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Bitcoin Mining - What Is It And Is It Profitable In 2018? A Beginner's Guide

Bitcoin Mining - What Is It And Is It Profitable In 2018? A Beginner's Guide

Last updated on November 24th, 2017 at 08:12 am Before we start, if youre new to Bitcoin mining and dont know what it is watch this short and simple explanation: The short answer would be It depends on how much youre willing to spend. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors mining profitability calculators were invented. These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated lets make sure you are familiar with the different variables: Bitcoin Mining terms you should get to know Hash Rate A Hash is the mathematical problem the miners computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is. The Hash Rate can also refer to your miners performance. Today Bitcoin miners (those super powerful computers talked about in the video) come with different Hash Rates. Miners performance is measured in MH/s (Mega hashper second), GH/s (Giga hash per second), TH/s (Terra hashper second) and even PH/s (Peta hashper second). Bitcoins per Block Each time a mathematical problem is solved, a constant amount of Bitcoins are created.The number ofBitcoinsgenerated per block starts at 50 and is halved every 210,000 blocks (about four years). The current number of Bitcoins awarded per block is 12.5. The last block halving occurred on July 2016 and the next one will be in 2020. Bitcoin Difficulty Since the Bitcoin network i Continue reading >>

6 Best Bitcoin Mining Hardware Asics Comparison In 2017

6 Best Bitcoin Mining Hardware Asics Comparison In 2017

The best Bitcoin mining hardware has evolved dramatically since 2009 At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 to 100 times faster and consumed much less power per unit of work. During the winter of 2011, a new industry sprang up with custom equipment that pushed the performance standards even higher. The first wave of these specialty bitcoin mining devices were easy to use Bitcoin miners were based on field-programmable gate array (FPGA) processors and attached to computers using a convenient USB connection. FPGA miners used much less power than CPU's or GPU's and made concentrated mining farms possible for the first time. Today's modern and best bitcoin mining hardware Application-specific integrated circuit (ASIC) miners have taken over completely. These ASIC machines mine at unprecedented speeds while consuming much less power than FPGA or GPU mining rigs. Several reputable companies have established themselves with excellent products. Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are: For a comprehensive comparison of bitcoin mining hardware. Two major factors go into determining the best bitcoin mining hardware: (1) cost and (2) electricity efficiency. Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot. Application-specific integrated circuit chips (ASICs) are bitcoin mining hardware created solely to solve Bitcoin blocks. They have only minimal requirements for other normal computer applications. Conseq Continue reading >>

Bad News For Bitcoin Miners: It's No Longer Profitable To Create The Cryptocurrency, By Some Estimates

Bad News For Bitcoin Miners: It's No Longer Profitable To Create The Cryptocurrency, By Some Estimates

Bitcoin has dropped to a point where it's not that profitable to produce, according to some estimates. "Bitcoin currently trades essentially at the break-even cost of mining a bitcoin, currently at $8,038 based on a mining model developed by our data science team," Fundstrat's Thomas Lee said in a report Thursday. Fundstrat's model incorporates three factors: the cost of equipment, electricity and other overhead such as maintaining cooling facilities. The cryptocurrency traded mildly lower, near $8,000, Thursday, according to CoinDesk's bitcoin price index, which tracks prices from four major global exchanges. Earlier, bitcoin hit a low of $7,676.52, its lowest since Feb. 8, according to CoinDesk data. Bitcoin is created through an energy-intensive "mining" process that uses high computing power to solve a complex mathematical equation, proving an anonymous miner used the process the network agreed upon to build the blockchain record of transactions. Miners then get bitcoin in reward for successfully completing the equation. If the cost to create bitcoin exceeds the reward, miners theoretically lose incentive. "In some cases the miners may simply turn off the machines until the price comes back a bit," said Shone Anstey, co-founder and president of Blockchain Intelligence Group. "It's got to be getting to the point that some of them may be losing money." Bitcoin mining today requires custom hardware that can cost several hundred to a few thousand dollars. And like much technology, more efficient equipment is always coming out. In fact, the need to regularly replace equipment accounts for more than half the cost of mining, according to Fundstrat's model, said Sam Doctor, head of quantitative data science. He assumes electricity costs of 6 cents per kilowatt hour and oth Continue reading >>

Bitcoin Price Index - Real-time Bitcoin Price Charts

Bitcoin Price Index - Real-time Bitcoin Price Charts

The vice president of the European Central Bank saidyesterday that investors are taking a risk buying bitcoin at current high prices. Do you believe celebrity endorsements help the blockchain industry? Yes big names add credibility and visibility No they back scam projects or distract from innovation Indifferent this neither helps nor hurts the space I would like to receive the following emails: CoinDesk Weekly - Insights for the week ahead CoinDesk Daily - Our snapshot of the day's news Subscribe to our free newsletter and follow us Continue reading >>

Mining - Bitcoin Wiki

Mining - Bitcoin Wiki

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions (and a " mining rig " is a colloquial metaphor for a single computer system that performs the necessary computations for "mining").This ledger of past transactions is called the block chain as it is a chain of blocks .The block chain serves to confirm transactions to the rest of the network as having taken place.Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus.Mining is also the mechanism used to introduce Bitcoins into the system:Miners are paid any transaction fees as well as a "subsidy" of newly created coins.This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities:it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. Mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a bl Continue reading >>

Faq - Bitcoin

Faq - Bitcoin

Find answers to recurring questions and myths about Bitcoin. Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin. Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper. Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the s Continue reading >>

Bitcoin Mining Pressures Hardware Prices

Bitcoin Mining Pressures Hardware Prices

Ricardo Esteves | April 14, 2018 | 9:44 pm Ricardo Esteves | April 14, 2018 | 9:44 pm Demand for computer components has skyrocketed with the surge of cryptocurrency mining, with prices more than doubling the past 12 months in some cases as suppliers are struggling to build enough capacity to meet the needs of the emerging market. Prices of PC Components Skyrocket Due to Bitcoin Mining The cryptocurrency mining boom is taking the blame for the inflationary prices in the PC hardware industry. The exponential demand for processing power and memory needed to mine crypto hashes for cryptocurrency is not being followed by similar growth in industrial capacity to supply those items. As miners buy video cards andsticks of RAM in bulk to set up their mining rigs, retailers have a hard time getting them from suppliers such as Samsung, AMD, and NVIDIA. Minersare demanding more powerful rigs that can include up to 500 graphics cards each which has created a worldwide shortage of the cards allowing manufacturers and retailers to gaugebuyers on the price. Checking the price of the 5 most popular graphics cards from last year and comparing it with the updated version shows a general price increase of between 70 and 100% .Nvidias GeForce GTX 1070 should cost around $380, but some cards arenow being soldfor more than $700 due to the massive shortages in the consumer GPU market. This new demand for mining rigs has revitalized these electronic markets that were dying only a few years ago when shoppers turned online for computers, cameras, and gadgets of all kinds.To meet the newfound demand, AMD and Samsung have developed mining boards that use ASICs (Application Specific Integrated Circuit) to run advances hashing algorithms, but these items are yet to become competitive in price and q Continue reading >>

Fundstrats Tom Lee Reports Bitcoin Mining Now Less Profitable Due To Falling Btc Prices

Fundstrats Tom Lee Reports Bitcoin Mining Now Less Profitable Due To Falling Btc Prices

Fundstrats Tom Lee Reports Bitcoin Mining Now Less Profitable Due To Falling BTC Prices Tom Lee has pointed out in a recent Fundstrat report that BTC miners are just breaking even due to BTCs relatively low price. A recent report by Fundstrats Tom Lee notes that Bitcoin (BTC) mining earnings are currently almost breaking even, as the activity has temporarily become less profitable the midst of the current decline in the markets, CNBC reported yesterday, March 15. Lee notes in the report that the current figure for the cost of mining one bitcoin is $8,038, while BTC is trading at around $8,221 by press time, down a quarter of a percent over a 24 hour period, according to data from CoinMarketCap . The model Fundstrat used for calculating the cost of mining one BTC includes the cost of equipment, overhead such as sustaining cooling apparatuses, and the cost of electricity, assumed to be 6 cents per kilowatt. The head of quantitative data science at Fundstrat, Sam Doctor, said that the cost of replacing equipment takes up more than half of the overall cost of mining. Crypto miners also earn money from transaction fees, which have recently been falling . According to data from BitInfoCharts , the median transaction fee on March 15 was around $0.21, while it had been over $34 dollars on Dec. 23 of last year. Charlie Hayter, CEO of website CryptoCompare, told CNBC that miners are now earning half of what they were in December also due to a rise in popularity of BTC mining, measured by hashrate. According to Fundstrats Doctor, miners are likely to stop mining operations if BTCs price sank to around $3,000 or $4,000. Doctor added that BTC mining had been breaking even in January 2015, when one BTC was equal to between $200 and $300. However, CNBC writes that Chinese BTC miners Continue reading >>

Bitcoin Price Retreat Digs Into Bitcoin Miner Profits

Bitcoin Price Retreat Digs Into Bitcoin Miner Profits

Bitcoin Price Retreat Digs Into Bitcoin Miner Profits Join our community of 10 000 traders on Hacked.com for just $39 per month. Bitcoin miners may be turning off their machines, at least until the bitcoin price rebounds. Its no secret the BTC price has been in a rut, which has dampened investor sentiment but now its also interfering with the plans of ambitious mining projects that have flooded the market since bitcoins peak at year-end. The leading cryptocurrency has shed more than 50% of its value since its mid-December high of nearly $20,000 and is now hovering at about $8,495. Fundstrat Global Advisors data science team developeda bitcoin mining model that hasdeterminedthecurrent price levelfor BTC is below the threshold to profitably create it. TheFundstrat report, which wasobtained by CCN, revealed its basically a wash right to mine bitcoin currently. Bitcoin currently trades essentially at the break-even cost of mining a bitcoin, currently at $8,038 based on a mining model developed by our data science team, according to Fundstrats Sam Doctor and Ken Xuan. Its an unusual situation for the cost of mining to supersede that of the asset itself, Fundstrat says, suggesting that the current multiple represents a trough and that now is not the time to sell. Incidentally, todays BTC multiple is revisiting 2015 levels when it was at a secular bear market low, according to Fundstrat. At that time, the bitcoin price was just $176.50. The Fundstrat model is three-pronged, taking into account machine expenses, energy and the cost of overhead such as the cooling systems that prevent computer servers from overheating during the energy-intensive process of mining. The current market dynamics could just be enough to cause the miners to flip the switch, at least for now. In some Continue reading >>

How Bitcoin Mining Works - Coindesk

How Bitcoin Mining Works - Coindesk

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other. People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger. This general ledger is a long list of blocks, known as the 'blockchain'. It can be used to explore any transaction made between any bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is added to the blockchain, creating an increasingly lengthy list of all the transactions that ever took place on the bitcoin network. A constantly updated copy of the block is given to everyone who participates, so that they know what is going on. But a general ledger has to be trusted, and all of this is held digitally. How can we be sure that the blockchain stays intact, and is never tampered with? This is where the miners come in. When a block of transactions is created, miners put it through a process. They take the information in the block, and apply a mathematical formula to it, turning it into something else. That something else is a far shorter, seemingly random sequence of letters and numbers known as a hash. This hash is stored along with the block, at the end of the blockchain at that point in time. Hashes have some interesting properties. It’s easy to produce a hash from a collection Continue reading >>

5 Best Bitcoin Mining Hardware Asics 2017 / 2018 (comparison)

5 Best Bitcoin Mining Hardware Asics 2017 / 2018 (comparison)

Originally, Satoshi intended for Bitcoin to be mined on computer CPUs. However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs ( Application Specific Integrated Circuits ). Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with access to low-cost electricity. Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or bitcoin generators. There are also Bitcoin hardware wallets like the Ledger Nano S , which store bitcoins. There are some important factors to look at when determining which Bitcoin mining ASIC to buy: Hash rate How many hashes per second can the Bitcoin miner make? More hashes cost more, which is why efficiency is crucial Efficiency Youll want to buy the most efficient bitcoin mining hardware possible. Since miners use a large amount of electricity, you want to buy one that converts the most amount of electricity into bitcoins. Price How much does the bitcoin miner cost? Cheap mining hardware will mine less bitcoins, which is why efficiency and electricity usage are important. The fastest and more efficient mining hardware is going to cost more. Dont try to buy a miner based on only price or only hash rate. The best ASIC miner is the most efficient bitcoin miner. Aim for value. Bitcoin Miners for Sale on eBay or Amazon If youre a hobby miner who wants to buy a couple rigs for your house, eBay and Amazon both have some decent deals on mining hardware. Both new and used bitcoin mining rigs and ASICs are available on eBay. One may want to buy used ASIC mining hardware on eBay because you can get better prices. eBays customer protection ensures youll get a working p Continue reading >>

Btc Prices Below $8k Could Spell Disaster For Bitcoin Miners

Btc Prices Below $8k Could Spell Disaster For Bitcoin Miners

BTC Prices Below $8K Could Spell Disaster for Bitcoin Miners According to a study conducted by Wall Street analyst, Tom Lees agency, Fundstrat, BTC prices below the $8K range make it awfully difficult for miners to gain revenue. Lee details that at a global average rate of six cents per kilowatt-hour, some BTC miners are either breaking even right now or mining the cryptocurrency at a loss. Also Read: New York Power Companies Can Now Raise Rates for Bitcoin Miners The price of bitcoin and several hundred other cryptocurrencies are suffering from the largest drop in value in well over a year. 2017 turned out to be a phenomenal run the entire year but after the new year, things started looking quite bearish. BTCs value, in particular, is hovering just above the $7,500 zone at the time of writing and at that global average some miners are mining bitcoin at break-even costs or even running operations at a loss. Fundstrats Tom Lee explains his team has devised a model that incorporates multiple factors including equipment cost and performance, electric costs, and other types of overhead. The Fundstrat research report explains: Bitcoin currently trades essentially at the break-even cost of mining a bitcoin, currently at $8,038 based on a mining model developed by our data science team. The price of BTC on March 17, 2018, 11:20 pm EDT. Competing With China Means 4 Cents or Less The research model is based on a global average of six cents per kilowatt-hour. There are definitely some areas in the world such as China that offer far cheaper electric rates. Chinas rates for power can be 4 cents or less per kilowatt-hour. Other regions in the world that offer cheaper methods of power production like hydropower can also offer competitive rates as well. There are also other reasons i Continue reading >>

Bitcoin Miners Unaffected By Price Decline Hashrates Spiked Exponentially

Bitcoin Miners Unaffected By Price Decline Hashrates Spiked Exponentially

Bitcoin Miners Unaffected by Price Decline Hashrates Spiked Exponentially Despite the multitude of headlines declaring that bitcoin mining was becoming unprofitable over the last four months, the hashrate between both Bitcoin Core (BTC) and Bitcoin Cash (BCH) networks has exploded. At the moment both SHA-256 proof-of-work (POW) powered protocols have been maintaining more than 35 exahash per second, becoming one of the most powerful computational systems in the world. Also read: Play Music on Jukebox.cash a Bitcoin Cash Infused Global Playlist BTC Mining Hashrate Unphazed by Crypto Winter There has been a massive decline in fiat value for nearly all cryptocurrencies represented within the digital asset universe during the 2018 Crypto Winter. During this time, researchers and pundits have declared that when BTC/USD prices dipped below $8K, mining was allegedly unprofitable in some regions. However, as far as blockchain data is concerned mining has grown exponentially even during the last four months when BTC prices found new lows. This year pools such as BTC.com, Antpool, Slush, and Viabtc have increased their hashrates considerably. A factor possibly due to new semiconductors and innovations in mining technology. Today the BTC global hashrate is 30 exahash per second. Over the last four months even when the price declined hashrate increased. Over the last seven days, BTC miners have held a fairly consistent 30 exahash per second .From December 2017 up until April 2018, the BTC chains hashrate has increased significantly . According to estimates, Chinese mining pools make up most of the BTC hashrate (80%) as eight of the top ten pools are based in China. Chinese mining pools make up more than 80 percent of the BTC global hashrate. The top five pools command close to 75 Continue reading >>

The Cheapest And Most Expensive Countries To Mine Bitcoin

The Cheapest And Most Expensive Countries To Mine Bitcoin

It costs $26,000 to mine one bitcoin in South Korea and just $530 in Venezuela Mining just one bitcoin in South Korea costs $26,170, according to data released by lighting and furniture firm Elite Fixtures. The Elite Fixtures data also showed that Venezuela is the cheapest country in which to mine bitcoin. Haobtc's bitcoin mine site manager, Guo-hua, checks mining equipment inside their bitcoin mine near Kongyuxiang, Sichuan, China. Bitcoin mining is costing South Koreans a lot of money. Mining just one bitcoin in one of the world's biggest digital currency markets costs $26,170, according to data released by lighting and furniture firm Elite Fixtures . So-called bitcoin miners are vital to keeping the underlying blockchain, or distributed ledger, network tick. A blockchain network is essentially a huge decentralized database that maintains a continuously growing record of transactions or other data. Miners solve complex mathematical problems to validate transactions and add them to the blockchain. The Elite Fixtures data also showed that Venezuela is the cheapest country in which to mine bitcoin. It costs $531 to mine the world's best known virtual currency there. Some Venezuelans have turned to bitcoin mining for survival in the economically struggling South American country. Continue reading >>

Bitcoin Mining Costs: The Most And Least Expensive Countries

Bitcoin Mining Costs: The Most And Least Expensive Countries

Bitcoin Mining Costs: The Most and Least Expensive Countries It costs 48 times as much to mine a single bitcoin in the most expensive country than it does in the cheapest country. Since the beginning of 2017, no asset class has been more impressive than cryptocurrencies. Whereas the stock market has been the traditional source of wealth creation, with investable money typically doubling around once a decade, the aggregate market of all digital currencies surged from $17.7 billion at the beginning of 2017 to as high as $835 billion earlier this month. That represents an increase in value of 4,500%, a number that would have taken the broad-based S&P 500 decades to deliver. Bitcoin leads the charge for cryptocurrencies Leading the way for this crypto-revolution is bitcoin, the world's most valuable virtual currency by market cap. Bitcoin was the very first digital currency to become tradable back in March 2010, and it's the cryptocurrency that merchants worldwide are most likely to accept. It also happens to be responsible for bringing blockchain technology into the mainstream. Blockchain is the digital, distributed, and decentralized ledger that underpins digital currencies and is responsible for recording all transactions without the need for a financial intermediary, which is often a bank. Its evolution is based on the belief that the current financial system isn't efficient, and it looks to fix these flaws in three ways. First, the decentralization of blockchain ensures that no single entity, including cybercriminals, can gain control over a cryptocurrency, thus making blockchain a potentially safer method of processing transactions. Second, as noted, there's no third-party bank involvement, which means less in the way of transaction fees. And lastly, transactions are Continue reading >>

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