Bitmain Antminer S19 Pro (110Th - ASIC Miner Value
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Multi apartment clustered cryptocurrency mining rig
So you’ve probably just heard all your classes are online. And now you’re trying to sublet your apartment but no one’s gonna take it. So now you’re gonna be paying at least $1000/month for an empty apartment. I have a proposal that can reduce that cost and possibly turn a profit. Firstly, we have a very high risk credit market on our hands. The Federal Reserve has been pumping money into the economy and at some point the US dollar will have to inflate while growth stagnates (aka stagflation). During stagflationary periods in the past the price of non-fiat currencies like gold or silver has skyrocketed. Recently cryptocurrencies have emerged with the same general economic properties of such commodities. Therefore we may see an increase in their values as the Fed keeps pumping more money into the economy. As of now in order to generate enough money per month to pay off rent in South Campus Commons, each apartment would need a Bitcoin rig capable of generating ~2200 TH/s (since you don’t pay for electricity). For the Varsity and View this might have to be higher considering the cost of electricity. This is definitely possible with new ASIC chips that are solely built for the purpose of running Bitcoin hashing algorithms. For other cryptocurrencies (Ethereum, Litecoin, Dogecoin), these rates may be different. But like any good portfolio manager, diversifying our investments will ensure we have a profitable outcome. If enough students come together to construct a Bitcoin mining rig in their apartments we could essentially create a multi apartment clustered miner to be able to generate Bitcoin. On top of that, because campus server resources will be diminished due to online classes, we can in turn utilize that computing power to help mine such cryptocurrencies. As a result we won’t have to find people to sublet our apartments to and won’t have to worry about the financial undertakings associated with it. TL;DR: Corona collectively fucked everyone in the ass and we should build a massive Bitcoin rig to pay off our rent.
Newest range of BITCOIN an ALTCOIN miners. Refurbished miner lots at really affordable prices. ANTMINER S19 PRO 110 Th/s $2500 USD (first batch) ANTMINER S17+ 73 Th/s $1500 USD and many other models with great price tags. We are bringing cryptocurrency mining hardware at wholsale prices. Bitmain, MicroBT, Pandaminer, Canaan, Innosilicon & Ebang all the major mining brands available. Newest range of Bitcoin Asic miners, Altcoin integrated miners at incredible prices. Our warehouse has gone digital, limited stock so hurry up and grab this opportunity and place your orders before the stock goes out. Secure Payment Modes complete with invoicing for taxation purposes (With Chargeback Purchase protection*): 1). Credit/Debit Cards (VISA, MASTERCARD)* 2). Cryptocurrency (Bitcoin, Ethereum, Monero and many more) Now avail 10% discount on your total order by using promocode "firstdisc" while you checkout & get delivery of your merchandise in 7-10 business days or 25-30 business days if flat rate shipping option is selected. Whatsapp Messenger 24/7: +17027571697 Live support Email support Order today at our Platform
The discrepancy between BTC's hashrate and price are extremely suspicious
Assuming fairly efficient ASIC miners, which on average have an efficiency of ~34.5 J/TH: c = Current hashrate = 88,200,000 TH/s e = ASIC Efficiency (average) = 34.5 J/TH a = Average electricity (including industrial and other expenses) = $0.12 USD/kWh b = Current Block Reward = ₿6.25 m = Mining Fee Subsidies = ~₿ 9.5 ∴ price = ~[((c * e)/6,000)(a)] / (b + m) = ~$3864 to produce 1 Bitcoin The actual market price is 138% above the cost of actually producing a Bitcoin. Edit 1: I was an idiot, and forgot that the mining fees were what were collected daily (thanks to u/impleplum, so recalculating, it costs roughly ~$9016 to produce a Bitcoin, making the market value 2% above the cost of production, but Bitcoin Cash still costs $265 to produce, still making it 14% more expensive to mine Bitcoin Cash than the actual market value of it.
Antminer S19 Pro 110 th/s $2300 ONLY limited units
Newest range of BITCOIN an ALTCOIN miners. Refurbished miner lots at really affordable prices. ANTMINER S19 PRO 110 Th/s $2300 USD (first batch) ANTMINER S17+ 73 Th/s $1500 USD and many other models with great price tags. We are bringing cryptocurrency mining hardware at wholsale prices. Bitmain, MicroBT, Pandaminer, Canaan, Innosilicon & Ebang all the major mining brands available. Newest range of Bitcoin Asic miners, Altcoin integrated miners at incredible prices. Our warehouse has gone digital, limited stock so hurry up and grab this opportunity and place your orders before the stock goes out. Secure Payment Modes complete with invoicing for taxation purposes (With Chargeback Purchase protection*): 1). Credit/Debit Cards (VISA, MASTERCARD)* 2). Cryptocurrency (Bitcoin, Ethereum, Monero and many more) Now avail 10% discount on your total order by using promocode "firstdisc" while you checkout & get delivery of your merchandise in 7-10 business days or 25-30 business days if flat rate shipping option is selected. Whatsapp Messenger 24/7: +17027571697 Live support Email support Order today at our Platform
Antminer T19 May Not Affect Bitcoin Hash Rate but Keeps Bitmain Ahead
The Antminer T19 by Bitmain may not have a big impact on the Bitcoin network, and it comes out amid the firm’s internal and post-halving uncertainty. Earlier this week, Chinese mining-hardware juggernaut Bitmain unveiled its new product, an application-specific integrated circuit called Antminer T19. The Bitcoin (BTC) mining unit is the latest to join the new generation of ASICs — state-of-the-art devices designed to mitigate increased mining difficulty by maximizing the terahashes-per-second output. The Antminer T19 announcement comes amid the post-halving uncertainty and follows the company’s recent problems with its S17 units. So, can this new machine help Bitmain to reinforce its somewhat hobbled position in the mining sector? T19: The cheaper S19 According to the official announcement, the Antminer T19 features a mining speed of 84 TH/s and a power efficiency of 37.5 joules per TH. The chips used in the new device are the same as those equipped in the Antminer S19 and S19 Pro, though it uses the new APW12 version of the power supply system that allows the device to start up faster. Bitmain usually markets its Antminer T devices as the most cost-effective ones, while the S-series models are presented as the top of the line in terms of productivity for their respective generation, Johnson Xu — the head of research and analytics at Tokensight — explained to Cointelegraph. According to data from F2Pool, one of the largest Bitcoin mining pools, Antminer T19s can generate $3.97 of profit each day, while Antminer S19s and Antminer S19 Pros can earn $4.86 and $6.24, respectively, based on an average electricity cost of $0.05 per kilowatt-hour. Antminer T19s, which consume 3,150 watts, are being sold for $1,749 per unit. Antminer S19 machines, on the other hand, cost $1,785 and consume 3,250 watts. Antminer S19 Pro devices, the most efficient of three, are considerably more expensive and go for $2,407. The reason Bitmain is producing another model for the 19 series is due to what is known as "binning" chips, Marc Fresa — the founder of mining firmware company Asic.to — explained to Cointelegraph: “When chips are designed they are meant to achieve specific performance levels. Chips that fail to hit their target numbers, such as not achieving the power standards or their thermal output, are often ‘Binned.’ Instead of throwing these chips in the garbage bin, these chips are resold into another unit with a lower performance level. In the case of Bitmain S19 chips that don’t make the cutoff are then sold in the T19 for cheaper since they do not perform as well as the counterpart.” The rollout of a new model “has nothing to do with the fact that machines are not selling well,” Fresa went on to argue, citing the post-halving uncertainty: “The biggest reason machines probably are not selling as well as manufacturers would like is because we are on a bit of a tipping point; The halving just happened, the price can go anyway and the difficulty is continuing to drop.” Product diversification is a common strategy for mining hardware producers, given that customers tend to aim for different specifications, Kristy-Leigh Minehan, a consultant and the former chief technology officer of Genesis Mining, told Cointelegraph: “ASICs don’t really allow for one model as consumers expect a certain performance level from a machine, and unfortunately silicon is not a perfect process — many times you’ll get a batch that performs better or worse than projected due to the nature of the materials. Thus, you end up with 5–10 different model numbers.” It is not yet clear how efficient the 19-series devices are because they have not shipped at scale, as Leo Zhang, the founder of Anicca Research, summed up in a conversation with Cointelegraph. The first batch of S19 units reportedly shipped out around May 12, while the T19 shipments will start between June 21 and June 30. It is also worth noting that, at this time, Bitmain only sells up to two T19 miners per user “to prevent hoarding.” Hardware problems and competitors The latest generation of Bitmain ASICs follows the release of the S17 units, which have received mostly mixed-to-negative reviews in the community. In early May, Arseniy Grusha, the co-founder of crypto consulting and mining firm Wattum, created a Telegram group for consumers unsatisfied with the S17 units they purchased from Bitmain. As Grusha explained to Cointelegraph at the time, out of the 420 Antminer S17+ devices his company bought, roughly 30%, or around 130 machines, turned out to be bad units. Similarly, Samson Mow, the chief strategy officer of blockchain infrastructure firm Blockstream, tweeted earlier in April that Bitmain customers have a 20%–30% failure rate with Antminer S17 and T17 units. “The Antminer 17 series is generally considered not great,” added Zhang. He additionally noted that Chinese hardware company and competitor Micro BT has been stepping on Bitmain’s toes lately with the release of its highly productive M30 series, which prompted Bitmain to step up its efforts: “Whatsminer gained significant market share in the past two years. According to their COO, in 2019 MicroBT sold ~35% of the network hashrate. Needless to say Bitmain is under a lot of pressure both from competitors and internal politics. They have been working on the 19 series for a while. The specs and price look very attractive.” Minehan confirmed that MicroBT has been gaining traction on the market, but refrained from saying that Bitmain is losing market share as a result: “I think MicroBT is offering option and bringing in new participants, and giving farms a choice. Most farms will have both Bitmain and MicroBT side by side, rather than exclusively host one manufacturer.” “I would say that MicroBT has taken up the existing market share that Canaan has left,” she added, referring to another China-based mining player that recently reported a net loss of $5.6 million in the first quarter of 2020 and cut the price of its mining hardware by up to 50%. Indeed, some large-scale operations seem to be diversifying their equipment with MicroBT units. Earlier this week, United States mining firm Marathon Patent Group announced that it had installed 700 Whatsminer M30S+ ASICs produced by MicroBT. However, it is also reportedly waiting for a delivery of 1,160 Antminer S19 Pro units produced by Bitmain, meaning that it also remains loyal to the current market leader. Will the hash rate be affected? Bitcoin’s hash rate plummeted 30% soon after the halving occurred as much of the older generation equipment became unprofitable due to the increased mining difficulty. That spurred miners to reshuffle, upgrading their current rigs and selling older machines to places where electricity is cheaper — meaning that some of them had to temporarily unplug. The situation has stabilized since, with the hash rate fluctuating around 100 TH/s for the past few days. Some experts attribute that to the start of the wet season in Sichuan, a southwest Chinese province where miners take advantage of low hydroelectricity prices between May and October. The arrival of the new generation of ASICs is expected to drive the hash rate even higher, at least once upgraded units become widely available. So, will the newly revealed T19 model make any impact on the state of the network? Experts agree that it won’t affect the hash rate to a major degree, as it’s a lower output model compared with the S19 series and MicroBT’s M30 series. Minehan said she doesn’t expect the T19 model “to have a huge impact that’s an immediate cause of concern,” as “most likely this is a run of <3500 units of a particular bin quality.” Similarly, Mark D’Aria, the CEO of crypto consulting firm Bitpro, told Cointelegraph: “There isn’t a strong reason to expect the new model to significantly affect the hashrate. It might be a slightly more compelling option to a miner with extraordinarily inexpensive electricity, but otherwise they likely would have just purchased an S19 instead.” Bitmain continues to hold leadership despite internal struggle At the end of the day, manufacturers are always in an arms race, and mining machines are simply commodity products, Zhang argued in a conversation with Cointelegraph: “Besides price, performance, and failure rate, there are not many factors that can help a manufacturer differentiate from the others. The relentless competition led to where we are today.” According to Zhang, as the iteration rate naturally slows down in the future, there will be more facilities using “creative thermal design such as immersion cooling,” hoping to maximize the mining efficiency beyond just using most powerful machines. As for now, Bitmain remains the leader of the mining race, despite having to deal with the largely defunct 17 series and an intensifying power struggle between its two co-founders, Jihan Wu and Micree Zhan, which recently resulted in reports of a street brawl. “Due to its recent internal issues, Bitmain is facing challenges to keep its strong position in the future thus they started to look at other things to expand its industry influences,” Xu told Cointelegraph. He added that Bitmain “will still dominate the industry position in the near future due to its network effect,” although its current problems might allow competitors such as MicroBT to catch up. Earlier this week, the power struggle inside Bitmain intensified even further as Micree Zhan, an ousted executive of the mining titan, reportedly led a group of private guards to overtake the company’s office in Beijing. Meanwhile, Bitmain continues to expand its operations. Last week, the mining company revealed it was extending its “Ant Training Academy” certification program to North America, with the first courses set to launch in the fall. As such, Bitmain seems to be doubling down on the U.S.-based mining sector, which has been growing recently. The Beijing-based company already operates what it classifies as “the world’s largest” mining facility in Rockdale, Texas, which has a planned capacity of 50 megawatts that can later be expanded to 300 megawatts.
Thoughts on if/how this may affect price? https://ih.advfn.com/stock-market/NASDAQ/marathon-patent-MARA/stock-news/82423475/marathon-patent-group-announces-purchase-of-700-ne Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the few Nasdaq listed cryptocurrency mining companies in the United States, today announced the purchase of 700 next generation M30S+ ASIC Miners from MicroBT. The 700 miners produce 80/Th and will generate 56 PH/s (petahash) of hashing power, compared to companies current S-9 production of 46 PH/s. These next generation MicroBT ASIC miners are markedly more energy efficient than our existing S-9 Bitmain models. The company paid $1,277,455 and the purchase was funded with cash on hand. The company expects to take delivery at our Hosting Facility by the end of May and our hosting partner, Compute North, expects to install them within 48 hours of their arrival. The M30S+ is one of the latest generations of bitcoin (“BTC”) Application Specific Integrated Circuit (“ASIC”) miners from MicroBT. It can achieve 100 TH/s at 34J/T and has already proven to be highly stable. The units come with a 1-year warranty versus the industry standard 6-month warranty.
The total computing power now dedicated to securing the bitcoin blockchain has set yet another record.
According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July. Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle. Assume this additional 6.9EH/s (or 6.9 million tera hashes per second, TH/s) computing power has all come from powerful ASIC miners, such as Bitmain’s AntMiner S17 or MicroBT’s WhatsMiner M20S, both of which boast a mining rate of around 55TH/s and recently hit the market. That means more than 100,000 top-of-line ASIC miners could have been switched on within the past two weeks. Further, given these products have been sold for at least $2,000 each, this equates to some $200 million in revenue pocketed for major miner makers. The continued interest in bitcoin mining comes at a time when the cryptocurrency’s price appears to be en route to challenging all-time highs, however distantly, and amid the arrival of the rainy season in China, which leads to cheaper hydropower electricity costs in the country’s southwest provinces – a region that is reported to account for 50 percent of the global mining activity, Miners in China estimated earlier this year that bitcoin’s hash rate in the summer would break the level of 70EH/s. To be clear, at several single points of time, bitcoin’s hash rate had already crossed that level in June and even reached 80EH/s around Aug. 1. However, today marks the first time that the two-week average computing power has been able to remain above the 70EH/s threshold. As such, bitcoin’s mining difficulty has also set a new record of nearly 10 trillion.
Amidst this uptick in mining interest, there have been notable changes in the mining market, where top manufacturers are racing to produce more powerful equipment. For instance, in Bitmain’s 2018 initial public offering prospectus, the Beijing-based mining giant claimed it had a 70 percent market dominance. Now, it may be facing serious competition from rival players that some believe are capable of shipping more top-of-line products with better profitability. Michael Zhong, a former mining analyst who now operates mining farms at a startup called Force Mine, told CoinDesk that based on his experience, the production capacity ranking among major Chinese miner makers for their flagship products have changed over the years. Zhong explained that from 2017 to 2018, Bitmain had topped the list with its AntMiner S9 series miners, followed by Canaan’s Avalon 8 series machines. InnoSilicon, Ebang and former Bitmain design director’s MicroBT were all in the third position at the time. But from January to June this year, the delivery capacity ranking has reshuffled, with now MicroBT’s WhatsMiner M20 series at the top, followed by Bitmain’s S17 series miners and then InnoSilicon, Canaan, and Ebang, Zhong added. According to F2pool’s miner profit tracker, Bitmain’s flagship AntMiner S17 Pro ranks third in terms of mining profitability, following BitFury’s Tardis and MicroBT’s WhatsMiner M20S. The cost for WhatsMiner M20S is around $3,000, while that of AntMiner S17 Pro is around $4,000 each, based on the information advertised on the two firms’ websites. Although orders for these flagship machines have queued up until November and December this year, MicroBT’s founder Zuoxing Yang told CoinDesk previously that the bottleneck of production capacity is the availability of chips from suppliers. For example, MicroBT uses 10-nm chips for its M20 series, which are relatively more affordable with a higher level of availability compared to more advanced 7-nm chips used by Bitmain for its AntMiner S17 series equipment. While Bitmain has always been relying on chips supplied by Taiwan Semiconductor Manufacturing Company (TSMC), MicroBT has switched from TSMC to Samsung earlier this year for its flagship products. Both TSMC and Samsung have estimated in their most recent Q2 earnings calls that the demand for cryptocurrency mining chips will come back in the third and the fourth quarter this year. Operating miners image courtesy to Hashage https://www.coindesk.com/bitcoins-computing-power-sets-new-record-as-over-100k-miners-go-online?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
A comprehensive review of miner arguments against issuance reduction
First I wanted to start by saying Hudson Jameson did a phenomenal job wrangling all these different stakeholders to the core devs meeting today and playing the part of an effective, neutral moderator. It was a really interesting meeting and great to hear all viewpoints. I'm sure many of you live streamed it as well. I’m an Ethereum investor and active user, and I took notes on the most prominent miner arguments against issuance reduction along with my thoughts on each. Would love to hear any thoughts or any ones I may have missed. GPUs that leave network after issuance reduction can be used to attack Network Security (Xin Xu) Xin Xu argues that a decline in issuance from 3 to 2 (33%) will cause a drop in hashrate by 33%, and that such a large drop in hashrate will lead to an influx of GPUs on the market that can be used to attack Ethereum. This argument is predicated on the idea that hashrate will drop significantly. However, any drop in hashrate will decrease difficulty so mathematically a 33% drop in issuance should have at most a ~18% impact to total hashrate assuming a linear relationship. I don't believe that a drop in Ethereum Network Hashrate from current levels (280 TH/s) to January 2018 levels (230 TH/s) is a doomsday scenario. And the real drop will certainly be much smaller for two reasons. 1) Historical data shows that hashrate is extremely resilient against drops in price as well as issuance (source: https://pbs.twimg.com/media/DlTEyKBV4AERGtB.jpg:large). 2) Historical data also shows that all Ethereum and Bitcoin issuance reductions were followed by price increases which could partially or completely offset the decline in hashrate. Issuance Reduction will drive a dramatic shift in hardware composition of the network (Brian Venturo) Brian Venturo argues that a reduction in issuance will price out GPU miners and cause the network to dramatically shift towards ASIC miners in the short term, increasing mining centralization. However, miners on the call pointed out that currently available ASICS (Antminer E3) is in-line with top GPUs in terms of mining efficiency. It’s only when we compare claims from as-yet unreleased ASIC manufacturers (Innosilicon A10) to 2-year old GPU technology (GTX 1080) that we see any risk of an efficiency gap. Second, the total Ethereum network hashrate is 280 TH/s. This is equivalent to 577,000 Innosilicon A10s, which would cost $3.3 Billion (at $5700 each). Any shift of even 10-20% in Ethereum network hardware composition will be slow and steady, and as we heard on the call, miners looking to spend significant capital on new hardware are considering major ROI headwinds from 1) upcoming shift to PoS and 2) possible exploration of new ASIC-resistant algos like ProgPOW. Both of these would brick current generation ASICS while GPUS would retain their resale value. More work needs to be done exploring ASIC-resistant POW algorithms, and there's no reason why issuance-reduction EIPs should be roadblocked in the interim. EIP 1295 as an alternative (Brian Venturo) Brian Venturo cites the current rules around Uncle and Nephew rewards as causing weird incentives that miners are exploiting to maximize uncle rate and squeeze higher issuance out of the network. This is a super interesting point, and one that I would love to see explored in more detail (as the downstream implications could be quite complex) in addition to EIP-1234. There’s no reason why 1295 is mutually exclusive with EIP-1234, and positioning it that way is a clever tactic to delay any issuance reduction. Brian himself suggested an issuance reduction in 2019 on top of EIP-1295. My Final thought I am in full support of EIP-1234 as a moderate issuance reduction to reduce Ethereum inflation and the amount we are overpaying miners for security. Looking back on it, last year’s 40% reduction from 5 eth/block to 3 eth/block has turned out to be a phenomenally good decision. Since then, hashrates have increased 3x while price has declined 20% (was $330 pre-fork), all while we reduced inflation by 40%. Another modest issuance reduction is a prudent decision that is a natural step in Ethereum’s growth and consistent with the original vision for inflation. In contrast, a difficulty bomb delay without a corresponding issuance reduction should be viewed as an issuance increase. The quicker we can get this decision behind us, the better. As long as this question looms, investors will lack confidence in Ethereum’s monetary policy, and mining stakeholders will have massive incentive to decrease Ethereum price until Constantinople to increase the chance they can mine at inflated rates through 2019
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
Bitcoin mining has become more competitive than ever. Bitcoin mining difficulty – the measure of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap – has reached a new record high above 7.93 trillion. That’s a seven percent jump from the 7.45 trillion record set during the recent two-week adjustment cycle, which was the highest since October 2018. Bitcoin is designed to adjust its mining difficulty every 2,016 blocks (approximately 14 days), based on the amount of computing power deployed to the network. This is done to ensure the block production interval at the next period will remain constant at around every 10 minutes. When there are fewer machines racing to solve math problems to earn the next payout of newly created bitcoin, difficulty falls; when there are more computers in the game, it rises. https://preview.redd.it/s7grcdbkzdn31.png?width=728&format=png&auto=webp&s=4fc30767e70d67539747186fdd5a7d01511c4cbd Data from Bitcoin Block Explorer - BTCNEWZ.com Right now the machines are humming furiously. Bitcoin miners across the world have been performing calculations at an average 56.77 quintillion hashes per second (EH/s) over the last 14 days to compete for mining rewards on the world’s first blockchain, according to data from mining pool. Data further indicates the average bitcoin mining hash rate in the last 24-hour and three-day periods were 59.58 EH/s and 59.70 EH/s, respectively, even higher than the average 56.77 EH/s from May 15 to June 27, or any 14-day data in the network’s history. Similarly, data from blockchain also shows the aggregate of bitcoin computing power was around 66 EH/s as of June 22, surpassing last year’s record high of 61.86 EH/s tracked by the site, and has more than doubled since December 2018 when the hash rate dropped to as low as 31 EH/s amid bitcoin’s price fall. Assuming all such additional computing power has come from more widely used equipment such as the AntMiner S9, which performs calculations at an average rate of 14 tera hashes per second (TH/s), that suggests more than 2 million units of mining equipment may have been switched on over the past several months. (1 EH/s equals to 1 million TH/s) https://preview.redd.it/b681p3plzdn31.png?width=1440&format=png&auto=webp&s=49efa21d8460553aceb87b64a106170b30a4c76a The increase in capacity is also in line with bitcoin’s price jump over the first half of 2019, which caused the price of second-hand mining equipment to double in China, and also juiced demand for new machines. Further estimates the bitcoin mining difficulty will jump by another seven percent at the beginning of the next adjustment cycle, which would be the first time for bitcoin mining difficulty to cross the eight trillion threshold. Delayed plugging in Such computing interest comes at a time when mining farms in China, especially in the country’s mountainous southwest, have been gradually plugging in equipment as the rainy summer approaches. According to a report published by blockchain research firm Coinshare, as of earlier this month, 50 percent of the global bitcoin computing power was located in China’s Sichuan province. However, it’s important to note that this year, the arrival of the rainy season in China’s southwest has been delayed by nearly a month compared to previous years. As a result, some local mining farms were only running less than half of their total capacity in the past month. Xun Zheng, CEO of mining farm operator Hashage based in Chengdu that owns several facilities across China’s southwestern provinces, said there had been no rain in the area for over 20 days since early May, which was “unusual.” “In the past years, it usually starts raining continuously throughout May so [hydropower plants] normally will have enough water resources by early June,” he said. As a result, in early June his firm was only operating at 40 percent of capacity; it can host more than 200,000 ASIC miners. But as the rain has arrived gradually over the past two weeks, the proportion has climbed to over 60 percent. Mining farms in China previously estimated that the total hash rate this year during the peak of the rainy season around August could break the threshold of 70EH/s. That means another 300,000 units of mining machines could be further activated, assuming all are AntMiner S9s or similar models. Those waiting to be switched on will also include new capital in the sector such as Shanghai-based Fundamental Labs, a blockchain fund that has invested $44 million on top-of-the-line mining equipment, which will be activated in June.
First-time poster here, don’t bully me, apologies for the potentially atrocious formatting :) TL;DR at the end So in the wake of Bitcoin’s explosive rise in value and media attention, I’ve been encouraged by others to share my experience over the past few years as a miner. Here's my story (it's kinda long, you've been warned)
It all started almost three years ago in the beginning of 2015 when Bitcoin flew under my radar. Looking into it, I admittedly wasn’t drawn in because of the decentralisation or the anonymous payments, I was hooked on the idea that anyone could get their hands on some just by running a program and leaving it to do its own thing. I know, how shallow of me. But the idea of making even a bit of money without ‘any work’ was convincing enough for 11-year-old me to do more digging into the matter. To my disappointment, I soon found out that the era of mining Bitcoins with a PC’s CPU or GPU was long obsolete and instead it was all ASICs at that point. So that summer, for my twelfth birthday, I got a little ASIC machine for €60, an Antminer U3. This little thing took up less space than a graphics card but could mine at 60 GH/s. Because, at the time, I didn’t have a controller device that could be kept up and running all day long so it could run the program that mined Bitcoin using the U3, I went ahead and got a Raspberry Pi. After setting up the Pi and installing all the necessary stuff (took an awfully long time), I connected it to AntPool and plugged the U3 in. Two days past and the mining pool sent the first Bitcoin I ever received to my wallet (I was using Blockchain.info). It was just 30 cents worth of BTC but I felt a bit of a rush because I was earning a bit of money through this completely new thing and the idea of that was thrilling. Let’s back up for a second. I just used the term ‘earning’ as if I was profiting, and naive me 2 years ago was no different. In reality, I was at first oblivious to the fact that I was most likely LOSING money overall because of how much energy that little sucker was taking in. But, I was comforted thinking that using that machine was just a practical way of learning about this modern currency and that the loss of several cents’ worth of energy was acceptable in the name of education and learning. Fast forward ten months to the wonderful summer of 2016. I had recently turned 13 and the Antminer U3 had been running on and off throughout. Various pauses and breaks in mining would be observed, as I had to manually get everything up and running after frequent breaks in the Internet connection. You’d expect my newly-turned-teenage brain to lose interest in Bitcoin as it does with many other gimmicks, but – even surprising myself – I miraculously didn’t. Good thing I maintained interest thinking about it now, not so good at the time for my parents. Why do I say this? I felt like it was time to get a little upgrade in my hardware.
Getting an upgrade
Days passed with me comparing every ASIC miner I could at that price point. It was then I set my eyes upon the Antminer S7 (same folks who did my U3, nice). I had put it up against a plethora of other miners and I figured the S7 was my best bet; the thing costs only about 10 times that of my U3 but could run at 4.73 TH/s, almost 80 times as powerful. The only problem being its power consumption was at 1300 watts, which would put a massive dent in the electricity bill and eliminate any profit I would make. Fortunately, I had a secret weapon up my sleeve – or rather my mum did. She had rented out an office outside our apartment where she would keep files and paperwork. The office’s electricity bill was a flat rate as far as I’m aware and it ended up being my saving grace because it virtually got rid of the “oh no I’m actually going to be losing money because of how much electricity I’m eating up” factor, making this whole hardware upgrade viable. After convincing my parents, they finally agreed to shell out the requested amount, with the initial investment being paid back with time. I went to a local Bitcoin vendor and purchased 1 BTC for about $665 in cash (sigh yes, I know. $665 dollars). Shortly after, I used about 0.9 BTC to purchase the Antminer S7 and a 1600W power supply for a grand total of $600. The products would be made and shipped from China so I was definitely in for a wait. A month passes and the package arrives at last. I connected all the wires from the power supply into the S7 and – with great anticipation – I plugged it into the wall to start its first ever run. And what do you know? An extremely loud and high-pitched whirring sound blasted out from the fans on both the power supply as well as the S7. After killing the thing, I questioned my choices. I couldn’t dare put that thing anywhere near my mum’s office in the event it drive everyone in the building absolutely nuts. I was at a loss. However, I soon recovered from my temporarily debilitated state and got working on a solution. The first idea that came to my mind: change the fans. The stocks fans were by Evercool and spun at around 3000 RPM. The power supply used a small, robust fan that looked like a cube that must’ve spun at extremely high speeds judging by how high the sound it produced was. I got my parents to give me some more funding so I could acquire the replacement fans and I did. Bust. After installation and testing, none of the fans would work. I managed to configure the S7 to connect to my Antpool account and the machine would manage mining for several minutes running at peak performance but ultimately be automatically cut off because of how hot the machine was getting (I’m talking about 80 degrees Celsius kinda hot in that thing). The fans got refunded and I was back to the drawing board. After combing through some forum posts and videos, I came across this video and a forum post in which people have their mining rigs placed inside a ventilated, muffled cabinet. Undertaking a project like this would be time-consuming and risky but I had no better ideas so I decided to go through with the idea anyway. Firstly, I sought out a cabinet with suitable dimensions. I managed to get just what I needed at a second-hand IKEA shop. Great. Secondly, I went ahead and acquired some sound-absorbing acoustic foam from a local provider. Fantastic. Finally I had to get a ventilation system going within the cabinet, otherwise, all the hot air would roast the machine alive in there in a bloody mess. With the help of my dad, we found a pair cabinet fans on the Internet that were close to silent but could circulate the air well enough. Eventually, all the materials came and, with the help of my parents, put everything together. The process took quite long time and we had a couple hiccups along the way, but we got it done and it came out pretty nice. The moment of truth came and, to my relief, it ran so much quieter than without the cabinet. It was nowhere near silent but it reduced the noise a great deal. Soon after, I got the thing into the office and set everything up from there. Unfortunately, I was forced to underclock it because you could still hear the machine’s whining from outside the thin office door. Gunning the hashrate down about 25% to 3.7TH/s, I could lower the fan speed without risking the machine burning up. Sure, I wasn’t getting the full potential of the machine but I didn’t complain because electricity was not an issue there and it was still a whole lot better than my U3. With it up and running, I could leave it there, periodically checking to see if it was mining on Antpool.
In the months that followed, I was getting a solid $2.5 worth of BTC on daily basis. Half a year later, May of 2017, I had accumulated a satisfactory $600. I thought, “At this rate, I’d be able to pay my parents’ investment back in a few months” (the total investment came close to $900). Bitcoin had risen to over $1500 so I was already over the moon at that point because of how well everything was going. Little did I know… I hit 0.5 BTC midway through September this year. The price of BTC had dropped after a sudden rise to $5000, but I couldn’t have asked for more. Although I possessed only half the amount of BTC I paid for the machine, its value was over twice that of the initial investment. I thought BTC would level off at around $4000 but nope. In the month of October, the price skyrocketed. Since September, I had only mined 0.017 BTC but the value was already over $3000. It was just a matter of selling it, but I decided to hodl. Good thing I did. As of November 5, I have approximately 0.52 BTC mined in total from my S7, valued at $4000. If I were to sell it right now, I’d have a profit of over $3100. And as for my miner, it’s churning out 0.0006 BTC daily, sounds like nothing but it’s still the equivalent of $5 today and I couldn’t be happier, at least with the miner and Bitcoin. You remember that $665 for 1 BTC that I mentioned earlier? In hindsight, it would’ve been such a better idea to just keep that one Bitcoin and not do anything with it until today (in the interest of making much more money), as I’d theoretically have upwards of $7000. The idea of that still haunts me sometimes if I dwell on it too long but knowing that I’m in possession of an already hefty amount, the pain of it had numbed slightly. It’s not all doom and gloom for me from the exponential increase in Bitcoin’s value, however. Those first $0.3 payments from my humble little U3 all those years ago now are now the equivalent of over $6 today! Bitcoin and everything it encompasses has been and still is a journey of discovery and an adventure. Looking back, starting with a modest €60 Antminer U3 to having a sum of Bitcoin equivalent to two extremely high-end gaming rigs (first thing I could think of as a comparison, sorry) has been something I can’t really describe. Through the course of the past few years, I’ve learned more about technology, I’ve unexpectedly gotten insight into economics and business and – of course – I’ve made a lot of money (if I decide to stop hodling that is). Also, props to my parents for keeping an open mind throughout, I know some parents would be horrified at their kids being involved in something that has been used in some less-than-savoury ways and it's great knowing mine have been supportive all the way. TL;DR got into Bitcoin mining 3 years ago at age 11 with an Antminer U3 that ran at 60 GH/s, got an Antminer S7 (4.73TH/s) and built a sound-muffling, ventilated cabinet for it. Am sat here today with $3000 profit if I decide to sell right now.
The Great Bitcoin Bull Market Of 2017 by Trace Mayer
By: Trace Mayer, host of The Bitcoin Knowledge Podcast. Originally posted here with images and Youtube videos. I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back. Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate! Therefore, this article will be pretty lengthy and meticulous. BACKGROUND As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments. I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC! On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:
As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences. With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell? FUNDAMENTALS Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel. The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages. SECURITY The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed. At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied). This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m. This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000. Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day. Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage. When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin. These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way. With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!
SPECULATION For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers. Bitcoin is both a Giffen good and a Veblen good. A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect. Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand. There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable. (http://www.runtogold.com/images/lost-bitcoins-1.jpg) (http://www.runtogold.com/images/lost-bitcoins-2.jpg) And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage. According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not. For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin. Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you. In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away. RETAIL There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017. Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin. If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts. What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available. After all, it takes some time and practical experience to learn how to safely secure one's private keys. To do so, I highly recommendBitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware). WALL STREET There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017. LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization. The CME Group announced they will begin trading in Q4 2017 Bitcoin futures. The CBOE announced they will begin trading Bitcoin futures soon. By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable. This price discovery could be the most wild thing anyone has ever experienced in financial markets. THE GREAT CREDIT CONTRACTION The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets. (http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg) Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset? BITCOIN'S RISK PROFILE At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit). But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk. Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B. And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography! This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen. Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity. To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes. (http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png) TRANSACTIONS Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve. On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017. Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls? As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again. Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move. There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day. (http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png) What I like about transaction fees is that they somewhat reveal the financial health of the network. The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee. The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it. I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA. DEVELOPERS Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want. The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is. However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses. Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem. Nevertheless, the Bitcoin ecosystem is healthier than ever before. (http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg) SETTLEMENT CURRENCY There are no significant global reserve settlement currency use cases for Bitcoin yet. Perhaps the closest is Blockstream's Strong Federations via Liquid. PRICE There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth. Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand. Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics! (http://www.runtogold.com/images/bitcoin-speculation.jpg) On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030. On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus." On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000". Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition. I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC. Interestingly, the people who understand it the best seem to think its financial dominance is destiny. Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State. Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend. (http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png) Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market. The 200 day moving average is around $4,001 and rising about $30 per day. So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications. (http://www.runtogold.com/images/bitcoin-price-pro-forma.png) Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction. We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose? As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world. CONCLUSION Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017. The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled. The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon. While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright. Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do! But perhaps there is a larger lesson to be learned here. Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts. Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin. Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go? After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it! What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
Bitcoin Mining Power Hits New High as Half a Million New ASICs Go Online
News by Coindesk: Wolfie Zhao The computing power dedicated to mining bitcoin has hit yet another new high, suggesting that more than 600,000 powerful new machines may have come online in the last three months. According to data from crypto mining pool BTC.com, bitcoin’s two-week average hash rate has crossed another major threshold, reaching 85 exahashes per second (EH/s) around 19:00 UTC last Friday. Meanwhile, mining difficulty also adjusted to a new record of nearly 12 trillion. Notably, both figures have jumped 60 percent since June 14, the data shows. Bitcoin’s mining difficulty — a measure of how hard it is to create a block of transactions — adjusts after 2,016 blocks, or roughly every two weeks. This is to ensure the time to produce a block remains around 10 minutes, even as the amount of hashing power, deployed by machines around the globe competing to win freshly minted bitcoins, fluctuates. Several new models of application-specific integrated circuit (ASIC) miners hit the market over the summer, with an average hashing power around 55 tera hashes per second (TH/s). Assuming all of the 35 EH/s of new hashing power added since mid-June came from these top-of-the-line models, a back-of-the-envelope calculation suggests that more than half a million such machines have connected to the bitcoin network. (1 EH/s =1 million TH/s)
These powerful ASIC miners, made by major manufacturers such as Bitmain, Canaan, InnoSilicon and MicroBT, are priced from $1,500 to $2,500 each. So if more than half a million of them were delivered, as estimated above, the leading miner makers could have made $1 billion in revenue over the past three months. Bitcoin’s spiking hash rate and difficulty are in line with the soaring price since earlier this year, which led to increasing demand for mining equipment that has significantly outstripped supply. It’s also in part thanks to the rainy summer season in southwestern China which resulted in cheap, abundant hydroelectric power. Further, there has also been a growing interest in Russia’s Eastern Siberia region, where the Brastsk hydropower station built in the Cold War era has been utilized to power mining farms that are estimated to account for almost 10 percent of the total computing power on the bitcoin network. Miners in China estimated earlier this year that bitcoin’s average hash rate in the summer would break the level of 70 EH/s, which happened in August. As such, major miner manufacturers have already sold out equipment that is due for shipment until the end of the year with customers placing pre-orders three months in advance. TokenInsight, a startup that focuses on analysis of crypto trading and mining activities, said in a report published Friday that additional supplies of miners are expected to hit the market in the coming months. “Following the drastic increase in bitcoin’s price, the bitcoin mining market saw significant inflation in Q2 2019. Most of the miners from various manufacturers were in serious shortage and pre-orders submitted in Q2 and Q3 are to be delivered by the end of the year,” the report states. Therefore, the firm estimates mining difficulty will maintain its growth momentum to reach 15 trillion by the end of the year — with bitcoin’s average total hashing power crossing the threshold of 100 EH/s for the first time in its history. Bitcoin mining facility image courtesy of Bcause
Bitmain is regarded as one of the most influential companies in the ASIC mining industry. It is estimated that they have manufactured approximately 53% of all mining equipment.Without including their mining profits, that’s around $140 million dollars in sales. These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of PowerAsic’s asicpower AP9-SHA256.
About the asicpower AP9-SHA256
Designed with brand new technology and boasting 94 TH/s per miner, the AP(-SHA256 is the most powerful and efficient Bitcoin miner to date.PowerAsic claims they spent $12 million dollars on research, development, and prototypes.PowerAsic also noted that their miners take advantage of ASICBOOST, an exploit of Bitcoin’s algorithm which improves mining efficiency by 20%.An unusual approach separate Powerasic’s miner to the other manufactures is the implementation of copper heat-sink claimed to have a superior thermal conductivity 69% better than aluminium. Don’t take their words for it but confirm the facts are correct on widely well known and published science documents as this one.The first batch of miners were announced and made available for order in August of 2019, with start scheduled for shipment in September, 2019. Powerasic claims that the machines are around 40 percent more productive than the most proficient ASIC on the market, Bitmain’s Antminer S17.According to PowerAsic, they started a mining project with the aim to bring much needed competition to the market…We want to ‘make SHA256 great again.Sitting at the hefty price of $2,795.00, the powerasic AP9-SHA256 is far from affordable for the average person. Fortunately, due to the newly born rivalry between Bitmain and Powerasic, the price will probably lower with time and competition.The power supply for this unit is included and integrated in the top-box also including the controler card as a one unit. You will also get standard power cable, network cable, manual and software in the packet. In comparison to the price of the Antminer S17 , the Powerasic AP9-Sha256 is a better value.
The integrated PSU 3300W has a inputVoltage 220V 50Hz 30A. There are 2 fan 40mm., 1 fan 60mm to keep it cool and the power cable 3 legs following CEE 7 standard.Professional mining hardware runs optimally at 220-240V, hence why mining farms step down their own electricity supply to 220-240V. Note that 220V current is only found outside of the US – American outlets are 110V by default. Unless you want to hire an electrician, this could cause some people trouble adapt to the eficient and recomended 220V power needed, still 110V will get the job done, but they are not ideal for optimum mining performance.
Thanks to the powerasic AP9-HA256’s new 7nm generation of ASIC chips, the AP9-SHA256 has become the most electrically-efficient miner on the market.Consuming merely 30.J/TB, or 2860W from the wall, the 16T is 30% more electrically-efficient than the Antminer S17.
Powerasic ’s new ASIC technology is impressive. When compared to its closest competitor, the Antminer S17, the powerasic AP9-HA256 is the clear winner. It hashes at 94 TH/s, as opposed to the S17’s 56 TH/s. Moreover, the the AP9-HA256 consumes 30J/GH, whereas the S17 consumes 39-45J/TB.The difference in power consumption is miniscule, but when it comes to large-scale mining, the the AP9-HA256’s edge will drastically increase the profitability of a mining operation. This ASIC is profitable not only for mining on a large scale, but for the individual miner as well.Take a look at the projected mining profitability of a single miner:Note that is appears profitable even with high electricity costs ($0.1 per KW/h). With $0.05 / KW/h it’s even more profitable:📷Each powerasic AP9-HA256 will generate about $6,009 per year (calculated with 1 BTC=$10,141.5). Mining profitability may vary. You can usethis free profitability calculator to determine your projected earnings.
Is powerasic AP9-HA256 a Scam?
There is been a lot of talk on Twitter that powerasic AP9-HA256 is a scam. It appears it is not, as many users are already claiming to have received their miners.Slush, the creator ot Slush Mining Pool and the TREZOR hardware wallet, claims on Twitter that he has seen units and knows people who have had their miners delivered:
Verdict: Is The Antminer S17 Outdated?
When the first batch of Bitmain’s Antminer S17 ASICs reached the eager hands of miners, they were all the rage. The S17 was renowned as the most efficient ASIC miner on the market. Many used the S17 as the industry’s golden standard.Up until the launch of the powerasic AP9-HA256, it was the golden standard.But, now?Things have changed.Not only is the powerasic AP9-HA256 more powerful than its predecessor from Bitmain, but also more efficient, and therefore, more profitable.Ever since the announcement of the new ASIC, there was widespread speculation of its legitimacy – and rightly so.The Bitcoin community has been plagued with small, phony companies manipulating images of preexisting antminers as a ploy to hype up their fake products. Nevertheless, powerasic AP9-HA256 is taking things seriously, and their first batch of miners have lived up to expectations.The fact of the matter is, Bitmain’s most powerful and efficient antminer has been dethroned by the new reigning king of ASICs: The powerasic AP9-HA256.
Bitmain has dominated the ASIC market since its inception in 2013.There are a few other companies producing ASICs. However, before the creation of PowerAsics AP9-SHA256., Bitmain was the only company with a proven track record that sold efficient miners directly to the public.Powerasic AP9-HA256 has the potential to bring Bitmain’s monopoly to an end. Powerasic AP9-HA256 has a bright future ahead of them. Now that Bitmain has noteworthy competition, it will be interesting to see how it affects the market. The powerasic AP9-HA256 is the best option (for now) for anyone getting started with mining. Powerasic’s innovation should force other ASIC producers to innovate and force other companies to release new miners with better efficiency. So whether you’re buying a miner now or soon, you’re likely to benefit from the development of this new miner. For more, Visit Us: https://asicpower.net/product.php
Powerful New Ethereum Miner Reaches Final Stage Before Mass Production
https://preview.redd.it/ao78avnae4m31.png?width=860&format=png&auto=webp&s=11f62e6227dc7d93e9a6c2c3874782fcd4892b59 News by Coindesk: Wolfie Zhao After a nine-month delay and $3.8 million of investment, an upstart manufacturer is ready to produce its first batch of powerful new machines for mining cryptocurrencies ethereum and ethereum classic. Linzhi, based in Shenzen, China, said Wednesday it had ordered 37 wafers from Taiwan Semiconductor Manufacturing Company, the main parts that will allow it to build about 200 application-specific integrated circuit (ASIC) miners. These sample units will test whether the machines can mine as efficiently as they are designed to do using ethash, the proof-of-work algorithm used on ethereum and ethereum classic. The testing units, if successful, would mark a major step toward mass production as Linzhi sets out to compete with makers of general-purpose computing chips, such as NIVIDA, as well as mining gear specialists Bitmain and InnoSilicon, which both make ASIC miners for the ethash algorithm. Roughly five million ether (ETH), the native cryptocurrency on the ethereum network, is being mined every year, which, at its current price, is worth more than $800 million. Even for ethereum classic, which maintains the original ethereum ledger from before a hard fork in 2016, about nine million native ETC gets mined every year, worth more than $60 million.
Linzhi was founded in February 2018 by Chen Min, a former chip design head at Canaan Creative, maker of the Avalon bitcoin miner. Chen told CoinDesk the new company was completely self-funded with about $4 million as starting capital. It announced the plan to produce ethash ASIC miners in September 2018 with an ambition to beat the efficiency of most existing equipment. Chen’s target specification for Linzhi’s ethash ASIC miner is set at 1400 mega hashes per second (MH/s) with an electricity consumption level of one kilowatt-hour. To put those figures in perspective, NVIDIA’s GTX TitanV 8 card is now one of the most profitable piece of equipment on the ethash algorithm, able to compute 656 MH/s at an energy consumption level of 2.1 kWh, according to mining pool f2pool’s miner profitability index, With ETH’s current price ($180) and network difficulty, as well as an electricity cost of $0.04 per kWh, each GTX TitanV 8 would bring home a daily profit of $7.35. Similarly, if one uses the same GTX TitanV 8 card to mine ETC, which has both a lower price and a lower mining difficulty than ETH, the daily profit would still be around $6.70. The total computing power racing on ethereum and ethereum classic to compete for block rewards and to secure the two networks is around 160 and 13 tera hashes per second (TH/s), respectively.
Since the announcement of its plan, Linzhi has spent almost all of its initial capital on research and development of the chip design, the operations of its dozen-person team, and the order of the first batch of wafers, to bet the sample testing units will deliver the intended mining power. Linzhi previously said it was aiming to order the first batch of wafers around December in order to have samples ready in April and mass production in June. Speaking of the delay, the company said:
“We underestimated the complexity of the chip and how long it would take to grow the team and make the company functional. We are cautiously optimistic that we can just move forward the rest of the schedule, which would mean 12/2019 for sample machines and 02/2020 for mass production.”
One possible risk for the business is that the ethereum community has previously voted to activate the so-called ProgPow algorithm in order to remove the edge maintained by large miners that can afford expensive, specialized chips, although the timing for that switch is not yet decided. (Eventually, ethereum developers want to transition from proof-of-work to proof-of-stake, which would eliminate mining altogether.) When asked if Linzhi has any Plan B if the switch happens, Chen said the company is, in fact, more active in the ETC community, adding:
“Our plan A is to focus on ETC mining. So if ETH will still be an option, that’s something good to have. In the ethereum community, the ProgPow plan still has some uncertainty. For the time being, we don’t see it as a market that we will obtain, so I don’t really care that much.”
In an arguably counterintuitive move, Chen said the company plans to adopt what it calls a “reverse discount” strategy when it starts to take in pre-orders if sample units prove to be successful. That would mean the more you buy, the more you are likely going to pay. The reason is to discourage any single entity from buying too many machines and thus concentrating power over the network. While Linzhi has not yet decided on final pricing for each unit to be sold at pre-orders, it says the goal is to achieve a payback period of four months for individual miners with a relatively small number of orders. “This is our efforts and contribution to the idea of decentralization,” Chen said, concluding:
“Our sales will go to developers and community first, with a focus on geographical distribution, and potentially with a malus [reverse discount] for large orders. This means that small orders by individuals would be priced to hit the 4 month [return of investment] and larger orders would pay more.”
It's easy to compare blockchain hashrates when the Proof-of-Work algorithm is the same. For example if Bitcoin has a hashrate of SHA-256 @ 40 PH/s and Bitcoin Cash has a hashrate of SHA-256 @ 2 PH/s, it's easy to see that for a given period of time the Bitcoin blockchain will have 20x (40/2) the amount of work securing it than the Bitcoin Cash blockchain. Or to say that differently, you need to wait for 20x more Bitcoin Cash confirmations before an equivalent amount of work has been done compared to the Bitcoin blockchain. So 6 Bitcoin confirmations would be roughly equivalent to 120 Bitcoin Cash confirmations in the amount of work done. However if the Proof-of-Work algorithms are different, how can we compare the hashrate? If we're comparing Bitcoin (SHA-256 @ 40 PH/s) against Litecoin (Scrypt @ 300 TH/s), the hashes aren't equal, one round of SHA-256 is not equivalent to one round of Scrypt. What we really want to know is how much energy is being consumed to provide the current hash rate. Literal energy, as in joules or kilowatt hours. It would be great if we had a universal metric across blockchains like kWh/s to measure immutability. However that's fairly hard to calculate, we need to know the average power consumption of the average device used to mine. For GPU/CPU mined Proof-of-Work algorithms this varies greatly. For ASIC mined Proof-of-Work algorithms it varies less, however it's likely that ASIC manufacturers are mining with next generation hardware long before the public is made aware of them, which we can't account for. There's no automated way to get this data and no reliable data source to scrape it from. We'd need to manually research all mining hardware and collate the data ourself. And as soon as newer mining hardware comes out our results will be outdated. Is there a simpler way to get an estimated amount of work per blockchain in a single metric we can use for comparisons? Yeah, there is, we can use NiceHash prices to estimate the cost in $ to secure a blockchain for a given timeframe. This is directly comparable across blockchains and should be directly proportionate to kWh/s, because after all, the energy needs to be paid for in $. How can we estimate this?
Get the blockchains Proof-of-Work algorithm
Lookup the average price per hash on NiceHash for this algorithm
Multiply price per hash by total hashrate per second
Now we have an estimated total Proof-of-Work metric measured in dollars per second ($/s). The $/s metric may not be that accurate. Miners will mark up the cost when reselling on NiceHash and we're making the assumption that NiceHash supply is infinite. You can't actually rent 100% of Bitcoin's hashpower from NiceHash, there isn't enough supply. However that's not really an issue for this metric, we aren't trying to calculate the theoretical cost to rent an additional 100% of the hashrate, we're trying to get a figure that allows us to compare the cost of the current total hashrate accross blockchains. Even if the exact $ value we end up with is not that accurate, it should still be proportionate to kWh/s. This means it's still an accurate metric to compare the difference in work done over a given amount of time between blockchains. So how do we compare these values between blockchains? Once we've done the above calculations and got a $/s cost for each blockchain, we just need to factor in the average block time and calculate the total $ cost for a given number of confirmations. Then see how much time is required on the other blockchain at it's $/s value to equal the total cost. So to calculate how many Litecoin confirmations are equivalent to 6 Bitcoin confirmations we would do:
Bitcoin (SHA-256 @ 40 PH/s) or ($100/s)
Litecoin (Scrypt @ 300 TH/s) or ($10/s)
Bitcoin's average block time is 10 minutes (600 seconds)
6 Bitcoin confirmations on average is 60 minutes (3,600 seconds)
Bitcoin's total $ cost for 6 confirmations is ($100 * 3,600 seconds) $360,000
At Litecoin's hashrate of $10/s it would take ($360,000 / $10) 36,000 seconds (10 hours) to complete an equivalent amount of work
Litecoin's average block time is 2.5 minutes (150 seconds)
The amount of Litecoin blocks expected over this period of time is (36,000 seconds / 150 seconds) 240 blocks.
Therefore we can say that 240 Litecoin confirmations are roughly equal to 6 Bitcoin confirmations in total amount of work done.
$/s doesn't mean what it sounds like it means.
The $/s values should not be taken as literal costs. For example:
Bitcoin's total $ cost for 6 confirmations is ($100 * 3,600 seconds) $360,000
This is does not mean you could do a 51% attack on Bitcoin and roll back 6 blocks for a cost of $360,000. An attack like that would be much more expensive. The $/s value is a metric to compare the amount of work at the current hashrate between blockchains. It is not the same as the cost to add hashrate to the network. When adding hashrate to a network the cost will not scale linearly with hashrate. It will jump suddenly at certain intervals. For example, once you've used up the available hashrate on NiceHash you need to add the costs of purchasing ASICs, then once you've bought all the ASICs in the world, you'd need to add the costs of fabricating your own chips to keep increasing hashrate.
These metrics are measuring "work done", not security.
More "work done" doesn't necessarily mean "more security". For example take the following two blockchains:
Bitcoin Cash (SHA-256 @ 2 PH/s) or ($5/s)
Zcash (Equihash @ 4 GH/s) or ($3/s)
Bitcoin Cash has a higher $/s value than Zcash so we can deduce it has more "work done" over a given timeframe than Zcash. More kWh/s are required to secure it's blockchain. However does that really mean it's safer? Zcash is the dominant blockchain for it's Proof-of-Work algorithm (Equihash). Whereas Bitcoin Cash isn't, it uses the same algorithm as Bitcoin. In fact just 5% of Bitcoin's hashrate is equivalent to all of Bitcoin Cash's hashrate. This means the cost of a 51% attack against Bitcoin Cash could actually be much lower than a 51% attack against Zcash, even though you need to aquire more kWh/s of work, the cost to aquire those kWh/s will likely be lower. To attack Bitcoin Cash you don't need to acquire any hardware, you just need to convince 5% of the Bitcoin hashrate to lend their SHA-256 hashpower to you. To attack Zcash, you would likely need to fabricate your own Equihash ASICs, as almost all the Equihash mining hardware in the world is already securing Zcash.
Accurately calculating security is much more complicated.
These metrics give a good estimated value to compare the hashrate accross different Proof-of-Work blockchains. However to calculate if a payment can be considered "finalised" involves many more variables. You should factor in:
Is this cryptocurrency the dominant cryptocurrency for it's Proof-of-Work algorithm?
What is the market cap of this cryptocurrency?
What is the daily trading volume of this cryptocurrency?
What is the $ value of this transaction?
If the cryptocurrency doesn't dominate the Proof-of-Work it can be attacked more cheaply. If the market cap or trading volume is really low, an attacker may crash the price of the currency before they can successfully double spend it and make a profit. Although that's more relevant in the context of exchanges rather than individuals accepting payments. If the value of the transaction is low enough, it may cost more to double spend than an attacker would profit from the double spend. Ultimately, once the cost of a double spend becomes higher than an attacker can expect to profit from the double spend, that is when a payment can probably be considered "finalised".
The launch of new models of ASIC miners caused a record growth of the bitcoin’s network hashrate
Bitcoin mining is the most important driver of the crypto world. At the beginning of the last full week of August, a combined SHA-256 hashrate between networks of bitcoin and Bitcoin Cash exceeded 91 EH/s. This record is that the fields began to work modern ASIC-miners, among which is Microbt Whatsminer M20S from the company Pangolin, which is able to generate 68-70 TH/s. Power consumption is about 3.36 thousand watts, and also has a significant high noise level (about 75 decibels). In 2019, the main manufacturers of equipment for mining farms are such players as Bitmain, Pangolin, Innosilicon, Ebang, Strongu, Asicminer and Canaan. Of these seven players four of them - Pangolin, Innosilicon, Bitmain and Strongu,have presented new mining machines to the public in this year. In addition to the Microbt Whatsminer M20S another important novelty was Asicminer 8 Nano Pro, which has a capacity of 76 TH/s. But there is a nuance: the equipment, on the one hand, is completely sold out, and on the other hand, in the secondary market there are also negative reviews. Traditionally, the majority of investors in mining equipment are happy with new products from Bitmain, a Corporation that was able to pass the "fire, water and copper pipes" during the development of the crypto-currency market. As a result, now the demand is for a machine Antminer S17 Pro series (53 TH/s) and S17 (56 TH/s), and also a budget model Antminer S9. All new machines from the Bitmain S17 series are available for purchase, and the price for one unit of such equipment ranges from 2,727 thousand to 2,969 thousand dollars. Depending on the model, the volume of power consumption varies from 1,975 thousand to 2,52 thousand Watts. #News #Mining #ASIC #Hashrate #Bitcoin #Pangolin #Crypto
07-25 15:44 - 'Could this be the best asic miner seller worldwide?' (self.Bitcoin) by /u/bittruthBTC removed from /r/Bitcoin within 721-731min
''' So I'm based in the UK and I have about 16 cents per kwh and not to long ago I stumbled upon this website called "[mining.equipment]1 ". And its like Bitcoin hardware miner re-seller type website so I decided to buy the S17 53 TH/S model the Bitmain one. Now remember this was 6 weeks ago and market was massively different from what it is now. So I buy it via Bitcoin and after 2 weeks from ordering I receive my S17 miner now to my surprise is that their prices are cheaper than other resellers and have free shipping. My question is, is this a good website to have an opportunity to buy miners from them while they are priced cheaply and free shipping or should i pass this? website link [[link]3 ''' Could this be the best asic miner seller worldwide? Go1dfish undelete link unreddit undelete link Author: bittruthBTC 1: mi*ing.e*u*pmen*/ 2: www.mini**.eq**pment* 3: www.mining.equipment]^^2 Unknown links are censored to prevent spreading illicit content.
dcrd: Several steps towards multipeer downloads completed: an optimization to use in-memory block index and a new 1337 chain view. Maintenance: improved test coverage, upgrading dependency management system and preparing for the upcoming Go 1.11 release. dcrwallet: A big change introducing optional privacy-preserving SPV sync mode was merged. In this mode dcrwallet does not download the full blockchain but only gets the "filters", uses them to determine which blocks it needs and fetches them from random nodes on the network. This has on-disk footprint of 300-400 MB and sync time of minutes, compared to ~3.4 GB and sync time of hours for full sync (these are rough estimates).
jy-p: the server side of SPV (in dcrd) was deployed in v1.2.0, the client side of SPV (in dcrwallet) is in our next release, v1.3.0. Still some minor bugs in SPV that are being worked out. There will be an update to add the latest features from BIP 157/158 in the next few months. SPV will be optional in v1.3.0, but it will become the default after we get a proper header commitment for it (#general)
Decrediton: besides regular bugfixes and design improvements, several components are being developed in parallel like SPV mode, Politeia integration and Trezor support. Politeia: testing started on mainnet, thanks to everyone who is participating. A lot of testing, bugfixing and polishing is happening in preparation for full mainnet launch. There are also a few missing features to be added before launch, e.g. capacity to edit a proposal and versioning for that, discussion to remain open once voting starts. Decrediton integration is moving forward, check out this video for a demo and this meta issue for the full checklist. Trezor: Decrediton integration of initial Trezor support is in progress and there is a demo. Android: app design version 2.0 completed. dcrdata: development of several chart visualizations was completed and is awaiting deployment. Specifically, voting agendas and historic charts are merged while ticket pool visualization is in testing. atomicswap: @glendc is seeking reviews of his Ethereum support pull request. Dev activity stats for July: 252 active PRs, 220 master commits, 34,754 added and 12,847 deleted lines spread across 6 repositories. Contributions came from 6-10 developers per repository. (chart)
Hashrate: the month started at 40.5 and ended at 51.6 PH/s, with a low of 33.3 and a new all time high of 68.4 PH/s. F2Pool is leading with 40-45%, followed by the new BeePool at 15-25% and coinmine.pl at 18-23%. Staking: 30-day average ticket price is 92.6 DCR (-2.1). The price started the month at 94.6 and quickly retreated to month's low of 85 until 1,860 tickets were bought within a single period (versus target 720). This pushed the pool of tickets to 41,970 (2.5% above target), which in turn caused 10 price increases in a row to the month's high of 100.4. This was the highest ticket price seen on the new ticket price algorithm which has been in effect since Jul 2017. Second half of the month there was unusually low volatility between 92 and 94 DCR per ticket. Locked DCR held between 3.75 and 3.87 million or 46.6-48.0% of supply (+0.1% from previous peak). Nodes: there are 212 public listening and 216 normal nodes per dcred.eu. Version distribution: 67% on v1.2.0 (+10%), 24% on v1.1.2 (-1%), 7% on v1.1.0 (-7%). Node count data is not perfect but we can see the steady trend of upgrading to v1.2.0. This version of dcrd is notable for serving compact filters. The increased count of such full nodes allows the developers to test SPV client mode in preparations for the upcoming v1.3.0 release.
Obelisk posted three updates in July. For the most recent daily updates join their Discord. New miner from iBeLink: DSM7T hashes Blake256 at 7 TH/s or Blake2b at 3.5 TH/s, consumes 2,100 W and costs $3,800, shipping Aug 5-10. There were also speculations about the mysterious Pangolin Whatsminer DCR with the speed of 44 TH/s at 2,200 W and the cost of $3,888, shipping November. If you know more about it please share with us in #pow-mining channel.
emiliomann: stakebrasil is one of the pools with the lowest number of missed and expired tickets. It was one of the first and has a smaller percentage than the most recent ones who haven’t had the time to do so. (...) The Brazilian pool should be the one with the more servers spread around the world: 6 to decrease the latency. This is to explain to you why the [pool fee] rate of 5% (currently around 0.06 DCR) on the reward is also one of the highest. girino: 8 voting wallets now. I just finished setting up a new one yesterday. All of them in different datacenters, 3 in europe, 3 in north america, 1 in brazil and one in asia. We also have 3 more servers, 1 for the front end, one for "stats" and one for dcrdata. (#general)
On the mining side, Luxor started a new set of pool servers inside mainland China, while zpool has enabled Decred mining. StatX announced Decred integration into their live dashboard and public chat. Decred was added to Satowallet with BTC and ETH trading pairs. Caution: do your best to understand the security model before using any wallet software.
Marina Silva is the first presidential candidate in Brazil using blockchain to keep all their electoral donations transparent and traceable. VotoLegal uses Decred technology, awesome use case! (reddit)
We continue to see institutional interest in DCR. Large block buyers love the concept of staking as a way to earn additional income and appreciate the stakeholder rights it affords them. Likening a DCR investment to an activist shareholdebondholder gives these institutions some comfort while dipping their toes into a burgeoning new asset class.
Targeted advertising reports released for June and July. As usual, reach @timhebel for full versions.
Big news in June: Facebook reversed their policy on banning crypto ads. ICO ads are still banned, but we should be OK. My team filled out the appeal today, so we should hopefully hear something within a few days. (u/timhebel on reddit)
After couple weeks Facebook finally responded to the appeal and the next step is to verify the domain name via DNS. A pack of Stakey Telegram stickers is now available. Have fun!
Meetup in Berlin, Germany hosted by BlueYard Capital. @jz_bz and @lftherios discussed open source incentivization, the value of governance and their respective projects @decredproject and @oscoin. See @issedjur's feedback here. (photos: 1, 2, 3)
O'Reilly Open Source Convention in Portland, USA. @raedah's talk was "Decentralizing decision-making on the blockchain". Read his report here and see on the photos how the Big Stakey was entertaining the public. (photos: 1, 2, 3)
oregonisaac: many open source devs at OSCON were VERY interested in Politeia and it was probably the #1 hook that resulted in lots of long conversations about what makes Decred unique from the ground up. (#politeia)
Blockchain Meetup in Faro, Portugal. Marco Peereboom gave a talk "Decred 101" and answered questions.
Meetup in Lisbon, Portugal on Aug 2. @moo31337 and @mm will be presenting on Decred with talk "Decred 101 - Governance with skin in the game". Co-hosted by The Block Cafe. Free entrance.
Meetup in Taipei, Taiwan on Aug 5. @morphymore will give a short intro on Decred.
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam on Aug 9. @joshuam will introduce Decred and on-chain governance and take part in a panel discussion.
Twitter: Ari Paul debates "There can be only one" aka "highlander argument". Reddit and Forum: how ticket pool size influences average vote time; roadmap concerns; why ticket price was volatile; ideas for using Reddit chat for dcrtrader and alternative chat systems; insette's write-up on Andrew Stone's GROUP proposal for miner-validated tokenization that is superior to current OP_RETURN-based schemes; James Liu's paper to extend atomic swaps to financial derivatives; what happens when all DCR are mined, tail emission and incentives for miners. Chats: why tickets don't have 100% chance to vote; ideas for more straightforward marketing; long-running chat about world economy and failure modes; @brandon's thoughts on tokenizing everything, ICOs, securities, sidechains and more; challenges of staking with Trezor; ideas how to use CryptoSteel wallet with Decred; why exchange can't stake your coins, how staking can increase security, why the function to export seed from wallet is bad idea and why dcrwallet doesn't ever store the seed; ticket voting math; discussion about how GitHub workflow forces to depend on modern web browser and possible alternatives; funding marketing and education in developing markets, vetting contractors based on deliverables, "Decred contractor clearance", continued in #governance. #dex channel continues to attract thinkers and host chats about influence of exchanges, regulation, HFT, lot sizes, liquidity, on-chain vs off-chain swaps, to name a few topics. #governance also keeps growing and hosting high quality conversations.
In July DCR was trading in USD 56-76 and BTC 0.0072-0.0109 range. A recovery started after a volume boost of up to $10.5 m on Fex around Jul 13, but once Bitcoin headed towards USD ~8,000 DCR declined along with most altcoins. WalletInvestor posted a prediction on dcrtrader. Decred was noticed in top 10 mineable coins on coinmarketcap.com.
One million PCs in China were infected via browser plugins to mine Decred, Siacoin and Digibyte. In a Unchained podcast episode David Vorick shared why ASICs are better than GPUs even if they tend toward mining centralization and also described Obelisk's new Launchpad service. (missed in June issue) Sia project moved to GitLab. The stated reasons are to avoid the risk of depending on centralized service, to avoid vendor lock-in, better continuous integration and testing, better access control and the general direction to support decentralized and open source projects. Luxor explained why PPS pools are better. @nic__carter published slides from his talk "An Overview of Governance in Blockchains" from Zcon0. This article arguing the importance of governance systems dates back to 2007. Bancor wallet was hacked. This reminds us about the fake feeling of decentralizaion, that custody of funds is dangerous and that smart contracts must have minimum complexity and be verifiable. Circle announced official Poloniex mobile apps for iOS and Android. On Jul 27 Circle announced delisting of 9 coins from Poloniex that led to a loss of 23-81% of their value same day. Sad reminder about how much a project can depend on a single centralized exchange. DCR supply and market cap is now correct on onchainfx.com and finally, on coinmarketcap.com. Thanks to @sumiflow, @jz and others doing the tedious work to reach out the various websites.
About This Issue
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
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