GigaHashMiner.io is an Iceland based new generation bitcoin mining firm .The company own and operates most energy efficient state of the art mining farm in Iceland. GigaHash offers ERC20 based tokenized cloud contracts named as GHS. Each GHS token will be backed by 1 GH/s of mining power. Tokens will be tradable in external exchanges as well as pays daily dividend based on mining profitability
FundAnything Bitcoin Miner Profit Sharing Investment Plan
I just launched a FundAnything campaign in order to collectively purchase a 600 Gigahash miner. • Funds raised during this campaign will be used to purchase a 600 Gigahash Bitcoin miner (very fast) • I will setup the miner and run it from my home • Bitcoins will be mined and shared amongst the investors • I can pay investors in Bitcoins (preferred) or I can send you a check in US Dollars Basically you help buy the miner, you can share in the Bitcoins that are mined. This is my first attempt doing something like this. I wanted to see how it would turn out. Your criticism, contributions, and ideas are welcome. Here is the link: http://fundanything.com/en/campaigns/become-an-investor-in-bitcoin-by-sharing-in-mining-profits What do you guys think?
09-02 10:32 - 'my ant miner is mining at 180ghash its been 2 hours and ant pool is still at zero gigahash please help me fix this' (i.redd.it) by /u/alphaslay removed from /r/Bitcoin within 1018-1028min
https://preview.redd.it/q8fybks5d3r31.png?width=1024&format=png&auto=webp&s=0d9836d98582d8652a82a99333d37b2885d4116e Bitcoin Mining Costs Vary by Region To perform a cost calculation to understand how much power it takes to create bitcoin, first, you’d need to know electricity costs where you live. In 2017, the Crescent Electric Supply Company did a state-by-state breakdown of how much it costs to mine a single bitcoin. Louisiana came in as the cheapest location at $3,224, while Hawaii was the most expensive at $9,483. As of September 2018, bitcoin’s exchange rate was valued at about $6,700 for a single bitcoin, which shows that doing the work in an area where energy costs are very low is important to make the practice worthwhile. Calculating the Cost There are lots of different bitcoin mining computers out there, but many companies have focused on Application-Specific Integrated Circuit (ASIC) mining computers, which use less energy to conduct their calculations. Mining companies that run lots of ASIC miners as businesses claim they use one watt of power for every gigahash per second of computing performed when mining for bitcoins. At this rate, the bitcoin network runs at 342,934,450 watts — roughly 343 megawatts. Calculations based on EIA data reveal that the average U.S. household consumes about 1.2 kilowatts of power, meaning that 343 megawatts would be enough to power 285,833 U.S. homes. That’s quite a lot of energy — for a frame of reference, that equates to about a third of the homes in San Jose, California. Since 1 watt per gigahash/second is pretty efficient, it’s likely that this is a conservative estimate. Also, a large number of residential users take more power to run their miners. BITCOIN may be a useful way to send and receive money, but cryptocurrency doesn’t come for free. The community of computer-based miners that create bitcoins uses vast quantities of electrical power in the process. The electric resource-heavy process has led some experts to suggest that bitcoin isn’t very environmentally friendly. Therefore, using SOLAR ENERGY to mine Bitcoin is considered more suitable for people.
Does anyone else agree that Bitmain needs to stop flooding the market with more and more and more machines. It’s almost impossible......
Does anyone else agree that Bitmain needs to stop flooding the market with more and more and more machines. It’s almost impossible to turn a profit with S9’s now!! I know you’re in business to make money but stop being greedy and share the wealth. In the past 7weeks profits have gone down 56% due to the number of workers(machines) added. I’m going to stick it out as long as possible but i can’t be the only deciding at what point they get unplugged. From January to current the number of machines added to JUST Slushpool has gone from 88,000 to 120,000. CRAZY!!!!
Bitcoin Hashrate Stabilizing Near 35 Exahash/s After 29 Percent Drop in Mining Difficulty
https://preview.redd.it/v4fhelfwby521.png?width=690&format=png&auto=webp&s=51d0d741515616618e7a201e5376a8d8abf1682d https://cryptoiq.co/bitcoin-hashrate-stabilizing-near-35-exahash-s-after-29-percent-drop-in-mining-difficulty/ Bitcoin’s hashrate had been rising exponentially from 2009 through mid-2018, increasing through the megahash (M/H), gigahash (G/H), terrahash (T/H), petahash (P/H), and exahash (E/H) ranges. The hashrate first exceeded 60 EH/s in August 2018, and then the exponential increase gave way to stabilization. In September and October 2018, the hashrate remained stable, averaging above 50 EH/s, simultaneous with the price of Bitcoin being stable near $6,500. Then the price of Bitcoin plummeted starting in mid-November to as low as $3,100 in December. The hashrate of Bitcoin collapsed to 32 EH/s during this market crash, implicitly indicating 20-30 EH/s being forced offline due to a lack of profitability, which represents billions of dollars of equipment. However, the collapse in hashrate may be coming to an end, at least for now, due to the price of Bitcoin rising back to the $4,000 level combined with a 29 percent decrease in mining difficulty. https://preview.redd.it/fn5itizzby521.png?width=512&format=png&auto=webp&s=8b65208f22986a6c5409d40255a20e805354d121 As can be seen in the chart, Bitcoin’s hashrate appears to have stabilized in December, breaking the trend of constant decline. There are two factors that are bringing about stabilization. First off, the price of Bitcoin has stopped decreasing and has risen back to where it was at the beginning of December near $4,000. A stable Bitcoin price is a necessary ingredient for a stable hashrate. More importantly, the mining difficulty of Bitcoin has dropped from 7.184 trillion to 5.106 trillion, a 29 percent decline, which makes Bitcoin mining 29 percent more profitable per unit of hashrate. As long as price does not continue to fall Bitcoin will find an equilbrium hashrate since difficulty adjusts downwards as miners turn off their rigs. The point at which the difficulty stops adjusting downwards is the equilibrium point, a steady state where the existing hashrate can profitably mine or break even without the loss of further hashrate. Currently ,Bitcoin’s hash rate is near 36 EH/s, which would yield a 2.6 percent increase in difficulty if the difficulty re-adjustment happened now. This suggests that the equilibrium level for Bitcoin’s hashrate, at least at the current Bitcoin price of $4,000, is right around the current hashrate. That being said, the price of Bitcoin going up or down can rapidly change the situation. If Bitcoin retraces back towards $3,000, then the hashrate is likely to fall further, and if it rallies strongly then the rigs that were turned off would quickly be switched on again. The fact that there are 20-30 EH/s of rigs shutoff makes the future a bit gloomy for Bitcoin miners, since increases in Bitcoin’s price will not lead to higher profits for miners until all of those rigs are switched back on. There used to be a lag effect between Bitcoin’s price rise and the switching on of new rigs, which allowed miners to make bigger profits before difficulty adjusted upwards. Until the hashrate exceeds 60 EH/s, the time it takes to switch on the dormant rigs will be instant, whereas before miners had to wait weeks or months to order rigs and then switch them on. Based on the data, Bitcoin would probably have to be at $7,000 or higher before Bitcoin miners start seeing increased profit margins. Looking at the broader picture though, it is certainly good news that the Bitcoin mining hashrate has stopped going down since this means Bitcoin will continue to be extremely secure and decentralized. A rapidly dwindling hashrate would make Bitcoin less secure and more centralized, two factors that would threaten Bitcoin’s reputation.
Bitcoin Mining Profitability: How Long Does it Take to Mine One Bitcoin in 2019?
When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry — and how it has changed — over the last several years. Bitcoin mining is, essentially, the process of participating in Bitcoin’s underlying security mechanism — known as proof-of-work — to help secure the Bitcoin blockchain. In return, participants receive compensation in bitcoins (BTC). When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards — currently set at 12.5 BTC — as well as the transactions fees for the transactions included within the block. Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption. The limited supply of Bitcoin is also one of the reasons why Bitcoin mining has become so popular. In previous years, Bitcoin mining proved to be a lucrative investment option — netting miners with several fold returns on their investment with relatively little effort. bitcoin mining hardware Mining Hardware The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in 2019. Bitcoin uses SHA256 as its mining algorithm. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin. Although it is technically possible to mine Bitcoin on your current computer hardware — using your CPU or GPU — this will almost certainly not generate a positive return on your investment and you may end up damaging your device. The most cost-effective way to mine Bitcoin in 2019 is using application-specific integrated circuit (ASIC) mining hardware. These are specially-designed machines that offer much higher performance per watt than typical computers and have been an absolutely essential purchase for anybody looking to get into Bitcoin mining since the first Avalon ASICs were shipped in 2013. When it comes to selecting Bitcoin mining hardware, there are several main parameters to consider — though the importance of each of these may vary based on personal circumstances and budget. Performance per Watt When it comes to Bitcoin mining, performance per watt is a measure of how many gigahashes per watt a machine is capable of and is, hence, a simple measure of its efficiency. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware. Ideally, your mining hardware would be highly efficient, allowing it to mine Bitcoin with lower energy requirements — though this will need to be balanced with acquisition costs, as often the most efficient hardware is also the most expensive. This means it may take longer to see a return on investment. In countries with cheap electricity, performance per watt is often less of a concern than acquisition costs and price-performance ratio. In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment. However, this may not be the case for those operating in countries with extremely cheap electricity — such as Kuwait and Venezuela — as even older equipment can still be profitable. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware. Longevity The lifetime of mining hardware also plays a critical role in determining how profitable your mining venture will be. It’s always a good idea to do whatever possible to ensure it runs as smoothly as possible. Since mining equipment tends to run at a full (or almost full) load for extended periods, they also tend to break down and fail more frequently than most electronics — which can seriously damage your profitability. Equipment failure is even more common when purchasing second-hand equipment. Since warranty claims are often challenging, it can often take a long time to receive a warranty replacement. Price-Performance Ratio In many cases, one of the major criteria used to select mining hardware is the price-performance ratio — a measure of how much performance a machine outputs per unit price. In the case of cryptocurrency mining hardware, this is commonly expressed as gigahashes per dollar or GH/$. Under ideal circumstances, the mining hardware would have a high price-performance ratio, ensuring you get a lot of bang for your buck. However, this must also be considered in combination with the acquisition costs and the expected lifetime of the machine — since the absolute most powerful machines are not always the cheapest or the most energy efficient. Acquisition Costs Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. This problem is further compounded by the fact that many hardware manufacturers offer discounts for bulk purchases, allowing those with deeper pockets to achieve a better price-performance ratio. Acquisition costs include all the costs involved in purchasing any mining equipment, including hardware costs, shipping costs, import duties, and any further costs. For example, many ASIC miners do not include a power supply — which can be another considerable expense, since the 1,000W+ power supplies usually required tend to cost several hundred dollars alone. Ensuring your equipment runs smoothly can also add in additional costs, such as cooling and maintenance expenses. In addition, some miners may want to invest in uninterruptible power supplies to ensure their hardware keeps running — even if the power fails temporarily. asic mining Current Generation Hardware One of the most recent additions to the Bitcoin mining hardware market is the Ebang Ebit E11++, which was released in October 2018. Using a 10nm fabrication process for its processors, the Ebit E11++ is able to achieve one of the highest hash rates on the market at 44TH/s. In terms of efficiency, the Ebang Ebit E11++ is arguably the best on the market, offering 44TH/s of hash rate while drawing just 1,980W of power, offering 22.2GH/W performance. However, as of writing, the Ebang Ebit E11++ is out of stock until March 31, 2019 — while its price of $2,024 (excluding shipping) may make it prohibitively expensive for those first getting involved with Bitcoin mining. Another popular choice is the ASICminer 8 Nano, a machine released in October 2018 that offers 44TH/s for $3,900 excluding shipping. The ASICminer 8 Nano draws 2,100W of power, giving it an efficiency of almost 21GH/W — slightly lower than the Ebit E11++ while costing almost double the price. However, unlike the E11++, the 8 Nano is actually in stock and available to purchase. ASICminer also offers the 8 Nano Pro, a machine launched in mid-2018 that offers 80 TH/s of hash rate for $9,500 (excluding shipping). However, unlike the Ebit E11++ and 8 Nano, the minimum order quantity for the 8 Nano Pro is curiously set at five, meaning you will need to lay out a minimum of $47,500 in order to actually get your hands on one (or five). While the 8 Nano Pro doesn’t offer the same performance per watt as the Ebit E11+ or AICMiner 8 Nano, it is one of the quieter miners on this list, making it more suitable for a home or office environment. That being said, the ASICminer 8 Nano Pro is easily the most expensive miner per TH on this list — costing a whopping $118.75/TH, compared to the $46/TH offered by the E11++ and $88.64 offered by the 8 Nano. The latest hardware on this list is the Innosilicon T3 43T, which is currently available for pre-order at $2,279, and estimated to ship in March 2019. Offering 43TH/s of performance at 2,100W, the T3 43T comes in at an efficiency of 20.4GH/W, which is around 10 percent less energy efficient than the Ebit E11++. The T3 43T also has a minimum order quantity of three units, making the minimum acquisition cost $6837 + shipping for preorders. All in all, the T3 43T is more costly and less efficient than the E11++ but may arrive slightly earlier since Ebang will not ship the E11++ units until at least end March 29, 2019. Finally, this list would not be complete without including Bitmain’s latest offering, the Antminer S15-28TH/s, which — as its name suggests — offers 28TH/s of hash power while drawing just under 1600W at the wall. The Antminer S15 is one of the only SHA256 miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list. Like most pieces of top-end Bitcoin mining hardware, the Antminer S15 27TH/s model is currently sold out, with current orders not shipping until mid-February 2019. However, the S15 is offered at a significantly lower price than many of its competitors at just $1020 (excluding shipping), with no minimum quantity restriction. At these rates, the Antminer comes in at just $37.78/TH — though its energy efficiency is a much less impressive 17.5GH/W. Mining Hardware Mining Hardware Comparison Performance (GH/W) Price Performance Ratio ($/TH) Ebang Ebit E11++ 22.2GH/W $46/TH ASICminer 8 Nano 21GH/W $88.64/TH ASICminer 8 Nano Pro 19GH/W $118.75/TH Innosilicon T3 43T 20.4GH/W $53/TH Antminer S15-28TH/s 17.5GH/W $37.78/TH How To Select a Good Mining Pool Mining pools are platforms that allow miners to pool their resources together to achieve a higher collective hash rate — which, in turn, allows the collective to mine more blocks than they would be able to achieve alone. Typically, these mining pools will distribute block rewards to contributing miners based on the proportion of the hash rate they supply. If a pool contributing a total of 20 TH/s of hash rate successfully mines the next block, a user responsible for 10 percent of this hash rate will receive 10 percent of the 12.5 BTC reward. Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. Without operating through a mining pool, many miners would be unlikely to discover any blocks at all — due to only contributing a tiny fraction of the overall Bitcoin hash rate. While it is quite possible to be successful mining without a pool, this typically requires an extremely large mining operation and is usually not recommended — unless you have enough hash rate to mine blocks on a regular basis. Although it is technically possible to discover blocks mining solo and keep the entire 12.5 BTC reward for yourself, the odds of this actually occurring are practically zero — making pool collaboration practically the only way to compete in 2019 and beyond. Selecting the best pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees. Because of this, we have broken down the qualities you should be looking for in a new pool into four categories; reputation, hash rate, pool fees, and usability/features: Reputation The reputation of a pool is one of the most important factors in selecting the pool that is best for you. Well-reputed pools will tend to be much larger than newer or less well-established pools since few pools with a poor reputation can stand the test of time. Well-reputed pools also tend to be more transparent about their operation, many of which provide tools to ensure that each user is getting the correct reward based on the hash rate contributed. By using only pools with a great reputation, you also ensure your hash rate is not being used for nefarious purposes — such as powering a 51 percent attack. When comparing a list of pools that appear suitable for you, it is a wise move to read their user reviews before making your choice — ensuring you don’t end up mining at a pool that steals your hard-fought earnings. Hash Rate When it comes to mining Bitcoin, the probability of discovering the next block is directly related to the amount of hashing power you contribute to the network. Because of this, one of the major features you should be considering when selecting your pool is its total hash rate — which is often closely related to the proportion of new blocks mined by the pool Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features. Sometimes, some of the largest pools have a minimum hash rate requirement ù leaving some of the smaller miners left out of the loop. Although smaller pools typically have more relaxed requirements with reduced performance thresholds, these pools may be only slightly more profitable than mining solo. Pool Fees When choosing a suitable pool, typically one of the major considerations is its fees. Typically, most pools will charge a small fee that is deducted from your earnings and is usually around 1-2 percent — but sometimes slightly lower or higher. There are also pools that offer 0 percent fees. However, these are often much smaller than the major pools and tend to make their money in a different way — such as through monthly subscriptions or donations. Ideally, you will choose the pool that offers the best balance of fees to other features. Usually, the pool with the absolute lowest fees is not the best choice. Additionally, pools with the lowest fees often have the highest withdrawal minimums — making pool hopping uneconomical for most. Usability and Features When first starting out with Bitcoin mining, learning how to set up a pool and navigating through the settings can be a challenge. Because of this, several pools target their services to newer users by offering a simple to navigate user interface and providing detailed learning resources and prompt customer support. However, for more experienced miners, simple pools don’t tend to offer a variety of features needed to maximize profitability. For example, although many mining pools focus their entire hash rate towards mining a single cryptocurrency, some are large enough to offer additional options — allowing users to mine other SHA256 coins such as Bitcoin Cash (BCH) or Fantom if they choose. These pools are technically more challenging to use and mostly designed for those familiar with mining, happy to hop from coin to coin mining whichever is most profitable at the time. There are even some exchanges that automatically direct their combined hash rate at the most profitable cryptocurrency — taking the guesswork out of the equation. bitcoin mining pool Best Mining Pools for 2019 The Bitcoin mining pool industry has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just a few pools. Currently, there are dozens of suitable pools to choose from — but we have selected just a few of the best to help get you started on your journey. Slushpool was the first Bitcoin mining pool released, being launched way back in 2010 under the name “Bitcoin Pooled Mining Server.” Since then, Slushpool has grown into one of the most popular pools around — currently accounting for just under 10 percent of the total Bitcoin hash rate. Although Slushpool isn’t one of the very largest pools, it does offer a newbie-friendly interface alongside more advanced features for those that need them. The pool has moderately high fees of 2 percent but offers servers in several countries — including the U.S., Europe, China, and Japan — giving it a good balance of fees to features. BTC.com is another potential candidate for your pool and currently stands as the largest public Bitcoin mining pool. It is responsible for mining around 17 percent of new blocks. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made. Image courtesy of Blockchain.info. BTC.com is owned by Bitmain, a company that manufacturers mining hardware, and charges a 1.5 percent fees — placing it squarely in the middle-tier in terms of fees. Unlike other platforms, BTC.com uses its own payment structure known as FPPS (Full Pay Per Share), which means miners also receive a share of the transaction fees included within mined blocks — making it slightly more profitable than standard payment per share (PPS) pools. Another great option is Antpool, a mining pool that supports mining services for 10 different cryptocurrencies, including Bitcoin, Litecoin (LTC) and Ethereum (ETH). AntPool frequently trades places with BTC.com as the largest Bitcoin mining pool. However, as of this writing, it occupies the title of the third-largest public mining pool. What sets Antpool apart from other pools is the ability to choose your own fee system — including PPS, PPS+, and PPLNS. If you choose PPLNS, using Antpool is free but you will not receive any transaction fees from any blocks mined. Antpool also offers regular payouts and has a low minimum payout of just 0.001 BTC, making it suitable for smaller miners. Last on the list of the best Bitcoin mining pools in 2019 is the Bitcoin.com mining pool. Although this is one of the smaller pools available, the Bitcoin.com pool has some redeeming features that make it worth a look. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. According to Bitcoin.com, they are the highest paying Pay Per Share (PPS) pool in the world, offering up to 98 percent block rewards as well as automatic switching between BTC and BCH mining to optimize profitability. Electricity Costs While your mining hardware is most important when it comes to how much BTC you can earn when mining, your electricity costs are usually the largest additional expense. With electricity costs often varying dramatically between countries, ensuring you are on the best cost-per-KWh plan available will help to keep costs down when mining. Most commonly, large mining operations will be set up in countries where electricity costs are the lowest — such as Iceland, India, and Ukraine. Since China has one of the lowest energy costs in the world, it was previously the epicenter of Bitcoin mining. However, since the government began cracking down on cryptocurrencies, it has largely fallen out of favor with miners. Technically, Venezuela is one of the cheapest countries in the world in terms of electricity, with the government heavily subsidizing these energy costs — while Bitcoin offers an escape from the hyperinflation suffered by the Venezuelan bolivar. Despite this, importing mining hardware into the country is a costly endeavor, making it impractical for many people. Finding ways to lower your electricity costs is one of the best ways to improve your mining profitability. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term. if you are looking to buy bitcoin mining equipment here is some links: Model Antminer S17 Pro (56Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 56Th/s for a power consumption of 2385W. https://miningwholesale.eu/product/bitmain-antminer-s17-pro-56th-copy/?wpam_id=17 Model Antminer S9K from Bitmain mining SHA-256 algorithm with a maximum hashrate of 14Th/s for a power consumption of 1323W. https://miningwholesale.eu/product/bitmain-antminer-s9k-14-th-s/?wpam_id=17 Model T2T 30Tfrom Innosilicon mining SHA-256 algorithm with a maximum hashrate of 30Th/s for a power consumption of 2200W. https://miningwholesale.eu/product/innosilicon-t2t-30t/?wpam_id=17 mining wholesale website: https://miningwholesale.eu/?wpam_id=17
Valery Vavilov (BitFury CEO): "We understand it will be nearly impossible for older tech to compete. As a responsible player, we will work with integration partners & resellers to make our unique tech widely available, ensuring network remains decentralized & we move into the exahash era together.")
Current Bitcoin Carbon Emissions. The numbers. Can we discuss please?
I received a PM from a redditor about a old comment. His PM reads -
So back 10 months ago I posted this comment and you responded with the most reasoned response about the entire Bitcoin network emitting less carbon than a single 747. It made me feel much better about Bitcoin. It also confused me this past few weeks with people posting stories stating that Bitcoin will soon use nearly 0.1% of the world's energy and already consumes more power than every single solar panel in the entire world produces. Those two don't really square, so I looked back and the article you reference was from 2014. I'm curious if you've reevaluated your stance on bitcoin or perhaps have some insight that the current hysteria is just overblown?
Since I've spent the time doing some napkin math (I could be horribly wrong on this, someone please correct me!), I thought I should make this post public for everone to evaulate my maths and my reasoning. First, I would just redirect to AA's great clip on the subject - https://www.youtube.com/watch?v=fExR-IKozOY As for re-evaluating my position, yes, constantly. Im going to do this really quickly, so unsure of accuracy, but should give a rough ball park. http://www.yousustain.com/footprint/howmuchco2?co2=761+tons Says its about 761 tons for a 747 to fly 24 hrs. https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280 Claims 1 watt per 1 second gigahash. Comes out to 343 mW per second. Thats 1234800 mW per hour, which equals 29635200 mWh for 24 hrs. The formula used to calculate megawatt-hours is Megawatt hours (MWh) = Megawatts (MW) x Hours (h). In this case, I've used 24 hours since we are comparing to 24 hours of a 747 flying, so 24 MWh. So currently btc mining has a rate of 1,234,800 per MWh. Putting 29635200000 (previous mWh * 1000 for kWh) into this government calculator will give you caron comparisons. That calculator claims an equivilent of 2,481,717,074 gallons of gas consumed. Yes, thats nearly 2.5 billion. To make this comparison more comprehensible.... https://www.eia.gov/tools/faqs/faq.php?id=23&t=10
In 2017, about 143.85 billion gallons (or about 3.40 billion barrels1) of finished motor gasoline were consumed2 in the United States, a daily average of about 391.40 million gallons (or about 9.32 million barrels per day).
This would be equivilent of 6.33 days of gasoline usage in the USA for a single day of mining. So go go back to our airplane analogy, the carbon calculator says that many mW = 22,055,020 metric tons of carbon emitted. I do recall looking into the airplane thing back when we were discussing it, and I remember looking at the numbers. Frankly, its impossible to believe those were accurate and im sorry. I should have double checked everything. According to - https://charts.bitcoin.com/chart/hash-rate We had around "5EHash" in august of 2017, when that comment was made. We are now at 31EHash, over a 6x fold since that comment was made. Now that we have the numbers out of the way, some things to consider... These estimates are based upon the USA's carbon calculators which measures average carbon output based on the varying technologies in the US. According to the wiki the US only is around 12% (in 2016) for renewable energy. So in general, our energy is pretty damn dirty and we put out a lot more carbon than we sequester. In that AA video, he talks about the geolocation arbitrage used by miners. This makes a lot of sense. If you are going to invest 50-500 million into a mining operation, are you going to do it in a area where it costs 12 cents per hour (US average), or where it costs 3-4 cents per kwH? See - https://www.forbes.com/sites/dominicdudley/2018/01/13/renewable-energy-cost-effective-fossil-fuels-2020/#1c69d08e4ff2 Obviously you are going to massively reduce your operational cost as that is what will lead your investment to become profitable. Fortunately for us, and the world, many of these arbitrage opportunities are in hydroelectric and geothermal energy areas. These plants are designed to be future proofed, so enterprising mining congolmerates will move to areas where they can secure very cheap energy prices. When these companies are currently using 5-15 GwH for their cities, with 50 GwH capacity, they will happily sell their extra capacity to the mining operation since that is a very favorable economic incentive to all parties. Another factor to consider is that for every single new ASIC design, they are becoming more energy efficient. So even though the hashrate is jumping, I would say the overall energy used by the network will plateau, if it has not already done so. With GMO and other giants like Samsung entering the mining design fray, this will only speed up energy efficiency. None of this is intended to be a sidestepping of the facts - Clearly the bitcoin network uses a lot of energy. And when you have less regulated countries (china, India), it presents opportunities for locals to setup mining operations inside their locality, which then uses dirty energy, increasing carbon outputs. The amount of carbon emissions per day (22,055,020 metric tons) that is above is obviously not very accurate when you account for these arbitrage opportunties. We know for a fact many of the largest mining colo's are situated near hydroelectric and Geothermal energy plants, which means that they are practically zero carbon emissions. Since we do not know the location of every miner, due to the decentralized unregulated nature of bitcoin, it is impossible to calculate how much of a reduction of tons of carbon we will get for that calculation. But even if we are generous, and say 50% of all mining is done on renewables, that still leaves 11 million tons of carbon per day, a pretty staggering amount. There is also much to hope for with scientists claiming we can be 100% renewable energy across the entire planet. Such as scientists setting to prove through empiracle data that it is feasible to convert the entire planet to 100% renewables. Though it is probably not realistic that this will happen quickly, or even at all. To give perspective, CFC's have been banned for decades and thought not in use for over a decade, yet recent data has shown levels are increasing. There will always be industry willing to destroy the world in the future for short term profit now. We should also weigh the costs and benefits of this massive network. If bitcoin becomes adopted across the world as a currency, which if you look at places like Japan, it clearly is, then this will enable literal billions of people who are currently unbanked to join into the global financial ecosystem. The personal financial soverignty that bitcoin brings is of incalcuable value. Whether the carbon emissions are worth these trade offs is a philosophical question that probably does not have an right or wrong answer. Then we must also evaluate the carbon impact that the bitcoin network would have if cryptocurrencies were to replace traditional financial networks. There are some good analysis on the carbon footprint of banks, and bitcoin mining, coindesk has done several articles, see - https://www.coindesk.com/microscope-conclusions-costs-bitcoin/ & https://www.coindesk.com/microscope-true-costs-banking/ If we are properly to examine the impact that cryptocurrency carbon emissions have on society, then we should also examine the reduction of carbon that cryptocurrency networks will have upon the banking sector. This site Claims AC & Heating results in 47.7 % of the entire USA's electricity usage. This example is just to present a understanding of how much energy these systems use. How many Banks are there around the world that have their AC on 24/7? I can imagine just that number alone would lead to a staggering level of CO2 emissions. The coindesk article claims 591k bank branches around the world. The above aritcle claims 3.5k watts for a single central air unit. I had a family member that used to run a A/C business and I've been on top of many businesses. A bank will likely have several of those units to keep the place cool, I would estimate between 2-10 depending upon size. In more good news, Bank branches are declining, and cryptocurrencies will only accelerate this. Lets hope that bitcoin is the amazon of retail brick and mortor closures. In conclusion, there is a valid and rational concern as to the amount of power that the bitcoin network brings. And instead of being dismissive, we should recognize the incredible rate at which the bitcoin network is growing on an annual basis. From 4.3EHash to 31EHash over the last year, that is about a 8x fold increase. Since we can assume that the majority of hashpower is coming online in the last year is likely newer models, these units should be at the current efficiencies. The estimates above should be roughly accurate based on this information. This information will only be used by politicians and media congolmerates to spin a very bad negative impression of the bitcoin network. And you know what? Maybe they are right. Maybe bitcoin is growing into a massive CO2 producing beast that outweighs the benefits that it brings to society. But how can we reach a consensus on this issue unless we, the hardcore bitcoiners and techophiles, bring the numbers into sunlight and discuss?
I rarely see this talked about if at all. Most ASICS since the time of ASICMINER have been produced in some capacity by TSMC. Ignoring NRE costs, which ironically isn't very high in comparison to chip production, most connected Chinese miners can get chips directly from fabrication. When Avalon started shipping orders, they also shipped wholesale chips at 10,000 a Batch. Each Avalon chip at the time would generate about 0.4 BTC a month. The procurement cost was about 9 bucks per chip. Given it would cost you about 10-15 bucks to rig a single chip into a miner you were looking at a net ROI of about 20-21 bucks per month with increasing difficulty. More details can be seen here. Now it costs about $8-$10 per gigahash retail, which given the difficulty increase, and the fact the impact of NRE costs should be going down (given this expense is less impactful to revenue with the more chips you sell as it's a fixed cost), anyone buying a retail miner is getting fleeced. I have seen less and less direct chip buys, to the point I'm convinced Bitcoin ASIC production has been cartelized. The Chinese chip producers will effectively push smaller miners out of the market by over pricing hardware sales to the public, while giving their buddies the "at-cost" price. The demise of KNC miner is due to miner cartelization.
Consider this hypotethical scenario: In 2020 the difficulty of bitcoin becomes extremely high, so high that few miners can afford mining, then after block reward is halved the price falls significantly. Miners abandon bitcoin mining because it is not profitable and this happens overnight. Then, there will be no new blocks generated, and therefore , nobody could sell or buy their bitcoins. Currently there is no such hardware that would generate a block on itself, there are no 100 gigahash computers and by 2020 you will need much more than 100GHashes. All the blocks are currenly generated using multipools. Multipools are composed of hobbysts and small-size miners , these people are unreliable and not committed to the project, but commited to their own profits, such people might exit mining whenever they want. This could leave us alone with an unusable currency because no transaction could be generated due to a lack of new blocks. Finally the users of bitcoin will have to connect their laptops altogether and put them into mining mode to be able to withdraw some money out of the system. The price will fall to almost zero and bitcoin project will experience a miserable failure. The experiment of Satoshi Nakamoto failed. The bubble finally burst. The collapse of the stock market, and another crisis , that's what awaits us. Sorry, bitcoin, but you were a bubble after all, you can not claim a price of 50,000 USD per coin.
I got my hands on 3 Block Erupters, a Logilink UA0124 powerid USB hub and wanted to mine on my Raspberry Pi 3. I followed this guide without problems, until I get to the ls /dev/USB part. When connected to the Pi it seems like only one of the ports works. If I plug a miner into that port, it shows up: /dev/ttyUSB0 It doesn't matter which of the three miners it is, they all enumerate in that port. If I have all three miners plugged, they all have a green light shining, and nothing shows up on the Pi. If I then unplug the USB hub from the Pi and plugs it into my main computer running Ubuntu, all three miners show up there. So all three miners works on my main computer but doesn't enumerate on my Pi. What am i missing? The hub is of course powered by and external powersupply, 3.5A. Final update: I had an old very cheap USB hub which surprisingly works. All three miners are now plugging away happily at just shy of one Gigahash. I can't wait for the riches to start accumulating ;) Update: dmesg output: That did show something:
[41845.871013] usb 1-1.3: new high-speed USB device number 61 using dwc_otg [41845.971969] usb 1-1.3: New USB device found, idVendor=14cd, idProduct=8601 [41845.971989] usb 1-1.3: New USB device strings: Mfr=1, Product=3, SerialNumber=0 [41845.972003] usb 1-1.3: Product: USB 2.0 Hub [41845.972015] usb 1-1.3: Manufacturer: USB Device [41845.974159] hub 1-1.3:1.0: USB hub found [41845.974650] hub 1-1.3:1.0: 4 ports detected [41846.251005] usb 1-1.3.1: new high-speed USB device number 62 using dwc_otg [41846.351944] usb 1-1.3.1: New USB device found, idVendor=14cd, idProduct=8601 [41846.351962] usb 1-1.3.1: New USB device strings: Mfr=1, Product=3, SerialNumber=0 [41846.351975] usb 1-1.3.1: Product: USB 2.0 Hub [41846.351988] usb 1-1.3.1: Manufacturer: USB Device [41846.353344] hub 1-1.3.1:1.0: USB hub found [41846.353502] hub 1-1.3.1:1.0: 4 ports detected [41846.431014] usb 1-1.3.3: new full-speed USB device number 63 using dwc_otg [41851.511033] usb 1-1.3.3: device descriptor read/64, error -110 [41866.701111] usb 1-1.3.3: device descriptor read/64, error -110 [41866.891109] usb 1-1.3.3: new full-speed USB device number 64 using dwc_otg [41871.971140] usb 1-1.3.3: device descriptor read/64, error -110 [41887.161224] usb 1-1.3.3: device descriptor read/64, error -110 [41887.351225] usb 1-1.3.3: new full-speed USB device number 65 using dwc_otg [41897.771244] usb 1-1.3.3: device not accepting address 65, error -110 [41897.851240] usb 1-1.3.3: new full-speed USB device number 66 using dwc_otg [41908.271326] usb 1-1.3.3: device not accepting address 66, error -110 [41908.271456] usb 1-1.3-port3: unable to enumerate USB device [41908.351336] usb 1-188.8.131.52: new full-speed USB device number 67 using dwc_otg [41908.431321] usb 1-184.108.40.206: device descriptor read/64, error -71 [41908.541347] dwc_otg: DEVICE:000 : update_urb_state_xfer_intr:1435:trimming xfer length [41908.621307] usb 1-220.127.116.11: device descriptor read/64, error -71 [41908.811296] usb 1-18.104.22.168: new full-speed USB device number 68 using dwc_otg [41908.891293] usb 1-22.214.171.124: device descriptor read/64, error -71 [41909.081294] usb 1-126.96.36.199: device descriptor read/64, error -71 [41909.271296] usb 1-188.8.131.52: new full-speed USB device number 69 using dwc_otg [41909.691299] usb 1-184.108.40.206: device not accepting address 69, error -71 [41909.771299] usb 1-220.127.116.11: new full-speed USB device number 70 using dwc_otg [41910.191301] usb 1-18.104.22.168: device not accepting address 70, error -71 [41910.191384] usb 1-1.3.1-port2: unable to enumerate USB device [41910.271330] usb 1-1.3.4: new full-speed USB device number 71 using dwc_otg [41915.351366] usb 1-1.3.4: device descriptor read/64, error -110
It's a 7-port hub with three of the ports occupied by the block erupters.
Of Wolves and Weasels - Day 24 - 100 BILLION coins (MwaHaHa!)
Hey all, GoodShibe here! So... yesterday was, uh, interesting. To say the least. In a good way! For those who don't know, I had a huge outpouring of support from some very generous tippers and now, yeah... I'm still kind of wrapping my head around it. Let's just say that I immediately made tracks over to find mumzie and give her 100K DOGE for all the incredible work she does around here. Seriously, if you haven't been to /dogeducation, you should check it out - especially if you're a new-shibe! So today we're going to chat about a somewhat interesting topic - one that's going to have long ranging effects on Dogecoin as we move forward; especially since - time and time again - we're showing the world that our founding may have been a 'joke' but we've grown far beyond that. However, and ummjackson and billyM2K please correct me if I'm wrong, because we weren't created as a 'serious' coin, there's one potential issue coming down the pipe -- that the devs have been debating, pretty much since it went live -- which will need to be addressed. We were created with a promise, that there will only ever be 100 Billion Dogecoins. The idea was that we, like Bitcoin, would be a deflationary currency. What 'Deflationary' means is that, over time, coins would become more valuable simply because, over time, people would lose their coins -- passwords forgotten, harddrives not backed up, etc -- and that planned-for loss of coins circulating in the economy would help ensure the continued value and rise of the ones still in circulation. With Dogecoin that was the plan -- and that's what a number of the first users/miners bought into. A sort of Bitcoin-lite with a much lower-value individual coin, but a much higher potential marketcap. The problem is that the way Dogecoin is released, 1 block per minute, it basically means that in around 1 year, a large majority of Dogecoins will have been mined. And how do you sustain a network when you have no more coins to mine and no incentive for people to keep mining (burning electricity at cost to keep nodes running)? And when the entire life of your coin relies on having a strong, stable network, this becomes that sort of looming cloud on the horizon. Unlike Bitcoin, our transaction fees are incredibly low and, due to the nature of Dogecoin, the amount we'd have to raise transaction fees to make it profitable for miners, long term, is an amount that would (barring a significant increase of value for Dogecoin) have a noticeable impact on end users (us). And so the idea was put forward that, instead of becoming a Deflationary currency, we change that initial promise and become an Inflationary currency. What that means is that, like the USD and other common currencies, Dogecoin would add a stable number of coins each year to the market, enough to be an incentive for miners to continue mining and maintain our network. We wouldn't be a FIAT currency, per se - whereas 'fiat' means we would, like the USD, make more money 'on demand' (by 'fiat') the idea would be, instead, to put in place a long term inflation plan that lead to a stable number of coins being added over a very long period of time (100+years). The idea being that this would buy us all a very, very long time to see how/if we grow, and figure out what to do next. Remember that even 5 years in 'technology time' is a significant span (that's like 5 whole new iPhone models away). Now, those who are against this idea note that it's the 'deflationary' part of the currency that helps it have, maintain and grow value over time. It helps make it a reliable store of wealth. There will only ever be 21 Million Bitcoins. If 1 Million are lost, there will only ever be 20 Million Bitcoins. Etc. Once we start adding Dogecoins beyond the planned 100 Billion, those new coins start to push down the value of the coins you have. Meaning, slowly, over time, the buying power -- how much you can 'buy' for $1, for example, decreases. Now, for those of us who've taken up Dogecoin as a common currency, with the idea that it will be great for small, day-to-day transactions -- tipping friends, thanking artists, buying music tracks or armor for your 'toon, stuff like that -- it won't have a HUGE impact on us. But for people who bought into Dogecoin as an investment, as a store of wealth, with the idea of amassing a large number of coins, sitting on them until they become worth a significant amount, this is a problem. But, to be fair, it's the same problem that those rich in USD are facing as well. (Granted, as a counterpoint, those that bought in were probably doing that to avoid exactly those sorts of issues). Luckily, because our devs control the currency they have the ability to be much more agile than much larger, more lumbering economies. And, if you read that linked conversation above, you'll realize that there's a lot of fantastic, passionate minds putting real thought into this problem, they truly care about figuring out the best balance for all of us. One possible solution, which would allow for us to possibly maintain the 'deflationary' nature of the currency is to, over time, as more and more coins get mined, move the running of the network over to the QT wallet. So that each user of the currency also becomes a node, helping to keep the whole network running. There's a ton of technical hurdles to pulling that off, and it'd be difficult, but it's one -- of many -- possibilities. The benefit of making the coin Inflationary, over a long stretch of time, is that it helps keep Doge... humble. It means that our coin will, most likely, never be worth thousands or hundreds (or possibly even $1) each -- depending on adoption, the DOGEconomy, etc -- but it will mean that our DOGEs stay perfect as your nickles and quarters sort of thing (which is still a massive increase from current valuation). As a community, as the people who've taken up the coin as our own, we should work towards a solution the benefits us all. Those who believed in DOGE from the beginning (you know, 7 weeks ago), who had foresight and treated DOGE as an investment, deserve to be rewarded for their faith (DOGE could've just as easily gone the other way and they would've lost it all). I hope we can all remember that many of our 'rich shibes' are active, contributing members of our community who were lured here by the same principles of friendship and kindness, compassion and camaraderie that brought the rest of us. There's room for all of us to have fun and play... and profit too. And that's why I think that the more minds on the problem, the better. How would you like to see your coin grow over time? What do you hope the future of Dogecoin looks like? How can we make sure our Dogecoins live on for future generations to enjoy? It's a complex question and there are good people working on the solution. Right now the plan seems to be to wait and see how the Halving goes. How it effects our currency, and where we go from there. But keep on thinking, keep on dreaming. Because we're all strapped in together and the moon is thattaway. We'll get there, my friends. Together! It's 8:45AM EST and we're at 40.14% of DOGEs found. Our Global Hashrate is rising slightly from ~90 to ~91 Gigahashes per second and our Difficulty is holding steady at around ~1269. The Halving is officially 2 weeks away, today. Also, this is your 2 week Valentines Day warning for those of you who might've forgotten. Hint: Nothing says love like a new Mining Rig :D) As always, I appreciate your support! GoodShibe EDIT: For those 'worried': It's a coin that was created as a 'joke', how much long-term planning were you expecting people to put into it? No one expected it to blow up like it did. Hindsight is 20/20 -- and there's still lots of time to work out a solution, together.
You don’t have electricity costs, besides using your own computer to go to the cloud mining site. Cavet: you might have an electricity fee from the cloud mining company. Many companies have data centers in Georgia or Iceland where electricity is cheap. You can participate in the best Bitcoin cloud mining without maintaining the hardware on your own. No investment in mining equipment necessary, your personal computer will get you started in most cases. No ventilation problems with hot equipment--Some hardcore miners use the heat from their mining rigs to heat their homes during the winter! Yes, mining rigs get that hot. Start mining with even just one gigahash.
Of Wolves and Weasels - Day 134 - Dogecoin: It's on Sale!
Hey all! GoodShibe here! WARNING - long read ahead... but it's worth it! For those of us who've been here from the beginning, we've seen some really fun - and by fun, I mean 'gut-wrenching' - price swings with Dogecoin. Not long after I bought in I watched the coin drop like a rock to the 25-30 Satoshi range. That was actually right around the time of my very first Of Wolves and Weasels post. We've come a long way since then - our coin has grown in some ways and stagnated in others. In those first few months we saw Dogecoin businesses flourish and the amazing tech that we were creating... well, it was mindblowing. Heck, we had Fido.pw - a way to send DOGECOIN world-wide via SMS (which I still think is amazing). We were working on bringing Dogecoin to places where it could actually be a life-changing thing - the slums of India and Africa where, heck, forget $1, a few Dogecoins could actually make a big difference for these folks. Here's the very first Weekly Wrapup I ever did - that was 2 months ago. The reality is that the reason our coin isn't gaining value, even after two full halvenings - meaning that 3/4s of the original amount of Dogecoin being dumped on the market, daily, is no longer being dumped on the market - is because our DOGEconomy is stagnating. Instead of taking the opportunity to grow and flourish a strong, stable, foundation for our coin, we've let it slide. DOGE4NASCAR got us an amazing growth of new users but it hasn't helped increase actual adoption and use of our coin. THAT's how we should start measuring our success. The number of new users we have is meaningless if we're not actually using the coin. We're coming up to a very harsh reality: Miners, the people who keep our coin working, who keep our coin safe, the majority are only here for profit (and there's nothing wrong with that). But as those profits dwindle, people are starting to leave for greener pastures. At the Dogecoin Defense Force, we've agreed to mine no matter what, even if we end up mining at a loss... because we love this coin. But we're still small and, even doing our best, we're not going to be able to keep this boat afloat on our own. We need you. Now is the time to do the work. Dogecoin needs you to get out there and get involved - to build the DOGEconomy that we're going to need to survive long term. Our coin is only getting more scarce and we can't wait around any longer. Here's what I'd like you to do:
If you need something done - any kind of service - Check /dogeservice first. See if you can find a Shibe who can do the job for you for Dogecoin.
Go to your local corner stores, your mom and pop diners, your farmer's markets, your new and growing restaurants and ask them to consider bringing on a 'Dogecoin special'. Offer a single item for Dogecoin only. If they make no sales, it costs them nothing. Once they agree, let us know so that we can help spread the word via free advertising for their business. Clearly one of our strong points is marketing - let's let businesses know that if they support us, we'll support them.
Dogecoin is, until we get our DOGEconomy up and running, just as much a speculative venture as any other coin. Bitcoin is just as much a speculation... except for the small economy they've managed to build for themselves that helps keep a base modicum of support for their coin. If - AND ONLY IF - you want Dogecoin to survive long term, if you can safely afford to and are not putting yourself out in any way (especially financially) then go buy some Dogecoin.
We're in a weird middle-ground phase right now and attention spans for Cryptos are notoriously short. Dogecoin has lasted far longer than anyone thought it might and done more than anyone ever dreamed it could. We're not done yet - but, at least for now, play time is over. We've got to do the hard work, got to get businesses on board, got to get an Economic structure in place.
We'll start with a service-based economy - we do that because Services tend to have much lower overheads and those who accept Dogecoin for Services are far more likely to hold onto and spend their Dogecoins as opposed to selling them on the exchanges.
Can we get some Shibes to step up and help spur this sector? We need active Shibes willing to help get the word out there. If you're someone with skills to offer, now'd be a great time to step up and earn some Dogecoin for yourself. We need to keep on tipping! Tip content creators, not just 'big' names - we need to get in on the ground floor with people who will grow with us instead of solely working to land the big fish. Twitch.TV tipping is coming online soon - there's a ton of Hearthstone and DoTA 2 players and Starcraft players that we can work to bring on board. Again, start with people who will grow with us instead of fighting an uphill battle. If you can bring on big players like AMAZ (Hearthstone) then awesome. If not, don't worry. Tipping on Twitter needs to see a resurgence as well.
We also need to start building a support network of businesses that are importing items en masse and selling them for Dogecoin. I know that dogepreneur was doing something like that before, are you still working on that? Do we have any other Shibes willing to step up and get involved in creating a stable supply chain?
We need to start selling things that people want and need for Dogecoin. Things that they can actively buy with their tips. If we're tipping musicians on YouTube, I want to see them able to buy Guitar strings for DOGE. If we're tipping gamers on Twitch, I want to see them able to buy more than just game codes - Game pads, gaming mice and keyboards. It's not just enough to 'sell things' for Dogecoin - you can't just start a business selling coffee mugs and get upset when people don't come and buy what you're selling - if we're not selling things that people want and need then, well, that's a simple reality of any business. I dream of the day when we can buy milk and eggs and deodorant with Dogecoin at my local supermarket - just simple daily needs. We're not there yet... but we can be. June is DOGE4DOGE month! It's time to focus inward, on ourselves. On ensuring our survival, long term. Let's get the WHOLE sub as excited to build our Economy as we were for DOGE4NASCAR. I want to see announcements for every brick and mortar store we bring on line, every 'Dogecoin Special', every item you can now buy for Dogecoin that you couldn't before. I want to see services offered and rendered and people extolling the virtues of our amazing Shibes and the incredible, hard, awesome work that they do for your Dogecoins. This is OUR time now, my friends. If we do the work... together! ;D) It's 8:50AM EST and we're at 78.86% of DOGEs found. Our Global Hashrate is on the downswing from ~48 to ~45 Gigahashes per second and our Difficulty is bouncing between ~625 and ~756. Finally, if you'd like to help protect the Dogecoin network by Mining Defensively, to be there, helping to protect our Global Hashrate, no matter the cost, please join us here. And if you'd like to help protect the network but are unable to mine, there are still LOTs of ways to help! Please join us here! As always, I appreciate your support! GoodShibe EDIT: Speaking of Business Projects, ShibeShen has a proposal for European Shibes. Go. Take a look! Also, RyvenCedrylle is working on trying to get Dogecoin into your local comic shop! Check it out! http://www.reddit.com/dogecoin/comments/265xn1/i_need_your_help_i_want_to_get_dogecoin_into_you EDIT 2: If you have a DOGE business and you want a shout-out here, leave a note in the comments! Check out these great Dogecoin Businesses:
Chill everyone, let's talk bitcoin internals, fundamentals and what it means for price.
So I've been watching bitcoin for a couple weeks, and i got a bit of my own dough into it. Of recent everybody seems obsessed with the vast accumulation of wealth in the hands of few, and the hordes of panicky upstarts trying to get in, who might get screwed by falling prices (for instance see this lovely post Hyperbole Now I'm not saying that the doomsday scenario the prophets are peddling is impossible. But it's about as possible as the wonderland prophets who're hoping for a 100'0000% return. Trojans On a related note, yeah some trojan started targeting wallet.dat, surprise surprise. Incidentally, that the same machine you're making VISA payments from and operate your e-banking? You worried about that too? Not? Well I don't see VISA shares falling every time somebody infects himself with a keylogger. Pricing So I thought a fair bit about where prices are going to go, and why, and I asked a lot of people and talked this over, and after this, a few things remain that give some direction. A price of a security (like bitcoins, or gold, stocks, fiat money etc.) is ultimately determined by supply and demand. If you understand supply and demand, you understand prices. So an important consideration is who's bidding for bitcoins, and who's asking for a price to sell them, and what prices to these parties consider reasonable. Buyers (bid) This is a diverse group of people, it may include people who use the small but fledgling bitcoin economy to buy coins to pay other people in them. But by far and large, it's probably a speculation driven market, people buy bitcoins in the hopes the value will rise. The psychology speculative buying ends up being about a zero-sum game. Somebody buys, somebody sells, the overall activity neither adds or removes coins from the market, and hence when viewed over long periods (months/years) this activity is just white-noise. This defines the demand, and demand rises and falls with bitcoin popularity and confidence. Some week confidence may be low, some it may be high. Sellers (ask) This roughly falls into two camps. The speculative sellers and the miners. Speculative selling (that is sells of coins bought earlier) is the other half of the zero-sum game, it neither adds or removes coins overall, and is hence just white noise. Freshly minted coins (by miners) which enter the market are the real driver of supply. The limited and small constant supply myth Every 10 minutes 50 new bitcoins are found. That is a fact, and if it strays from that, the difficulty adjusts to keep it there. If you look at it purely from the point of view of scarcity, this would seem a small (but nearly ignorable) inflationary influence. This however would be an over-simplification. There are substantial amounts of mined coins held by people who've been mining them for the better part of a year. They've been hoarding these coins, and commonly I'd refer to this group as bitcoinionaires. Their actually supply capacity vastly exceeds the day to day supply of fresh coins. Since these stockpiles are the real driver of the supply, it's important to understand when the miners/bitcoinonaires will sell and when they will not. Mining economics The mined bitcoins where obtained by the activity you call mining. This is neither an easy nor free way to get coins. It takes energy, room, time to setup, etc. There are constant costs attached to this (paying rent and electricity) as well as recoverable costs (buying hardware to do it) and unquantifiable costs (work rendered to make it all happen). You can think of mining as a business that has expenses and profits. In order for that business to work, the constant expenses must be covered, the recoverable expenses must be recoverable, and the work invested must be repaid. This all leads to a fairly straightforward calculation which goes something like this: You pay around 1000$ for one 1gh/s (one gigahash per second) in hardware. Running that hardware you pay about 2-3$/day/gh in energy. If you factor in rent of some or another form, you probably pay between 1-5$/day/gh in rent. If you also factor in resale value decay of the hardware you bought, you immediately lose about 20% upon buying the hardware, and around 30%/year. As a business you probably plan to run your miner for more then half a year, so about 50% of the hardware cost has to be recovered in a reasonable time-frame, say 3 months. Which means there's a hardware recovery calculation that you should do that factors in at about 2$/day/gh If you sum that all up, you get a running cost of mining that is around 5-10$/day/gh. One gigahash will get you about 1.2btc/day at current difficulty, which is at current prices somewhere around 17-20$. It is fairly obvious that your expenses need to be lower then your profits. If they are not, what happens? Difficulty You may have heard about difficulty, in essence it is a constant value (for 2 weeks) that aims to keep the rate of fresh coins at about 50coins/10minutes. Obviously, the more difficult it gets, the less coins 1 gh/s will mint, and the more difficult the economy of a mining business becomes. miner psychology Since you can't simply acquire and sell hardware capacity on a dime (it takes weeks and months to do it), and since you will need months to recover your boot costs, miner selling is out of necessity a long-term affair. So what can a miner do when the price of btcs falls below their operational cost?
They can give up mining, much to the delight of everyboy who has not given up, because if they do, the difficulty will go down, hence making their business profitable again. This is essentially an inflationary influence (since btcs get easier to obtain with lowering difficulty, hence making miners willing to sell at lower prices).
They can stop selling, hoping for better times when the prices are more favorable. This is essentially a deflationary influence, since the big stockpile supply of coins held by miners will simply dry out. They'll not sell for months and perhaps years.
They can sell at prices below their operation cost, in which case they soon cease to be a factor, because they're out of business.
bitcoinionaire psychology If prices go down and you sit on a big pile of coins, you lose wealth. Nobody likes loosing wealth, I don't like it, you don't like it, the bitcoinionaires don't like it. In order to become a bitcoinionaire you need to be a hoarder. If you wouldn't hoard, you wouldn't have tens of thousands of bitcoins. A hoarder essentially never likes letting go of his stash. You get rid of as little of your stash as possible to keep your risk and costs in a reasonable balance. Which means, these fat-cats depicted in the picture above, they didn't sell you all they had, not even a fraction. They sold you just about as much as they where personally willing to sacrifice. This means that they're still having the majority of their wealth in the game, and they absolutely do not want to see that devalued to zero. I've talked to a bunch of these very decent folks, and their sentiment is that they're in for the long haul. True they'll sell "big" positions occasionally, but they keep the majority of their assets stashed away. If you're expecting the miners/bitcoinionaires to suddenly explode with supply at lowering prices, you're most likely mistaken. the difficulty/price correlation For the reasons outlined above, there's a very simple correlation. If prices go down and difficulty goes up, by far and large supply dries out. However lower prices drive demand (in bitcoin volume) up, because as the price goes down, the buying power (in $/btc) of the would-be buyers increases. And if the market self-balancing fails, then the difficulty adjust will step in once enough miners have given up. In sum these dynamics lead to deflation. Since difficulty and hardware turnover moves at a much slower pace then prices, prices are far more likely to adjust to difficulty then the other way around in the long term. What does all of this mean? Keep a cool head, and don't let the market fool you. Trust your fundamentals, technicals and sentiment analysis, and tightly control your risk only to what you personally can afford to lose. If you buy in a mania or sell in a panic (we've see both the past 2 weeks), you're probably going to lose (or diminish your profits). Study bitcoin and what drives it carefully and come to your own conclusion. Adjust your strategy carefully and maybe, one day a couple years from now, you can be a bitcoinionaire. If not, life is full of other opportunities, so just pick yourself up and try the next. So chill everyone, and have a good time :)
Hey all! GoodShibe here! So, yesterday I started putting this thing together and WOW did you come out in droves to help! Thank you so much for sharing your ideas and memories. And thank you kindly to the mods for stickying that post! In one day we reached 60% completion on a list of top 100 Memories and Achievements of Dogecoin! That's amazing! So many fantastic memories and accomplishments! Which leads me to share some developments. The title of this endeavor is now - unless someone comes up with something better: Such Memories: The First 100 Days of Dogecoin I'm going to be putting this together as a 100-ish paged commemorative book - for free in PDF, probably with some cost as a fancy, printed book (Sold as close to 'at cost' as I can get it -- slipstream- has recommended selling it at a small profit, with profits going toward charities or Dogecoin Foundation for charities, etc - thoughts?). Artists, if you've got Dogecoin-themed artwork you want to see in this, please, put forward some links to hi-res CMYK copies and I'll do my best to fit it in. Also! Let's find the funniest, best Dogecoin-related memes that we have put together so far and include them as well! :D) We're also going to need a cover. Any artists out there care to try their hand at designing a cover for this? We'll put it to the community to vote for the one they like the most, and we'll include the others in the book somewhere :D) If you're an artist who submits to the project, you'll get full credit and promotion for your site inside the book (probably in a credits section at the back). I also want to hear from the community - think up some interesting stories, maybe what got you into Dogecoin. What your fondest memories of Dogecoin are. These first 100 days have been an exciting rollercoaster of adventure... let's make that we never forget all the fun memories we've had together. If you have personal, fun pictures you'd like to share, fun, personal stories you want to see get into the book, then start working on them now, put them into the comments, keep them on hand!. Here's the list that I have right now - in no particular order: MOMENTS/ACHIEVEMENTS:
ummjackson's first 'joke' on Twitter about Dogecoin being 'the next big thing'
The original bitcointalk Dogecoin forum page
The first Dogecoin paperwallet design
Save Dogemas is put together by the community, to help out victims of the hack. (News articles?)
15 Million doge raised by the community to save dogemas
TOTAL: 100/100 Also: I was thinking we might have a pour-one-out for all the Orphans - a page dedicated to all the blocks we lost along the way... thoughts? What have I missed?! Let me know in the comments! It's 8:29AM EST and we're at 53.95% of DOGEs found. Our Global Hashrate is spiking from ~61 to ~98 Gigahashes per second and our Difficulty is down slightly from ~1024 to ~1014. Lots of fantastic things in store, let's keep this list growing! As always, I appreciate your support! GoodShibe TL;DR: 100/100!!!
Of Wolves and Weasels - Day 138 - DOGE4DOGE: The Long View
Hey all! GoodShibe here! In the month of June we'll be pushing hard to work on building up the DOGEconomy - I've called this DOGE4DOGE because, for all of the fantastic stuff that we've done for others, it really is time for us to focus on ourselves. You see, unlike most others, we've decided to eschew the 'traditional' role of deflationary cryptocurrencies to try and be something entirely different: An actual, functional currency. Now, because of that decision, what works for other coins doesn't necessarily work for us anymore. In fact, because we're aiming to be a currency, the goal posts are much, much closer together. The target much more difficult to hit. A currency is only as good as itsutility. The things you can buy with it, the things you can do with it. With Dogecoin, the psychology behind the demand is changed from 'I'm going to drop money in here to hold it and have it grow' to 'I'm going to buy DOGE so that I can spend it and get or do the thing that I want'. It's much more immediate. On the bright side, we have many fantastic opportunities coming our way... should we choose to take advantage of them.
I hope I don't need to explain how huge this is for us. While we've long thought of ourselves as the 'Like 2.0' of the world, it's incredibly exciting to see the outside world treating us that way as well. Our message is one of Fun and Love and Appreciation, so it's important to remember that being able to financially empower the people you like and support and care about is afundamentalDogecoin experience. Tipping has been such a core part of being a Shibe for so long that it's easy to forget how different and special it makes us. And, yes, people are buying Dogecoin just to take part in that.
We've also got a Twitch.tv Tipbot coming online thanks to Mohland which has the potential to open the doors wide to a whole range of new blood. (He's also sitting on a super-secret 'big' announcement, which, knowing him as someone who isn't prone to empty promises, will actually live up to the hype).
I know a lot of people are concerned about the price, concerned about our Global Hashrate - a small outcry to 'do something' is building and some believe that, to get to the moon, we have to fundamentally change our premise and our promise. But we don't. In fact, tinkering under the hood right now is the last thing we should be doing. Any 'fix' we make for our coin will only be delaying the inevitable unless we do what we need to do and fix the core problem with us as a currency: To succeed, to grow, we must make Dogecoin useful and wanted. As a group of 87,000-ish Shibes, we're still minuscule in terms of a user-base for a currency, but we have a very, very strong foundation to build off of. Our first goal is to build what's called a 'Bootstrap Service Economy'. What that means is, we start using Dogecoin between ourselves. Buying services from one another, tipping one another. Buying back what we spend. (not in a coordinated way that easily leads to pump and dumps, but organically, as you use it, as you need it). Now, the tipping part is fine, for the most part. We've got that down, but the next trick is to turn to other Shibes first when we need something. Check out places like /Dogeservicefirst to see if there's a Shibe willing to do the work you want for Dogecoin. If you have marketable skills, put them out there. Working for DOGE and receiving DOGE tips are going to be the new 'mining' as we move out into the next Halvenings, as Dogecoin becomes more and more scarce. Sites like Dogerr that offer people doing micro-jobs for Dogecoin, are great in-roads to making this economy work. The long-term plan, as I see it so far, is:
Build up a Bootstrap Service-Based DOGEconomy first - because Services tend to have much, much lower overheads - especially those run by individual Shibes - and tend to be willing to hold/use their Dogecoin rather than selling it on the exchanges.
Expand our Tipping communities where we can - the Facebook Dogecoin Tipping App just recently got approved. The Twitch.tv app should be coming online around the end of the month. Use Dogecoin as the new 'Like' out there, online as much as possible.
Build up a merchant-based economy that serves our Bootstrap one and our Tipping communities (at first). Merchants can start to sell things that specifically target those selling services. Wacom Tablets for Dogecoin. Guitar strings for Dogecoin. Pens, pencils, instrument accessories, all sorts of things that people will need. Merchants can also start selling cool, non-Dogecoin-themed items for people who receive tips. The kitschy Dogecoin stuff is fun and will always have a home because we love our Shibe, but we need to go beyond and just start selling things that people want to buy.
Once a stable Demand starts to emerge, a base desire for our coin takes hold, then we can realistically start to try and bring in brick and mortar businesses into the fold - when Dogecoin is much less of a gamble, much less prone to wild swings, it's much easier to help sway business owners that they will be able to see profits/benefits out of accepting us. (And I've got a pretty fun plan in store for this part once we get there).
Build up a supply chain for that merchant-based economy. Merchants are going to want to re-stock. Importers and others who are willing to accept Dogecoin, who are willing to use Dogecoin (easy, no-fee, international transfers really become useful here!) can help feed our economy and keep Dogecoin off the exchanges.
Creating a circular economy takes work, yes, but the more Dogecoin we have tied up in Infrastructure, tied up in the system, the more that base demand forces people to pick up what's being offered on the exchanges and markets to use. The more demand for Dogecoin, the more purchasing power we have. The more purchasing power we have, the more miners we have returning to protect our Global Hashrate. As each halvening happens, Dogecoin becomes harder to mine, but that's actually a good thing... if we can get our Economy running. The stronger our Economy, the more that that demand can effect the purchasing power of our coin. And that's what June will be about - focusing on getting the first stage of our DOGEconomy humming. Let's work together and help our coin truly grow and flourish! It's 8:39AM EST and we're at 79.48% of DOGEs found. Our Global Hashrate is down slightly from ~40 to ~39 Gigahashes per second and our Difficulty is down from ~686 to ~591. As always, I appreciate your support! GoodShibe EDIT: ShibeShen has started Doge4Business and would like European Shibes to go take a look at his plan - he wants to start up a shop that sells things only for Dogecoin.
For example the current network hashrate of Bitcoin is 40 EH/s (Exa hashes per second). To convert this value in to TeraHash or PetaHash or GigaHash you can use this tool. So why convert? For instance lets say you have an ASIC miner which is capable of delivering 14 TH/s. Unless there is a substantial Bitcoin tech shift, this is very likely to remain the same. Just one Bitcoin is valued at about $9,100, in the time of writing, but mining which may cost less. In the long run, purchasing Bitcoin right at least gives you something for the money instantly. Every cryptocurrency makes use of its particular encryption algorithm. It's it that the mining tools decrypts, guaranteeing the functioning One watt per gigahash per second is fairly efficient, so it's likely that this is a conservative estimate since a large number of residential miners use more power. Media outlets and bloggers have produced various estimates of the electrical energy used in bitcoin mining, so the accuracy of reported power use is sketchy, at best. GigaHash.org seems is offline – dont invest here! Giga Hash offers the opportunity to participate in cryptocurrency mining without investing in and maintaining the mining equipment. The earnings from the bitcoin and altcoin cloud mining activity appears on the clients account each day.
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