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Evaluating baking in a o% fee exchange vs a 10% fee standard baker

Ok, first the context:
I am an old crypto investor. I mined Bitcoin, when it was still doable with GPUs. I still have some rigs working (using Nicehash).
I participated in Tezos ICO (the only one I participated in). My only major positions are in Bircoin and Tezos, but I have several small positions in Ether, Litecoin, Nano, etc..
I am comfortable with computers (have a PhD in Computer Engineering, etc.)
I have operational accounts in several exchanges - mainly Bitstamp, Kraken and Binance.
I must start by stating that I like the new possibility of placing PoS "coins" in a good exchange and letting them handle the details of staking.
When Coinbase started that new trend, I didn't think much about it. I don't like Coinbase. Closed my account there long ago. And the fee is stupid.
But Binance with 0% fee is a different story. Binance is one of the exchanges I use at present. And 0% is a very good fee...
So This time I had to really think about what to do with my Tezos. Keep my present baker? Or send them to Binance?
And so for the substance:
At present I'm paying a fee of 10%, to avoid the hassle of baking myself. That reduces my yearly "returns" from around 6.3% (or something close to that) to some 5.7% (in fact the return is only somewhat meaningful in relation to the inflation, and even then it is debatable, but let's forget all that).
Now in Binance, which I trust for small, relatively short-term positions, I would get the full 6.3%.
The difference between having my keys, my direct control of my Tezos and using a standard for-profit baker and having them stored in an exchange baking with 0% fee is 0.6 to 0.65% yearly "return".
So, I really thought about it, but decided to leave the baking with my present baker. He works reasonably well, never failed paying my share, and I keep full control of my Tezos. In principle I will only lose them if I, myself, do something stupid.
Binance is a good exchange, but no exchange is 100% safe from some mishap.
I prefer to lose 0.6% per year to avoid the exchange-related risk, which I assume to be reasonably small, but I can't really calculate (but may well be above 1% of bankruptcy risk per year).
I believe this is the kind of reasoning everybody must make. If the risk evaluation of most Tezos holders is similar to mine, the independent bakers will survive.
submitted by Seriousoldman to tezos [link] [comments]

Burstcoin Is A Robust And Unique Cryptocurrency: Proof of Capacity (PoC) Ensures Decentralization, Energy Efficiency, And Low Barrier To Entry

http://www.cypherpunklabs.com/burstcoin-is-a-robust-and-unique-cryptocurrency-proof-of-capacity-poc-ensures-decentralization-energy-efficiency-and-low-barrier-to-entry/
Decentralization is perhaps the fundamental reason why Bitcoin has been successful. Since Bitcoin is decentralized, its network cannot be controlled by any government, corporation, or other centralized entity, and this is why Bitcoin still exists to this day rather than being shutdown a long time ago. Bitcoin achieves decentralization through its Proof of Work (PoW) algorithm, where miners around the world cryptographically hash transactions into blocks and receive block rewards for their efforts, and nodes constantly check to ensure that all confirmed transactions are following consensus rules.
The major caveat with PoW is it is energy intensive. This has especially become a problem due to the rapid rise in Bitcoin’s price long term, which has resulted in an arms race of sorts to amass the most hashing power in order to obtain the most mining profits. Indeed, the Bitcoin hash rate has risen orders of magnitude, from MH/s, to GH/s, to TH/s, to PH/s, and now up to its all-time high so far of 84 EH/s. This represents exponentially more computing resources and energy consumption.
This is a problem for two reasons. First off, there is a very high barrier to entry for new users to mine Bitcoin. It requires thousands of dollars of mining equipment to make any worthwhile profit from mining Bitcoin.
Secondly, Bitcoin mining consumes a massive amount of energy worldwide. It is estimated by Digiconomist that Bitcoin mining uses 73.12 TWh of energy annually, equivalent to the electricity consumption of the entire country of Austria, or 0.33% of total global electricity consumption. This releases nearly 35 Megatons of Carbon Dioxide annually, contributing to global warming, aside from other environmental damage caused by burning fossil fuels and manufacturing mining equipment. Digiconomist may be an overestimate of Bitcoin’s environmental impact, but it is somewhere in the ballpark.
Numerous alternative cryptocurrencies have tried to be environmentally friendly via using the Proof of Stake (PoS) algorithm, but this sacrifices decentralization, since all the voting rights end up concentrated into the hands of developers and major bag holders.
This is where Proof of Capacity (PoC), formerly called Proof of Space, comes in. Instead of using specialized Bitcoin mining equipment, PoC simply uses hard drive space to mine cryptocurrency. Burstcoin (BURST) is the #1 PoC cryptocurrency. Bitcoin HD (BHD) is another PoC cryptocurrency, but it has a highly centralized supply with 3.1 million out of 5 million total coins in the hands of the developers, so it is nonsensical to choose BHD considering that BURST has a highly decentralized supply. The problem with a centralized supply is it can cause a coin’s value to collapse long term due to developers dumping on the market.
In order to start mining BURST, a user simply allocates part of their hard drive, and this area of hard drive is plotted. Plotting is a 1-time hashing cycle where the hard drive is filled with cryptographic hashes via the Shabal cryptographic algorithm. The node also has to synchronize with the BURST blockchain before mining. Fortunately, the BURST blockchain is less than 9 GB, versus the Bitcoin blockchain which is nearly 240 GB.
Once plotting and synchronization is complete the user can begin mining. During each mining round the plot file is searched to find the correct cryptographic hash for the block, and when the correct hash is found the user receives a block reward. Essentially, the hashes in the plot file can be thought of as lottery tickets, and the bigger the size of the plot, meaning the more hard drive space dedicated to mining BURST, the more likely it is to find the correct hash.
Like with Bitcoin mining, users can join pools so that even if they have a small amount of hard drive space they can still earn BURST at a steady pace.
Since BURST’s PoC algorithm simply reads a hard drive versus the intense computational work of Bitcoin’s PoW, BURST mining uses a negligible amount of electricity. It is estimated that each BURST transaction consumes 0.0024 KWh of electricity, versus about 1,000 KWh used for each Bitcoin transaction.
Aside from being far more environmentally friendly, electricity costs are negligible for BURST miners, so BURST miners earn nearly 100% profit. This opens the door for users with any level of technology to profitably mine BURST, including personal computers and technically even cell phones. Compare this to Bitcoin where mining with even a powerful personal computer is impossible.
Ultimately, BURST’s energy efficiency makes the barrier to entry very low, a user simply needs to have hard drive space to mine BURST. This results in the BURST network being highly decentralized.
Notably, miners do not have to buy any special equipment to mine BURST, they just use spare hard drive space that was sitting unused, versus Bitcoin mining where specialized hardware that costs thousands of dollars is required. Bitcoin mining rigs often become obsolete with time, and also have no other use besides Bitcoin mining, whereas hard drive space used for BURST mining never becomes obsolete and can easily be freed up and used for storage by deleting the plot file.
In summary, BURST is one of the most unique and fundamentally robust cryptocurrencies due to its PoC algorithm, which ensures decentralization while simultaneously guaranteeing energy efficiency and a low barrier for miner entry.
submitted by turtlecane to burstcoin [link] [comments]

The mystery of Halong Mining

Halong Mining was a mysterious mining rig maker, whose DragonMint rig was shilled by Blockstream as the "Bitmain killer" in 2017. The DragonMint chips were supposed to use 7nm technology (which should be much more energy-efficient than Bitmain's 28nm technology), and would be manufactured by Samsung.
However, there was a total lack of details about the company, even the most basic ones -- such as which continent it was located on.
Recall that, shortly before the DragonMint announcement, Blockstream had unleashed a virulent smear campaign ("Antbleed") against Bitmain, because Bitmain's chips allegedly had an optimization feature called ASICboost that could increase throughput by (maybe) 10% or so. However, that feature was not enabled in Bitmain's mining rigs; the maker claimed that the gains would not be worth it.
Eventually rumors came out that Halong Mining was in fact re-selling unannounced miners made by Innosilicon. IIRC the claim of 7nm technology could not be confirmed and was forgotten; they were only a few percent more efficient than Bitmain's, and -- surprise -- they had ASICboost enabled. Slush Pool, a longstanding Blockstream supporter, promptly announced support for ASICboost miners.
Now we learn that Blockstream itself bought ~4000 rigs from Innosilicon, which were delivered to the US in Jul/2018. Those rigs should do 80 PH/s of hashing power (the total hashpower now is ~45'000 PH/s).
I find this story fishy (ok, what bitcoin-related story isn't?). Here is a theory:
  1. "Halong Mining" was conceived by Blockstream to exploit ASICboost in order to "kill" their enemy Bitmain, and they were quite pissed off when they discovered that Bitmain's chips already had it. Hence the fury of the "Antbleed" campaign.
  2. The plan flopped because Samsung's 7nm chips would be too expensive. So "Halong" (Blockstream) bought some pre-release rigs from Innosilicon, using 28nm chips that were basically clones of Biytmain's (or even obtained from Bitmain), to satisfy the clients of Halong's pre-sale.
  3. Eventually Innosilicon started selling the rigs under his own name. However, they would not sell because of the price slump and the non-impressive performance.
  4. So Blockstream had to buy a shipload of Innosilicon rigs, to pay for their development.
  5. Those rigs are still stored in some warehouse, waiting for the price to rise again.
submitted by jstolfi to Buttcoin [link] [comments]

First home server; will my plan accomplish my goals?

I'm planning to build my first home server, and I'd love some feedback on my plans before I buy all the hardware. Can you folks help me with some feedback?
 
What I Want to Do with My Hardware
 
Constraints
 
Current Plan
 
Currently Planned Hardware
Type Item Price
CPU Intel - Xeon E5-2660 V2 2.2 GHz 10-Core Processor $192.97 @ PCM
CPU Intel - Xeon E5-2660 V2 2.2 GHz 10-Core Processor $192.97 @ PCM
CPU Cooler Noctua - NH-D14 SE2011 CPU Cooler $89.99 @ Amazon
CPU Cooler Noctua - NH-D14 SE2011 CPU Cooler $89.99 @ Amazon
Thermal Compound Thermal Grizzly - Aeronaut 3.9 g Thermal Paste $11.59 @ Amazon
Motherboard ASRock - EP2C602-4L/D16 SSI EEB Dual-CPU LGA2011 Motherboard $481.98 @ Newegg
Memory Crucial - 32 GB (2 x 16 GB) Registered DDR3-1866 Memory $159.99 @ Amazon
Storage Western Digital - Blue 1 TB 2.5" Solid State Drive $114.89 @ OutletPC
Storage Western Digital - Blue 1 TB 2.5" Solid State Drive $114.89 @ OutletPC
Storage Western Digital - Red Pro 8 TB 3.5" 7200RPM Internal Hard Drive $140.00
Storage Western Digital - Red Pro 8 TB 3.5" 7200RPM Internal Hard Drive $140.00
Storage Western Digital - Red Pro 8 TB 3.5" 7200RPM Internal Hard Drive $140.00
Storage Western Digital - Red Pro 8 TB 3.5" 7200RPM Internal Hard Drive $140.00
Storage Western Digital - Red Pro 8 TB 3.5" 7200RPM Internal Hard Drive $140.00
Storage Western Digital - Red Pro 8 TB 3.5" 7200RPM Internal Hard Drive $140.00
Video Card Asus - GeForce GTX 1060 6GB 6 GB Strix Video Card $359.98 @ B&H
Case Phanteks - Enthoo Pro Tempered Glass ATX Full Tower Case $122.00 @ Amazon
Power Supply Corsair - HX Platinum 750 W 80+ Platinum Certified Fully Modular ATX Power Supply $99.99 @ Newegg
Sound Card Creative Labs - Sound Blaster Z 30SB150200000 OEM 24-bit 192 kHz Sound Card $90.77 @ OutletPC
Prices include shipping, taxes, rebates, and discounts
Total (before mail-in rebates) $3002.00
Mail-in rebates -$40.00
Total $2962.00
 
Hardware Notes
 
Budget
 
Other Notes
 
My main question is: will this hardware and software setup accomplish my goals?
My secondary question is: is any of my hardware unnecessary for my goals? are there better ways to eat this Reese's?
Thanks so much for all the help in advance, I've learned so much from this subreddit (and DataHoarding) already!
submitted by therightrook to homelab [link] [comments]

Burstcoin Is A Robust And Unique Cryptocurrency: Proof of Capacity (PoC) Ensures Decentralization, Energy Efficiency, And Low Barrier To Entry

http://www.cypherpunklabs.com/burstcoin-is-a-robust-and-unique-cryptocurrency-proof-of-capacity-poc-ensures-decentralization-energy-efficiency-and-low-barrier-to-entry/
Decentralization is perhaps the fundamental reason why Bitcoin has been successful. Since Bitcoin is decentralized, its network cannot be controlled by any government, corporation, or other centralized entity, and this is why Bitcoin still exists to this day rather than being shutdown a long time ago. Bitcoin achieves decentralization through its Proof of Work (PoW) algorithm, where miners around the world cryptographically hash transactions into blocks and receive block rewards for their efforts, and nodes constantly check to ensure that all confirmed transactions are following consensus rules.
The major caveat with PoW is it is energy intensive. This has especially become a problem due to the rapid rise in Bitcoin’s price long term, which has resulted in an arms race of sorts to amass the most hashing power in order to obtain the most mining profits. Indeed, the Bitcoin hash rate has risen orders of magnitude, from MH/s, to GH/s, to TH/s, to PH/s, and now up to its all-time high so far of 84 EH/s. This represents exponentially more computing resources and energy consumption.
This is a problem for two reasons. First off, there is a very high barrier to entry for new users to mine Bitcoin. It requires thousands of dollars of mining equipment to make any worthwhile profit from mining Bitcoin.
Secondly, Bitcoin mining consumes a massive amount of energy worldwide. It is estimated by Digiconomist that Bitcoin mining uses 73.12 TWh of energy annually, equivalent to the electricity consumption of the entire country of Austria, or 0.33% of total global electricity consumption. This releases nearly 35 Megatons of Carbon Dioxide annually, contributing to global warming, aside from other environmental damage caused by burning fossil fuels and manufacturing mining equipment. Digiconomist may be an overestimate of Bitcoin’s environmental impact, but it is somewhere in the ballpark.
Numerous alternative cryptocurrencies have tried to be environmentally friendly via using the Proof of Stake (PoS) algorithm, but this sacrifices decentralization, since all the voting rights end up concentrated into the hands of developers and major bag holders.
This is where Proof of Capacity (PoC), formerly called Proof of Space, comes in. Instead of using specialized Bitcoin mining equipment, PoC simply uses hard drive space to mine cryptocurrency. Burstcoin (BURST) is the #1 PoC cryptocurrency. Bitcoin HD (BHD) is another PoC cryptocurrency, but it has a highly centralized supply with 3.1 million out of 5 million total coins in the hands of the developers, so it is nonsensical to choose BHD considering that BURST has a highly decentralized supply. The problem with a centralized supply is it can cause a coin’s value to collapse long term due to developers dumping on the market.
In order to start mining BURST, a user simply allocates part of their hard drive, and this area of hard drive is plotted. Plotting is a 1-time hashing cycle where the hard drive is filled with cryptographic hashes via the Shabal cryptographic algorithm. The node also has to synchronize with the BURST blockchain before mining. Fortunately, the BURST blockchain is less than 9 GB, versus the Bitcoin blockchain which is nearly 240 GB.
Once plotting and synchronization is complete the user can begin mining. During each mining round the plot file is searched to find the correct cryptographic hash for the block, and when the correct hash is found the user receives a block reward. Essentially, the hashes in the plot file can be thought of as lottery tickets, and the bigger the size of the plot, meaning the more hard drive space dedicated to mining BURST, the more likely it is to find the correct hash.
Like with Bitcoin mining, users can join pools so that even if they have a small amount of hard drive space they can still earn BURST at a steady pace.
Since BURST’s PoC algorithm simply reads a hard drive versus the intense computational work of Bitcoin’s PoW, BURST mining uses a negligible amount of electricity. It is estimated that each BURST transaction consumes 0.0024 KWh of electricity, versus about 1,000 KWh used for each Bitcoin transaction.
Aside from being far more environmentally friendly, electricity costs are negligible for BURST miners, so BURST miners earn nearly 100% profit. This opens the door for users with any level of technology to profitably mine BURST, including personal computers and technically even cell phones. Compare this to Bitcoin where mining with even a powerful personal computer is impossible.
Ultimately, BURST’s energy efficiency makes the barrier to entry very low, a user simply needs to have hard drive space to mine BURST. This results in the BURST network being highly decentralized.
Notably, miners do not have to buy any special equipment to mine BURST, they just use spare hard drive space that was sitting unused, versus Bitcoin mining where specialized hardware that costs thousands of dollars is required. Bitcoin mining rigs often become obsolete with time, and also have no other use besides Bitcoin mining, whereas hard drive space used for BURST mining never becomes obsolete and can easily be freed up and used for storage by deleting the plot file.
In summary, BURST is one of the most unique and fundamentally robust cryptocurrencies due to its PoC algorithm, which ensures decentralization while simultaneously guaranteeing energy efficiency and a low barrier for miner entry.
submitted by turtlecane to burst [link] [comments]

[How to/Discussion] Bitcoin, Cryptocurrency, coins.ph, and legal implications in the PH

Three quick things you might want to know right away:
I'm not an expert, but I'll share what I know or have observed:
(1) Too late na ba mag-invest sa bitcoin?
When bitcoin hit $100, $1000, and $10000, people were also asking that same question. So the answer is: No one knows. For all we know, pwedeng biglang mag-crash nalang bukas ang bitcoin at di na makabawi. Pwede din tumuloy-tuloy siya hanggang $100,000. Your guess is as good as mine.
(2) How does bitcoin work?
I don't know the nitty gritty, but this was a helpful analogy for a high-level understanding of the concept.
A lot of people say that if you don't understand it, don't invest in it. On the other hand, if the price goes up and I get out before the price goes down, then I made a profit, so I don't have to understand it. Ako, personally, I consider dabbling in cryptocurrencies as an experiment. Gusto ko masabayan kung saan papunta yung technology and I also want to make a profit in the process.
(3) Is bitcoin legal? Me tax ba to?
IANAL, but AFAIK bitcoin is not illegal. Sa alam ko, walang tax to. You can look at bitcoin two ways:
Alam ko in both cases hindi mo kailangan mag-bayad ng tax. If someone knows more about this, please share.
*edit: Apparently, Mutual Funds are taxed but value is reflected to NAVPS. There is also taxes in redemption which I think is 12% VAT in redemption fee between you and the MF company.
Also, someone else mentioned the question of whether or not bitcoin profits should be considered as capital gains*
(4) DON'T INVEST WHAT YOU CAN'T AFFORD TO LOSE
I cannot stress that enough. Wag kayong mag-all in sa bitcoin. Wag niyong i-sacrifice yung mga essential niyo na gastusin sa araw araw, yung mga utang na kailangan niyong bayaran, buoin niyo muna yung emergency funds ninyo, at mag-invest muna kayo sa mas stable na investment (i.e. - MF, UITF) bago niyo paglaruan ang bitcoin.
Bitcoin and cryptocurrency as an investment is very volatile. On any given day, you can gain twice or lose half of your money. At dahil bago palang at di subok yung technology, pwedeng may mga vulnerabilities pa eto na pwede i-exploit ng hackers/scammers.
Wag niyong isugal kung di niyo kayang mawala. Parang pag-ibig lang.
(5) How do I get started with bitcoin in the PH?
The two entry points I hear the most often are: coins.ph and Abra. I've only tried coins.ph. This is what you can do:
Do note that a lot of people consider the rates of coins.ph to be too high and there are better options. Please do your research if this matters significantly to you.
(6) Ano yung mining?
Not into mining. Ang alam ko lang ay may kinalaman to sa kung paano nakadesign ang cryptocurrency, at hindi lang bitcoin ang pwede i-mine. Basically, kailangan mo ng computer na sobrang lakas para gumawa ng madaming computations, para makakuha ng coins. Pero maliit at mabagal lang yung ROI mo dito kung sakali. Tipong madaming buwan bago mo mabawi yung ginastos mo para sa mining rig + sangkatutak na kuryente na kailangan nito. Di ko na pinatulan tong mining.
NOTE: Just to show how unstable this whole cryptocurrency thing is, just today, a popular mining marketplace called NiceHash went down, and along with it, over $60M dollars worth of coins. Some say it got hacked, some say tinangay nung site owner yung pera.
(7) Paano mag-trade?
Pag sinabing trading, eto yung buying and selling of different cryptocurrencies. Para magawa mo to, kailangan mong mag-sign up sa isang exchange at ilipat yung coins mo dun. Halimbawa ng mga cryptocurrency trading exchanges: bittrex, bitfinex, coinbase, poloniex, etc. Otherwise, ang concept niya ay parang trading lang idn sa stock market.
NOTE: Wag ka magtrade kung di mo alam ang ginagawa mo at di mo kayang isugal yung pera mo on top of yung sugal ng pagi-invest sa bitcoin. Madaming nasusunugan ng pera sa trading. Pinaglaruan ko to sandali at malaki pa ang lugi ko na di ko pa nababawi. I should have around +35% of the money I have now if I didn't trade. So try trading at your own risk. It can make or break your cryptocurrency experience.
(8) As much as possible, use a hardware wallet
Just so you know, this is supposedly the most efficient way to secure your coins. Personally, I haven't gotten a hardware wallet yet. I use Bread wallet, which is an open-source software wallet. Sabi naman ng madami secure daw ang Bread. I keep all of my bitcoin in Bread, except for the bitcoin I play around with for trading. If you have 1 or more full bitcoin, you might want to get a hardware wallet though.
(9) Cashing Out
If we still use coins.ph as an example, they have multiple cash out options (cebuana lhullier, mlhullier, security bank, etc). So you can convert your bitcoin back to php and when it's in your php wallet, you can cash it out.
Note though:
Also, someone mentioned buybitcoin.ph as a cash out option
Ano pa ba? Ask and share your cryptocurrency questions, stories, tips, and tricks.
submitted by save_the_ducks to Philippines [link] [comments]

Bitcoin Mining Hash Rate Plummets To 35 EH/s, Increasing Centralization Of Bitcoin Mining

Bitcoin Mining Hash Rate Plummets To 35 EH/s, Increasing Centralization Of Bitcoin Mining

https://preview.redd.it/7qe13wsg3yz11.jpg?width=600&format=pjpg&auto=webp&s=cdb3cb372c118e1bde3b75332739ab61ca868e21
http://genesisblocknews.com/bitcoin-mining-hash-rate-plummets-to-35-eh-s-increasing-centralization-of-bitcoin-mining/
The Bitcoin mining hash rate had been exponentially increasing from 2009 through August 2018, from MH/s, to GH/s, to TH/s, to PH/s, and now EH/s. The all-time record high for Bitcoin’s mining hash rate was 62 EH/s on 26 August 2018.
After that point the trend broke, and Bitcoin’s mining hash rate plateaued. This was due to a combination of two factors. First, the Bitcoin bear market brought Bitcoin’s price down from USD 20,000 to about USD 6,500, making mining much less profitable. Second, Bitcoin’s mining difficulty had been rapidly rising despite the bear market, as all the new hash power came online. The end result was there was no more room to profitably add hashing power to the Bitcoin network.
It was thought that Bitcoin’s support level was solidly at USD 5,800, but that paradigm broke when Bitcoin Cash forked, the Securities and Exchange Commission began to launch catastrophic civil penalties against initial coin offerings (ICOs), and the launch of physical Bitcoin futures on Bakkt was delayed. This trifecta of extremely bad news within 1 week has brought Bitcoin’s price down to USD 4,400.
This unexpected crash in Bitcoin’s price has been destructive for the mining industry. Many mining farms were right at the break even point, or perhaps even losing some money, but expecting Bitcoin to go up in the near future so they kept mining. Now Bitcoin’s hash rate has plummeted to 35 EH/s, implicitly indicating about 25 EH/s of Bitcoin mining rigs have been taken offline since they are no longer profitable due to electricity costs.
This represents billions of USD of Bitcoin mining equipment going to complete waste, since Bitcoin mining rigs have no real use besides mining Bitcoin. The events unfolding in the Bitcoin mining space could spell doom for mining rig manufacturers. Now the market for rigs is completely over-saturated, and any demand for rigs has probably dried up. Mining rig manufacturers could perhaps rectify this by rapidly developing cutting-edge technology, like what Bitmain did when they recently released 7 nm rigs.
Speaking of Bitmain, no matter how good their technology is, unless Bitcoin’s price rises soon they are going to experience their lowest sales numbers in history. There is a chance this will throttle their attempt at an initial public offering (IPO) on the Hong Kong Stock Exchange, and if that IPO falls apart that will send more shockwaves through the crypto space.
On a final note, Bitcoin mining supersites that cost hundreds of millions of USD have been popping up across the globe recently, and these have been forcing personal miners out of business, since the supersites are far more cost effective per unit of hash rate. The crash in Bitcoin’s mining hash rate we are seeing right now could very possibly be individual miners collectively shutting down their rigs, leaving just the supersites. This could drastically increase the centralization of the Bitcoin mining network, and therefore increase the centralization of Bitcoin itself.
GenesisBlockNews believes it is a dangerous trend for Bitcoin’s hash rate to increasingly be in the control of a select few corporations.
submitted by turtlecane to Bitcoin [link] [comments]

FYI How to Pi Coin Cryptocurrency Mining Made Simple for Everyday People (Passive Income)

FYI How to Pi Coin Cryptocurrency Mining Made Simple for Everyday People (Passive Income)

Pi Coin Cryptocurrency Mining Made Simple for Everyday People (Passive Income)

https://preview.redd.it/kxygj89rsej31.jpg?width=1236&format=pjpg&auto=webp&s=a27bf488767eb2a119d38e1f4120a280da692cf9

Combining Cryptocurrency Mining with Traveling

Chances are, you’ve heard about the buzzing prices of cryptocurrencies like Bitcoin but probably know jack about anything else of it. Understanding how Bitcoin and Blockchain technology works can be a bit intimidating and overwhelming for new users into the Crypto-space. But hey, I’m no expert either and I just dabble in it to know enough not to miss out.
As someone who aspires to become a digital nomad and travel the world, you may want to consider looking to start now. And here I can show you how easy it is to start with zero knowledge of Bitcoin, Blockchain, and cryptocurrency.
If you know how to download an app to your smartphone or tablet. Then you are ready to earn cryptocurrency. You use your smartphone for pretty much everything from communicating, paying bills, watching videos on YouTube all day, looking for restaurants and etc. So why not also use it to make you money every single day and doesn’t cost you anything more but to just download an app?
The tides are ever-changing, and to survive, you must sail with the wind. Not against it. Don’t leave free money on the table and read on.
Pi Network (Minepi.com) is getting increasingly popular every day and is perhaps one of the fastest-growing networks in the Cryptocurrency world as of 2019. It’s no wonder you would want to get as many members under you as quickly as possible.
Mining for Pi Coin cryptocurrency takes almost no effort but to simply make a single tap on the lightning symbol once a day. After that, you can continue to use your phone as normal or shut the screen off. The Pi coin is continuously mined for the next 24 hours in the background of your device without using massive amounts of energy unlike mining for Bitcoin.
As the Pi Network continues to grow with 1000’s of new miners signing up every day, the mining rate will be halved accordingly, which means it’ll be harder and slower to get Pi coins. So, it’s quite obvious to be one of those people to get a really early start on this popular rising cryptocurrency.
But why am I sharing my secrets? Aren’t you afraid of the competition? No, not really. Because for 1, I am a believer in Pi vision so I want to help it grow by helping you grow. Plus, even if this information is out there, I doubt that everyone who reads this will actually put in the effort to actually grow (please prove me wrong).
Please read on and learn the secret!
24h a day 7d a week
168h a week 4 weeks a month
672h a month
If the PI coin is listed on markets and the price is at $0,05 you have passive income from $336. If you mine passive 1 PI a hour. Its only one click on your mobile a day.

What Is Pi Network?

Pi Network is a small connected group of people within a security circle stitched along with other smaller security circles to create a “trust graph” that will help users know who to trust and transact with. The security circle is used to validate one’s identity to allow seamlessly and trusted transactions in the Pi cryptocurrency marketplace. This is to secure trust in the network that no fraudulent activities can take place.

The Core Team Members

Dr. Nicolas KokkalisHead of Technology Stanford Ph.D. and instructor of Stanford’s first decentralized applications class; combining distributed systems and human-computer interactions to bring cryptocurrency to everyday people.
Dr. Chengdiao Fan – Head of Product Stanford Ph.D. in Computational Anthropology harnessing social computing to unlock human potential on a global scale.
Vincent McPhillip – Head of Community Yale and Stanford-trained social movement builder on a mission to democratize how society defines, creates, and distributes wealth.

  • Their Mission is to build a cryptocurrency and smart contracts platform secured and operated by everyday people like us, but with simplicity.
  • Their vision is to make Cryptomining and spending as easy as “Pie”, making it the world’s most inclusive peer-to-peer marketplace that is fueled by Pi.
· The network has about 70k daily active members mining every day on the Pi Network app and is growing incredibly fast. Once they reach the first threshold of 100k users, they will HALVE the mining rate. That’s right, so mining speed for you will become lesser and lesser as more users join the network. However, if you join today and become a (PI)oneer and help steer the Pi network into the right general direction. You’ll get a larger piece of the PI(E) and grow it into massive savings until it hits the exchange market.
· They are going to release an update during Q4 2019 that will enable users to send their Pi coins to any other user on the network. This will be the beginning of seeing the true value of the coin. Personally, for me, I’m all in for the what if factor, especially when all it took was to download a single app.
· You don’t have to spend any extra money to mine so long as you have a smartphone or a tablet.

· Invitation Into The Pi Network

· Currently, Pi network is in beta and to join the network is through an invitation code only by someone who is already a member. You can join under my name and be added into my security circle.

What Can You Do with Your Pi Coins?

In the future:


  • Pioneers can wager Pi to engage the attention of other members of the network, by sharing content (e.g., text, images, videos) or asking questions
  • Trade Pi coins with other members
  • Use Pi to purchase goods in the Pi marketplace
  • Use Pi for advertisement
  • Exchange Pi for ETH or BTC which can be exchanged into fiat money
  • Much more as the network grows to mass adoption
As they are in beta now, you get to mine Pi coins at higher rates since there are fewer users on the network. Like Bitcoin for example; mining Bitcoin 10 years ago you would be able to get a few Bitcoin every hour or so. Now, you’ll get somewhere around 0.000001 BTC per hour since there are millions of miners now (mining rate differs for everyone depending on their rig).
Think of Pi like in the early stages of Bitcoin when nobody really knew or understood what its technology is really all about. Imagine if you knew then what you know now. Wouldn’t you mine it like crazy? It goes exactly the same for Pi coin.

Need To Know More?

https://minepi.com/white-paper https://minepi.com/faq
Comment down below if you joined so I can add you into my security circle.
Thanks for reading, You Like? Share It!
submitted by SandraThelenhere to PiNetworkMining [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

How to get $100 million in VC funding to build an industry that makes $300 million profit without spending a dime

Yesterday I received an unexpected gift: a link to a copy of the slides of the presentation that 21inc gave to investors, apparently between October and December 2014, when they were still calling themselves "21E6".
(The sender asked to remain anonymous, and I am not sure about the copyright status of the file; so I would rather not repost it here yet. But it seems that several other people, including some of the 21inc competitors, have got a copy too; so anyone who is really interested can probably get it too.)
The slides don't have much new factual information, and basically confirm what we already guessed about the 21inc business plans. But they show that we severely underestimated their chutzpah and hype. Here are some random highlights (as far as I can decipher from the slides):
They had three relevant mining rig designs in the plans, that would require funding:
Codename Qty TH/s kW Cost Deploy Turnoff Profit($) --------------- ---- ---- --- ---- ------------ ----------- ----------- CyrusOne(v2), 7904 2.0 1.3 --- (already on) Apr 2015 ~23,000,000 IO(v1v3) 3250 5.2 1.3 2000 Jan 2015 Aug 2016 ~24,000,000 Brownfield(v3) 1900 5.5 1.3 2450 Mar 2015 > Nov 2017 ~20,000,000 
The "TH/s", "Cost", and "kW" columns are per "system", i.e. a mining unit containing many chips. The last column is the expected profit to be made from each set of mining hardware over its expected lifetime. (The slides have some other details that do not seem to be important.)
The first line is the hardware that they were mining with at the time of the presentation; that must be why the "Cost" (as far as investors are concerned) is given as zero.
The second line seems to be an upgrade of their previous mining hardware from v1 chips (which gave 2.7 PH/s total at the time) to v3 chips (which would give 17 PH/s) .
In reality, we have seen that their share of hashpower dwindled through all of 2015, and (AFAIK) they haven't mined a single block in the last six months. Were they still mining with CyrusOne on extra-life, or were they using the upgraded IO which was turned off prematurely? What happened to Brownfield?
However, their mining operations were secondary; the meat of their plan was the embedded chip, called BitSplit at the time.
The BitSPlit chip (as we suspected) was hard-wired to send 75% of the block reward to the 21inc wallet, whose address was burned in the silicon, and 25% to the user's wallet.
By my calculations, assuming 50 GH/s and no increase in the difficulty, the BitSplit would mine one block in 570 years, on average, and collect less than 2 BTC of reward in that time. So, of course, the chip was hard-wired to mine into a pool run by 21inc, that would spread the user's 25% of those 2 BTC (expected) into a daily regular trickle of a couple thousand satoshis. Their own mining operations would provide the BTC needed for the pool payouts of all the millions of chips that they expected to be running out there.
They projected to release 3 versions:
Model Qty GH/s W Cost Deploy Profit($) --------------- ---------- ---- -- ---- ------------ ------------ USB hub-charger 250,000 38 15 $35 Mar 2015 ~8,000,000 Embedded chip 1,000,000 63 15 $8 Aug 2015 ~103,000,000 BitSplit Inside 10,000,000 20 5 $0 Oct 2015 ~292,000,000 
The "Qty" is the expected number of units sold. The last column, IIUC, is the profit that 21inc expected to make from the 75% cut of the BTC produced by all the chips, over their expected lifetime.
In the above "USB hub-charger" model was a USB charging unit, roughly 3 x 2 x 1 inches, with 2 USB outputs and a mining chip inside, produced by 21inc themselves "to seed the market".
The second line, which I called "Embedded chip", seems to refer to discrete BitSplit chips provided by 21inc and included in consumer devices (like routers etc.) by OEM manufacturers.
The "BitSplit Inside" model would be the BitSplit integrated into the chipsets of other manufacturers, and manufactured by them. Its cost is listed as "$0" (for 21inc) because they expected those manufacturers to shoulder the cost of manufacturing and integrating the mining chip.
Apparently the market-seeding "USB hub-charger" was later replaced by the "Bitcoin Computer" (aka the PiTato). In one slide it is called "multifunctional BitSplit device", and depicted as a sleek shiny black box, the size of a cigarette pack, with a power cable and 2-3 USB or similar outputs. If that is supposed to be the PiTato, presumably they had not yet realized that a 15 w computer would need a cooling fan with a miniature wind tunnel on top.
In the last two entries, the manufacturers (not the device owners!) would be rewarded with the 25% slice of the BTC mined by those embedded chips. As an example, the slides say that a manufacturer who produced one quarter of the embedded BitSplits would get the 25% cut on the BTC yield of those chips, that was estimated to be between 2 and 4 million dollars per year of revenue in 2015--2018. Those numbers are based on the following predicted mean BTC prices: $350 for 2015, $1000 for 2016, $2200 for 2017, and $5500 for 2018.
So, their main business plan was fantastic: the OEM and chipset makers would pay the costs of producing and integrating the chips, the consumers would pay the cost of operating them, and 21inc would get 75% of all BTC mined by them, expected to be worth 400 million dollars.
It makes sense to invest 100 million in that plan, right?
EDIT1: Sentence order, typos.
EDIT2: See also this comment below about other sources of this info and this comment about a fatal flaw of the PiTato mining chip.
EDIT3: See also this comment with the data from slide 2, "At a glance"
submitted by jstolfi to Buttcoin [link] [comments]

Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings

Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings

https://preview.redd.it/85lpl2md4e221.png?width=690&format=png&auto=webp&s=2d3bab69f0570a96f55d790d25f1b1ab08c0a49b
https://cryptoiq.co/the-bitcoin-mining-hash-rate-has-similarities-to-peak-oil/
The Bitcoin mining hash rate had been exponentially increasing on average since the genesis block in 2009, from MH/s, to GH/s, to TH/s, to PH/s, to EH/s, and it reached an all-time record high of 62 EH/s on 26 August 2018. Since this peak was reached, the Bitcoin mining hash rate gradually plateaued and has now decreased. The chart of Bitcoin mining hash rate actually looks quite similar to a peak oil chart except on a much faster time-scale, as can be seen in the comparison between Bitcoin’s hash rate over the course of 2 years from Blockchain.com and North Sea oil production from an article in The Oil Drum: Europe by Euan Mearns. As explained below, the dynamics between peak oil and peak Bitcoin mining are similar, with the key difference that Bitcoin mining is decentralized and oil is not.

https://preview.redd.it/op5ept1g4e221.png?width=512&format=png&auto=webp&s=2b3b35eb631f31a64ed7beb01f283832bd231e4c

https://preview.redd.it/nfyhlf4h4e221.png?width=678&format=png&auto=webp&s=46a0ca7e11f274c5678f6421b1eebb788eab5197
Geologist M. King Hubbert is the founder of the peak oil theory, which states that there is a point when the maximum extraction rate of petroleum is reached, after which a terminal decline in production ensues. The peak rate of extraction of Bitcoin of course occurred during the period after the genesis block and before the first block halving, when the block reward was at its maximum of 50 Bitcoins. However, this is not the peak rate of mining profitability, since Bitcoin increased in price by orders of magnitude through the year 2017. The peak rate of Bitcoin mining profits undoubtedly was simultaneous with Bitcoin’s all-time record high of USD 20,000 in December 2017.
The reason the peak hash rate did not coincide with the peak rate of Bitcoin mining profits is because the rally happened so quickly that mining operations were not able to add rigs fast enough, so there was a lag effect. Even for mining operations with large amounts of capital it can take months to obtain the amount of mining equipment that they want, and for other mining operations it took even longer because they had to obtain investors, buy land, build infrastructure, and only then could they install the rigs and begin hashing.
The Bitcoin mining hash rate chart implicitly indicates that 30 EH/s of Bitcoin mining equipment has been taken offline due to lack of profitability, which represents tens of billions of USD of wasted rigs. This suggests that Bitcoin miners were caught by surprise by the decline in Bitcoin’s price from USD 20,000 to less than USD 4,000 as of 4 December 2018.
Coming back to the peak oil comparison, the current Bitcoin mining scene is like a rapid version of peak oil, combined with lack of coordination. Oil mining is a centralized and coordinated activity, where the oil is prospected, land is leased out and then an appropriate number of wells are drilled. With oil mining, companies cannot drill as many wells as they want, or drill wells on someone else’s lease, since this is all closely controlled by contractual agreements. Bitcoin mining is decentralized, and no one has a lease or contract to only mine with a certain amount of hash rate. Anyone in the world can run as much Bitcoin mining rigs as they can afford. The effect is that people all around the world are sticking their straws into the Bitcoin mining network all at the same time, and they sucked it dry. Essentially, so many people started up new mining operations at once without coordination, that the Bitcoin mining hash rate went way past its equilibrium, which hurt everyone involved. This is akin to if oil drilling was a decentralized process, and anyone who wanted to drill for oil could drill in the same field. The oil field would be sucked dry really quick, and then most of the drills would be shut down due to lack of profits.
There is hope for Bitcoin miners however. The price of Bitcoin simply has to rally, and all of the disenfranchised miners could restart their rigs, and then it would be back to the races and new rigs could begin being added. However, due to the decentralization of Bitcoin mining, the network hash rate will likely periodically rise past its equilibrium point, leading to catastrophic conditions for miners like we are experiencing today at points in the future. The only thing that could prevent the scenario we are experiencing today is a Bitcoin rally that lasts forever, which is obviously not possible.
James McAvity tweeted that Bitcoin mining is still profitable in the current environment, and does some simple linear calculations to prove this point. He also argues that miners are forced to keep mining due to business agreements, choose to HODL in expectation of a rally, and continue mining in expectation of a downward difficulty adjustment as other miners go offline.
https://twitter.com/jamesmcavity/status/1069669073552736256
Some of what McAvity says is true, but the reality is that Bitcoin mining is a highly non-linear system, and calculating the support level for mining is somewhat pointless, since it is different for every miner. Bitcoin mining profitability depends on Bitcoin’s price, the Bitcoin network hash rate which is directly correlated to mining difficulty, and the technological efficiency of Bitcoin mining rigs. These 3 factors are related in a non-linear and ever-changing way.
Instead of trudging away at trying to develop a set of equations that determine mining hash rate behavior, one could simply look at the Bitcoin mining hash rate chart at the beginning of this article to understand what is going on. Bitcoin mining profitability is different for each individual miner, and the hash rate has trended downwards as individual miners have made the decision to shut down rigs. Clearly there was a fundamental mining profitability support level in the USD 6,000-7,000 range, since that is where Bitcoin’s price was when mining peaked and plateaued. There are clearly numerous miners who became unprofitable on the descent from that level to less than USD 4,000 today, and now approximately 50% of the Bitcoin mining equipment that exists cannot profitably mine. The decrease in Bitcoin’s mining difficulty of 15% on 3 December 2018 could help bring some of those miners back online, at least if the price stays at current levels around USD 4,000, but this will not change the overall trend.
When it comes down to it, Bitcoin’s price is in control of Bitcoin mining profitability, and if the price goes up we could see a reversal of the hash rate downtrend and eventually a 2nd peak in Bitcoin’s network hash rate. However, if price continues to go down, the Bitcoin mining hash rate chart will follow a similar pattern to peak oil charts. The reality will likely be a combination of both. Bitcoin bear markets tend to last years, and get more severe, but eventually the rally comes and then Bitcoin exceeds its all-time record high. This would lead to a steady decrease in Bitcoin’s mining hash rate like the peak oil chart, followed by a rapid re-engagement of old mining rigs that have been taken offline, and then the addition of new generation Bitcoin mining rigs once the equilibrium hash rate exceeds 60 EH/s.
submitted by turtlecane to Bitcoin [link] [comments]

GAW Miners - Liars, Frauds - A brief recap of what we know.

EDIT: I was asked by a GAW staff member to compile a list of questions the community has with/about GAW, Paybase, etc. Please provide any questions you have below and I'll have them forwarded
EDIT 2: It seems Josh is working on answering the questions I've asked and compiled. We'll see what happens when answers are released.
Hello, in the midst of this public uprising against GAW I'd like to present some facts for those of you who either:
a. Don't know who/what "GAW" is and why they're a scam,
b. Are brainwashed by Garza; those of you who genuinely believe in Paycoin and GAW Miners,
c. Don't quite have all of the information.
Note that I don't have every possible snippet of information out there, I'll just bring up some of the main points and complaints.
Pre-GAW
Ten months ago Garza was first introduced to the Bitcoin community in this post and this post.. From these posts we learn quite a bit of information regarding Garza's past; he offered false business deals to eBay sellers to partner with him. In the first article, we see that after he offered this couple "20% of his total profit" from his mining company and the couple asked for a reasonable counter-offer of $5k/month to pay their bills since they were unemployed, Garza filed a false Significantly Not As Described case on eBay, causing the couple to quite a bit of money and seriously affected their finances. The couple did some research about Garza and found this:
After looking at their old facebook profile, we saw that they were originally DirectTV salesman preying on small rural towns around New England offering people high-speed, internet and other telecom services that these people weren't able to get for whatever reason before. GAW was able to coerce MBI (Massachusetts Broadband Institute) to donate $40,000 to them for helping to bring services to everyone in the communities. Garza promised to build towers and other bullshit in these towns to help provide services, but they never did. At some point even when community leaders (one was David Kulp) repeatedly tried to get in touch with them, they never heard back.
So, it seems Garza has a knack for deceptive practices 'eh? Since the posts are so long and there's a lot to discuss, I'll let you read them and formulate your opinion on Garza. (Thanks to DidHeJust for the links to those threads).
-Early Phases
Originally, GAW showed NO proof of mining at all (not an address, block, pictures of mining hardware, pool usernames, nothing). Later on, during the Hashpoint 'mining' phase, he purchased 5 PH/s worth of mining equipment from Bitmaintech. For the short amount of time Paycoin was available for proof-of-work mining, there were tons of people renting mining rigs in order to get a cut of the "$20 Paycoins." Since the difficulty was fairly low, the prices per TH/s of these miners were very high, making it extremely easy to ROI on them. I'd be willing to bet that GAW rented out a lot of their hashpower for profit. They're currently selling the hardware they have left from this on oneminer.com.
There was also a brief period of time where you were able to purchase hardware from GAW and have it point to a pool of your choosing; however, this didn't account for too large of a portion of the hashpower they claim to have sold.
-Forums
GAW Miners owns a forum created them them, Hashtalk. This forum is heavily censored; if you attempt to inquire about some of GAW's deceptive practices, broken promises, or Paycoin design you'll either be outright banned or shadow banned (your account will remain useable to you, but nobody will be able to see any of your posts). This led to this uncensored discussion thread on Bitcointalk.
- Broken Promises
Promise 1: *"Always Profitable"**
GAW Miners claims that their Hashlets would always remain profitable and the $0.08 fee per MH/s would go down overtime. You know what GAW did instead? They kept their fees the same even when people were receiving only 1 satoshi. That's hardly profitable at all, as it's the minimum amount that they can really pay. So, they decided to move to mining Hashpoints for Paycoin (another broken promise, explained later).
Promise 2: *"Paycoin would launch with a $20 floor"**
This one is interesting. For the three months or so Hashpoint mining was available, Garza claimed that Paycoin would have a $20 floor (essentially that GAW would buy up any coin sold below $20 to keep the market place there or higher). Now, however, they've purged their censored forum of such claims so all that remains are screenshots as proof. Here's a few: https://i.imgur.com/YFXJiKB.png and https://i.imgur.com/HnotyMB.png Paycoin was traded at about $20 for a very brief period of time, but since then it's been dropping steadily, trading at just above $6/ea currently. Garza has done nothing to rectify the situation since.
Promise 3: *Large merchant support on launch**
From this thread we see that Garza promises that:
That’s right, you will be able to shop with Paycoin on the Amazon, Target, Walmart, Macy*s and Best Buy’s online stores.
A journalism website, coinfire.cf, contacted Amazon and the other companies claimed to be partnered with GAW. These companies all denied being affiliated with GAW, Amazon even threatened legal action if this continued. Once the article was published, the coinfire website was mysteriously hacked and the day after GAW threatened legal action. Read more about it here:
https://coinfire.cf/2014/11/22/is-gaw-miners-lying-about-partnerships/ and http://www.scribd.com/doc/248372603/Coinfire-Cease-and-Desist
-Censorship [Developing!!!]
At the moment GAW is taking down videos they've posted where they've made a certain "statement" on their mining.
-Paycoin
Ah, Paycoin. An altcoin plagued by delays and broken promises. Originally set to launch at $20 per coin, falsely leading people into investing money into Hashpoint miners for profit. The things Josh is doing and has done to get people to use Paycoin are laughable, I'd consider it treason against the Bitcoin community. He purchased the domain btc.com for $1,000,000 only to have it redirect to Paybase. Fun stuff 'eh? He's also claimed that his coin would be better than Bitcoin, denouncing it in order to promote his own coin. From code snippets we've seen, Paycoin's "Prime Nodes," part of the PoS system to generate new coins, has the ability to generate coins at a 350% interest rate. These wallets/stakers/controllers/nodes are only able to be controlled by GAW, of course. The code:
int64 nSubsidy = 0; int64 nRewardCoinYear = 0; // creation amount per coin-year if (primeNodeRate == 0) nRewardCoinYear = 5 * CENT; else if (primeNodeRate == 10) nRewardCoinYear = 10 * CENT; else if (primeNodeRate == 20) nRewardCoinYear = 20 * CENT; else if (primeNodeRate == 100) nRewardCoinYear = 100 * CENT; else if (primeNodeRate == 350) nRewardCoinYear = 350 * CENT; nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8); if (fDebug && GetBoolArg("-printcreation")) printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge); return nSubsidy; 
Paycoin started off as a coin with a 13,000,000 coin market cap, with two stages. A Proof of Work and Proof of Share. Check this out: https://twitter.com/gawceo/status/532173907718332417 - Garza claims that he "mined" for the 12,000,000 coins he gained, although block one was programmed to give him that much... hah!
Credits to https://gist.github.com/jyap808/3f99de084df18ce325a7 for this;
Block 1. 12 million premine.
343,196 XPY mined during Proof of Work period.
343,196 - 56,889 = 286,307 XPY not mined by GAW Miners
12,343,196 XPY coins mined Total at the end of Proof of Work including pre-mine.
100 - (343196.0 / 12343196 * 100) = 97.22% Premined at the end of Proof of Work
It also seems like Garza stole the logo for Paycoin from https://www.gopago.com/. If you compare it with what's on https://paybase.com/ they're identical.
-Current and Recent Events
It's also known that there was a massive security/data breech during the Paybase launch, which allowed users to see other's balances and personal information https://coinfire.cf/2014/12/31/massive-security-breach-at-paybase/ which is being blamed on a "Cloudflare Caching Issue," however, that excuse makes very little sense.
Currently, people are having trouble withdrawing their Paycoins from Paybase, which GAW is blaming on Authy. Authy's services are functioning fine for all other services, which leads us to believe that it isn't Authy's fault.
When Hashtakers were sold, they would've only been really profitable at the $20 per Paycoin mark. With the current price people are losing money on their investment.
Note: This is somewhat unfinished and I'd like to hear feedback on what I should add and revise.
submitted by iTipBitcoin to Bitcoin [link] [comments]

**Warning:** ViaBTC Cloud Mining "Social" Contract Scam

This is not the same cloud mining contract offering by viaBTC.com
Roger Ver's twitter account has been hacked faked and the hackers scammers are sending out the following email trying to entice you to buy viaBTC mining shares at a discount. Note, the BTC receiving address is different than viaBTC's Block 1 receiving address:
ViaBTC Cloud Mining Contract — Batch 1 Social
ViaBTC is now launching our cloud mining product — an easy way for EVERYONE to mine your own Bitcoins. Our first cloud mining contract — ViaBTC S9 will run with Antminer S9, the most advanced mining rigs today. All cloud hashrates will come from the miners ViaBTC purchases and deploys. Now we have deployed our Batch 1 Social of 2.4 PH/s cloud hashrates for global customers to purchase.
Contract Details:
  1. Purchase unit: 1 TH/s per SHARE. The Batch 1 S9 hashrates will be divided into 2,400 SHARES;
  2. Power consumption & electricity cost: 100 Watt per SHARE; 0.84 CNY per day per SHARE (0.35 CNY/KWH);
  3. Manage fees: 6% of the mining income will be charged as manage fees, which cover the costs for mining farm maintenance, deployment, repairs, staff expenses, emergencies, risk prevention etc.;
  4. Mining income: The miners will mine in ViaBTC pool which adopts a PPS+ method. The mining income will be the theoretical PPS+ yields which won’t be affected by the operational conditions of miners.
  5. Settlement: The mining income, deducted by manage fees and electricity costs will be the actual yields. The daily electricity cost will be calculated against the CNY/Bitcoin rate from China’s mainstream exchanges. The daily income will be settled at 8:00 AM Beijing Time (GMT+8) the next day;
  6. Redemption of miners: To guarantee efficiency, all miners will run in high-standard facilities and in ViaBTC pool. Redemption of miners and change of mining pool are not available for the contract.
  7. Termination of contract: The contract will be terminated automatically when there’s zero actual yields for 10 consecutive days. ViaBTC will redeem all contracts priced with the remaining value of the miners at the time. All miners will be owned by ViaBTC. Purchase:
  8. Batch 1 Social on sale: Nov. 16th 2016-Nov. 22nd 2016
  9. Batch 1 Social price: 0.15 BTC per SHARE (minimum 20 shares)
  10. Way of purchase: Please purchase the contract by an integral number of SHARES and send the Bitcoins to the address:127n8yQPbcNepiNYNY1J9Q9btpJiq6Ysig (do not send any bitcoins to this address, OP) from your wallet that you own the private key. This wallet will receive the daily mining yields. If your payment cannot cover a full SHARE, it will be sent back to the original address. If the total orders overrun our stock, the excess will be sent back to their original addresses as well;
  11. Effectiveness: We will confirm your order and start to calculate the yields within 24 hours on receiving your payments. Yields & Risks:
  12. About Antminer S9: S9 is currently the most advanced and power-efficient mining rig which guarantees the longest life cycle for a miner. Visit Antminer’s site for more details;
  13. Income calculation: ViaBTC users can check at “Home” to find out the expected daily yields for 1 SHARE which is now around 0.00098611 BTC;
  14. Warnings: Price fluctuation is frequent for Bitcoin and the mining difficulty will be adjusted every other week. Price drop and increase of difficulty will lead to a drop of mining income per SHARE. ViaBTC won’t promise a 100% ROI whether in Bitcoin or fiat money terms. Please evaluate the risks you can handle before investing in Bitcoin mining. Follow-up Plan:
  15. ViaBTC will deploy more miners in the near future to meet your demands;
  16. Our cloud mining exchange platform is under development and will be soon integrated into www.viabtc.com. At that time users can freely trade their cloud mining contracts. Early-stage contract holders can direct their contacts to www.viabtc.com then by signing their wallet addresses.
submitted by clone4501 to btc [link] [comments]

This hacking shit fucked my plan, new Approach?

First off, i'm a Filipino and is currently working in China. I'm a beginner miner with a 1070 at home.
A few days ago i posted about my plan of building a mining Rig/s for Nicehash solely. I've talked to my trusted circles and convinced them to join me in my journey and surprisingly, a lot of them would support and invest money in my mini project. I was telling them this and that, Nicehash is the shit, it was great for beginners, easy to use and all that, plans on location and mining hardware and more importantly where we gonna exchange our earned XBT from Nicehash.
For us in Philippines, there's a very limited choice. In fact, i think the only one i can trust is Coins.ph. I've used them to exchange my minuscule payouts from Nicehash and they worked great. They can easily convert my bitcoins into PHP at great rates and send it to designated bank account. Apart from Bitcoins, other cryptos doesn't get a lot of support for exchanges and so i think i'm stuck with Bitcoins for now.
With that said, is this a sound Plan?
  1. Still go with building a mining rig for Bitcoin or other cryptos. I'm planning to go ASIC mining with Baikal Giant X10 or Antminer S9 as i can get those here in China.
  2. If i go with Bitcoin mining, i'm not sure if i can get any blocks by myself. Perhaps i have to tap into a mining Pool? Please let me know what's a good one. If i go with mining other cryptos then i have to exchange the earned cryptos to XBT at Changelly.com then send the XBT to my coins.ph account
  3. I'm open to your suggestions, please help this newbie. Thanks!
submitted by vulvasniffer to NiceHash [link] [comments]

HIVE to Launch Cloud Mining Installation in September

Canada-based HIVE announced that it would launch a cloud mining installation that would start producing cryptocurrencies this September.
HIVE Blockchain Technologies announced on Wednesday that it would launch 200 Petahashes (PH) of cloud mining power this September in line with an agreement with Genesis Mining. The addition of 200 PHs of SHA-256 mining power was stipulated in a December 2017 agreement between the two companies. Initially, it was decided that the capacity will be added in Sweden by building a large-scale facility, but according to the new revised agreement, the 200 PHs will be offered based on a cloud mining adaptation until the mining rigs will be delivered within the next year.
The cloud mining infrastructure permits HIVE to benefit from lower operating costs compared to building and managing a large facility in Sweden. It also gives HIVE the flexibility to set up the upcoming delivery of mining rigs in a favorable region, which is expected to be in an existing facility in North America. The new cloud mining installation will start producing cryptocurrency on September 30 of this year.
Thus, the future cloud-based mining power will diversify the mining potential of HIVE by providing the capability to mine SHA-256 ASIC-based cryptocurrencies which might directly influence the company’s coin inventory.
HIVE CEO and director Harry Pokrandt commented on the new deal:
“HIVE remains dedicated to adding additional low-cost capacity to our mining network and we continue to work with our partners at Genesis who remain flexible and committed to helping HIVE explore best alternatives.”
“The deployment of 200 PHs nearly doubles the Company’s mining power, bringing total capacity to 44 MW across the HIVE network and further expands our business model; we will soon be mining Bitcoin and can add other SHA-256 coins, including Bitcoin Cash,” he added.
HIVE is a Canada-based blockchain-oriented company that is listed on TSX Venture Exchange, a Canadian stock exchange where trading is carried out electronically. The company partnered with Genesis Mining last year to develop blockchain infrastructure solutions. HIVE managed mining facilities in Iceland and Sweden that produce cryptocurrencies like Ethereum and Bitcoin.
HIVE is one of the companies included in the Reality Shares Nasdaq Blockchain Economy Index, which is tracked by the Nasdaq-listed NexGen Economy ETF, with the ticker BLCN, launched by Reality Shares.
submitted by SwitchKanun to hashflareinfo [link] [comments]

Best method to encash for Philippine Nicehash Miners-- small-scale miners

This is a rather hot topic locally, and I'd like to know your input about this.
Unless the rigs are numerous and rakes in around 50-100k PHP worth of bitcoins, it's not worth mining to external wallet. It's also around 0.01/0.1 btc needed. The fee is a significant amount of PHP, and it's something to think about for small-scale miners.
Many small-scale miners use internal wallet, which can be then transferred to coinbase without fees. But here's the problem: Coinbase has no PH affiliates.
For external wallets, we use coins.ph commonly as it is the most accesible for us.
Now the question, which is the better path?
a. Nicehash > coinbase > coins.ph (incurrs 800+ php fee) b. Nicehash > coinbase > localbitcoins (fee unknown) > bank account
If there's another path not known, let's see it here.
submitted by orochiherman to NiceHash [link] [comments]

Who is the team behind Bayan Token?

Sheikh Dr. Zaharuddin Abd Rahman — Chairman, Shariah Board
Sheikh Dr. Zaharuddin Abd Rahman who is a Managing Director of Elzar Group of companies (Elzar Shariah Solutions Sdn Bhd, Elzar Resources Sdn Bhd, Elzar Trading Sdn Bhd and K-Fiqh Sdn Bhd).
Dr. Zaharuddin served as an Assistant Professor at the Kulliyyah of Economics, International Islamic University Malaysia (IIUM) for more than 10 years. He obtained his degree from University of Malaya, MA in Shariah from Al-Yarmouk University, Jordan and PHD in Islamic Studies and Finance from University of Wales. He is also a certified Islamic Finance trainer and lecturer by The Markfield Institute of Higher Education, United Kingdom.
He has served RHB Islamic Bank Ltd, Malaysia as a Senior Shari’ah Manager & Product Development and later, joining Asian Finance Bank Ltd as Head of the Shari’ah Compliance. He has a vast experience in Shariah where he has served various institutions as Shariah Consultant and Advisor for Central Bank of Malaysia (BNM), OSK Investment Bank, Deutche Bank, Al-Rajhi Bank Malaysia, Standard Chartered Saadiq Bank, ACR ReTakaful Bahrain, BIMB Securities Sdn Bhd, BNP Paribas Bank and others.
To-date, he has written over 20 books and hundreds of articles on Islamic Jurisprudence and Islamic Banking and other Shari’ah matters in journal, including local and international magazines and conferences. He frequently appears in the local television and radio lecturing on various Shari’ah issues especially with regards to the Islamic commercial transaction. His Facebook page ‘Dr. Zaharuddin Abd Rahman’ has about 1.3 million followers.
LinkedIn: https://www.linkedin.com/in/dr-zaharuddin-abd-rahman-05a0195/
Mr Vince Focarelli — Ambassador
There was a time, whenever Vince Focarelli’s name was mentioned, it struck fear and hatred in the people’s heart, especially amongst the residents of Adelaide. That is not the case anymore. The former leader of the notorious gang ‘Comanchero’, he is now a transformed and completely different person after embracing Islam. Watch the interview with Vince about his journey to Islam. (https://www.youtube.com/watch?v=N2jcCxBwm9s)
Vince — now Imran Abdul Salam — is an active social activist, where he frequently gives motivational and inspirational talk about his journey to Islam. He is also actively involved in several humanitarian works such as organising a food convoy for the Yemeni refugees. He used to own and run a Halal Italian restaurant, La Fig Cucina in Adelaide, of which he wishes to expand its presence around the world.
Vince has been appointed as the Ambassador to Bayan Token as he shares the same aspirations and noble intentions of spreading good to the wider mass. An avid preacher of kindness and goodness himself, he is very excited and looking forward to do greater good through the Shariah compliant Bayan Token.
Facebook: https://www.facebook.com/Vince-Focarelli-1892643934346711/
Dato’ Zainal Abidin M Husain — Chairman
Dato’ Zainal Abidin was a name to be reckoned with in the banking and financial industry. He served as a Manager for eight years at Arab-Malaysian Merchant Bank Berhad before becoming the Head of Finance at Halim Securities Sdn Bhd.
He then made his leap of faith by founding Ikhtiar Destinasi Sdn Bhd. He has held many significant positions since then which include the Managing Director for Ikhtiar Factoring Sdn Bhd and Director for both Transpro Sdn Bhd and Ikhtiar Commerce Sdn Bhd.
At 56, he is still active and going strong, overseeing Ikhtiar Destinasi Sdn Bhd as its Executive Chairman. He graduated from University of Minnesota in Accounting and Idaho State University in Masters in Education (Business).
LinkedIn: https://www.linkedin.com/in/dato-zainalabidin-husain-267927aa/
Nazimuddin Nazaruddin — Chief Executive Officer
Nazimuddin graduated from Universiti Teknologi Mara (UiTM), completing his Association of Chartered Certified Accountant (ACCA) professional course. He is a member of ACCA and Malaysia Institute of Accountants (MIA), and is currently a Chartered Accountant by background. He kickstarts his career in a medium sized Audit Firm, Afrizan Tarmili Khairul Azhar (AFTAAS), and continue his auditing career to one of the Big Four firm, Deloitte Malaysia based in Petaling Jaya, leading and managing various client’s portfolio, from small to big entities.
Then he moved to Schlumberger KL Financial Hub as a Management Accountant, dealing with Financial Reporting and operational matters, taking care of Middle East area operations via working closely with Operation Controllers, specifically in Artificial Lift and Completions segment for Kuwait, UAE, and North Sudan. Currently he is practicing in his own firm Nazim & Co, an accounting firm under MIA, specializing in small medium entities portfolio’s.
He has vast experience and well verse in International and local financial reporting standards, international standards of auditing, financial reporting compliance, statutory and taxation matters, performance management and internal audit compliance.
LinkedIn: https://www.linkedin.com/in/nazimuddin-nazaruddin-acca-ca-m-3391b1aa/
Ameerul Zafeeq Hizamuddin — Chief Financial Officer
Ameerul Zafeeq is a chartered accountant graduated in 2010 from Kaplan Financial College, London. He started his career at Binder Dijker Otte (BDO) as an audit associate. He then moved to Accenture as Accountant before joining Royal Bank of Canada (RBC) as Fund Accountant to have a first-hand experience in investment field.
Ameerul was hired by Petronas Carigali as a Senior Executive in 2016. He was promoted to Assistant Manager and moved to Petronas Berhad. He specialises in business planning, forecasting, budgeting and reporting.
LinkedIn: https://www.linkedin.com/in/ameerul-zafeeq-hizamuddin-883224a3/
Adam Effendy Mustapha — Chief Operating Officer
Adam Effendy graduated from London School of Economics and Political Science in Bsc. Economics. Immediately after graduation, he was offered an executive position in UEM Group Berhad, serving both the Corporate Finance Department and the Managing Director’s office. He then moved to UEM Sunrise Berhad, gaining more experiences in the corporate world after serving total of three years in the Managing Director’s office and the Corporate Planning department.
Adam then decided to resign and started his own publishing house that has published ten books to-date; two of them were national bestsellers. After two and half years being an entrepreneur, Adam craves for new challenges and wants to learn something novel and exciting. He quickly jumped at the offer to join the team as he gets to enjoy the best of two worlds; Islamic finance and financial technology.
LinkedIn: https://www.linkedin.com/in/adam-e-mustapha-661011b1/
Muhamad Akif Akmal Abdul Aziz — Chief Technology Officer
A First-Class Honour graduate in B.Eng Electrical & Electronic from University of Adelaide, Muhamad Akif Akmal was an Electrical Engineer at Tarpon Energy Services Asia Pacific Sdn Bhd since 2014 before joining the team. He specialises in designing electrical system and instrument.
Akif is a crypto and blockchain enthusiast who has traded using various platforms such as Poloniex, Shapeshift, Remitano and LocalBitcoins. He also has experiences in building GPU mining rig and designing mining farm. He was also a back-end technology consultant for several ICOs.
LinkedIn: https://www.linkedin.com/in/muhamad-akif-akmal-abdul-aziz-19b22a73/
Zikri Zainudin — Chief Technical Analyst
A Financial Engineering graduate with 7 years of investment banking experience, Zikri Zainudin is a self-taught computer programmer. He applied complex algorithms and artificial intelligence to enhance the Z2 System into an integrated, advanced methodological application, designed for efficient stock picking, complex alerts and automated execution to support professional trading. It took more than 10 years to derive the methodology, which is now known as the Z2 Protocol.
Mr Steven Georgiadis — Legal Consultant
Steven Georgiadis is a highly acclaimed and seasoned Trial Attorney with 18 years of accomplished experience. With a combination of a scholastic and reformist approach, he has netted triumphant proficiency in investment banking, private banking, Mergers & Acquisition, private equity transactions, corporate finance and corporate governance. Commonly sought internationally by prestigious cliental, he has become a highly respected advisor and esteemed leader.
Steven, a graduate from Bond University, Gold Coast, Australian with Bachelor of Laws (LLB), has been solicited for his astute abilities in a vast array of legal disciplines including dispute resolution and in litigation for both hard and soft commodity sectors.
LinkedIn: https://www.linkedin.com/in/steven-georgiadis-06692768/
Mr Pierre Chuah — Marketing Expert
Pierre Chuah is a Digital Marketing Cloud Specialist with 20 years of experience. With a holistic digital experiences, he is able to understand and implement various digital marketing technologies for businesses.
Pierre started his career in KPMG Asia Pacific as an IT consultant in the implementation of SAP Finance solutions, for various companies in Malaysia and Singapore. Subsequently he led a team of 23 individuals in providing digital marketing consultancy to various multi-national companies such as Japanese Tobacco Industry (JTI), Carlsberg, Nissan, Cadbury, Kimberly Clarke, Mattel Toys, Adidas, Panasonic and many others in implementing digital marketing technologies.
Pierre joins Oranje-ISC as a Digital Director in the year 2014 having developed and implemented a 360-digital experience for Langkawi Island. Under his direction, Oranje-ISC was made finalist in ‘Marketing Excellence Awards 2017’. He is professionally certified by SAP, Google, Oracle and Adobe. He graduated from Warwick University, United Kingdom BSc Management Science and City University, London with MSc Information System and Technology.
LinkedIn: https://www.linkedin.com/in/pierre-chuah-18222861/
Dr. Said Adekunle Mikail — Shariah Expert
Dr. Said Adekunle Mikail is a researcher at International Shariah Research Academy for Islamic Finance (ISRA) and lecturer at International Centre for Education in Islamic Finance (INCEIF). His academic qualifications are distinguished; he graduated from Islamic University of Madinah with LLB (Shariah) and earned his Master’s Degree in Comparative Law from the International Islamic University of Malaysia (IIUM). He then obtained his PhD in Islamic Finance from the same university.
Dr. Said’s experience in Islamic Finance is extensive. He was the Shariah advisor for BNP Paribas (Islamic Banking Window, Malaysia) in 2015. He was appointed as the Shariah Consultant to I Consult Africa (PTY) Ltd. Ethical and Responsible Advisory, South Africa in 2016 and still serving them until now. He is also a Shariah Consultant under ISRA Consultancy Sdn Bhd, which has served a number of high-profile clients including the Central Bank of Malaysia.
Dr. Said holds a number of memberships in various esteemed bodies and organisations such as Al-Birr Investment and Credit Cooperative Society Limited (Chairman), Muslim Scholarship Fund of Nigeria (MSFN-Nigeria) (Partner), International Council of Islamic Finance Educators, Malaysia (Associate Member), Malaysia Institute of Management (Affiliate Member) and Malaysian Financial Planning Council.
Being conferred the 21st Yayasan Tun Razak Youth Leadership Award in 2016 and Shariah Scholarship Award by ISRA in 2011, Dr Said has produced many academic publications and reports, which are internationally recognised.
Dr Hameeth Shah Abdul Wahid — Biotech Project Expert
Dr Hameeth Shah Abdul Wahid completed his MBBS from the International Islamic University of Malaysia (IIUM) in 2004. He started his career as a young doctor in Hospital Besar Alor Setar. Since the early days, he has special interest in Internal Medicine that lead him to take up postgrad studies in the subject matter. Eventually he completed his postgrad studies and obtained membership of Members of Royal College of Physician (MRCP), United Kingdom in 2014.
Currently Dr Hameeth Shah is working as a Senior Lecturer at University Kuala Lumpur-Royal College of Medicine Perak (UNIKL-RCMP) and practicing as a Specialist in Internal Medicine at Pusat Pakar Perubatan Ar-Ridzuan in Ipoh, Perak. He also has special interest in cardiology and currently doing his fellowship in Interventional Cardiology.
LinkedIn: https://www.linkedin.com/in/hameeth-shah-67167445/
Siti Sarah Nadiah Suliman — Legal & Human Capital Director
Siti Sarah Nadiah is a qualified lawyer, whose vast experience in legal practice ranges from human rights, civil litigation, commercial and banking law.
Siti Sarah Nadiah graduated from UiTM with Honours Degree of Law and currently pursuing her Master’s degree in Islamic Finance Practice. She is also a Senior Associate Member of Chartered Institute of Islamic Finance Professionals (CIIF).
LinkedIn: https://www.linkedin.com/in/siti-sarah-nadiah-suliman-a16007159/
Noorashikin Zainal — Account & Finance Director
Noorashikin Zainal has a total of more than 17 years of experience in accounting. She has handled accounts of companies of various businesses and industries, which include healthcare, electrical and electronics, real estate and event management.
A graduate from UNITEN in accounting, Noorashikin’s last position was Account Manager at K-Fiqh Sdn Bhd.
LinkedIn: https://www.linkedin.com/in/noorashikin-zainal-b83686133/
Zainab Abdul Razak — Mart Operation Director
Zainab joined Zalora, Asia’s leading online fashion platform as Operation Executive in 2012 before moving to Lazada, Malaysia’s largest e-commerce store as Senior Operation Associate in 2014, focusing on the warehouse operation. Zainab is now entrusted with managing the whole operation of Elzar Mart, a retail halal supermarket that offers everyday items at a very competitive price.
LinkedIn: https://www.linkedin.com/in/dea-zainab-a193756b/
Dr. Siti Hajar Pahmi — Biotechnology Consultant
Dr Hajar completed her Bachelor’s degree in Biotechnology with First Class Honours in 2010 from the University of Queensland, Australia. The university, together with the Australian Government then funded her Ph.D in Medicinal Chemistry under the International Postgraduate Research Scholarship (IPRS) and the University of Queensland Centennial Scholarship, where she gained her doctorship in 2015. Whilst formal education is important to her, Dr Hajar also led and was heavily involved in multiple projects and events both in Australia and Malaysia.
Throughout her student years, Dr Hajar’s leadership and management skills shone when she held several important positions in the Malaysian Students’ Council of Australia (MASCA) from 2007 to 2014. She maintains a balanced life by being active in sports, and have competed competitively and socially in netball, futsal, basketball, ultimate frisbee, and touch rugby. She is a strong advocate for healthy living as she believes in “healthy heart, healthy life”.
LinkedIn: https://www.linkedin.com/in/hajar-pahmi-19ba3860/
Mohamad Shafiq Ezhan Khairulazli — Creative & Marketing Director
Mohamad Shafiq Ezhan has more than 10 years of experience in creative art and design. He is the founding partner and Creative Director of Talenta Holdings Sdn Bhd, whose clients include Petronas, Telekom Malaysia Berhad and Little Trees (a company based in the United States).
A graduate from UniKL MFI in mechatronics, Shafiq Ezhan’s experience also includes marketing and image and branding strategy.
Siddiq Mohd Amin — Shariah Secretary
Siddiq Mohd Amin graduated from University of al-Azhar, Cairo with a Bachelor in Shariah in 2016. An excellent student with Best Student Award in his third year, he immediately started his career with Elzar Shariah Solutions and Advisory upon his graduation as a Shariah Associate.
LinkedIn: https://www.linkedin.com/in/siddiq-mohd-amin-516b76162/
Professor Dato’ Dr Norbik Bashah Idris — Advisor
Dato Dr Norbik Bashah Idris is currently a Professor at Kulliyah of ICT in IIUM. He started his academic career in 1983 with UTM and has been attributed as one of the early pioneers of Cybersecurity in Malaysia.
Throughout his career, he has been a member of SIGSAC –(Special Interest Group on Security, Audit and Control) of the ACM (Association of Computing Machinery), IEEE Computer Society, New York Academy of Science, USA and IFIP Working Group-11.3 on Database Security (USA). As a cybersecurity professional, Prof Norbik carries CISSP & CISM certifications from ISC2 & ISACA.
In 1995 he led a team which won a strategic research grant from MOSTI to start the first major research work on Cryptography in Malaysia which produced a suite of indigenious cryptographic utilities. In 1998 Prof Norbik founded the first Real-time Software Engineering Centre of Excellence in Malaysia, where he collaborated with the University of Thales from Paris. The cybersecurity R&D team he led later became incorporated as a company which won a significant project from the Malaysian Government to help monitor security of government’s network throughout the country. The company later became the first public-listed company on Cybersecurity in Malaysia. Following his success in Malaysia, Prof Norbik repeated the success into other ASEAN countries and later into the Gulf countries (UAE & Saudi Arabia).
Throughout his career Prof Norbik has been a Keynote Speaker, Visiting Professor, Corporate Figure, Consultant & Advisor on Cybersecurity to various Organizations & Governments, both in Malaysia & international. He was nominee for 2007 Ernst & Young Best IT Entrepreneur, twice Distinguished ISC2 Award winner for Asia-Pacific, IDG Distinguished Chief Security Officer for Asia Pacific, winner of at least 7 Gold medals in various exhibitions and competitions on Cybersecurity products & services, and holder of a few patents.
Prof Norbik’s latest interest is in synergizing cybersecurity & DLT (Blockchain/Tangle) into Islamic Fintech products & services in the hope of contributing to the Maqasid Shariah.
LinkedIn: https://my.linkedin.com/in/norbik-idris-92102036
Mr Hj Khairil Anuar Mohd Noor — Advisor
Khairil Anuar has been an international banker for over 27 years, where the past 18 years has been in Islamic Finance. Over the course of his career as a banker, he has had a significant exposure and experience across a multitude of area including wholesale banking, syndications, trade finance, debt and capital market, asset management, retail banking, cash management, banking operation, system implementation and product management to name a few.
Khairil had helmed HSBC Malaysia’s and Bank Simpanan Nasional’s Islamic Banking Division. He then moved to Dubai serving Emirates Islamic Bank as its Head of Marketing. His last posting was the Head of Structuring, Product Management and Business Intelligence for Wholesale Banking Group at Al Hilal Bank, Abu Dhabi, where he served for almost 10 years.
From 2006 until recently, Khairil has been instrumental in developing the Islamic Finance capabilities of Al Rajhi Bank Malaysia, Mashreq Bank, Dubai and Al Hilal Bank, Abu Dhabi and Kazakhstan within wholesale, retail and operation setting. He graduated with MBA from Saint Louis University in Missouri, USA in 1987, where he also spent 2 years working for a premier stock broking firm there.
LinkedIn: https://www.linkedin.com/in/khairil-anuar-mohd-noor-77040313/
Mr Zuheer Mohammed Majid — Advisor
Zuheer Mohammed Majid is an experienced banker whose career spans over almost 30 years. Now a Senior Vice President in Citibank Malaysia Berhad, his journey in banking began when he joined United Malayan Banking Berhad (now RHB Bank Berhad) in 1986. He then became Assistant Vice President at ABN AMRO Bank Berhad before serving Hong Leong Bank Berhad as Manager for Trade Finance and Correspondent Banking.
Zuheer’s expertise across many areas in the industry had landed him the Senior Vice President post in Citigroup Transaction Services Malaysia Sdn Bhd, where in year 2000, he joined them to oversee the trade services/finance operations and advisory services. He graduated from Irvine University, California with an MBA.
LinkedIn: https://www.linkedin.com/in/zuheer-mohammed-majid-7a32301b/
Mr Hj Zainuddin Md Yusof — Advisor
A market trader with a background in statistics, Hj Zainuddin started trading the global markets in the 1980’s. Aside from having more than 30 years exposure to the global markets, specializing in the US equity market; he has spent thousands of hours testing and enhancing technical trading tools to develop a state-of-the-art proprietary trading system — the Z2 System — which combines technical and fundamental analysis to identify optimum trading opportunities using cutting-edge technology.
Mr Hj Zulhisham Ayob — Advisor
Haji Zulhisham is a top-notch seasoned player in the media and marketing communications industries. He has over three decades of working experience in Broadcasting and Marketing Communications prior to founding Oranje-ISC. Among others, he had served as the Chief Operating Officer in Radio Airtime Services, Executive Vice President Marketing for IT Vista and Executive Director of Pakarmedia Sdn Berhad.
Apart from media industry, Haji Zulhisham is an entrepreneur who founded the Home of TAHFIZ Darul Siddir — A specialist Islamic religious institutions serving and nourishing Islamic spiritual needs promoting mainstream learning of Islam based on the Quran and Sunnah, preparing for the future generations. Home of TAHFIZ Darul Siddir is committed to the dissemination of Islamic knowledge through the traditional time honoured methods for the Glory of Allah (Glorious and Almighty He is) and in honour of our Prophet Muhammad (peace and blessing upon him).
Another outfit founded by Haji Zulhisham is Twentytwo Multi-Labels Concept Store skewed towards offering Muslimah fashions. With more than 100 brands housed under one roof physically and digitally, Twentytwo provides trading, branding and marketing solutions to its business partners and variety of affordable designer brands suitable not only for Moslems, but those who desires to look fashionable and elegant yet dignified.
Mr Khairu Rejal — Advisor
Khairu Rejal has more than 10 years of experience in the venture capital and start-up incubation space, initially at the Nanyang Technopreneurship Center (NTC) and later at Majuven, a Singapore-based venture capital firm focused on early growth and high-tech companies in Bio-Technology, Healthcare, Clean-Sustainable Solutions and Dynamic Digital Convergences. In 2017, Khairu along with other like-minded angel investors came together to launch Rekanext Capital Partners.
Currently, in Rekanext, Khairu as a Managing Partner is always looking out for start-ups across Indonesia, Malaysia as well as Philippines and Vietnam with a focus on enterprise software and deep tech verticals. He also sits on several committees of other non-profit organisations and has led initiatives in the social impact sector.
LinkedIn: https://www.linkedin.com/in/khairurejal/
Mr Hj Che Salmi Che Ibrahim — Advisor
Che Salmi Che Ibrahim has been in the retail industry for the past 26 years. Starting with Sabasun Sdn Bhd, before it changed to its current household name; Sabasun Hyperruncit Sdn Bhd. A local entrepreneur with a global vision, at the moment he proudly owns three Sabasun hypermarkets and a warehouse, aiming to become more efficient in distributing its items.
Sabasun Hyperruncit Sdn Bhd will launch the Terengganu Halal Business Centre in January 2019, which will house the first ever Sabasun Mall, Parkson, a hotel, office units, F&B outlets with a bowling alley. Under Che Salmi’s leadership and dedication, Sabasun has won the Malaysian Ministry of Domestic Trade, Co-Operatives and Consumerism’s ‘Consumer’s Choice Award’ in 2009.
Che Salmi, a graduate in Psycholinguistics, is known not only for his skilful entrepreneurship, but also active in humanitarian and charity works. His Sabasun hypermarkets are famous among locals as it is able to cater the needs of the low-income earners. He is also known for organising fund-raising for people who are less fortunate in other countries like Palestine and Syria.
Madam Roseta Mohd Jaafar — Advisor
Roseta Mohd Jaafar started off her career in Corporate Communications with Mekar Idaman Sdn Bhd as a Senior Executive in 1997. Little did she know that she would flourish in that area and climb the corporate ladder at a rather fast pace. After Mekar Idaman, she moved to Intria Berhad as Assistant Manager before becoming Head of Corporate Communications at Opus International Consultants Limited just one year after that.
Roseta then advanced her career with UEM Group Berhad, as a Manager in the Corporate Communications department. After almost 2 years there, she then took a leap of faith to become the Vice President, Head of Group Corporate Communications and Public Affairs for EON Group Berhad in 2007. Her most lustrous career to-date was her 7-year and a half stint with Al-Rajhi Bank (Malaysia), as their Vice President, Head of Corporate Communications.
Now the Corporate Affairs Director at GCH Retail (M) Sdn Bhd, which owns over 120 Giant hypermarkets, 400 Guardian pharmacies and more than 16 Cold Storage supermarkets, Rosetta has in total more than 20 years’ worth of experience in Corporate Communications. She graduated from University of Leeds with BA (Honours) in TESOL and earned her Masters of Science degree in Corporate Communications from Universiti Putra Malaysia.
LinkedIn: https://www.linkedin.com/in/roseta-mohd-jaafar-5a75763/
submitted by BayanToken to u/BayanToken [link] [comments]

My Consulting Rate Schedule || Why you can't have nice things and be ungrateful

My new home, if you want free advice, subscribe.

https://www.reddit.com/EthMiningClub/

My background:
My Rates - I'll scale by age, makes sense to me
Note: If I don't like you, for whatever reason at this point, there is a 10 Eth / Hour Asshole surcharge
These prices are completely arbitrary that I just pulled out of my ass, pay them , don't pay them, I don't care. If anyone PMs me in regards to help going forward, they will just get a link to this post.
What you get: * 1 hr phone and / or video conference call. Ask me how my day was, ask me technical question - your choice * 15m free phone / video call follow up
You can pay me for my time & experience or you can spend 300 dicking around with your own rigs yourself (Like I did) - I really don't care either way. I just wanted to post this here so I don't need to retype this 10 times a day when people ask me for help from this sub.
Cheers.
-Epic
Edit: Just if you can't Math ( as lots of people here can't ) EVERY 1/mhs you LOSE because your rig is not optimized Equates to .5 Eth / Month LOSS. Do the math on what you are losing. Here - 20/mhs loss = 10 Eth / Month * $8.25 ( Current Rate ) = $82.5. If Eth goes to $20 that is $200 per month on coins you lost ONLY because you did not apply the right settings for your cards. This should make my "fee" look cheap in comparison if you're running multiple cards. And if Eth goes to $1,000 in a few years like Bitcoin did, you will have some serious regrets.

Note: "My rates peak as high as 128MH/s.. so my average will probably be in the 115MH/s range. When I try the local/global-work code and/or setting the allocation percentage higher than 95%, I get errors. Can't remember what specifically.. something about failing to grab DAG info in one big chunk and 'bailing'."

"Hey thank you for the help on etherminer. I finally got the 6-GPU rig up and running. Windows turned out to be more of a headache than Ubuntu so I went back to Linux and figured it out. As per your suggestion I am on ethermine.org using qtminer. (I'm actually offline at the moment, but everything is operational) I used the default qtminer code that tells all of the GPUs to work but it's not entirely clear what is happening. Each GPU appears to be working on the same 'problem'. Is that accurate? As opposed to having each GPU work more independently on a separate problem..? I set the GPU workload to 93%.. Fans to 90%.. everything running cool at ~50c The results of most of the mining calculations appear to get grouped and uploaded to the pool as some sort of 'piece of the puzzle'. Every so often there is a 'solution' with a 'nonce'. How does that relate to getting an ETH reward? Also, how does the affect getting paid so long as the same address is used? I referenced a tutorial and accidentally used .rig1 to initialize qtminer - instead of the name of my computer (I still used my wallet address). I don't understand how all of this impacts getting paid or what my options are for tweaking the configuration. I'll sort it out either way but any additional insight is appreciated. ..single Ether sent as a token of gratitude... https://etherscan.io/tx/0x9782d0cfb5f98cf086e879cc510fd45968aef3a9798ee4281b475bc569eb5c11 (Tx ID was posted) Cheers"

These are the type of PMs I get on a daily basis and 100% can help you with within an hours time.

submitted by EpicEther to EtherMining [link] [comments]

Q&A series v. 1.0

Building Whalesburg
We are getting questions from investors and bloggers who are not professional miners. They know in common words what it means, what hardware miners use but are not so familiar with numbers of this field. We regularly get questions how much profit Whalesburg will bring to our customers. So we decided to write a post which explains the basics of mining ROI.
This article is not for skilled miners; some details are not covered here!
What is typical ROI in mining, how Whalesburg will improve it?
Mining ROI hardly depends on the hardware you use (GPU or ASICs), cryptocurrency prices, network difficulty, hashrate and other variables, which changes over time. It means that real data may hardly differ from those provided in this article.
Let’s refer to a well-known website Cryptocompare.com on the page of Antminer S9 (https://www.cryptocompare.com/mining/bitmain/antminer-s9-mine). This website is quite popular and has an API used by thousands, so the data seems to be trustworthy. It tells that the price of a single piece of S9 is $2,725, its power consumption equals 1,375W, return per year is $3560 (incl. electricity costs) and ROI equals 130%.
This way you will get $3560 — $2725 = $835 net income at the end of the first year if variables below will remain same. The second year will bring you $3560 more. Note calculations was made using price of 1 BTC = $10516, electricity price $0.12 per kW/h and network difficulty = 18,633,837 PH/s.
Now let’s take a look at whattomine.com website on SHA 256 algorithm: screenshot is in a Medium post
As you can see, there is an option to mine UNIT which more profitable than BTC by 31% (!!!). So switching some of the pool’s hashpowers to this coin and converting UNIT to BTC on the fly could increase miners profit. This is the main concept of Whalesburg smart mining pool.
There is another problem — low UNIT’s network hashrate which can prevent this coin being such a profitable one if we will switch all our powers to it.
We are developing an algorithm which will vary hash powers among new coins and split profits between all participants. So, if someone will mine COIN1 with 130% BPR (BTC Profit Rate) and other will mine Bitcoin with 100% BPR — each of them both will get 15% more profit than just mining BTC. A module which responds for payouts will convert them to BTC by intent and split rewards among participants with PPLNS method.
Same picture we can see on other algorithms. For example our MVP use Ethash: screenshot is in a Medium post
Will your partners who are mining hosting companies hold WBT or they will propose Whalesburg to their clients?
All partners will have a will to hold WBT tokens for their clients, and they agree to such terms. The fee of 0,45% is cheap; additionally, they get a monitoring tool built to fulfill their needs. It is a win-win deal. Clients of our partners are investors, not IT geeks. They don’t need to hold these tokens to see increased ROI in reports. We offer services to any size mining facilities. They will want to hold our tokens and use our software. Can you make some more concrete arguments in favor of Whalesburg regarding time-saving and increased ROI?
Time-saving:
Now miners need to set a bunch of tools like EthMiner, Autominer, Claymore, Afterburner, and others. We incorporate all this functionality in one. Miners need to analyze the profitability of dozens of coins, look for good pools, create and run a .bat or .sh file to stop/run miners. They need to understand this all! Miners need to monitor the state of their hardware manually, and if something happened (drops of hash rate), they need to become a hardware doctors and to heal their farms. Let me tell you a story. Miner has a mining rig built with 8 GPU cards. He mines ETH with X MH/s. Suddenly he finds that hash rate become 0.6X MH/s — this is a 40% drop!!! But all the cards are working, responding at the same delay and have the same hash rate which is (0.6X)/8 MH/s. So Miner takes out GPUs one by one and restarts this rig until he founds one GPU card which causes a problem. He replaces this card with another one, and his rig’s hash rate returns to X MH/s. He still doesn’t know what is wrong with his GPU card. The Whalesburg monitoring tool can prevent failures and diagnose problems automatically and notify Miner. Even try to heal it disconnecting card programmatically.
Return rate:
A long time ago we experimented with my friends who own mining rigs and who were mining ETH. We’ve chosen most popular “smart mining pools” like Nicehash, Miner gate, suprnova.cc and solo mining mode with Claymore miner. The last mode was to mine with Whalesburg proof-of-concept solution — it was EthMiner + Autominer which connects to a pool of the most profitable coin among EtHash algorithm. So we connected five mining farms of the same hash rate to each of these modes and start to gather live statistics. A week was gone, and we calculated profits, rates, metrics: Lowest was solo mode mining with Claymore (obvious reasons — low hash rate, high difficulty). And still it brought to rig owner around 80% to average experiment income; Then go Nicehash and Minergate with 90% of average income, and both more-less were looking similar. Suprnova.cc was the best among all the previous and gave 115% of average experiment income. Whalesburg.com chart was hopping from one coin to another frequently at the start, then it stabilized and showed 125% of average income.
Why we generate more profits, strong part:
The first server-side auto-witching algorithm. The one in the world — all other smart pools leave this to a clients side. Transparent fees. Blockchain-based accounting shows we are not hiding a penny and using actual exchange rates. We have more Ethash coins already, at the start. We have other architecture that other mining pools, the proprietary software we coded our own from scratch. To be confident we can promise at least +15% income to whatever they use now.
Weaknesses:
Whalesburg is in the early stage. We have just released an MVP. Our pool’s hashrate on start will be low comparing to the biggest pools on the market. This is what we need to work out, but it will be easy.
Whalesburg team
Join telegram chat: https://t.me/whalesburg
Test our MVP: http://pool.whalesburg.com
Stay tuned!
submitted by whalesburg to Whalesburg [link] [comments]

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submitted by areohdeee to MemeGear [link] [comments]

HOME CRYPTO MINING RIG HOW TO BUILD ONE CHEAPLY & PROFITABLE Build A Mining Rig In 10 Minutes Ano ang BITCOIN for Beginners (tagalog) Bitcoin Basics Bitcoin Mining  Coins.ph  TRENDING 2020 Bitcoin Mining Rig - 24 Machine Setup - 48Gh

Bitcoin is Secure. 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. Links. We Use Coins - Learn all about crypto-currency. Bitcoin News - Where the Bitcoin community gets news. Step 1 - Get The Best Bitcoin Mining Hardware. Purchasing Bitcoins - In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon.You also may want to check the bitcoin charts. How To Start Bitcoin Mining. To begin mining bitcoins, you'll need to acquire bitcoin mining hardware.In the early days of bitcoin, it was possible to mine with Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. The total power of the Bitcoin network has broken through 100 petahashes per second (PH/s) for the first time in the cryptocurrency’s five years of life. According to blockchain.info, the hash rate peaked at 103.4 PH/s on Wednesday before fluctuating back down to 85.3 PH/s on Thursday.It rose up on Friday to around 98 PH/s and will likely break 100 again over the weekend. As of Friday, July 17, 2020, it would take 1,231.8 days to mine 1 Bitcoin at the current Bitcoin difficulty level along with the mining hashrate and block reward; a Bitcoin mining hashrate of 112.00 TH/s consuming 3,472.00 watts of power at $0.10 per kWh, and a block reward of 6.25 BTC.

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