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 >>
Why Is Bitcoin So Expensive Right Now? - Money Badger
In March of 2010, an enterprising early Bitcoin adoptee named SmokeTooMuch offered to sell 10,000 bitcoins for $50. No one took them up on their offer. At the time, Bitcoin was worth almost nothing for more than a year. No markets existed to exchange bitcoins. Few people actually knew about or used the cryptocurrency . Bitcoin existed as little more than a really cool idea and nothing more. Around May and June of the same year, the cryptocurrency became worth around 1 U.S. cent. As more people learned about the technology behind cryptocurrencies, Bitcoins value grew until it was worth one U.S. dollar in Spring of 2011. Now, Bitcoin is worth roughly $2700. SmokeTooMuchs $50 offer would be worth $27 million today. The cryptocurrency has seen rises, crashes, and everything in between. Yet in the last month, the cryptocurrency increased by a whopping $600+ in value. But how did this new currency grow so fast in such a short amount of time. Better yet, why is it currently more valuable than gold? Thanks to apps and exchanges like Coinbase , cryptocurrencies are easier to buy now than ever before.These services also increase the profile of cryptocurrencies as viable, tradable assets, not unlike other currencies and securities. With an increase in accessibility and popularity comes an increase in demand, which the current supply of bitcoins cant seem to keep up with. Bitcoin isnt the only cryptocurrency around . New rules governing Litecoin make it faster and easier to exchange. Ethereum, another popular cryptocurrency, recently split into two different currencies, raising its profile and lowering its price of entry. As Bitcoin grew in popularity, so did all cryptocurrencies, which are cheaper than 1 BTC. 3. Politics causespeople leavetraditional currencies. The U.S. election Continue reading >>
Here's How Much It Costs To Mine 1 Bitcoin In The U.s.
Here's How Much It Costs to Mine 1 Bitcoin in the U.S. While still profitable, bitcoin mining margins are plunging in the U.S. of late. Cryptocurrencies may have hit their first real hiccup in more than a year in recent weeks, but it's been one amazing ride for investors who've had the wherewithal and guts to stick it out. Last year, digital currencies rose by an aggregate of more than 3,300%, which is a return the stock market would have taken decades to deliver to investors. Even with crypto valuations being roughly halved since hitting an all-time high on Jan. 7, the combined market cap is up around 2,200% over where it began 2017. As it has been since day one, bitcoin continues to lead the charge as the world's most valuable cryptocurrency by market cap. It's more likely to be accepted by merchants than any other virtual currency, and it's the cryptocurrency responsible for bringing blockchain technology into the spotlight. Bitcoin also happens to be one of the most minable cryptocurrencies in the world as a result of its popularity and relatively high liquidity as a virtual asset. Mining refers to a process whereby people or businesses with high-powered computers solve complex mathematical equations, which are a result of the encryption found on blockchains, to validate a group of transactions, known as a block. These miners compete with one another to be the first to solve these equations, as the first to do so is given a "block reward," which is paid out in crypto tokens. Thus, bitcoin miners are solving complex equations to be paid in fractions of bitcoin tokens. That method of mining is known as " proof of work ." It's a highly intensive method of validating transactions to ensure that the same token wasn't spent twice. In bitcoin's early years, mining could b Continue reading >>
How Bitcoins Became Worth $10,000
Sign up or login to join the discussions! A few years ago, people thought Bitcoin was a joke. Now it’s worth billions. On Tuesday evening, the value of one bitcoin shot above $10,000. It has been a remarkable run for a currency that was only worth about $12 five years ago. The run has been particularly remarkable because it's still not clear what Bitcoin is useful for. During its early years, the cryptocurrency garnered a lot of optimistic talk about how it would disrupt conventional payment networks like MasterCard or Western Union. But almost nine years after Bitcoin was created, there's little sign of it becoming a mainstream technology. Few people own any bitcoins at all. Even fewer use it as a daily payment technology. Yet that hasn't prevented the cryptocurrency's value from zooming upward. One factor driving Bitcoin's growth has been the emergence of a broader cryptocurrency ecosystem. Bitcoin serves as the reserve currency for the cryptocurrency economy in much the same way that the dollar serves as the main anchor currency for international trade. In this piece, we'll explain the key innovation that set Bitcoin apart from all previous electronic payment schemes. We'll look at how Bitcoin won over regulators and venture capitalists to become a significant part of the global financial system. And we'll examine the cryptocurrency boom of the last year that has helped drive Bitcoin's value into the stratosphere. While we can tell the story of Bitcoin's rise and point to some of the factors that have pushed its value upward, we can't really explain why the currency's value goes up or down during a particular day, week, or month. In particular, bitcoins have more than doubled in value since the start of October, which is hard to explain with anything other than sp Continue reading >>
How Did Bitcoin Get So Expensive?
During the economic crisis of 2008, the trust people had on the existing financial systems and the form of money was shaken. It was roughly during this period that a white paper titled Bitcoin: A Peer-to-peer Electronic Cash System was published on cryptography mailing list by a pseudo name Satoshi Nakamoto (The original white paper: ). Bitcoin was the worlds first digital, decentralised, P2P cryptocurrency and payment network. It dint require the function of a bank and relied on a trust less network. This was immediately considered by many eminent personalities as the future of Money. The gold like properties of Bitcoin made it very superior as compared to other currencies. Soon a lot of big companies started accepting payment in Bitcoin and eventually the interest level of the general public grew. The currency started getting traction and so did its price. Everybody wanted to own one and hence the price increased rapidly. Another major factor for Bitcoin price rise has been the opportunity to trade in them. Numerous exchanges started opening up that facilitated Bitcoin trading and with each new development (like banks accepting it; countries giving it a legal status - Japan Legalises Bitcoin; Price Goes through the Roof ) the price of Bitcoin skyrocketed. The current Bitcoin price at the time of writing this answer is INR 1,19,208 / USD 1,846 (Prices are taken from www.unocoin.com ) Its simple, In India gold is costlier because it's demand is more and supply is less same with the Bitcoin day by day Bitcoin popularity is increasing or demand is increasing but supply is reducing to half every four year and its demand is increasing on global basis that's why its price is high( i.e 80000inr/bitcoin) and in future more n more people will try to buy it and its price will i Continue reading >>
Why Bitcoin So Expensive?
Bitcoin is not expensive at all, it is just getting more valuable day by day. If we are talking about price in fiat currency then, 1 Bitcoin is equal to 1,675 Latvian Lats and the same Bitcoin is worth 13,81,57,865 Vietnamese Dong so it doesn't actually mean that it is cheap in Latvia and expensive in Vietnam. Bitcoin was nothing a few years ago but more and more people joined the rally over the years and demanded Bitcoin, Quote from: Edward50 on January 03, 2012, 06:58:19 PM 10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin? Now Bitcoin is growing with a rapid growth rate and if demand continuous then the price will keep rising as per the law of demand and supply. Quote from: CisColtz on October 30, 2017, 05:04:55 PM Well bitcoin is expensive now and in my opinion we are in a big bubble ready to burst out but I doubt it will go ever lower than 3k$. You can start gather money and when you think it's the perfect price for you to jump in , do it When you look for it dollar price you might say that this is so expensive and thats all that gonna do also that looking dor its dollar price but convert it and only look for the price of bitcoin this is not much expensive mg point is we dont have to look always for its price because we all know that as the time pass by it is gtoa and grow the price is high and high. So the price will be more expensive as long as we can have something to do just to have atleast one we must gonna do it so the wag now we look for bitcoin will never too expensive. If you say bitcoin is very expensive now because now its only 6K dollars then what will you say if its rate cross 10k dollars so its better for you to invest now if you have funds which you are not afraid to loose because like every market the price of the Continue reading >>
Bitcoin Isnt Too Expensive
Obligatory Disclaimer: To modify a quote from Tim Ferris, I am NOT a financial advisor, and none of this advice should be taken without speaking to a qualified professional first. Also, my results [are most likely] due to pure luck and zero skill. I hear it all the time Its cool you got into crypto in the early stages, but Bitcoin is just too expensive now. I cant afford to invest. This is one of the most ridiculous statements I hear about cryptocurrency and Bitcoin. Why? A few reasons: People dont realize that you dont have to buy a fullBitcoin Buying Bitcoin is nothing like going to the grocery store and buying a gallon of milk for $3.24. You either buy the gallon of milk, or you dont buy one at all. You cant buy $1 worth of milk. Not so with Bitcoin. You dont need to buy one full Bitcoin for $5,560.00 (price as of time of writing), and thats a good thing. Most of us dont have $5,560.00 just laying around to throw into a cryptocurrency. Only have $1? No problem. Just buy $1 worth of Bitcoin. For those of us who are slightly OCD, it may be weird to own 0.9 Bitcoin; or, perhaps more realistically, 0.02 Bitcoin around $100 worth. The important thing here is to overcome your OCD with this realization: People need to think in terms of percentage gain, not in totalprice This is fairly simple. I had several people tell me that Bitcoin was too expensive a few weeks back when it was worth ~$4,300. However, if you had put $100 in then, you would currently be sitting on a gain of 27%, which means you now are the proud owner of $127. So you tell me was buying into Bitcoin at $4,300 too expensive? Sure, your $100 would be worth way more than $127 if you had bought in when Bitcoin was worth $2,300 each. But you didnt. So what are you going to do about that now? Sit on your $100 an Continue reading >>
If Bitcoin Is Too Expensive, Here Are 5 Other Cryptocurrencies You Can Invest In Right Now
If Bitcoin Is Too Expensive, Here Are 5 Other Cryptocurrencies You Can Invest In Right Now Bitcoin prices have peaked at an all time high of $15,366 today, zooming past $14,000 early morning , and that number just keeps on climbing. Its a stark rise from a cryptocurrency that was worth a measly $12 in 2013, and has since challenged expert claims that its a fad or an investment bubble. Of course, at this point it makes absolutely no sense for you to invest in the currency, despite reports that Nasdaq may be attempting bitcoin futures maybe even in next years second quarter. Because of how safe it is from fraud, as well as being in finite quantity and hard to mine, the prices are only expected to climb higher in the foreseeable future. Unfortunately, its also only valuable to other people looking to buy some. And thats why the cryptocurrency rivals are now gaining popularity. Ether tokens are mined just like Bitcoins using a blockchain network called Ethereum. Created in part by a former Bitcoin Monthly writer, Ethereum was launched in 2014 with a goal to further decentralise than Bitcoin. Ethereum is an open platform that borrows a lot from Bitcoin. Here, instead of people just earning tokens for donating their processing power to the blockchain, they can also collect fees from developers that plug into the blockchain to run other applications. Its currently trading at $426. Ripple, launched in 2012 by former bitcoin developers, its considered to be the successor. In fact, banks across the world are already accepting it as a worldwide payment option. Ripple isnt just a currency like Bitcoin, but is instead a means through which any currency can be traded. Its currently trading at $0.2232 IOTA is one of the newest cryptocurrencies around, and in fact doesnt use a blockch Continue reading >>
Think Bitcoin's Getting Expensive? Try Zimbabwe
Think bitcoin's getting expensive? Try Zimbabwe After Alabama upset, Democrats see new prospects in South Big office building owners seek 'co-working' partners November 13, 2017 / 7:10 AM / a month ago Think bitcoin's getting expensive? Try Zimbabwe HARARE (Reuters) - For most investors around the world, bitcoin is a volatile and highly speculative bet. For Zimbabweans, however, the cryptocurrency seems to offer rare protection from the onset of hyperinflation and financial implosion. Some are turning to bitcoin out of desperation as their bank deposits lose value almost by the day, while others are using the online currency for housekeeping such as funding family members studying abroad. The result is startling. Bitcoin's BTC=BTSP global surge to a record high of $7,888 last week - a sevenfold increase since the start of the year - has been spectacular enough. But on Harare's bitcoin exchange, Golix (golix.io), the price hit $13,900, a 40-fold jump in the same period. Warnings abound internationally that bitcoin may be a bubble waiting to burst. But the dire state of the Zimbabwean financial system under President Robert Mugabe is encouraging risk-taking. I have now changed all my reserves to bitcoin because that is the only way I can protect my investment, said Arnold Manhizwa, who works for an IT and telecoms company in Harare. The government adopted the U.S. dollar in 2009 after a bout of hyperinflation rendered the Zimbabwean dollar worthless, wiping out savings in the now defunct national currency. After a period of relative stability, acute shortages of dollar cash have set in, leaving Zimbabweans with electronic units in their bank accounts which are officially called dollars but have a far lower - and rapidly decreasing - value. In January if they wanted to bu Continue reading >>
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 >>
Why Bitcoin Is Expensive And Its Drawbacks
Why Bitcoin Is Expensive And Its Drawbacks Bitcoins price has been rising rapidly in the last few months and it now has a market cap of over $100 billion. One Bitcoin is currently worth $6500. But Why bitcoin is so expensive right now? What provides so much value to Bitcoin? In this article, I will try to explain what features provide value to bitcoin and what are its drawbacks. Bitcoin is a decentralized peer to peer currency. It works using the technology known as blockchain which keeps the records of all the transactions done using bitcoin. Bitcoin was launched in 2009 via an anonymous person named Satoshi Nakamoto who disappeared in 2010. Bitcoin has a limited supply of 21 million bitcoin. People get bitcoin by solving cryptographic puzzles on their machines and finding a block which helps in validation of transactions of other people. This is also known as mining. The distribution of the bitcoin supply is done via mining which currently gives 12.5 bitcoin to the person who solves the cryptographic puzzle and finds a block. This block reward halves every 4 year which limits the supply of bitcoin to 21 million bitcoin. To understand why bitcoin is so expensive, you have to understand how gold and world currencies work and what gives them value. Gold is a scarce element that is available only in limited amount in the world. It is easier to carry and store than other liquid and gaseous elements. It does not rust so you dont have to worry about it going to waste.It is easier to verify the authenticity of Gold than other elements but it is still difficult to verify it for normal people. Silver has similar properties to gold which is why it is valuable too. But both Gold and Silver has a risk of becoming invaluable if someone discovers a way of creating artificial gold i Continue reading >>
Is Bitcoin Too Expensive To Buy ? Mine Them Instead
Bitcoins with minimal investments and faster ROI and what risks am Itaking? Bitcoin prices has been sky rocketing and all the cryptocurrencies are following the lead. There are 2 ways to get bitcoins We buy and trade the bitcoin in the exchange like Coinbase , Gemini etc What is Bitcoin mining? you can read here . I took the mining approach for getting bitcoins and I will tell you my story. I was showing lot of interest in mining bitcoins. I was trying to seek the machine to mine bitcoins. The most powerful machine on market today that can mine bitcoin is Antminer s9 with gives hashrate from 11.5TH/s 14TH/s with the power consumption of 1127W 1372W. This machine (Original Cost: $1415) is in high demand and almost sold out from manufacturer, every other shop you can possibly find and where ever it still available its madly priced ( $4800 $6000) and the prices of these machines are going up as bitcoin prices are going up. Approximately it can make 0.81.1 BTC / Year ($16K $18K) which is again based on the current difficulty of SHA 256 which is increasing as more coins are being mined. The cons of doing this you need atleast $6000 ready to start this kind of investment and you have to live with extreme noise and heat this machine is going to generate. I am a small investor and I dont want to invest huge dollars and more importantly bear with the noise/heat and loose my sleep over it, So what to do now? I looked upon is cloud mining (which is something like AWS analogy to regular data center) which means some body else will mine for you and you buy the hash rate you wish to buy, which translates I dont have to invest a whole lot and more importantly I dont have to deal with the noise/heat. Hashflare is the one of the cloud miners who sell their has rate as a year contract s Continue reading >>
Bitcoin's High Transaction Fees Show Its Limits
Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Bitcoin's High Transaction Fees Show Its Limits The original cryptocurrency may never be a widespread payment instrument. TheBitcoin rate spike, still alive despite bitter divisions in the community that supports the cryptocurrency, has laid bare the biggest problem withBitcoin: Compared with fiat currencies, it's painfully inconvenient and expensive to use as a means of payment. Bitcoin is set up to reward users for verifying transactions. Miners who package transactions into "blocks" receive two kinds of rewards: The additional Bitcoin they produce by using their hardware to solve mathematical problems (an income stream that will eventually cease since 21 million bitcoins are the maximum that can be mined) and the transaction fees paid by users to get their payments into blocks. The Bitcoin system is designed around scarcity and its traditionalists insist on keeping the block size small (rebels who did away with that tenet founded an offshoot, Bitcoin Cash, earlier this year). Their reasoning is that only people with more computing power can live in a big-block world and going down that path would make Bitcoin less democratic. But that horse has bolted: Mining is already largely the province of people who invest significant money in equipment and the huge amount Continue reading >>
3 Reasons Bitcoin Is Booming Again, Price Nears $550
Ryan Selkis (@twobitidiot) May 30, 2016 Its also a remarkable improvement from a year ago when the currency was in the gutter. On June 1, 2015, one could buy a bitcoin for $226. To get the flavor the recent uptick, here is a screenshot from Coindesks price index, showing prices in the last week: So whats behind the recent surge? Its hard to say for certain since the workings of bitcoin are often inscrutable to outsiders, while those who are in the know typically have an agenda to push the price up or down. That said, here are three explanations for the current price jump. Reason 1: Mining bitcoin is about to get more expensive Recall that bitcoin is mined by people with specialized computers that solve cryptographic puzzles. (This process also serves to provide a record of bitcoin transactions.) In return for solving the puzzle, the miners receive 25 bitcoins. The nature of bitcoin is deflationary, however, meaning that fewer bitcoins are mined as time goes on. Critically, at some point in the near future, the reward for miners will drop from 25 bitcoins to 12.5 bitcoins. (See this Bitcoin magazine article for more). Its unclear how this price cut, which will take place when bitcoin block 420,000 is mined (probably in the coming weeks), will affect the price of in the market. But several news reports claim the recent surge in the price may be driven in part by the impending stress on the mining supply. Reason 2: Hype over a new digital currency is reigniting interest in bitcoin Tech types have been buzzing about the emergence of Ethereum , a new blockchain technology that is winning big support from banks and venture capitalists. You can read a good explainer here , but the short version is that many think Ethereum is faster and more reliable than bitcoin, and could ev Continue reading >>
How Much Is Bitcoin Really Worth?
I write about building wealth and achieving financial freedom. Opinions expressed by Forbes Contributors are their own. I'm sitting at my kitchen table at 6:31 p.m. ET on Friday, December 1, 2017. The price of Bitcoin is $10,790.58. PARIS, FRANCE - DECEMBER 05: In this photo illustration a man holds a visual representation of the digital Cryptocurrency Bitcoin. (Photo by Chesnot/Getty Images) It's here that I'm reminded of something Warren Buffett's often said. Price is what you pay, value is what you get. So what value does a Bitcoin buyer get in exchange for $10,790.58 ofhis or herhard earned U.S. dollars? That's what I'm going to attempt to answer in this article. Before we can attempt to value Bitcoin, we first must agree on what it is. That turns out not to be so easy. Describing Bitcoin as a currency seems like a natural place to begin. After all, I'm told some retailers accept Bitcoin as a method of payment. On closer inspection, however, comparing Bitcoin to a currency is like comparing lightening to a lightening bug (apologies to Mr. Clemens). As the WSJ has noted , Bitcoin is the hottest currency that nobody is using. As Jeffrey Dorfman here at Forbes pointed out, there are two problems with Bitcoin as a currency. First, it's too unstable. Who wants to accept something for payment that could drop in value by 25% before you have time to pour a cup of coffee? Put another way, would you accept Bitcoin as payment for a car you were selling if you had to wait 60 days to convert it to dollars? I doubt it. Continue reading >>