5 Best ASIC Miners For Bitcoin Mining in 2018

[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
http://www.findblocks.com/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

PLEASE can we quit the whining and Ragequit threats? N/H is aware you are angry. MOVE ON(PLEASE!) or wait until they return and get over it.

Right now AM is doing ZEC for all of my miners because ZEC is the hottest coin right now. I'm making a crapton of it that I auto switch over to Bitcoin for 0.9%. I'm doing over $50 an hour like this (we're trying to get our ASIC's to work with AM, but it looks like we have to spend a couple of hundred dollars to buy the client. Honestly people. We did serious checks before the hack...N/H mines quicker than most any other pool we mined to. Not sure how they run their pool but it's way more efficient than any other that we tried. That said, WE lost about 2500 to the hack, but we've made 100's of thousands of dollars in PROFIT off them...that's after hardware and electricity expenses.
People need to remember that I think. This isn't your day job at an office or some job at Walmart that someone goes to, puts 8 hours in and then on Friday gets a cheque for 40 hours. This is a non-guaranteed, non-regulated, non-taxed Wild West of a thing that your miners are spending electricity mining. This ISN'T your 40 hour a week paying job that is overseen by the government on 30 levels and people NEED to come to terms with that. Quite honestly my partner and I have lost more than most. Most have lost like $10-50 and are RAGING and DEMANDING that they get their electronically created money "back" from something where their "money" doesn't even exist.
N/H was hacked. People doubt this, but I'll put this to those people...if they ripped their own coin off, they've involved three legal agencies to help get it back. They ALSO have lost immense amounts of profit by both the downtime and the loss of customers by this. I would suggest that they've lost many millions in this but nobody ever ponders this point.
To summarize because it just DOES NOT SEEM to be sinking in. Your money was not insured by any insurance company because you'd have been paying fees for that insurance if an insurance company would even touch anything so risky at coin mining. Banking companies in the USA do that sort of thing because they are required by law to cover each bank account up to a certain amount. This is NOT a bank nor does it have any requirement by law for them to replace anything for you because it's the wildest form of making money in the entire world other than paying for a wild lion ride in Africa.
NOTHING is guaranteed in this business until you physically cash your coin out into your hand. Everything else is of the highest risk and highest chance of you losing because this has no government. That's the good and bad point though because we don't' want a government as it would demand 30% of our earnings so it could govern us. It would watch everything you did and the more successful you were, the more money it would take. The other side of that coin(heh heh) is that a government demands that companies must provide security for financial things like storage of money.
This is qualified as an INVESTMENT thing. That is to say that you could make a million dollars today and have zero tomorrow if the market for your coin crashes OR the system storing your coin is broken into and your money is stolen. If you cannot handle this risk the PLEASE feel free to go somewhere else that handles the risk for you. I guarantee that they'll charge you A LOT for a fee to insure you.
LASTLY...for the love of god, PLEASE stop with the "Well if you don't return my $10 ima quit so NYEAH!"'s. The repetitive threats of ragequitting are not going to result in anything other than you piling yet another RAGEQUIT on top of the other hundred that are already there. They cannot do anything other than what they can do so threatening them that you're going to run away full of RAAAGE into the arms of another site that wasn't earning you what NH earned before and won't earn when it comes back up just makes you look like a whiny kid. "Giiive meeee my $10 or ima quit!" cry cry whine cry cry threaten
P.S> I'll say it once more. If they have money to give out and decide to give it out, they will. I veeerrry much doubt that so when you log into N/H to see your account, I almost guarantee that your money will be GONE. GONE....That means your money will be GONE. Still looking? The. Money. Is. GONE. Maybe once more for the sequential and repetitive RAGEQUIT stunned people. THE NICEHASH MONEY YOU EARNED WITH A LITTLE BIT OF ELECTRICITY IS GONE. ******NEXT TIME******* READ THE FULL HOWTO ON MAKING CRYPTO CURRENCY SO YOU SEE THE MULTIPLE LINES THAT SAY, "IF YOU MAKE LARGE AMOUNTS OF CRYPTO, MOVE IT TO SECURED OFFLINE OR HARDWARE WALLETS BECAUSE THAT IS THE ***************ONLY************* SAVE WAY TO STORE LARGE AMOUNTS OF CURRENCY. I have 30 1/2 coin sitting in a Bitcoin.com offline wallet and you know what? It's unhackable. When we mine 3-5k, we send it to our offline wallet and poof we don't lose much if N/H is hacked.
(Keeerist I hope this post is it. Some of us are SO sick of whiners demanding and threatening and crying and banging their heads on their single GPU computers that earned them $35 that they will commit suicide if they don't get. )
submitted by CFHarris to NiceHash [link] [comments]

Who runs the Bitcoin system? A brief of who holds the power.

This is a work in progress, so any constructive criticism is appreciated.
In the beginning there were few people running btc, records indicate that Satoshi, or SN, mined more than half of the blocks in the first year. Over times hobbyists began to run nodes, often for a small amount of time before stopping. Some very few amount of people believed in the idea and ran their computers as often as they could.
But times have changed and people can't use a desktop to mine bitcoins anymore. Specific hardware components called ASICs have been developed. Application specific integrated circuit chips are not like computer chips in normal computers, they are built and specialized for specific uses. Bitcoin mining companies have created their own ASICs which perform the lions share of mining these day, they also get most of the reward.
Some companies produce these chips and sell them to other companies and the public, while some companies fabricate these chips and use them themselves.
There are a number of players that each have some amount of influence on the bitcoin ecosystem.
Mining pool operators
Influence of Miners
Miners secure txs and holdings. Many miners all operating independently create security for the Bitcoin system. If most miners stop working then someone with enough hashing/computing power could give their coins back to themselves after they gave them to someone else. This is known as a 51% attack as this 'bad actor' needs over 50% of the network's hashing power to succeed every time.
With more miners this becomes very expensive. It is thought that by spending as little as 2 Billion USD someone could buy enough hashing power to perform a 51% attack as of 2015.
Miners can refuse to put into blocks any txs they don't like, blacklisting someone's chance to get their tx into the next block with whatever proportion of global hashpower that miner has. However this is usually very small, so little chance, and even so then next block is likely to contain said tx. If miners colluded they could try and censor a tx for a little while, but with many miners this would only be a delay and a difficult on at that.
Miners control putting txs into blocks and creating blocks for the blockchain, they receive a generation transaction known as the 'coinbase reward' for doing so. If they stopped working they would stop getting paid. Can they control a system if they can't destroy it?
Io Mining Pools
Mining pool operators run the software and full blockchain that others use to collectively mine. The bigger and faster a pool, the more blocks it will find, the more reward it will get, the more it's members will get paid, the more people will want to join it. It's the miners' computers that do the calculations but it is the pool operators that harness that hashpower and apply it, giving out more consistent rewards for everyone.
But people are just doing the computations that the pool tells them, if the pool operators wants to they could try to censor txs from or to someone they disagree with, making it harder for that person to send to receive payment. But like miners their attack would only be a delay.
Unless they conspired with other pool operators to in which case they would increase their chances of success. They would need over 50% of the global hashing power to succeed with this. If they shut down miners could easily move to another pool
Io Nodes
Nodes can and often are run by altruists who want to help the network at some minor expense to themselves, if it is only time.
Business, and those with a large stake in Bitcoin also run nodes but they do it for their own sake and not to help the network.
Nodes receive broadcast txs, validate them, and rebroadcast them to their list of connected nodes. The network could likely sustain a large drop in nodes, but this increases the risk that any one node or group of nodes could refuse to forward txs they disagree with.
Io Users
Users are people who spend and receive coins on some time table. Some might consider those that buy and hold coins not to be users, but that is talk for another time.
If the users are unhappy with the system they might leave and use another system. If Bitcoin or any crypto has no users it has no utility, because what use is a system no one wants to use.
Users have to bear the consequences of developers' decisions. They have to wait for inclusion in block, wait for conformation, pay fees, use wallets or client software, etc.
If most users stop buying, selling, and txing the media will surely report on Bitcoin's impending doom, which may scare others away exacerbating the problem. Though in many stories in the past have cried wolf in this regard cryptos still exist, if there was an insurmountable problem in one crypto users would probably migrate to another option.
Io Cos
Companies control things such as exchange points like websites and kiosks, wallet application and hardware, mining hardware production, websites or discussion forums, remittence or transmission applications, etc.
They can publicly endorse any changes they agree with disagree with and try to sway opinion. Those with a large number of users can try and use said numbers of users as leverage for support of proposals.
Each realm has a number of things it can do to influence workings or public perception.
Some companies have in the past performed capacity tests on the Bitcoin network, throttling normal transactions and clogging the network. Companies and individuals with enough knowledge and malice can temporarily slow the network, but to do so require spending resources on fees.
Io Govs
Governments have exerted little influence so far on cryptos, with some agencies advocating against heavy regulation that might stifle new growth.
A few governments have issued restrictions or outright bans on cryptos.
Restrictions mostly apply to businesses and those that deal with local fiat. These actions might stifle start up companies that don't have large amounts of funding.
Banning use of cryptos, particular ones or in general, makes it illegal for people to use. This can make cryptos less popular locally or push their use into the black market.
Government exert local power and some government like to censor the internet. Crypto use is still possible but it is more difficult.
Internet service providers, or ISPs, connect most homes and businesses to the internet. All internet traffic goes through them before being routed to the end recipient.
Much web traffic these days is encrypted, but much of that encryption is weak or compromised, and a large amount of web traffic isn't encrypted at all. So anyone who taps into the connection can see what is happening. This is especially easy for ISPs who host the traffic.
ISPs then have the ability to monitor some amount of web traffic, and stop thing that they don't like from getting out or to the real recipient.
They also have the ability to modify data in transit and or reroute it. This means they potentially can reroute the hashpower of a mining pool to their own ends.
However these actions would likely be detected quickly and corrected; and nothing like this has ever been documented.
This is all part of an intro so I'm not going into great detail here, and some things aren't perfectly accurate for the sake of beginners. Interested to hear any thoughts.
submitted by ProfBitcoin to Bitcoin [link] [comments]

Government in China Quietly Orders Closing of Bitcoin Mining Operations

BEIJING—Bitcoin can’t catch a break in China.
Chinese authorities ordered the closing of operations that create a large share of the world’s supply of bitcoin, tightening a clampdown that has already shuttered exchanges for the trading of cryptocurrencies in China.
A multiagency government task force overseeing risks in Internet finance issued a notice last week ordering local authorities to “guide” the shutdown of operations that produce, or “mine,” cryptocurrencies, according to the notice and people familiar with the information.
While the notice called for an “orderly exit” without setting a deadline, far-flung areas of China where cryptocurrency mining operations have flourished are complying. A local regulatory official in the far western region Xinjiang said Wednesday that his agency received the notice and is doing “what the country wants.”
Pooling Bitcoin
China still accounts for the lion's share in global bitcoin “mining,” or production, even as authorities move to clamp down on operations.
Bitcoin mining by country of operation* Others† India 3.9% 2.0% Georgia 2.7% China 78.9% Czech Republic 12.5% *Between Dec. 23, 2017, and Jan. 10, 2018 †Include cross-border mining operators Sources: Chainalysis (mining pools); staff reports (locations) The central bank, the lead agency in the task force on Internet financial risk that issued the notice, didn’t respond to a request for comment.
Miners use powerful computer systems to solve complex math problems to generate and verify units of cryptocurrencies. The miners have thrived in sparsely populated areas of China where electricity is plentiful and inexpensive and temperatures are cooler.
Their winding down is the latest blow for bitcoin and other cryptocurrencies in what was a promising market but where the government is concerned about money laundering and risks in the financial system. China accounted for nearly 80% of computer power devoted to global bitcoin mining over the past 30 days, a rough approximation of its share of new units created in the same period, according to calculations based on data from ChainalysisInc., a New York-based research firm.
A loss of a large-scale mining operation would disrupt the creation and verification of cryptocurrency units, according to Philip Gradwell, chief economist at Chainalysis. He said it usually takes about 14 days for the bitcoin system to adjust before the rate of creating new coins stabilizes. If China were to wipe out 80% of global mining power in one go, recovery could take weeks, possibly months, he said.
Related Video
Bitcoin vs. Regulators: Who Will Win? As bitcoin has emerged from the underground world of nerds and criminals to become a mainstream investment, the risk of hacks and scandals has also blossomed. What's a government to do? The WSJ's Steven Russolillo travels the world (sort of) to see how regulators are responding to the remarkable rise of cryptocurrencies. Video: Sharon Shi and Crystal Tai “If China really does switch off all the minters suddenly, there could be a very high level of disruption,” Mr. Gradwell said. “It’s very hard to estimate back-of-the-envelope how big an impact would be.”
Such an across-the-board shutdown is unlikely, Mr. Gradwell and other analysts say, given that the Chinese government has been tightening the regulatory noose for months, prompting many operators to move their equipment elsewhere.
“I don’t think miners have been sitting on their hands,” said Arthur Hayes, who runs a peer-to-peer cryptocurrencies exchange called BitMEX. “Some people have already moved their hardware out of China.”
The founder of Chinese mining pool F2Pool, which accounts for 9% of the bitcoin mined over the past month, said his operations in Inner Mongolia and Xinjiang received “directives” from local authorities, though he declined to provide details.
Related Video
Bitcoin 101: What It Is, How to Invest The virtual currency bitcoin continues surging to new highs as a frenzy of investors get in on the action. WSJ's Paul Vigna explains what you need to know, and how to invest should you want to join the mania. Photo: Alexander Hotz/The Wall Street Journal. “We are already very small,” said the founder, who is known in the Chinese bitcoin community by the nickname “Shen Yu,” or “mythical fish.”
After the government banned offerings of new cryptocurrencies and commercial exchanges in September, official scrutiny fell on the miners.
The government notice to shut down miners began circulating on social media last week and may have added to the factors that have seen prices of bitcoin drop to $14,200 from a high in December of $19,000 per unit after soaring for much of the year. Just before China’s clampdown in September, bitcoin traded for $4,600.
A potential shutting of China’s vast bitcoin mining network could also shake up the dynamics between global mining pools, or firms that share processing power, some analysts said. In recent years, a handful of these powerful Chinese pools resisted expanding the bitcoin network to process more transactions, according to cryptocurrency entrepreneurs.
If authorities in China have cooled to cryptocurrencies, demand has remained hot elsewhere, especially in South Korea, making that country the center of attention for the industry. South Korean regulators have announced tougher measures to crack down on cryptocurrency trading, following the collapse of one Seoul-based platform that investigators are looking into for possible involvement by North Korean hackers.
Write to Chao Deng at [email protected]
submitted by zcc0nonA to btc [link] [comments]

All your ASICs are belong to Litecoin

Warning...this is a mind dump, so it's long.
I've been thinking about the ASIC takeover in Scrypt mining lately and have come to the conclusion that not only will it spell the end of most Scrypt coins (at least, those that don't decide to merged mine with Litecoin), it'll also kill Scrypt coin switching pools and most of the Scrypt ASICs will end up in Litecoin, never to leave.
Right now, if you look at the other Scrypt coins in existence, someone with a single 250MH/s miner could 51% the majority of them. The reason NONE of these coins has attracted any of that hardware is simple...liquidity. Not one of them can support the pressure of selling from a miner that controls that much of the network. There are people right now who are waiting on the first salvo of large-scale miners, thinking they will point them at some random alt coin and take the lion's share of the rewards. When they go to sell that coin in bulk, they're going to crash the coin's market and destroy it, because most of these coins are nothing more than pump & dumps.
Besides, that much hashrate pointed at any one of these alts (which all now retarget difficulty every block) will shoot the difficulty through the roof almost instantly, which renders it completely unprofitable within one block. The coin switching pools won't be able to stay profitable, they'll end up having to just stay on Litecoin as these other alts wither away.
So in this future, Scrypt mining ends up looking almost exactly like SHA-256 mining. Litecoin dominates and maybe 1-2 other coins manage to eke out some small amount of support, but struggle to be profitable.
What is the result of this?
Price goes up, because there is nowhere for all of that hashrate to go, anymore. most alt-coins stay profitable due to fluctuations in difficulty, with hashrate migrating in and out in accordance with the coin's price. The lower the price goes, the lower the difficulty goes until it's profitable, again. That won't be the case with Scrypt mining, anymore. The only real target for that hashrate will be Litecoin. So this will present the miners with the same problem that Bitcoin miners have...they cannot simply continue to dump into weakness or they'll be perpetually mining at a loss, never see return on investment and go broke. So they will be forced to withhold their mined coins and stop dumping, until the price reaches a point where they are profitable. Unless they like operating in the red, that is.
Right now, there's a small handful of miners with a ton of gear that are able to dump, because the distribution of the hashrate is tipped in their favor so heavily. That won't be the case by the end of 2014, when it's far more widespread and has had a chance to balance out. At that point, the miners will have basically been locked into Litecoin and will be forced by economics to hold their coins rather than dump.
Because the network will be so strong and growing so large and secure by the end of the year, any company doing business in this field will HAVE to take Litecoin seriously as an alternative to Bitcoin. They'll have to acknowledge its strength and growing infrastructure. As a result, businesses will be attracted to it. This is a venture capital industry right now, it's young and booming...and smart money wants to be in on the ground floor. Litecoin gives them another ground floor.
There are a lot of people out there who look at the exchange rate with Bitcoin and try to tell you Litecoin is "dying." They see the gimmicks of GPU/CPU alt-coins who are attracting the home gamers (and no serious money) and think that's where they should be. As though this is a competition of "features" rather than reliability and security. Name a "feature" of the hypertext transfer protocol, or TCP/IP. They are protocols...they function for their purpose and the bells and whistles come from the software, products and services that are built on top of them. What you WANT from these is not gimmicks, but rock solid and reliable functionality. Litecoin has some differentiating features that set it apart from Bitcoin in a positive way, but the fact that it is not a radical departure is not a weakness.
As ever, bullish on Litecoin.
submitted by FreeJack2k2 to litecoin [link] [comments]

The Fifth Stop of Hero Node Global Roadshow: South Korean Community Meetup

The Fifth Stop of Hero Node Global Roadshow: South Korean Community Meetup
On July 2nd, the Hero Node team went to Seoul, South Korea, to participate in the meetup event organized by the official Hero Node South Korea community. Torrential rain and language differences did not hold back the enthusiasm of Korean fans. Questions were asked one after another in the Q&A session, pushing the atmosphere to a climax.
Mason, the co-founder of Hero Node, introduced the Hero Node project and its vision in detail to the audience. He also expressed his in-depth views on the topic of “ how to build a good blockchain ecosystem”.
Below is the full text of Mason’s speech:
Hello everyone, I am Mason, the co-founder of Hero Node. First of all, I am very grateful to the South Korean community for hosting this meetup, which gives us an opportunity to share, exchange and communicate. Next, I will introduce the Hero Node project and the building of the ecosystem of the blockchain. Questions are welcomed after the speech.
Hero Node utilises the Hero protocol to integrate different public chains and build a cross-chain, cross-platform development solution for Dapps. It will also build a fully decentralized node network which contains multiple kinds of public chains and IPFS storages to support fully decentralized applications.
Hero Node will break the life cycle of existing applications development, and become an eternal application.
Currently, there are three major problems in the blockchain ecosystem:

Decentralization is declining, but there is no solution in the market

Once the blockchain has lost its features of decentralization, it is no longer the blockchain.
1) the application of blockchain is not decentralized enough
The early-stage Bitcoin networks were completely decentralized. At that time, there was no design to separate the frontend and the backend. The current application architectures are all using C/S and B/S architectures. Dapp networks and other applications have no difference as they are all using domain names to access the central node.
As we all know, last year’s Facebook user privacy data leak was exactly due to the problems brought about by centralized data storage. If data leak does not make you feel the horror of centralization, then the following example will definitely shock you. In the area of blockchain, most transactions use centralized services, including user’s asset data, matching transaction data, and resource file data. Imagine if all these data are leaked, then it is not only private data that is lost, but your token and even your legal tender may be lost.
2)The blockchain is also becoming centralized
At present, almost all the blockchain projects on the market are in large and complete design. People hope that all Dapps will be developed completely based on this large and complete design. But the truth is, under the name of “decentralized, safe and high TPS”, it is merely just trickery.
In other words, the tendency of swarming into a new industry is also an act of centralization in essence.
3) The lack of all-node rewards will lead to the centralization of the blockchain network
Take the Ethernet as an example. With the continuous increase of block data, the expenses of running a full node is already too high for ordinary users to afford for meeting the requirements of the computer’s performance. At this time, no one is willing to synchronize the full node for using the wallets. At the same time, the number of full nodes will decline further.
Here is a contradiction: as more and more blockchain applications are launched; the demand of the full node is greatly increasing.
Hero Node introduces IPFS and its DWeb technology so that we can see the possibility of complete decentralization. DWeb no longer relies on domain names to open the websites. Hero Node also introduces Hero Mobile’s cross-platform development technology, transforming DWeb into Dapp, which brings the advantages of IPFS to the fullest.
By introducing several mature public chains and making different chain responsible for different functions, Hero Node has established a safe, high TPS and completely decentralized application layer.
In the era of blockchain 1.0, Bitcoin was the only application. It only needed the miners to protect the security of Bitcoin network itself. In the era of blockchain 2.0, more application scenarios are the embodiment of the value of a public chain.
The application does not need to care about how the node operates, it only needs to ascertain how to access and initiate a query of what has already been transacted. Hero Node’s incentive mechanism will allow more people to join the node, thus improving the operating efficiency and experience of the application. This is the most reasonable design to keep the blockchain ecosystem decentralized.

The performance of the blockchain

The heated topic in the recent market is that the performance of blockchain is too poor, and TPS needs to be increased even to millions scale. Besides slicing techniques such as Zilliqa, we believe that it is actually a wrong direction to blindly enlarge TPS in the main chain.
The security of the blockchain comes from a large number of full-node mutual checks.
Based on the 1,000,000 TPS designed by EOS, we generate about 100MB transaction data per second and 3 PB of data per year. Thus, the existence of the full node will lead to a big problem in its development.
Even if the powerful EOS super nodes have strong hardware capabilities, the market does not care whether they are decentralized. The following question is “how to verify the correctness of the data at a PB level?” By centralized trust?
If a blockchain project loses most of its decentralization, it will inevitably lose its security in the essence, no matter how great it is developed.
If high TPS is not the direction where the blockchain industry is heading forward to, then what should be done when the business needs faster processing speed?
dFAAS — The Decentralized Hash Function service introduced by Hero Node.
In fact, the fast processing logic does not need to run on the Hero Node’s blockchain. Hero Node only needs to ensure that the functions performed by the application are correct and not tampered with, and the blockchain only needs to synchronize the last state.

The performance and user experience of the blockchain

What is Dapp? App, according to the understanding of the public is the application program in the mobile phones. At present, Dapps on the blockchain are only some intelligent contracts. There is a great understanding gap here, which also causes the situation where Dapp is still a concept and does not become the real-life applications.
Hero Node Dapp is a fully decentralized DWeb by combining IPFS and DWeb with blockchain Dapp, and adds cross-platform technology to transform DWeb into Hero Node Dapp. Hero Node Dapp is a fully decentralized IOS and Android application with the excellent user experience. The good user experience will accelerate the popularization of Dapp.
The blockchain has realized the back-end decentralization, and DWeb of IPFS has realized the front-end decentralization. Hero Node combines them with FAAS and cross-platform technology and has realized the development of fully decentralized mobile terminal Dapp. Using HER token system in addition, Hero Node forms a fully decentralized node network to support fully decentralized Dapp.
Hero Node is a Dapp ecosystem. But what is this ecosystem?
Here are some excellent descriptions to help you understand the blockchain and Hero Node ecosystem:
- Blockchain is Bitcoin;
- Blockchain is a point-to-point distributed account book;
- Blockchain is a point-to-point distributed account book with a smart contract;
- Blockchain is a production relationship; blockchain is a social trend;
- Blockchain is a gene ( X-gen ).
It seems straightforward, but it is actually a very profound understanding of the blockchain.
In fact, genes are also a kind of blockchains. After the creation of a small pond of Genesis block, DNA has undergone countless bifurcated evolutions. It evolved with transactions and classified by consensus. God has never appeared before. It operates in a total decentralized way. Genes are like a book that records all transactions in the evolution of organisms. We have Neanderthal genes, and we have obvious characteristics similar to marine animals. Some people even say that human beings like to eat crispy food because of the gene memories of the era when dinosaurs liked to eat small animals with hard shells. Once a gene is recorded, it will not be tampered with. In addition to DNA, an organism will have proteins to perform more complex functions.
Imagine a lion chasing a zebra on the prairie. What role does DNA play in such a high speed and intense activity? It does not need very high-speed TPS, it just needs to ensure that the protein it issues can work correctly and effectively. After further development, cells become the basic unit of DNA activity, and one cell often has multiple chromosomes.
If you can understand the blockchain from the perspective of DNA, you’ll see that a Hero Node is a cell. Just as cells have multiple chromosomes, Hero Node has built-in multiple different blockchains to achieve different functions. In cells, DNA synthesizes proteins to complete complex and high-speed biological activities, while in Hero Node, dFAAS function issued by blockchains to ensure safety can meet the developers’ complex and efficient business requirements. The nutrients needed for the operation of cells are just like HER tokens needed for the operation of the Hero Node.
Hero Node’s Dapp ecosystem is like a biological world made up of cells.
It is actually easy to improve bitcoin and Ethernet TPS, but why not? That is because blockchain transactions should be slower in nature. Problems with gene design can lead to rapid expansion. Like cancer cells, they sucked up the surrounding resources and eventually die.
The birth of Hero Node was originally meant to convey the message that there is no organization like the company in the future of the blockchain.
If there is no company and there is no such relationship between the boss and the employees, then in what form will everyone be organized? Just like the question of what a decentralized society will be like in the future, different people have different opinions.
But Hero Node can give you a clear answer.
Hero Node enables everybody to easily develop his own Dapp that can directly go to the users and does not rely on any third-party services to realize 24/7 online service and these applications can exist forever. There are no bosses or employees here. Everyone is hero. We use the name of blockchain and call this decentralized society Hero Node.
Join Hero Node’s future society and be a hero.

Hero Node economic model design and HER economic model

In the ecosystem of Hero Node, tokens correspond to the developer’s right to use the node network, but this right is not precisely quantified, but probabilistic.
The Dapps made by any developers can join the Hero Node network freely. The applications are fully available, but they cannot be widely spread and they only exist on a minor of nodes. If the developer locks a partial Hero Node tokens to the smart contract, the system will automatically distribute this application to a wider node network.
Generally speaking, the more successful a commercial application is, the more tokens it needs to possess more network resources. However, this possession is actually probabilistic and not exclusively.
All commercial applications have a life cycle. When an application is no longer popular, its developer can unlock some of the tokens and transfer them to other applications with better market potential.
The mining of Hero Node is a completely free market, but when the node resources are insufficient, the value of the token will increase, and the more miners will be willing to participate in the mining of Hero Node, providing more resources to meet the market demand. And vice versa.
The total amount of HER is 2 billion, and the specific distribution ratio is as follows.
Above is what I want to share with you on behalf of the Hero Node team. Please feel free to ask any questions and share your ideas. Thank you.
In an open world, Hero Node welcomes any and all feedback. Especially helpful feedback will be rewarded!
Talk to us:
Email: [email protected]
Twitter: https://twitter.com/hero_node
Medium: https://medium.com/@hero_node
Reddit: https://www.reddit.com/HeroNodeOfficial/
submitted by HeroNode-official to HeroNodeOfficial [link] [comments]

In three months can you really mine $349,000 worth of bitcoins?

assume the price stays at 1k you buy the Xtreme Miners The "Lion" https://en.bitcoin.it/wiki/Mining_hardware_comparison which can do 7.5m mHash/s then according to this http://www.bitcoinx.com/profit/ in 3 months time you will have approx. $349k
submitted by Readitigetit to Bitcoin [link] [comments]

DIY Bitcoin Mining: Software (part 2) - YouTube Bitcoin Miner V3.0 (MicroCryptoSoft) Super Cheap Bitcoin Mining PC Build - Part 1 - YouTube Avalon 6 Bitcoin Mining Hardware Setup - YouTube Mine-Litecoin CUDAMiner Setup for Starters

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DIY Bitcoin Mining: Software (part 2) - YouTube

Setting up the hardware platform to mine bitcoins using an Avalon 6 with a 1,200 watt power supply and a Raspberry Pi controller In diesem Video bauen wir zusammen ein güntiges Mining Rig zusammen. Mit Windows Einrichtung. Da es diese Bauteile aus dem Video nicht mehr alle gibt. Habe i... How To Mine Bitcoin using your pc or computer without adding any external additional hardware ? Which BTC mining software to use ? which BTC wallet is best t... How to set up a bitcoin miner 100% FREE Earn bitcoin without mining - https://goo.gl/Mzfoww In this video i will help you how to earn from Bitcoin Mining Ear... Today, I'm gonna start building a PC out of cheap spare parts, to use for GPU coin mining. Enjoy :)