There’s another way to mine bitcoins which doesn’t involve any hardware requirements. The process is called Cloud Mining, which is perhaps the simplest way to mine bitcoins. Cloud mining is an online process of producing or mining a particular type of cryptocurrency regardless of any sophisticated hardware requirements. All those who mine through a cloud have…
Posted on Jul 17, 2013 by Paul White When you first start getting into the bitcoin mining business, you have two choices to make. Should I build a GPU based system with several graphics cards, or should I just buy a bunch of USB ASIC Block Erupters? The Answer lies in how commited you want to be to mining bitcoin, and how much faith you have in this crypto currency…
To get to that answer you need to consider the following: Consider which mining rig you want and can afford, will you build it yourself or will you buy an ASIC ready made rig? Nowadays, the only feasible mining rigs for bitcoin are ASIC s. Cost of electricity , calculate costs there. You should look into somehow finding free electricity or set up your miners…
The Bitcoin difficulty level recently increased by 7.09% recently. What is difficulty level and why is is important? Here the Bitcoin mining difficulty explained so simply even kids can understand once they read this. Bitcoin is probably the first decentralized, distributed open source digital currency protocol to gain massive adoption. No sooner the concept…
This is a continuation of TradeBlock’s block chain and network analysis to address the ongoing block size discussions. It is intended for an audience with at least a fundamental comprehension of block chain technology. If you have not yet done so, we recommend first reading: The timely propagation of data within the bitcoin network is essential to the functioning…
Sam Cole and Marcus Erlandsson, cofounders of KnCMiner KnCMiner Bitcoin has been incredibly lucrative for Sam Cole, Marcus Erlandsson and Andreas Kennemar. Because of Bitcoin, they generated $3 million in revenue in just four days. From November 7 to 10, 2013, while Bitcoin prices were climbing wildly, Stockholm-based KnCMiner sold out of its newest Bitcoin computer…
Veteran ASIC chip producer BitFury announced yesterday via Twitter that they are “finally” coming to market with a 16-nanometer chip which will be, reportedly, the fastest chip on record. — George Kikvadze (@BitfuryGeorge) According to their own website, the chip will produce up to 180 gigahashes per second, per chip. The news mainly affects ASIC miner producers…
Vincent Saggese, 34, is reported to have admitted to meeting an undercover agent last year where he is alleged to have tried selling computer equipment including bitcoin mining equipment from KnC Miner. A ten-year veteran of Plainfield Police Department, Saggese faces a probation period of up to five years and must serve 50 hours of community service. This isn’t…
Australian bitcoin miner Bitcoin Group is returning $5.9m it raised from investors after the Australian Securities Exchange (ASX) said the firm needed to raise more capital and resubmit its application. The firm said in a 9th March statement to investors that it would return the funds after Australian securities officials deemed the firm ineligible to list due…
It should pay 100USD for every 713 shares (diff as I type). That refers to shares of a certain difficulty: diff 1 Litecoin shares or diff 65, 536 shares according to some mining clients (notably CGMiner). Each found share has its difficulty. If the share s difficulty is equal to or higher than the worker s difficulty, it gets submitted by the worker and accepted…
UPDATE (16th July 22:55 BST): Updated with comment from bitcoin core developer Peter Todd and Peernova president Emmanuel Abiodun. The draft summary of the summit can be found below. A summit meant to address the threat of 51% attacks against the bitcoin network has resulted in a renewed industry commitment to protecting the digital currency s transaction processing…
Although mining Bitcoin with regular computer hardware is no longer profitable, that isn’t keeping criminals from giving it a try. Over the past few years, there have been several types of Bitcoin mining malware, infecting computers all over the world. Three different types stand out so far, although it is expected more strains of this malware will pop up in…
Security researchers have spotted a new strain of malware that targets Bitcoin, the peer-to-peer virtual currency that exploded onto the tech scene earlier this year. In a report issued last week, Symantec researchers described a Trojan that uses the user s computer to mine Bitcoins on behalf of the intruder. They estimate that, at current exchange rates, a fast…
The official logo of Bitcoin, a digital cryptocurrency. But while it s generated a furore in the community of underground hackers and crypto-anarchists, most people are bemused by all the fuss. What is this bitcoin business, and why is it so important? Let s start at the beginning: What exactly is bitcoin? Australian Craig Steven Wright claims to have created…
If we do some quick math, we can determine the following: If SHA-1 collisions can be found in 2^65.3 hashes, that s one SHA-1 collision found every 45 seconds . Every combination of bits can be flipped in an 84-bit keyspace every year . If mining is done strictly with ASICs and each ASIC can produce 1 trillion hashes per second, that s 1, , ASICs . If each ASIC…
Over 100 miners responded to the question, and there are pros and cons on both size for maintaining the status quo or getting ahead of the curve. Here is what each side of the argument generally looks like, and a pie chart with the results of the poll below. Against an increase of the block size: Bigger blocks will destroy the market for transaction fees: If…
NEW YORK (InsideBitcoins) — Want to make money mining for bitcoin? If you think the cost of heavy-duty hardware stands in the way, consider a new cloud mining system being offered by GAW Miners, priced at an economical – and practically unbelievable — $15.99. But can you really make money with this thing? With the company’s Hashlet, a user buys a certain amount…
BITCOIN MINING USB Asic Miner Red Fury 2.2~2.7 GH/s Razorfish Razorfish Solutions manufacturers USB Asic Miner Red Fury bitcoin miner Red fury USB description: USB Asic Miner Red Fury bitcoin miner 2.2~2.7 GH/s NEXT GEN. MINER - USB BPMC ASIC MINER (RED PCB, AMBER LED) code name: RED FURY - Rated hashrate 2.2 - 2.7 GH/s (rates are +/- 10%) - Electricity consumption…
This is the third feature in our three-part series on the growing data center market for Bitcoin mining. Read the first one about a new breed of colocation for Bitcoin infrastructure or the second one about the tough economics of being a data center provider for customers in the Bitcoin mining business. Bitcoin mining operations are expected to spend at least…
New research has found that unless the price of bitcoin goes up, there will be little room for new miners to compete. In Minting Money With Megawatts , released this September, Sveinn Valfells of Flux, Ltd and Jón Helgi Egilsson of the University of Iceland conduct a broad analysis of the health of transaction processing on the open public blockchain, ultimately…
As if running the third-largest bitcoin mining pool wasn t enough, China-based Bitmain announced the launch of its second mining pool yesterday. Unlike the other large mining pools, though, the new offering (launched through its subsidiary BTC.com) will be open sourced to its community of users. According to Bitmain, the pool is not meant as a replacement for…
With the release of the latest generations of powerful mining hardware such as the Bitmain AntMiner S7 and Avalon 6 that is available to normal miners and not only to large mining operations along with the increase of the Bitcoin price lately mining for Bitcoin has started to become profitable again. As a direct result of the new hardware getting released and…
I have very limited knowledge of bitcoin, but, I hope you don t mind my asking this question: As I understand it, mining bitcoin requires significant computational prowess. A lot of dedicated mining rigs have been built out of FPGAs, ASICs and GPUs. But, I have always wondered: would it not be possible to mine ALL the bitcoins if you had access to some of…
The Bitcoin Map was a nameless project based on the analysis of addresses exchanged by bitcoin nodes. (This is not to be confused with a collaborative map of Bitcoin exchanges, miners and users titled The Bitcoin Map.) Based on the collected information, and by passing the collected IPs through Maxmind s GeoIP database, a map was created. It was suggested on…
Bitmart.co.za – the leading Bitcoin Mining Hardware supplier in South Africa since 2015 – Click here For Bitcoin Miners. We also focus on GPU Mining Rigs for Ethereum Mining, ZCash Mining & GPU mining hardware components such as USB Risers – Click here for Ethereum Miners. Bitmart has been involved in Bitcoin Trading & Arbitration since January…
Cryptocurrency mining is, as most forms of passive income, a very attractive investment, but not everyone has the technical expertise, time or space to buy new graphic cards, ASIC machines or other mining equipment. There is an alternative, however, you can rent hashing power online. There are several services that allow this service, the most common is cloud…
For Steve Vittitoe, bitcoin is a fun way to make some extra money. This unassuming 31-year-old family man, who is a computer programmer for a cybersecurity firm, runs a mini bitcoin-mining operation from the basement of his home in Valparaiso, Ind. It s as if there s a machine in my corner printing money,Vittitoe said. In one corner of his basement he has set…
