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The official bitcoin mining forum / subreddit / chat room / place to be!
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Hirocoin (HIRO) New home of GPU miners, X11 hashing algorithm

Soon Scrypt coins will only be mined by those in invest heavily. Hirocoin uses the X11 hashing solution by Evan Duffield. Creating an ASIC for X11 is going to be very complex making Hirocoin an ideal home for GPU miners.
[link]

GPU or Asic mining

Ok, A little backround. I know hardware and networking. I can build just about any config of a computer. I understand overclocking and undervolting. I can invest around 2,700 for initial investment.
So do I buy hardware to build a GPU miner with at least 6 cards or more? Probably RX580 as they are cheap and I have one in my rig. More on that later.
Or do I a Asic miner like this I understand a GPU miner is multiple coins and not Bitcoin, and Asic is nothing but Bitcoin.
I've done the math on the Asic miner and the ROI in about 3 months with a net gain of about ~10,000 USD a year @ .13 cents per Watt.
I've had a hard time finding a solid or semi way of calculating the earnings for a GPU miner. Not only because it is many coins or dedicated to one coin, but there our other variables involved. However I have more control of the hardware if it fails.
I dipped my toe into mining with my own rig that has a RX580 fatboy and a AMD Phenom ii x4 955 black edition. I overclocked the GPU and undervolted the CPU to reduce heat since it was hitting 62 cel.
The GPU gets 12.5 sol/s and the CPU was getting ~322 h/s. All this added up to ~170 watts and a net of .00218322 BTC/Month. This was all done using Cudo as it was easy to find and setup just to test. This was just a test to see how it would work. I wouldn't use Cudo to full scale as it is a pool and the transfer to a Wallet is pretty steep in relationship to earns. I understand that in a pool you get your share based upon how much of the "work" you did to get find block.
So do I build or buy? With that much computation power do I need to join a pool? What software is best for pool or alone? I am comfortable with CLI as long as it's well documented, but would like a remote GUI.
Also what is the best wallet with the best fees for transactions. Currently using uphold since I use Brave.
I think I covered as much as I could, if you have any questions let me know. Any advice would be great. If I should post this else where let me know please or I could just cross post it.
TIA. Be safe, stay safe!
Edit: Words and BTC earning was WAY off then I first typed this.
submitted by P_Munky to bitcoinhardware [link] [comments]

[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
NewEnglandcoin
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
Milestones
Roadmap
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2019Q2_report/NENG_Security_Decentralization_Value.pdf
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
Explorer
http://www.findblocks.com/exploreNENG http://86.100.49.209/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Wallet
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Exchange
📷
https://shorelinecrypto.com/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

What is really happening in the bitcoin mining process?

What is really happening in the bitcoin mining process?
April 30, 2020 | There’s more than just the sound of thousands of vacuums
It is very easy to just silo the arcane bitcoin mining process as just a bunch of machines computing mathematical algorithms. Although for the most part this is true, and the veracity of this is not far off from the real truth, but what we see on the surface is not identical to what we see below the surface. Understanding bitcoin mining goes beyond the USB enabled ASIC miners we are accustomed to see on every thumbnail article we come across related to this industry.

It’s easy to understand why newbies halt their understanding of bitcoin mining to just state-of-the-art supercomputers with cool flickering neon green lights.
The following below is taken from the masterpiece of a novel, “Mastering Bitcoin”, by the great Andreas Antonopolous. As elegant as it sounds, its best to restate Andreas’ explanation of emergent consensus.
“Satoshi Nakamoto’s main invention is the decentralized mechanism for emergent consensus. Emergent, because consensus is not achieved explicitly — there is no election or fixed moment when consensus occurs. Instead, consensus is an emergent artifact of the asynchronous interaction of thousands of independent nodes, all following simple rules. All the properties of bitcoin, including currency, transactions, payments, and the security model that does not depend on central authority or trust, derive from this invention.
Bitcoin’s decentralized consensus emerges from the interplay of four processes that occur independently on nodes across the network:
  • Independent verification of each transaction, by every full node, based on a comprehensive list of criteria
  • Independent aggregation of those transactions into new blocks by mining nodes, coupled with demonstrated computation through a proof-of-work algorithm
  • Independent verification of the new blocks by every node and assembly into a chain
  • Independent selection, by every node, of the chain with the most cumulative computation demonstrated through proof of work”
The following is a scenario taken from the book as well which excellently demonstrates what is going on with a mining node and its corresponding connected miner machine:
“A mining node is listening for transactions, trying to mine a new block and also listening for blocks discovered by other nodes. The arrival of this block signifies the end of the competition for block 277,315 and the beginning of the competition to create block 277,316. During the previous 10 minutes, while Jing’s node was searching for a solution to block 277,315, it was also collecting transactions in preparation for the next block. By now it has collected a few hundred transactions in the memory pool. Upon receiving block 277,315 and validating it, Jing’s node will also check all the transactions in the memory pool and remove any that were included in block 277,315. Whatever transactions remain in the memory pool are unconfirmed and are waiting to be recorded in a new block. Jing’s node immediately constructs a new empty block, a candidate for block 277,316. This block is called a candidate block because it is not yet a valid block, as it does not contain a valid proof of work. The block becomes valid only if the miner succeeds in finding a solution to the proof-of-work algorithm.
These specialized machines are connected to his mining node over USB. Next, the mining node running on Jing’s desktop transmits the block header to his mining hardware, which starts testing trillions of nonces per second.”
That is essentially the process of what a miner machine and a mining node is going through each every second it is hooked up to the network. Of course this is just a high level overview with a bland taste but one could go more in depth by reading the book mentioned.
Source:
1.Mastering Bitcoin: Unlocking Digital Cryptocurrencies 1st Edition, by Andreas M. Antonopoulos, O’Reilly Media; 1 edition (December 20, 2014)
submitted by 1TMine to u/1TMine [link] [comments]

Cryptocurrency Mining Today

Cryptocurrency Mining Today
Mining is one of the key concepts in the crypto world. Everyone who comes into contact with this sphere somehow wonders about the mining of coins. How profitable is mining in 2020, and what are the current trends?
by StealthEX
Crypto mining is a process during which a computer solves mathematical problems, resulting in the release of new blocks of information. This gives its owners a certain amount of coins, which is deposited in the total pot and registered in the public “ledger”, so-called blockchain. Machines in the network are also checking transactions with existing coins, adding this information to the blockchain as well.
As for the issue itself, the most well-known algorithm of mining is Proof-of-Work (PoW), used in the networks of Bitcoin, Litecoin, Ethereum and many others.
During the mining process, the latest transactions are verified and compiled into blocks. It is usually a series of calculations with an iteration of parameters to find a hash with the specified properties. The node which first solves this problem receives a reward. This approach was specifically designed to encourage those who provide the computing power of their mining machines to maintain the network and mine new coins.
It is usually no need for a newcomer to know and understand all the complicated details of the mining process, just how much they can earn with certain equipment and electricity costs.
Everything is designed in such a way that the complexity of calculations is steadily increasing, which then requires a constant increase in the computing power of the network. In 2009-2010, for mining bitcoin, miners only had to download and run the software on their personal computers, but very soon the network became so complicated that even with best PCs with a powerful processor, mining became unprofitable. That’s why miners started to use more effective video cards (graphics processing units or GPUs) and join them in so-called “farms”.
In most systems, the number of coins is determined in advance. Also, many networks are gradually reducing rewards for miners. Such emission restrictions were built into the algorithm to prevent inflation.
Thus, the cost of mining for smaller participants no longer pays off, which makes them turn off their hardware or switch to another coin where they can still make their profit.
In particular, on the evening of May 11, 2020, a halving took place in the bitcoin network, the reward for mining was halved, from 12.5 to 6.25 BTC. In June, the revenue of bitcoin miners decreased by 23%, to the lowest since March 2019.
However, in mid-June, the difficulty of bitcoin mining showed a record growth over the past 2.5 years. Mining the first cryptocurrency has become 15% more difficult. Although, by the beginning of July, the complexity had stabilized. The growing difficulty of mining the first cryptocurrency indicates that new miners have joined its network. Previously, some of them turned off the equipment, as it became less profitable to mine the coin due to a decrease in its cost and halving.
Now the absolute majority of new coins are generated by industrial mining. This is done by large data centers equipped with specialized computers based on the ASIC architecture. ASICs are integrated circuits that were initially optimized for a specific task, namely the mining of cryptocurrencies. They are much more productive than CPUs and video cards, and at the same time consume much less electricity. ASIC computers are the main type of equipment for the industrial production of crypto.
So now, after the halving, BTC coin mining has become even less profitable. For beginners, mining the first cryptocurrency is unlikely to be suitable. It is more often earned by large companies that have all the necessary equipment, access to cheap rental conditions, electricity and maintenance.
Hence newbies are better off starting with mining altcoins. It is even more profitable to work in a pool, that is, together with other miners. This can help to place farms in one place and negotiate a favourable price for electricity, so you can get a small but stable income dux to the total capacity of the pool.
Therefore, it has become much more difficult for regular users who have only non-specialized equipment at their disposal to generate virtual money. However, GPU developers have significantly increased the performance of their devices in recent years, so mining on a video card is still common.
Another important event that changes the situation in the mining sphere will be the hardfork of the Ethereum network with the turn to the Proof-of-Stake algorithm. For now, Ethereum is the most popular altcoin for GPU mining, but Ethereum 2.0 will not require using such powerful equipment, so then it switches to PoS, GPU owners will have to look for alternative coins to mine.
At the moment the most popular altcoins for mining on GPUs are Ethereum (ETH), Ethereum Classic (ETC), Grin (GRIN), Zcoin (XZC), Dogecoin and Ravencoin (RVN). There are actually a lot of mining programs that automatically determine which coin is more profitable to mine at the moment.
In the coming years, the market is waiting for a race of technologies. Manufacturers are investing in finding ways to increase hashing speed and reduce power consumption. Mining pools will play an increasing role. The market will also be affected by applications for mining cryptocurrencies on smartphones that require low computing power, such as Dash or Litecoin.
And remember StealthEX supports more than 250 coins and constantly updating the list, so you can easily swap your crypto haul to more popular altcoins. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BTC.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected].
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/07/28/mining-today/
submitted by Stealthex_io to StealthEX [link] [comments]

Let's discuss some of the issues with Nano

Let's talk about some of Nano's biggest issues. I also made a video about this topic, available here: https://youtu.be/d9yb9ifurbg.
00:12 Spam
Issues
Potential Mitigations & Outstanding Issues
01:58 Privacy
Issues
  • Nano has no privacy. It is pseudonymous (like Bitcoin), not anonymous.
Potential Mitigations & Outstanding Issues & Outstanding Issues*
  • Second layer solutions like mixers can help, but some argue that isn't enough privacy.
  • The current protocol design + the computational overhead of privacy does not allow Nano to implement first layer privacy without compromising it's other features (fast, feeless, and scalable transactions).
02:56 Decentralization
Issues
  • Nano is currently not as decentralized as it could be. ~25% of the voting weight is held by Binance.
  • Users must choose representatives, and users don't always choose the best ones (or never choose).
Potential Mitigations & Outstanding Issues
  • Currently 4 unrelated parties (who all have a verifiable interest in keeping the network running) would have to work together to attack the network
  • Unlike Bitcoin, there is no mining or fees in Nano. This means that there is not a strong incentive for emergent centralization from profit maximization and economies of scale. We've seen this firsthand, as Nano's decentralization has increased over time.
  • Nano representative percentages are not that far off from Bitcoin mining pool percentages.
  • In Nano, voting weight can be remotely re-delegated to anyone at any time. This differs from Bitcoin, where consensus is controlled by miners and requires significant hardware investment.
  • The cost of a 51% attack scales with the market cap of Nano.
06:49 Marketing & adoption
Issues
  • The best technology doesn't always win. If no one knows about or uses Nano, it will die.
Potential Mitigations & Outstanding Issues
  • I would argue that the best technology typically does win, but it needs to be best in every way (price, speed, accessbility, etc). Nano is currently in a good place if you agree with that argument.
  • Bitcoin started small, and didn't spend money on marketing. It takes time to build a community.
  • The developers have said they will market more once the protocol is where they want it to be (v20 or v21?).
  • Community marketing initiatives have started to form organically (e.g. Twitter campaigns, YouTube ads, etc).
  • Marketing and adoption is a very difficult problem to solve, especially when you don't have first mover advantage or consistent cashflow.
08:07 Small developer fund
Issues
  • The developer fund only has 3 million NANO left (~$4MM), what happens after that?
Potential Mitigations & Outstanding Issues
  • The goal for Nano is to be an Internet RFC like TCP/IP or SMTP - development naturally slows down when the protocol is in a good place.
  • Nano development is completely open source, so anyone can participate. Multiple developers are now familiar with the Nano protocol.
  • Businesses and whales that benefit from Nano (exchanges, remittances, merchant services, etc) are incentivized to keep the protocol developed and running.
  • The developer fund was only ~5% of the supply - compare that to some of the other major cryptocurrencies.
10:08 Node incentives
Issues
  • There are no transaction fees, why would people run nodes to keep the network running?
Potential Mitigations & Outstanding Issues
  • The cost of consensus is so low in Nano that the benefits of the network itself are the incentive: decentralized money with 0 transaction fees that can be sent anywhere in the world nearly instantly. Similar to TCP/IP, email servers, and http servers. Just like Bitcoin full nodes.
  • Paying $50-$100 a month for a high-end node is a lot cheaper for merchants than paying 1-3% in total sales.
  • Businesses and whales that benefit from Nano (exchanges, remittances, merchant services, etc) are incentivized to keep the protocol developed and running.
11:58 No smart contracts
Issues
  • Nano doesn't support smart contracts.
Potential Mitigations & Outstanding Issues
  • Nano's sole goal is to be the most efficient peer-to-peer value transfer protocol possible. Adding smart contracts makes keeping Nano feeless, fast, and decentralized much more difficult.
  • Other solutions (e.g. Ethereum) exist for creating and enforcing smart contracts.
  • Code can still interact with Nano, but not on the first layer in a decentralized matter.
  • Real world smart contract adoption and usage is pretty limited at the moment, but that might not always be the case.
13:20 Price stability
Issues
  • Why would anyone accept or spend Nano if the price fluctuates so much?
  • Why wouldn't people just use a stablecoin version of Nano for sending and receiving money?
Potential Mitigations & Outstanding Issues
  • With good fiat gateways (stable, low fees, etc), you can always buy back the fiat equivalent of what you've spent.
  • The hope is that with enough adoption, people and businesses will eventually skip the fiat conversion and use Nano directly.
  • Because Nano is so fast, volatility is less of an issue. Transactions are confirmed in <10 seconds, and prices change less in that timeframe (vs 10 minutes to hours for Bitcoin).
  • Stablecoins reintroduce trust. Stable against what? Who controls the supply, and how do you get people to adopt them? What happens if the assets they're stable against fail? Nano is pure supply and demand.
  • With worldwide adoption, the market capitalization of Nano would be in the trillions. If that happens, even millions of dollars won't move the price significantly.
15:06 Deflation
Issues
  • Nano's current supply == max supply. Why would people spend Nano today if it could be worth more tomorrow?
  • What happens to principal representatives and voting weight as private keys are lost? How do you know keys are lost?
Potential Mitigations & Outstanding Issues
  • Nano is extremely divisible. 1 NANO is 1030 raw. Since there are no transaction fees, smaller and smaller amounts of Nano could be used to transact, even if the market cap reaches trillions.
  • People will always buy things they need (food, housing, etc).
  • I'm not sure what the plan is to adjust for lost keys. Probably requires more discussion.
Long-term Scalability
Issue
  • Current node software and hardware cannot handle thousands of TPS (low-end nodes fall behind at even 50 TPS).
  • The more representatives that exist, the more vote traffic is required (network bandwidth).
  • Low-end nodes currently slow down the network significantly. Principal representatives waste their resources constantly bootstrapping these weak nodes during network saturation.
Potential Mitigations & Outstanding Issues
  • Even as is, Nano can comfortably handle 50 TPS average - which is roughly the amount of transactions per day PayPal was doing in 2011 with nearly 100 million users.
  • Network bandwidth increases 50% a year.
  • There are some discussions of prioritizing bootstrapping by vote weight to limit the impact of weak nodes.
  • Since Nano uses an account balance system, pruning could drastically reduce storage requirements. You only need current state to keep the network running, not the full transaction history.
  • In the future, vote stapling could drastically reduce bandwidth usage by collecting all representative signatures up front and then only sharing that single aggregate signature.
  • Nano has no artificial protocol-based limits (e.g. block sizes or block times). It scales with hardware.
Obviously there is still a lot of work to be done in some areas, but overall I think Nano is a good place. For people that aren't Nano fans, what are your biggest concerns?
submitted by Qwahzi to CryptoCurrency [link] [comments]

Antminer T19 May Not Affect Bitcoin Hash Rate but Keeps Bitmain Ahead

The Antminer T19 by Bitmain may not have a big impact on the Bitcoin network, and it comes out amid the firm’s internal and post-halving uncertainty.
Earlier this week, Chinese mining-hardware juggernaut Bitmain unveiled its new product, an application-specific integrated circuit called Antminer T19. The Bitcoin (BTC) mining unit is the latest to join the new generation of ASICs — state-of-the-art devices designed to mitigate increased mining difficulty by maximizing the terahashes-per-second output.
The Antminer T19 announcement comes amid the post-halving uncertainty and follows the company’s recent problems with its S17 units. So, can this new machine help Bitmain to reinforce its somewhat hobbled position in the mining sector?
T19: The cheaper S19
According to the official announcement, the Antminer T19 features a mining speed of 84 TH/s and a power efficiency of 37.5 joules per TH. The chips used in the new device are the same as those equipped in the Antminer S19 and S19 Pro, though it uses the new APW12 version of the power supply system that allows the device to start up faster.
Bitmain usually markets its Antminer T devices as the most cost-effective ones, while the S-series models are presented as the top of the line in terms of productivity for their respective generation, Johnson Xu — the head of research and analytics at Tokensight — explained to Cointelegraph. According to data from F2Pool, one of the largest Bitcoin mining pools, Antminer T19s can generate $3.97 of profit each day, while Antminer S19s and Antminer S19 Pros can earn $4.86 and $6.24, respectively, based on an average electricity cost of $0.05 per kilowatt-hour.
Antminer T19s, which consume 3,150 watts, are being sold for $1,749 per unit. Antminer S19 machines, on the other hand, cost $1,785 and consume 3,250 watts. Antminer S19 Pro devices, the most efficient of three, are considerably more expensive and go for $2,407. The reason Bitmain is producing another model for the 19 series is due to what is known as "binning" chips, Marc Fresa — the founder of mining firmware company Asic.to — explained to Cointelegraph:
“When chips are designed they are meant to achieve specific performance levels. Chips that fail to hit their target numbers, such as not achieving the power standards or their thermal output, are often ‘Binned.’ Instead of throwing these chips in the garbage bin, these chips are resold into another unit with a lower performance level. In the case of Bitmain S19 chips that don’t make the cutoff are then sold in the T19 for cheaper since they do not perform as well as the counterpart.” The rollout of a new model “has nothing to do with the fact that machines are not selling well,” Fresa went on to argue, citing the post-halving uncertainty: “The biggest reason machines probably are not selling as well as manufacturers would like is because we are on a bit of a tipping point; The halving just happened, the price can go anyway and the difficulty is continuing to drop.” Product diversification is a common strategy for mining hardware producers, given that customers tend to aim for different specifications, Kristy-Leigh Minehan, a consultant and the former chief technology officer of Genesis Mining, told Cointelegraph:
“ASICs don’t really allow for one model as consumers expect a certain performance level from a machine, and unfortunately silicon is not a perfect process — many times you’ll get a batch that performs better or worse than projected due to the nature of the materials. Thus, you end up with 5–10 different model numbers.” It is not yet clear how efficient the 19-series devices are because they have not shipped at scale, as Leo Zhang, the founder of Anicca Research, summed up in a conversation with Cointelegraph. The first batch of S19 units reportedly shipped out around May 12, while the T19 shipments will start between June 21 and June 30. It is also worth noting that, at this time, Bitmain only sells up to two T19 miners per user “to prevent hoarding.”
Hardware problems and competitors
The latest generation of Bitmain ASICs follows the release of the S17 units, which have received mostly mixed-to-negative reviews in the community. In early May, Arseniy Grusha, the co-founder of crypto consulting and mining firm Wattum, created a Telegram group for consumers unsatisfied with the S17 units they purchased from Bitmain. As Grusha explained to Cointelegraph at the time, out of the 420 Antminer S17+ devices his company bought, roughly 30%, or around 130 machines, turned out to be bad units.
Similarly, Samson Mow, the chief strategy officer of blockchain infrastructure firm Blockstream, tweeted earlier in April that Bitmain customers have a 20%–30% failure rate with Antminer S17 and T17 units. “The Antminer 17 series is generally considered not great,” added Zhang. He additionally noted that Chinese hardware company and competitor Micro BT has been stepping on Bitmain’s toes lately with the release of its highly productive M30 series, which prompted Bitmain to step up its efforts:
“Whatsminer gained significant market share in the past two years. According to their COO, in 2019 MicroBT sold ~35% of the network hashrate. Needless to say Bitmain is under a lot of pressure both from competitors and internal politics. They have been working on the 19 series for a while. The specs and price look very attractive.” Minehan confirmed that MicroBT has been gaining traction on the market, but refrained from saying that Bitmain is losing market share as a result: “I think MicroBT is offering option and bringing in new participants, and giving farms a choice. Most farms will have both Bitmain and MicroBT side by side, rather than exclusively host one manufacturer.”
“I would say that MicroBT has taken up the existing market share that Canaan has left,” she added, referring to another China-based mining player that recently reported a net loss of $5.6 million in the first quarter of 2020 and cut the price of its mining hardware by up to 50%.
Indeed, some large-scale operations seem to be diversifying their equipment with MicroBT units. Earlier this week, United States mining firm Marathon Patent Group announced that it had installed 700 Whatsminer M30S+ ASICs produced by MicroBT. However, it is also reportedly waiting for a delivery of 1,160 Antminer S19 Pro units produced by Bitmain, meaning that it also remains loyal to the current market leader.
Will the hash rate be affected?
Bitcoin’s hash rate plummeted 30% soon after the halving occurred as much of the older generation equipment became unprofitable due to the increased mining difficulty. That spurred miners to reshuffle, upgrading their current rigs and selling older machines to places where electricity is cheaper — meaning that some of them had to temporarily unplug.
The situation has stabilized since, with the hash rate fluctuating around 100 TH/s for the past few days. Some experts attribute that to the start of the wet season in Sichuan, a southwest Chinese province where miners take advantage of low hydroelectricity prices between May and October.
The arrival of the new generation of ASICs is expected to drive the hash rate even higher, at least once upgraded units become widely available. So, will the newly revealed T19 model make any impact on the state of the network?
Experts agree that it won’t affect the hash rate to a major degree, as it’s a lower output model compared with the S19 series and MicroBT’s M30 series. Minehan said she doesn’t expect the T19 model “to have a huge impact that’s an immediate cause of concern,” as “most likely this is a run of <3500 units of a particular bin quality.” Similarly, Mark D’Aria, the CEO of crypto consulting firm Bitpro, told Cointelegraph:
“There isn’t a strong reason to expect the new model to significantly affect the hashrate. It might be a slightly more compelling option to a miner with extraordinarily inexpensive electricity, but otherwise they likely would have just purchased an S19 instead.” Bitmain continues to hold leadership despite internal struggle
At the end of the day, manufacturers are always in an arms race, and mining machines are simply commodity products, Zhang argued in a conversation with Cointelegraph:
“Besides price, performance, and failure rate, there are not many factors that can help a manufacturer differentiate from the others. The relentless competition led to where we are today.” According to Zhang, as the iteration rate naturally slows down in the future, there will be more facilities using “creative thermal design such as immersion cooling,” hoping to maximize the mining efficiency beyond just using most powerful machines.
As for now, Bitmain remains the leader of the mining race, despite having to deal with the largely defunct 17 series and an intensifying power struggle between its two co-founders, Jihan Wu and Micree Zhan, which recently resulted in reports of a street brawl.
“Due to its recent internal issues, Bitmain is facing challenges to keep its strong position in the future thus they started to look at other things to expand its industry influences,” Xu told Cointelegraph. He added that Bitmain “will still dominate the industry position in the near future due to its network effect,” although its current problems might allow competitors such as MicroBT to catch up.
Earlier this week, the power struggle inside Bitmain intensified even further as Micree Zhan, an ousted executive of the mining titan, reportedly led a group of private guards to overtake the company’s office in Beijing.
Meanwhile, Bitmain continues to expand its operations. Last week, the mining company revealed it was extending its “Ant Training Academy” certification program to North America, with the first courses set to launch in the fall. As such, Bitmain seems to be doubling down on the U.S.-based mining sector, which has been growing recently. The Beijing-based company already operates what it classifies as “the world’s largest” mining facility in Rockdale, Texas, which has a planned capacity of 50 megawatts that can later be expanded to 300 megawatts.
submitted by melissaBrian0 to Bitcoin [link] [comments]

Mining and Dogecoin - Some FAQs

Hey shibes,
I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.

You downloaded the core wallet

Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here.
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.

You downloaded a GPU/CPU miner

Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!

Mining Doge

Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
- langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!

Mining solo versus pool

So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.

Buying an ASIC

You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...

Making profit

You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.

Cloud Mining

Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.

Alternative coins

Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!

Folding at Home (Doge)

Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
_nformant
submitted by _nformant to dogecoin [link] [comments]

What Is Staking: The Ultimate Beginner’s Guide

What Is Staking: The Ultimate Beginner’s Guide
Staking means you are holding your cryptocurrency funds in a wallet and thus support the functionality of a blockchain system. Stakeholders lock their cryptos in their wallets. In return, they are rewarded by the network.

Proof-of-Stake versus Proof-of-Work.

What Is Proof Of Stake

To clear up the idea of staking, we should explain the Proof-of-Stake (PoS) consensus mechanism. PoS and its versions are widely used in many blockchain networks.
The pioneers of PoS were (most likely) Sunny King and Scott Nadal. They were the first to describe and implement this idea for the crypto project Peercoin (PPC). Originally, its blockchain was using a hybrid of PoW and PoS. It made the network less dependent on the alternative protocol and attracted more participants. They were miners who came to compete for a reward.

Delegated Proof-of-Stake in BitShares versus Proof-of-Work in Bitcoin.

Delegated Proof Of Stake

Two years later, Daniel Larimer, a prominent software developer, and crypto entrepreneur introduced a modified version of PoS. Its name was Delegated Proof of Stake (DPoS). The first network to apply it was Bitshares. Larimer also launched EOS and Steem. Both projects adopted the Delegated Proof of Stake protocol for their blockchains.
What is the key feature of DPoS? This mechanism allows all network users to ‘convert’ their crypto holdings into votes. These votes are used to elect trusted witnesses (‘delegates’). They will manage the blockchain on your behalf. The delegates validate the transactions and make sure the network functions as it should. The weight of your vote depends on how big your stake is. As a stakeholder, you get a regular reward for keeping your crypto in the network.

DPoS Pros

The DPoS model addresses the important problems of PoS and PoW blockchains. First of all, it’s the scalability issue. DPoS improves network capacity by increasing the speed of transaction processing. It is possible because the DPoS model allows reaching consensus much faster, as it needs fewer nodes to validate a transaction. On the dark side, Delegate Proof of Stake usage promotes centralization: a DPoS network relies on a limited group of delegates for its operation.

How Staking Works

As we said earlier, staking means holding cryptocurrency or tokens to support a network operation and getting a reward for it. Naturally, this process is typical for blockchains using the PoS protocol or any of its versions.
Unlike PoW, this protocol does not rely on miners who validate blocks by doing ‘work’. This work consists of solving math puzzles using increasingly powerful mining hardware. Instead, the mining power of any network participant depends on how many coins they commit to stake. It allows a PoS-based blockchain to avoid usage of ASICs and other equipment that consumes a great amount of electricity.

Advantages Of Staking

The bigger is the amount you stake, the better are your chances to become the validator for the next block and grab the reward. The PoS model saves you a lot of money. You don’t have to invest in expensive mining hardware and cooling equipment. Also, you don’t have to pay huge electricity bills every month. You still spend some money, but it’s a direct cryptocurrency investment. Every PoS network features its own ‘staking currency’.
The increased scalability, ensured by staking, is one of the main reasons why the Ethereum plans to move to this model in 2020 when it adopts the Casper protocol.
There are networks that prefer DPoS. In this model, you may use other network participants to signal your support for some event. It means you delegate decision making to the nodes you trust.
In fact, these delegates are responsible for handling the blockchain, as they deal with the issues of major importance. They play a key role in consensus achievement and make management decisions.

Consensus protocols compared: PoW, PoS and DPoS.

Network Inflation

There are blockchains who pay a staking reward in the form of a fixed percentage, the so-called ‘inflation rate’. The purpose is to persuade more people to stake their coins. It’s like a bank encouraging you to keep your money with them and not at home.
Until recently, Stellar was a typical example of such a scheme. Their fixed inflation rate was 1%. Every week, the network used to distribute ‘inflation money’ among the holders, who kept their funds in the staking pool. The main pro of this model is that you get a fixed bonus regularly.
For example, a Stellar user who was holding 10,000 XLM for 1 year, could expect the reward of 100 XLM. This information was open to all the users, helping them to decide in favor of staking. It motivated the people who preferred a moderate but predictable reward to a big but random one.
In the 4th quarter of 2019, Stellar abandoned the inflation scheme.

Staking Pool

An idea behind staking pools is simple. To form a pool, many network stakeholders combine together. It increases their collective odds of validating a new block and getting rewarded for it. Like in a PoW mining pool, the reward is proportionately split among all the participants. The money you put in, the bigger is your share.
Pooling might be the best staking solution if your network has a high entry barrier. In practice, it means that you have to contribute a large amount of money to enter, but you cannot afford it alone. Note, that running a pool is not free, as there are maintenance and development costs. As a result, you often have to pay a ‘membership fee’ to the pool providers. Normally, it’s a fixed percentage of your reward share.
Besides, pools may offer additional benefits related to withdrawal time, minimum balance, etc. It attracts new participants and results in a greater degree of decentralization of the network.

Cold Staking

Cold staking is when you stake your crypto using a cold (hardware) wallet. Such a wallet has no connection to the Internet. There are networks that let you stake the funds kept in cold storage. The biggest benefit of cold staking is that your funds are 100% safe. For large stakeholders, it’s the top priority. If a stakeholder takes the crypto out of the cold wallet, their rewards are discontinued.

Future Of Staking

The number of users seeking to contribute their assets to participate in blockchain management and decision-making grows. It means staking becomes popular. To meet the demand, the entry process is becoming more user-friendly. Accordingly, more people will be taking an active part in the development of their blockchain ecosystems.

Conclusion

In conclusion, staking is an innovative investment tool. It can compete with traditional ones in terms of stability. In terms of assets growth potential, it’s superior to them.
P.S. Hope you found this article interesting and useful. If you want to read more articles on crypto, finance, and blockchain check out our blog.
submitted by EX-SCUDO to CryptoCurrencies [link] [comments]

Epic Cash Vitex Exchange AMA

What is EPIC CASH?
Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money:
1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved;
2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services;
3. Unit of Account — the unit by which the value of a thing is accounted for and compared.
Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list
Oleg✌🏻
Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself?
Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide.
Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year.
JLong I am John, Doing the general engineering and managerial work
Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years.
Oleg✌🏻 nice to meet you🙂
Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September.
Yoga Dude Great to meet everyone :)
Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about?
Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine.
Oleg✌🏻 Look like a real Bitcoin🙂
Yoga Dude with privacy and fungibility 😄
Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins?
Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses.
Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin?
Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value.
Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time.
Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam?
Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs.
Yoga Dude Yes, all that ☝️😄
Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for?
Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments.
Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms?
Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC.
Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable.
Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂
Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash?
Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄
Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team.
Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto?
Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals.
Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet.
Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward?
Yoga Dude First and foremost, we are focused on security and usability.
We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it.
We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability.
And of course we are constantly looking to add more exchanges both with and without KYC.
Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be?
Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life.
Yoga Dude The idea is to be able to access Epic Cash from any platform and device
Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate.
Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash?
Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊
Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world!
Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer.
AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ?
Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins.
Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet.
Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency.
Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible.
Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much?
Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction.
Joxes It is a pleasure.
When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far?
We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term?
Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it.
S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash?
Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50
Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home?
Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers
Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS.
Does your GREAT PROJECT have plan about TOKEN BURN?
Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place.
Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more?
Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔
kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain?
Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have.
Dr Mönica Hello sir @maxfreeman4 @Johnsstec @Yogadude
Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm???
Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action.
Oleg✌🏻 Perfect! It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
submitted by EpicCashFrodo to epiccash [link] [comments]

Kepler 2020 LitePaper

Kepler 2020 LitePaper
Kepler is a blockchain privacy platform that aims to release the first ever Confidential Assets on a MimbleWimble Blockchain. Our consensus mechanism is Proof-of-Work. If you’d like to see more, please visit our website: https://kepler.network as well as our documentation site at https://docs.kepler.network
You can check out our LitePaper here: https://keplernetwork.s3.eu-central-1.amazonaws.com/KeplerLitepaper.pdf

https://preview.redd.it/p5wmp6vsvor41.png?width=1000&format=png&auto=webp&s=fb8e87df4d526888b9d2bcb6c9087a3206062e5b

The Kepler LitePaper mentions:

  • Privacy Protection on Blockchain
  • Why Design Kepler
  • What is Kepler
  • Economic Model
  • Future Work
Given the fact that Kepler is a MimbleWimble(MW) blockchain, privacy is one of the most important topics for Kepler, and this goes beyond “simple privacy”.

Let’s begin and explore some of the highlights of the Kepler LitePaper!


https://preview.redd.it/f217l3bvvor41.jpg?width=1000&format=pjpg&auto=webp&s=d05982d779dcf41efe2b32387556285380ec314c

Confidential Transactions (CT)

CT were designed to restore privacy to blockchain transactions, as the LitePaper mentions, Bitcoin transactions aren’t private, they can be traced using publicly-available tools. The goal for CT is to restore privacy to blockchain transactions.

https://preview.redd.it/5dyb52w0wor41.jpg?width=1000&format=pjpg&auto=webp&s=71e06ea76a1cd4dc4d83d1bae469d4eee02858db

Native CT on Kepler MW

Privacy has been a major topic in blockchain technology in the past decade, there’s been several technological approaches towards providing true privacy, without sacrificing scalability and functionality. Over time, there was a loss of interest towards privacy technology on blockchain, that is, until MimbleWimble technology came along. Thanks to MimbleWimble, there is a way to improve privacy without sacrificing functionality, and in the meantime, MW allows for better scalability.
Remember, there are no addresses used in Kepler!

https://preview.redd.it/05ar4u531pr41.png?width=1000&format=png&auto=webp&s=6f49a83cc9e054e3307283d77a45c2245e7477f9

Confidential Assets (CA)

Perhaps one of the most exciting topics in recent blockchain development, it will allow users to create multiple asset types without exposing both the asset type and transaction amount publicly.

https://preview.redd.it/tz8ecgu31pr41.png?width=1000&format=png&auto=webp&s=ac1abc56bc8194e1d781b3ad6409b9bb05ba29c2

Moving towards the future of Privacy

The best way to launch Confidential Assets is on a blockchain built for privacy. Having semi-anonymous backbone infrastructure that cannot scale is not a good starting point for development.

https://preview.redd.it/9eegvc751pr41.png?width=1000&format=png&auto=webp&s=44d929cd9cd73271edca0ef5eb8f3a12ceddbebf

CA already in Testnet

Our development team has been working for months and plans to launch a working test network soon. We will be release development updates regularly, and we encourage feedback.

https://preview.redd.it/yun2dgp61pr41.jpg?width=1000&format=pjpg&auto=webp&s=b1c09e00a1dafb5e4211f2ace7759d2cbfcb1264

WhitePaper coming up soon after the LitePaper

We chose a Proof-of-Work (PoW) consensus mechanism for a variety of reasons. This article could get lengthy if we go into too much detail, but we’ll discuss this a bit.
An ASIC PoW algorithm is fair for miners, even ones who invested in multiple graphics cards. There will always be a coin for them to mine with their hardware. Hashrate rental services even the playing field for everyone. Most individuals cannot mine as cheap as they rent because of electricity costs. Not to mention the upfront cost of the hardware, shipping, customs and other fees like cooling and electrical work. Renters like using these services because they don’t need to trust their mining pool nor do they have to take custody of their coins or pay exchange fees.

https://preview.redd.it/rx9gtiy71pr41.jpg?width=1000&format=pjpg&auto=webp&s=0268c349360ce01c0ad0eb46c6e5ac08c061eedf

Economic Model

Cryptocurrencies are far more divisible than fiat currency. Think of it as a dollar with a million pennies. Finding an economic model that works is something polite society will never stop debating. The trick is to make currency scarce enough so that it has value, but rare enough that so that everyone has access to it.

Social

Medium
Telegram
Discord
Twitter
submitted by keplernetwork to KeplerNetwork [link] [comments]

What are Nano's biggest issues? Let's talk about it!

Let's talk about some of Nano's biggest issues. I also made a video about this topic, available here: https://youtu.be/d9yb9ifurbg.
00:12 Spam
Issues
Potential Mitigations & Outstanding Issues
01:58 Privacy
Issues
  • Nano has no privacy. It is pseudonymous (like Bitcoin), not anonymous.
Potential Mitigations & Outstanding Issues & Outstanding Issues*
  • Second layer solutions like mixers can help, but some argue that isn't enough privacy.
  • The current protocol design + the computational overhead of privacy does not allow Nano to implement first layer privacy without compromising it's other features (fast, feeless, and scalable transactions).
02:56 Decentralization
Issues
  • Nano is currently not as decentralized as it could be. ~25% of the voting weight is held by Binance.
  • Users must choose representatives, and users don't always choose the best ones (or never choose).
Potential Mitigations & Outstanding Issues
  • Currently 4 unrelated parties (who all have a verifiable interest in keeping the network running) would have to work together to attack the network
  • Unlike Bitcoin, there is no mining or fees in Nano. This means that there is not a strong incentive for emergent centralization from profit maximization and economies of scale. We've seen this firsthand, as Nano's decentralization has increased over time.
  • Nano representative percentages are not that far off from Bitcoin mining pool percentages.
  • In Nano, voting weight can be remotely re-delegated to anyone at any time. This differs from Bitcoin, where consensus is controlled by miners and requires significant hardware investment.
  • The cost of a 51% attack scales with the market cap of Nano.
06:49 Marketing & adoption
Issues
  • The best technology doesn't always win. If no one knows about or uses Nano, it will die.
Potential Mitigations & Outstanding Issues
  • I would argue that the best technology typically does win, but it needs to be best in every way (price, speed, accessbility, etc). Nano is currently in a good place if you agree with that argument.
  • Bitcoin started small, and didn't spend money on marketing. It takes time to build a community.
  • The developers have said they will market more once the protocol is where they want it to be (v20 or v21?).
  • Community marketing initiatives have started to form organically (e.g. Twitter campaigns, YouTube ads, etc).
  • Marketing and adoption is a very difficult problem to solve, especially when you don't have first mover advantage or consistent cashflow.
08:07 Small developer fund
Issues
  • The developer fund only has 3 million NANO left (~$4MM), what happens after that?
Potential Mitigations & Outstanding Issues
  • The goal for Nano is to be an Internet RFC like TCP/IP or SMTP - development naturally slows down when the protocol is in a good place.
  • Nano development is completely open source, so anyone can participate. Multiple developers are now familiar with the Nano protocol.
  • Businesses and whales that benefit from Nano (exchanges, remittances, merchant services, etc) are incentivized to keep the protocol developed and running.
  • The developer fund was only ~5% of the supply - compare that to some of the other major cryptocurrencies.
10:08 Node incentives
Issues
  • There are no transaction fees, why would people run nodes to keep the network running?
Potential Mitigations & Outstanding Issues
  • The cost of consensus is so low in Nano that the benefits of the network itself are the incentive: decentralized money with 0 transaction fees that can be sent anywhere in the world nearly instantly.
  • Paying $50-$100 a month for a high-end node is a lot cheaper for merchants than paying 1-3% in total sales.
  • Businesses and whales that benefit from Nano (exchanges, remittances, merchant services, etc) are incentivized to keep the protocol developed and running.
11:58 No smart contracts
Issues
  • Nano doesn't support smart contracts.
Potential Mitigations & Outstanding Issues
  • Nano's sole goal is to be the most efficient peer-to-peer value transfer protocol possible. Adding smart contracts makes keeping Nano feeless, fast, and decentralized much more difficult.
  • Other solutions (e.g. Ethereum) exist for creating and enforcing smart contracts.
  • Code can still interact with Nano, but not on the first layer in a decentralized matter.
  • Real world smart contract adoption and usage is pretty limited at the moment, but that might not always be the case.
13:20 Price stability
Issues
  • Why would anyone accept or spend Nano if the price fluctuates so much?
  • Why wouldn't people just use a stablecoin version of Nano for sending and receiving money?
Potential Mitigations & Outstanding Issues
  • With good fiat gateways (stable, low fees, etc), you can always buy back the fiat equivalent of what you've spent.
  • The hope is that with enough adoption, people and businesses will eventually skip the fiat conversion and use Nano directly.
  • Because Nano is so fast, volatility is less of an issue. Transactions are confirmed in <10 seconds, and prices change less in that timeframe (vs 10 minutes to hours for Bitcoin).
  • Stablecoins reintroduce trust. Stable against what? Who controls the supply, and how do you get people to adopt them? What happens if the assets they're stable against fail? Nano is pure supply and demand.
  • With worldwide adoption, the market capitalization of Nano would be in the trillions. If that happens, even millions of dollars won't move the price significantly.
15:06 Deflation
Issues
  • Nano's current supply == max supply. Why would people spend Nano today if it could be worth more tomorrow?
  • What happens to principal representatives and voting weight as private keys are lost? How do you know keys are lost?
Potential Mitigations & Outstanding Issues
  • Nano is extremely divisible. 1 NANO is 1030 raw. Since there are no transaction fees, smaller and smaller amounts of Nano could be used to transact, even if the market cap reaches trillions.
  • People will always buy things they need (food, housing, etc).
  • I'm not sure what the plan is to adjust for lost keys. Probably requires more discussion.
Long-term Scalability
Issue
  • Current node software and hardware cannot handle thousands of TPS (low-end nodes fall behind at even 50 TPS).
  • The more representatives that exist, the more vote traffic is required (network bandwidth).
  • Low-end nodes currently slow down the network significantly. Principal representatives waste their resources constantly bootstrapping these weak nodes during network saturation.
Potential Mitigations & Outstanding Issues
  • Even as is, Nano can comfortably handle 50 TPS average - which is roughly the amount of transactions per day PayPal was doing in 2011 with nearly 100 million users.
  • Network bandwidth increases 50% a year.
  • There are some discussions of prioritizing bootstrapping by vote weight to limit the impact of weak nodes.
  • Since Nano uses an account balance system, pruning could drastically reduce storage requirements. You only need current state to keep the network running, not the full transaction history.
  • In the future, vote stapling could drastically reduce bandwidth usage by collecting all representative signatures up front and then only sharing that single aggregate signature.
  • Nano has no artificial protocol-based limits (e.g. block sizes or block times). It scales with hardware.
submitted by Qwahzi to nanocurrency [link] [comments]

What Is Staking: The Ultimate Beginner’s Guide

What Is Staking: The Ultimate Beginner’s Guide
Staking means you are holding your cryptocurrency funds in a wallet and thus support the functionality of a blockchain system. Stakeholders lock their cryptos in their wallets. In return, they are rewarded by the network.

Proof-of-Stake versus Proof-of-Work.

What Is Proof Of Stake

To clear up the idea of staking, we should explain the Proof-of-Stake (PoS) consensus mechanism. PoS and its versions are widely used in many blockchain networks.
The pioneers of PoS were (most likely) Sunny King and Scott Nadal. They were the first to describe and implement this idea for the crypto project Peercoin (PPC). Originally, its blockchain was using a hybrid of PoW and PoS. It made the network less dependent on the alternative protocol and attracted more participants. They were miners who came to compete for a reward.

Delegated Proof-of-Stake in BitShares versus Proof-of-Work in Bitcoin.

Delegated Proof Of Stake

Two years later, Daniel Larimer, a prominent software developer, and crypto entrepreneur introduced a modified version of PoS. Its name was Delegated Proof of Stake (DPoS). The first network to apply it was Bitshares. Larimer also launched EOS and Steem. Both projects adopted the Delegated Proof of Stake protocol for their blockchains.
What is the key feature of DPoS? This mechanism allows all network users to ‘convert’ their crypto holdings into votes. These votes are used to elect trusted witnesses (‘delegates’). They will manage the blockchain on your behalf. The delegates validate the transactions and make sure the network functions as it should. The weight of your vote depends on how big your stake is. As a stakeholder, you get a regular reward for keeping your crypto in the network.

DPoS Pros

The DPoS model addresses the important problems of PoS and PoW blockchains. First of all, it’s the scalability issue. DPoS improves network capacity by increasing the speed of transaction processing. It is possible because the DPoS model allows reaching consensus much faster, as it needs fewer nodes to validate a transaction. On the dark side, Delegate Proof of Stake usage promotes centralization: a DPoS network relies on a limited group of delegates for its operation.

How Staking Works

As we said earlier, staking means holding cryptocurrency or tokens to support a network operation and getting a reward for it. Naturally, this process is typical for blockchains using the PoS protocol or any of its versions.
Unlike PoW, this protocol does not rely on miners who validate blocks by doing ‘work’. This work consists of solving math puzzles using increasingly powerful mining hardware. Instead, the mining power of any network participant depends on how many coins they commit to stake. It allows a PoS-based blockchain to avoid usage of ASICs and other equipment that consumes a great amount of electricity.

Advantages Of Staking

The bigger is the amount you stake, the better are your chances to become the validator for the next block and grab the reward. The PoS model saves you a lot of money. You don’t have to invest in expensive mining hardware and cooling equipment. Also, you don’t have to pay huge electricity bills every month. You still spend some money, but it’s a direct cryptocurrency investment. Every PoS network features its own ‘staking currency’.
The increased scalability, ensured by staking, is one of the main reasons why the Ethereum plans to move to this model in 2020 when it adopts the Casper protocol.
There are networks that prefer DPoS. In this model, you may use other network participants to signal your support for some event. It means you delegate decision making to the nodes you trust.
In fact, these delegates are responsible for handling the blockchain, as they deal with the issues of major importance. They play a key role in consensus achievement and make management decisions.

Consensus protocols compared: PoW, PoS and DPoS.

Network Inflation

There are blockchains who pay a staking reward in the form of a fixed percentage, the so-called ‘inflation rate’. The purpose is to persuade more people to stake their coins. It’s like a bank encouraging you to keep your money with them and not at home.
Until recently, Stellar was a typical example of such a scheme. Their fixed inflation rate was 1%. Every week, the network used to distribute ‘inflation money’ among the holders, who kept their funds in the staking pool. The main pro of this model is that you get a fixed bonus regularly.
For example, a Stellar user who was holding 10,000 XLM for 1 year, could expect the reward of 100 XLM. This information was open to all the users, helping them to decide in favor of staking. It motivated the people who preferred a moderate but predictable reward to a big but random one.
In the 4th quarter of 2019, Stellar abandoned the inflation scheme.

Staking Pool

An idea behind staking pools is simple. To form a pool, many network stakeholders combine together. It increases their collective odds of validating a new block and getting rewarded for it. Like in a PoW mining pool, the reward is proportionately split among all the participants. The money you put in, the bigger is your share.
Pooling might be the best staking solution if your network has a high entry barrier. In practice, it means that you have to contribute a large amount of money to enter, but you cannot afford it alone. Note, that running a pool is not free, as there are maintenance and development costs. As a result, you often have to pay a ‘membership fee’ to the pool providers. Normally, it’s a fixed percentage of your reward share.
Besides, pools may offer additional benefits related to withdrawal time, minimum balance, etc. It attracts new participants and results in a greater degree of decentralization of the network.

Cold Staking

Cold staking is when you stake your crypto using a cold (hardware) wallet. Such a wallet has no connection to the Internet. There are networks that let you stake the funds kept in cold storage. The biggest benefit of cold staking is that your funds are 100% safe. For large stakeholders, it’s the top priority. If a stakeholder takes the crypto out of the cold wallet, their rewards are discontinued.

Future Of Staking

The number of users seeking to contribute their assets to participate in blockchain management and decision-making grows. It means staking becomes popular. To meet the demand, the entry process is becoming more user-friendly. Accordingly, more people will be taking an active part in the development of their blockchain ecosystems.

Conclusion

In conclusion, staking is an innovative investment tool. It can compete with traditional ones in terms of stability. In terms of assets growth potential, it’s superior to them.
P.S. Hope you found this article interesting and useful. If you want to read more articles on crypto, finance, and blockchain check out our blog.
submitted by EX-SCUDO to CryptoCurrencyTrading [link] [comments]

What Is Staking: The Ultimate Beginner’s Guide

What Is Staking: The Ultimate Beginner’s Guide
Staking means you are holding your cryptocurrency funds in a wallet and thus support the functionality of a blockchain system. Stakeholders lock their cryptos in their wallets. In return, they are rewarded by the network.

Proof-of-Stake versus Proof-of-Work.

What Is Proof Of Stake

To clear up the idea of staking, we should explain the Proof-of-Stake (PoS) consensus mechanism. PoS and its versions are widely used in many blockchain networks.
The pioneers of PoS were (most likely) Sunny King and Scott Nadal. They were the first to describe and implement this idea for the crypto project Peercoin (PPC). Originally, its blockchain was using a hybrid of PoW and PoS. It made the network less dependent on the alternative protocol and attracted more participants. They were miners who came to compete for a reward.

Delegated Proof-of-Stake in BitShares versus Proof-of-Work in Bitcoin.

Delegated Proof Of Stake

Two years later, Daniel Larimer, a prominent software developer, and crypto entrepreneur introduced a modified version of PoS. Its name was Delegated Proof of Stake (DPoS). The first network to apply it was Bitshares. Larimer also launched EOS and Steem. Both projects adopted the Delegated Proof of Stake protocol for their blockchains.
What is the key feature of DPoS? This mechanism allows all network users to ‘convert’ their crypto holdings into votes. These votes are used to elect trusted witnesses (‘delegates’). They will manage the blockchain on your behalf. The delegates validate the transactions and make sure the network functions as it should. The weight of your vote depends on how big your stake is. As a stakeholder, you get a regular reward for keeping your crypto in the network.

DPoS Pros

The DPoS model addresses the important problems of PoS and PoW blockchains. First of all, it’s the scalability issue. DPoS improves network capacity by increasing the speed of transaction processing. It is possible because the DPoS model allows reaching consensus much faster, as it needs fewer nodes to validate a transaction. On the dark side, Delegate Proof of Stake usage promotes centralization: a DPoS network relies on a limited group of delegates for its operation.

How Staking Works

As we said earlier, staking means holding cryptocurrency or tokens to support a network operation and getting a reward for it. Naturally, this process is typical for blockchains using the PoS protocol or any of its versions.
Unlike PoW, this protocol does not rely on miners who validate blocks by doing ‘work’. This work consists of solving math puzzles using increasingly powerful mining hardware. Instead, the mining power of any network participant depends on how many coins they commit to stake. It allows a PoS-based blockchain to avoid usage of ASICs and other equipment that consumes a great amount of electricity.

Advantages Of Staking

The bigger is the amount you stake, the better are your chances to become the validator for the next block and grab the reward. The PoS model saves you a lot of money. You don’t have to invest in expensive mining hardware and cooling equipment. Also, you don’t have to pay huge electricity bills every month. You still spend some money, but it’s a direct cryptocurrency investment. Every PoS network features its own ‘staking currency’.
The increased scalability, ensured by staking, is one of the main reasons why the Ethereum plans to move to this model in 2020 when it adopts the Casper protocol.
There are networks that prefer DPoS. In this model, you may use other network participants to signal your support for some event. It means you delegate decision making to the nodes you trust.
In fact, these delegates are responsible for handling the blockchain, as they deal with the issues of major importance. They play a key role in consensus achievement and make management decisions.

Consensus protocols compared: PoW, PoS and DPoS.

Network Inflation

There are blockchains who pay a staking reward in the form of a fixed percentage, the so-called ‘inflation rate’. The purpose is to persuade more people to stake their coins. It’s like a bank encouraging you to keep your money with them and not at home.
Until recently, Stellar was a typical example of such a scheme. Their fixed inflation rate was 1%. Every week, the network used to distribute ‘inflation money’ among the holders, who kept their funds in the staking pool. The main pro of this model is that you get a fixed bonus regularly.
For example, a Stellar user who was holding 10,000 XLM for 1 year, could expect the reward of 100 XLM. This information was open to all the users, helping them to decide in favor of staking. It motivated the people who preferred a moderate but predictable reward to a big but random one.
In the 4th quarter of 2019, Stellar abandoned the inflation scheme.

Staking Pool

An idea behind staking pools is simple. To form a pool, many network stakeholders combine together. It increases their collective odds of validating a new block and getting rewarded for it. Like in a PoW mining pool, the reward is proportionately split among all the participants. The money you put in, the bigger is your share.
Pooling might be the best staking solution if your network has a high entry barrier. In practice, it means that you have to contribute a large amount of money to enter, but you cannot afford it alone. Note, that running a pool is not free, as there are maintenance and development costs. As a result, you often have to pay a ‘membership fee’ to the pool providers. Normally, it’s a fixed percentage of your reward share.
Besides, pools may offer additional benefits related to withdrawal time, minimum balance, etc. It attracts new participants and results in a greater degree of decentralization of the network.

Cold Staking

Cold staking is when you stake your crypto using a cold (hardware) wallet. Such a wallet has no connection to the Internet. There are networks that let you stake the funds kept in cold storage. The biggest benefit of cold staking is that your funds are 100% safe. For large stakeholders, it’s the top priority. If a stakeholder takes the crypto out of the cold wallet, their rewards are discontinued.

Future Of Staking

The number of users seeking to contribute their assets to participate in blockchain management and decision-making grows. It means staking becomes popular. To meet the demand, the entry process is becoming more user-friendly. Accordingly, more people will be taking an active part in the development of their blockchain ecosystems.

Conclusion

In conclusion, staking is an innovative investment tool. It can compete with traditional ones in terms of stability. In terms of assets growth potential, it’s superior to them.

P.S. Hope you found this article interesting and useful. If you want to read more articles on crypto, finance, and blockchain check out our blog.
submitted by EX-SCUDO to CryptoMarkets [link] [comments]

What Is Staking: The Ultimate Beginner’s Guide

What Is Staking: The Ultimate Beginner’s Guide
Staking means you are holding your cryptocurrency funds in a wallet and thus support the functionality of a blockchain system. Stakeholders lock their cryptos in their wallets. In return, they are rewarded by the network.

Proof-of-Stake versus Proof-of-Work.

What Is Proof Of Stake

To clear up the idea of staking, we should explain the Proof-of-Stake (PoS) consensus mechanism. PoS and its versions are widely used in many blockchain networks.
The pioneers of PoS were (most likely) Sunny King and Scott Nadal. They were the first to describe and implement this idea for the crypto project Peercoin (PPC). Originally, its blockchain was using a hybrid of PoW and PoS. It made the network less dependent on the alternative protocol and attracted more participants. They were miners who came to compete for a reward.


Delegated Proof-of-Stake in BitShares versus Proof-of-Work in Bitcoin.

Delegated Proof Of Stake

Two years later, Daniel Larimer, a prominent software developer, and crypto entrepreneur introduced a modified version of PoS. Its name was Delegated Proof of Stake (DPoS). The first network to apply it was Bitshares. Larimer also launched EOS and Steem. Both projects adopted the Delegated Proof of Stake protocol for their blockchains.
What is the key feature of DPoS? This mechanism allows all network users to ‘convert’ their crypto holdings into votes. These votes are used to elect trusted witnesses (‘delegates’). They will manage the blockchain on your behalf. The delegates validate the transactions and make sure the network functions as it should. The weight of your vote depends on how big your stake is. As a stakeholder, you get a regular reward for keeping your crypto in the network.

DPoS Pros

The DPoS model addresses the important problems of PoS and PoW blockchains. First of all, it’s the scalability issue. DPoS improves network capacity by increasing the speed of transaction processing. It is possible because the DPoS model allows reaching consensus much faster, as it needs fewer nodes to validate a transaction. On the dark side, Delegate Proof of Stake usage promotes centralization: a DPoS network relies on a limited group of delegates for its operation.

How Staking Works

As we said earlier, staking means holding cryptocurrency or tokens to support a network operation and getting a reward for it. Naturally, this process is typical for blockchains using the PoS protocol or any of its versions.
Unlike PoW, this protocol does not rely on miners who validate blocks by doing ‘work’. This work consists of solving math puzzles using increasingly powerful mining hardware. Instead, the mining power of any network participant depends on how many coins they commit to stake. It allows a PoS-based blockchain to avoid usage of ASICs and other equipment that consumes a great amount of electricity.

Advantages Of Staking

The bigger is the amount you stake, the better are your chances to become the validator for the next block and grab the reward. The PoS model saves you a lot of money. You don’t have to invest in expensive mining hardware and cooling equipment. Also, you don’t have to pay huge electricity bills every month. You still spend some money, but it’s a direct cryptocurrency investment. Every PoS network features its own ‘staking currency’.
The increased scalability, ensured by staking, is one of the main reasons why the Ethereum plans to move to this model in 2020 when it adopts the Casper protocol.
There are networks that prefer DPoS. In this model, you may use other network participants to signal your support for some event. It means you delegate decision making to the nodes you trust.
In fact, these delegates are responsible for handling the blockchain, as they deal with the issues of major importance. They play a key role in consensus achievement and make management decisions.

Consensus protocols compared: PoW, PoS and DPoS.

Network Inflation

There are blockchains who pay a staking reward in the form of a fixed percentage, the so-called ‘inflation rate’. The purpose is to persuade more people to stake their coins. It’s like a bank encouraging you to keep your money with them and not at home.
Until recently, Stellar was a typical example of such a scheme. Their fixed inflation rate was 1%. Every week, the network used to distribute ‘inflation money’ among the holders, who kept their funds in the staking pool. The main pro of this model is that you get a fixed bonus regularly.
For example, a Stellar user who was holding 10,000 XLM for 1 year, could expect the reward of 100 XLM. This information was open to all the users, helping them to decide in favor of staking. It motivated the people who preferred a moderate but predictable reward to a big but random one.
In the 4th quarter of 2019, Stellar abandoned the inflation scheme.

Staking Pool

An idea behind staking pools is simple. To form a pool, many network stakeholders combine together. It increases their collective odds of validating a new block and getting rewarded for it. Like in a PoW mining pool, the reward is proportionately split among all the participants. The money you put in, the bigger is your share.
Pooling might be the best staking solution if your network has a high entry barrier. In practice, it means that you have to contribute a large amount of money to enter, but you cannot afford it alone. Note, that running a pool is not free, as there are maintenance and development costs. As a result, you often have to pay a ‘membership fee’ to the pool providers. Normally, it’s a fixed percentage of your reward share.
Besides, pools may offer additional benefits related to withdrawal time, minimum balance, etc. It attracts new participants and results in a greater degree of decentralization of the network.

Cold Staking

Cold staking is when you stake your crypto using a cold (hardware) wallet. Such a wallet has no connection to the Internet. There are networks that let you stake the funds kept in cold storage. The biggest benefit of cold staking is that your funds are 100% safe. For large stakeholders, it’s the top priority. If a stakeholder takes the crypto out of the cold wallet, their rewards are discontinued.

Future Of Staking

The number of users seeking to contribute their assets to participate in blockchain management and decision-making grows. It means staking becomes popular. To meet the demand, the entry process is becoming more user-friendly. Accordingly, more people will be taking an active part in the development of their blockchain ecosystems.

Conclusion

In conclusion, staking is an innovative investment tool. It can compete with traditional ones in terms of stability. In terms of assets growth potential, it’s superior to them.
P.S. Hope you found this article interesting and useful. If you want to read more articles on crypto, finance, and blockchain check out our blog.
submitted by EX-SCUDO to ethtrader [link] [comments]

What will be your biggest fears and risks to setup mining farm.

What will be your biggest fears and risks to setup mining farm.
https://preview.redd.it/1mc2ilhunwf41.jpg?width=1280&format=pjpg&auto=webp&s=e573bcad9aa13b87ec1a691496268dd1303b70c3
Crypto currency mining is fascinating topic. It is 21st century mining with computer hardware and software. Looking for blocks on the block-chain to be rewarded in crypto currency. To start crypto currency mining business or hobby you have to understand what kind of risks you might face. To start Bitcoin mining you will need and ASIC miner, which is basically bunch of CPUs. This kind of equipment might cost you a lot of capital, so it is a good thing to recognize the risks you might face.
  1. In the early days in Bitcoin mining you could make some profit with your laptop CPU or GPU. These days are long gone, every year new more efficient hardware is been developed. Which makes older hardware obsolete for mining. Meaning that bad timing investment could potentially make your investment worthless.
  2. Hardware failure is very big thing to reduce mining risks. This hardware needs to be run 24/7 to gain the most optimal revenue from mining. Very often these devices/hardware do brake down, asic miners are the worse hardware comparing to GPU. Hashing board failure is common problem on them, which will need additional investment after 6 month from your purchase. If this would happen to your devices.
  3. The one of the hardest parts is not enough profits. Crypto currencies are extremely volatile, one day you could mine in profit the next day you might be at loss. If you are using latest hardware, most important to stay in the game and mine with profit. Is to have cheapest electric rate between all the other miners on network. Electric is everyone biggest OPEX cost, dont even think to start mining as a business large scale if your power costs is above 6-7c a kw/h. It might be profitable to mine with 20c per kw/h today but it might not be anymore tomorrow. Which means you will need to shutdown your mining farm.
  4. Legal risks . Crypto currency is still very new, and it has not been regulated very well. So you might face some kind of crypto currency ban in the country which might affect your mining operation.
  5. Hacking – Use crypto currency safe as possible. You know the good old saying not your keys not your coins. Don’t keep your mined coins on exchange. And use only community trusted mining pools.
  6. And the last of the top 6 is the environmental risk. Choose mining location wisely. Mining hardware most likely will use a lot of power, this is why they will produce a lot of heat. And heat will affect your mining operation. Something like mining container could be an option.
Recognize your risks before starting a mining operation.
Please comment down bellow with any more risks you might think it is worth to mention.
VIDEO - https://www.youtube.com/watch?v=-eNuG04n2zI&feature=youtu.be
submitted by mineshop to gpumining [link] [comments]

What is "weak subjectivity"?

In POS coins there is a slashing penalty for people who vote in both chains. But this can be avoided by voting in a very deep reorg and withdrawing your deposit on the main chain so that if the attack fails you cannot be punished 'slashed' .
https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
To solve this problem, we introduce a "revert limit" - a rule that nodes must simply refuse to revert further back in time than the deposit length (i.e. in our example, four months), and we additionally require nodes to log on at least once every deposit length to have a secure view of the chain. Note that this rule is different from every other consensus rule in the protocol, in that it means that nodes may come to different conclusions depending on when they saw certain messages.
ABC reorg protection is a revert limit and results in 'weak subjectivity' this is the security compromise Ethereum has to make to get rid of mining and POW and thus gain the environmental and decentralization benefits of POS ( no asics & validators in different regions ).
Why are people ok with this hybrid-pow consensus system, it makes a compromise on security while having all the negatives of POW - that is wasting resources and the centralization in hardware and mining pools?
It seems like the hybrid-pow model bitcoin ABC implemented offers the worst of both worlds, BCH should either switch to POS or move to POW completely.
submitted by Spartan3123 to btc [link] [comments]

Reality Distortion Field

Ok fantards, I'm sure your egos are way too fragile to actually break from the fanboy narrative here but we are definitely going lower. But, look at all the upgrades! Yeah, and we're going lower, I figure $25.00 is a nice re-entry point. There are a lot of reason for this, but look at the macro. This is the top for now, not just in AMD but also the general market. Everyone is on pins and needles waiting for another rate cut. Why? Because the economy is propped to a ridiculous level. No rate cut? It crashes. Rate cut without promise of future cuts? It crashes. Fed injecting massive amounts of liquidity? Check. Manufacturing jobs disappearing? Check. All time high after all time high? Check. The global economy not doing so hot and we're ignoring it completely? Check. Smart money is exiting and securing their short positions as we speak. They're buoying the market just long enough to set themselves up for the retracement. I was around for 2008. Everything was wonderful, totally rock solid until it wasn't. And I'll admit that we aren't looking at another 2008 but we are looking at a helluva correction. Ironically, AMD will be ok but not until next year.
On that front, what do we have? Highest revs since 2007. Yay. See the irony? Rollout is too slow, PE is too high (yes it matters, especially when you're dealing with a manufacturer), too much hype around the CEO and too many new shares being dumped into the market. Yes, they are diluting, look at the numbers. I remember when they sought authorization for share issuance and all the usual fantards here started dumb-shaming anybody on here who dared question the notion that they might dilute. They were doing it "just so that they have the option of doing it" or some kind of nonsense like that was whet they said with indignant sanctimony. Well, they have been diluting and still are. It's not that bad compared to what it could be but it's still there and it affects the share price. Intel has been buying back shares and so has Nvidia.
https://ycharts.com/companies/AMD/stock_buyback
But don't worry, help is on the way. I think that they actually guided too conservatively for next quarter actually. I think that in the end AMD's superior tech will win decisive battles for market share. And, even though most of the "very smart" people on here throw a tantrum whenever I mention this: Crypto will be resurgent and AMD will benefit directly from it. The Ethereum mining hardware pool is diverse, they don't want just ASICs for a host of reasons. You can dismiss this out of hand at the behest of your own arrogance but it's the truth. it will make a difference in the bottom line. You're looking at massive crypto gains in 2020. I'm not going to explain why because he does it a lot better:
https://www.tradingview.comfilbfilb/
I picked up GBTC when Bitcoin was at 7500 and just sold it at 9400. I'm waiting for 8250 range to re-enter. But when it blows up it will take GPU mine-able alts with it. And if you think that these miners aren't already anticipating this and aren't accumulating cards right now to avoid profiteering when Bitcoin breaks to the upside then you're delusional. Why do you think Radeons are "Selling like hot cakes"? The tunnel vision here is amazing. Whatever the mainstream narrative is you guys eat it up. Stop being such a bunch of fanboys.
submitted by rantus to AMD_Stock [link] [comments]

You can call you a Bitcoiner if you know/can explain these terms...

03/Jan/2009
10 Minutes
10,000 BTC Pizza
2016 Blocks
21 Million
210,000 Blocks
51% Attack
Address
Altcoin
Antonopoulos
Asic
Asic Boost
Base58
Batching
Bech32
Bit
Bitcoin Cash
Bitcoin Improvement Proposal (BIP)
Bitcoin SV
Bitmain
Block
Block height
Block reward
Blockchain
Blockexplorer
Bloom Filter
Brain Wallet
Buidl
Change Address
Child pays for parent (CPFP)
Coinbase (not the exchange)
CoinJoin
Coinmarketcap (CMC)
Colored Coin
Confirmation
Consensus
Custodial Wallet
Craig Wright
David Kleinman
Difficulty
Difficulty adjustment
Difficulty Target
Dogecoin
Dorian Nakamoto
Double spend
Elliptic Curve Digital Signature Algorithm (ECDSA)
Ethereum
Faketoshi
Fork
Full Node
Gavin Andresen
Genesis Block
Getting goxed
Halving
Hard Fork
Hardware Wallet
Hash
Hashing
Hierarchical Deterministic (HD) Wallet
Hodl
Hot Wallet
Initial Coin Offering (ICO)
Initial Exchange Offering (IEO)
Ledger
Light Node
Lightning
Litecoin
Locktime
Mainnet
Malleability
Master Private Key
Master Public Key
Master Seed
mBTC
Mempool
Merkle Tree
Mining
Mining Farm
Mining Pool
Mixing
MtGox
Multisig
Nonce
Not your keys,...
Opcode
Orphan block
P2PKH
P2SH
Paper Wallet
Peers
Pieter Wuille
Premining
Private key
Proof of Stake (PoS)
Proof of Work (PoW)
Pruning
Public key
Pump'n'Dump
Replace by Fee (RBF)
Ripemd160
Roger Ver
sat
Satoshi Nakamoto
Schnorr Signatures
Script
Segregated Witness (Segwit)
Sha256
Shitcoin
Sidechain
Signature
Signing
Simplified Payment Verification (SPV)
Smart Contract
Soft Fork
Stratum
Syncing
Testnet
Transaction
Transaction Fees
TransactionId (Txid)
Trezor
User Activated Soft Fork (UASF)
Utxo
Wallet Import Format (WIF)
Watch-Only Address
Whitepaper
List obviously not complete. Suggestions appreciated.
Refs:
https://bitcoin.org/en/developer-glossary https://en.bitcoin.it/wiki/Main_Page https://www.youtube.com/channel/UCgo7FCCPuylVk4luP3JAgVw https://www.youtube.com/useaantonop
submitted by PolaT1x to Bitcoin [link] [comments]

GPU Mining Crash Course - START HERE!

Welcome All to the GPUMining Crash Course!
With the increase in prices in cryptocurrency, a lot of people are getting back into mining and a lot of people are brand new to the concept overall. So, I quickly wrote this crash course to help you understand what to expect and how to successfully mine your first cryptocurrency. This crash course isn't gonna have all of the fluff you'd see in a normal publication. This is just everything you need to know to get up and running on your first cryptocurrency mining rig.

What is cryptocurrency mining?

One of the main things about cryptocurrencies is that they are "decentralized". Sounds great, but WTF does that even mean? Well, the easiest way to explain it is...
You know how if you want to send your friend/family money digitally, you can do so through your bank. Your bank likely takes a transaction fee and in a few days they will transfer the money. Since cryptocurrencies are decentralized, they don't have a bank or organization to fulfill the transfer of money. Instead, they outsource the computing power of their cryptocurrency network to miners (soon to be you). These miners are verifying transactions, securing the blockchain, and powering the cryptocurrency's specific network among other things. As an incentive, the miners collect transaction fees on the transactions that they verify and collect block rewards while new currency is still being introduced into the ecosystem.

What kind of rig should I build?

You can mine cryptocurrencies using your CPU, GPU, FPGA, or ASIC, but this is a GPU Mining subreddit, so I will cater this to GPUs.
For building a great all-around GPU rig, there are two models of GPUs that I'd recommend:
Both of these GPUs have solid hashrates across most mining algorithms and for a decent price! You should be able to find both of these kinds of GPUs used for around $200-$250 each, which is a great price if you know what happened during the last mining craze! ($200 GPUs were out of stock everywhere and people were reselling them for $600+ each)
There are also plenty of great AMD GPUs for mining, but I've worked mostly with Nvidia so that's why both of my recommendations are Nvidia and not AMD.
Other parts to your rig that you'll need are listed below. Most of these can be pieces of crap and are just needed to make the rig actually run, but the one spot you DON'T want to cheap out on is the power supply unit. A decent power supply unit will keep your home from burning down while also keeping your rigs up and running smoothly. Here are my recommendations:

She's built, now what?

Now you need to do a few things. I am a Windows miner, so I will be speaking to Windows here:
  1. Update Windows - Do all of the updates. Just do it.
  2. Update Drivers - Go to the EVGA website and download GeForce experience. It will keep your GPU drivers up to date.
  3. Go to Windows Device Manager and make sure all of your GPUs show up under "Display Adapters". If it is there, but it isn't showing the Name/Model of the GPU as the name, right click it and select "Update Driver". This should fix it.
Assuming you've done all of this, you're ready to download a mining application.

Mining Software

There are tons to choose from! Claymore, Phoenix, EWBF, LolMiner, etc... It can be overwhelming pretty quickly since they all have different algorithm support, speeds, efficiencies, and a whole lot more. On top of that, in order to get them running you need to set up batch files to call the proper exe, point you to the correct pool, and a whole bunch of other stuff that can be confusing to a new user. Not to mention, you will probably need a separate miner, config file, batch file, etc. for each different algorithm that you're interested in mining on.
Instead, I recommend that you download a miner management software that will take care of most of this tedious work for you. There are a few in the sidebar, but the /GPUMining favorite is AIOMiner. It was developed by our very own community member, xixspiderxix with the intention of making mining as easy as possible to do and without any fees. It supports over 100 different algorithms, so you'll be able to mine nearly ANY cryptocurrency you'd like. Just download it from their website and it will take you through a quick tutorial to help you get set up! You can also connect your rig to their website for remote monitoring and control. You've probably seen a few of their posts around this subreddit.
Other Windows mining softwares include:
Note: Many mining softwares have fees built into them. Most are around 1%, but can go as high as 5% or greater! You want a mining software with little or no fees at all so that you get to keep as much cryptocurrency as possible. These fees aren't something you actively pay, the software will automatically take it by mining on the developers behalf for a given amount of time and then switching back to mining on your own behalf. So, please be diligent in the software that you evaluate and make sure it is reputable.

I keep hearing about NiceHash. What is that?

The asshole of the mining industry. Jk, but not really.
NiceHash is a software program that allows you to sell your rig's hashing power to someone on their marketplace. They market themselves as profitable mining, but you're not really mining. You're selling your power in exchange for Bitcoin.
They did a great job telling people that with them, you're always mining the most profitable coin, but that's just not true. Since it is a mining marketplace, they make you mine whatever their most expensive contract is. If their contracts are below market prices, then you're not operating as efficiently and profitably as you could be.
NiceHash also has a sketchy history, which continues to this day. In 2017, they were hacked and lost $65M worth of Bitcoin. No one got paid out for MONTHS and many of their executives conveniently resigned. Their platform is also used to destroy cryptocurrencies. Since people are able to purchase mining power on their platform, people have used their platform to purchase enough mining power to control individual cryptocurrencies and duplicate coins, which increased the malicious user's wealth while completely destroying the integrity of the coin's blockchain. HoriZEN (formerly ZenCash), Ethereum Classic, and many other great cryptocurrencies have been the victim of NiceHash's platform.
For this and many other reasons, we highly recommend that you stay AWAY from Nicehash. We understand that it is extremely easy to use and you get paid in bitcoin, but they are destroying the industry with their greed and lack of motivation to change their platform for the protection of cryptocurrencies.

Concluding Thoughts

This is pretty much everything you need to know to get started. We covered the hardware, setting up the software, which software to use, and AIOMiner's tutorial will get you up to speed on how to actually mine the cryptocurrency that you want better than I can explain it, so I'll leave that part to them.
If you have any questions on this crash course, please leave a comment below where myself and other community members will be able to help you out.
submitted by The_Brutally_Honest to gpumining [link] [comments]

Best Bitcoin Mining Pools for Mine Bitcoin Best Mining Pool Litecoin Bitcoin Mining Pools: How To Generate Bitcoin Using Mining ... How to choose a Bitcoin mining pool - YouTube DIY Bitcoin Mining: Hardware (part1) - YouTube

Part of this new technology includes Bitcoin mining hardware. It is only through the best asic miners that Bitcoins is added to your wallet (unless you buy bitcoins). Different Bitcoin mining hardware features different performance levels. And with the ever-increasing complexity of the Bitcoin mining calculations, you will need to have the best asic miner. In this piece, we review some of the ... Mining Hardware. Anyone with access to the internet and suitable hardware can participate in mining. In the earliest days of Bitcoin, mining was done with CPUs from normal desktop computers. Graphics cards, or graphics processing units (GPUs), are more effective at mining than CPUs and as Bitcoin gained popularity, GPUs became dominant. Eventually, hardware known as an ASIC (which stands for ... Pools; Cloud. Hashflare Review; Genesis Mining Review; Hardware . Ant Miner S9. Since from the start, Bitcoin's Difficulty has recorded a very few and much of the time consecutive month to month increases , especially from late November 2015. It moved from 520,569,941 GH/s to the present record high of 1,426,731,353 GH/s, which infers Difficulty has nearly tripled starting now and into the ... Best Bitcoin mining hardware has the following features: The evolution of bitcoin chips. Most significant hash rate will permit to get more currency. Effectiveness is expressed in how much electricity is required to get a certain sum of coins. Currently, the most effective is the ASIC mining hardware. The price of the fastest equipment cannot be low or average. The lower the cost, the smaller ... BTC.com ist einer der größten Bitcoin-Mining-Pools und befindet sich im Besitz von Bitmain, dem Gründer von AntPool. Der Standort arbeitet mit dem Stratum Mining Protokoll und VarDiff. Der Pool wurde im Jahr 2015 eröffnet und verfügt über eigene Wallets sowie dem eigenen Mining-Pool. Zum Anbieter. 5. AntPool. AntPool ist der größte Bitcoin-Pool in Bezug auf seine Hash-Power. Es wird ...

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Best Bitcoin Mining Pools for Mine Bitcoin

Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. While mining pools are desirable to the average miner as they smo... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Mine Bitcoin: https://secure.iqmining.com/tiny/zBYaH What is Bitcoin Mining? Bitcoin Mining is a peer-to-peer computer process used to secure and verify bitc... How to Mine Bitcoin Cash & BTC Complete Mining Tutorial & Setup with Pool Configuration Guide using top industry ASIC from Bitmain. Bitcoin and Bitcoin Cash ... The Best Bitcoin Mining Hardware 2018 Reviewed: ASIC Litecoin, Ethereum Miner Rig 2020 - Duration: 1:56. 5Reviewed.com 220 views

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