Is it possible to build a bitcoin miner that mines 1 Terra ...

The total computing power now dedicated to securing the bitcoin blockchain has set yet another record.

According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July.
Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle.
Assume this additional 6.9EH/s (or 6.9 million tera hashes per second, TH/s) computing power has all come from powerful ASIC miners, such as Bitmain’s AntMiner S17 or MicroBT’s WhatsMiner M20S, both of which boast a mining rate of around 55TH/s and recently hit the market.
That means more than 100,000 top-of-line ASIC miners could have been switched on within the past two weeks. Further, given these products have been sold for at least $2,000 each, this equates to some $200 million in revenue pocketed for major miner makers.
The continued interest in bitcoin mining comes at a time when the cryptocurrency’s price appears to be en route to challenging all-time highs, however distantly, and amid the arrival of the rainy season in China, which leads to cheaper hydropower electricity costs in the country’s southwest provinces – a region that is reported to account for 50 percent of the global mining activity,
Miners in China estimated earlier this year that bitcoin’s hash rate in the summer would break the level of 70EH/s. To be clear, at several single points of time, bitcoin’s hash rate had already crossed that level in June and even reached 80EH/s around Aug. 1.
However, today marks the first time that the two-week average computing power has been able to remain above the 70EH/s threshold. As such, bitcoin’s mining difficulty has also set a new record of nearly 10 trillion.

Market change

Amidst this uptick in mining interest, there have been notable changes in the mining market, where top manufacturers are racing to produce more powerful equipment.
For instance, in Bitmain’s 2018 initial public offering prospectus, the Beijing-based mining giant claimed it had a 70 percent market dominance. Now, it may be facing serious competition from rival players that some believe are capable of shipping more top-of-line products with better profitability.
Michael Zhong, a former mining analyst who now operates mining farms at a startup called Force Mine, told CoinDesk that based on his experience, the production capacity ranking among major Chinese miner makers for their flagship products have changed over the years.
Zhong explained that from 2017 to 2018, Bitmain had topped the list with its AntMiner S9 series miners, followed by Canaan’s Avalon 8 series machines. InnoSilicon, Ebang and former Bitmain design director’s MicroBT were all in the third position at the time.
But from January to June this year, the delivery capacity ranking has reshuffled, with now MicroBT’s WhatsMiner M20 series at the top, followed by Bitmain’s S17 series miners and then InnoSilicon, Canaan, and Ebang, Zhong added.
According to F2pool’s miner profit tracker, Bitmain’s flagship AntMiner S17 Pro ranks third in terms of mining profitability, following BitFury’s Tardis and MicroBT’s WhatsMiner M20S. The cost for WhatsMiner M20S is around $3,000, while that of AntMiner S17 Pro is around $4,000 each, based on the information advertised on the two firms’ websites.
Although orders for these flagship machines have queued up until November and December this year, MicroBT’s founder Zuoxing Yang told CoinDesk previously that the bottleneck of production capacity is the availability of chips from suppliers.
For example, MicroBT uses 10-nm chips for its M20 series, which are relatively more affordable with a higher level of availability compared to more advanced 7-nm chips used by Bitmain for its AntMiner S17 series equipment.
While Bitmain has always been relying on chips supplied by Taiwan Semiconductor Manufacturing Company (TSMC), MicroBT has switched from TSMC to Samsung earlier this year for its flagship products.
Both TSMC and Samsung have estimated in their most recent Q2 earnings calls that the demand for cryptocurrency mining chips will come back in the third and the fourth quarter this year.
Operating miners image courtesy to Hashage
https://www.coindesk.com/bitcoins-computing-power-sets-new-record-as-over-100k-miners-go-online?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
submitted by Muxa84 to Bitcoin [link] [comments]

can anyone tell me why my second console log is coming back undefined instead of as 16?

const BitcoinMiner =
{Model: 'AntMiner S9',teraHashSecond: 16,
kWhPerHour: 33,
};
console.log (BitcoinMiner);console.log (BitcoinMiner.teraHashSecond);
why is it that console.log(BitcoinMiner.teraHashSecond) is coming back undefined? i was expecting it to print 16 to the console.
submitted by Baconbits1204 to learnjavascript [link] [comments]

Real or scam?

Warning! Cloud mining is VERY risky - do not invest more than you can afford to lose.
Last Update: 14th April 2018
 
We all know that cloud mining is the latest and greatest way to scam unsuspecting users. Below is a list of cloud mining sites and their current status - at least as far as we can tell.
Please comment below if you would like a site added to this list. Note comments with referral codes will be deleted.
 

REAL

These are sites that are probably real.
Name Status Comments
HashFlare Accepting contracts Proven many times over
Genesis Mining No more contacts Proven many times over
Hashing 24 No more contracts Needs a recent confirmation
 

NOT SURE

These are sites that can't be confirmed either way... invest with caution!
Name Status Comments
Krambu ETH contracts only Looks legit - some positive comments from members of this sub too... could be worth a look.
Bitcoin Pool ? Looks real, but expensive
Hash Nest Accepting contracts This one is strange, it seems to be some collaboration with Bitmain
Bit Club Accepting contracts A Redditor pointed out today that Bit Club is actually one of the larger mining pools which helps add some legitimacy - however we still dont have confirmation from anyone that they have mined and withdrawn from the cloud mining service that they offer... and they dont have any contact details on their page. Additional note that they do not allow customers from USA
CCG Mining Accepting contracts New co, looks legit and has support from some Redditors. Also positive feedback on Twitter. Good Roi, negative is pays out monthly (small price to pay for good Roi if legit).
Cryptomining.Farm Accepting contracts Based in Thailand, contact details on website... very limited information on the website
Genius Cloud Accepting contracts Reddit users say its paying, however use extreme caution as it looks very suspect
Swiss Gold Global scam Confirmed as scam by a redditor, then contested by another... unsure at this stage.
 

SCAM

These are sites that are scams.
Name Status Comments
E&E Mining Online No contact details on their website
5 Star Mining Gone No contact details on their website - A Redditor reported that they have been scammed by this one
Omnia Tech Accepting contracts New "company", claims to have launched in Sept 17. No contact details on website. Links to Google Drive for documents (very weird). Broken links all over website. This is going straight to the scam section.
Sun Mining Accepting contracts Claims to be an Australian company, however there is no business registered with this name in Australia. Also no contact details on their website... I'm pretty sure this is a scam.
Myeasymine new site Definitely a scam
Hash55.com new site Reported as scam
World Mining new site Totally unrealistic ROI, totally dumb, don't even....
Hash Powers new site Super obvious, dont even
Antmine Cloud new site Obvious scam
Primebit new site Obvious scam - 3000% ROI! Twats.
Speedmine New Scam
Cloudminer.bz Ponzi Scam
Desmine.cc Scam Scam
MinerGate Accepting contracts Hidden domain registration, no contact details on website
Power Mining Pool Scam Scam
wormminer.com Scam Scam
Costa Nord Mine New Very limited details on site
Vozex New Confirmed as scam by Redditor
Elder Hash Scam Scam
Oasis Mining Scam Scam
My Coin Cloud Scam Scam
Micro BTC Scam Scam
Zelius scam scam
Desmine Scam Scam
Buda-Mine Scam Scam
MinerFarm Scam All the classic signs of a scam, no contact details, template site, free mining power etc
TeraBox Scam All the classic signs of a scam
 

GONE

Name Status
Dovera Hash Gone
Fflak Mining Gone
Azuremining Gone
Next Innovation Gone
HashZone.io Gone
Space Mining Gone
Crypterra Gone
Assono Gone
Zoxtel Gone
Eken.io Gone
submitted by ledgerous to cloudmining [link] [comments]

Why is it so hard to mine for bitcoin?

Why is it so hard to mine for bitcoin?
Bitcoin mining has become more competitive than ever.
Bitcoin mining difficulty – the measure of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap – has reached a new record high above 7.93 trillion. That’s a seven percent jump from the 7.45 trillion record set during the recent two-week adjustment cycle, which was the highest since October 2018.
Bitcoin is designed to adjust its mining difficulty every 2,016 blocks (approximately 14 days), based on the amount of computing power deployed to the network. This is done to ensure the block production interval at the next period will remain constant at around every 10 minutes. When there are fewer machines racing to solve math problems to earn the next payout of newly created bitcoin, difficulty falls; when there are more computers in the game, it rises.

https://preview.redd.it/s7grcdbkzdn31.png?width=728&format=png&auto=webp&s=4fc30767e70d67539747186fdd5a7d01511c4cbd
Data from Bitcoin Block Explorer - BTCNEWZ.com
Right now the machines are humming furiously. Bitcoin miners across the world have been performing calculations at an average 56.77 quintillion hashes per second (EH/s) over the last 14 days to compete for mining rewards on the world’s first blockchain, according to data from mining pool.
Data further indicates the average bitcoin mining hash rate in the last 24-hour and three-day periods were 59.58 EH/s and 59.70 EH/s, respectively, even higher than the average 56.77 EH/s from May 15 to June 27, or any 14-day data in the network’s history.
Similarly, data from blockchain also shows the aggregate of bitcoin computing power was around 66 EH/s as of June 22, surpassing last year’s record high of 61.86 EH/s tracked by the site, and has more than doubled since December 2018 when the hash rate dropped to as low as 31 EH/s amid bitcoin’s price fall.
Assuming all such additional computing power has come from more widely used equipment such as the AntMiner S9, which performs calculations at an average rate of 14 tera hashes per second (TH/s), that suggests more than 2 million units of mining equipment may have been switched on over the past several months. (1 EH/s equals to 1 million TH/s)

https://preview.redd.it/b681p3plzdn31.png?width=1440&format=png&auto=webp&s=49efa21d8460553aceb87b64a106170b30a4c76a
The increase in capacity is also in line with bitcoin’s price jump over the first half of 2019, which caused the price of second-hand mining equipment to double in China, and also juiced demand for new machines.
Further estimates the bitcoin mining difficulty will jump by another seven percent at the beginning of the next adjustment cycle, which would be the first time for bitcoin mining difficulty to cross the eight trillion threshold.
Delayed plugging in
Such computing interest comes at a time when mining farms in China, especially in the country’s mountainous southwest, have been gradually plugging in equipment as the rainy summer approaches.
According to a report published by blockchain research firm Coinshare, as of earlier this month, 50 percent of the global bitcoin computing power was located in China’s Sichuan province.
However, it’s important to note that this year, the arrival of the rainy season in China’s southwest has been delayed by nearly a month compared to previous years. As a result, some local mining farms were only running less than half of their total capacity in the past month.
Xun Zheng, CEO of mining farm operator Hashage based in Chengdu that owns several facilities across China’s southwestern provinces, said there had been no rain in the area for over 20 days since early May, which was “unusual.”
“In the past years, it usually starts raining continuously throughout May so [hydropower plants] normally will have enough water resources by early June,” he said.
As a result, in early June his firm was only operating at 40 percent of capacity; it can host more than 200,000 ASIC miners. But as the rain has arrived gradually over the past two weeks, the proportion has climbed to over 60 percent.
Mining farms in China previously estimated that the total hash rate this year during the peak of the rainy season around August could break the threshold of 70EH/s. That means another 300,000 units of mining machines could be further activated, assuming all are AntMiner S9s or similar models.
Those waiting to be switched on will also include new capital in the sector such as Shanghai-based Fundamental Labs, a blockchain fund that has invested $44 million on top-of-the-line mining equipment, which will be activated in June.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Bitcoin Mining Power Hits New High as Half a Million New ASICs Go Online

Bitcoin Mining Power Hits New High as Half a Million New ASICs Go Online


News by Coindesk: Wolfie Zhao
The computing power dedicated to mining bitcoin has hit yet another new high, suggesting that more than 600,000 powerful new machines may have come online in the last three months.
According to data from crypto mining pool BTC.com, bitcoin’s two-week average hash rate has crossed another major threshold, reaching 85 exahashes per second (EH/s) around 19:00 UTC last Friday. Meanwhile, mining difficulty also adjusted to a new record of nearly 12 trillion.
Notably, both figures have jumped 60 percent since June 14, the data shows.
Bitcoin’s mining difficulty — a measure of how hard it is to create a block of transactions — adjusts after 2,016 blocks, or roughly every two weeks. This is to ensure the time to produce a block remains around 10 minutes, even as the amount of hashing power, deployed by machines around the globe competing to win freshly minted bitcoins, fluctuates.
Several new models of application-specific integrated circuit (ASIC) miners hit the market over the summer, with an average hashing power around 55 tera hashes per second (TH/s).
Assuming all of the 35 EH/s of new hashing power added since mid-June came from these top-of-the-line models, a back-of-the-envelope calculation suggests that more than half a million such machines have connected to the bitcoin network. (1 EH/s =1 million TH/s)

Billion-dollar business?

These powerful ASIC miners, made by major manufacturers such as Bitmain, Canaan, InnoSilicon and MicroBT, are priced from $1,500 to $2,500 each. So if more than half a million of them were delivered, as estimated above, the leading miner makers could have made $1 billion in revenue over the past three months.
Bitcoin’s spiking hash rate and difficulty are in line with the soaring price since earlier this year, which led to increasing demand for mining equipment that has significantly outstripped supply. It’s also in part thanks to the rainy summer season in southwestern China which resulted in cheap, abundant hydroelectric power.
Further, there has also been a growing interest in Russia’s Eastern Siberia region, where the Brastsk hydropower station built in the Cold War era has been utilized to power mining farms that are estimated to account for almost 10 percent of the total computing power on the bitcoin network.
Miners in China estimated earlier this year that bitcoin’s average hash rate in the summer would break the level of 70 EH/s, which happened in August.
As such, major miner manufacturers have already sold out equipment that is due for shipment until the end of the year with customers placing pre-orders three months in advance.
TokenInsight, a startup that focuses on analysis of crypto trading and mining activities, said in a report published Friday that additional supplies of miners are expected to hit the market in the coming months.
“Following the drastic increase in bitcoin’s price, the bitcoin mining market saw significant inflation in Q2 2019. Most of the miners from various manufacturers were in serious shortage and pre-orders submitted in Q2 and Q3 are to be delivered by the end of the year,” the report states.
Therefore, the firm estimates mining difficulty will maintain its growth momentum to reach 15 trillion by the end of the year — with bitcoin’s average total hashing power crossing the threshold of 100 EH/s for the first time in its history.
Bitcoin mining facility image courtesy of Bcause
submitted by GTE_IO to u/GTE_IO [link] [comments]

Powerful New Ethereum Miner Reaches Final Stage Before Mass Production

Powerful New Ethereum Miner Reaches Final Stage Before Mass Production

https://preview.redd.it/ao78avnae4m31.png?width=860&format=png&auto=webp&s=11f62e6227dc7d93e9a6c2c3874782fcd4892b59
News by Coindesk: Wolfie Zhao
After a nine-month delay and $3.8 million of investment, an upstart manufacturer is ready to produce its first batch of powerful new machines for mining cryptocurrencies ethereum and ethereum classic.
Linzhi, based in Shenzen, China, said Wednesday it had ordered 37 wafers from Taiwan Semiconductor Manufacturing Company, the main parts that will allow it to build about 200 application-specific integrated circuit (ASIC) miners.
These sample units will test whether the machines can mine as efficiently as they are designed to do using ethash, the proof-of-work algorithm used on ethereum and ethereum classic.
The testing units, if successful, would mark a major step toward mass production as Linzhi sets out to compete with makers of general-purpose computing chips, such as NIVIDA, as well as mining gear specialists Bitmain and InnoSilicon, which both make ASIC miners for the ethash algorithm.
Roughly five million ether (ETH), the native cryptocurrency on the ethereum network, is being mined every year, which, at its current price, is worth more than $800 million. Even for ethereum classic, which maintains the original ethereum ledger from before a hard fork in 2016, about nine million native ETC gets mined every year, worth more than $60 million.

Powerful chips

Linzhi was founded in February 2018 by Chen Min, a former chip design head at Canaan Creative, maker of the Avalon bitcoin miner. Chen told CoinDesk the new company was completely self-funded with about $4 million as starting capital.
It announced the plan to produce ethash ASIC miners in September 2018 with an ambition to beat the efficiency of most existing equipment. Chen’s target specification for Linzhi’s ethash ASIC miner is set at 1400 mega hashes per second (MH/s) with an electricity consumption level of one kilowatt-hour.
To put those figures in perspective, NVIDIA’s GTX TitanV 8 card is now one of the most profitable piece of equipment on the ethash algorithm, able to compute 656 MH/s at an energy consumption level of 2.1 kWh, according to mining pool f2pool’s miner profitability index,
With ETH’s current price ($180) and network difficulty, as well as an electricity cost of $0.04 per kWh, each GTX TitanV 8 would bring home a daily profit of $7.35. Similarly, if one uses the same GTX TitanV 8 card to mine ETC, which has both a lower price and a lower mining difficulty than ETH, the daily profit would still be around $6.70.
The total computing power racing on ethereum and ethereum classic to compete for block rewards and to secure the two networks is around 160 and 13 tera hashes per second (TH/s), respectively.

Plan A

Since the announcement of its plan, Linzhi has spent almost all of its initial capital on research and development of the chip design, the operations of its dozen-person team, and the order of the first batch of wafers, to bet the sample testing units will deliver the intended mining power.
Linzhi previously said it was aiming to order the first batch of wafers around December in order to have samples ready in April and mass production in June.
Speaking of the delay, the company said:
“We underestimated the complexity of the chip and how long it would take to grow the team and make the company functional. We are cautiously optimistic that we can just move forward the rest of the schedule, which would mean 12/2019 for sample machines and 02/2020 for mass production.”
One possible risk for the business is that the ethereum community has previously voted to activate the so-called ProgPow algorithm in order to remove the edge maintained by large miners that can afford expensive, specialized chips, although the timing for that switch is not yet decided. (Eventually, ethereum developers want to transition from proof-of-work to proof-of-stake, which would eliminate mining altogether.)
When asked if Linzhi has any Plan B if the switch happens, Chen said the company is, in fact, more active in the ETC community, adding:
“Our plan A is to focus on ETC mining. So if ETH will still be an option, that’s something good to have. In the ethereum community, the ProgPow plan still has some uncertainty. For the time being, we don’t see it as a market that we will obtain, so I don’t really care that much.”

Reverse discount

In an arguably counterintuitive move, Chen said the company plans to adopt what it calls a “reverse discount” strategy when it starts to take in pre-orders if sample units prove to be successful. That would mean the more you buy, the more you are likely going to pay.
The reason is to discourage any single entity from buying too many machines and thus concentrating power over the network.
While Linzhi has not yet decided on final pricing for each unit to be sold at pre-orders, it says the goal is to achieve a payback period of four months for individual miners with a relatively small number of orders.
“This is our efforts and contribution to the idea of decentralization,” Chen said, concluding:
“Our sales will go to developers and community first, with a focus on geographical distribution, and potentially with a malus [reverse discount] for large orders. This means that small orders by individuals would be priced to hit the 4 month [return of investment] and larger orders would pay more.”
Mining equipment image via CoinDesk archive
submitted by GTE_IO to u/GTE_IO [link] [comments]

The Long Con - HASHFLARE

Oh hey Hashflare, I know you check my posts, here's my BTC Wallet - 1BYJkGesfkM1mVpqwnf6ce2HtsxYpcUKFL
It's brand spanking new, please send my next payments there. I don't want to bother your "congested" support staff. Include a shit fee, I don't care if it will take weeks or years, I'll HODL it anyway. Thanks xoxo
More info here -> https://www.reddit.com/hashflare/comments/7lbu0q/looking_at_the_congested_wallets_owned_by/
Bernie Madoff run his Ponzi for decades, this is for the people who were blinded by greed (like me) and dropped their guard. If you're worried about this company then read on. If you're already going to the moon on a Lambo then just ignore it. If you're a Hashflare employee, go ahead, bury it.
Hashcoins = Emercoin = Hashflare = Polybius
These companies are all made by the same people. They raised $31 Million with the Polybius ICO.
https://bitcointalk.org/index.php?topic=1970796.0
Hashcoins - They make their own miners!
Nope, they re-brand other people's miners.
https://bitcointalk.org/index.php?topic=417623.520
They don't mine anything.
https://bitcointalk.org/index.php?topic=1164418.msg15233440#msg15233440
"Withdrawals are suspended due to the congestion of the BTC network......."
0.0007 BTC extra fee when withdrawing, supposedly being paid as a priority fee to make the transactions faster... just kidding, it's another lie!
A 0.0007 fee will be processed in around 9 hours.
https://chain.so/tx/BTC/ee64d1be43c2fb6c0c8f8967337b81e4ec0aa2376719d29b03f683c7216b1954
Check out the fee (0.00004844 BTC) they paid, the blockchain doesn't lie.
Very cheap, very low priority, a believable excuse for people who don't know how it works.
0.0007 - 0.00004844 = 0.00065156 BTC -> It goes straight to them.
This is a simple but effective tactic to prolong the service enough so that they can get new investors to pay for the old ones. It's not going to be sustainable, and a lot of new people will get hurt.
An empty warehouse in Estonia, a phone number in the UK (+44 0131 564 0074), and a credit card processor that doesn't "process credit card payments for UK issuing banks."
No relevant pictures of SHA-256 miners
https://www.instagram.com/p/BY-RT8tA78v/?taken-by=hashcoins Not SHA-256 (ASIC)
https://www.instagram.com/p/BLGal6HB5KG/?taken-by=hashcoins Not SHA-256 (ASIC) - Graphics cards to mine bitcoin bro? LOL! INFINITE TERA HASHES!
Cryptonick's hashrate alone will require more ASIC (not PC Graphics Cards) miners than all the pictures that they have on Instagram.
Special referral rates for people (YOUTUBERS) who can drive a lot of traffic to their site. This is a classic Ponzi / MLM tactic. Well at least you can sue Cryptonick if you're in the US because technically he has a good amount of your cash when this site eventually goes belly up.
Be scared with Hashflare 2.0, the transition is taking place. It's under "new" management. They're already shielding their Polybius ICO when Hashflare eventually gets "HACKED."
PAYMENT UPDATE (12-20-2017) https://chain.so/tx/BTC/856eea2311eaff92d32bc3a4b13a0870f0be509cff8827b95bdfef9c9335d833
That's a person that got paid today, check the fee, it's more than double the 0.0007 that they list on their site. He got it in 4 hours.
If they can do it to one person, clearly they can do it for everyone.... nope! This is classic Ponzi, calm everyone down by having a select few people tell them that the sky is not falling.
There's a lot of gamesmanship here. That person is happy and will tell everyone how awesomely legit Hashflare is. You might not believe me, but you can believe the blockhain. IT DOESN'T LIE!
submitted by kokoromi to hashflare [link] [comments]

ANN - RENESIS - LTME (Long Term Mining Evolution)

ANN - RENESIS - LTME (Long Term Mining Evolution)
https://preview.redd.it/wulcw7lgbhb11.png?width=500&format=png&auto=webp&s=c3aca3a98e0b699d88e99acee4a5dc236c8b39e0
LTME ( Long Term Mining Evolution) With ASIC Resistance Promise hav0k, The Renesis Core

Renesis Specifications:

Algorithm: Renesis Ticker: RESS Whitepaper v1: https://github.com/renesisgroup/whitepapeblob/masteRENESIS-paper.pdf Block Time: 2 minutes Block Reward: Variable. Refer to whitepaper for reward structure. Halving: Yes Doubling: Yes Mined Confirmations PoW/PoS : 60 TX Confirmations: 10 Minimum RX confirmations to forward: 1 Total Coin Supply: 350M for Proof of Work PoS Cap: No PoS Stake Reward: 10% per year Pre-mine: Yes ( First 100 Blocks mined on low difficulty with CPUMiner) Bounties Available: Yes - From Premine Rewards Available for Community Developers: Yes, from Premine CPUMiner Available: Yes - Windows binary & source. NVIDIA GPUMiner Available: Yes ( Reward for fair release of GPUMiner is paid! 50,000 RESS ) AMD GPUMiner Available: No ( Reward for fair release of GPUMiner is > 12,000 RESS ) Renesis New Logo Design Competition: Yes ( Reward of 2000 RESS ) Renesis QT Wallet Theming Competition: Yes ( Reward of 5000 RESS ) Renesis V2 Static Website Design Competition: Yes ( Reward of 7000 RESS ) Renesis public Pool addition reward: Yes (10000 RESS) - First 3 Pools. Renesis Node Hosting: Yes ( Reward of 1000 RESS offered for 1 month of hosting ) Translation Bounties: Yes ( Reward of 500 RESS per translation posted ) Social Media Bounties: Yes ( Connect with us on our channels for information ) ICO: No - Bitcoin Talk ANN for everyone to mine starting 101 block Masternodes: Planned MainNet P2P port: 9775 MainNet RPC port: 9774 TestNet P2P port: 19775 TestNet RPC port: 19774
Renesis Development Team : hav0k - 2 developers Group : The Renesis Group ( Visit www.renesis.io for profiles ) - 7 members Web Site: http://www.renesis.io Block Explorers: http://tx.renesis.io - https://protopool.net/exploreRESS Reddit: https://www.reddit.com/Renesis/ Connections: Discord, Telegram, Slack ( Visit www.renesis.io to connect ) Will have web wallet: No - We believe coins should be safe in your wallets not online. Pools: To be announced after announcement. Exchanges: To be announced.

Pools:

https://cryptopool.party 10000 RESS Reward TX : http://tx.renesis.io/address/RVMNvHD3DFH1CZ9JVijFxiZgKcPLBpteYh
https://protopool.net 10000 RESS Reward TX: http://tx.renesis.io/address/RATQNUpMH7puoByrkBBUWiBVJowno6bGPz
http://www.tera.tn/ 10000 RESS Reward TX: http://tx.renesis.io/address/RFUkDC5dyRQZhH3GkrAhnAUNNQ2tZbTt7w

Nodes:

addnode node1.renesis.io addnode node2.renesis.io addnode node3.renesis.io addnode node4.renesis.io addnode node5.renesis.io ( Node by CryptoHobo. 1K RESS every month . TXID : 1e7a332788bceb23438b783dac172c853804d51443f43a1d68b378447981059f - 22 July 2018 addnode i.crashed.online addnode he.crashed.online addnode it.crashed.online addnode she.crashed.online addnode renesisckko455xx.onion add ( Tor Node )
Terms & Conditions for GPUMiner Releases : Developers must release the mining software + source after brief testing to Renesis Group to claim their reward. The group will immediately upload the GPUMiner with sources on github after mining 2 test blocks and will provide proof to community. If GPUMiner software is released directly to the community then it would fair but there will be no reward for software developers.

Mining:

At the time of announcement, you can mine solo until pools become available. Download the CPUMiner binary or source from github with a wallet https://github.com/renesisgroup/cpuminer-release. Place the renesis.conf in your wallet data directory and (re) start wallet. Run start.bat file inside CPUMiner bin folder to mine Renesis. You can edit the start.bat file to edit the number of threads for mining. If you wish to mine on a pool then use the poolmine.bat file.
Note: Please be advised that the cpuminer.exe can show up as a virus on Windows just like almost all mining software. You can be assured it is not and is labelled as coin miner, CpuMiner (PUA) or malware. Refer to virustotal report here https://www.virustotal.com/#/file/1c90ca293dc016f0d8663f7bab55b5def8f484c21b3dac3dae6f81d0166cc99e/detection . You can safely verify your Claymore and EWBF CUDA miners at virustotal and they will give similar results. If you feel that it has a virus then please do not mine. Virustotal scan for Windows wallet is : https://www.virustotal.com/#/file/4cc5d6977566fc7e254744626d0783b1fc2d1aab15d72a5137c99ef0e91eee46/detection .For questions related to GPUMiner releases, please ask fellow miners or their respective developers when their releases become available for download.
UPDATE: CCMINER Download : https://github.com/renesisgroup/ccminer-renesis Reward of 50000 RESS paid to user A1 on Discord : http://tx.renesis.io/address/RVmFpemzMtbjhG16bjQTGEWv3sTgRVuzWm
Special thanks to mrM4D for his guidelines on CPUMiner build. Cheers to ocminer, mrM4D and Epsylon3 Greets to: SCRIV, RavenCoin for their game changing innovations and ASIC resistance commitments.

Roadmap:

Phase 1
Renesis Release Development - done CPUMiner Development - done Generate the premine - done Announcement - Underway Community Developers - 3 required and backed by funding from premine. Update: 1st Dev joined the dev team GPUMiners for AMD - Awaited and backed by rewards for fair release by developers. Masternodes Solution - TBA by developers and community consensus and backed by rewards from premine. ASIC Survey - Planned Rensis Hash Enhancement - Planned. TBA under phase 2 or after ASIC Survey Renesis Holdings Fund - Planned
Phase 2 - Next
Good things coming here =) Real use case 1 - Planned Real use case 2 - Planned To be announced after completion of Phase 1
Phase 3 - Planned
Online Gaming - Planned
Phase 4 - Planned
To be announced after completion of Phase 3
submitted by dev_hav0k to Renesis [link] [comments]

HaoBTC and ASICMINER, two largest mining farms

HaoBTC and ASICMINER, two largest mining farms
https://preview.redd.it/4em2av1yw9h11.png?width=646&format=png&auto=webp&s=5408280a960b80a756fe6fac8d9a41006e7bfcef
Currently, mining is a process of mining various types of currency, not just bitcoins, on huge production sites.
Earlier, it was possible to obtain cryptocurrency on an ordinary PC, but over time the labor intensity of the process increased, more miners appeared, and due to the complexity of the process and the increase in the scale of production, the equipment was improved and its cost therefore increased.
Mining farms produce computational activities using computer power (in most cases using video cards), the result is new "money".
The majority of those who mined the currency at its very inception have already become millionaires, and even billionaires, because the exchange rate has already reached, and even exceeded the mark of 10,000 dollars. Currently, it's still profitable to organize similar mining farms on home PCs, while they are able to recoup themselves.
Most of the mining farms are located in China (the reason is relatively low energy costs), as well as in Iceland.
The first is a mining farm ASICMINER located in 8 miles from the central district of Hong Kong, in the Kwaichun area. This farm occupies a relatively small area, but produces a huge amount of capacity, thanks to the latest technology. The basis of the farm is the racks, ASIC chips are located on them and produce the capacities that are necessary in the production of crypto currency.
The second large-scale farm is HaoBTC, located in China. This farm is not as equipped as the first, however, it produces a huge number of capacities.
This company announced the launch of Hash-Ex, a new bitcoin-exchange, offering customers to buy and sell a hash rait- part of the mining network of crypto-currencies. The minimum purchase is 1 tera hash, and such an opportunity is available not only to Chinese citizens, but also to all foreign users.
Xun Yue, Vice President of HaoBTC, states that they sold 10 petashash capacities, and the company itself is the only owner of equipment for currency management, in this regard does not depend on any external factors.
"We probably have one of the best farms in the world. Many publications have written about us. We work in the provinces of Sichuan and Xinjiang, we have tens of thousands of Avalon A6, we also use the Antminer S7 and S9, "Xun Yue said.
Initially, it seems that HaoBTC is a set of typical contracts for cloud mining, but the organization itself focuses on the fact that it has cheap electricity and does not charge funds for the use and maintenance of equipment.
According to ForkLog, in winter, a new mining farm was launched in China, its capacity reaches 140,000 kilowatts. One of its founders is Bitmain Technologies. Mining farms are gaining popularity as the currency itself, China in this regard remains the leader due to its relatively inexpensive electricity, without which it would be impossible to produce any crypto currency in the world.
submitted by iTradeBit to u/iTradeBit [link] [comments]

How much Electrical Power does the Bitcoin Network Use?

Bitcoin mining is super important. It keeps our favorite cryptocurrency going. Mining is the process of verifying the bitcoin transactions and adding them to the public ledger, and being rewarded for doing the same. It involves solving complex cryptographic puzzles which are highly computation intensive. Anyone can become a miner, provided that you have access to the Internet and the hardware required to do the difficult calculations. Bitcoin Mining Bitcoins are mined in groups called “blocks”. The reward for mining gets halved for every 210,000 blocks mined. When bitcoin came out in 2009, the reward for mining a block was around 50 BTC. Today, the reward for mining a block is 12.5 BTC. Currently, there are about 16,791,100 bitcoins in circulation, and the maximum number of bitcoins that can ever be produced has been capped at 21 million. On an average, around 1,800 bitcoins are mined per day. (For real-time figures, checkout bitcoinblockhalf.) More the number of active mining nodes (higher hashrate), greater the difficulty level of mining additional ones. As a result, computations get complex, and a lot of hardware is required for doing the same. Now, this hardware would understandably consume a lot of energy to run. This consumption would be pretty significant, you’d think. Let’s do the math and find out.
To calculate the electrical energy used to power the bitcoin network, one needs to look at the number of sums that are conducted every second for solving the cryptographic puzzles. Then, one needs to find out the amount of electrical energy needed to solve each sum. The “sums” being talked about here are nothing but “hashes”. A miner has to come up with a 64-digit hexadecimal number (A hash) that is less than or equal to the target hash. Not only that, he/she has to be the first one to do it. To mine successfully, you need to have a high hashrate and need a lot of computing power. Your best bet would be to use either a graphics processing unit miner (GPU) or an application-specific integrated circuit miner (ASIC). According to a recently released estimate by Digiconomist, Bitcoin mining consumes about 30.14 TeraWatt Hours of energy annually. This level of consumption is actually higher than more than 159 countries. About 381,000 bitcoin transactions are processed in a day. In a year, therefore, a bitcoin transaction would consume an average of 200–210 KiloWatt Hours of energy. An Indian household consumes an average of 75 KiloWatt Hours of energy in a month. A single bitcoin transaction, therefore, consumes as much energy as a household does in 3 whole months! The Power of Bitcoin One has to agree that running the bitcoin network requires a lot of power. In fact, with the numbers we’re crunching, bitcoin transactions are consuming more energy than half the planet! With bitcoin gaining immense popularity, the number of miners that join the race keeps increasing. As it gets harder and harder to mine bitcoins, the graph of power needed to do so continues to shoot up. In some places, this power drain has been putting a strain on the local power grids. For example in Venezuela, mining operations have adverse effects on the country’s existing electricity shortage problem. On the other hand, one needs to remember that the bitcoin is a volatile currency. Different numerical figures associated with it constantly fluctuate every day. This leads us along a path which has an unforeseeable future
submitted by kailashjk to BitcoinMining [link] [comments]

Discer412 asks, "What's wrong with SHA-256 and how will changing the PoW fix the problem?"

There are two (but it's ultimately the same) problems with SHA-256, there are other problems with understanding 51% attacks, and how they work, I'll explain each issue briefly.
First, with 51% attacks and how they work. The MAIN concern with a 51% attack is the "Rewind Attack". This is where someone pays money to rent miners to "Rewind" the Bitcoin blockchain. The current cost to "Rewind" Bitcoin 1 Block is 12.5 BTC x Price (say $6,000) = $75,000. To make this profitable, you must transact, get the goods, and then rewind Bitcoin to get the coins back and have this new chain become accepted. Generally people would use an exchange, as crypto to crypto are the fastest 'exchanged' goods (as opposed to buying a car), and you might need to Rewind 18 blocks (3 hours) in order to clear the exchange without their fraud stuff going off. So the cost to Rewind BTC 18 blocks is currently $1.4 Mil, if you assume "free market", etc, etc. This is why PoW payouts are so high, and people brag about excessive hash power, but I suspect this can be solved by using a Check Point system (already in the code), that simply stops Nodes from accepting blockchains more than 6 blocks "out of sync". Currently Bitcoin is set to refuse blockchains that are 72 blocks (12 hours) out of sync, if I understand the code correctly. That's unnecessarily long, for it's current usage. But that is why people obsess over tons of hash power, but it's not really necessary (IMO). "Rewind Attack" is the primary form of a disruptive, and profitable, 51% attack.
Now, just to note, if one person already owns 51% of the miners (or so), then they can effectively do this anytime they want, but let's ignore that for now.
Problems with SHA-256 :
1) Hacking the SHA-256 algorithm. Long ago, some began hacking the SHA-256 algorithm. Originally, the Satoshi Nakamoto group had 3 basic concepts they were trying to promote 1) (Relative) Equality of Wealth Distribution, 2) Provide a market for advanced personal computing hardware, and 3) Provide a market for advanced power making hardware. Addressing points 2 & 3, SHA-256 is not all purpose personal computing hardware, thus it provides no usefulness to the overall economy, and in fact is a drain of resources which could be better spent. Likewise, the hack was so powerful, that it made competition for power innovation (virtually) obsolete. Sure, huge warehouses, but had Bitcoin functioned as the Satoshi Nakamoto group originally intended, where personal computers were mining Bitcoin, then instead of warehouses attempting to move to power plants, you'd have say millions of homeowners installing water turbines, solar, and other devices in attempts to collect power, as this would become the scarce resource, not the hack.
2) Address point 1, ending the (relative) distribution of wealth equality. While some don't understand this concept concerning Byzantine consensus (including prominent blockchain creators), their is an issue of "at stake" or "skin in the game" that is necessary to maintain Byzantine consensus. If one person risks 99% of their wealth, and another risks 1%, then Byzantine consensus can fail as the person risking 1% is unmotivated to seek the truth. In the classic problem, two generals are risking death. But in Bitcoin, effectively Jihan risks 90% of his wealth, and maybe the collective of everyone else amounts to 10%. Which is to say the Future Bonuses of Bitcoin (which amount to around $20 Billion over the next few years) will go 90% to Jihan and maybe 10% to the rest of the world. This causes the world to become divested in protecting the validity of Bitcoin. You'd be amazed at how more educated, involved, and excited the overall community was when everyone was running an at home miner. Bitcoin was economic freedom. Today, it's Jihan's money pit.
And to clarify, as some do not understand the nature of a monopoly (and are loud, obnoxious, and really stupid), let me go over that for them, as I know those types of people frequent this forum and are not moderated against, if not encouraged.
In a monopoly, you set the price equal to the maximum. There is no "supply demand" really. It's simply, what is the maximum output X product can produce, and that will be my price. So in the case of Jihan Wu and Bitcoin, it's quite simple to calculate X Miner can produce $2,000 of expected wealth over it's life (again, about 1 year, and then it becomes industrial waste, wasted human energy and unnecessary pollution). The cost to produce said miner might be about $500, but this doesn't even matter.
So the selling price of the miner is say, $1,900, with an expected profit of $100 to the buyer, or 5%. Jihan immediately earns $1,400 in profits. This is not because his product is invaluable (in the traditional sense, like the Tesla Electric Motor), but because he created the best hack of the Bitcoin algorithm which effectively pays out in cash. So while Jihan may only mine with 50% of the Bitcoin hash, he receives 90% of the overall profits, as he is profiting $1,500 for each miner he uses himself, and $1,400 for each miner he sells, and the public profits $100 for each miner they purchase.
Now, this all gets complicated when you start to understand how Tera hashing works, production lead times, etc, etc. His profits often escalate well beyond expectation because (as a monopoly) his customers must pay for 1 month of development before a shipment (not sold in stores), he has worn their equipment without compensation (shipping used products), but most importantly he controls the Bitcoin payout.
In the payout calculation, one (may) assume linear growth in hash rate. However, after a Bitmain shipment the hash rate can double, effectively dropping profit expectations in half. And if you follow the Bitcoin hash rate, I think it increased 5x January to February, effectively dropping profit expectations to 20% of original projections. This is more problematic as persons pay 1 month in advance, unable to react to Bitmain swarm of production, as they could in a free market.
Long term, any PoW algo can become monopolized. But for now, Jihan has become an extreme monopolist and has been tolerated for years, with personal profits from Bitcoin exceeding several Billion. That's $$$$ Billions, from exploiting his hack, and state power. Switching PoW is a no brainer, and is what the original Satoshi Nakamoto group would have wanted but perhaps the persons who best understood these concepts is no longer participating in Bitcoin, and the remainders do not care.
But I think a Check Point system is the best approach, and significantly reducing the Bitcoin Bonus, down from 12.5 BTC per block to 0.05 BTC per Block. Doing this solves multiple issues simultaneously, 1) Makes it more valuable (scarce), 2) Reduces Monopolist Extortion (under any PoW system), and 3) Makes the Bonus equal to expected Transaction Fees, significantly reducing the effectiveness of "transaction spam attacks".
But all good things come to those who wait.
submitted by kybarnet to Bitcoin [link] [comments]

Bitcoin Mining is Not Worth It

Researched and used profit calculators.
Since the rewards half about every year, its 25 now and eventually to 12.5 bitcoins, you get less, and difficulty raises, there are warehouse miner competing against each other for ever increasing hashing rates, select people have first access to cutting edge and better technology, and they sell it at a premium (pretty much make the same if they mined with it or sold to a dumb buyers they get the same value), I've figured is not worth it mining or pool mining.
Save your money and spend it and your time on something worthwhile. It pays to do your research. This is not a get rich quick thing except the people selling them for at gouging prices with ever decreasing return. Two separate times I've seriously thought about buying some, cheap or expensive, and the last time they were in the mega hashes, now is the tera hashes and you can only eek out a profit. Soon the 1-10 tera hash asics will be obsolete and worthless in a year with little to no return.
The electricity alone cuts into anything you make, making it pointless. Just look at the price charts and difficulty charts the HUGE bubble occurring. And the sellers of this equipment delay the stuff just in time so you end up making nothing in the end because of all these factors. They get you good.
Summary: Don't mine bitcoin, too competitive, increasing difficulties levels, halving rewards, electricity costs, excessive pricing on mining equipment and volatility of bitcoin itself skews your profitability.
submitted by stone717 to Bitcoin [link] [comments]

Hypothetical: What happens if Avalon's chips all stopped working at once?

Apparently the Avalon ASIC company has recently sold over 500,000 individual 282MH/s chips ready to be fabricated into various miners. They just sold two more batches of 10,000 chips today.
That's 141 Tera Hashes of mining power, or about 3 times the power of the entire Bitcoin network at the moment. Woohoo! Security for all!
Now imagine this scenario...
We're all chugging along mining bitcoins on our sweet new home-built ASICs. We quadruple the current difficulty. The network is more secure than ever and we couldn't be happier.
Right then, somebody notices a chink in the armor.
"[email protected]#! My DIY Avalon Board Isn't Responding!!!!!" reads the bitcointalk forum post.
By nightfall, there are hundreds of similarly worded posts.
Nobody knows what the problem is, and nobody will until a few more days of investigation.
All we know is that blocks are taking longer and longer to mine, the value of Bitcoin is plummeting, and that we shouldn't have placed all of our eggs in one basket.
http://www.youtube.com/watch?v=IPLnYP9Oo8s
submitted by bitchan to Bitcoin [link] [comments]

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