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Recap on CoinEx & Avalanche AMA Aug 5, 2020

Recap on CoinEx & Avalanche AMA Aug 5, 2020
Written by SatoshisAngels
Published by read.cash
On August 5th 2020, Satoshi’s Angels hosted an AMA for CoinEx on “How BCH and Avalanche Are Bringing Financial Freedom to 6 Billion People” on a Chinese platform Bihu. During the 100-minute event, Haipo Yang of ViaBTC and CoinEx, and Emin Gun Sirer of AVA Labs shared their in-depth views on such topics as different consensus mechanisms, community governance, IPFS, Defi. And Haipo explained why he wants to fork BCH. This is the full text.
You can check out the full AMA here (mostly in Chinese with some English translation).

https://preview.redd.it/x790bw58axf51.png?width=1920&format=png&auto=webp&s=03c8af942f8f14d98d5dd693adf9e2a50448d61d
Cindy Wang (Satoshi’s Angels): There are news saying that you are to fork BCH. Is it a marketing makeover? Are you serious about it?
Haipo Yang: It’s definitely not a marketing makeover. But the details are not decided yet.
Over the past three years, the BCH community has gone through multiple discussions from reducing block time, changing mining algorithms, adding smart contracts, etc. But none of these disputes have been well settled.
BCH is a big failure in terms of governance. A lack of good governance has made it fall in disorder. It is too decentralized to make progress.
You may know that the first BCH block was mined by ViaBTC. And we gave a lot of support to it indeed. But we didn’t dominate the fork. The Chinese community in particular thought I had a lot of influence, but it was not true.
I think the whole community is very dissatisfied with Bitcoin ABC, but it is difficult to replace them or change the status quo. So I am thinking of creating a new branch of BCH. The idea is still in early stage. I welcome anyone interested to participate and discuss it with me.
Wang: Professor Emin, what’s your attitude to fork? Do you think it’s a good timing to fork BCH?
Emin Gun Sirer: I am a big fan of BCH. It adheres to the original vision of Satoshi Nakamoto. I like the technical roadmap of BCH. But just like what Haipo mentioned, BCH lacks a good governance mechanism. There are always something that can cause BCH community to divide itself.
But I think it’s not enough to just have a good governance mechanism. There are many good proposals in the community but failed to be adopted in the end. I think BCH needs social leadership to encourage discussion when there are new proposals.
Wang: We are all curious to know How Avalanche got its name?
I know that Avalanche doesn’t mean well in Chinese. But in English, it’s a very powerful word. Avalanche represents a series of algorithms piling together like a mountain. When decisions slowly form, the ball (nodes in the network) on top of the mountain starts going down the hill on one side, and it gets bigger and bigger, and like an avalanche and it becomes unstoppable, making the transaction final.
Wang: Prof. Emin, I know that you are a big blocker. Have you ever considered implementing Avalanche based on BCH? Why create another chain?
Sirer: Of course I considered that. Satoshi Nakamoto consensus is wonderful, but the proof-of-work mechanism and Nakamoto consensus base protocols have some shortcomings, such as network latency, and it is hard to scale. Avalanche, instead, is totally different, and is the new biggest breakthrough in the past 45 years. It is flexible, fast, and scalable. I’d love to implement BCH on top of avalanche in the future, to make BCH even better by making 0-conf transactions much more secure.
Wang: As an old miner, why did CoinEx Chain choose to “abandon” POW, and turn to POS mechanism?
Haipo: Both POW and POS consensus algorithms have their own advantages. POW is not just a consensus algorithm, but also a more transparent and open distribution method of digital currency. Anyone can participate in it through mining.
POW is fairer. For a POS-based network, participants must have coins. For example, you need to invest ICO projects to obtain coins. But developers can get a lot of coins almost for free. In addition, POW is more open. Anyone can participate without holding tokens. For example, as long as you have a computer and mining rigs, you can participate in mining. Openness and fairness are two great features of POW. POS is more advanced, safe and efficient.
POS is jointly maintained by the token holders, and there is no problem of 51% attacks. Those who hold tokens are more inclined to protect the network than to destroy the network for their own interests. To disrupt the network, you need to buy at least two-thirds of the token, which is very difficult to achieve. And when you actually hold so many coins, it’s barely possible for you to destroy the network.
POW has the problem of 51% attack. For example, ETC just suffered the 51% attack on August 3. And the cost to do that is very low. It can be reorganized with only tens of thousands of dollars. This is also a defect of POW.
In addition, in terms of TPS and block speed, POS can achieve second-level speed and higher TPS. Therefore, CoinEx Chain chose POS because it can bring a faster transaction experience. This is very important for decentralized exchanges. Both POW and POS have their own advantages. It’s a matter of personal choice. When choosing a consensus mechanism, the choice must be made according to the characteristics of the specific project.
https://preview.redd.it/upbayijaaxf51.jpg?width=1055&format=pjpg&auto=webp&s=703e3b6a493a76f86bc9045e784d174bde9d3c42
Wang: Ethereum is switching to ETH 2.0. If they succeed, do you think it will lead the next bull market?
Sirer: If Ethereum 2.0 can be realized, it must be a huge success.
But I doubt it can be launched anytime soon considering that it has been constantly delayed. And even if it comes out, I am not so sure if it will address the core scaling problem. And the main technology in Ethereum 2.0 is sharding. Sharding technology divides the Ethereum networks into small parallel groups, but I think what will happen is everyone wants to be in the same “shard” so the sharding advantages might not be realizable in Ethereum 2.0.
Avalanche supports Ethereum’s virtual machine, and Avalanche can realize 1 second level confirmation, while with sharding finalizing confirmation takes 5–6 seconds at best. Avalanche approach to make Ethereum scale is superior to Ethereum 2.0. There are many big players behind Ethereum 2.0, and I wish them success. But I believe that Avalanche will be the fastest and best Smart Contract platform in the crypto space, and it is compatible with Ethereum.
Wang: Why is Avalanche a real breakthrough?
Sirer: Avalanche is fundamentally different from previous consensus mechanisms. It’s very fast with TPS surpasses 6500, which is three times that of VISA. Six confirmations can be achieved in one second. Compared with the POW mechanism of Bitcoin and Bitcoin Cash, Avalanche’s participation threshold is very low. It allows multiple virtual machines to be built on the Avalanche protocol.
Avalanche is not created to compete with Bitcoin or fiat currencies such as the US dollar and RMB. It’s not made to compete with Ethereum, which is defined as the “world’s computer”. Avalanche is positioned to be an asset issuance platform to tokenize assets in the real world.
Wang: How do you rank the importance of community, development, governance, and technology to a public chain?
Sirer: These four are like the legs of a table. Every foot is very important. The table cannot stand without strong support.
A good community needs to be open to welcome developers and people. Good governance is especially important, to figure out what users need and respect their voices. Development needs to be decentralized. Avalanche has developers all over the world. And it has big companies building on top of Avalanche.
Yang: From a long-term perspective, I think governance is the most important thing, which is the same as running a company.
In the long run, technology is not important. Blockchain technology is developed based on an open source softwares that are free to the community. Community is also not the most important factor.
I think the most important thing is governance. Decentralization is more about technical. For example, Bitcoin, through a decentralized network method, ensures the openness and transparency of data assets, and the data on the chain cannot be tampered with, ensuring that the total amount of coins has a fixed upper limit.
But at the governance level, all coins are centralized at some degree. For example, BCH developers can decide to modify the protocol. In a sense, it is the same as managing a company.
Historically, the reasons for the success and failure of companies all stem from bad governance. For example, Apple succeeded based on Steve Jobs’s charisma, leadership and the pursuit of user experience. When Jobs was kicked out, Apple suffered great losses. After Jobs returned, he made Apple great again.
Issues behind Bitmain is also about governance. Simply put, governance requires leaders who have a longer-term vision and are more capable of coordinating and balancing the resources and interests of all parties to lead the community.
In the blockchain world, many people focus on technology. In fact, technology is not enough to make great products. User experience is most important. Users don’t care about the blockchain technology itself, but more concerned about whether it is easy to use and whether it can solve my problem.
We need to figure out how to deliver a product like Apple. The pursuit of user experience is also governance in nature. And governance itself lies in the soul of key leaders in the community.
Realize tokenization of assets in.
https://preview.redd.it/14jf1bvcaxf51.jpg?width=1082&format=pjpg&auto=webp&s=c312912142c38de986f42912086e205354162190
Wang: Speaking of asset tokenization, I would like to ask Haipo, do you think the market for assets on the chain is big?
Yang: It must be very big. We need to see which assets can be tokenized.
Assets that can be tokenized are standardized assets, sush as currencies and securities.
  1. In terms of currency, Tether has issued over 10 billion U.S. dollars. Many people think that’s too much. But I think this market is underestimated. The market for stablecoins in the future must be hundreds of billions or even trillions, especially after the release of Facebook’s Libra. Even US dollar might be issued based on the blockchain in the future.
At present, the settlement of USD currency is through the SWIFT system. But the SWIFT system itself is only a clearing network, a messaging system, not a settlement network. It takes a long time for clearing and settlement, and it is not reliable. But both USDT and USDC can quickly realize cross-border transfers in seconds and realize asset delivery. Even sovereign currencies are likely to be issued on the blockchain. I believe RMB also has such a plan.
  1. Equity and securities markets are the largest market. But they have strict requirements for market access.
Whether a stock is listed on A-shares or in the American markets, it’s hard to obtain them. I believe that the blockchain can completely release the demand through decentralization. It can allow any tiny company or even a project to issue, circulate and finance a token.
There may be only tens of thousands of stocks currently traded globally. There are also tens of thousands of tokens in the crypto space. I believe that millions or more of assets will be traded and circulated in the future. This can only be realized through decentralized technology and organization.
The market for assets tokenization will be huge. And at present, the entire blockchain technology is still very primitive. Bitcoin and Ethereum only have a few or a dozen TPS, which is far from meeting market demand. This is why CoinEx is committed to building a decentralized Dex public chain.
Wang: Avalanche’s paper was first published on IPFS. What do you think of IPFS?
Sirer: I personally like IPFS very much. It is a decentralized storage solution.
Yang: There is no doubt that IPFS solves the problem of decentralized storage, and can be robust in the blockchain world, and can replace HPPT services. But there are still three problems:
  1. IPFS is not for ordinary users. Everybody needs BCH and BTC, but only developers need IPFS, which is a relatively niche market;
  2. IPFS is more expensive than traditional storage solutions, which further reduces its practicality. In order to achieve decentralization, more copies must be stored, and more hardware devices must be consumed. In the end, these costs will be on to users.
  3. There may be compliance issues. If you use IPFS to store sensitive information, such as info from WikiLeaks, it may end up threatening national security. I doubt that decentralized storage and decentralized public chains can survive under the joint pressure of global governments.
The IPFS project solves certain problems. But from the perspective of application prospects, I am pessimistic.
Wang: What do you think of Defi?
Yang: I want to talk about the concept first.
Broadly speaking, the entire blockchain industry is DeFi in nature. Blockchain is to realize the circulation of currency, equity, and asset value through decentralization.
So in a broad sense, blockchain itself is DeFi. In a narrow sense, DeFi is a financial agreement based on smart contracts. DeFi, through smart contracts, can build applications more flexibly. For example, before we could only use Bitcoin to transfer and pay. Now with smart contracts, flexible functions such as lending, exchange, mortgage , etc. are available. The entire blockchain industry is gradually evolving under the conditions of DeFi. DeFi will definitely get greater development in the future.
Sirer: I think Defi will definitely have a huge impact. DeFi is not only an innovation in the cryptocurrency field, but also an innovation in the financial field. Wall Street companies have stagnated for years with no innovation. Avalanche fits different DeFi needs, including performance and compliance. In the future, not only will Wall Street simply adopt DeFi, but DeFi will grow into a huge market that will eventually replace the traditional financial system.
Questions from the community:
1. How does Avalanche integrate with DeFi?
Sirer: At present, all DeFi applications on Avalanche have surpassed Ethereum. What can be achieved on Ethereum can be achieved on Avalanche with better user experience. We are currently connecting with popular DeFi projects such as Compound and MakerDao to add part of or all of their functions.
At present, Avalanche is working on decentralized exchange (DEX). The current DEXs are limited by speed and performance but when they are built on top of Avalanche it will be real-time and very fast.
2. How many developers does BCH have?
Yang: I think it does not matter how many developers there are. What matters is what should be developed. I watched Jobs’ video the other day, and it inspired me a lot. We are not piecing together technology to see what technology can do. It’s we figure out what we want first and then we use the technology we need.
The entire blockchain community worship developers. Such as they call Vitalik “V God”. It’s not necessary to treat developers as wizards. Developers are programmers, and I myself is also a programmer.
ViaBTC has a development team of over 100 people, including core members from Copernicus (a dev team formerly belonged to Bitmain). Technically we are very confident to build faster, stabler, and better user experience products.
submitted by CoinExcom to btc [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [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.
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Potential Information

Potential Information
I'm going to try and demonsrate, in Natural Language, why there is a Revolution occuring in Information Science. The question I wish to Address is: "How much Information is there in a give Container?". As modern Computer Scientists see things, the amount of Information in a given container is precisely the number of possible discrete states of that conainer. So a nibble can be in 16 possibles states, a byte can be in 256 possible states, and so on. I'd to coin the term "Potential Information" and make an explicit Parallel with Potential Energy. So for a byte, the Potential Information is 256. It's interesting that we don't use Units for Potential Information, though it is a well studied concept, if newly named. Conctpetually, we understand the Units as 256 pieces of "Potential Discrete Information", so let us use name the Units pdi.
Let's extend the Parallel with Potential Energy. A Boulder at the Top of a Mountain is said to have a Potential Energy Relative to it's height, weight and the Gravitational Constant that is tranfered to Kinetic Energy if it Rolls down the Mountain. For Argument's sake let us Suppose a Flat Earth, then at the Bottom of the Mountain, the Boulder is said to have Zero Potential Energy (certinaly regarding its Potential to fall under Gravity but but I expect there are other ways Squeeze Enery out of Rock!). In a Computer I would say that a byte in a Switch On Computer is like the Boulder at the top of the Mountain with Maximum Potential Information (256pdi) and in a Switch of Computer, it has Minimum Potential Information.
So here's a Question first of all: "What is Minimum Potential Information?". Let's now do a thought experiment to help aswer the question at hand. Consider the concept of a "Broken Bit"; a bit that is fixed in either the 0 or 1 state and can't be changed. So, Information Theorists? What is the pdi of a Broken Bit? We now a working bit has 2pdi, but do we say the Broken Bit has 1pdi or 0pdi? 1pdi seems reasonable because it has a single Discrete State, but then 0pdi it seems we can't draw any information from it. If 0 is your answer, then I think you've jumped the gun, becuase I never told you what state it was locked in. What if I tell you it is locked in the 1 state? Well certainly we can draw no further information from it, but I say we still have the information that it is in the 1 state. So, I would say that before observation, the bit has 1pdi, but after observation, it has 0 pdi.
Now let us consider another possible unit of Information Measure "Discrete Information" or "di". So what is the di of a Broken Bit? Before we Observe it, we know we are going to read 1 Discrete Piece of information, and afterwards, we have read 1 Discrete Piece of Information. So I would say that the di of a Broken Bit is 1 in any Eventuality.
So you could interpret that as meaning that pdi is Time dependent and di is not Time dependent, which is a reasonable way to look at it. A more precise Way to look at it from a Computer Scientists point of view woud be to say that pdi is dependent on the number of "Reads" or "Potential Reads" where as di is not. This certainly holds for the Broken Bit. But, let us consider a working bit.
Let's get side tracked a bit and analyze a couple of common Computer Science Abstracts: Programs and Operations. Here's a suggestion for the definition of a "Program": A "Program" be an initial value for a container, and a series of well defined operations that manipulate the information of the container.
But this begs the question, what is an Operation... actually there's no obvious answer, it is thought of differently at different levels of the Computer Stack. To a user, Typing in a url and hitting Enter might be thought of as an Operation. The Web-Browser Software Developer, might consider an Operation to flag that the user has clicked in the url bar, an operation to read the string, operation(s) to analyis it, and operation(s) to send it to the DNS server. How about the guy who programmed the "String Read" operation, perhaps Scanf in C. That probably entails rather a few operations in Software alone, though it is a single operation in C. Then how many operations in Hardware were performed in this situation?
Here's a good Analogy for this type of thinking that any programmer will understand. Imagine you meansure Operations number of function calls. So how many operations in a "hello world application"? Well in C, it's One function call (not including main). Ok, but what about in Assembler? Rather a many function calls I would think. Then how did it get on your screen? Imagine the vast quatities of Function Calls that translate printf("hello world"); into a pattern of illuminated LEDs on the screen in a Terminal Window. Beyond that, how about the vast Edifices of Abstractions that lead to these LEDs glowing? Pixels, resolution, then colour of pixel which is represented as four bytes and needs Computer Software to interpret, then convert into a format correct to the monitor, then the monitor probably has more software to apply any colour correction and convert it into an Electrical Charge through some sort of Digital to Analog Converster that will eventually make a pixel glow with a certain colour. So how many operations in a "hello world" program? One could probably write countless Volumes analysing every operation that takes place from the flow of electrons through through Logic Gates, in the CPU, through the interupt mechanism on the chip to read you keystrokes, the abtraction of a bit and the operations of each ALU, the interpretation of the bits at each state of the ALUs computation etc. In fact, I think if you fully Analysed Everything that takes place inside a Computer in writing, compiling and executing a simple "hello world" program on a modern computer, you could probably chart pretty much the entire History of Computer Science.
For a moment, let us consider programs with no inputs, and et me suggest a definition of an Operation that may seem a little left field: "A Single Operation is the Space between two outputs", and "an output is any piece of information that it is a requirement that the program produce to satisfy its operation to the user". Let us assume for a moment that the only output device for a program is a Screen, and we a running a tech demo of the latest video game. As far as the user (i.e. viewer) is concerned, the only output they need is each frame. So long as the frame rate ticks over, the user is happy regardless of what is going on inside the computer. Then, the rate of Operations is Solely Dependent on how often the Screen updates, and 1 Operation takes place in the Computer inbetween each frame under this definition. So why use this seemingly bizarre Abstraction? What I'm seeking is an Absolute Measure of Compute Speed or Proficiency, and it seems to me, it is dependent on the program that is running. I'm sure those ASCII chips for mining bitcoin are dyamite at mining bitcoin, but your not going to get world of Warcraft running on them. I'm not sure you can really compare the Compute Speed of a ASCII bitcoin mining Rig to an XBox to example, certainly not simply by measuring Clock Speed and memory access rates anyway. What would be considered an "output" for a bitcoin miner? Hashrate is the standard measure of a bitcoin miners speed, and it is a most beautifully simple and perfect measure. Considering Compute Speed as "Numer of Operations per Second", then my definition of Operations and Outputs gives the Hashrate on a bitcoin miner. What about when an output is a frame on a Screen? Then on a game tech demo, for example, the Compute Speed would be the frame rate using the definitions I have already give. Again, probably the best know measure of Compute Speed for that type of Software. So perhaps I beginning to hit on a good generaization. I've actually conned you a little bit... in fact, under this definition of an operation as the "space between" outputs, my measure of compute speed of a video game is actually framerate-1 and my bitcoin mining measure is Hashrate-1. Here's another interesting consequence, with framerate, if my Computer is outputing a 30 frames per second, then I am running at 29 operations per second, but if I am running at 59 operations per 2 seconds... Actually very important with this measure of speed, which I'll write about another time. Those that have been studying O-Cycles may well have just spotted a Parallel! I want to consider another type of program also. Some programs (and in my opinion usually wise ones) don't necessarilly seek to operate as fast as possible. Take "metronome" program for example and let an "output" be one metronome "click". If you just tried to run it as fast as possible, you would have hyper speed noisy and irregular metronome. i.e. not really a metronome at all. So what would satisfy the user in a metronome program? Ignoring issues of software design, the main anwer would be accuracy of timing; usually not directly proportional to compute speed. Let us coin a new phrase, "Compute Proficiency" and say that for a metronome, Compute Proficiecy is measured by the accuracy of the metronome's timing. So Compute proficiency could be measured the deviation of the click, from some standar norm. i.e. deviation (perhaps in milliseconds) away from some target timing. Now, in my experience as a skilled bedroom music producer and Computer Scientist, this has precisely no relationship to the clock speed of any electronic/computer musical intrument I use. Consider measuring time in Beats and consider the Cartesian Plane with Time Measured on the x axis and Time Modulus 1 on the y axis. Then the beats will be series of points with y = around the line y = 0. Then we can do all sorts of Statistics to Measure Compute Profiency based on each point's deviation from (0, n) where n is an Integer...
[...a brief digression for those that have been following my other work, if we map the timing of each beat to the Complex Plane as follows: y = time and x = (time modulus 1) + 1/2, then let c = x + yi, then we have a rather recognizable line through the Complex Plane. For a Perfectly accurate Metronome, the line Re(c) = 1/2, i.e. what most think and hope are the Zeros of the Zeta Function... honestly, I'm still investigating whether this is True... I'm pretty sure that either the Sum of 0s divided by the number of Zeros Summed = 1/2 as i o-o, or they are all 1/2. Curiously, for the purposes I like to use this Science for, it wouldn't matter one jot which was True... So far anyway...]
So, if you'll exuse my digression, let's get back to measures of information. So I would propose the following definition of "rate of information": number of discrete pieces of information per output, with output defined per computer program. Let's take an example of Video playing software, and assuming so sound, say it out puts a grey scale image of 1024 x 1024 pixels every 100 milliseconds. Then assuming 1 byte per pixel, the program outputs 1 Megabyte memory per 100 milliseonds. So how much Discrete Information is it outputting per 100 milliseconds? Most people would say 1 Megabyte... How about per second? Again, most people would say 10 Megabytes. Here is how I would analyse the situation. I might say that a Megabyte, in a particular state, would constitute 1 Discrete piece of information (though not the only way of looking at it). Then I might day that the Potential Discrete Information of that Megabyte was 1024 * 1024 Discrete Pieces of information. So I would say the program is outputting at 10 Discrete Pieces of Information per Second- of course this doesn't consider Container Size of the Information. Let's look at it under a different lense, why would I consider 1 Megabyte in a particular state, a single piece of information? We could just as easily see it as 1024 * 1024 Discrete Pieces of Information if we consider the value of each pixel (byte) as a single piece of Information. Finally, I could consider it as 1024 *1024 * 256 Discrete Pieces of Information if we consider each bit individually. Here's a useful Equivolance Relationship:
Assume that the number of bits in a Sub-Container is a Power of 2 and the number of bits in a Container is a larger power of 2.
letting:
S = the Sub-Contain's Potential Discrete Information
C = the Container's Potential Discrete Information
s = number of bits in the Sub-Container
c = number of bits in the Container
then:
S / 2c = 2s / C
This is nothing to Computer Scientists, as Potential Discrete Information is what they usually consider. The above Relation is just a need formalization relating the number of bits and Potential Information in a Storage Container with a Sub-Container. Such as Total RAM to words or words to bytes etc.
Now what if we relate this to Discrete Pieces of information. Considering the situation, it seems that a single output should generally be considered a single Discrete Piece of Information. Then the goal of reducing the memory foot-print of Software Might be to make a Single Piece of Discrete Information have as little Potential Information as possible. How about an example: Consider out video game Tech Demo again, where we considered a single frame to be a single output and found that a single frame had 1 Megabyte of Potential Information. So by standard Information flow calculations, we are outputting information at 10 Megabytes per Second (One frame every 100 milliseconds). Now let's consider another situation, suppose we could stream a the output data to the screen without storing the whole frame. Let's say we could output it in 10 kilobyte chunks every 1 millisecond. Then our rate of information flow hasn't changed, however out memory footprint has reduced 100 fold. I'm still a little Wooly on the notion of an output, but it would now seem sensible to model an output as one of these 10 kilobyte chunks and therefore a discrete piece of information as a single output. So what do we have now:
1000 Discrete Pieces of Information per second 1 kilobyte of Potential Information per Discrete Piece of Information Therefore: 1 Megabyte of Potetial Discrete Pieces of Information per Second...
thus: Speed = pdi di/s
i.e Data Rate = Potential Discrete Pieces of Information per Discrete Piece of Information Per Second
So we may consider di/s purely a measure of speed of data trasfer, without considering size... e.g.
30 or 60 di/s for a 60 frames per second game for example, (treating each frame as 1 discrete piece of information). Then if it is outputting on 1024x1024 screen with 4 bytes per pixel, then we could say the Output Rate of the Game is:
Output Rate = 4Mb * 60 di/s or
Output Rate = 4Mb * 30 di/s
In visual Programs such as Graphical Programs, the di/s is VERY slow in comparison to a CPUs clock speed as humans rarely perceive quality improvements in animation about about 60fps (don't believe anyone who tell you that it's 30fps!).
Now consider the Polar Opposite in Modern Day Computing, a program than generates audio. an audio output device may ouput at 44,100 frames per second (for CD Quality) and the frames will usually be 16 bits for this kind of audio. So, such a pieces of Hardware/Software has the following output rate:
Output Rate = 16bits * 44,100 di/s
So some tell me, what is the Theoretical Minimum Memory footprint for such devices? The Theoretical Minimum is to create a program who's memory footprint is less that or equal to the Potetial Discrete Information Per frame. That doesn't help you with how to achieve this, but you certainly could not beat that minimum. I'm in the process of designing programs that can do this kind of this using the Tick operation.
Now, what's the minimum Discrete Pieces of Information per frame. The Answer is actually very Surpising, even for interesting programs. The answer is 1 bit. Let me explain. EVERY output of a Computer is Analog bar none. Very obviously so in Audio Devices and and old Televisions, but even Digital Information transfer is a Wave that is interpreted Digitally. Now how many bits does it take to produce a Wave? Well let's say I flick a bit at 500Hz and output it down a cable and send it into an Amp. Then I've just created a 500Hz Square Wave and I didn't need any software to Store anything, interpret what was stored, convert to packets, decode and send to the audio device. I wont speak much more about this now because I lack the Language of an Electrical EngineeEnergy Scientist to Describe my supositions, but one thing I do know, from an information persective, is that you can generate a Vast Quantity of Waves simply by flicking a single bit with the correct timing and sequence. Finally, when it gets to the point of directly outputting an Analog Signal direct from Code, what does this Discrete Pieces of Information per Second thing mean that I'd talking about earlier? You might say that the speed was the rate at which we flicked the bit, which is probably reasonable, but by the same token, the output itself does not have a discrete quality if it is a smooth Wave...
Here's the idea... you know those ugly annoying Computer Noises that sometimes leak from Speakers, like the Insidious Machinations of some Digital Monster? That is the Amplified noise of a Computer's Brain Pattern. We send that brain Data, our Digital Firend Mulls it over using His/Her Digital Brain Wave, then sends us back data. My thinking is to try to manipulate the Computer's Brain Waves Directly, then Amplify the result to use for whatever purposes...
Finally, what happens if you amplify the signal of [a] bit[s] ‘ticking itself in an O-Cycle? That’s kind of where I’m going with this...
...hmmm... Mysterious...
Nishikala
submitted by PotentiallyNishikala to mathematics [link] [comments]

China ComputerWorld: Prophecy of a Ferryman

Since early 2013, digital currency market though has been low but this has offered new opportunities for the chip manufacturers of this industry. During the last decades of 18th century to the first decades of 19th century owing to the gold rush in the US a large number of the stakeholders and the land speculators become millionaire overnight. The opportunity to mine the gold in the mountains across rivers attracted the miners in flock. Later the management studies disclosed that in the spate of ‘rush for gold’the business with the most lucrative perspective had constantly been ignored---The Ferry. The case studies pointed that whenever the river interdicted the crazy gold miners there was an abrupt rise in ferry business. In 2013 a hit in the Bitcoins (a kind of digital currency), miners, buyers, investors hype have let Bitcoin market reach a remarkable high and set a new trend of money transfer through Bitcoins instead of currencies. Afterwards especially in the last hour of 2013, some incipient security faults of Bitcoin transactions started to surface. Added with the phenomenon of sudden rise and fall of the Bitcoins led to the consequences into the ban on bank-account-to-bank-account transactions of Bitcoins in China. On May 2014, the US Securities and Exchange Commission released a notice that the investment risks in virtual currency are mounting high. The tightening regulatory and unstable market has made a many Bitcoin merchants lose money. However, this collective "heat” has brought new opportunities for the chip suppliers. Redefining Financing Li Feng, the CEO of Gridseed, graduated from Department of electrical engineering, Tsinghua University. Like many young entrepreneurs in IT field, he also beat the path in Internet, mobile, games, animation, hardware, and other fields of this business. For 15 years, Li Feng has gained the experience of product design, marketing, strategic planning and project management etc. that has laid the foundation for his success in the chip industry. At the beginning of 2013, Gridseed team entered the chip design field of the digital currency. "At that time, our main business was to design the mining machine chip for digital currency" Li Feng said. "At the beginning of the establishment, our team didn't imagine the Bitcoin currency market would suddenly be heated to such an extent that within half a year the Bitcoin would catch the eyes of even a layman in China." In January 2013, one Bitcoin was worth 100 RMB, & later in October 2013, the Bitcoin transaction leaped to 8000 Yuan. Being different from the traditional money the central bank, government organizations, and enterprise support or the credit mechanism were not interested to show their pendency through the Bitcoin transactions. Noticeably, the requirement of the network agreement torrent file for the bitcoin transactions is based on the password encryption, and the complex algorithm. The whole process of the transaction involved the professional knowledge of computer. Therefore, from the first few years of the 2013, most of the faithful users of the Bitcoins in China have been the IT professionals and the students. When the bitcoin exchange rose to RMB 8000 it attracted the attention of a many crazy investors and also the elderly people raised the greed to make money in China. Sky is the limit for the bitcoins and it has been impetus to the development of the industry chain. A large number of IT professionals and entrepreneurs have plunged into the Bitcoin market with a madness to dig the ‘gold’. While mining, a bitcoin miner would do calculations through the mining device (computer hardware) to produce bitcoins or do confirm the transactions through Bitcoins. Bitcoin miners would get a currency as a reward for the confirmation of the transactions and also a new bitcoin. “For the high efficiency mining output there is a specific requisite of the mining hardware set up and software support. These devices are considerably expensive.” Li Feng added. Li Feng envisaged the lucrative perspective on doing research and development on the mining chips and founded Gridseed Company. Nevertheless, as a start-up-company the shortage of funds was inevitable and when Li Feng is already engaged in Bitcoin business he acknowledges the fact that the bitcoin niche making is the most difficult part of the financing. In the entire bitcoin production chain; including the research and development, and manufacturing of the mining devices, mining transactions and applications, the most lucrative among these to draw the venture capital have been the transactions and the payment processes. The reason is simple; the chip manufacturing is at the most upstream of the industry, the investment return rate is very low, and when there are those who do not want to pay then the restrictions on the transaction is quite obvious. Time is the most important aspect for a business to grow. Due to the surge in the Bitcoin market since October 2013, Gridseed does not need foreign investment to run independently. In December 2013, Gridseed introduced the GC3355 mining chips and in January 2014, they started using the chip with dual mining capacity for Bitcoins and Leticoins. The unique colorful USB (called, Chrysanthemum) was available in the market. Since then the company has entered into the positive loop. “In one month we have already bought more than one lakh pieces of this device and most of them have been sold to the overseas market. To my amusement some of the big mining industries have already bought more than thousand devices.” Lifeng added. In fact, in this competitive era of digital machine some of late entrants have used a different approach to solve shortage of their fund related problem. “Now there are some of the industrialists who are engaged in pre-sale through the method of ‘procurement production’. Lifeng explained. ‘Procurement production’ is a situation when a customer with a partial or full payment of a piece of device to the seller reserves a piece of device in their name before it is manufactured. But this way the whole risk is imputed on the miners because the degree of the difficulty of the mining of bitcoin is increasingly becoming tougher and therefore if the device were delivered considerably later then the date of manufacturing this would certainly bring loss to the miners. “Keeping the interest of the miners in mind bitcoin mining devices would be traded on stock.” Lifeng convinced the reporter. ‘Biting’ Chip With Internet ‘Taste’ After resolving the funding barrier, Lifeng and team had to face another more difficult barrier. Traditional chip companies could not keep up their pace with that of the industry of the digital currency. For example, the computing capacity of the Internet is increasing by each second and in order to cope up with the Internet industry the bitcoin chips research and development, and the replacement cycle needs to be faster. As a customary, the replacement of a chip was required per year but now we need to update these chips every 3 to 6 months. Ever since the Gridseed was established owing to the shortage of production workers and the sales staff, research and development at Gridseed was not able to reach the customers directly. Once the chip was produced the authorized dealers were contacted immediately for sale, and the mining production company did directly sold it too. This method did not give the chip industry any chance to understand their customers and the need of the end users. This could also be true that the retailers and the distributors did not integrate with the end users and therefore it was hard to control the listing cycle. Li Feng recommended that the pace of the chip industry must go hand in hand with the Internet industry. However the chip industry and the Internet industry are the two sides of a coin. Internet is developing fast rapidly. If an Internet product or an application is left online then that could be modified with each feedback given by the online users. But in case of chips, unlike Internet industry once it is packed and is sold one could not get a chance to upgrade the chips again. To keep the pace and to shorten the replacement period; Gridseed engineers have worked till four O’Clocke in the morning for the entire month during the spring festival. Lifeng though agrees that relying on long working hours is not the long time solution. Last November, Li Feng decided to let the Gridseed take complete control of the production supply chain. In simple terms the Gridseed would have the agency to hardware design, mass production and rapid scale deployment. “The feedback mechanism on the Internet and rapid designing of the chip production, provision of services are the potential enterprise of competence in the future”. He said. The chip production, research and development, packaging and other process have to be taken into account with equal weightage. The time is capital and must be converted into cash. Li Feng introduced that in most cases we need to give three sets of hardware solution but mostly one of them would be used and rest two would go in vain. This simply means the enterprise would face risks since the research and development of the chips though would not bet finished but the later procedures would already be accomplished and leading the wastage of the residual devices. With the due course of time Gridseed has enriched experience and have learned to regulate the production chain and supply the best product to the market. Gridseed already uses its TSMC account and therefore has the authority to operate the chips independently. Each industry has its own pattern of development. Although the digital currency is at its low in the market but with the scrutiny of Chinese state regulatory system and the Internet transaction and up gradation of the payment mode, I believe that the digital currency mining industry through Internet based chip would stand stable and would carry on the path of the development.
submitted by Gridseedminer to Bitcoin [link] [comments]

What is Mining?

If you are new to cryptocurrency or are interested in learning more about the technology behind the increasingly popular field, then this article is for you. Some of the terminology and concepts in the cryptocurrency world are very foreign to most people, and as a wise person once said, “you don’t really understand something if you can’t explain it to your grandmother.” So let us try to make sense of mining crypto currencies in the simplest terms, along with how a service like MinerGate can facilitate your goals from a simple hobby to larger investment-oriented results.
First, ask yourself why the world needs banks. Civilization needs a place where money can be stored safely, where transactions can be recorded by an honest and independent 3rd party, and a place where money can be invested or borrowed in loans or other credit. That has worked out pretty well for bankers, hasn’t it? Today, banks own professional sports arenas all over the world and control huge sectors of global finance from construction to the arts. There is a lot of profit in banking, and very little of that goes to you and me, the little guys. But imagine if we no longer needed banks. Imagine if all those grand profits no longer went to the 1% of top earners in the world, but instead was shared more evenly across the 99%. That’s the idea behind cryptocurrency: basically, we don’t need powerful banks holding all the money anymore now that blockchain technology is here.
Let us next work with some foreign sounding terms. Imagine that the “Blockchain” is basically an excel spreadsheet file on your computer with some data in it. Except that it isn’t just on your computer, it is on a million computers across the globe, and it isn’t just “some” data, it’s all the financial transactions on record for that particular currency—and encrypted so no trusted 3rd party is needed. If a hacker wanted to hack your computer and change the data in your file to reflect all of the money in your checking account going into their account, that would be pretty easy. But when that file is on a million computers, the hacker would have to hack a million computers all at once to do the same thing—and that it nearly impossible. It is certainly more impossible that it would be to hack a bank’s computer system!
So you have this account data that is shared across all these computers, but so what? Well, that is where “mining” comes into play. Mining is just a funny word used to describe participation in the financial record-keeping with a high-powered computer. When I decide to mine a particular currency, what I am actually doing is connecting my super-fast (often super-expensive) computer to the cryptocurrency network and allowing that network to use my computing power to run the transactions. There is a lot of technical jargon that happens here, and we will keep it simple. Computational challenges arise from the heavy burden of encrypting all the financial record-keeping. All you need to know is that “mining” is nothing more than applying your personal computing power to solving those computational challenges. Mining rewards are a financial incentive to users who provide the fastest, most powerful computers. The faster and more accurate the computer you provide, the greater your reward in crypto currency coins. MinerGate is a great way to do this, where users can join a mining “pool” that combines computational resources among a group of users who share the rewards together. Many currencies are reasonably profitable today when mined in a good pool like Minergate with even a modest computer CPU and GPU (examples include the Intel i5 or the AMD RX series). Why not download MinerGate and put that computer to work for you no matter how modest the return? You never know how much those coins will be worth in ten years, do you?
Remember when we said those super-fast computers are often super-expensive? Well, that is where cloud-mining services like MinerGate’s program come into play. The mining analogy really does fit well in this case. Imagine you are a prospector in California back in the 1800s during the Gold Rush days. You go out into the mountains with your mule and pick axe and find a spot. You start digging and get lucky. There’s a vein of gold right there. So you go back into the nearest town with your mule loaded down with ore, ready to cash in, buy more supplies, and head back out to dig up some more. What’s going to happen next? You think you’ll be going back out alone, or will about 200 other prospectors follow you out? How will you protect your claim when the minute you ride back into town those other prospectors are going to “claim jump” all over your ore so when you get back, it is all gone? The answer back then was mining contracts where claims were protected by businesses who had experienced miners, security, lawyers, smelters, and payroll so they could share into claims and provide valuable services while sharing profits.
That is much like what has happened in cryptocurrency with computing power. When people discovered that they could make money by participating in the mining system, a virtual arms race of computational power ensued to the point that now the machines go far beyond a desktop computer. MinerGate takes the pressure off users by procuring the expensive equipment and then leasing it under contract. This allows for excellent returns on investment over time without huge up-front costs that truly competitive mining hardware would require for coins like Bitcoin. MinerGate is also one of the most trusted names in cloud mining, as they make no wild claims of get-rich-quick or insane returns on investments. Instead, MinerGate’s cloud mining is an excellent way to profit from the rising market trend over time of cryptocurrencies like Bitcoin and Monero – plus Ethereum soon!
No matter what your goals, experience level, or familiarity with cryptocurrency, MinerGate is a solution you can be comfortable with from start to finish. Whether you want to mine with your own hardware and MinerGate’s software, or if you want to start out with your own mining contract, MinerGate is a trusted partner that will help you achieve your goals by providing the services you need.
Try out mining on your PC or mobile your self now
submitted by zwtor to Etoro [link] [comments]

Tales of IT converted to plain text for the sake of legibility

I got hired by my Dad to do IT. I know very little about IT besides games. These are my IT stories. be first day
 > woman asks me if I can install the latest version of adobe reader > fuck ya I got this DL like a boss > "Wow you're like a computer expert" > "Well you know..." > Asked to input admin credentials > forget admin credentials > try admin:password > nope.jpg > "uhhhh... uhhhh... oh crap somethings going on with the server.. be right back" > 3 months later she still doesn't have adobe reader 
More?
be day 2
 > angry guy is on the phone asking me about some weird in house program > have no idea what the fuck he's saying > there's a pause > he's waiting for an answer > think back to the IT crowd > "Have you tried turning it on and off again" > "Like restarting" > "Give me a sec..." > it fucking worked 
day 3
 > hot sales rep comes in with laptop issues > she's 9/10 cougar > all flirty with me > tells me she needs something updated > can only hear her boobs > her laptop smells like strawberrys > download adobe reader for her and hand it back 
day 4
 > figure out how to turn off the servers > when people start asking for help > go into server room > turn off servers > come out oblivious and start downloading adobe reader > eventually people start screaming > THE SITES DOWN! THE SITES DOWN! > "I'm on it!" > run back to the server room > play hotline miami in the back for few hours > turn server back on near end of day > come out of server room > wipe brow from face > "I did it..." > people are singing my praises saying i saved the day > really just saved the girlfriend in HM 
day 5
 > run into cougar at coffee machine > ask her how things are going, just a general statement > instantly thinks im talking shop > starts telling me all the shit wrong with her computer > she doesn't see me as a human > she sees me as an it > tell her to drop off her laptop > she does > I upgrade her ie > download adobe reader > restart the machine > everythings fucking working > run it back to her > fix my hair > check my breath > act like I saved the day > she's in her office on the phone > she motions to put on her desk >1 do...kind of linger > "Is that everything hun?" > leave > hear her say "oh it was just IT" > just IT > that is all I am now 
day 6
 > really bored > decide to download a gameboy emulator and play some pokemon > the webfilters blocking it so I turn it off the whole thing I dont just whitelist it, I turn it all off > get to emulator site but now I need to turn off the antivirus > use the admin which I now know to do it... > end up turning off the whole antivirus settings on the server > download my emulator and rom > play my game > guy comes into my office > "I think I caught I virus" > me "gotta catch em all" > by the time I'm facing Misty 4 people have viruses 
day 7
 > same guy that was yelling at me day 2 is yelling at me > he cant remotely log in just as I am about to leave to go home > "Try turning it off then on again then call me back" > go home 
day 8
 > guy call from day 7 calls back > he's pissed > tells me he lost a client because of my stupidity > "shit happens man. I lost to team rocket like 10 minute ago" > "what the fuck are you talking about?" > click 
day 9
 > one of the printers is out of toner > some fat guy tells me to change it > "it's a toner man... can't you change it? I'm working on this huge issue with the server" > was really downloading steam > "it'll take a second... god I have much more important stuff to do... that's why you're here" > sigh and go do it > cant figure out how to fucking open the fucking cartridge door > start hitting it like they do in zoolander > tell the poor mentally challenged guy in the mail room I have a special job for him > he has to hide the magic egg in the chest of Hewlet Packard > go back to my server business > half an hour later the fat guy comes into my office > "What the fuck did you do to the printer?" > "Changed the toner" > He just starts shaking his head and muttering shit > we walk over to it > the mailroom guy jammed the cartridge in the wrong way and actually lodged it in there so half of it is sticking out > the door cant even close > there's black hand prints all over the printer too > Can feel the guy judging me so I just spew bullshit > "Looks to be a probably with the network." > the printer was down for over a month before I figured out we have a printer guy on call 
day 10
 > have to set up projector in the boardroom > cant find a thunderbolt to hdmi cable to hook it up to lazy to go to the store > dont even have a corporate card either > tell the people needing the projector that there's a compatibility issue with macbooks > they use some guys dellbook > the files from the mac end up not running on the dellbook > call me in mid meeting > all these business people staring at me as I am randomly clicking folders as fast as possible to look like I am pro > download adobe reader > double click files > works > "Thanks Anon, you saved me" 
day 11
 > there's a new hire > no one fucking told me anything > get screamed at that theres no computer for this new person > go in back to see if we have any spares > there's a few > but there's also some really old pcs from like the early 90's > boot it up > works > set up new person > everything lags > you open adobe reader? massive fucking lag > send out the computer > "it's the best we've got on short notice" > get like 40 sharepoint tickets the first day from that person > he's a real stickler for help > he ends up quitting the very next week saying he can't work under these conditions 
day 12
 > someones computer crashed > fuuuuuuuuck > set up computer > remember something about profiles being saved on the network > go back to the server room > look at the server rack like a total idiot as I try and figure out in my head how this works > tell the guy all his data is lost and there's nothing I can do > "b-b-bbut my project... i have to present that to the board on friday..." > "gone, man. It's gone" > play sim theme park the rest of the day 
day 13
 > roll up to work an hour late > whole office is in chaos > fallofrome.jpg > "HE'S HERE!" > Go in to my office open up mail > dozens of emails like: > "Hey is there something wrong with the server I can't log in to..." > "Any idea why the site is down I..." > the server is actually down > adobe reader can't save me now > "Just go back there and do what you did last time!" > everyone thinks its an easy solve > literally shaking in the server room because I don't know what to do > nap in server room for entire day > people are pissed can hear them banging on server door > we've missed deadlines > leave at 6:30 pm > the CFO sees me in the parking lot > hes been in a meeting all day doesn't know about my struggles > "You're still here?! That's the kind of can-do attitude I like to see" 
day 14
 > server is still down > my dads asking questions > everyone is pissed > take an early lunch > over hear some guys at the restaurant talking about buying a new modem for the office > hailmary.jpg > "Hey sorry to bother you during your lunch...but would either of you happen to be IT?" > before either of them could read me the riot act and tell me something like how the fuck dare I > I'm IT too > I show them my hand that I scratched up crawling wire on the floor > they nod > "What would you try doing if your server is completely fucked?" > "Have you tried restarting it?" > I go back and restart the physical machine > it fucking works 
day 15
 > hot cougar walks by office looking distressed > "Everything okay?" > "Oh good... I can't log into my email... can you please help me... PLEASE" > "I got you." > get her laptop > re-install microsoft office > outlook works again > poke through her emails to make sure things are working > send a test file > read the titles of her latest emails > "Divorce" > hand back her laptop > "Looks like its working now" > "Thanks..." > "Everything okay?" > "Well..." > this is fucking it, tell me your sob stories cougar woman and then its or > "My mouse is acting a bit funny, can I get a new one" 
day 16
 > one of the mailroom guy's monitors isn't working > it's coming up all green > backstory: there's been a huge misappropriation of funds because I gave him dual monitors just because he's a mentally challenged and I figured if anyone needs 2 screens its him > all he does is look at msn slideshows > and use the fedex webapp or something > he's a nice guy so I actually try and fix it for him > nothings working > think its a driver issue > think its a setting issue > think its an actual hardware issue > whole time people are coming to me with real problems but I keep saying "I'll be there in a minute" > after 2 hours the mailroom guy goes > "maybe da pug ish boken" > I swapped out the hdmi cable with a brand new one > it worked > I officially am less adept at my job then a poor mentally challenged guy 
day 17
 > nice old woman who talks to me about sports tells me her keyboard is shit > she's oldest person in the office by far > old as dirt > tell her I have just the thing > go in the back and unbox a brand new keyboard meant for the programmers > bring it to the old woman > "You're such a helpful young man" > reach down awkwardly to plug in the new keyboard > get back up and dust pants off > old lady looks like she's having a heart attack > look at the screen > it's fucking blank > on my way back up to my feet I hit the power button > she lost 3 hours of work > 3 hours that old woman will never ever see again 
day 18
 > company meeting > we're over budget > there has been ridiculous spending > "we've lost money for almost a month > day 18 > almost a month > they are going to out me > IT budget comes up in discussion > we're one of 2 departments that are coming under budget > "Great job Anon. I heard about the server issues here... you're the man" > at the end of the meeting a 45 year old events planner asks me if I fix computers on the side > "Not really..." > "Oh... I have this one blasted thing that needs fixing. You couldn't just come over and fix it?" > bullshit > for a laugh I say, "yeah it's cool, just give me your address and I'll be over after work" > not sure if I'm getting sex > buy condoms > she's not that hot like a 6/10 tops > not even going to lie > last call kind of hot > arrive at her house > ring the door bell while standing all suave leaned up against the door > her husband answers the door > shows me to the computer > install the latest version of adobe reader > get $20 > go home 
day 19
 > some guy crashes a program so I have to reinput the settings > go onto his cubicle mates computer > check settings > 2 hours later > "You wrecked my computer... I want my fucking computer back exactly how it was I don't know what you did but somethings off my usb drive is buzzing..." > wtf > I didnt do shit to your computer. I checked a program you open 20 times a day > super pissed so I go back into the server room and play Thomas Was None > hear knock on server room door > its the cubtclemate > "Hey, Thanks for fixing it. > "Fixing what?" > "The my usb drive" > I didn't do shit lol > "Oh yeah don't mention it" 
day 20
 > spend entire day cleaning the server room up > getting it all nice > just unplugging network cables wily nifty so I can colour coordinate them > people are losing their shit > they are randomly getting kicked off > tell people there are some issues with our isp > I make sure to say I-S-P as I have now learned by spelling in abbreviations no matter how common makes you sound techy > by the end of the day the server rack is all classy looking > unfortunately I never mapped anything and a handful of people can't connect because their ports aren't connected to anything > tell them the I-S-P will have it done ASAP and go home 
day 21
 > now that the server room is all clean I set up all the test boxes in the back > 8 machines in total all connected to the network > try joining monitors all together like you see on cool threads, you know like the racing ones? > realize these are shit old monitors and you can't do that > come up with the great idea of bitcoin mining with these boxes > set it up for the first half of the day > after lunch I'm mining > terribly but I am mining > people start complaining about server lag > blame the lag on the olympics > suggest that the whole office must be streaming it > ban the olympics on the web filter > office is divided; can see the divide in my email > people who are pissed about not being able to watch the olympics > and the keeners who think its all work and no play at work > I've officially gained power though, people respect me for making this mandate > "He's a real company guy" 
day 22
 > its birthday day > office celebrates all the months birthdays > take cake > set up n64 in the boardroom > challenge people in the office to goldeneye > keep saying "Hey I'm just taking a 5 minute break for some cake want a quick game?" > own the shit out of all of them > realize I did absolutely nothing all day but eat cake and game > no one ever noticed 
day 23
 > cougar calls in from the road > she's having trouble accessing a key app for a client on her ipad > she tells me its name > have no idea what it is > but make sure to sound astute > ask her if she's using WIFI or 3G > "How do I check" > "Nevermind let me check from my maincore system" > google the app but nothing comes up > ask one of the other sales people > "oh it's just an infographic on our main site" > tell the hot cougar to come into the office because it's going to require me to hardcode the changes in > she drives 2 hours to come to the office so I can open up Safari and bookmark it to her ipad homepage 
I'll continue this tomorrow, believe it or not there's an ending to this but I can't get to it today.
day 24
 > people heard from the 45 year old events planner I do house calls > bunch of idiots are bringing in their home computers, mobile devices, anything technical for me to fix > tell people I can only do it after hours and I charge $20 for small stuff and $50 for large. > most of it is simple fixes > windows updates or adobe reader installs fix it > but then I get it > the laptop from hell > this fat indian guy hands me his laptop in a plastic bag, not a laptop bag, a plastic one > "What's wrong with it?" > "You tell me genius" > Load it up and it's asking for some system restore or something. > just hit next and okay > fixes it but it says I need to load chkdisk? > figure that has something to do with the cd drive > open it up > there's a thick fucking layer of bread crumbs in the tray > tilted the machine to its side > motherfucking bread crumbs just pouring out of the laptop > restart the machine > it loads perfectly > turns out the guy was using it as a tray for his morning bagel > fucking toaster laptops 
Hi AV its the IT guy from yesterday
day 25
 > even though I'm shit at IT > one guy thinks because I am IT I am super techy > he asks me what my favourite browser is > "Google.... Ultron" > "it like chrome?" > shit thats what I meant > "yeah...but better...it's what nasa uses" > "cool could you dl that for me?" > gulp > "yeah no worries" > literally start shaking the mouse back and forth so fast you can see the cursor > then ctrl alt deleted into task manager > "there....you go. All done. It looks like google chrome. but its really ultron. no one else can tell." > to this day he still thinks he runs google ultron 
day 26
 > some woman calls me over > "it'll just take a sec, it's super simple" > shit > asks me to hook her up to a new printer > she hops out of her chair and lets me sit down > forget how to add network printers > her and her friend are talking right over my shoulder staring at the screen > "Is this going to take long?" > I fake deep thought as I stare at the screen with one hand on my temple > "Anon? I have a deadline is this going to..." > "What the fuck..." > both of the women are startled > "THERE'S A VIRUS ON THIS MACHINE" > and I just storm off like I'm pissed 
day 27
 > learn about a remote access tool that the whole office uses > decide to haunt the old nice old lady from before > i randomly move the mouse for a few hours > she struggles to do basic tasks > she comes and asks me for a new mouse > oblige her > hook it up and leave > look back at remote tool > mouse is moving again, she opens up word > I begin to type > "Hi" > no response > "Hi > "Hello? Who is this?" > "It's death :(" 
day 28
 > a guy asks me to burn him a copy of a dvd for a presentation > holy fuck I know how to do that > burn it for him > march back down to his office, proudly holding the dvd high in the air > Woman tries to stop me "Hey can you..." > "Not now... I've got IT business to attend to" > hand the guy his burned dvd > this might be one of the first things IVe done right here > tear in my eye > so proud of how far I have come > I am true IT > 5 minutes later I get a call "Hey...yeah there's nothing on the dvd..." 
day 29
 > give new hire her new laptop > nothing is fucking setup right > forgot to hook up her outlook to exchange > no worries she did it herself > cool > she asks me if I can type in the admin credentials so she can dl some social media tool > "Sure" > fuck up the login credentials like 3 times and get locked out > have to unlock it from my machine > can't figure it out but go back because I left my gameboy in her office > she starts making small talk > "So where'd you go to school to become an IT person?" > she's fucking on to me > try logging in once more to admin account > locked out still > "Yeah... you know what? I think this Hootsuite extension is a virus. I don't want that shit on my network" 
day 30
 > here's where shit starts to really hit the fan > as you know i had setup a bitcoin mining rig in the server room > it was just eating up all the bandwidth > the whole network was barely operational > and now because of my ineptitude and blaming things on viruses people started a rumour > that the whole network was being attacked by a rogue hacker group > after lunch I get pulled into a meeting by with all the execs > the jig is up > "As you know we've been experiencing a multitude of issues with our network..." > I'm fucked > "from the lag to the viruses" > so fucked > "We want you to head up the investigation and find out who's doing this and why" > ROFL > I am the fucking dirty cop on the force who's tasked with finding the dirty cop > I am the fucking law 
day 31
 > tell people I'm running server calibrations > "it's like dusting for finger prints" > no one's the wiser > show this one middle aged guy with a beard how to use a webapp > go to favourite it for him and put it on the toolbar > notice all of his favourites > Big titty housewife > Pajama Butt Slut > Mexican girl on bus > mouse over them as I mouth read them > he starts freaking out > begs me not to tell > "Why shouldn't I?" > "Ill buy you lunch" > got 10 chicken nuggets 
day 32
 > for some reason the entire office is having to fill in a captcha every time they google anything > have no idea why this happening > Google ultron guy asks me if this has to do with the virus and if he should be backing up his data > "First. Always back up your data." > he nods to my tech savvy > "Second. It's a security measure INce put in place. There are robots afoot." > he nods again like my word is law 
day 33
 > Ultron guy blabs and tells everyone about google ultron > now everyone in the fucking office has a sharepoint ticket asking for it to be installed > a few of the more competent people are asking me what the fuck google ultron is > I just give them finger guns until they walk away > have to spend entire day going from desktop to desktop pretending to dl google ultron > literally spend 3-4 hours pretending to dl software that nasa uses > one girl asks me if this even legal > "Are you a cop?" > she reports me to HR for "criminal like behaviour > have already explained to HR what google ultron is... > HR thinks its real > HR thinks nasa uses it > HR tells the narc to stop interfering with important technological matters because the narc doesnt know anything about IT like me > doesnt know anything about IT like me 
day 34
 > been playing portal 2 all day in my office > haven't heard so much as a complaint > haven't had to update adobe reader or adobe flash all fucking day > something's not right > no one's said shit about it > poke my head out of the office > everyone's heads down just typing away > starting to get worried > ask a guy how his computer is working > "Great. Ever since you downloaded Google Ultron, my whole computer has just been flying" > wtf > do a quick google search on google chrome > supposedly it automatically downloads the most up to date versions of adobe > omfg > if I don't have fucking adobe reader I'm fucking out of a job > send out mass email > ATTN: do not open google ultron it has been hacked > spend rest of day uninstalling and making IE the default browser 
day 35
 > people are becoming restless with the hackevirus stuff > they wonder why I haven't solved the case yet > some even believe its not a hacktivst group like I've been hinting > "We're not just dealing with amateurs here. We're dealing with the best. And that's why I need to update your antivirus scanner" > just to strike the fear into people I covertly turn on the computer of a person who's sick and stationed right in the middle of one of the larger areas > turn off her monitor > put speakers full > then go back to office and remote in > play Wham's Jitterbug at 3 second intervals throughout the day > eventually people Start coming to my office to report this > I nod > it's worse than I thought > "What? What is it?" > it's the Jitterbug gang. One of the world's best hacking groups" > "I've never heard of them." > "That's why they're the best" 
day 36
 > check messages > local police called > FUUUUCK > need to speak with me since I am IT about recent hacks on our organization > delete message > cougar comes into my office > asks if I can adjust her desktop so the wallpaper changes every couple of minutes > "Sure." > head over there with her > she tells me she's getting a divorce > "Oh." > Says she's actually starting to date again and it's pretty awkward > fuck it > "Wanna maybe grab a beer sometime after work?" > she laughs > "What? I mean why not?" > "You're joking right? You're IT..." > my eyes well up as I stare at adobe prompts me that reader has a new update > "Just gonna download this." 
day 37
 > feeling like shit today > cougar told her sales friends that I tried asking her out > people are laughing behind my back > can hear the whispers > "eww haha IT?!!! ewwwwww" > want to just open up a computer and jump through the moving cpu fan > mean sales guy who usually calls (yeah that one) stops by office > "My laptops not working" > I trudge over to his desk with him > hit the power button for a reset > don't say anything and just walk away > "If that's all you ever do.. Why do we need you?' > turn around > "what?" > "if you only ever just restart my computer... why are we paying you? I can restart my own damn computer" > grin > "Have you ever repaired a server here? Do you know how hard it is to get it operational? Remember how we were down for a day and a half?" > he shakes his head > "That's what I thought." > of course I just restarted it lol 
day 38
 > still feel like shit after the cougar shut me down > decide to block 1 major site on the webfilter every hour > feel like the Joker doing it > first youtube > then ebay > then reddit > hear the moans from people as they read my webfilter note > "This is a place of work not a fun house" > One woman storms into office > "This is not funny...this is serious" > "Why so serious?" I ask her > "I need you to unblock ebay" > lot seriously > "I HAVE AN AUCTION ENDING IN 5 MINUTES!" > put it back on the safe list > but it was too late > she missed out on her cellphone case > mwhahahahaha 
day 39
 > an "investigator" comes to the office > the execs were worried that we had too much to lose and wanted to bring in a professional > I'm fucked > show him around the office > he keeps asking to see the server room > "And this is Carol. She's a riot. Aren't you Carol" > doing everything I can to stall > we go back into the server room > he compliments me on how neat the cables are > think about picking up a monitor and bashing his skull in and then running away to mexico > cant do it > I'm not a monster > I'm IT > the guy goes onto the server > asks me for the login info > figure the jig is up > give it to him > he logs in > opens up IE > looks over his shoulder at me > "You don't need to be here" > "It's fine" > I need to be there when it happens > he literally starts shaking his mouse really quickly around IE clicking on random parts of the screen > I know because a popup for Home depot came up > he starts muttering to himself... "hmmm... hmmm" > watch him type in adobe reader in google > he dl's it > swings his cursor around some more > and then finally goes > "fucking hackers right?" > we are brothers he and I > IT brothers 
day 40
 > wake up and realize how lucky I truly am not to be fired or worse > see cougar girl walking into the office from parking lot > asks me how things are going > I think we finally put an end to the jitterbug gang > "no, I meant... not work stuff' > look at her strangely then smile. > "Oh you know how it is" > she flicks her hair and then laughs > what the fuck? > "Cool. I'm having problems opening a file...can you open it for me hun?" > sigh > "Yeah sure..." > we walk into her office she's being all flirty > click on the sharepoint link of a pdf file > won't open > download adobe reader > while it's loading I ask her what she's planning on doing on the weekend > "I'm going to the mountains with this guy for our first getaway" > stop adobe reader at 80% > walk right out > I am IT 
day 41
 > this hot yoga girl from events comes into my office > her keyboard keeps typing in french > too busy playing Happy bird to care > "so are you going to help me?" > "if things slow down. I've been swamped today" > "I'm going to fucking kill you" > she waggles her glorious yoga butt away > cute girl, and don't even care anymore just want day to fucking end > I hate this fucking job > all I do is get yelled at and download adobe reader > I cant even find the joy in games any more > Dad walks by > sees I'm looking blue > Dad takes me out for lunch > pats me on the shoulder > "I'm so proud of you son." > to date the company is in fucking shambles > and I still am primarily an adobe reader downloader > but I wouldn't change any of it for his very next words > "I love you son." Thanks guys and thanks Dad for the job. :) Don't forget to download your adobe readers guys. 
I didn't make this, I converted it to text from the imgur images and am working on correcting it occasionally.
submitted by that1communist to funny [link] [comments]

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