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Tags: BFL, BITCOIN, Miner
cryptothrift is a Bitcoin, Litecoin and altcoin marketplace and auction site with automated escrow.
submitted by cryptothrift to cryptothrift [link] [comments]

Zigmabit fastest and most efficient crypto miners 🔴 SCAM 🔴

Zigmabit fastest and most efficient crypto miners 🔴 SCAM 🔴
https://preview.redd.it/wk4gh9rm3cb41.jpg?width=1280&format=pjpg&auto=webp&s=db173c6ddb6d51581b6e1f638c0a0465df8f5020
We are not even in a bull market yet. Usually these things happen when there is a lot of hype. ZigmaBit is scammer company with fake mining rigs to basically scam you. Their selling website is https://zigmabit.com/ , please don't even click the link. We do not want to give them any traffic, just watch the video down below.
They have listed 3 miners on their website:
  • ZigBit 2.0
  • ZigBit 3.0
  • ZigBit 5.0

https://preview.redd.it/406xtn2l3cb41.jpg?width=1676&format=pjpg&auto=webp&s=4933fa05a303be6ece49fa37c4e8845fa8636605
Which of course doesn't exist. They recommend that these miners will make some crazy gains, which of course will not happen. As these miners are fake. Seeing the specification makes me think these guys know very little about crypto currency mining. So for example the specification they are advertising on ZigBit 5.0 is :
  • Bitcoin-2000 TH/s
  • Litecoin-300 GH/s
  • Ethereum-75 GH/s
  • Dash-50 TH/s
  • Power Consumption-2400W
  • Power Socket 110V-240V
Now you understand what im talking about, seriously 2000 TH/s mining Bitcoin at 2400w (where the latest Antminer S17 is 72Th/s), or mining ETH and the profit is so big that it will cover the miner cost faster then month. And another thing, they using the same hardware to mine multiple currencies which every one of them needs different hardware. Worst thing is that people will loose money, and most likely some of them already did. People think they will get rich after buying this miner, which they will never receive. Their fake products look so bad, their cheapest version ZiBit 2.0 looks like an ATX power supply.

https://preview.redd.it/sj7oslyl3cb41.jpg?width=1606&format=pjpg&auto=webp&s=470d5ceb04049cb3b617eb3fa1294e414def0b90
Few things to also note is :
  • They have support chat on their website. I did send them a message and got response after about 20 minutes. So they told me that they only accept crypto currency, and the products are shipped from United Kingdom. My last line of the chat was "im coming for you you'll be in jail soon ".
  • When you google miner name, there is few websites coming up describing how great is their product. This most likely is owned websites for this scammer or this is purchased content posts.
  • Last thing is that i tired to do checkout on one miner, there is btc address which has already received 7btc. Im not sure if this is some people got already scammed or this is fake volume, hope this is fake volume https://www.blockchain.com/btc/address/1C4RSshoK9veR4jCNStqF32QARS5oGnmzw . Hope none is scammed.
Sad to see that there is such kind of people who makes money on scamming others. Man karma is there , i believe it will come for you sooner or later.
video - https://www.youtube.com/watch?v=j4Bc7\_hNk4o&feature=youtu.be
submitted by mineshop to gpumining [link] [comments]

With the pretty awesome rise of almost all crypto currencies, it's time to restart our machines and mine the most profitable coin today 30.01.2020!!!

So let's talk about the GPUs to start with, the ranking has radically changed and even those that were running at a loss have become profitable again The top 10 chart:
1.NVIDIA GeForce RTX 2080 Ti 4.60 Mh/s 220W $1.35 $0.55 Zcoin(XZC) MTP Algo
2.NVIDIA GeForce RTX 2080 4.00 Mh/s 190W $1.17 $0.48 Zcoin(XZC) MTP
3.AMD Radeon VII 78.00 Mh/s 230W $1.22 $0.39 EthereumClassic(ETC) Ethash Algo
4.NVIDIA GeForce GTX 1080 Ti 3.60 Mh/s 190W $1.05 $0.37 Zcoin(XZC) MTP
5.AMD Radeon RX 5700 XT 51.50 Mh/s 140W $0.81 $0.30 EthereumClassic(ETC) Ethash
6.NVIDIA GeForce RTX 2060 2.60 Mh/s 130W $0.76 $0.29 Zcoin(XZC)MTP
7.NVIDIA GeForce RTX 2070 2.80 Mh/s 150W $0.82 $0.28 Zcoin(XZC) MTP
8.NVIDIA GeForce GTX 1080 2.80 Mh/s 150W $0.82 $0.28 Zcoin(XZC) MTP
9.NVIDIA GeForce GTX 1070 Ti 2.50 Mh/s 130W $0.73 $0.26 Zcoin(XZC) MTP
10.NVIDIA GeForce GTX 1660 Ti 2.00 Mh/s 100W $0.59 $0.22 Zcoin(XZC)
Now let's go to the asic Top 10:
  1. Innosilicon A10 ETHMaster 500.00 Mh/s 750W Ethash $5.13 EthereumClassic(ETC) Ethash
  2. Bitmain Antminer Z11 135.00 kh/s 1418W Equihash $3.45 Pirate(ARRR)
  3. BlackMiner F1+ 22.00 Gh/s 860W Eaglesong $3.23 Nervos(CKB) FPGAminer
4.Bitmain Antminer B7 96.00 kh/s 528W Tensority $1.87
5.Bitmain Antminer S17+ 73.00 Th/s 2920W SHA-256 $1.67 BitcoinSV(BSV)
6.StrongU STU-U6 420.00 Gh/s 2100W X11 $1.52 Dash(DASH)
  1. Bitmain Antminer S17 Pro 56 Th/s 2212W SHA-256 $1.46 BitcoinSV(BSV)
  2. Bitmain Antminer S17 59.00 Th/s 2385W SHA-256 $1.34 BitcoinSV(BSV)
  3. Innosilicon A9 ZMaster 50.00 kh/s 620W Equihash $1.08 Pirate(ARRR)
  4. FusionSilicon X7 262.00 Gh/s 1300W X11 $1.03 Dash(DASH)
Dont forget you can find around new Firmware for example for Z9/Z11 Efudd Firmware,and Hive OS firmwares which can Overclock S9/S15/S17 or Underclock (if your electriciy fee are too expensive), for example my S17 Pro I switched to new firmware (Hive OS) to 36Th/s with 900 Watts power gives me a 2.90 usd/day profit without electricity of course, for Z11 Overclocking without changing PSU from 135 to 150-160Ko/sol.
I calculated everything on the basis of 0.15 cens Kw / h.
Brand New Miner coming out:
ASICminer Zeon Turbo 400,000 Sol/s Equihash
Most Profitable Miner in the World. ASICminer Daily Revenue: $27 $16 (less 0.15 Kw/h fee) ASICminer Power Consumption: 2500W
asicminer dot co/shop (Factory)
submitted by pushingworld77 to BitcoinMining [link] [comments]

Decred Journal – September 2018

Note: you can read this on GitHub (link), Medium (link) or old Reddit (link).

Development

Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures.
dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd.
Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome.
Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules.
Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd.
dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets.
Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue)
Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing.
Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged.
Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing.
A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning.
Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store.
iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.".
Nearest goal is to make the app crash free.
Both mobile apps received new design themes.
dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.".
Up next is supporting dynamic page widths site wide and deploying new visual blocks home page.
Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One).
Ticket splitting: updated to use Go modules and added simnet support, several fixes.
docs: beginner's guide overhaul, multiple fixes and cleanups.
decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet.
@Richard-Red is building a curated list of Decred-related GitHub repositories.
Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus!
Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate.
Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply.
Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.

ASICs

Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example.
A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1.
Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.

Integrations

Meet our 17th voting service provider: decredvoting.com. It is operated by @david, has 2% fee and supports ticket splitting. Reddit thread is here.
For a historical note, the first VSP to support ticket splitting was decredbrasil.com:
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks.
Three more wallets integrated Decred in September:
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets.
Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.

Adoption

The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.

Marketing

Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed.
Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)

Events

Attended:
Upcoming:
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)

Media

August issue of Decred Journal was translated to Russian. Many thanks to @DZ!
Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit.
September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom.
Videos:
Featured articles:
Articles:

Community Discussions

Community stats:
Comm systems news: Several work channels were migrated to Matrix, #writers_room is finally bridged.
Highlights:
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure.
Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins.
Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels.
#support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)

Markets

In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August.
As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx)
Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.

Relevant External

ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015.
A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use.
A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains.
New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred)
On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange.
Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.".
Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred)
The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights.
A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.

About This Issue

This is the 6th 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 also welcome: some areas are adding content, pre-release review or translations to other languages.
Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
submitted by jet_user to decred [link] [comments]

Frequently Asked Questions

NOTICE

This post is a temporary resting place for FAQs while we wait for the release of VertDocs.

What is Vertcoin?

Vertcoin is a digital peer to peer currency focused on decentralization and ASIC resistance. Vertcoin is aiming to be easily accessible to the everyday user without extensive technical knowledge. Vertcoin has started to lower the barrier of entry with lots of video guides and the development of the One Click Miner (OCM).

Why does ASIC Resistance Matter?

ASICs (Application Specific Integrated Circuits) are dedicated mining devices that can only mine one algorithm. Coins like Bitcoin and Litecoin both made GPU mining obsolete when SHA-256 and Scrypt ASICs were created.
ASIC Resistance and How it Makes Vertcoin Decentralized
Vertcoin believes that ASIC resistance goes hand in hand with decentralization.
ASICs are made by companies like Bitmain and almost all the original sellers of ASICs sell on a preorder basis. When pre ordering an ASIC you are buying from a limited batch that the ASIC company has produced. Often times the batch will not be fully filled and the ASIC company will often have left over ASICs. When the ASIC company has left over ASICs they will put them to work mining. Soon enough the ASIC company will have a very large amount of unsold ASICs that are mining and slowly the ASIC company starts to own a large part of the network’s hashrate. When an ASIC company(s) starts to own a large majority of the hashrate the network can become very centralized after a while.
Having your network consist of a few large companies can be very dangerous as they could eventually get 51% hashing power and 51% attack your network, destabilizing the network. When your network is made out of a lot of smaller miners, like Vertcoin, it is much harder for your network to be 51% attacked, therefore increasing network security. By having centralized hashing power your coin effectively centralizing the network as the centralized hashing power can deny transactions and stop any activity they don’t want.

What Ways is Vertcoin Superior to Litecoin and Bitcoin?

Network Difficulty Adjustments with Kimoto Gravity Well
Vertcoin uses a difficulty adjustment called Kimoto Gravity Well which adjusts the difficulty every block, whereas Bitcoin and Litecoin’s difficulty changes every 2016 blocks. By adjusting the difficulty every block Vertcoin’s block time can stay consistent by adjusting for the fluctuation in network hash rate from hash rate renting and part time miners. If a large miner switches off Bitcoin or Litecoin mining the network could be slowed to a crawl until 2016 blocks are mined and the difficulty can change to adjust for the new network hash rate. We observed this happen to Bitcoin when Bitcoin Cash became more profitable than Bitcoin and Bitcoin’s network hash rate saw a steep fall off, slowing the network to a crawl. If this was to happen with Vertcoin the difficulty would adjust after 1 block was mined, allowing Vertcoin to always be profitable to mine.
Anyone can Meaningfully help Verify Transactions
In Proof-of-Work crypto currencies miners help secure the blockchain and get rewarded with the block reward. In ASIC mineable coins like Bitcoin and Litecoin you can’t meaningfully verify transactions unless you pay 1000-2000$ for a ASIC miner. When you mine with a CPU or GPU in a ASIC mineable coin you make no meaningful impact on the network. It is like trying to break concrete with a shovel while everyone else has a jackhammer.
Simple Upgrades Aren’t Held back by 1-2 Large Miners
In ASIC market people buy ASICs in batches in a preorder. With Bitcoin ASICs there is not enough demand for ASICs so the batch often doesn’t get sold out so now the manufacturer has spare ASICs. Now that the manufacturer has spare ASICs they will often start mining with them and eventually the ASIC company has one of the highest hash rates. If the ASIC company doesn’t want a certain upgrade to go through, for example SegWit, they can vote with their hash rate to hold back the upgrade forever or at least until people who want SegWit get more hash rate.
You Have a Say in Protocol Rules and Consensus
In Bitcoin you are a passive observer because you can only issue transactions and you have no part in the process after that. In Vertcoin you can be apart of the process for deciding the ordering of transactions and deciding what transactions get into blocks.
Block Rewards and Transaction Fees are Distributed Evenly
In Bitcoin and Litecoin the block rewards and transaction fees are often given to the large miners in China due to mining centralization created by ASICs. Vertcoin distributes its mining rewards to people all around the world thanks to the mining decentralization.

When will Atomic Swaps Be Ready?

Atomic Swaps can be done in two flavors: On-chain and Off-chain (via Lightning Network). On-chain swaps were actually done already using Blocknet, you can see it in use on Youtube. We're looking into doing it again using Interledger.
However our main focus is to do off-chain Atomic Swaps using Lightning Network technology. Because it has the same benefits as Lightning transactions: No network fees and instant transactions.
For off-chain swaps we need Lightning Network to be fully operational. It's difficult to give an ETA on that since we aren't the ones developing it. U/gertjaap posted a video on the current state of the Lightning Network for Vertcoin a while ago, which you can see here.
This was actually the "bleeding edge" of Lightning Network at the time. was able to use it on VTC's main net, meaning that our blockchain is ready for the good stuff. As you can see however, it can't yet be considered production ready (most users would want a little better UX than a command line app).
Now off-chain Atomic Swaps is a technique based on the same principles as Lightning Network, but adds an extra complexity for it being across chains. So it's basically the same as a "multi hop" Lightning payment, which is not yet built by any of the implementations. They're still working hard on making the single-hop payments robust. So in order for AS to be possible, LN has to be fully operational.
A timeline cannot be given at this time, because frankly we don't know. The implementation of Lightning Network we feel has the most potential is LIT, because it supports multiple currencies in its protocol (where LND is bitcoin-only at the time and requires significant work to support other currencies, which is an essential part of being able to work across multiple blockchains).
LIT is open source and there's nothing secretive about its progress, you can see the development on Github. We even have our lead dev James Lovejoy (u/jamesl22) close to the action and contributing to it where possible (and our team as well through testing it on the Vertcoin chain).
So we're not developing LN or AS ourselves, we're just ready with our blockchain technology whenever it becomes available.
If we have any real progress that has some substance, you can expect us to let the world know. We're not interested in fluffy marketing - we post something when we achieve real progress. And we are not keeping that secret.

How do I Choose the Right Vertcoin Wallet?

Deciding what Vertcoin wallet you should choose can be a difficult process. You can choose between three different wallets: Core, Electrum and Paper. Once you decide you can use the "How to Setup Your Vertcoin Wallets" video guide to assist you.

Core

The Core wallet is the wallet that most people should use. It will store the entire blockchain (~2GB) on your computer. The Core wallet is the only wallet that fully supports P2Pool mining. You will also have to use the Core wallet if you plan to run a P2Pool node or any Vertcoin related server.

Electrum

The Electrum wallet is a light wallet for Vertcoin. You do not have to download the blockchain on your computer, but you will still have your own private keys on your computer. This is recommended for people who don't need to store Vertcoins for very long and just need a quick but secure place to store them.

Paper

The Paper wallet is as the name implies, a physical paper wallet. When generating a paper wallet you will get a pdf that will need to print out. A paper wallet is normally used for long term storage since it is the safest way to store Vertcoins. A paper wallet can also be called "cold storage." Cold storage references the storage of your coins offline, preventing you from getting hacked over the internet.

Ledger Nano S

The Ledger Nano S is a hardware wallet designed by Ledger. A hardware wallet is similar to a paper wallet since it is normally used for cold storage. The hardware wallet is on par with the security of a paper wallet while being easy to use and setup. Note: You should never mine directly to a Ledger hardware wallet.

How do I start mining Vertcoin?

We have many guides available for you to use depending on your computer specifications.
Nvidia GPUs on Windows
Nvidia GPUs on Linux
AMD GPUs on Windows WARNING: Very unprofitable, AMD optimized miner is coming very soon.

Where can I get the One Click Miner (OCM)

You can get the latest version of the One Click Miner in the Vertcoin Discord. The download is pinned to the top of the #oneclick channel.

What do all the Numbers Mean on P2Pool’s Web Interface

I've seen a lot of confusion from new miners on public p2pool nodes, so here's a primer for the most common static node page style, for first time miners: https://imgur.com/K48GmMw

Active Miners on this Node

Address - This is the list of addresses currently mining on this node. If your address does not show up here, you are not mining on this node.
Hashrate
This is a snapshot of your hashrate as seen by the node. It will fluctuate up to 15% from the hashrate you are seeing on your mining software, but will average out to match the output in your mining software.
Rejected Hashrate
This is the amount of your hashing contribution that is rejected, both in hashrate and as a percentage of your total contribution. Running your own p2pool node minimizes this number. Mining on a node that is geographically close to reduce lag also minimizes this number. Ideally you would like it to be less than 1%, but most people seem happy keeping it under 3%.
Share Difficulty
This speaks for itself, it is the difficulty of the share being currently worked on. Bigger numbers are more difficult.
Time to Share
This is how long you need to mine before you will receive any payouts, or any "predicted payout." The lower your hashrate, the higher your time to share.
Predicted Payout
This is the reward you would receive if a block was found by p2pool right now. If it reads "no shares yet" then you have not yet been mining the requisite amount of time as seen in the previous "time to share" column.

Status

Network Hashrate
This is the total hashrate of all the miners mining vertcoin everywhere, regardless of where or how.
Global Pool Hashrate
This is the total hashrate of all the miners mining vertcoin on this p2pool network, be it the first network or the second network.
Local Pool Hashrate
This is the total hashrate of all the miners mining Vertcoin on this node.
Current Block Value
This is the reward that will be given for mining the current block. The base mining reward is currently 50 VTC per block, so any small decimal over that amount is transaction fees being paid by people using the network.
Network Block Difficulty
This is the difficulty of the block being mined. The higher the number, the higher the difficulty. This number rises as the "Network Hashrate" rises, so that blocks will always be found every 2.5 minutes. Inversely, this number falls when the "Network Hashrate" lowers as well.
Expected Time to Block
This is a guess at how much time will elapse between blocks being found by this p2pool network. This guess is accurate on average, but very inaccurate in the short term. Since you only receive a payout when the network finds a block, you can think of this as "Estimated Time to Payout."

Why is P2Pool Recommended Over Traditional Pools?

Decentralisation

P2Pool is peer to peer allowing a decentralized pool mining system. There are many nodes setup around the world that connect to each other too mine together. Many other coins have 1 very large pool that many miners connect to and sometimes the largest pool can have 51% or more of the network hash rate which makes the network vulnerable to a 51% attack. If P2Pool is the largest network then that prevents the Vertcoin network to be susceptible to a 51% attack as P2Pool is decentralized.

PPLNS Payout System

P2Pool uses a PPLNS (Pay Per Last N Shares) payout system which awards miners more the longer they mine, sort of like a loyalty system. A drawback to this system is that part time miners that aren't 24/7 won't be able to earn that much.

2 Networks

While Network 1 is catered towards 24/7 miners and people who have dedicated mining rigs, Vertcoin has a second P2Pool network where part time miners and miners under 100 MH/s can go to mine.

Mines Directly to Your Wallet

P2Pool mines directly to your wallet and cuts out the middleman. This reduces the likely hood that the pool will run away with your coins.

No Downtime

Since P2Pool is decentralized and has different nodes for you to choose from there will be no downtime because the P2Pool network does not die if one node goes down. You can setup a backup server in your miner so that you will have no downtime when mining.

Anonymity and Security

When using P2Pool you use a wallet address making your real identity anonymous, you are simply known by a random 34 letter string. Along with using a wallet address instead of a username there is no password involved P2Pool preventing the possibility of cracking your pool account (If you were on a traditional pool,) and stealing all your coins.

How do I Find a Nearby P2Pool Node

You can find the public p2pool nodes the the P2Pool Node Scanners. If you want to find a network 1 node go here. If you want to find a network 2 node go here.

How do I setup a P2Pool Node?

Linux P2Pool Setup
Windows P2Pool Setup (Text)
Windows P2Pool Setup (Video) This guide setups a network 2 node. When downloading Python download the 32bit version, not the 64bit. Downloading the 64bit version causes problems with the twisted install.
How do I setup a change my node to network 1 or network 2?
In the P2Pool startup script when you type the --network flag add vertcoin1 for network 1 and vertcoin2 for network 2 right after.

How do I Buy Vertcoin?

You can see a video guide on Youtube, "How to Buy Vertcoin with Fiat Using Bittrex and Coinbase"

How can I get help with "X problem?"

The quickest way for you to get help is for you to join the Vertcoin Discord Group. We almost always have knowledgable Vertans, whether that be developers or experienced Vertans, online to help you with whatever problems you may have.

How can I donate to the Developers?

You can donate to the dev fund at https://vertcoin.org/donate/. You can select what you want your funds to go to by donating to the corresponding address. You can also see how much funding is required and how much we have donated.

Where can I see what exchanges Vertcoin is on?

You can see what exchanges Vertcoin is listed on at CoinMarketCap. You can see what exchanges Vertcoin has applied to be on at this google docs spreadsheet.

Where can I see Vertcoin's Roadmap?

The Vertcoin developers currently have a trello board where you can see the goals and what the status of said goal is. You can also vote on what you want the Vertcoin developers to focus on next.

What is the Status of the AMD Optimized Miner?

The AMD Optimized Miner internal beta is aiming to be ready by the end of September. The AMD Optimized Miner is currently being developed by @turekaj on the Vertcoin Discord. He currently does not have a Reddit account and Discord is the only way you can contact him.

What Does Halving Mean?

Halving means that the block reward for miners will be split in half. Halving happens around every 4 years for Vertcoin or 840,000 blocks. This means around December miners will only receive 25 VTC per block instead of the current 50 VTC per block.
If you would like to add another question to this list please comment it and I will get around to adding it ASAP.
submitted by asianboygames to vertcoin [link] [comments]

2 Reasons Why Dogecoin Should Adapt Vertcoin's Features

Dogecoin should adapt both Scrypt-n as it's proof of work, and Kimotos Gravity Well as the method for adjusting difficulty.
Let me start with Kimitos Gravity Well. This is an algorithm used for adjusting the network difficulty. It adjusts the difficulty slightly every block rather than every set period, so that profit switching pools can not take advantage of it. It smooths out difficulty adjustments too.
This is needed because Dogecoin is about to be exploited by profit switching pools. Right now there's about 50 GH/s(over half of the network!) of profit switching pools mining Doge. When the block reward is halved in less than a week, we're going to see a ton of coin hopping between Litecoin and Dogecoin by these pools. This threatens the network, as the hashrate distribution and difficulty would become incredibly unstable. With this change, the difficulty would only fluctuate by about 5-10% throughout the day even with profit switching pools, unlike the 50%+ it will likely see using the current method.
The second thing is adaptive scrypt-n. Scrypt-n is a proof of work algorithm that makes ASICs nearly impossible to create. It adjusts the memory requirement on a block schedule, so that ASICs would likely never be made for it. ASICs are dedicated devices for mining that are much more power efficient than GPUs, and eventually will become more cost efficient. Dogecoin uses plain scrypt, and ASICs for it are already being developed. Eventually once these devices become more advanced, they will make gpu mining near impossible, and you will need an ASIC to profit or even make a moderate amount of Doge.
ASICs will make acquiring Dogecoin hard for newcomers. Looking at Bitcoin, many ASIC companies like BFL end up as scams, and those that aren't charge ridiculous prices for units that won't even make ROI. Mining with a gpu will get you nothing. I don't want this to happen to Dogecoin, as it is a fun cryptocurrency that is designed for the people. Eventually ASIC companies may withhold their technologies and use it for themselves, and as a result could control too much of the network. Look at Bitcoin, where KNC miner plans to create a 10 Megawatt mining farm in Sweden that is estimated to control 60-70% of the network.
Not just do ASICs ruin the fun of the coin by making it impossible for newcomers to easily mine a few doge, but it also ruins the security of the coin long term. I really hope we can convince the devs to implement scrypt-n, as I want Dogecoin to stay fun and secure. It sadly would require a hard fork, but it would be planned ahead of time. Better now than before Dogecoin grows larger, and before people with thousands of dollars invested into ASICs refuse to switch. Don't wait until ASICs become overpowered-it will be too late.
Vertcoin is a great coin from a technical standpoint, but it lacks the large and friendly community Dogecoin has behind it and also is deflationary, making it not as ideal as an internet currency that is intended to be shared a lot. I feel like Dogecoin could make great use of it's technology.
submitted by skilliard4 to dogecoin [link] [comments]

IRC Log from Ravencoin Open Developer Meeting - Aug 24, 2018

[14:05] <@wolfsokta> Hello Everybody, sorry we're a bit late getting started
[14:05] == block_338778 [[email protected]/web/freenode/ip.72.214.222.226] has joined #ravencoin-dev
[14:06] <@wolfsokta> Here are the topics we would like to cover today • 2.0.4 Need to upgrade - What we have done to communicate to the community • Unique Assets • iOS Wallet • General Q&A
[14:06] == Chatturga changed the topic of #ravencoin-dev to: 2.0.4 Need to upgrade - What we have done to communicate to the community • Unique Assets • iOS Wallet • General Q&A
[14:06] <@wolfsokta> Daben, could you mention what we have done to communicate the need for the 2.0.4 upgrade?
[14:07] == hwhwhsushwban [[email protected]/web/freenode/ip.172.58.37.35] has joined #ravencoin-dev
[14:07] <@wolfsokta> Others here are free to chime in where they saw the message first.
[14:07] == hwhwhsushwban [[email protected]/web/freenode/ip.172.58.37.35] has quit [Client Quit]
[14:08] Whats up bois
[14:08] hi everyone
[14:08] hi hi
[14:08] <@wolfsokta> Discussing the 2.0.4 update and the need to upgrade.
[14:08] <@Chatturga> Sure. As most of you are aware, the community has been expressing concerns with the difficulty oscillations, and were asking that something be done to the difficulty retargeting. Many people submitted suggestions, and the devs decided to implement DGW.
[14:09] <@Tron> I wrote up a short description of why we're moving to a new difficulty adjustment. https://medium.com/@tronblack/ravencoin-dark-gravity-wave-1da0a71657f7
[14:09] <@Chatturga> I have made posts on discord, telegram, bitcointalk, reddit, and ravencointalk.org from testnet stages through current.
[14:10] <@Chatturga> If there are any other channels that can reach a large number of community members, I would love to have more.
[14:10] <@wolfsokta> Thanks Tron, that hasn't been shared to the community at large yet, but folks feel free to share it.
[14:10] When was this decision made and by whom and how?
[14:10] <@Chatturga> I have also communicated with the pool operators and exchanges about the update. Of all of the current pools, only 2 have not yet updated versions.
[14:11] <@wolfsokta> The decision was made by the developers through ongoing requests for weeks made by the community.
[14:12] <@wolfsokta> Evidence was provided by the community of the damages that could be caused to projects when the wild swings continue.
[14:12] So was there a meeting or vote? How can people get invited
[14:12] <@Tron> It was also informed by my conversations with some miners that recommended that we make the change before the coin died. They witnessed similar oscillations from which other coins never recovered.
[14:13] only two pools left to upgrade is good, what about the exchanges? Any word on how many of those have/have not upgraded?
[14:13] <@wolfsokta> We talked about here in our last meeting Bruce_. All attendees were asked if they had any questions or concerns.
[14:13] == blondfrogs [[email protected]/web/freenode/ip.185.245.87.219] has joined #ravencoin-dev
[14:13] == roshii [[email protected]/web/freenode/ip.41.251.25.100] has joined #ravencoin-dev
[14:13] sup roshii long time no see
[14:14] <@Chatturga> Bittrex, Cryptopia, and IDCM have all either updated or have announced their intent to update.
[14:14] == wjcgiwgu283ik3cj [[email protected]/web/freenode/ip.172.58.37.35] has joined #ravencoin-dev
[14:15] sup russki
[14:15] what's the status here?
[14:15] I don’t think that was at all clear from the last dev meeting
[14:15] I can’t be the only person who didn’t understand it
[14:15] <@wolfsokta> Are there any suggestions on how to communicate the need to upgrade even further? I am concerned that others might also not understand.
[14:17] I’m not sold on the benefit and don’t understand the need for a hard fork — I think it’s a bad precedent to simply go rally exchanges to support a hard fork with little to no discussion
[14:17] so just to note, the exchanges not listed as being upgraded or have announced their intention to upgrade include: qbtc, upbit, and cryptobridge (all with over $40k usd volume past 24 hours according to coinmarketcap)
[14:18] <@wolfsokta> I don't agree that there was little or no discussion at all.
[14:19] <@wolfsokta> Looking back at our meeting notes from two weeks ago "fork" was specifically asked about by BrianMCT.
[14:19] If individual devs have the power to simple decide to do something as drastic as a hard fork and can get exchanges and miners to do it that’s got a lot of issues with centralization
[14:19] <@wolfsokta> It had been implemented on testnet by then and discussed in the community for several weeks before that.
[14:19] == under [[email protected]/web/freenode/ip.72.200.168.56] has joined #ravencoin-dev
[14:19] howdy
[14:19] Everything I’ve seen has been related to the asset layer
[14:19] I have to agree with Bruce_, though I wasn't able to join the last meeting here. That said I support the fork
[14:20] Which devs made this decision to do a fork and how was it communicated?
[14:20] well mostly the community made the decision
[14:20] Consensus on a change is the heart of bitcoin development and I believe the devs have done a great job building that consensus
[14:20] a lot of miners were in uproar about the situation
[14:20] <@wolfsokta> All of the devs were supporting the changes. It wasn't done in isolation at all.
[14:21] This topic has been a huge discussion point within the RVN mining community for quite some time
[14:21] the community and miners have been having issues with the way diff is adjusted for quite some time now
[14:21] Sure I’m well aware of that -
[14:21] Not sold on the benefits of having difficulty crippled by rented hashpower?
[14:21] The community saw a problem. The devs got together and talked about a solution and implemented a solution
[14:21] I’m active in the community
[14:22] So well aware of the discussions on DGW etc
[14:22] Hard fork as a solution to a problem community had with rented hashpower (nicehash!!) sounds like the perfect decentralized scenario!
[14:23] hard forks are very dangerous
[14:23] mining parties in difficulty drops are too
[14:23] <@wolfsokta> Agreed, we want to keep them to an absolute minimum.
[14:23] But miners motivation it’s the main vote
[14:24] What would it take to convince you that constantly going from 4 Th/s to 500 Gh/s every week is worse for the long term health of the coin than the risk of a hard fork to fix it?
[14:24] == Tron [[email protected]/web/freenode/ip.173.241.144.77] has quit [Ping timeout: 252 seconds]
[14:24] This hardfork does include the asset layer right? if so why is it being delayed in implementation?
[14:24] <@wolfsokta> Come back Tron!
[14:24] coudl it have been implement through bip9 voting?
[14:24] also hard fork is activated by the community! that's a vote thing!
[14:24] @mrsushi to give people time to upgrade their wallet
[14:25] @under, it would be much hard to keep consensus with a bip9 change
[14:25] <@wolfsokta> We investigated that closely Under.
[14:25] == Tron [[email protected]/web/freenode/ip.173.241.144.77] has joined #ravencoin-dev
[14:25] <@wolfsokta> See Tron's post for more details about that.
[14:25] <@spyder_> Hi Tron
[14:25] <@wolfsokta> https://medium.com/@tronblack/ravencoin-dark-gravity-wave-1da0a71657f7
[14:25] Sorry about that. Computer went to sleep.
[14:26] I'm wrong
[14:26] 2 cents. the release deadline of october 31st puts a bit of strain on getting code shipped. (duh). but fixing daa was important to the current health of the coin, and was widely suppported by current mining majority commuity. could it have been implemented in a different manner? yes . if we didnt have deadlines
[14:27] == wjcgiwgu283ik3cj [[email protected]/web/freenode/ip.172.58.37.35] has quit [Quit: Page closed]
[14:27] sushi this fork does not include assets. it's not being delayed though, we're making great progress for an Oct 31 target
[14:28] I don’t see the urgency but my vote doesn’t matter since my hash power is still CPUs
[14:28] <@wolfsokta> We're seeing the community get behind the change as well based on the amount of people jumping back in to mine through this last high difficulty phase.
[14:28] So that will be another hardfork?
[14:28] the fork does include the asset code though set to activate on oct 30th
[14:28] yes
[14:29] <@wolfsokta> Yes, it will based on the upgrade voting through the BIP9 process.
[14:29] I wanted to ask about burn rates from this group: and make a proposal.
[14:29] we're also trying hard to make it the last for awhile
[14:29] Can you clear up the above — there will be this one and another hard fork?
[14:29] <@wolfsokta> Okay, we could discuss that under towards the end of the meeting.
[14:30] If this one has the asset layer is there something different set for October
[14:30] <@wolfsokta> Yes, there will be another hard fork on October 31st once the voting process is successful.
[14:31] <@wolfsokta> The code is in 2.0.4 now and assets are active on testnet
[14:31] Bruce, the assets layer is still being worked on. Assets is active on mainnet. So in Oct 31 voting will start. and if it passes, the chain will fork.
[14:31] this one does NOT include assets for mainnet Bruce -- assets are targeted for Oct 31
[14:31] not***
[14:31] not active****
[14:31] correct me if I'm wrong here, but if everyone upgrades to 2.0.4 for this fork this week, the vote will automatically pass on oct 31st correct? nothing else needs to be done
[14:31] Will if need another download or does this software download cover both forks?
[14:31] <@wolfsokta> Correct Urgo
[14:32] thats how the testnet got activated and this one shows "asset activation status: waiting until 10/30/2018 20:00 (ET)"
[14:32] Will require another upgrade before Oct 31
[14:32] thank you for the clarification wolfsokta
[14:32] <@wolfsokta> It covers both forks, but we might have additional bug fixes in later releases.
[14:32] So users DL one version now and another one around October 30 which activates after that basically?
[14:33] I understand that, but I just wanted to make it clear that if people upgrade to this version for this fork and then don't do anything, they are also voting for the fork on oct 31st
[14:33] Oh okay — one DL?
[14:33] Bruce, Yes.
[14:33] Ty
[14:33] well there is the issue that there maybe some further consensus bugs dealing with the pruneability of asset transactions that needs to be corrected between 2.0.4 and mainnet. so i would imagine that there will be further revisions required to upgrade before now and october 31
[14:33] @under that is correct.
[14:34] I would highly recommend bumping the semver up to 3.0.0 for the final pre 31st release so that the public know to definitely upgrade
[14:34] @under +1
[14:35] out of curiosity, have there been many bugs found with the assets from the version released in july for testnet (2.0.3) until this version? or is it solely a change to DGW?
[14:35] <@wolfsokta> That's not a bad idea under.
[14:35] <@spyder_> @under good idea
[14:35] @urgo. Bugs are being found and fixed daily.
[14:35] Any time the protocol needs to change, there would need to be a hard fork (aka upgrade). It is our hope that we can activate feature forks through the BIP process (as we are doing for assets). Mining pools and exchanges will need to be on the newest software at the point of asset activation - should the mining hash power vote for assets.
[14:35] blondfrogs: gotcha
[14:35] There have been bugs found (and fixed). Testing continues. We appreciate all the bug reports you can give us.
[14:36] <@wolfsokta> Yes! Thank you all for your help in the community.
[14:37] (pull requests with fixes and test coverage would be even better!)
[14:37] asset creation collision is another major issue. current unfair advantage or nodes that fore connect to mining pools will have network topologies that guarantee acceptance. I had discussed the possibility of fee based asset creation selection and i feel that would be a more equal playing ground for all users
[14:38] *of nodes that force
[14:38] <@wolfsokta> What cfox said, we will always welcome development help.
[14:38] So just to make sure everyone know. When assets is ready to go live on oct 31st. Everyone that wants to be on the assets chain without any problems will have to download the new binary.
[14:39] <@wolfsokta> The latest binary.
[14:39] under: already in the works
[14:39] excellent to hear
[14:39] == UserJonPizza [[email protected]/web/freenode/ip.24.218.60.237] has joined #ravencoin-dev
[14:39] <@wolfsokta> Okay, we've spent a bunch of time on that topic and I think it was needed. Does anybody have any other suggestions on how to get the word out even more?
[14:40] maybe preface all 2.0.X releases as pre-releases... minimize the number of releases between now and 3.0 etc
[14:41] <@wolfsokta> Bruce_ let's discuss further offline.
[14:41] wolfsokta: which are the remaining two pools that need to be upgraded? I've identified qbtc, upbit, and cryptobridge as high volume exchanges that haven't said they were going to do it yet
[14:41] so people can help reach out to them
[14:41] f2pool is notoriously hard to contact
[14:41] are they on board?
[14:42] <@wolfsokta> We could use help reaching out to QBTC and Graviex
[14:42] I can try to contact CB if you want?
[14:42] <@Chatturga> The remaining pools are Ravenminer and PickAxePro.
[14:42] <@Chatturga> I have spoken with their operators, the update just hasnt been applied yet.
[14:42] ravenminer is one of the largest ones too. If they don't upgrade that will be a problem
[14:42] okay good news
[14:42] (PickAxePro sounds like a Ruby book)
[14:43] I strongly feel like getting the word out on ravencoin.org would be beneficial
[14:44] that site is sorely in need of active contribution
[14:44] Anyone can volunteer to contribute
[14:44] <@wolfsokta> Okay, cfox can you talk about the status of unique assets?
[14:44] sure
[14:45] <@wolfsokta> I'll add website to the end of our topics.
[14:45] code is in review and will be on the development branch shortly
[14:45] would it make sense to have a page on the wiki (or somewhere else) that lists the wallet versions run by pools & exchanges?
[14:45] will be in next release
[14:45] furthermore, many sites have friendly link to the standard installers for each platform, if the site linked to the primary installers for each platform to reduce github newb confusion that would be good as well
[14:46] likely to a testnetv5 although that isn't settled
[14:46] <@wolfsokta> Thanks cfox.
[14:46] <@wolfsokta> Are there any questions about unique assets, and how they work?
[14:47] after the # are there any charachters you cant use?
[14:47] will unique assets be constrained by the asset alphanumeric set?
[14:47] ^
[14:47] <@Chatturga> @Urgo there is a page that tracks and shows if they have updated, but it currently doesnt show the actual version that they are on.
[14:47] a-z A-Z 0-9
[14:47] <@Chatturga> https://raven.wiki/wiki/Exchange_notifications#Pools
[14:47] There are a few. Mostly ones that mess with command-line
[14:47] you'll be able to use rpc to do "issueunique MATRIX ['Neo','Tank','Tank Brother']" and it will create three assets for you (MATRIX#Neo, etc.)
[14:47] @cfox - No space
[14:48] @under the unique tags have an expanded set of characters allowed
[14:48] Chatturga: thank you
[14:48] @UJP yes there are some you can't use -- I'll try to post gimmie a sec..
[14:49] Ok. Thank you much!
[14:49] 36^36 assets possible and 62^62 uniques available per asset?
[14:49] <@spyder_> std::regex UNIQUE_TAG_CHARACTERS("^[[email protected]$%&*()[\\]{}<>_.;?\\\\:]+$");
[14:50] regex UNIQUE_TAG_CHARACTERS("^[[email protected]$%&*()[\\]{}<>_.;?\\\\:]+$")
[14:50] oh thanks Mark
[14:51] <@wolfsokta> Okay, next up. I want to thank everybody for helping test the iOS wallet release.
[14:51] <@wolfsokta> We are working with Apple to get the final approval to post it to the App Store
[14:51] @under max asset length is 30, including unique tag
[14:51] Does the RVN wallet have any other cryptos or just RVN?
[14:52] == BruceFenton [[email protected]/web/freenode/ip.67.189.233.170] has joined #ravencoin-dev
[14:52] will the android and ios source be migrated to the ravenproject github?
[14:52] I've been adding beta test users. I've added about 80 new users in the last few days.
[14:52] <@wolfsokta> Just RVN, and we want to focus on adding the asset support to the wallet.
[14:53] == Bruce_ [[email protected]/web/freenode/ip.67.189.233.170] has quit [Ping timeout: 252 seconds]
[14:53] <@wolfsokta> Yes, the code will also be freely available on GitHub for both iOS and Android. Thank you Roshii!
[14:53] Would you consider the iOS wallet to be a more secure place for one's holdings than say, a Mac connected to the internet?
[14:53] will there be a chance of a more user freindly wallet with better graphics like the iOS on PC?
[14:53] the android wallet is getting updated for DGW, correct?
[14:53] <@wolfsokta> That has come up in our discussion Pizza.
[14:54] QT framework is pretty well baked in and is cross platform. if we get some qt gurus possibly
[14:54] Phones are pretty good because the wallet we forked uses the TPM from modern phones.
[14:54] Most important is to write down and safely store your 12 word seed.
[14:54] TPM?
[14:54] <@wolfsokta> A user friendly wallet is one of our main goals.
[14:55] TPM == Trusted Platform Module
[14:55] Ahhh thanks
[14:55] just please no electron apps. they are full of security holes
[14:55] <@spyder_> It is whats makes your stuffs secure
[14:55] not fit for crypto
[14:55] under: depends on who makes it
[14:55] The interface screenshots I've seen look like Bread/Loaf wallet ... I assume that's what was forked from
[14:55] ;)
[14:56] <@wolfsokta> @roshii did you see the question about the Android wallet and DGW?
[14:56] Yes, it was a fork of breadwallet. We like their security.
[14:56] chromium 58 is the last bundled electron engine and has every vuln documented online by google. so unless you patch every vuln.... methinks not
[14:56] Agreed, great choice
[14:57] <@wolfsokta> @Under, what was your proposal?
[14:58] All asset creation Transactions have a mandatory OP_CHECKLOCKTIMEVERIFY of 1 year(or some agreed upon time interval), and the 500 RVN goes to a multisig devfund, run by a custodial group. We get: 1) an artificial temporary burn, 2) sustainable community and core development funding for the long term, after OSTK/Medici 3) and the reintroduction of RVN supply at a fixed schedule, enabling the removal of the 42k max cap of total As
[14:58] *im wrong on the 42k figure
[14:58] <@wolfsokta> Interesting...
[14:59] <@wolfsokta> Love to hear others thoughts.
[14:59] Update: I posted a message on the CryptoBridge discord and one of their support members @stepollo#6276 said he believes the coin team is already aware of the fork but he would forward the message about the fork over to them right now anyway
[14:59] Ifs 42 million assets
[14:59] yep.
[15:00] I have a different Idea. If the 500 RVN goes to a dev fund its more centralized. The 500 RVN should go back into the unmined coins so miners can stay for longer.
[15:01] *without a hardfork
[15:01] <@wolfsokta> lol
[15:01] that breaks halving schedule, since utxos cant return to an unmined state.
[15:01] @UJP back into coinbase is interesting. would have to think about how that effects distribution schedule, etc.
[15:01] only way to do that would be to dynamicaly grow max supply
[15:02] and i am concerned already about the max safe integer on various platforms at 21 billion
[15:02] js chokes on ravencoin already
[15:02] <@wolfsokta> Other thoughts on Under's proposal? JS isn't a real language. ;)
[15:02] Well Bitcoin has more than 21 bn Sats
[15:02] Is there somebody who wants to volunteer to fix js.
[15:02] hahaha
[15:03] I honestly would hate for the coins to go to a dev fund. It doesn't seem like Ravencoin to me.
[15:03] Yep, but we're 21 billion x 100,000,000 -- Fits fine in a 64-bit integer, but problematic for some languages.
[15:03] <@wolfsokta> Thanks UJP
[15:04] <@wolfsokta> We're past time but I would like to continue if you folks are up for it.
[15:04] Yeah no coins can go anywhere centrality contorted like a dev fund cause that would mean someone has to run it and the code can’t decide that so it’s destined to break
[15:05] currently and long term with out the financial backing of development then improvements and features will be difficult. we are certainly thankful for our current development model. but if a skunkworks project hits a particular baseline of profitability any reasonable company would terminate it
[15:05] Yes let’s contibue for sure
[15:05] the alternative to a dev fund in my mind would be timelocking those funds back to the issuers change address
[15:06] But we can’t have dev built in to the code — it has to be open source like Bitcoin and monero and Litecoin - it’s got drawbacks but way more advantages- it’s the best model
[15:06] Dev funding
[15:06] i highly reccommend not reducing the utility of raven by removing permanently the supply
[15:07] == BW_ [[email protected]/web/freenode/ip.138.68.243.202] has joined #ravencoin-dev
[15:07] timelocking those funds accompllishes the same sacrifice
[15:07] @under timelocking is interesting too
[15:07] How exactly does timelocking work?
[15:07] <@wolfsokta> ^
[15:07] I mean you could change the price of assets with the Block reward halfing.
[15:07] == Roshiix [[email protected]/web/freenode/ip.105.67.2.212] has joined #ravencoin-dev
[15:08] funds cant be spent from an address until a certain time passes
[15:08] but in a what magical fairy land do people continue to work for free forever. funding development is a real issue... as much as some might philosphically disagree. its a reality
[15:08] You’d still need a centralized party to decide how to distribute the funds
[15:08] even unofficially blockstream supports bitcoin devs
[15:08] on chain is more transparent imho
[15:09] == Tron_ [[email protected]/web/freenode/ip.173.241.144.77] has joined #ravencoin-dev
[15:09] @UJP yes there are unlimited strategies. one factor that I think is v important is giving application developers a way to easily budget for projects which leads to flat fees
[15:09] If the project is a success like many of believe it will be, I believe plenty of people will gladly done to a dev fund. I don't think the 500 should be burned.
[15:09] *donate
[15:09] centralized conservatorship, directed by community voting process
[15:10] == Tron [[email protected]/web/freenode/ip.173.241.144.77] has quit [Ping timeout: 252 seconds]
[15:10] <@wolfsokta> Thanks Under, that's an interesting idea that we should continue to discuss in the community. You also mentioned the existing website.
[15:10] It would need to be something where everyone with a QT has a vote
[15:10] think his computer went to sleep again :-/
[15:10] I agree UJP
[15:10] with the website
[15:10] No that’s ico jargon — any development fund tied to code would have to be centralized and would therefor fail
[15:11] ^
[15:11] ^
[15:11] ^
[15:11] dashes model for funding seems to be pretty decentralized
[15:11] community voting etc
[15:11] Once you have a dev fund tied to code then who gets to run it? Who mediates disputes?
[15:11] oh well another discussion
[15:11] Dash has a CEO
[15:12] <@wolfsokta> Yeah, let's keep discussing in the community spaces.
[15:12] Dash does have a good model. It's in my top ten.
[15:12] having the burn go to a dev fund is absolute garbage
[15:12] These dev chats should be more target than broad general discussions — changing the entire nature of the coin and it’s economics is best discussed in the RIPs or other means
[15:13] <@wolfsokta> Yup, let's move on.
[15:13] just becuase existing implementation are garbage doesnt mean that all possible future governance options are garbage
[15:13] <@wolfsokta> To discussing the website scenario mentioned by under.
[15:13] the website needs work. would be best if it could be migrated to github as well.
[15:13] What about this: Anyone can issue a vote once the voting feature has been added, for a cost. The vote would be what the coins could be used for.
[15:14] features for the site that need work are more user friendly links to binaries
[15:14] <@wolfsokta> We investigated how bitcoin has their website in Github to make it easy for contributors to jump in.
[15:14] that means active maintenance of the site instead of its current static nature
[15:15] <@wolfsokta> I really like how it's static html, which makes it super simple to host/make changes.
[15:15] the static nature isn’t due to interface it’s due to no contributors
[15:15] no contribution mechanism has been offered
[15:15] github hosted would allow that
[15:16] We used to run the Bitcoin website from the foundation & the GitHub integration seemed to cause some issues
[15:16] its doesnt necessarily have to be hosted by github but the page source should be on github and contributions could easily be managed and tracked
[15:17] for example when a new release is dropped, the ability for the downlaods section to have platform specific easy links to the general installers is far better for general adoption than pointing users to github releases
[15:18] <@wolfsokta> How do people currently contribute to the existing website?
[15:18] they dont?
[15:18] We did that and it was a complete pain to host and keep working — if someone wants to volunteer to do that work hey can surely make the website better and continually updated — but they could do that in Wordpress also
[15:19] I’d say keep an eye out for volunteers and maybe we can get a group together who can improve the site
[15:19] == digitalvap0r-xmr [[email protected]/web/cgi-irc/kiwiirc.com/ip.67.255.25.134] has joined #ravencoin-dev
[15:19] And they can decide best method
[15:20] I host the source for the explorer on github and anyone can spin it up instantly on a basic aws node. changes can be made to interface etc, and allow for multilingual translations which have been offered by some community members
[15:20] there are models that work. just saying it should be looked at
[15:20] i gotta run thank you all for your contributions
[15:20] <@wolfsokta> I feel we should explore the source for the website being hosted in GitHub and discuss in our next dev meeting.
[15:21] <@Chatturga> Thanks Under!
[15:21] == under [[email protected]/web/freenode/ip.72.200.168.56] has quit [Quit: Page closed]
[15:21] <@wolfsokta> Thanks, we also need to drop soon.
[15:21] There is no official site so why care. Someone will do better than the next if RVN is worth it anyway. That's already the case.
[15:21] <@wolfsokta> Let's do 10 mins of open Q&A
[15:22] <@wolfsokta> Go...
[15:23] <@Chatturga> Beuller?
[15:24] No questions ... just a comment that the devs and community are great and I'm happy to be a part of it
[15:24] I think everyone moved to discord. I'll throw this out there. How confident is the dev team that things will be ready for oct 31st?
[15:24] <@wolfsokta> Alright! Thanks everybody for joining us today. Let's plan to get back together as a dev group in a couple of weeks.
[15:25] thanks block!
[15:25] <@wolfsokta> Urgo, very confident
[15:25] Please exclude trolls from discord who havent read the whitepaper
[15:25] great :)
[15:25] "things" will be ready..
[15:25] Next time on discord right?
[15:25] woah why discord?
[15:25] some of the suggestions here are horrid
[15:25] this is better less point
[15:25] == blondfrogs [[email protected]/web/freenode/ip.185.245.87.219] has quit [Quit: Page closed]
[15:25] Assets are working well on testnet. Plan is to get as much as we can safely test by Sept 30 -- this includes dev contributions. Oct will be heavy testing and making sure it is safe.
[15:26] people
[15:26] <@wolfsokta> Planning on same time, same IRC channel.
[15:26] == BW_ [[email protected]/web/freenode/ip.138.68.243.202] has quit [Quit: Page closed]
[15:26] @xmr any in particular?
[15:27] (or is "here" discord?)
[15:27] Cheers - Tron
[15:27] "Cheers - Tron" - Tron
submitted by Chatturga to Ravencoin [link] [comments]

Bitcoin Tax Attorney here. I am around for discussion or questions related to Bitcoin Tax treatment, including tax planning opportunities for businesses and individuals.

Anyone have issues with their tax returns due to lots of Bitcoin usage or from the sale and disposition of Bitcoin? Anyone looking for any tax favorable planning opportunities? Either as an individual who sold a bunch for profit or for a business who has begun accepting Bitcoin for the first time.
My practice has focused on helping both individuals and businesses for Bitcoin tax related matters for much of this year. I am available for discussion here in the comments, and for more specific matters, please PM me.
I'm a tax attorney based in Los Angeles and big bitcoin fan and miner going way back. I've been lurking hear on bitcoin for years. I was a miner back in 2011-2013, build my own custom rigs with 6 Radeon 7970s.
Then I was among the first to receive a couple of BFL's 5 gh/s cubes and then one of the first 50 Gh/s. (I knew that was a lawsuit waiting to happen against BFL. Scoundrels) Good memories all around. I still have my spreadsheets keeping track of what I mined. Altogether, with the pools, I mined over 100 bitcoin. Alas, I sold many of them when the price was $300 or less.
All this time I was focusing on tax law, finishing Tax LLM courses in Los Angeles. So, it was inevitable that the two interests would merge. I ended up writing a proposal to treat Bitcoin as currency as opposed to property.
Here is a link to my paper on this which Tax Notes published as their cover story a few months back, which was completely unexpected but kinda cool to see this niche interest rewarded.
Paper: "Bitcoin: Property or Currency?" http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2708188
Got to go on a State Bar Delegation to DC to enlighten folks with the power to actually do something about it. Delegation met with IRS Chief Counsel, including people who drafted the Notice treating Bitcoin as property. Also folks from Treasury Dept, Senate Finance Committee, House Ways & Means, etc.
I urged for currency treatment (as opposed to property treatment) of Bitcoin and other cryptocurrencies, in fact anything built on the basis of the Blockchain meant as a mode to transact money.
If any of you guys had to do your taxes this year, and have bought and spent a lot of Bitcoin, or even just mined and sold, you probably know some of the difficulties I'm alluding to without even mentioning.
Should we really have to calculate capital gains/loss on the purchase of a cup of coffee at your neighborhood cryptocurrency friendly coffee shop, for example? Even with purchases at Overstock.com or Dell, you were technically supposed to calculate capital gains and losses and provide supporting backup on your tax returns this year.
What a practical and administrative nightmare for both taxpayers and for the IRS who has to wade through this. I feel like some of what I wrote got through to them. As we all know, government lags far behind emerging technologies. But they did seem genuinely interested, and I do not believe my paper and proposal fell upon deaf ears.
I have my own law office these days and work with or for many attorneys on various matters, just as I have a number of attorneys assist me. No such thing as a pure solo practitioner these days. No man can afford to be an island.
This tax year has been very rewarding and helped a great many tax clients with Bitcoin issues from anything to bookkeeping to strategic planning for the short-term as well as long-term.
Any accountant knows the terms LIFO and FIFO, but there's seemingly no hard and fast rules for measurement for when a particular bitcoin was bought and sold for purposes of calculating gains/losses. Also, no hard and fast rules as to where the particular market price of Bitcoin is found on a particular day.
Everything is loose, open to interpretation by the tax payer, and with strategic guidance, can prove incredibly tax favorable ultimately. It is wise for a business to accept Bitcoin for many reasons, including that broad opportunity for interpretation while staying true to the property guidance.
So, it is ultimately very taxpayer friendly due to this broad leeway. More than that, treating bitcoin and cryptocurrencies as property rather than currency is also taxpayer friendly by definition. Your bitcoin gains will only be taxed at your capital gains rate instead of as ordinary income, a higher rate.
I assisted a lot of individuals and even businesses who accepted bitcoin for the first time this year. I intended to post on /bitcoin before to offer my services and to also just allow people to send me questions, which I am happy to discuss in private for free.
I got pretty slammed up to tax day, but I'm free now. Just hit me up by private message or shoot me an email at thebitcoinlawyer at g mail.
Any questions or thoughts, I'll be around. I'm often around /bitcoin anyway. Love this community. And if I can serve as help for any of you, all the better. Thanks.
TL;DR Bitcoin Tax Attorney available for discussion on tax issues here in comments, or for more personalized issues, hit me up by PM
submitted by BitcoinTaxAttorney to Bitcoin [link] [comments]

The Concept of Bitcoin

The Concept of Bitcoin
https://preview.redd.it/5r9soz2ltq421.jpg?width=268&format=pjpg&auto=webp&s=6a89685f735b53ec1573eefe08c8646970de8124
What is Bitcoin?
Bitcoin is an experimental system of transfer and verification of property based on a network of peer to peer without any central authority.
The initial application and the main innovation of the Bitcoin network is a system of digital currency decentralized unit of account is bitcoin.
Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions in a collective and automatic way. As a free Protocol (open source), it also allows interoperability of software and services that use it. As a currency bitcoin is both a medium of payment and a store of value.
Bitcoin is designed to self-regulate. The limited inflation of the Bitcoin system is distributed homogeneously by computing the network power, and will be limited to 21 million divisible units up to the eighth decimal place. The functioning of the Exchange is secured by a general organization that everyone can examine, because everything is public: the basic protocols, cryptographic algorithms, programs making them operational, the data of accounts and discussions of the developers.
The possession of bitcoins is materialized by a sequence of numbers and letters that make up a virtual key allowing the expenditure of bitcoins associated with him on the registry. A person may hold several key compiled in a 'Bitcoin Wallet ', 'Keychain' web, software or hardware which allows access to the network in order to make transactions. Key to check the balance in bitcoins and public keys to receive payments. It contains also (often encrypted way) the private key associated with the public key. These private keys must remain secret, because their owner can spend bitcoins associated with them on the register. All support (keyrings) agrees to maintain the sequence of symbols constituting your keychain: paper, USB, memory stick, etc. With appropriate software, you can manage your assets on your computer or your phone.
Bitcoin on an account, to either a holder of bitcoins in has given you, for example in Exchange for property, either go through an Exchange platform that converts conventional currencies in bitcoins, is earned by participating in the operations of collective control of the currency.
The sources of Bitcoin codes have been released under an open source license MIT which allows to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the software, subject to insert a copyright notice into all copies.
Bitcoin creator, Satoshi Nakamoto
What is the Mining of bitcoin?
Technical details :
During mining, your computer performs cryptographic hashes (two successive SHA256) on what is called a header block. For each new hash, mining software uses a different random number that called Nuncio. According to the content of the block and the nonce value typically used to express the current target. This number is called the difficulty of mining. The difficulty of mining is calculated by comparing how much it is difficult to generate a block compared to the first created block. This means that a difficulty of 70000 is 70000 times more effort that it took to Satoshi Nakamoto to generate the first block. Where mining was much slower and poorly optimized.
The difficulty changes each 2016 blocks. The network tries to assign the difficulty in such a way that global computing power takes exactly 14 days to generate 2016 blocks. That's why the difficulty increases along with the power of the network.
Material :
In the beginning, mining with a processor (CPU) was the only way to undermine bitcoins. (GPU) graphics cards have possibly replaced the CPU due to their nature, which allowed an increase between 50 x to 100 x in computing power by using less electricity by megahash compared to a CPU.
Although any modern GPU can be used to make the mining, the brand AMD GPU architecture has proved to be far superior to nVidia to undermine bitcoins and the ATI Radeon HD 5870 card was the most economical for a time.
For a more complete list of graphics cards and their performance, see Wiki Bitcoin: comparison of mining equipment
In the same way that transition CPU to GPU, the world of mining has evolved into the use of the Field Programmable Gate Arrays (FPGA) as a mining platform. Although FPGAs did not offer an increase of 50 x to 100 x speed of calculation as the transition from CPU to GPU, they offered a better energy efficiency.
A typical HD/s 600 graphics card consumes about 400w of power, while a typical FPGA device can offer a rate of hash of 826 MH/s to 80w of power consumption, a gain of 5 x more calculations for the same energy power. Since energy efficiency is a key factor in the profitability of mining, it was an important step for the GPU to FPGA migration for many people.
The world of the mining of bitcoin is now migrating to the Application Specific Integrated Circuit (ASIC). An ASIC is a chip designed specifically to accomplish a single task. Unlike FPGAs, an ASIC is unable to be reprogrammed for other tasks. An ASIC designed to undermine bitcoins cannot and will not do anything else than to undermine bitcoins.
The stiffness of an ASIC allows us to offer an increase of 100 x computing power while reducing power consumption compared to all other technologies. For example, a classic device to offer 60 GH/s (1 hashes equals 1000 Megahash. 1GH/s = 1000 Mh/s) while consuming 60w of electricity. Compared to the GPU, it is an increase in computing power of 100 x and a reduction of power consumption by a factor of 7.
Unlike the generations of technologies that have preceded the ASIC, ASIC is the "end of the line" when we talk about important technology change. The CPUs have been replaced by the GPUs, themselves replaced by FPGAs that were replaced by ASICs.
There is nothing that can replace the ASICs now or in the immediate future. There will be technological refinements in ASIC products, and improvements in energy efficiency, but nothing that may match increased from 50 x to 100 x the computing power or a 7 x reduction in power consumption compared with the previous technology.
Which means that the energy efficiency of an ASIC device is the only important factor of all product ASIC, since the estimated lifetime of an ASIC device is superior to the entire history of the mining of bitcoin. It is conceivable that a purchased ASIC device today is still in operation in two years if the unit still offers a profitable enough economic to keep power consumption. The profitability of mining is also determined by the value of bitcoin but in all cases, more a device has a good energy efficiency, it is profitable.
Software :
There are two ways to make mining: by yourself or as part of a team (a pool). If you are mining for yourself, you must install the Bitcoin software and configure it to JSON-RPC (see: run Bitcoin). The other option is to join a pool. There are multiple available pools. With a pool, the profit generated by any block generated by a member of the team is split between all members of the team. The advantage of joining a team is to increase the frequency and stability of earnings (this is called reduce the variance) but gains will be lower. In the end, you will earn the same amount with the two approaches. Undermine solo allows you to receive earnings huge but very infrequent, while miner with a pool can offer you small stable and steady gains.
Once you have your software configured or that you have joined a pool, the next step is to configure the mining software. The software the most populare for ASIC/FPGA/GPU currently is CGminer or a derivative designed specifically for FPGAS and ASICs, BFGMiner.
If you want a quick overview of mining without install any software, try Bitcoin Plus, a Bitcoin minor running in your browser with your CPU. It is not profitable to make serious mining, but it is a good demonstration of the principle of the mining team.
submitted by Josephbitcoin to u/Josephbitcoin [link] [comments]

Bitcoin Mining & The Beauty Of Capitalism

Authored by Valentin Schmid via The Epoch Times,
While the price of bitcoin drops, miners get more creative... and some flourish.
The bitcoin price is crashing; naysayers and doomsayers are having a field day. The demise of the dominant cryptocurrency is finally happening — or is it?
Bitcoin has been buried hundreds of times, most notably during the brutal 90 percent decline from 2013 to 2015. And yet it has always made a comeback.
Where the skeptics are correct: The second bitcoin bubble burst in December of last year and the price is down roughly 80 percent from its high of $20,000. Nobody knows whether and when it will see these lofty heights again.
As a result, millions of speculators have been burned, and big institutions haven’t showed up to bridge the gap.
This also happened on a smaller scale in 2013 after a similar 100x run-up, and it was necessary.

Time to Catch Up

What most speculators and even some serious proponents of the independent and decentralized monetary system don’t understand: Bitcoin needs these pauses to make improvements in its infrastructure.
Exchanges, which could not handle the trading volumes at the height of the frenzy and did not return customer service inquiries, can take a breather and upgrade their systems and hire capable people.
The technology itself needs to make progress and this needs time. Projects like the lightning network, a system which delivers instant bitcoin payments at very little cost and at virtually unlimited scale is now only available to expert programmers.
A higher valuation is only justified if these improvements reach the mass market.
And since we live in a world where everything financial is tightly regulated, for better or worse, this area also needs to catch up, since regulators are chronically behind the curve of technological progress.
And of course, there is bitcoin mining. The vital infrastructure behind securing the bitcoin network and processing its transactions has been concentrated in too few hands and in too few places, most notably China, which still hosts about 70 percent of the mining capacity.

The Case For Mining

Critics have always complained that bitcoin mining consumes “too much” electricity, right now about as much as the Czech Republic. In energy terms this is around 65 terawatt hours or 230,000,000 gigajoules, costing $3.3 billion dollars according to estimates by Digiconomist.
For the non-physicists among us, this is around as much as consumed by six million energy-guzzling U.S. households per year.
All those estimates are imprecise because the aggregate cannot know how much energy each of the different bitcoin miners consumes and how much that electricity costs. But they are a reasonable rough estimate.
So it’s worth exploring why mining is necessary to begin with and whether the electricity consumption is justified.
Anything and everything humans do consumes resources. The question then is always: Is it worth it? And: Who decides?
This question then leads to the next question: Is it worth having and using money? Most people would argue yes, because using money instead of barter in fact makes economic transactions faster and cheaper and thus saves resources, natural and human.

_Merchants exchange goods with the inhabitants of Tidore, Indonesia, circa 1550. Barter was supplanted by using money because it is more efficient. (Archive/Getty Images)_If we are generously inclined, we will grant bitcoin the status of a type of money or at least currency as it meets the general requirements of being recognizable, divisible, portable, durable, is accepted in exchange for other goods and services, and in this case it is even limited in supply.
So having any type of money has a price, whether it’s gold, dollar bills, or numbers on the screen of your online banking system. In the case of bitcoin, it’s the electricity and the capital for the computing equipment, as well as the human resources to run these operations.
If we think having money in general is a good idea and some people value the decentralized and independent nature of bitcoin then it would be worth paying for verifying transactions on the bitcoin network as well as keeping the network secure and sound: Up until the point where the resources consumed would outweigh the efficiency benefits. Just like most people don’t think it’s a bad idea to use credit cards and banks, which consume electricity too.
However, bitcoin is a newcomer and this is why it’s being scrutinized even more so than the old established players.

Different Money, Different Costs

How many people know how much electricity, human lives, and other resources gold mining consumes or has consumed in the course of history? What about the banking system? Branches, servers, air-conditioning, staff? What about printing dollar notes and driving them around in armored trucks?
What about the social effects of monetary mismanagement of bank and government money like inflation as well as credit deflations? Gold gets a pass here.
Most people haven’t asked that question, which is why it’s worth pointing out the only comprehensive study done on the topic in 2014. In “An Order of Magnitude” the engineer Hass McCook analyzes the different money systems and reaches mind-boggling conclusions.
The study is a bit dated and of course the aggregations are also very rough estimates, but the ball park numbers are reasonable and the methodology sound.
In fact, according to the study, bitcoin is the most economic of all the different forms of money.
Gold mining in 2014 used 475 million GJ, compared to bitcoin’s 230 million in 2018. The banking system in 2014 used 2.3 billion gigajoules.
Over 100 people per year die trying to mine gold. But mining costs more than electricity. It consumes around 300,000 liters of water per kilogram of gold mined as well as 150 kilogram (330 pounds) of cyanide and 1500 tons of waste and rubble.
The international banking system has been used in all kinds of fraudulent activity throughout history: terrorist financing, money laundering, and every other criminal activity under the sun at a cost of trillions of dollars and at an order of magnitude higher than the same transactions done with cryptocurrency and bitcoin.
And of course, while gold has a relatively stable value over time, our bank and government issued money lost about 90 percent of its purchasing power over the last century, because it can be created out of thin air. This leads to inflation and a waste of physical and human resources because it distorts the process of capital allocation.

_The dollar has lost more than 90 percent of its value since the creation of the Federal Reserve in 1913. (Source: St. Louis Fed)_This is on top of the hundreds of thousands of bank branches, millions of ATMs and employees which all consume electricity and other resources, 10 times as much electricity alone as the bitcoin network.
According to monetary philosopher Saifedean Ammous, author of “The Bitcoin Standard,” the social benefit of hard money, i.e. money that can’t be printed by government decree, cannot even be fathomed; conversely, the true costs of easy money—created by government fiat and bank credit—are difficult to calculate.
According to Ammous, bitcoin is the hardest money around, even harder than gold because its total supply is capped, whereas the gold supply keeps increasing at about 1-2 percent every year.
“Look at the era of the classical gold standard, from 1871, the end of the Franco–Prussian War, until the beginning of World War I. There’s a reason why this is known as the Golden Era, the Gilded Age, and La Belle Epoque. It was a time of unrivaled human flourishing all over the world. Economic growth was everywhere. Technology was being spread all over the world. Peace and prosperity were increasing everywhere around the world. Technological innovations were advancing.
“I think this is no coincidence. What the gold standard allowed people to do is to have a store of value that would maintain its value in the future. And that gave people a low time preference, that gave people the incentive to think of the long term, and that made people want to invest in things that would pay off over the long term … bitcoin is far closer to gold. It is a digital equivalent of gold,” he said in an interview with The Epoch Times.
Of course, contrary to the gold standard that Ammous talks about, bitcoin doesn’t have a track record of being sound money in practice. In theory it meets all the criteria, but in the real world it hasn’t been adopted widely and has been so volatile as to be unusable as a reliable store of value or as the underlying currency of a productive lending market.
The proponents argue that over time, these problems will be solved the same way gold spread itself throughout the monetary sphere replacing copper and seashells, but even Ammous concedes the process may take decades and the outcome is far from certain. Gold is the safe bet for sound money, bitcoin has potential.
There is another measure where bitcoin loses out, according to a recent study by researchers from the Oak Ridge Institute in Cincinnati, Ohio.
It is the amount of energy expended per dollar for different monetary instruments. One dollar worth of bitcoin costs 17 megajoules to mine versus five for gold and seven for platinum. But the study omits the use of cyanide, water, and other physical resources in mining physical metals.
In general, the comparisons in dollar terms go against bitcoin because it is worth relatively less, only $73 billion in total at the time of writing. An issue that could be easily fixed at a higher price, but a higher price is only justified if the infrastructure improves, adoption increases, volatility declines, and the network proves its resilience to attacks over time.
In the meantime, market participants still value the fact they can own a currency independent of the government, completely digital, easily fungible, and limited in supply, and relatively decentralized. And the market as a whole is willing to pay a premium for these factors reflected in the higher per dollar prices for mining bitcoin.

The Creativity of Bitcoin Mining

But where bitcoin mining lacks in scale, it makes up for it in creativity.
In theory—and in practice—bitcoin mining can be done anywhere where there is cheap electricity. So bitcoin mining operations can be conducted not where people are (banking) or where government is (fiat cash) or where gold is (gold mining)—it can be done everywhere where there is cheap electricity
Some miners are flocking to the heat of the Texan desert where gas is virtually available for free, thanks to another oil revolution.
Other miners go to places where there is cheap wind, water, or other renewable energy.
This is because they don’t have to build bank branches, printing presses, and government buildings, or need to put up excavators and conveyor belts to dig gold out of the ground.
All they need is internet access and a home for the computers that look like a shipping container, each one of which has around 200 specialized bitcoin mining computers in them.
“The good thing about bitcoin mining is that it doesn’t matter where on earth a transaction happens, we can verify it in our data center here. The miners are part of the decentralized philosophy of bitcoin, it’s completely independent of your location as well,” said Moritz Jäger, chief technology officer at bitcoin Mining company Northern Bitcoin AG.

Centralized Mining

But so far, this decentralization hasn’t worked out as well as it sounds in theory.
Because Chinese local governments had access to subsidized electricity, it was profitable for officials to cut deals with bitcoin mining companies and supply them with cheap electricity in exchange for jobs and cutbacks. Sometimes the prices were as low as 2 dollar cents to 4 dollar cents per kilowatt hour.
This is why the majority of bitcoin mining is still concentrated in China (around 70 percent) where it was the most profitable, but only because the Chinese central planners subsidized the price of electricity.
This set up led to the by and large unwanted result that the biggest miner of bitcoin, a company called Bitmain, is also the biggest manufacturer of specialized computing equipment for bitcoin mining. The company reported revenues of $2.8 billion for the first half of 2018.

Tourists walk on the dunes near a power plant in Xiangshawan Desert in Ordos of Inner Mongolia, in this file photo. bitcoin miners have enjoyed favorable electricity rates in places like Ordos for a long time. (Feng Li/Getty Images)Centralized mining is a problem because whenever there is one player or a conglomerate of players who control more than 50 percent of the network computing power, they could theoretically crash the network by spending the same bitcoin twice, the so called “double spending problem.“
They don’t have an incentive to do so because it would probably ruin the bitcoin price and their business, but it’s better not to have to rely on one group of people controlling an entire money system. After all, we have that exact same system with central banking and bitcoin was set up as a decentralized alternative.
So far, no player or conglomerate ever reached that 51 percent threshold, at least not since bitcoin’s very early days, but many market participants always thought Bitmain’s corner of the market is a bit too close for comfort.
This favorable environment for Chinese bitcoin mining has been changing with a crack down on local government electricity largess as well as a crackdown on cryptocurrency.
Bitcoin itself and mining bitcoin remain legal in China but cryptocurrency exchanges have been banned since late 2017.
But more needs to be done for bitcoin to become independent of the caprice of a centralized oppressive regime and local government bureaucrats.

Northern Bitcoin Case Study

Enter Northern Bitcoin AG. The company isn’t the only one which is exploring mining opportunities with renewable energies in locations other than China.
But it is special because of the extraordinary set up it has for its operations, the fact that it is listed on the stock exchange in Germany, and the opportunities for scaling it discovered.
The operations of Northern Bitcoin combine the beauties of bitcoin and capitalism in one.
Like Texas has a lot of oil and free gas and it makes sense to use the gas rather than burn it, Norway has a lot of water, especially water moving down the mountains due to rainfall and melting snow.
And it makes sense to use the power of the movement of the water, channel it through pipes into generators to create very cheap and almost unlimited electricity. Norway generates north of 95 percent of its total electricity from hydropower.

A waterfall next to a hydropowerplant near Sandane, Norway, Oct. 25, 2018. (Valentin Schmid/The Epoch Times)Capitalism does not distinguish between renewable and fossil. It uses what is the most expedient. In this case, it is clearly water in Norway, and gas in Texas.
As a side note on the beauties of real capital and the fact that capital and the environment need not be enemies, the water in one of the hydropowerplants close to the Northern Bitcoin facility is piped through a generator made in 1920 by J.M. Voith AG, a company from Heidenheim Germany.
The company was established in 1867 and is still around today. The generator was produced in 1920 and is still producing electricity today.

Excess Power

In the remote regions of Northern Norway, there aren’t that many people or industry who would use the electricity. And rather than transport it over hundreds of miles to the industrial centers of Europe, the industries of the future are moving to Norway to the source of the cheap electricity.
Of course, it is not just bitcoin mining, but other data and computing heavy operations like server farms for cloud computing that can be neatly packaged into one of those containers and shipped up north.
“The containers are beautiful. They are produced in the middle of Germany where the hardware is enabled and tested. Then we put it on a truck and send it up here. When the truck arrives on the outside we lift it on the container vehicle. Two hours after the container arrives, it’s in the container rack. And 40 hours later we enable the cooling, network, power, other systems, and it’s online,” said Mats Andersson, a spokesman for the Lefdal Mine data center in Måløy, Norway, where Northern Bitcoin has its operations. Plug and play.

A Northern Bitcoin data container inside the Lefdal Mine data center, in Måløy, Norway. (Northern Bitcoin)If the cheap electricity wasn’t enough—around 5 cents per kilowatt hour compared to 17 cents in Germany—Norway also provides the perfect storage for these data containers, which are normally racked up in open air parks above the ground.
Also here, the resource allocation is beautiful. Instead of occupying otherwise useful and beautiful parcels of land and nature, the Northern Bitcoin containers and others are stored in the old Lefdal olivine mine.
Olivine is a mineral used for steel production and looks green. Very fitting. Hence also the name of the data center: Lefdal Mine.
“We take the green mineral out and we take the green IT in,” said Andersson.

Efficiency, Efficiency

Using the old mine as storage for the data center makes the whole process even more resource efficient.
Why? So far, we’ve only been talking about bitcoin mining using a lot of energy. But what for? Before you have actually seen the process in action—and it is similar for other computing operations—you cannot imagine how bizarre it is.
Most of the electricity is used to prevent the computers from overheating. So it’s not even the processors themselves; it’s the fans which cool the computer that use the most juice.
This is where the mine helps, because it’s rather cool 160 meters (525 feet) below sea level; certainly cooler than in the Texas desert.
But it gets even better. On top of the air blow-cooling the computer, the Lefdal data center uses a fresh water system to pump through the containers in pipes.
The fans can then circulate air over the cool pipes which transfer the heat to the water. One can feel the difference when touching the different pipes.
The fresh water closed circle loop then completes the “green” or resource efficiency cycle by transferring its heat to ice cold water from the nearby Fjord.
The water is sucked in through a pipe from the Fjord, the heat gets transferred without the water being mixed, and the water flows back to the Fjord, without any impact on the environment.
To top it all off, the mine has natural physical security far better than open air data centers and is even protected from an electromagnetic pulse blast because it’s underground.

_The Nordfjord near Måløy, Norway. The Lefdal data center takes the cold water from the fjord and uses it to cool the computer inside the mine. (Valentin Schmid/The Epoch Times)_Company Dynamics

Given this superlative set up, Northern Bitcoin wants to ramp up production as fast as possible at the Lefdal mine and other similar places in Norway, which have more mountains where data centers can be housed.
At the moment, Northern Bitcoin has 15 containers with 210 mining machines each. The 15 containers produce around 5 bitcoin per day at a total cost of around $2,500 dollars at the end of November 2018 and after the difficulty of solving the math problems went down by ~17 percent.
Most of it is for electricity; the rest is for leasing the containers, renting the mine space, buying and writing off the mining computers, personnel, overhead, etc.
Even at the current relatively depressed prices of around $4000, that’s a profit of $1500 per bitcoin or $7,500 per day.
But the goal is to ramp it up to 280 containers until 2019, producing 100 bitcoin per day. Again, the company is in the sweet spot to do this.
As opposed to the beginning of the year when one could not procure a mining computer from Bitmain even if one’s life depended on it, the current bear market has made them cheap and relatively available both new and second had from miners who had to cease operations because they can’t produce at low bitcoin prices.

Northern Bitcoin containers inside the Lefdal Mine data center in Måløy, Norway. (Northern Bitcoin)What about the data shipping containers? They are manufactured by a company called Rittal who is the world market leader. So it helps that the owner of Rittal also owns 30 percent of the Lefdal mine, providing preferential access to the containers.
Northern Bitcoin said it has enough capital available for the intermediate goal of ramping up to 50 containers until the end of year but may tap the capital markets again for the next step.
The company can also take advantage of the lower German corporate tax rate because revenue is only recorded when the bitcoin are sold in Germany, not when they are mined in Norway.
Of course, every small-cap stock—especially bitcoin companies—have their peculiarities and very high risks. As an example, Northern Bitcoin’s financial statements, although public, aren’t audited.
The equipment in the Lefdal mine in Norway is real and the operations are controlled by the Lefdal personnel, but one has to rely on exclusive information from the company for financials and cost figures, so buyer beware.

Norway Powerhouse?

Northern Bitcoin wants to have 280 containers, representing around 5 percent of the network’s computing power.
But the Lefdal mine alone has a capacity to power and cool 1,500 containers in a 200 megawatt facility, once it is fully built out.
“Here you have all the space, power, and cooling that you need. … Here you can grow,” said Lefdal’s Andersson.

A mine shaft in the Lefdal Mine data center in Måløy, Norway. The whole mine will have a capacity for 1500 containers once fully built out. (Valentin Schmid/The Epoch Times)The Norwegian government was behind an initiative to bring computing power to Norway and make it one of the prime destinations for data centers at the beginning of this decade.
To that effect, the local governments own part of the utility companies which operate the power plants and own part of the Lefdal Mine and other locations. But even without notable subsidies (i.e. cash payments to companies), market players were able to figure it out, for everybody’s benefit.
The utilities win because they can sell their cheap electricity close to home. The computing companies like IBM and Northern Bitcoin win because they can get cheap electricity, storage, and security. Data center operators like Lefdal win because they can charge rent for otherwise unused and unneeded space.
However, in a recent about face, the central government in Oslo has decided to remove cryptocurrency miners from the list of companies which pay a preferential tax rate on electricity consumption.
Normally, energy intensive companies, including data centers, pay a preferential tax on electricity consumed of 0.48 øre ($0.00056 ). According to a report by Norwegian media Aftenposten, this tax will rise to 16.58 øre ($0.019) in 2019 for cryptocurrency miners exclusively.
The argument by left wing politician Lars Haltbrekken who sponsored the initiative: “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”
Since Norway generates its electricity using hydro, precisely the opposite is true: No greenhouse gas emissions, or any emissions for that matter would be produced, if all cryptomining was done in Norway. As opposed to China, where mining is done with coal and with emissions.
But not only in Norway is the share of renewable and emission free energy high. According to research by Coinshares, Bitcoin’s consumes about 77.6 percent of its energy in the form of renewables globally.
However self-defeating the arguments against bitcoin mining in Norway, the political initiative is moving forward. What it means for Northern Bitcoin is not clear, as they house their containers in Lefdal’s mixed data center, which also has other clients, like IBM.
“It’s not really decided yet; there are still big efforts from IT sectors and parties who are trying to change it. If the decision is taken it might apply for pure crypto sites rather than mixed data centers, like ours,” said Lefdal’s Andersson.
Even in the worst-case scenario, it would mean an increase from ~5 cents to ~6.9 cents per kilowatt hour, or 30 percent more paid on the electricity by Northern Bitcoin, which at ~$3250 would still rank it among the most competitive producers in the world.
Coinshares estimates the average production price at $6,800 per Bitcoin at $0,05 per kilowatt hour of electricity and an 18-months depreciation schedule, but concedes that a profitable miner could “[depreciate] mining gear over 24-30 months, or [pay] less for mining gear than our estimates.”
Jäger says Northern Bitcoin depreciates the equipment over three years and has obtained very favorable prices from Bitmain, making its production much more competitive than the average despite the same cost of electricity. In addition, the natural cooling in the mine also reduces electricity costs overall.

Cheap Producer Advantage

At the moment, however, the tax could be the least of any miners worry, as the bitcoin price is in free-fall.
But what happens when the price crashes further? Suffice it to say that there was bitcoin mining when the dollar price was less than 1 cent and there will be bitcoin mining at lower prices thanks to the design of the network.
Mao Shixing, the founder of mining pool F2pool estimated 600,000 miners have shut down since the November crash in price, according to a report by Coindesk.
As it should be in a competitive system, the most energy intensive and obsolete machines are shut down first.
As with every other commodity, when the price drops, some miners will leave the market, leaving space for cheaper competitors to capture a bigger share. But with bitcoin this is a bit simpler than with copper or gold for example.
When a big copper player goes bankrupt, its competitors have to ramp up production and increase cost to increase their market share. With bitcoin, if 3,000 computers get taken off the total mining pool, they won’t be able to mine the approximately 5 bitcoin any longer.
However, because the difficulty of solving the computationally intensive cryptographic tasks of bitcoin decreases automatically when there are fewer computers engaged in the task, the other players just have to leave their machines running at the same rate for the same cost and they will split the 5 bitcoin among them.
“The moment the price goes down, our production price will go down as well,” said Jäger, a process that already happened from November to December when the difficulty decreased twice in November and the beginning of December.
This naturally favors players like Northern Bitcoin, which are producing at the lower end of the cost spectrum. They will be the ones who shut down last.
And this is a good thing. The more companies like Northern Bitcoin, and countries like Norway—even with the extra tax—the more decentralized the bitcoin system.
The more computers there are in different hands mining bitcoin, the more secure the system becomes, because it will be ever more difficult for one player to reach the 50 percent threshold to crash the system. It is this decentralized philosophy which has kept the bitcoin system running for 10 years. Whether at $1 or $20,000.
submitted by rotoreuters to zerohedge [link] [comments]

Buratino Blockchain Solutions: we have found new solutions to old problems

The market of the mining equipment continues to develop strenuously contrary to adverse conditions on the crypto exchanges. Technologies are constantly improving, increasing growth of mining profitability at the reduction of energy consumption and partly compensating negative dynamics of cryptocurrencies rates. However, it automatically increases the complexity of production of new digital coins that form request for creation of more powerful equipment.
Industry is constantly changing and miners need to be able to understand modern trends of the branch. Let’s discuss market tendencies, new technology solutions capability to affect the efficiency of this business, and how exactly our team is ready to help miners.
Mining market today Lets begin with the general review of the market, with emphasis on forecasts of the authoritative research companies. Analysts of the American consulting company Coherent Market Insights are convinced: in the medium term (5–10 years) mining will be profitable. Demand for the new equipment will remain high even during the crypto -markets depression.
According to the last forecast of the company, by 2025 mining industry will exceed the capitalization level of $16,3 billion. The indicator of cumulative average annual growth rate (CAGR), according to experts, will grow by 18,68% from 2017 to 2025.
At the time of posting, the greatest share of computing capacities has been concentrated in Asia. Experts from other large consulting company Technavio consider that the Pacific Rim will take 51% of the general growth of the industry in 2018–2022. Then the share of the Pacific Rim will be reduced below 50% level.
The cause is a hard governmental line of China in relation to crypto industry. It makes miners migrate to other countries of North and South America and Eastern Europe.
According to the Technavio, 33% of the market is now in the New World, but the share of the USA will grow, forcing out China. Coherent Market Insights experts are solidary with colleagues, and also give the future world leadership to North America.
Improvement of production technologies of cryptocurrencies and increase in productivity of the hardware remains a key tendency of the current market. Along with it large producers of microelectronics, such as Samsung and United Microelectronics Corporation are entering the market as suppliers of hi-tech accessories.
The large manufacturing companies (Bitmain Technologies, BitFury, Advanced Micro Devices, etc.) actively develop ASIC systems with bigger energy efficiency and the increased hashrate coefficients. It is important for providing the more effective mining. However alternation of generations in available lines of the equipment happens slowly that opens opportunities for new players, such as our company.
According to the Coinshares company, hashrate of the only one Bitcoin network grows by 300% annually, the efficiency of chips increases by 80%, and their cost falls on average on 50%. So the profitability of digital coins production grows even in conditions of crypto rate instability with the introduction of new technologies in ASIC-mining . 74% of the mining market is the share of ASIC of all configurations in 2017. It is expected that they will continue to dominate.
The process of improvement of the hardware leads to the growth of volumes of the mined coins. But the more is mined, the quicker the algorithm of generation of new blocks in the network complicates. As a result — miners need capacities to grow.
Escalating levels of complexity become nearly the main factor of mining equipment market growth in the medium term. For example, analysts of Technavio predict the increase in growth rates for 2018 by 9,04%.
Increase in productivity as natural selection To be a successful miner means always to work proactively. Anyone who first manages to use more productive mining systems also remains in a prize or at least in the market.
The Forbes.ru magazine describes how the market of a mining is affected by the generation of more productive machines. All of us remember the last year's agiotage around the first ASIC systems for Dash cryptocurrency. Before it was mined only on video cards and brought the monthly income of $1-1,5 thousand from one farm. New miner (DM11G from iBeLink, Antminer D3 from Bitmain and DR-100 from Pinidea) promised income from $5 thousand from each installation.
Those who the first have managed to connect ASIC to Dash network succeeded the most. Their monthly income has made about $6 thousand, but it was not for a long time. The rapid growth of the number of ASIC devices in the network has provoked the same fast increase in complexity of calculations.
Therefore the payback period of one ASIC system has increased from 3-4 to 12 months. As a result, by the end of 2017, the profitability of Dash mining has decreased almost by 3 times (in comparison with September of the same year). In completion to everything, the Dash rate has fallen off in spring 2018.
Production of cryptocurrency is favorable only to those who quickly reacts to the production of the new hardware. Only being guided by new generation equipment or modernizing old ones it is possible not to lose.
Recent leaders VS perspective beginners BitFury and Bitmain remain recognized leaders in the global market in summer 2018. BitFury generally specializes in providing mining decisions under specific projects. Bitmain, on the contrary, is guided by production and sale of the ready-made mining systems.
Today the market is rather highly consolidated and more than a half of all computing capacities belongs to largest companies. Nevertheless, Coherent Market Insights analysts consider that in the near future deconsolidation of branch due to the appearance of new players is expected.
This segment is also interesting to us. With the support of the community on ICO, we will be able to impose market competition to the acting leaders. Just because present devices have a number of problems which are still not solved by anyone except for us.
Support of the only one cryptocurrency, the impossibility of the partial modification, high noise level, high costs of cooling and a lot of things still. Everything remains unresolved.
We plan to put on the market the multi-mining system of the new generation Papa Carlo. The equipment surpasses competitors in all key indicators: energy efficiency, productivity, customizability, the number of coins, etc.
With our development, it will be not just ASIC anymore, but the first real multi-miner, allowing to get fifteen digital currencies on the most popular algorithms SHA-256 and SCRYPT.
It is difficult to overestimate the potential of such a product. Papa Carlo is capable to take the worthy place in the market of the CIS and the whole world. It is enough to compare our technological product to the acting leader of sales - Antminer s9, to estimate all range of advantages of Papa Carlo.
Compare several key indicators of Papa Carlo and Antminer s9:
hashrate of Papa Carlo – 26 Th/s, Antminer s9 – 13,5 Th/s; Papa Carlo processors – 10 nanometers, Antminer s9 – 16 nanometers; the number of Papa Carlo chips – 210, Antminer s9 – 189; energy efficiency of Papa Carlo – 0,065 J/Gh, Antminer s9 – 0,1 J/Gh; Papa Carlo noise level – 35-45 dB, Antminer s9 – 75-80 dB. Conclusion Papa Carlo is a high-performance equipment which can compete with leaders of the market. Our Buratino Blockchain Solutions company provides its development and service.
The issue of own token will allow attracting the capital for scaling of business and distribution our multi-miner. Everyone who wishes to receive exclusive privileges from the producer at a stage of the closed sales can join our tokensale.
submitted by BuratinoBlockChainSo to u/BuratinoBlockChainSo [link] [comments]

[USA-IL][H] 4 Antminer S4 2.0 TH/s bitcoin miners with cables, Antminer S1, Butterfly Labs Single, power supply [W] Local cash [Chicago & NW burbs]

timestamp and pictures
Selling ≈ 8.2 TH/s worth of bitcoin mining equipment in the following configuration:
4x 2.0 TH/s Antminer S4 bitcoin miners with internal PSUs and power cords
1x 180 GH/s Antminer S1 bitcoin miner
1x 60 GH/s Butterfly Labs "Single" bitcoin miner
1x Dynex DX-520WPS PSU with cables to power the S1 and the BFL single
Everything works as it should within spec for performance, heat, and power consumption. The Antminers' cases show evidence of being moved and re-setup a few times (because they have been) but all issues are cosmetic only. The biggest blemish is a rip in the plastic protective layer over one of the status LCDs on the front of the S4 units.
Asking $1300 for the whole bundle, local cash at pickup or delivery within 50 miles of 60169.
submitted by Skepticalasian to hardwareswap [link] [comments]

Defending against empty or near empty blocks from malicious miner takeover? | CANNON | Mar 24 2017

CANNON on Mar 24 2017:
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512
When the original white paper was written the idea was that nodes
would be miners at same time. That the distribution of mining power
being mostly on par with the distribution of nodes if I understand
correctly. The problem we face now I fear, is the mining power
becoming centralized. Even if every bitcoin node invested a $1000
into mining power and mined at a loss, it still would not even
make a dent in hash distribution. Currently there are around 6000
known nodes. If each node invested $1000 for say 10 ths of hashing
power. At current hashrate of around 3,674,473,142 GH/s this would
only make up %16 of hash power. This is out of balance as while
nodes are distributed mining power is becoming very centralized
due to the creation of monopolization of ASICs. The problem we
are facing is a small group of a couple people whom control a
large amount and growing of hash power. At time of this writing
it has quickly risen to 39% and at current rate will soon become
50% of hashing power that is controlled by a small group of a few
people. Their intentions are too hijack the bitcoin network to a
cryptocurrency that suits their dangerous agenda. Dangerous because
their plan would centralize power of consensus as I understand it,
to themselves the miners. Dangerous also because the code base of
the attempting subverters is buggy, insecure, and reckless from a
technological standpoint. Even though they only have very minute
amount of nodes compared to legitimate bitcion nodes, the danger
is that they are very quickly taking over in mining power. While
it is true that nodes will not accept invalid blocks that would be
attempted to be pushed by the conspirators, they are threatening to
attack the valid (or in their words, "minority chain") by dedicating
some mining power soley to attacking the valid chain by mining empty
blocks and orphaning the valid chain. So even though the majority
of nodes would be enforcing what blocks are valid and as a result
block the non-compliant longer chain, the conspiring miner can simply
(as they are currently threatening to) make the valid chain unuseable
by mining empty blocks.
If a malicious miner with half or majority control passes invalid
blocks, the worst case scenario is a hardfork coin split in which
the non-compliant chain becomes an alt. However the problem is that
this malicious miner is very recently threatening to not just simply
fork, but to kill the valid chain to force economic activity to the
adversary controlled chain. If we can simply defend against attacks
to the valid chain, we can prevent the valid chain from dying.
While empty or near empty blocks would generally be protected by
the incentive of miners to make money. The threat is there if the
malicious miner with majority control is willing to lose out on
these transaction fees and block reward if their intention is to
suppress it to force the majority onto their chain.
Proposal for potential solution Update nodes to ignore empty blocks,
so this way mined empty blocks cannot be used to DOS attack the
blockchain. But what about defense from say, blocks that are
not empty but intentionally only have a couple transactions
in it? Possible to have nodes not only ignore empty blocks,
but also blocks that are abnormally small compared to number of
valid transactions in mempool?
For example would be something like this:
If block = (empty OR <%75 of mempool) THEN discard
This threshold just an example.
What would be any potentials risks
and attacks resulting from both having such new rulesets and not
doing anything?
Lets assume that the first problem of blocking empty or near empty
blocks has been mitigated with the above proposed solution. How
likely and possible would it be for a malicious miner with lots of
mining power to orphan the chain after so many blocks even with
non empty blocks? Is there a need to mitigate this?
If so is it possible?
Time is running short I fear. There needs to be discussion on various
attacks and how they can be guarded against along with various
other contingency plans.
Cannon
PGP Fingerprint: 2BB5 15CD 66E7 4E28 45DC 6494 A5A2 2879 3F06 E832
Email: cannon at cannon-ciota.info
NOTICE: ALL EMAIL CORRESPONDENCE NOT SIGNED/ENCRYPTED WITH PGP SHOULD
BE CONSIDERED POTENTIALLY FORGED, AND NOT PRIVATE.
If this matters to you, use PGP.
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original: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-March/013772.html
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

Can we stop sending people to Middlecoin?

For those unaware, middlecoin is a pool that mines the most profitable scrypt based altcoin(as determined by the pool operator h2o and his bot), and pays in Bitcoin. It used to be fairly profitable, however recently it has grown immensely and became a poor choice to mine on.
I see so many people telling others to mine on Middlecoin, and it's gotten to the point where the pool can't even handle the traffic. The pool is barely stable, with frequent disconnects and lots of downtime. It's not nearly as profitable as other pools either, as not only does he charge a 3% fee, but it also isn't very profitable relative to other pools due to its infrastructure. The pool mines 1 coin at a time with all of it's hashing power. If there are too many people mining a small coin, it becomes less profitable due to the coin not supporting the volume. There aren't nearly enough buy orders for the amount of coins the pool generates, so it crashes the value and minimal profits are made.
Additional, due to it's immense size, it breaks the blockchain of many smaller altcoins. It will mine a small coin until it's difficulty adjusts, then ditch it only to screw over loyal miners that have to deal with an artificially inflated difficulty. It increases the risk of a 51% attack as well, as they likely reach well over 50% for many coins considering that they have over 10 GH/s of hashing power. I know many of you here despise altcoins, but I do feel like any cryptocurrency based on Bitcoin being destroyed by a 51% attack may look bad on Bitcoin itself, at least as seen by the public.
I personally stopped mining on there and started mining various altcoins on my own, and trading them on my own. I'm making about twice the BTC I made mining on middlecoin, simply because that pool controls the altcoin market. Anything they mine becomes unprofitable quickly, as there are more miners on it than the actual size of the coins they mine. The pool cannot support the amount of users it has without splitting between multiple coins, so mining on it will never be very profitable unless h2o changes the pool to support mining multiple different coins at once. Only mine on it if you're too lazy to find a coin and trade, as it is very easy to use. If you're looking into maximum profits, I recommend figuring it out on your own.
submitted by skilliard4 to BitcoinMining [link] [comments]

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Carbon footprint. Bitcoin’s biggest problem is perhaps not even its massive energy consumption, but the fact most mining facilties in Bitcoin’s network are located in regions (primarily in China) that rely heavily on coal-based power (either directly or for the purpose of load balancing). The price of BTC has skyrocketed (close to $1000 today), however it doesn't quite make up for the rise in difficulty. According to the profit calculator mining at 5 GH/s will get you $1.50 a day. But check for yourself because it can change dramatically. Get the best deals on More than 500 GH/s Virtual Currency Miners when you shop the largest online selection at eBay.com. Free shipping on many items Bitmain Antminer S17 Pro 50t ASIC Bitcoin Miner BTC With PSU Power in Stock. 5 out of 5 stars (1) Total $39.50 shipping. Watch. Halong Dragonmint T1 16TH/s Bitcoin SHA256 Miner USA Ready to To start mining Bitcoin, you'll need cheap electricity (a lot of it), an internet connection, and at least one Bitcoin mining hardware device - an ASIC Bitcoin miner. In the very early days (2009-2011) you could mine Bitcoin with a CPU, then mining software was created to utilize the computing power of a GPU, then came FPGAs, and in 2013 the Bitminersmg is an industry leading Bitcoin mining pool. All of the mining power is backed up by physical miners. Mining with the latest algorithms allows to make as much Bitcoin as possible. We aim to provide you with the easiest possible way to make money without having to do any of the hard stuff.

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Free 500 GH/s Mining Power. Earn Free Bitcoins & XMR Web Mining

get 500 ghs free mining power - Free Bitcoin Mining · Bitcoin Miner · Investing Money · Real Estate Investing ... (AT LEAST) $100,000 Per Month - Duration: 50:02. Neil Patel Recommended for you ... Hello, Guys welcome to Crypto Loot ; In this video I will show you how can you can mine free bitcoin easily with high mining power please subscribe our channel to get updated ----- Join Social ... In this video i have explained about the new crypto currency mining website bitland. pro. you can mine five cryptocurreny in single website for example tron(trx),doge coin ,bitcoin(btc),theter ... Thank you Ainope for sponsoring this video, you can get the power bank on Amazon - https://amzn.to/2JcLXE2 Good luck on your crypto adventure and if you subscribe it will help a ton. This is a BFL 50 Gh/s mining rig mining sha-256 algorithm crypto coins. Stable at ~ 55 Gh/s using MinePeon on a Raspberry Pi ... Butterfly Labs 5 GH/s ASIC Bitcoin Miner (Jalapeno) Review ...

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