What is Bitcoin Mining? How Does it Actually Work? (2020 ...
Bitcoin Gold Mining: Complete Guide On How To Mine Bitcoin ...
The next XVG? Microcap 100x potential actually supported by fundamentals!
What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why: Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network. The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership. The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI. ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil. Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets. 100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”. Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy. I am super bullish on this coin for the following reasons:
Only $400k market cap
Supply started at zero, so there are no VC’s and team to dump on you into the pumps - all coins are mined into existence, just like Bitcoin.
It just had its first halving, reducing emission from 16 to 8 per block. Between now and 2028 there are FOUR (!) more halvings, from 4 to 2 to 1 and then finally 0.15 (I guess that would be an 85%-ing :p) and at this point the supply is the same as BTC and stays in sync forever until the last coin is mined in 2140. This simple supply curve is already accepted by the market as a winner, so why mess with success? (I)
Meets Andreas Antonopolous’ 5 pillars of open blockchains test: Public, Open, Borderless, Neutral, and Censorship Resistant. (How many coins can say this?)
Unlike Bitcoin, Epic created a multi-algorithm approach that enables people to mine on ordinary computers - 60% for CPU on RandomX, 38% for GPU on ProgPow, and 2% for ASIC’s on Cuckoo31+. The algorithms don’t compete with one another. This is essential for leveling the playing field and preventing massive farms from dominating. These percentages can change over time and new algorithms can be easily dropped in. You can mine today using an old laptop and in 5 years you will still be able to. Incidentally, there is nothing standing in the way of adding mobile phone-based mining, which ETN showed there’s a huge demand for.
Based off the excellent Grin codebase, which means they continue to pull in ongoing core code enhancements and focus on ease of use and market penetration instead. (Smart!)
Litecoin’s Charlie Lee is out there daily talking about their move to Mimblewimble, which provides free publicity. What people don’t realize is that you can’t just bolt on Mimblewimble to a legacy blockchain, that’s like putting a Ferrari engine into a school bus - it’s still a school bus, not a race car! LTC is doing it as an optional soft fork via “extension blocks” which will not be supported by all wallets and exchanges. Also, anyone using “optional” privacy features is declaring themselves to be suspicious, which kind of defeats the point for people who care about privacy.
The community is friendly and welcoming to new people coming in, with lots of helpful (independently created) tutorials and guides. (F)
It’s already a global phenomenon, with the whitepaper in 20+ languages (G) and (not bot-infested) active local-language communities on not only Telegram but also Wechat, LINE, QQ and other messenger platforms.
It’s only on two random little exchanges currently, Citex and Vitex. Vitex is actually a pretty good DEX with no KYC and a great mobile wallet.
They are very creative - since centralized exchanges want huge money to list, they created a non-inflationary ERC20 tracker token that’s exchangeable 1:1 for coins so that Uniswap trading is possible (H)
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to. This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
A couple weeks back I decided to look into investment opportunities on coins still using the original cryptonight algo. The thought being, all those X3s are mining something other than monero - so what? My criteria were, cryptonight algo and traded on polo. The list was short, exactly one coin - Bytecoin. The diff had risen 8x over the past month and the price had not risen proportionally, this made the decision easy. Bought a not- insignificant quantity of them around 60 sats and expected to hold for a while until the expected price increase to move more inline with the diff. Today, you probably heard what happened on binance with a 32x rise in price. This was "made possible" by no blocks being mined for at least two hours. This jogged my memory on something that happened a couple years back that I'd forgotten all about. This also caused me to reasses my stance on the Z3 and whether it is good or bad for ZCash. Leading up to the latest bitcoin halving , I was researching SHA256 coins to speculate on. At the time, I figured a lot of the SHA ASICs would move off of bitcoin and into alts after the halving took place. At the time I was trading on both polo and trex, so I wanted coins on both platforms. There were about three coins I settled on as I remember - DGB, Myriad, and CURE. Bought some of each on both exchanges. A similar scenario unfolded with CURE as happened with BCN today There was a massive, MASSIVE, pump of CURE on Polo but price was mostly unchanged on trex. Sold my CURE on polo and initiated a transfer from trex to polo to sell the remainder. After some time, there were zero confirmations showing on trex. WTF? Searched out a block explorer for CURE and low and behold the chain was not moving. After some time, the pump was over and the chain began moving again. There was certainly a nefarious actor on the mining side that had stalled the chain. I'm no expert on the technicals of how, but winning shares were being withheld by someone with a significant portion of that network's hashrate. Maybe someone else can chime in with the details on how this type of attack is perpetrated. Incidentally, CURE was delisted from polo a very short time later. Whether this was due to polo calling BS, or being complicit and tipping off somebody prior to the delisting announcement to get one last hoorah, the world will never know. I also remember some talk around that time of excessive orphans happening on slushpool. It apparently ended up being an unintentional issue wherein one of the larger farms pointed at slush was withholding winning shares. This sounded very similar to what happened with CURE, but with so much more hashrate on the BTC network, others were finding winning shares to keep the chain moving. So, how is this relevant to ZEC? I believe the BCN attack was made possible by, and initiated with, Antminer X3s. Somebody has a lot of them and pulled this off. I believe the CURE attack was perpetrated by a major holder of SHA256 ASICs. The CURE nethash was a drop in the bucket compared to bitcoin so it was probably a simple matter of pulling off BTC for a couple hours, attacking CURE, then returning to BTC (or whatever else they were moving at the time). Not going to speculate on who waged these attacks, it's irrelevant. The important, common, factor is ASIC miners. I fear that the ZEC network will be vulnerable to this type of attack should action not be taken to resist ASICs. All it would take is two hours to completely trash it's reputation and the effort invested in getting it to where it is today. Before you call me a GPU shill or ASIC fudder, consider that these things have actually happened and do your own research to refute the points being made. In either case, thank you for taking the time to read what I've written and I look forward to your feedback.
Green energy for bitcoins, ethereum, and other cryptomonetes mining. Dago Mining has one initial cost and zero cost on consumption. The cost of the energy component gives profitability to mining. We create our own green renewable energy power plant and we will not have any future energy cost increase. There is no cost per Kw schedule, only a small annual maintenance price (0.01 $ per Kw), with a 20-year warranty on plant's components. About Dago Mining When cryptomining was still in its infancy, it was well distributed among a couple of thousand private miners, governed by transparent rules and not harmful to the world environment because the energy requirements were microscopic. During last years, all this has changed: Dutch bitcoin analyst Alex de Vries, who operates a Bitcoin Energy Consumption Index on the website Digiconomist, has produced estimates of growth of energy consumption and they are alarming. If bitcoin miners are using the most efficient machines possible, the lowest amount of electricity they could possibly be using is 39 terawatt hours, de Vries said in an interview. That's about as much as the entire country of Slovenia. De Vries said less conservative estimates make it entirely possible that bitcoin is using as much energy as Ireland, which consumes about twice as much as Slovenia, or about 1 percent of the U.S. total. The problem is getting worse, said de Vries, who estimated the annual amount of energy consumed by bitcoin rose by a fifth in the final weeks of 2017. Even worse, the concentration of mining power in the hands of a couple of large corporations is distorting the formerly democratic decision- making process in these networks: changes in protocols and hard forks are in danger of being influenced by the economic interests of a few. DAGO mining has designed a mining system with three technologies all together: a high efficiency photovoltaic system that uses solar concentration panels, combined with an innovative energy storage system in salt water batteries that will bring the farm to be self-sufficient in terms of energy in 12- 18 months from the start. The progressive construction and assembly of the hardware of mining uses high performance GPU (not only Graphics Cards) and ASIC Chip already on the market. Everything is cooled by “Immersion Cooling” in order to exploit the possibility of overclock without losing stability and durability. Using the dynamics of exponential growth for both, we promote climate preservation and the welfare of our token holders. It is the physical incarnation of the blockchain spirit: a robust and decentralized system that can withstand disruptions in government policies, price structuresand the energy supply. RECOMMENDED EXCHANGE LIST Binance Kucoin Bit-z Bibox Coinegg Huobi SECURE WALLETS Ledgerwallet Trezor Ellipal
BTG is in top 10 in CoinMarket Cap! Here is why it should be in the top 5.
How I see the top 10 currencies on CoinMarketCap.com
1 Bitcoin is the number one cryptocurrency, with all the hype and all the press. I do not see any coin overtaking it in the near future. Probably never.
Bitcoin Gold IS better than bitcoin in MANY ways.
A) Bitcoin Gold allows for GPU mining on people’s home computers and it is ASIC resistant, which makes for a more decentralized coin. (One of the founding principles of bitcoin, which has fallen by the wayside with Chinese asic (such as BITMAIN) controlling most of the mining market and allowing it to pull all sorts of shenanigans. B) Bitcoin transactions have become slooooooooow! (Bitcoin GOLD is much faster) C) Bitcoin transactions are PRICEY! You can't even send someone $10 worth of bitcoin because the fees would eat the entire transaction. This is why STEAM dropped bitcoin. The fees have become ridiculously high (see miners controlling the market above as to reasons for this) Bitcoin Gold has lower fees. D) The network for bitcoin can be VERY unstable. Whenever Bitmain wants to move the miners over to it's own fraud coin, bitcoin cash, they slow the market and delay transactions. This should be seen for what it is: an ATTACK on bitcoin. With all that said, bitcoin still carries on and the price continues to climb! It remains #1 in marketcap.
2 in marketcap is Etherium. People love to remind you that Microsoft is backing Etherium. Yeah, but guess what. Etherium's network is an absolute mess!!
Hundreds of millions of coins have been lost because of a "bug". WOW. The 44billion dollar Ether network was brought to its knees by Crypto Kittie, a digital cat child’s app that uses Etherium contracts to trade digital pussies. Etherium shouldn't be number 2. Not until they can create a stable network. Who knows what will bring it down next? Digital dogs?
3 Bitcoin Cash. This currency is a fraud. It merely exists to allow Bitmain to use asic boost, to give it an advantage mining coins. Once Segwit went into place on bitcoin they could no longer use asic boost and lost their advantage so they forked bitcoin for greed. They tried to take a bunch of miners with them and force everyone who wants to buy an antminer to pay for them in Bitcoin Cash, driving up BCC and trying to take down BTC. This is a fraud currency and everyone should ignore it, and let it die on the side of the road like the diseased rodent it is.
4 Litecoin This is a great coin. It is more stable than every coin above it. The network is reliable and the transactions are fast. As if that were not enough, the fees are ridiculously low. So low that they have attracted STEAM, who just dropped bitcoin, to allow people to purchase on their store with Litecoin.
This should be the number 2 coin, in my opinion. (only because nothing is going to dethrone Bitcoin.)
5 Ripple If you have ever invested in ripple, and thought the price was going to go up and was surprised how it suddenly came crashing down, well you are not imagining things and you are not alone. The price on this coin is manipulated.
Don’t be me wrong, Ripple is a useful coin with good tech behind it. Fast transactions, good scalability and low fees, but this coin is used by banks to transfer fund between them. They do not want to the value to go up because that would make the fees larger. This “global “token is mainly traded on Korean exchanges. This coin was not designed to be a holder of value, so if you are looking to invest, I would stay away from Ripple. Anything over 25 cents is risking a sudden plunge. I’m amazed to see it at 36 cents.
6 IOTA - I love IOTA. What a great coin with a great team behind it. The network (Tangle) is very advanced and they love to brag about how they are an improvement over bitcoin. The people involved in IOTA tend to be very passionate and haters of blockchain.
The problem? Well, their wallets don’t even work! You can buy it on Binance, but you can’t even withdraw it because they have so many problems trying to get a wallet to be stable. For a coin that suddenly shot up to $5 (I rode a lot of that up and jumped out) on the news that they were working with Samsung, Microsoft and others on an information sharing network, I would think they could get their transaction network up and running so people can keep coins reliably in their wallets and get them off exchanges.
7 DASH One of a kind. The network funds itself. Unheard of. It’d decentralized with Masternodes that vote on how to spend the budget. (masternodes controlling the future don’t sound decentralized to me, but I digress) They claim instant transactions and privatesend (wasn’t this darksend?) This used to be XCoin in Jan 2014. 10 days later the core dev team changed the name to Darkcoin. Later they changed the name to DASH (not to be confused with Dashcoin, which is exactly what many people do… get confused.)
Some people would say there is a dark side to Dash coin, but to each their own.
8 NEM My first question is if the currency is called NEM, why is the symbol XEM??? NEM codes its own blockchain making it efficient and stable. If you hold 10,000 XEM, you can harvest(?) which incentivizes people to hold, which will inflate the price. (HODLING is the main reason bitcoin goes up in price. If everyone were day trading it can you imagine the volatility? When you limit the supply and there is still a high demand the price must go up. Simple as that.) NEM (or XEM) is not discussed very much and is not widely known. This is odd considering its high market cap (top 10 baby) and its solid tech. NEM (like bitcoin gold) needs some good marketing.
#9 Monero This is a PRIVATE COIN, untraceable currency. This coin has a purpose, and that purpose is protecting the privacy of the users of it. You can send and receive Monero without knowing who you sent or received coin from. This coin will increase in value as demand for privacy will only continue to increase and this is the world’s number one privacy coin (sorry dash). Some people may have ethical reasons to not want to invest in a coin that may be used for all manner of shady dealings online. That’s up to you to decide. Are you against fiat cash? For the most part cash is untraceable too, and people use it for all sorts of shady things, but people also use it for plenty of good things.
10 Bitcoin Gold Finally a version of bitcoin I can mine on my computer at home! YEAH!!! Bitcoin is SUPPOSED to be decentralized, and this is the ONLY flavor of bitcoin that lives up to that. It’s the same block interval and block size as bitcoin, but it updates difficulty on every block and prevents ASIC’s by using POW Equihash so people can mine on GPU’s at home.
As I mentioned above, Bitcoin Gold has faster transfers with lower fees and the network is not able to be manipulated by companies such as Bitmain, because large ASIC farms have no control over this network. Some mysterious forces (I wonder who?) attacked Bitcoin Gold when it first launched, with DDOS attacks and faking wallets. Despite the rough start, bitcoin gold has been widely accepted at 25 exchanges including Bittrex, HitBTC, Bitfinex, Binance and Yobit! It has even found a home in hardware wallets like Trezor and Ledger. You can use Coinomi on your phone too. http://amzn.to/2AeoyMI <----- Check Out Trezor Hardware Wallet! THE TOP 5 COINS FOR ME: 1) Bitcoin (obviously) 2) Litecoin 3) Etherium (Because of the hype) 4) Monero 5) Bitcoin Gold Honorable mentions: IOTA and NEM Find this post useful? Please donate BTG : ANYwhWdjfxQBokXR5dzDixvu8UB5PkqRfg This took a long time to type. :)
Bitcoin Mining is the process of using specialized computer hardware to earn Bitcoin. The annual production of Bitcoin via mining is $3.5 Billion dollars, with most of that Bitcoin going to Bitcoin miners. As miners earn rewards in Bitcoin, their profits can change greatly on market conditions – making Bitcoin mining a high risk / high reward industry. Anyone can join the Bitcoin network and ... Total Customer: 118350 Total Mining : 29.8069 BTC Last Proof of Payment Bitcoin. You can review Bitcoin payments. Regular payments are made.Bitcoin mining began to grow day by day, from all over the world People doing cloud gpu mining and in this way they provide very good incomes. A large illegal facility for mining bitcoin was found by police in the Russian city of Orenburg. The farm has been set up on the premises of an abandoned factory. The masterminds of the crypto venture have stolen power worth 60 million rubles. They hazard years of detainment. Investigating unusual utilization of power, police in […] With a single gaming PC or even a 6-GPU mining rig, you don't stand much of a chance. To make a consistent return, you would need to build a whole Bitcoin Gold mining farm. It would have multiple 6-GPU rigs, take a fortune in electricity costs and be a constant headache to keep running. The room you keep the whole Bitcoin Gold mining operation ... What is Bitcoin Mining Summary. Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain.Mining is done by running extremely powerful computers called ASICs that race against other miners in an attempt to guess a specific number.. The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted ... Monero Mining Does Not Require an ASIC. An ASIC (Application Specific Integrated Circuit) is a special type of hardware used for Bitcoin mining.An ASIC can cost anywhere between $600 to $1000, which has made Bitcoin mining unattractive for anyone except professionals.. Fortunately, Monero mining doesn’t require you to purchase an ASIC. Instead, Monero mining can be carried out using your ... Start mining Bitcoin Cash or Bitcoin today! Supercharge your mining potential. Mine Bitcoin easily on the cloud without having to buy hardware, or plug your own hardware into the world’s highest paying mining pool. Sign up now Log in. Mine Bitcoin. We offer BTC and BCH mining. You can also choose to automatically mine the most profitable coin. Cloud Mining. Start mining immediately with our ... Recent estimates disclose that on average a typical solar farm can produce between $21,250 and $42,500 per acre every year. Check out this solar-powered bitcoin mining setup on Youtube. The Grid ... Bitcoin Farm. Bitcoin coin (0.2BTC) is a barter item from the group of values in Escape from Tarkov. The Bitcoin farm will produce Bitcoin at the rate of 0.05 + (GC - 1) / 49 * 0.15 items / hour, where GC is the number of graphics cards installed. Production stops if there are no graphics cards installed, the power is off, or there are 3 ... Bitcoin mining farms, cooling issues and electricity consumption are in generally hidden. Genesis does not disclose the precise location of his farms due to security policies. Dalian Mining Farm. This cryptocurrency mining farm has been launched in 2016 in Dalian China. It mines 750 BTC monthly, it as a hashrate of 360000 TH and electricity costs of $1.1 million dollars. China is one of the ...
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