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How Can Cryptocurrency Be Mined

Cryptocurrency Mining Explained | Fortune

Cryptocurrency Mining Explained | Fortune

© 2017 Time Inc. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy ( Your California Privacy Rights ). Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data . ETF and Mutual Fund data provided by Morningstar , Inc. Dow Jones Terms & Conditions: . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions . Powered and implemented by Interactive Data Managed Solutions . Continue reading >>

How To Stop Your Browser From Secretly Mining Cryptocurrency

How To Stop Your Browser From Secretly Mining Cryptocurrency

How to Stop Your Browser From Secretly Mining Cryptocurrency There's no surefire way, a handful of precautions help keep your hardware under your control. Despite a crash that saw the price of Bitcoin and other cryptocurrencies plummet, the fever is not dead. Look no further than the race for computing power, which is reaching new and bizarre heights. Cryptocurrencies in general and Bitcoin in particular requires an enormous amount of computing power to mine. That's by design . As the difficulty of mining goes up, the cyber-prospectors of this new gold rush are employing all kinds of methods to corner as much horsepower as they can: Buying up graphics cards in bulk , co-opting high-tech government equipment , and most recently, illicitly employing the services of thousands of web browsers. Cryptojacking, as this process is often called, has exploded in popularity ever since folks figured out how to sneak it into websites using Javascript . Some websites, like Salon.com , are even using the tactic on the up-and-up as an alternative form of economic support. Cryptojackers typically have no interest in invading your privacy or messing up your computer, but the power they pull can trash your battery life and put strain on your device. If the prospect of your computer being used for such purposes without your consent makes you a little nervous, there are a few ways you can try to stop it. Surreptitious forms of cryptojacking can be cleverly hidden. One website, for example, was hiding a cryptojacking script in a browser tab icon. Fortunately, even the most well-hidden cryptojacking scripts necessarily reveal themselves in action. To do their work, they need to use a very noticeable amount of CPU power, enough that it might make your laptop's fans kick on or slow down your s Continue reading >>

Is Bitcoin Mining Profitable?

Is Bitcoin Mining Profitable?

In recent months, interest in cryptocurrencies has surged as bitcoin and other cryptocurrencies have skyrocketed in value. At one point in December, the price of a single bitcoin was above $20,000, and the boost in price also impacted other cryptocurrencies, with 3thereum selling for more than $1,400 and litecoin reaching above $190. While buying on an exchange like Coinbase is usually fairly simple (and you can even buy fractions of cryptocurrencies), there are those who prefer to mine their coins. But does it make sense to mine cryptocurrencies when you can just buy them and hold onto them? How Profitable Is Mining Your Own Cryptocurrency? Mining cryptocurrencyseems like a no-brainer. Set up a computer to help solve complex math puzzles and you are rewarded with a coin (or a fraction of a coin). Back in the day, the first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes. Today, cryptocurrency mining is a little more complicated and involved. With bitcoin , the reward is halved every four years. On top of that, serious miners have built huge arrays to mine, making it harder for smaller miners to compete. You can join a bitcoin mining pool to be more effective, but that comes with a fee, reducing your profits. Some crypto miners instead opt for other currencies. Its possible to mine ether, litecoin, monero, z-cash, and a number of other cryptocurrencies. Some of these cryptos are worth very little in U.S. dollars. However, its possible to use what you mine and convert it into fractional bitcoins on an exchange, and then hope that BTC gains in value. No matter what you decide to mine, though, you have to account for your setup costs. You need to buy the right equipment, including, in some cases, graphics c Continue reading >>

12 Answers - What Is Cryptocurrency Mining? - Quora

12 Answers - What Is Cryptocurrency Mining? - Quora

Originally Answered: What does mining in cryptocurrency mean? Mining cryptocurrency is like mining gold or silver at a mountain. When you start digging into a mountain it's relatively easy but over time you will need more advanced equipment as the process gets dangerous and difficult. Mining refers to processing cryptocurrency transactions. Miners get rewarded whenever they process a transaction and solve for a new block. The mining process involves solving mathematical problems. These problems get difficult with time. As the difficulty increases the miner would need fast and reliable technology. To start mining you need hardware (ASIC for Bitcoin and GPU for other cryptocurrencies) and electricity. Setting up a mining rig is expensive and requires cheap electricity so instead people join mining clouds. A YouTube Cryptocurrency News Host, Analyst and Educator #1 Cryptocurrency FaceBook Group: Log into Facebook | Facebook In short, cryptocurrency mining is solving blockchains that contain info on worldwide transactions. Those transactions are stored on all computers that are registered as miners and it is used to prevent fraud. The purpose of this network is to keep track of every transaction on the planet. If you make a payment with Bitcoin every peer in the network will know that you made a purchase and have that record stored in the database. It takes some time for the network to confirm your transaction, but once it gets confirmed there is nothing that can reverse the process. You could say that it is the most secure payment system in the world right now. The transaction becomes a part of a blockchain and that is how a bitcoin is forged. The job of miners in a cryptocurrency-network is to confirm transactions by solving the blockchains. The more transactions made, t Continue reading >>

How Does Cryptocurrency Mining Work?

How Does Cryptocurrency Mining Work?

Since Bitcoin is the first cryptocurrency that dictates the destiny of all others, I am gonna use it as an example … Bitcoin mining is simply just converting a sha2 hash (of a block with some random data added on) into an integer and seeing if it is less than some value. Finding that number is, computationally, very difficult. Once that is found, a new block is added, and the finder is free to add bitcoins to their own wallet. Every block a miner creates also includes a special transaction called the coinbase, which transfers brand new bitcoins from nowhere into an address belonging to the miner. So the miner gives bitcoin to himself, and that's a very important aspect to bitcoin. When you are the first to come up with a valid block, you've basically dictated what it said. These mining solutions are a) attached to a new block of transactions, and b) proof that someone spent a large number of computing cycles on it after seeing the previous block update. Together, those ensure that the entire network agrees on the transaction order, thus resolving attempts at double-spending. It ensures this by telling everyone to trust the unbroken transaction record ("block chain") with the most total computation invested in it. Since everyone can verify how much computation that is, you can trust that everyone throughout the network will agree on what order transactions happened in -- and thus which one to go with if a coin is spent more than once You might think that miner can do whatever he wants: give himself a thousand coins, create fake transactions, etc, and there's no central power to stop him... The crucial piece to the puzzle though is no one else on the network will recognize his fake coins/transactions - if the vast majority disagree with him, he is ignored. Every single Continue reading >>

How Cryptocurrency Mining Is Hurting Astronomers

How Cryptocurrency Mining Is Hurting Astronomers

How cryptocurrency mining is hurting astronomers Aaron Parsons is on a quest to discover the first stars that formed in our Universe around 13 billion years ago. But one thing is getting in the way of his primordial cosmic quest: cryptocurrency. The mining craze of cryptocurrencies like Ethereum is draining the supplies of graphics cards on the market. And that’s spiking the prices of so-called graphics processing units, or GPUs, super powerful chips that can process huge amounts of data. Without GPUs, astronomers like Parsons can’t do their job. Parsons, at UC Berkeley, works with radio telescopes. These are made of hundreds of antennas that pick up radio emissions permeating the cosmos. All that data needs to be processed in real time by a supercomputer to create a map of the sky that can help Parsons spot the earliest stars, and ultimately understand how our Universe transitioned from hot plasma into a cosmos made of galaxies and planets. Parsons is currently trying to upgrade his radio telescope, called the Hydrogen Epoch of Reionization Array (HERA), to a total of 350 antennas in South Africa. But this week, he found that the GPUs he needs to process data from all those antennas doubled in price — from $500 to $1,000 apiece. That will cost an extra $32,000 that won’t go to paying extra graduate student researchers. “I kind of rolled my eyes a little bit,” Parsons tells The Verge. “I usually think of cryptocurrency as some kind of peripheral thing, and I was surprised and a bit annoyed to discover that it’s impacting the bottom line of our telescope.” Cryptocurrency miners need the GPUs to solve the ever-more-complicated mathematical problems to create new cryptocurrencies. It’s a system that makes the network safe, but it has also spiked energy Continue reading >>

Thousands Of Iot Devices Can Be Hacked To Mine Cryptocurrency: Avast

Thousands Of Iot Devices Can Be Hacked To Mine Cryptocurrency: Avast

Digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin. Vulnerable internet-connected devices from security cameras to smartphones can be hijacked by hackers and turned into tools to mine cryptocurrencies, a cybersecurity company has demonstrated. Avast, which is based in the Czech Republic, ran a demonstration on Wednesday at Mobile World Congress in Barcelona, Spain, which had a number of devices running on a network powering a cryptocurrency mining software. Mining is the process of verifying transactions on a cryptocurrency network by solving complex mathematical problems with high-powered computers. Bitcoin is very difficult to mine without having a super computer, but another cryptocurrency called monero can be done with a network of internet-connected devices. Avast couldn't get 15,000 devices onto its hacked network, but based on the tests it did run, it said that it would need that number of internet-connected gadgets to mine $1,000 of cryptocurrency in four days. A theoretical real-world attack would begin with hackers taking over a network of devices. They would use the combined computing power of those devices to then mine some monero. While the $1,000 might not sound like a lot of profit, the potential is huge because in 2020, there will be over 20 billion internet-connected devices, according to a forecast by research firm Gartner, meaning the number of devices that could be attacked would be much higher. The was an estimated 8.4 billion of these devices in 2017. "This ubiquity of devices combined with the fact they are so easy to attack makes them an attractive target," Ondrej Vlcek, the chief technology officer at Avast, told CNBC Wednesday. Both crypto-mining and hacking of so-called internet of things devices are two rising tre Continue reading >>

Everything You Need To Know About Bitcoin Mining

Everything You Need To Know About Bitcoin Mining

Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. 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. Visualize and Download High-Resolution Infographic Bitcoin 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 we Continue reading >>

Hijacking Computers To Mine Cryptocurrency Is All The Rage

Hijacking Computers To Mine Cryptocurrency Is All The Rage

Hijacking Computers to Mine Cryptocurrency Is All the Rage Hackers are using old tricks and new cryptocurrencies to turn stolen computing power into digital coins. Have you visited Showtime’s website recently? If so, you may be a cryptocurrency miner. An observant Twitter user was the first to sound an alarm last month that the source code for the Showtime Anytime website contained a tool that was secretly hijacking visitors’ computers to mine Monero, a Bitcoin–like digital currency focused on anonymity. It’s still not clear how the tool got there, and Showtime quickly removed it after it was pointed out. But if it was the work of hackers, the episode is actually part of a larger trend: security experts have seen a spike in cyberattacks this year that are aimed at stealing computer power for mining operations. Mining is a computationally intensive process that computers comprising a cryptocurrency network complete to verify the transaction record, called the blockchain, and receive digital coins in return (see “ What Bitcoin Is, and Why It Matters ”). Can a booming “crypto-currency” really compete with conventional cash? Lately the same mining tool that appeared on Showtime’s website has been showing up all over the Internet. Released just last month by a company called Coinhive , the tool is supposed to give website owners a way to make money without displaying ads. But malware authors seem to be among its most voracious early adopters. In the past few weeks , researchers have discovered the software hiding in Chrome extensions, hacked Wordpress sites, and even in the arsenal of a notorious “malvertising” hacker group . Coinhive’s miner isn’t the only one out there, and hackers are using a variety of approaches to hijack computers. Kaspersky 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 >>

Cryptocurrency Mining: What You Need To Know

Cryptocurrency Mining: What You Need To Know

Cryptocurrency mining: What you need to know Ever thought about setting up your own cryptocurrency mining empire? Here are the must-know facts before you attempt to Ever since Bitcoin and other forms of cryptocurrency strode into the scene, cryptocurrency mining has become a topic of discussion among computer enthusiasts and interested parties looking to make money or have an alternative revenue stream going. For those of you who've ever thought about Bitcoin, or ethereum, or monero, and wanted to get into the mining side of things, there are a couple of things you need to know beforehand. For the most part, cryptocurrency mining is essentially a form of digital bookkeeping. A miner performs accounting actions (also known as transaction verification) for the coin network of his choice. He gets paid for the service with a fraction of cryptocurrency every few days. You'll need a couple of things just to get started, aside from cryptocoin wallet where cryptocurrency will go into. Here's a basic list of things needed adapted from Lifewire's beginner's guide : a custom-built computer for mining cryptocurrency a graphics processing unit (GPU) which will do the bulk of accounting services and mining for you reliable internet connectivity of at least 2Mbps and higher A membership at a currency exchange so you can trade in your cryptocoins for money It may sound easy, but it's not cheap or as simple a solution as one may think. CRYPTOMINING. Some people are taking advantage of other people's phones to mine cryptocurrency. Screenshot in phone from Malwarebytes Malicious cryptomining is becoming a thing Yes, it is an expensive enterprise to set up even just one miner. The returns do not necessarily justify spending as much unless you're willing to go in it for the long haul and w Continue reading >>

How To Mine Bitcoins: 8 Steps (with Pictures) - Wikihow

How To Mine Bitcoins: 8 Steps (with Pictures) - Wikihow

So you've heard of Bitcoin, and you're ready to get your hands on some digital wealth. You can buy and trade for bitcoins, or you can "mine" for them. Mining for bitcoins is actually the process of verifying other bitcoin transactions, which users are rewarded for. This is the central mechanic behind the bitcoin economy, and mining is used to keep transactions secure and reliable. This guide will explain how to mine bitcoins and potentially earn a fair amount of money. Purchase custom mining hardware. When Bitcoin first started, it was possible to mine using only your desktop's CPU and GPU. While this is still possible, the returns make running this method impractical. You will be spending far more on electricity than you will earn mining coins. Instead, custom hardware allows for much better processing for about the same power draw. Custom hardware comes in the form of cards that are inserted into the computer much the same way that a graphics card would be . Popular Bitcoin-mining hardware brands include Butterfly Labs, Bitcoin Ultra, CoinTerra, and more. A dedicated Bitcoin mining machine can cost anywhere from a few hundred dollars to tens of thousands depending on the number of operations it can complete per second. Obtain a bitcoin wallet. Bitcoins are stored in digital wallets that are encrypted to protect your money. These wallets can be either locally or online . While online services that host your wallet won't be able to access it, they are considered less secure as your money could potentially be lost if something catastrophic happens on their end. Most established bitcoin users recommend using a local wallet for security reasons. Local wallets typically require verifying the entire blockchain, which is the history of all bitcoin transactions. Hosting a blo Continue reading >>

Cryptocurrency Miners Explained: Why You Really Dont Want This Junk On Your Pc

Cryptocurrency Miners Explained: Why You Really Dont Want This Junk On Your Pc

Cryptocurrency Miners Explained: Why You Really Don’t Want This Junk on Your PC uTorrent recently made headlines for bundling cryptocurrency-mining junkware. Out of all the junkware programs bundled with installers , cryptocurrency-miners like Epic Scale are some of the worst. Modern malware makes money by using this technique to mine Bitcoin, too. Even if you don’t care about most junkware at all, cryptocurrency-mining software is something you really don’t want on your computer. You’ve probably heard of Bitcoin, the most famous cryptocurrency. It’s a digital currency, and new units of currency are generated by “mining.” This is a computationally intensive task, and it requires a lot of processing power. Essentially, the computer is rewarded for solving difficult math problems. This processing power is used to verify transactions, so all that number-crunching is required for the cryptocurrency to work. That’s an extremely basic explanation — read our in-depth explanation of Bitcoin for more details. Bitcoin isn’t the only cryptocurrency. The Epic Scale junkware bundled with uTorrent’s installer doesn’t attempt to mine Bitcoin — it attempts to mine Litecoin, which was inspired by and is very similar to Bitcoin. How to Remove uTorrent’s EpicScale Crapware From Your Computer Mining programs tap into your computer’s hardware resources and put them to work mining Bitcoin, Litecoin, or another type of cryptocurrency. And no, even if your hardware is used to generate money for them, you don’t get any of it. They get all the money from putting your hardware to work. Worse yet, your desktop computer or laptop at home just isn’t powerful enough to profitably mine Bitcoin, Litecoin, or other cryptocurrencies. Doing this profitably requir Continue reading >>

Cryptocurrency Mining: What It Is, How It Works And Who's Making Money Off It

Cryptocurrency Mining: What It Is, How It Works And Who's Making Money Off It

Cryptocurrency Mining: What It Is, How It Works And Who's Making Money Off It Shanthi Rexaline , Benzinga Staff Writer   NVIDIA Corporation (NASDAQ: NVDA )'s second-quarter earnings released earlier this month, though exceeding expectations, elicited cautionary reaction from the investor as well as analyst communities. Traders bid down the stock by over 5 percent on Aug. 11. One of the reasons cited for the negative reaction was cryptocurrency contributing to much of the outperformance. Start mining crypto currencies with HashFlare . Analysts Blayne Curtis and Christopher Hemmelgarn of Barclays believes revenue stream from cryptocurrency is fickle. Therefore, the analysts were not in favor of assigning a multiple to it, as it has the potential to become an eventual headwind. Rival Advanced Micro Devices, Inc. (NASDAQ: AMD ) also had a similar tale to tell. The company indicated that cryptocurrency demand remains strong, while also suggesting that the demand might not last forever. Cryptocurrency, as the name suggests, is a form of digital money designed to be secure and anonymous in most cases. It uses a technique called cryptography — a process used to convert legible information into an almost uncrackable code, to help track purchases and transfers. Giving a simple definition, Blockgeeks says it is just limited entries in a database no one can change without fulfilling specific conditions. Cryptography is a technique that uses elements of mathematical theory and computer science and was evolved during the World War II to securely transfer data and information. Currently, it is used to secure communications, information and money online. Cryptocurrencies allow users to make secure payments, without having to go through banks. Some cryptocurrencies include bitcoin, Continue reading >>

What Is Cryptojacking? The Bitcoin And Monero Mining Process That Steals Your Computing Power, Explained.

What Is Cryptojacking? The Bitcoin And Monero Mining Process That Steals Your Computing Power, Explained.

Future Tense is a partnership of Slate , New America , and Arizona State University that examines emerging technologies, public policy, and society. Cryptojacking, an internet scam found on thousands of websites in which nefarious actors mine cryptocurrencies on computers without users permission, has been on the rise since the prices of bitcoin and many other cryptocurrencies began spiking last year. The con involves websites stealing computational power from a visitors computer to execute the algorithms that are involved in cryptocurrency mining, which requires significant amounts of energy . While its most common in the sketchier corners of the internet, hackers have also been able to inject the cryptojacking software onto websites for Showtime and PolitiFact and on e-commerce platforms . Patrons of a Buenos Aires, Argentina, Starbucks branch discovered in December that its Wi-Fi service was covertly using their computers for mining, and last week disgruntled netizens complained on social media that YouTube ads were also stealing mining power. AdGuard estimates websites can earn up to $326,000 per month from cryptojacking based on traffic to popular websites found to have the mining software. Cryptocurrencies are digital currencies that exist on a blockchain, an encrypted digital ledger that securely keeps track of the order of transactions between computers. Mining in general requires a computer to solve extremely complex mathematical puzzles in order to produce a piece of data, which serves as a unit of a given cryptocurrency. The mining process needs to be difficult and energy-intensive to make sure that these data sets are scarce enough to serve as a currency. If it were too easy to mine a bitcoin, then the coin would have no value. Cryptojackers are essentially Continue reading >>

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