How To Start Mining Bitcoins In 2017 - Updated 2017
If it was as profitable as you think it is, everybody would be doing it. Unless you somehow have access to extremely cheap/ free energy (which I highly doubt since you mention southern IL) it isn't a profitable venture. 5 years ago, yeah maybe. But today, not unless you have millions to invest and access to extremely cheap electricity. Youre too late to the mining party, mining is done by large corporations with millions to invest in mining hardware. In order to compete with the industrial scale mining operations that we see today in China and around the world you will basically need free power or the need for a significant number of electric heaters. Even with free power, its necessary to carefully control the cost of your equipment. Overpaying for your mining equipment will likely make it impossible to make that money back. Thats not to say mining is entirely dead though. Instead, it has evolved into a global energy arbitrage game of sorts, where feasibility is determined by two factors: Access to the latest and most efficient ASICs (at a reasonable cost) Access to the cheap electricity, wherever it might be Unfortunately for you, Canada has high power costs and unless you plan to move to some other country (China, Trinidad ;)) with cheap electricity, mining is a train that left the station long time ago. If you are thinking about mining with your GPU, its impossible. BTC mining in 2017 is extremely competitive. There are special microchips called ASICs(application-specific-integrated circuits) that are designed to mine bitcoin and nothing else. They are at least 100x better at mining bitcoin then even the best GPUs. Mining bitcoin with a GPU is like trying mine gold with a spoon. In order to turn a profit mining bitcoin you will need access to the latest ASICs and a Continue reading >>
Why Gpu Mining Dead
This day was expected, just not so soon. Miners who pay average electric rates or higher are likely about to experience (financial) death by a dozen cuts. After three months having passed so far this year the exchange rate currently sits about even with where it was at the beginning of the year. However difficulty is up way up (about 38% YTD including this next upcoming adjustment). This has brought mining profitability down to levels such that if a mining operators electric rates are much above the U.S. average of $0.11 per kWh then those operators who use GPUs are losing money on every bitcoin mined (when valued at the current exchange rate, a little under $5). Not all miners are facing hard times though. Some miners operate from residences where electricity usage is included in the rent. They are doing well. Others are located in areas where the electric rates are very low (e.g., near coal and hyrdroelectric generation sources or where government subsidies exist). They too should be able to survive at higher difficulty levels for a while yet. But todays GPU miners face a new threat FPGAstoday and eventually as well,ASICs. While the capital investment for mining with these is greater than it is for GPU hardware, the electric consumption per mhash for GPUs is 5X to 10X higher than it is per mhash when using FPGA systems. The difference is even greater when comparing GPUs to ASICs which can be ultra efficient for mining. In the short term, scarcity in the supply chain for these new efficient devices will limit how many of these units reach mining operators. As a result the difficulty wont be doubling overnight. But for those who are already hitting breakeven or suffering losses, equipment liquidation of mining rigs may be the next course of action. Because the primary Continue reading >>
Rbc: Nvidia's Crypto Boom Isn't Dead, It's Just Getting Started (nvda)
RBC: Nvidia's crypto boom isn't dead, it's just getting started (NVDA) Some have argued that the boost Nvidia has seen from cryptocurrency mining is over, but one analyst thinks differently. Alt-coins have been exploding in value and could provide another big boost to Nvidia's bottom line. Some analysts have already called for the end of the crypto boom for Nvidia , but Mitch Steves, an analyst at RBC Capital Markets, thinks differently. "While the Ethereum market opportunity could fade, we are confident the market will be open (at minimum)," Steves said. Steves argues that the bigger cryptocurrencies bitcoin and ethereum aren't likely to add to Nvidia's bottom line in the coming year, but almost every other one can . Cryptocurrency miners were born alongside bitcoin in 2009, and soon figured out that the type of math required to mine the digital coins was made faster by introducing graphics cards initially used to improve video game graphics. Nvidia, as well as rival AMD, has profited massively from the trend. But, as the number of miners increased and the process of mining got harder, it lessened the impact of buying a graphics chip. Now, there are specially designed mining rigs that maximize the ratio of power consumption to processing power, as the cost of electricity can easily outweigh the benefits of inefficient mining. Ethereum, the second largest cryptocurrency as measured by market cap, is still mostly profitable to mine with a graphics processing unit (GPU), but will soon move to a "proof of stake" system for payment verification. This will greatlydiminish the impact a GPU will have on the mining process. Ethereum payment verification will soon happen via a sort of voting system rather than a race to find the answer to a complicated math problem, which is th Continue reading >>
Is Cloud Mining Dead? Meet The Alternatives
Is Cloud Mining Dead? Meet the Alternatives Antonio Madeira October 26, 2017 3:00 pm Cloud Mining is losing popularity in the cryptosphere. Meet three alternatives that are giving cloudmining companies a run for their money! Cryptocurrency Mining Landscape & Cloud Mining The introduction of ASICs has changed the mining industry and has priced out regular users who cant access large mining facilities and specialized hardware. This change has led to a centralized ecosystem where mining can only be performed by certain companies, many of which are hedging their risk by selling mining power to users in the cryptosphere. Cloud mining is a popular practice among entrant users in the cryptocurrency world. This is especially true for cryptocurrencies like Bitcoin and Litecoin which can only be mined profitably with a specialized ASIC miner. Among these, the most popular are Genesis Mining and Hashflare . Bitcoin Cryptomoney Cryptocurrency Btc Cryptography While these companies have been able to gain popularity throughout the years, and especially during 2017, very few clients end up satisfied. This is because cloud mining companies sell contracts that often end up costing the user money, making them wonder why they didnt just purchase and hold the coin instead. These companies rely heavily on affiliate systems in order to attain new customers, many of which are attracted by misleading vlogs or articles in which the author brags about how much money he made with cloud mining. Authors usually forget to mention that the profits come from referrals and not from the actual contracts. Not only are these cloud mining contracts risky and unpredictable, they have also become a target for scammers in the space. Last year, for example, HashOcean was able to disappear with its customers m Continue reading >>
Is Mining Dead ?
Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again? Quote from: Clint on June 06, 2015, 07:12:38 PM Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again? Here's the deal... I'm one of the last standing profitable home miners but I made sacrifices to get free power. Unless you got free or extremely cheap power <$0.05 per KW.h then it's a losing game. Alternatively, you can pay for power out of pocket and wallet all your mined coin. Even at that, with free power, I got about 6TH.s right now and only make about $15 a day... and I'm being generous. I make more than that but I sell hardware and hashing contracts. With power costs I would be in the hole and be stuck paying for power out of pocket again. Right now my pwoer bill is tiny, I only turn it on when renewable ran out. If you pay for power and bank the coin, then you have the best chances for a ROI down the line. Right now, there aren't any ROI's possible without free power. I used to encourage new miners, now I discourage them because most have no idea of the task at hand. They also think they're gonna go plug a few machines and make a killing... Just like in Gold, people think they're gonna go dig a hole and get rich... well you can but not likely for a n00b. Then same people get upset when "mining industry constants" get involved in crypto mining and they don't make as much... I don't know how many people complain abotu incosistent earnings... well, Continue reading >>
Browser-based Cryptocurrency Mining Makes Unexpected Return From The Dead
Bitcoin Mining: Is It Worth The Effort In This Day And Age?
Bitcoin Mining: Is It Worth The Effort In This Day And Age? William M. Peaster on January 23, 2018 / 1 Comment With the ongoing cryptocurrency boom, there has been an explosion of newcomers into the crypto ecosystem. And, unsurprisingly, one of the hottest topics in the ongoing boom is bitcoin mining. Thats because 1) bitcoin is the OG cryptocurrency, and 2) because cryptocurrency mining is unlike any phenomenon that humanitys ever seen before. Accordingly, the novelty and profitability of bitcoin mining have many of these newbies wondering: is mining right for me? Its an important question to ask before you sink thousands of dollars into a mining project, as there are numerous factors that might make you tilt yay or nay when it comes to your own personal tastes. Today, then, well be looking at the past, present, and future of bitcoin mining to help you get a better idea for whether or not mining bitcoin would be right for you personally here and now. In the first days of Bitcoin, Satoshi Nakamoto was the only miner on the network. Reportedly using several computers simultaneously, Nakamoto mined approximately 1,000,000 bitcoins in the first weeks of the project, courtesy of only CPUs. And this dynamic remained for the Bitcoin networks beginning months, as more and more miners arrived to use their CPUs to verify the network. As Hal Finney noted in his goodbye letter to the Bitcoin community: Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer. One CPU was supposed to provide a single vote on the bitcoin network in the projects beginning days, but thin Continue reading >>
Oh Bitcoin Is Still A Thing? Should I Start Miningthen?
Oh Bitcoin is still a thing? Should I start miningthen? Why do folks ask this question? More often than not, the question pops up in times when Bitcoins price is rising, and they may see mining as the cheapest way to get their hands on some. i.e. Why buy bitcoin at $1,000/BTC when I could just buy a graphics card and get some for free, right? It is not as simple as this though, and in most cases not at all feasible. Heres a breakdown of why that is, and of the very specific cases where mining may still be a feasible venture. The basic premise of mining is that persons from around the world can contribute their processing cycles (CPU or otherwise) to the bitcoin network. In return they get paid for the number of cycles they contribute. These cycles are used to secure the entire Bitcoin network. Payment is made in proportion to the number of effective CPUs a person can contribute. These contributions are relative to the current size of the mining network. The payment, better known as the block reward, is the thing that were interested in looking at. Bitcoins original vision as laid out in its whitepaper was one CPU one vote. Persons would contribute their CPU cycles to vie for the chance to add the next block of transactions to the network. In turn they would be paid for each block that they get to add. In the early days folks did go the route of CPU mining as was the original design. This however, quickly accelerated through the ever evolving and creative use of more advanced pieces of hardware. The progression of mining in Bitcoin went as follows: CPU mining eventually gave way to GPU mining GPU mining eventually gave way to FPGA/ASIC mining ASIC mining rapidly improved until running headlong into Moores Law A comment from Reddit on different hardwaretypes It is import Continue reading >>
P2pool - Bitcoin Wiki
P2Pool is a decentralized Bitcoin mining pool that works by creating a peer-to-peer network of miner nodes. P2Pool creates a new block chain in which the difficulty is adjusted so a new block is found every 30 seconds. The blocks that get into the P2Pool block chain (called the "share chain") are the same blocks that would get into the Bitcoin block chain, only they have a lower difficulty target. Whenever a peer announces a new share found (new block in the P2Pool block chain), it is received by the other peers, and the other peers verify that this block contains payouts for all the previous miners who found a share (and announced it) that made it into the P2Pool share chain. This continues until some peer finds a block that has a difficulty that meets the Bitcoin network's difficulty target. This peer announces this block to the Bitcoin network and miners who have submitted shares for this block are paid in the generation transaction, proportionally to how many shares they have found in the last while. - Unknown author Decentralized payout pooling solves the problem of centralized mining pools degrading the decentralization of Bitcoin and avoids the risk of hard to detect theft by pool operators. Miners are configured to connect to a P2Pool node that can be run locally, alongside the miner. P2Pool users must run a full Bitcoin node which serves the purpose of independently validating transactions and the Bitcoin blockchain. P2Pool also supports merged mining and several alternative blockchains. P2Pool nodes work on a chain of shares similar to Bitcoin's blockchain. Each node works on a block that includes payouts to the previous shares' owners and the node itself, which can also result in a share if it meets P2Pool's difficulty. Because of the importance of strengthe Continue reading >>
Btc Miner Dead
NVIDIA, AMD, And Motherboard OEMs Reportedly Readying cryptocurrency mining companies qld SpacePirate Games on Twitter: "Dead mechs tell no tales How Death to Bitcoin? BitTorrent founder reveals plans for rival crypto bitcoin miner what is it Bitcoin Mining Giant Bitmain Launches a Pool Developed in Israel Bitcoin mining Companies in San Francisco San Francisco USA(1888-556-4385)+AUS(1800-957027) itcoin Suppor - Dell Mining bitcoins takes power, but it isn't an 'environmental disaster MiningBank: Home real bitcoin mining calculator Bitcoin miner NiceHash reports hack, theft of its 'wallet' - USA TodayWhat Exactly is Happening to Bitcoin on August 1st? The Merkle how to become a bitcoin miner quickly Bitcoin: How to get it in on the action with your mobile | Know Your The resolution of the Bitcoin experiment Mike's blog What Christians Should Know About Bitcoin (Part 1 of 3) Acton AntMiner R4 Review - Is Home Bitcoin Mining Back? - 1st Mining Rig How Close Did Bitcoin Get to Disastrous Chain Death Sp | News China's Crackdown On Crypto-Mining Threatens Bitcoin's Future Bitcoin Is Dead | The Weekly Standard hashflare cloud mining kaskus Tesla owner builds a bitcoin mining rig in a Model S to use free Bitcoin consumes a ton of energy, but it's not as bad as you've heard Bitcoin Cash's Death Spiral - Winklevoss Bitcoin Trust ETF (Pending Category: BTC - Bitcoin Buy Xyz bitcoin mining definition 9th edition Proof of Work vs Proof of Stake - One Month 5 best motherboards for cryptocurrency mining 2018 | TechRadar Is the bitcoin bubble about to burst? | London Evening StandardHow The Death of Net Neutrality Could Be the Death of Blockchain bitcoin mining how it works na 10 facts that you may not know about bitcoin -TechSPARK.co The Looming Problem That Could Kill Bitcoin - MIT Continue reading >>
Bitcoins Trading Star Is Chicago High-speed Firm That Nods To The Grateful Dead
Bitcoins Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead DRWs Cumberland unit jumped in shortly after the digital currencys plunge in 2014, putting it far ahead of Wall Street banks One of Chicagos largest high-speed traders has taken a central role in the bitcoin market, stepping into the vacuum created by Wall Streets hesitant response to the booming investor interest in digital currencies. DRW Holdings LLC uses quantitative models to buy and sell bitcoin, for its own account and for use as a market makerfirms that grease the wheels of finance by buying, selling and quoting prices. Cumberland, DRWs digital-currency unit, says it has traded more than $20 billion worth of bitcoin, ethereum and other... Soaring Bitcoin: If It's a Bubble, When Will it Burst? Investment manias throughout the centuries have ranged from tulips to tech stocks to housing; is bitcoin different? Image/Video: Daniel Epstein
Decentralised Cryptocurrency Isdead
Blockchain is turning from something revolutionary to just another model of the same old, rotten system. If your thought that bitcoin would democratise the financial order and will cut out the middlemen, think again. Its not about the technology you are using: blockchain, tangle, 2x blocks, smart contracts, segwits, lightning networks, Schnorr or whatever the nerds will come up with. A problem can be solved in different ways. The issue is more profound. Satoshis original vision is flawed. Financial rewards will always create inequality As I demonstrated in my previous article IOTA: why free transactions matter most the problem are the rewards. By paying someone to run the network, you are giving away your power. By giving away your power, the system becomes unbalanced: there are few powerful players and the large, powerless base. The base cannot exist without the powerful miners, who get more and more powerful as the time progresses. Bitcoin, the oldest decentralized ledger, already has this problem, where a few mining pools control more than half of the total hashrate. This is bad news and no coin is immune as long as it offers some kind of monetary rewards for the systems maintainers. Whoever has the highest hashrate, controls it. You might argue, that Proof-of-Stake (PoS) will solve everything, but it is just shifting the problem. In PoS whoever has the biggest pile of coins runs the show, so to speak. So you exchanged hashrate for wealth, which is just the same. It might be better for the environment, but doesnt solve the problem of centralisation. Inequality will always lead to centralisation A seemingly decentralised coin becomes just another flavour of the current financial order where the wealthy few can manipulate the system as they see fit. Again, the coin or Continue reading >>
Is Bitcoin Mining Dead? : Bitcoinmining
WARNING: THINKING OF CLOUD MINING? DON'T! Click the "report" link. It's just below the submission or comment body. AutoModerator will clean it up in no time! READ THESE SCARY STORIES FIRST! (us mods tell them to our kids around the campfire) How to get a refund via PayPal for your Pre-Ordered mining equipment? No "FOR SALE" posts. Feel free to hawk your wares in our sister subreddit /r/BitMarket - this means no goup buys as well. As common as it is in Bitcoin Mining, it is far to risky to be carried out over reddit. No verbal abuse. If you don't have anything nice to say, it's best not to say anything at all. Remember, we were all newbies once. Mining isn't exactly a trivial venture. No Referral Links. No Amazon/eBay referral links. No mining pool referral links. No mining contract referral links. No referral links, period. No Promoting New Alt Coins. If there is a new alt coin out, this is not the place to discuss or promote it. If you have questions about mining that alt coin, feel free to ask away! No short-URLs. Nobody should have to trust you before clicking on a link. URL-shortener services serve no use on Reddit as there is nothing restricting the size of your comment string. No begging. Do not ask for other people to mine for your address. Do not beg for donations simply for lending a helping hand. Anybody caught violating the rules will be banned on sight. If you notice somebody abusing the subreddit rules, please message the moderators with the permalink in question. All members of the BitcoinMining subreddit are expected to read and follow the Official Reddit Rules as well as the informal Reddiquette guidelines . Likewise, all moderators of this subreddit do follow the Modiquette . Continue reading >>
Mining Dead Coins?
Could you set up 2 nodes for a dead coin and potentially guarentee that you get the block reward for anything still floating in cyber space. like say slothcoins for example. No network node but some people still try to transfer or sell. Still has some old buy orders. Might be a good purpose for old equipment that I can't use now. Any thoughts? If people are still mining it, it ain't dead. Biggest prob with old coins is 1) Finding wallet, 2) syncing wallet, 3) finding a live exchange, also most exchanges that had it already de-listed it years ago, and really dont want to have it back. Best thing to do with old coins is to mine them really really gently, never with more than 30-35% of total network hash (or u either kill it, or are just competing against yourself and the block time), and do it real discrete, slowly let it gain some traction, problem is, if an idiot jumps in, hits it with 10-100 x total hash, which is easily done with asics etc, then it forks all over the place, then exchanges will never touch it, and we lose another great old coin. I mine some coins at less than 4kh/s on scrypt, and 250kh/s x11....take a mo and look at those figures, and i'm getting coins along with the other miners all day. This way i can be mining 20-30 old coins all day every day, on a couple of old gpus. I mined 1 mil of 1 old coin in 3 weeks, never getting above intensity of 10 (8-25) and hash around 1Mh, x11 So, steady away, and have fun, and if ure lucky u'll mine 1000's of coins and hopefully they will be worth something oneday The biggest danger I would see if if someone else is mining the so called dead coin and you just are not able to find the active nodes. If the seed nodes are down or out of date you and three other private groups could be mining the same coin all on essent Continue reading >>
Cpu Mining Is Making A Comeback (but Only On Botnets)
CPU Mining is Making a Comeback (But Only on Botnets) Join our community of 10 000 traders on Hacked.com for just $39 per month. CPU mining malware increased sixfold during the first eight months of 2017, according to a new report from IBM X-Force. As CCN has reported, the number of computers infected with cryptocurrency mining malware has increased every year and is on pace to reach 2 million in 2017 alone. However, the number of computers infected with CPU mining malware has surged sixfold this yearfar beyond the rate of overall increase in infections. For the average user, CPU mining has been dead for what seems like agesreplaced by more powerful GPU and ASIC miners. However, the IBM X-Force threat intelligence service has identified a remarkable increase in computers infected with CPU mining malware during 2017. The report theorizes that cyber attackers turn to this flavor of mining malware because, even though CPU mining is not worthwhile on an individual level, hackers often control botnets containing thousands of infected computers. Since they do not have to foot the cost of electricity, what little profit each individual computer makes quickly adds up. The X-Force team found that a standard Intel i5-6500 4 core processor running an Ubuntu server could net about $2.35 per month.Hackers most commonly used the botnets to mine anonymous CryptoNote currencies such as Monero and Bytecoin. The attacks were often deployed using steganography, the practice of hiding data within image files. After hiding the malware inside a fake image file, the hackers placed them on compromised web servers. According to the report, the manufacturing and financial services sectors tied at 29% for the highest volume of CPU mining attacks. They stated that many of the attacks exploited in Continue reading >>