasons.
First, I spent the past few years studying the gold mining industry and the parallels and differences with Bitcoin mining are absolutely fascinating to me.
Next, in the short run I am not at ease regarding the authorities ability to attack or destabilize the BTC network. Many will object by saying that the Bitcoin network has a hashrate that's currently 40 times faster than top 500 supercomputers combined. However, that is misleading because the equation would change dramatically if those computers were equipped with specialized ASICs that can be produced for a couple of million dollars.
This is what Jim Rickards referred to when he said "technologists don't understand the world of power politics and malicious actors: there are people who don't care about the cost. (…) If they want to destroy a system, and they have to pay to do it, they'll do it. It's not necessarily more expensive than buying an aircraft carrier or building a submarine."
This is the reason why I think it's crucial to push up the network speed as close to the physical limits as possible. Once the miners are working on the smallest node and with the most efficient chip possible, it will be much more difficult for a malicious entity to do a 51% attack on the network.
(By the way, much respect to the small bitcoiners and basement miners for this: they are the ones that have been bankrolling the expensive development of ever more sophisticated ASIC chips. They are the ones that are slowly turning the once brittle skeleton of the Bitcoin network into an indestructible Adamantium shield.)
Finally, it seemed obvious to me that the Bitcoin mining market was about to enter a consolidation phase, in which the market would increasingly sponsor the more reliable and technically gifted chip producers, which will eventually create a more stable environment for everyone. How exciting, to try and witness from the first row how an entirely new industry grows from childhood/adolescence towards maturity!
Enter CoinTerra.
I first met Ravi Iyengar and his team members at the San Jose Bitcoin conference, where they pitched for an angel investment in their company. I was immediately impressed by their passion, technical pedigree, and understanding of the workings of Bitcoin.
I was definitely intrigued and after the conference we kept the communication lines open. Back in Belgium I met with two interested angels who happened to be Belgian, too. I then talked to different people with hardware backgrounds to verify whether Ravi's team really was that good judging by the industry standards. They were.
I started getting excited.
From there on, things began moving fast. The two Belgians got in and the more I talked to Ravi, the more I was impressed with his cogent reasoning, his decisiveness, and the speed by which he absorbs large amounts of new information. By mid July I finally made the decision to also come in as the third angel investor in CoinTerra.
When I talked about the company to Timo Hanke (German cryptographer and author of the Bitcoin Pay-to-Contract protocol) he was intrigued, did his own due dilligence, and soon after became an investor in, and later a team member of CoinTerra.
Other investors and advisors that came in on the angel round had reputable backgrounds in the software and hardware industries, precious metals, telecom, and law - all of whom shared a great and genuine passion for Bitcoin. I began feeling very fortunate to be able to follow this project from such a close perspective.
After some days, because of Ravi's high energy and magnetic enthusiasm, the following turned into involvement. When I was invited to come to Austin, Texas to help out, I jumped in with both feet - I've been here for a week now.
One thing I noticed when getting involved with CoinTerra more closely, is that the communications part of the equation needed improving. I can understand how the issue came to be. Ravi is in the first place an engineer and a team leader, and he started structuring his company from that same perspective. Even today most of his focus is directed to closely managing all the engineers (in Austin, in Raleigh, and also in India) to make sure that the risks involved are managed to the greatest possible extent.
The engineering roots of CoinTerra are also reflected in the initial vision behind the company: to build large and efficient mining data centers, deploy them worldwide, and to then offer cloud hashing services to the public. However, the still uncertain legal repercussions of that lead to a change in strategy. Instead, CoinTerra is now working on providing chips and rigs for the general public, and leaves it for the customers to decide where and how to mine with them.
Now, I understand and appreciate how very skeptical a large part of the Bitcoin mining community has become. People have invested a lot of resources in brave but often very inexperienced teams who have not always been able to deliver on their promises. It has been a road of trial and error, and the errors of some have proven painful to many.
I can say that I understand what it means to have skin in the game of the mining market; I am an investor in a company that has announced but not released a manufactured product on the market yet. And I stand by it: I think CoinTerra is working on fantastic products and has great future potential as a company. Would I like to make a return on my investment? Of course, that will be the best proof that it fulfills the potential that I see in Ravi and his team.
That said, even to just be involved in this technological arms race that is taking place in Bitcoin mining, where hyper competitive capitalism is miraculously creating a very pure public good, is a real privilege. I think the sector will further mature and that we will see more and more reliable companies emerge over time, and all the while the Bitcoin network will grow stronger and stronger.
I'm happy to take questions if you are interested.
Best wishes,
Tuur
submitted by dtuur to Bitcoin [link] [comments]

Number look good, what am I missing?

It seems that power is the highest cost for mining, so I did a quick search and found that India, South Africa, and Venezuela all have very low energy costs and I have friends in all of these places.
Using power and hash numbers from the AntMiner S9, power costs from South Africa, and the 5 step bitcoin mining calculator I calculated a profit of about $300/mo.
This seems too good to be true, am I missing something?
submitted by vectran to BitcoinMining [link] [comments]

Why I think the mining problem/gpu pricing is not going to go away anytime soon.

In a semi recent pcper mailbag, Ryan Shrout explained his thoughts on when gpu pricing will go back to normal: https://youtu.be/HrFw37wi-Do?t=11m56s (and also this hardforum post https://hardforum.com/threads/nvidia-crypto-demand-for-gpus-very-strong-but-could-cool-in-december.1944501/ and I'm sure many many other posts out there)
I think it's going to be a loonng time. because before what ended the boom the two (iirc, this is the third time we've seen GPU cryptocurrency mining) times before, it was mainly based off of bitcoin, (and to a lesser extent litecoin) which is sha256, which is extremely ASIC-able (scrypt really isn't, but I don't think that was as major of a contribution to it as bitcoin), and what happened was that ASICs happened and just fucking decimated the GPUs in hashes/watt, so that made mining unprofitable with GPUs, because the difficulty just skyrocketed. And that's what is needed this time around too. something needs to happen for the difficulty of [any/all algorithms here] to increase to the point where it doesn't become profitable. and that's just not going to happen, at least for a solid 8 months, imo. Casual miners with a half dozen cards or so, will be able to make back their expenses, even electricity, assuming bitcoin stays around $4k. which is another factor: nicehash and bitcoin price. as long as bitcoin price stays high and people are getting paid in bitcoin, then we'll continue to do mine, because it doesn't matter that electricity is expensive, bitcoin is worth more, more than electricity is expensive.
Maybe when etherium switches to Proof of Stake, that will help the AMD GPU market, but, let's be honest, I'll be surprised if that happens before 2H2018, and there's just so many algorithms to hash. just because one is unprofitable (like sha256 is now), there's literally dozens more to choose from.
There needs to be a global crash of cryptocurrency for miners to not snatch up GPUs at above MSRP. And, tbh, I'm not sure what would make that happen, since the blockchain is literally designed to be really really damn hard to censor. if China decides, for some stupid reason (just as a thought experiment, they won't actually do it imo), to just straight up block all the ports that bitcoin/litecoin/etherium/zcash communicate on, by the great firewall of china, two things would happen: there'll be china-specific builds of mining software that will randomize the ports and protocol so that the miners could continue to mine, or the literal warehouses of miners would just pack up and move to india or somewhere, where the price of electricity is just slightly more expensive, but not much. and I just don't see that happening.
Nvidia and AMD just suddenly shitting out 10x as many cards as they are now, isn't going to solve the problem, because the problem isn't with the supply, it's the hashing ability of the cards, and the price of them. AMD will sell literally every single RX 580 that they put out for $300, which is more than $70 above MSRP (at $229 from a quick google search). As long as the GPUs keep the profitability that they have, they will continue selling like they are. it's an inelastic demand, it's always going to be there, and it's outside the control of both AMD and Nvidia, as long as (hashing rate * BTC/hash * $/BTC - electricity cost/month) * est months mining - initial price > 0
Am I wrong? I hope so, I want to upgrade my rig next year to Volta, but I just don't see that happening. Please convince me I'm wrong.
submitted by A_Wild_Shiny_Mew to pcmasterrace [link] [comments]

Cryptocurrency Market - The Biggest Trends to watch out for 2018-2025

New market research study provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Global Cryptocurrency Industry.
Cryptocurrency is a digital currency which operates on cryptographic techniques to complete safe transaction. Being decentralized with no governing body/central body involved in verifying transaction, secured protection and producing new currencies are projected to be the major reason for the market growth over the forecast period. Moreover, cryptocurrency’s community which include miners/stakers, developers, service providers, users etc. drive the governance of cryptocurrencies. The positive feedback loop has made the community more homogenous.
Globally, cryptocurreny has been selected as digital payment method for the future financial world. These convenient currencies are completely digital requiring online transaction unlike physical cash. Hustle free transaction and deduction in entire ownership cost are few key features propelling the industry.
Major drivers include authentication, ease of transaction, complete security, faster international transaction are expected to spur the market growth with steady performance. Moreover, the industry has not been confined with government rules, exchange rates, interest rates or international transaction fee, hence, making the currency more convenient for application.
The currencies can also be transferred digitally via devices such as smartphones, since they are completely unrestricted from any centralized bank/authorities. Vendors and consumers prefer virtual money for making payments, henceforth, creating new opportunities for the market growth.
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Tax-free & compliance-free transactions, lesser chances of identity theft & fraud and negligible fee charged for cryptocurreny transaction are few other key elements augmenting the industry growth over the forecast period. Moreover, lack of awareness among the people and stringent rules and regulations for application of robots in various countries is expected to restrain the market growth. The emerging industry is projected to grow over the forecast period with more public awareness and continuous increase of new market players with innovative product/services.
The market has been segmented into type of currency, mining types, and application. The type of currency segment includes Bitcoin, Litecoin, Ethereum, Ripple, and others. Mining type is segregated into solo and pool mining. The application segment includes banking, real estate, stock market and virtual currency. Other application for the market includes retail sector, gaming industry, education, logistics & transportation, BFSI, tourism sector, media and entertainment industry. BFSI is expected to acquire the major share followed by retail sector operating on cryptocurrencies. The cryptocurrency mining hardware includes Central Processing Unit (CPU) mining, Graphics Processing Unit (GPU) mining, Field-Program Gate Array (FPGA) mining, and Application-Specific Integrated Circuit (ASIC) mining. ASIC mining can calculate 10,000 times faster than conventional CPU mining.
Increasing acceptance and potential growth for this industry have attracted various small vendors globally for competing in the market. Apart from Bitcoin, Litcoin has also gained prominence in the market over last few years, there are plenty of vendors in the market namely as Litecoin, Namecoin, Novacoin, Peercoin, Ripple, Steller, Primecoin, Megacoin, and many others.
Geographically, the market is expended across North America (U.S., Mexico, and Canada), Europe (UK, France, Germany, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and MEA (Middle East, Latin America, and Africa). North America region dominates the market owing to the regulations offered by the government. Brazil and Canada are other major regions using cryptocurreny due to rules and regulations
Obtain Report Details with technological advancement at https://www.xpodenceresearch.com/Reports/Cryptocurrency-Market
Key market players include Intel Corporation, Microsoft Corporation, Xilinx, Inc., NVIDIA Corporation, 21 Inc. AlphaPoint Corporation , Amazon.com, Inc., Advanced Micro Devices, Inc, BTL Group Ltd.(Blockchain Tech), BitGo, BitFury Group , Coinbase UK, Ltd. Coinsecure, Unocoin, Coinbase, Bitstamp Ltd., Zebpay,, Poloniex Inc., Bitfury Group Limited, Global Area Holding Inc., Digital Limited, IBM Corp, are the other niche players.
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Xpodence Research is a U.S. based Market Research Company and offers the most extensive collection of progressive surveying syndicated and customized research reports of various categories for private and public industries across the globe.
We offer the comprehensive market research solution for all the industries by performing the in-depth study of industry trends, verticals globally. We believe in building an eternal bond with our customers through providing them inclusive research study both customized and syndicated based on their specific requirements.
The organizations in every industry such as Technology, Pharmaceuticals, Consumable Goods, Food & Beverage and others demands a market-based solutions for various significant decisions based on productivity and output globally. Our services are tailored specifically to our clients by proposing them the potential outcome, based on our in-depth analysis and insights for exploring the growth strategies through providing the best possible decision for quality production.
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submitted by mansee36 to u/mansee36 [link] [comments]

Weekly Roundup

News roundup for the previous week.
In International news
  1. China’s ‘New Silk Roads’ Reach Latin America
  2. #ChineseAmerican figure skater Nathan Chen wins praise for boldness in PyeongChang: "As I got older, there were more and more Asian kids at competitions that I was going to - that felt cool to me," Chen added, hopes that he too, like his early inspiration, Michelle Kwan, can inspire a new generation
  3. Duterte wants to create ‘balance’ by sending troops to China for training. Mr Duterte said there was a need to “balance” the training of Filipino soldiers, who have a strong bond with the United States military
  4. US National Space Council discusses space threats and opportunities reportedly posed by China
  5. China swept both men's and women's titles at the 2018 ITTF_Team World Cup after beating Japan twice in the finals… "
  6. #Nepal to Deepen Ties with China to Get More Leverage in Dealings with India: Nepal's new Prime Minister K P Oli has said he wants to deepen ties with China to explore more options and get more leverage in his dealings with India "in keeping with the times"
  7. Singapore and China work to boost Chongqing's connectivity
  8. Does anybody know more about the "Ethnic Chinese" ID Card that the government plans to implement for overseas Chinese?
  9. China is now offering a 5-year visa for foreigners of Chinese descend... Has anyone applied for this?
  10. China calls for direct dialogue between DPRK and U.S.
  11. China's peacekeeping force in Mali awarded the Peace Medal of Honor by the UN
  12. Eurasia high speed railway from Germany to China can be built by 2026
  13. CGTN Wang Guan on Confucius Institutes and Chinese students being threats: "Now is some hardliners final attempt to contain a rising ethnic Asian society"
  14. “The UK Is Not a Safe Place” – Concerns over Second Chinese Female Student Reported Missing in London
  15. India Turns to China-Based AIIB for Loans to Fund its Infrastructure Dream
  16. US Slams, China Praises Pakistan's Counterterror Efforts
  17. Parents of Chinese student killed by British driver reject not-guilty verdict
  18. Duterte Allies Seek to Emulate China’s Anti-Poverty Programs
  19. Philippines says in talks with China state firm on joint sea exploration
  20. Beijing blasts Western critics who ‘smear China’ with the term sharp power. Advisory body spokesman says some Westerners are ‘stuck in the cold war era’
  21. Tragedy far from home: Chinese students who went missing abroad
  22. Ng On-yee: #Snooker's new world number one. Has just become the first Asian woman to top the World Ladies Billiards and Snooker (WLBS) rankings. The fact that her father was an amateur player and worked at a local snooker parlour meant that she could train there for free
  23. A Chinese initiative is setting the pace in retail
  24. Trump risks more than a trade war by targeting China
  25. Russia, China agree joint data center for lunar projects & deep space exploration
  26. UCLA players release from China secured before Trump got involved
  27. China denies using citizens overseas to project influence abroad. Senior official says history and contributions of overseas Chinese should be recognised, not ‘slandered or belittled’
  28. Documentary film ‘Abacus: Small Enough to Jail’ nominated for Oscar. A documentary about a Chinese underdog, which took on the US government, is the story of a family-owned bank in New York’s Chinatown – the only bank prosecuted following the financial crisis 10 years ago
  29. Trump on China abolishing term limits: 'Maybe we'll give that a shot'
In Domestic news
  1. Proposed constitutional amendment would grant more Chinese cities legislative power
  2. Proposal to abolish term limit for president could buy more time to pursue reforms
  3. More women, farmers and workers, but fewer officials will sit on China's top legislature, as election results for the new NPC were approved. The new lineup has 742 women, 24.9% of the total, up 1.5%. A total of 468 deputies are workers and farmers. Their share has grown by 2.28% to 15.7%
  4. Funding Infrastructure: Why China Is Running Circles Around America
  5. Elon Musk: China’s progress in advanced infrastructure is 100 times faster than the US
  6. Taiwan is gearing up for a independence referendum (possible official name change)
  7. China’s Brain Drain Is Ending. Officials say they are seeing a payoff from their investments in higher education.
  8. China media makes war threat over U.S. Taiwan bill
  9. China vows deeper friendship with Taiwan amid tensions
  10. What Do China’s Democratic Parties Actually Do?. The CCP is not China’s only political party. Here’s a closer look at the role and function of the other eight
  11. Back from the brink: 8 endangered species inching away from extinction in China
  12. China's C919 large passenger aircraft has received 30 new orders from a domestic leasing company, taking total orders to 815
In SciTech news
  1. Hisense 150" 4K 'Laser TV'震撼CES 2018; 欲进军OLED市场
  2. Does China Control The EV Revolution?
  3. Daimler's Chinese billionaire investor Li Shufu wants its electric car technology
  4. Huawei announces Balong 5G01, first commercially available 5G chipset
  5. China's hypersonic aircraft would fly from Beijing to New York in two hours. The double-wing plane just aced wind tunnel tests at speeds of nearly 5,600 miles per hour
  6. China spends $279 bln on R&D in 2017: science minister
  7. Meet the female engineers and managers of China's space program: The space program looks like it should be a geeky boy's dream. But in China, a large portion of the sector is controlled by female technicians
  8. Watch out America, China's A.I is getting smarter!
  9. #AI sector sees big investment, financing in 2017: received about 180 billion yuan (28 billion U.S. dollars) of investment and financing last year
  10. Alibaba Cloud steps up its game as it offers #quantum computing service
  11. Huawei Mate 10 Pro Showcase - CES 2018
  12. Mine It to the Limit! Chinese Firm Makes Billions From #Cryptocurrency. Bitmain managed to take this activity to a whole new level by raking in more money last year than Nvidia. Bernstein estimates that Bitmain currently has an estimated “70 to 80 percent of market share in bitcoin miners and ASICs”
  13. Chinese scientists develop #AI system to diagnose human diseases: The tool may ultimately aid in expediting the diagnosis and referral of these treatable conditions, thereby facilitating earlier treatment and resulting in improved clinical outcomes
  14. China’s government aims to raise as much as 200 billion yuan ($31.5 billion) to invest in homegrown chip companies and accelerate its ambition of building a world-class semiconductor industry
  15. Get your food served by a robot at restaurants on SW China's rest stops: The smart tables can do much more than help you order food. It can be a game machine, a tour guide or even an e-commerce platform
  16. Huawei MateBook X Pro Hands-On at MWC 2018
  17. Huawei's AI phone tested by driving car at dog
  18. Vivo Apex Concept Phone hands-on
  19. Legit Chinese Brand GPUs? Hands on with the Yeston 3GB GTX 1060
  20. Apple is under fire for moving iCloud data to China
  21. China testing 400km/h "maglev" trains
  22. China to recruit ‘civilian astronauts’
In Economic news
  1. China's Fosun buys majority stake in French luxury brand #Lanvin: The French fashion house was established in 1889. Currently, Lanvin operates in more than 50 countries with women's wear, menswear, children's wear and accessories including footwear and leather goods
  2. China Gives Australia’s Number Two Gas Producer A Boost
  3. #Xiaomi hopes to boost global market sales with new Microsoft agreement: The new strategic contract will see the two companies working together on cloud computing, AI and new equipment for notebook computers
  4. Even the World Bank is starting to take notice: China’s ‘unprecedented poverty reduction’ and the role of the CPC
  5. Tech Mogul Gets $13 Billion Richer Just by Leaving New York for China
  6. Chinese investment flowing out to healthcare. This is what they're looking for.
  7. China's #BYD named No. 2 on list of World's Top 10 Most Innovative Companies in energy: BYD ranked No. 2 for "introducing the first electric trucks," according to the rankings compiled by the Fast Company, a monthly American business magazine
  8. China’s per capita disposable income up 9.0 percent in 2017
  9. China Contributed 30% to Global Economic Growth in 2017
  10. Tencent chief 'Pony' Ma is now China's richest man, doubling his wealth to $47 billion last year
  11. China becomes Vietnam's top export market in first two months of 2018
  12. Russia remains China's top oil supplier as pipeline expands
  13. dotard declares steel trade war against china..... and shoots himself in the foot
  14. Trump Roars; China Yawns - Steel tariffs are only going to hurt one country's economy.
  15. China is quickly becoming the dominant force in startups
  16. China vows to work with other nations to counter Trump tariffs
In Military news
  1. China aims for nuclear-powered aircraft carrier by 2025
  2. J-16 fighter jet video released by PLA Air Force
  3. Chinese military #drone sales hover over Middle East: Defence analysts believe that the drone, the Wing Loong II, is now being used by the United Arab Emirates military while the UAE remains barred from buying weaponised drones from the United States
  4. China's Ready For War: China's Military Capabilities 2018
  5. PLA's Lego Grenade (The scalable offensive hand grenade)
  6. As US loses ground in Mideast, the stage is set for China and Russia to mull military alliance with Iran
Other Notables
  1. Tencent Employees line up "旺"字 outside of HQ building to get red envelopes, CEO 马化腾发钱发到手软
  2. WeChat Users sent 0.688 billion Red Envelopes in a single day (Feb. 15th, average about 8000 Red Envelopes sent per second)!One user sent the most number that day, 1203 Red Envelopes
  3. The Western Hypocrisy in Academic /Classroom freedom: Chinese students being reported to their parents in China about their pro-Western opinions is "disturbing" "spying" and "censorship", while Western media have been rampantly investigating Chinese students as "spies" for their pro-China views
  4. Considering the amendment of Presidential term limits in a geopolitical context
  5. What are some Sino approved documentaries?
  6. CHINA MAC ft. JEZZ GASOLINE "MAC TALK" TEASER # 1 DIRECTED BY MO KNOWLEDGE
  7. China doesn’t care about your opinion
  8. CGTN: Do Chinese students in US threaten US security?
  9. If the US didn’t pass the 22nd Amendment, they’d still have Slick Willy. And would that be such a terrible thing?
  10. Anyone in the know about the status of cryonics in China?
  11. With all the talk about the President term limits possibly being removed, what is happening with the retirement age rule?
  12. ‘Put out your cigarette or leave China,’ commuters confront foreigner smoking on Beijing subway
  13. Higher Brothers x HARIKIRI - Nothing Wrong
  14. 10 Misconceptions Everyone Believes About China (Generally pretty accurate)
  15. Boost Your Vocab with This Catchy Song-The King asked me to patrol the mountains
  16. Footage discovered showing mass grave for wartime 'comfort women'
  17. Forget all you read on Western propaganda about the Tiananmen incident. Video debunks Western claims of PLA shooting peaceful demonstrators
  18. So what would happen to Logan Paul if he disrespected China/Chinese people like he did in Japan?
  19. Q&A with CGTN chief reporter Wang Guan
  20. Exquisite ice sculptures decorate Harbin
  21. #NBA powerhouse Cleveland Cavaliers @cavs celebrate Chinese #LunarNewYear at home game against @BrooklynNets
  22. Why China Is Running Circles Around America
  23. Can this subreddit please differentiate between the DPP and the KMT?
  24. How the West got China wrong
  25. [XD] Story confirmed by official source: Picture shows Jack Ma between two police officiers!
  26. No Matter What the Western Propaganda Says, Chinese Democracy is Alive and Well!
  27. End of Chinese Emperors (221 BCE — 1911 CE) - from Fairbank Center's China Questions book
  28. Instant Pot Beef & Vegetables Congee Rice Poridge (Jook or Juk)
  29. Traditional Chinese hanfu | Ming dynasty fashion by 清辉阁
  30. 2012新年综合晚会选编_合唱《没有共产党就没有新中国》【高清720P】 - YouTube
  31. The Husband Tag! 夫妻默契大考驗!
  32. Chinese President Xi Jinping: What Is His Background?
  33. China's box offices pulled in more than 10 billion yuan (US$1.594 billion) in February, reaching a new high for the Chinese film industry as well as setting a new world record
  34. The West is starting to use feminists like Leta Hong Fincher to destabilize Chinese society. Thoughts?
  35. More black and white stills for Zhang Yimou’s period wuxia film Shadow
submitted by AutoModerator to Sino [link] [comments]

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