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submitted by cajunq to cloudmining [link] [comments]

So you’ve got your miner working, busy hashing away … but what is it really doing?

Posted for eternity @ https://vertcoin.easymine.online/articles/mining
Your miner is repeatedly hashing (see below for detail about a hash) a block of data, looking for a resulting output that is lower than a predetermined target. Each time this calculation is performed, one of the fields in the input data is changed, and this results in a different output. The output is not able to be determined until the work is completed – otherwise why would we bother doing the work in the first place?
Each hash takes a block header (see more below, but basically this is a 80-byte block of data). It runs this through the hashing function, and what comes out is a 32-byte output. For each, we usually represent that output in hexadecimal format, so it looks something like:
5da4bcb997a90bec188542365365d8b913af3f1eb7deaf55038cfcd04f0b11a0 
(that’s 64 hexadecimal characters – each character represents 4-bits. 64 x 4 bits = 256bit = 32 bytes)
The maximum value for our hash is:
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 
And the lowest is:
0000000000000000000000000000000000000000000000000000000000000000 
The goal in Proof-of-Work systems is to look for a hash that is lower than a specific target, i.e. starts with a specific number of leading zeros. This target is what determines the difficulty.
As the output of the hash is indeterminate, we look to statistics and probability to estimate how much work (i.e. attempts at hashing) we need to complete to find a hash that is lower than a specific target. So, we can therefore assume that to find a hash that starts with a leading zero will take, on average, 16 hashes. To find one that will start with two leading zeros (00), we’re looking at 256 hashes. Four leading zeros (0000) will take 65,536 hashes. Eight leading zeros (00000000) takes 4,294,967,296 hashes. So on and so on, until we realize that it will take 2 ^ 256 (a number too big for me to show here) attempts at hitting our minimum hash value.
Remember – this number of hashes is just an estimate. Think of it like rolling a dice. A 16-sided dice. And then rolling it 64 times in a row. And hoping to strike a specific number of leading zeros. Sometimes it will take far less than the estimate, sometimes it will take far more. Over a long enough time period though (with our dice it may take many billions of years), the averages hold true.
Difficulty is a measure used in cryptocurrencies to simply show how much work is needed to find a specific block. A block of difficulty 1 must have a hash smaller than:
00000000FFFF0000000000000000000000000000000000000000000000000000 
A block of difficulty 1/256 (0.00390625) must have a hash lower than:
000000FFFF000000000000000000000000000000000000000000000000000000 
And a block of difficulty 256 must have a hash lower than:
0000000000FFFF00000000000000000000000000000000000000000000000000 
So the higher the difficulty, the lower the hash must be; therefore more work must be completed to find the block.
Take a recent Vertcoin block – block # 852545, difficulty 41878.60056944499. This required a hash lower than:
000000000001909c000000000000000000000000000000000000000000000000 
The achieve finding this, a single miner would need to have completed, on average 179,867,219,848,013 hashes (calculated by taking the number of hashes needed for a difficulty 1 block - 4,294,967,296 or 2 ^ 32 or 16 ^ 8 – and multiplied by the difficulty). Of course, our single miner may have found this sooner – or later – than predicted.
Cryptocurrencies alter the required difficulty on a regular basis (some like Vertcoin do it after every block, others like Bitcoin or Litecoin do it every 2016 blocks), to ensure the correct number of blocks are found per day. As the hash rate of miners increases, so does the difficulty to ensure this average time between blocks remains the same. Likewise, as hash rate decreases, the difficulty decreases.
With difficulties as high as the above example, solo-mining (mining by yourself, not in a pool) becomes a very difficult task. Assume our miner can produce 100 MH/s. Plugging in this into the numbers above, we can see it’s going to take him (on average) 1,798,673 seconds of hashing to find a hash lower than the target – that’s just short of 21 days. But, if his luck is down, it could easily take twice that long. Or, if he’s lucky, half that time.
So, assuming he hit’s the average, for his 21 days mining he has earned 25 VTC.
Lets take another look at the same miner, but this time he’s going to join a pool, where he is working with a stack of other miners looking for that elusive hash. Assume the pool he has joined does 50 GH/s – in that case he has 0.1 / 50 or 0.2% of the pool’s hash rate. So for any blocks the pool finds he should earn 0.2% of 25 VTC = 0.05 VTC. At 50 GH/s, the pool should expect to spend 3,597 seconds between finding blocks (2 ^ 32 * difficulty / hashrate). So about every hour, our miner can expect to earn 0.05 VTC. This works out to be about 1.2 VTC per day, and when we extrapolate over the estimated 21 days of solo mining above, we’re back to 25 VTC.
The beauty of pooled-mining over solo-mining is that the time between blocks, whilst they can vary, should be closer to the predicted / estimated times over a shorter time period. The same applies when comparing pools – pools with a smaller hash rate will experience a greater variance in time between blocks than a pool with a greater hash rate. But in the end, looking back over a longer period of time, earnings will be the same.
Hashes
A Hash is a cryptographic function that can take an arbitrary sized block of data and maps it to a fixed sized output. It is a one-way function – only knowing the input data can one calculate the output; the reverse action is impossible. Also, small changes to the input data usually result in significant changes to the output value.
For example, take the following string:
“the quick brown fox jumps over the lazy dog” 
If we perform a SHA256 hash of this, it results in:
05c6e08f1d9fdafa03147fcb8f82f124c76d2f70e3d989dc8aadb5e7d7450bec 
If we change a single character in the input string (in this case we will replace the ‘o’ in ‘over’ to a zero), the resulting hash becomes:
de492f861d6bb8438f65b2beb2e98ae96a8519f19c24042b171d02ff4dfecc82 
Blocks
A block is made up of a header, and at least one transaction. The first transaction in the block is called the Coinbase transaction – it is the transactions that creates new coins, and it specifies the addresses that those coins go to. The Coinbase transaction is always the first transaction in a block, and there can only be one. All other transactions included in a block are transactions that send coins from one wallet address to another.
The block header is an 80-byte block of data that is made up of the following information in this order:
  • Version – a 32-bit/4-byte integer
  • Previous Block’s SHA256d Hash – 32 bytes
  • Merkle Hash of the Transactions – 32 bytes
  • Timestamp - a 32-bit/4-byte integer the represents the time of the block in seconds past 1st January 1970 00:00 UTC
  • nBits - a 32-bit/4-byte integer that represents the maximum value of the hash of the block
  • Nonce - a 32-bit/4-byte integer
The Version of a block remains relatively static through a coin’s lifetime – most blocks will have the same version. Typically only used to introduce new features or enforce new rules – for instance Segwit adoption is enforced by encoding information into the Version field.
The Previous Blocks’ Hash is simple a doubled SHA256 hash of the last valid blocks header.
The Merkle Hash is a hash generated by chaining all of the transactions together in a hash tree – thus ensuring that once a transaction is included in a block, it cannot be changed. It becomes a permanent record in the blockchain.
Timestamp loosely represents the time the block was generated – it does not have to be exact, anywhere within an hour each way of the real time will be accepted.
nBits – this is the maximum hash that this block must have in order to be considered valid. Bitcoin encodes the maximum hash into a 4-byte value as this is more efficient and provides sufficient accuracy.
Nonce – a simple 4-byte integer value that is incremented by a miner in order to find a resulting hash that is lower than that specified by nBits.
submitted by nzsquirrell to VertcoinMining [link] [comments]

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

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

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

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

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

Bitcoin Mining & The Beauty Of Capitalism

Authored by Valentin Schmid via The Epoch Times,
While the price of bitcoin drops, miners get more creative... and some flourish.
The bitcoin price is crashing; naysayers and doomsayers are having a field day. The demise of the dominant cryptocurrency is finally happening — or is it?
Bitcoin has been buried hundreds of times, most notably during the brutal 90 percent decline from 2013 to 2015. And yet it has always made a comeback.
Where the skeptics are correct: The second bitcoin bubble burst in December of last year and the price is down roughly 80 percent from its high of $20,000. Nobody knows whether and when it will see these lofty heights again.
As a result, millions of speculators have been burned, and big institutions haven’t showed up to bridge the gap.
This also happened on a smaller scale in 2013 after a similar 100x run-up, and it was necessary.

Time to Catch Up

What most speculators and even some serious proponents of the independent and decentralized monetary system don’t understand: Bitcoin needs these pauses to make improvements in its infrastructure.
Exchanges, which could not handle the trading volumes at the height of the frenzy and did not return customer service inquiries, can take a breather and upgrade their systems and hire capable people.
The technology itself needs to make progress and this needs time. Projects like the lightning network, a system which delivers instant bitcoin payments at very little cost and at virtually unlimited scale is now only available to expert programmers.
A higher valuation is only justified if these improvements reach the mass market.
And since we live in a world where everything financial is tightly regulated, for better or worse, this area also needs to catch up, since regulators are chronically behind the curve of technological progress.
And of course, there is bitcoin mining. The vital infrastructure behind securing the bitcoin network and processing its transactions has been concentrated in too few hands and in too few places, most notably China, which still hosts about 70 percent of the mining capacity.

The Case For Mining

Critics have always complained that bitcoin mining consumes “too much” electricity, right now about as much as the Czech Republic. In energy terms this is around 65 terawatt hours or 230,000,000 gigajoules, costing $3.3 billion dollars according to estimates by Digiconomist.
For the non-physicists among us, this is around as much as consumed by six million energy-guzzling U.S. households per year.
All those estimates are imprecise because the aggregate cannot know how much energy each of the different bitcoin miners consumes and how much that electricity costs. But they are a reasonable rough estimate.
So it’s worth exploring why mining is necessary to begin with and whether the electricity consumption is justified.
Anything and everything humans do consumes resources. The question then is always: Is it worth it? And: Who decides?
This question then leads to the next question: Is it worth having and using money? Most people would argue yes, because using money instead of barter in fact makes economic transactions faster and cheaper and thus saves resources, natural and human.

_Merchants exchange goods with the inhabitants of Tidore, Indonesia, circa 1550. Barter was supplanted by using money because it is more efficient. (Archive/Getty Images)_If we are generously inclined, we will grant bitcoin the status of a type of money or at least currency as it meets the general requirements of being recognizable, divisible, portable, durable, is accepted in exchange for other goods and services, and in this case it is even limited in supply.
So having any type of money has a price, whether it’s gold, dollar bills, or numbers on the screen of your online banking system. In the case of bitcoin, it’s the electricity and the capital for the computing equipment, as well as the human resources to run these operations.
If we think having money in general is a good idea and some people value the decentralized and independent nature of bitcoin then it would be worth paying for verifying transactions on the bitcoin network as well as keeping the network secure and sound: Up until the point where the resources consumed would outweigh the efficiency benefits. Just like most people don’t think it’s a bad idea to use credit cards and banks, which consume electricity too.
However, bitcoin is a newcomer and this is why it’s being scrutinized even more so than the old established players.

Different Money, Different Costs

How many people know how much electricity, human lives, and other resources gold mining consumes or has consumed in the course of history? What about the banking system? Branches, servers, air-conditioning, staff? What about printing dollar notes and driving them around in armored trucks?
What about the social effects of monetary mismanagement of bank and government money like inflation as well as credit deflations? Gold gets a pass here.
Most people haven’t asked that question, which is why it’s worth pointing out the only comprehensive study done on the topic in 2014. In “An Order of Magnitude” the engineer Hass McCook analyzes the different money systems and reaches mind-boggling conclusions.
The study is a bit dated and of course the aggregations are also very rough estimates, but the ball park numbers are reasonable and the methodology sound.
In fact, according to the study, bitcoin is the most economic of all the different forms of money.
Gold mining in 2014 used 475 million GJ, compared to bitcoin’s 230 million in 2018. The banking system in 2014 used 2.3 billion gigajoules.
Over 100 people per year die trying to mine gold. But mining costs more than electricity. It consumes around 300,000 liters of water per kilogram of gold mined as well as 150 kilogram (330 pounds) of cyanide and 1500 tons of waste and rubble.
The international banking system has been used in all kinds of fraudulent activity throughout history: terrorist financing, money laundering, and every other criminal activity under the sun at a cost of trillions of dollars and at an order of magnitude higher than the same transactions done with cryptocurrency and bitcoin.
And of course, while gold has a relatively stable value over time, our bank and government issued money lost about 90 percent of its purchasing power over the last century, because it can be created out of thin air. This leads to inflation and a waste of physical and human resources because it distorts the process of capital allocation.

_The dollar has lost more than 90 percent of its value since the creation of the Federal Reserve in 1913. (Source: St. Louis Fed)_This is on top of the hundreds of thousands of bank branches, millions of ATMs and employees which all consume electricity and other resources, 10 times as much electricity alone as the bitcoin network.
According to monetary philosopher Saifedean Ammous, author of “The Bitcoin Standard,” the social benefit of hard money, i.e. money that can’t be printed by government decree, cannot even be fathomed; conversely, the true costs of easy money—created by government fiat and bank credit—are difficult to calculate.
According to Ammous, bitcoin is the hardest money around, even harder than gold because its total supply is capped, whereas the gold supply keeps increasing at about 1-2 percent every year.
“Look at the era of the classical gold standard, from 1871, the end of the Franco–Prussian War, until the beginning of World War I. There’s a reason why this is known as the Golden Era, the Gilded Age, and La Belle Epoque. It was a time of unrivaled human flourishing all over the world. Economic growth was everywhere. Technology was being spread all over the world. Peace and prosperity were increasing everywhere around the world. Technological innovations were advancing.
“I think this is no coincidence. What the gold standard allowed people to do is to have a store of value that would maintain its value in the future. And that gave people a low time preference, that gave people the incentive to think of the long term, and that made people want to invest in things that would pay off over the long term … bitcoin is far closer to gold. It is a digital equivalent of gold,” he said in an interview with The Epoch Times.
Of course, contrary to the gold standard that Ammous talks about, bitcoin doesn’t have a track record of being sound money in practice. In theory it meets all the criteria, but in the real world it hasn’t been adopted widely and has been so volatile as to be unusable as a reliable store of value or as the underlying currency of a productive lending market.
The proponents argue that over time, these problems will be solved the same way gold spread itself throughout the monetary sphere replacing copper and seashells, but even Ammous concedes the process may take decades and the outcome is far from certain. Gold is the safe bet for sound money, bitcoin has potential.
There is another measure where bitcoin loses out, according to a recent study by researchers from the Oak Ridge Institute in Cincinnati, Ohio.
It is the amount of energy expended per dollar for different monetary instruments. One dollar worth of bitcoin costs 17 megajoules to mine versus five for gold and seven for platinum. But the study omits the use of cyanide, water, and other physical resources in mining physical metals.
In general, the comparisons in dollar terms go against bitcoin because it is worth relatively less, only $73 billion in total at the time of writing. An issue that could be easily fixed at a higher price, but a higher price is only justified if the infrastructure improves, adoption increases, volatility declines, and the network proves its resilience to attacks over time.
In the meantime, market participants still value the fact they can own a currency independent of the government, completely digital, easily fungible, and limited in supply, and relatively decentralized. And the market as a whole is willing to pay a premium for these factors reflected in the higher per dollar prices for mining bitcoin.

The Creativity of Bitcoin Mining

But where bitcoin mining lacks in scale, it makes up for it in creativity.
In theory—and in practice—bitcoin mining can be done anywhere where there is cheap electricity. So bitcoin mining operations can be conducted not where people are (banking) or where government is (fiat cash) or where gold is (gold mining)—it can be done everywhere where there is cheap electricity
Some miners are flocking to the heat of the Texan desert where gas is virtually available for free, thanks to another oil revolution.
Other miners go to places where there is cheap wind, water, or other renewable energy.
This is because they don’t have to build bank branches, printing presses, and government buildings, or need to put up excavators and conveyor belts to dig gold out of the ground.
All they need is internet access and a home for the computers that look like a shipping container, each one of which has around 200 specialized bitcoin mining computers in them.
“The good thing about bitcoin mining is that it doesn’t matter where on earth a transaction happens, we can verify it in our data center here. The miners are part of the decentralized philosophy of bitcoin, it’s completely independent of your location as well,” said Moritz Jäger, chief technology officer at bitcoin Mining company Northern Bitcoin AG.

Centralized Mining

But so far, this decentralization hasn’t worked out as well as it sounds in theory.
Because Chinese local governments had access to subsidized electricity, it was profitable for officials to cut deals with bitcoin mining companies and supply them with cheap electricity in exchange for jobs and cutbacks. Sometimes the prices were as low as 2 dollar cents to 4 dollar cents per kilowatt hour.
This is why the majority of bitcoin mining is still concentrated in China (around 70 percent) where it was the most profitable, but only because the Chinese central planners subsidized the price of electricity.
This set up led to the by and large unwanted result that the biggest miner of bitcoin, a company called Bitmain, is also the biggest manufacturer of specialized computing equipment for bitcoin mining. The company reported revenues of $2.8 billion for the first half of 2018.

Tourists walk on the dunes near a power plant in Xiangshawan Desert in Ordos of Inner Mongolia, in this file photo. bitcoin miners have enjoyed favorable electricity rates in places like Ordos for a long time. (Feng Li/Getty Images)Centralized mining is a problem because whenever there is one player or a conglomerate of players who control more than 50 percent of the network computing power, they could theoretically crash the network by spending the same bitcoin twice, the so called “double spending problem.“
They don’t have an incentive to do so because it would probably ruin the bitcoin price and their business, but it’s better not to have to rely on one group of people controlling an entire money system. After all, we have that exact same system with central banking and bitcoin was set up as a decentralized alternative.
So far, no player or conglomerate ever reached that 51 percent threshold, at least not since bitcoin’s very early days, but many market participants always thought Bitmain’s corner of the market is a bit too close for comfort.
This favorable environment for Chinese bitcoin mining has been changing with a crack down on local government electricity largess as well as a crackdown on cryptocurrency.
Bitcoin itself and mining bitcoin remain legal in China but cryptocurrency exchanges have been banned since late 2017.
But more needs to be done for bitcoin to become independent of the caprice of a centralized oppressive regime and local government bureaucrats.

Northern Bitcoin Case Study

Enter Northern Bitcoin AG. The company isn’t the only one which is exploring mining opportunities with renewable energies in locations other than China.
But it is special because of the extraordinary set up it has for its operations, the fact that it is listed on the stock exchange in Germany, and the opportunities for scaling it discovered.
The operations of Northern Bitcoin combine the beauties of bitcoin and capitalism in one.
Like Texas has a lot of oil and free gas and it makes sense to use the gas rather than burn it, Norway has a lot of water, especially water moving down the mountains due to rainfall and melting snow.
And it makes sense to use the power of the movement of the water, channel it through pipes into generators to create very cheap and almost unlimited electricity. Norway generates north of 95 percent of its total electricity from hydropower.

A waterfall next to a hydropowerplant near Sandane, Norway, Oct. 25, 2018. (Valentin Schmid/The Epoch Times)Capitalism does not distinguish between renewable and fossil. It uses what is the most expedient. In this case, it is clearly water in Norway, and gas in Texas.
As a side note on the beauties of real capital and the fact that capital and the environment need not be enemies, the water in one of the hydropowerplants close to the Northern Bitcoin facility is piped through a generator made in 1920 by J.M. Voith AG, a company from Heidenheim Germany.
The company was established in 1867 and is still around today. The generator was produced in 1920 and is still producing electricity today.

Excess Power

In the remote regions of Northern Norway, there aren’t that many people or industry who would use the electricity. And rather than transport it over hundreds of miles to the industrial centers of Europe, the industries of the future are moving to Norway to the source of the cheap electricity.
Of course, it is not just bitcoin mining, but other data and computing heavy operations like server farms for cloud computing that can be neatly packaged into one of those containers and shipped up north.
“The containers are beautiful. They are produced in the middle of Germany where the hardware is enabled and tested. Then we put it on a truck and send it up here. When the truck arrives on the outside we lift it on the container vehicle. Two hours after the container arrives, it’s in the container rack. And 40 hours later we enable the cooling, network, power, other systems, and it’s online,” said Mats Andersson, a spokesman for the Lefdal Mine data center in Måløy, Norway, where Northern Bitcoin has its operations. Plug and play.

A Northern Bitcoin data container inside the Lefdal Mine data center, in Måløy, Norway. (Northern Bitcoin)If the cheap electricity wasn’t enough—around 5 cents per kilowatt hour compared to 17 cents in Germany—Norway also provides the perfect storage for these data containers, which are normally racked up in open air parks above the ground.
Also here, the resource allocation is beautiful. Instead of occupying otherwise useful and beautiful parcels of land and nature, the Northern Bitcoin containers and others are stored in the old Lefdal olivine mine.
Olivine is a mineral used for steel production and looks green. Very fitting. Hence also the name of the data center: Lefdal Mine.
“We take the green mineral out and we take the green IT in,” said Andersson.

Efficiency, Efficiency

Using the old mine as storage for the data center makes the whole process even more resource efficient.
Why? So far, we’ve only been talking about bitcoin mining using a lot of energy. But what for? Before you have actually seen the process in action—and it is similar for other computing operations—you cannot imagine how bizarre it is.
Most of the electricity is used to prevent the computers from overheating. So it’s not even the processors themselves; it’s the fans which cool the computer that use the most juice.
This is where the mine helps, because it’s rather cool 160 meters (525 feet) below sea level; certainly cooler than in the Texas desert.
But it gets even better. On top of the air blow-cooling the computer, the Lefdal data center uses a fresh water system to pump through the containers in pipes.
The fans can then circulate air over the cool pipes which transfer the heat to the water. One can feel the difference when touching the different pipes.
The fresh water closed circle loop then completes the “green” or resource efficiency cycle by transferring its heat to ice cold water from the nearby Fjord.
The water is sucked in through a pipe from the Fjord, the heat gets transferred without the water being mixed, and the water flows back to the Fjord, without any impact on the environment.
To top it all off, the mine has natural physical security far better than open air data centers and is even protected from an electromagnetic pulse blast because it’s underground.

_The Nordfjord near Måløy, Norway. The Lefdal data center takes the cold water from the fjord and uses it to cool the computer inside the mine. (Valentin Schmid/The Epoch Times)_Company Dynamics

Given this superlative set up, Northern Bitcoin wants to ramp up production as fast as possible at the Lefdal mine and other similar places in Norway, which have more mountains where data centers can be housed.
At the moment, Northern Bitcoin has 15 containers with 210 mining machines each. The 15 containers produce around 5 bitcoin per day at a total cost of around $2,500 dollars at the end of November 2018 and after the difficulty of solving the math problems went down by ~17 percent.
Most of it is for electricity; the rest is for leasing the containers, renting the mine space, buying and writing off the mining computers, personnel, overhead, etc.
Even at the current relatively depressed prices of around $4000, that’s a profit of $1500 per bitcoin or $7,500 per day.
But the goal is to ramp it up to 280 containers until 2019, producing 100 bitcoin per day. Again, the company is in the sweet spot to do this.
As opposed to the beginning of the year when one could not procure a mining computer from Bitmain even if one’s life depended on it, the current bear market has made them cheap and relatively available both new and second had from miners who had to cease operations because they can’t produce at low bitcoin prices.

Northern Bitcoin containers inside the Lefdal Mine data center in Måløy, Norway. (Northern Bitcoin)What about the data shipping containers? They are manufactured by a company called Rittal who is the world market leader. So it helps that the owner of Rittal also owns 30 percent of the Lefdal mine, providing preferential access to the containers.
Northern Bitcoin said it has enough capital available for the intermediate goal of ramping up to 50 containers until the end of year but may tap the capital markets again for the next step.
The company can also take advantage of the lower German corporate tax rate because revenue is only recorded when the bitcoin are sold in Germany, not when they are mined in Norway.
Of course, every small-cap stock—especially bitcoin companies—have their peculiarities and very high risks. As an example, Northern Bitcoin’s financial statements, although public, aren’t audited.
The equipment in the Lefdal mine in Norway is real and the operations are controlled by the Lefdal personnel, but one has to rely on exclusive information from the company for financials and cost figures, so buyer beware.

Norway Powerhouse?

Northern Bitcoin wants to have 280 containers, representing around 5 percent of the network’s computing power.
But the Lefdal mine alone has a capacity to power and cool 1,500 containers in a 200 megawatt facility, once it is fully built out.
“Here you have all the space, power, and cooling that you need. … Here you can grow,” said Lefdal’s Andersson.

A mine shaft in the Lefdal Mine data center in Måløy, Norway. The whole mine will have a capacity for 1500 containers once fully built out. (Valentin Schmid/The Epoch Times)The Norwegian government was behind an initiative to bring computing power to Norway and make it one of the prime destinations for data centers at the beginning of this decade.
To that effect, the local governments own part of the utility companies which operate the power plants and own part of the Lefdal Mine and other locations. But even without notable subsidies (i.e. cash payments to companies), market players were able to figure it out, for everybody’s benefit.
The utilities win because they can sell their cheap electricity close to home. The computing companies like IBM and Northern Bitcoin win because they can get cheap electricity, storage, and security. Data center operators like Lefdal win because they can charge rent for otherwise unused and unneeded space.
However, in a recent about face, the central government in Oslo has decided to remove cryptocurrency miners from the list of companies which pay a preferential tax rate on electricity consumption.
Normally, energy intensive companies, including data centers, pay a preferential tax on electricity consumed of 0.48 øre ($0.00056 ). According to a report by Norwegian media Aftenposten, this tax will rise to 16.58 øre ($0.019) in 2019 for cryptocurrency miners exclusively.
The argument by left wing politician Lars Haltbrekken who sponsored the initiative: “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”
Since Norway generates its electricity using hydro, precisely the opposite is true: No greenhouse gas emissions, or any emissions for that matter would be produced, if all cryptomining was done in Norway. As opposed to China, where mining is done with coal and with emissions.
But not only in Norway is the share of renewable and emission free energy high. According to research by Coinshares, Bitcoin’s consumes about 77.6 percent of its energy in the form of renewables globally.
However self-defeating the arguments against bitcoin mining in Norway, the political initiative is moving forward. What it means for Northern Bitcoin is not clear, as they house their containers in Lefdal’s mixed data center, which also has other clients, like IBM.
“It’s not really decided yet; there are still big efforts from IT sectors and parties who are trying to change it. If the decision is taken it might apply for pure crypto sites rather than mixed data centers, like ours,” said Lefdal’s Andersson.
Even in the worst-case scenario, it would mean an increase from ~5 cents to ~6.9 cents per kilowatt hour, or 30 percent more paid on the electricity by Northern Bitcoin, which at ~$3250 would still rank it among the most competitive producers in the world.
Coinshares estimates the average production price at $6,800 per Bitcoin at $0,05 per kilowatt hour of electricity and an 18-months depreciation schedule, but concedes that a profitable miner could “[depreciate] mining gear over 24-30 months, or [pay] less for mining gear than our estimates.”
Jäger says Northern Bitcoin depreciates the equipment over three years and has obtained very favorable prices from Bitmain, making its production much more competitive than the average despite the same cost of electricity. In addition, the natural cooling in the mine also reduces electricity costs overall.

Cheap Producer Advantage

At the moment, however, the tax could be the least of any miners worry, as the bitcoin price is in free-fall.
But what happens when the price crashes further? Suffice it to say that there was bitcoin mining when the dollar price was less than 1 cent and there will be bitcoin mining at lower prices thanks to the design of the network.
Mao Shixing, the founder of mining pool F2pool estimated 600,000 miners have shut down since the November crash in price, according to a report by Coindesk.
As it should be in a competitive system, the most energy intensive and obsolete machines are shut down first.
As with every other commodity, when the price drops, some miners will leave the market, leaving space for cheaper competitors to capture a bigger share. But with bitcoin this is a bit simpler than with copper or gold for example.
When a big copper player goes bankrupt, its competitors have to ramp up production and increase cost to increase their market share. With bitcoin, if 3,000 computers get taken off the total mining pool, they won’t be able to mine the approximately 5 bitcoin any longer.
However, because the difficulty of solving the computationally intensive cryptographic tasks of bitcoin decreases automatically when there are fewer computers engaged in the task, the other players just have to leave their machines running at the same rate for the same cost and they will split the 5 bitcoin among them.
“The moment the price goes down, our production price will go down as well,” said Jäger, a process that already happened from November to December when the difficulty decreased twice in November and the beginning of December.
This naturally favors players like Northern Bitcoin, which are producing at the lower end of the cost spectrum. They will be the ones who shut down last.
And this is a good thing. The more companies like Northern Bitcoin, and countries like Norway—even with the extra tax—the more decentralized the bitcoin system.
The more computers there are in different hands mining bitcoin, the more secure the system becomes, because it will be ever more difficult for one player to reach the 50 percent threshold to crash the system. It is this decentralized philosophy which has kept the bitcoin system running for 10 years. Whether at $1 or $20,000.
submitted by rotoreuters to zerohedge [link] [comments]

Electricity Consumption: Bitcoin mining vs The current global financial system

According to this article, there are currently 93,000 bank branches in the US.
For Air conditioning let us assume each bank branch has this AC unit: at 5kw, and uses it 20% of the time, 50% of the year. 5kw * 24 * 0.2 * 0.5 * 365= 4,380 kwh x 93,000 = 407 GWh per year.
We will estimate lighting at 6 of these fixtures, on 12 hours per day. 360 * 6 * 12 * 365/1000 = 9,460 kwh * 93,000 = 880 GWh
Computers are about the same. A bank branch will have 6 computers on at any given time, with ~300w used by the tower and another 60 by the monitor, working out to be 360 * 6 * 12 * 365/1000 = 9,460 kwh * 93,000 = 880 GWh
This would make AC, computers and lighting add up to a staggering 2,167 GWh.
For mining bitcoin, let us be fair and use the figure of 1w/GH, since not everyone is using hardware that can achieve 0.7w/GH or lower yet. At 75 petahash, we're looking at 75MW of power. Mining hardware runs all day so: 75MW * 24 * 365 = 657 GWh
.
2,167 GWh / 657 GWh = 3.3x more energy used by bank branches in the US.
This could be stated as bitcoin using 30.3% of the energy of US bank branches, or 69.7% less energy.
.
If you include the entire financial system (corporate offices, call centers, stock/commodity/futures/forex markets, auditing, regulatory and compliance offices, etc), you would probably have to at least double energy consumption (in the US alone) and then quadruple that again for a worldwide figure. Therefore we could increase this estimate by (very roughly) 8x, making bitcoin mining consume ~3.79% electricity compared to the existing global financial system, and this figure of 3.79% will be cut in half in 114 weeks.
[These figures do not include natural gas, gasoline from employee/customer commutes, or paper waste in their calculation]
submitted by TheSelfGoverned to Bitcoin [link] [comments]

What is the multisignature protocol - this explain why INX will be an anonymous coin as Monero!

What is the multisignature protocol - this explain why INX will be an anonymous coin as Monero!
What is the multisignature protocol - this explain why INX will be an anonymous coin as Monero!
https://preview.redd.it/gb8jjiva0yg11.jpg?width=800&format=pjpg&auto=webp&s=bc0573826f48f45c3507d271f1fe85160592034f
Although Monero added the support for the multisignature protocol several months ago, there is still a certain lack of information online on how this technology works, so we would like to fill this gap first of all. Since the process of creating a multisignature transaction is rather complicated, we decided to focus only on its most vital aspects, including the processes of creating a wallet and exchanging keys, which we believe is enough to understand the strengths and weaknesses of this technology.
We tried to make the article more readable by ditching off most of the formulas and replacing them with schemes and illustrations, so we hope it will be useful not only to experienced engineers but to beginners as well.
On the Monero blockchain, the multisignature-related features is primarily used to allow for wallets, that have multiple users — which isn’t new, as pretty much the same solution was previously implemented by other digital currencies such as Bitcoin and Ethereum. In a nutshell, it allows for joint ownership of tokens which are being stored in a specific wallet. Joint ownership implies each participant has full rights to the entire amount, so there’s a reasonable limitation on its disposal: every transaction must be authorized by a certain share of participants, which is set out when the wallet is created.
The total number of owners and the approval threshold define the so-called “scheme” of a wallet. For instance, a 3/3 multisig wallet has three owners who have to unanimously approve every transaction, while in case of a 2/3 wallet each owner needs just another vote to transfer funds.
Cryptography
As is the case with most digital currencies, the Monero blockchain relies on elliptical-curve cryptography (learn more on Wikipedia). Simply put, this encryption system is valued for its relative cryptographic strength, smaller key size, and faster execution compared to many of its peers.
Every Monero wallet employs two sets of private and public cryptographic keys, each set being comprised of a “spend key” and a “view key”. Taken together, the public view key and the public spend key of a given wallet make up the address, which is used to receive funds. The same way, adding a private view key to a public spend key will create a tracking key, which your counterparts may use to track the funds being sent to your wallet (but never the other way around, so your privacy remains safe).
As you have probably guessed, the full access to a wallet is secured by a combination of its private spend and private view keys, so your private spend key must be kept in secret.
For the sake of brevity, from here on we will use uppercase letters for public keys (i.e. ‘B’ for ‘public spend key’), and lowercase letters for private keys (i.e. ‘b’ for ‘private spend key’). To help you understand the notation used below, let’s take a look at a short formula showing how a public key is derived from a private key:
https://preview.redd.it/7p0jh0dc0yg11.png?width=228&format=png&auto=webp&s=4d66dd129d33908cc6ac1653cc2133789a58f62a
where G is a fixed point on the elliptic curve. The multiplication of a private (scalar) key by G yields a public key, which is also a point on the same curve.Multisignature in Monero
The idea behind the multisig technology is pretty straightforward: having each participant to keep only a part of a wallet’s private spend key, so that transferring funds would require approval by a number of other participants.
It’s nearly impossible for any given participant to gain control over the entire private spend key, while all of them have their own unique public spend keys, as well as copies of both private and public view keys, allowing each participant to monitor the incoming funds.
Creating a multisig wallet in Monero
Currently, the Monero software supports only N/N and N-1/N schemes. To set up an N/N multisig wallet, the users need to complete a single round of calculations, with just one additional step required for the N-1/N scheme. The process of creating a 2/2 wallet is shown in Figure 1.
Figure 1. Creating a 2/2 multisig wallet
https://preview.redd.it/x930tzti0yg11.png?width=800&format=png&auto=webp&s=c20d9b6ceca1be28f41dd62931f6ad3bcfafc947
Firstly, the participants share all their private view and public spend keys, and then calculate their respective sums. The sum of the private view keys becomes the private view key for the new wallet, with its public view key being derived from the private one. Then, the public spent key is calculated the same way. If the N/N scheme was chosen, that’s all of it. The wallet is now created.
If users opt for the N-1/N scheme, they would still have to share their private view and public spend keys with each other, but then each participant must multiply all public spend keys received by their own private spend key. Thus, a new set of private spend keys is created, which is called “multisignature keys,” as shown in Figure 2.Figure 2. Creating a 2/3 multisig wallet
https://preview.redd.it/ay5ckzhk0yg11.png?width=470&format=png&auto=webp&s=2c5b7c973221a583fd00a9f5803c9f9775608c0f
📷
You might have noticed that in the figure above, the keys of the same color have the same value. This is because such multisignature keys have one important property expressed by the following equality:
https://preview.redd.it/dprohjoq0yg11.png?width=497&format=png&auto=webp&s=bf63932e61cefcfc581c5c4a177ba8e9e880c4f1
📷
To put it simply, when multiplying a private key by a public key, the indices can be moved as one would like without affecting the result (this is, by the way, the very property of such products that underlies the elliptic curve Diffie–Hellman key exchange protocol). This means that every multisig key is shared between exactly two participants.
To calculate a public spend key, which must be the same for all participants, each of them derives a public key from their respective multisignature key, and shares the result with others. Then the public spend key is calculated by summing the distinct values of all public multisig keys.
Now the participants only have to calculate a view key, which is done the same way as for a 2/2 wallet.
So, now that the wallet is created, let’s move on to looking at how it could be used.
Monero transactions
To explain how to launch a multisig transaction, let’s briefly consider how Monero deals with funds transfer in general. In a very simplified form (not taking into account ring signatures and RingCT), it works like this:
Figure 3. Simplified representation of a transaction
https://preview.redd.it/1pd1zu4s0yg11.png?width=800&format=png&auto=webp&s=02b97a4860389c20f311cb0f5ffd3f24ba594bc5
📷
On the right are the transaction outputs, or the money which the transaction generates, and on the left are the inputs, or the money being destroyed when said transaction is complete.
So, when Alice wants to send 1 XMR to Bob, she takes 1 XMR, plus the necessary commission, from her unspent outputs, puts it to her inputs, calculates a key image for each of them, and finally generates outputs for 1 XMR and an output key for each of them.
To complete the transaction, Bob uses his private view and public spend keys to restore the output keys for each output generated by Alice, and if there’s a match between the restored and the incoming keys, he will consider this output as intended for him.
From the network’s point of view, a multisig transaction isn’t in any sense different, although it’s a little bit more complicated to initiate. It’s usually done in several steps:
Participants exchange partial key images for all known outputs; Participants re-synchronize their wallets in order to learn its accurate balance taking into account the key images; The sender prepares the transaction, signs it, and sends it over to one of his counterparts; Each subsequent participant adds its own part of the RingCT signature; The last signer completes the creation of RingCT. 
Generating key images and sharing outputs
When scanning the blockchain (i.e. during the synchronization), a wallet is unable to determine whether some of the inputs are targeting its outputs, since it does not have the data to calculate key images for them, so it’s safe to say that it only accounts for incoming transactions.
In order to run a transaction correctly, a user needs to restore the key image for each of the outputs, then synchronize with the blockchain to determine which outputs have been spent, and then proceed to generating the transaction. In Figure 4, the process of restoring key images is shown as in case of a 2/3 wallet.Figure 4. Restoring key images as in case of a 2/3 wallet
📷
https://preview.redd.it/w6a5v08t0yg11.png?width=800&format=png&auto=webp&s=37570fc67117ab8de403d6aae0c11955e4aad915
Again, to put it simply, the key image for each output is calculated by summing the distinct values of all partial key images. As can be seen from the figure above, this can be done by any two participants out of three, and, most importantly, their private keys remain undisclosed during the transaction, making it impossible for a third party to restore the complete spend key and to seize control over their funds.
With this data, the initiating party can finalize the transaction, which is then sent to all confirmed participants to generate a Ring CT signature. Then, at the final stage, the transaction is signed and broadcast to the network.
Data exchange automation
The above are procedures for exchanging key parts and key images that need to be performed either once, or after each transaction is sent. In the current release of the Monero Core Wallet, these procedures are supposed to be performed manually by exchanging the necessary data on the secure communication channels (i.e. exporting the necessary data from the wallet and sending them via messengers or otherwise).
Here is an example of the procedures required to create a 2/3 wallet and sign a transaction. Each participant performs the following commands using the monero-wallet-cli utility:
MultisigV1baCWviNomMXe271W8HW4imh8SsnNEWP2bCswQfoB9MGzNZ8FUG3e8UCNm5toKQzSQH2e8rUWUCGazaCcvej1ToCQYBMovJZYaYiYWQvzsvyWruXycZdVDSsyugjEzwQNK3FUEkug2LXiH91NmekGb7kp9gK9kuoxDDhGn1nLKXUpnXR5
Send this multisig info to all other participants, then use make_multisig threshold info1 [info2…] with others’ multisig info.
This includes the PRIVATE view key, so needs to be disclosed only to that multisig wallet’s participants:
wallet 9uKCgo: make_multisig 2 MultisigV1XQugvU4JwcwTQbKdH5qGFnavxUX54wGxNis2iN6zoLD94DahnXbyNxH1NQBp2rYRFFJCT2uiJbssHLJYEAb8X1tS5UCqTXYu3FkgRNSZt5mRNgE58iXZHPj839Pbm3ozGcXmRT6GcRMMxMjRonfYKpnPq1UyZSMN7Qr9AYin1gYyoJSh MultisigV1HVqTW8P4UNWUE8QfBaEdwDWJuXBWEPnTrKqVJiUudGG14cHREk9TKmeR9xzSs4wf4jd22mV94C2ehSViApawnpp2SpRqp19eKXLHz2JmNp7eGR6TJMt4VsDTqANRwb1FtD9weef342f5KXDRZK7iQT1MTubyHhEcFyV5aLCjjQ8owMkH
Another step is needed
MultisigxV1PQwytRuYGkB6UEVJ7v2S7q492cwNTdwySXyasToAuQQq73TvM1rBrog5bcYz5w2P6Z4jwKtzrHr7shRGo5mAShvLVbYtBdQNhQsizMb51K7iaWQB4te5mQaiB1cok84CbvA9WKnVpTJGyb7SbS7NwAgmpEhU812RTdzrdHp5sD41duYtRNW6qna5mTMYmtTjAEdKpKCvM6EwhV4ncWscpvoBfyYP
Send this multisig info to all other participants, then use finalize_multisig info1 [info2…] with others’ multisig info:
wallet 9uKCgo: finalize_multisig MultisigxV1PdeMJo5rxcWTXDJ7rbyuacBseugsn2djZKKEdwvFYVmz73TvM1rBrog5bcYz5w2P6Z4jwKtzrHr7shRGo5mAShvLUxykuq5gho7gGQBCEa3JmBaY7rNHqqUaCUs1WWQi9tojZTMmCJJ4evwJzcXEDqcAd7ShwxsJtJtXdiATs54BbBfyCbwXbnDRKAtagJF36z74KJA58NgEmnHv23ZQeePCoacM MultisigxV1RTwyE53FjKPQaAn4ZMWM5hc8C92eJndpyKby4L9HpF2TUxykuq5gho7gGQBCEa3JmBaY7rNHqqUaCUs1WWQi9tojVbYtBdQNhQsizMb51K7iaWQB4te5mQaiB1cok84CbvA928U2yJFK86jNxtMopxHkcnYjjeYfp8TAB53Y1CukBiHfL2M4EztDALXLReXjJxkMry65Jw6vVePJp2T5CW8T8QE5
Before sending a transaction, all parties must exchange partial key images:
wallet 9uKCgo: export_multisig_info ki1
Multisig info exported to ki1.
wallet 9uKCgo: import_multisig_info ki2 ki3
Height 1103873, txid f7e648915287fafca1dc67eb26267e09f92bba7ab7fd52a12600c3e6440db0eb, 2.000000000000, idx 0/0
Height 1103882, txid 2e3a5591c741c0943a47a2bcbd1ec26493158088c88308bcbfc97423ea95c49, 0.009000000000, idx 0/0
Multisig info imported
Then the wallet is re-synchronized to account for the complete keys. After having received data on outgoing payments, one of the participants can set up the transaction:
wallet 9uKCgo: transfer 9vUnTucAioDHD4ZqrFHXAgfLqrsC3LkZ6JFr5axBLhDiFMaHuEk33aqXimoZEMtQh5ibdYxcNSBw2hBZLAsCnuw4B4rBeZX 1
No payment id is included with this transaction. Is this okay? (Y/Yes/N/No): Y
There is currently a 2 block backlog at that fee level. Is this okay? (Y/Yes/N/No)Y
Transaction 1/1:
Spending from address index 0
Sending 1.000000000000. The transaction fee is 0.012000000000
Is this okay? (Y/Yes/N/No): Y
Unsigned transaction(s) successfully written to file: multisig_monero_tx
Then the generated file is transferred to another participant to be signed and broadcast to the network:
[wallet 9twQxU]: sign_multisig multisig_monero_tx
Loaded 1 transactions, for 1.031762770000, fee 0.012000000000, sending 1.000000000000 to 9vUnTucAioDHD4ZqrFHXAgfLqrsC3LkZ6JFr5axBLhDiFMaHuEk33aqXimoZEMtQh5ibdYxcNSBw2hBZLAsCnuw4B4rBeZX, 0.019762770000 change to 9uKCgopHzXrQLnph1ZNFQgdxZZyGhKRLfaNv7EEgWc1f3LQPSZR7BP4ZZn4oH7kAbX3kCd4oDYHg6hE541rQTKtHB7ufnmk, with min ring size 7, no payment ID. Is this okay? (Y/Yes/N/No): Y
Transaction successfully signed to file multisig_monero_tx, txid 1d28af64bc78d05b625c4f7af7c321d4c8943c4c2692f57aa53e303387f40db6
[wallet 9twQxU]: submit_multisig multisig_monero_tx
Loaded 1 transactions, for 1.031762770000, fee 0.012000000000, sending 1.000000000000 to 9vUnTucAioDHD4ZqrFHXAgfLqrsC3LkZ6JFr5axBLhDiFMaHuEk33aqXimoZEMtQh5ibdYxcNSBw2hBZLAsCnuw4B4rBeZX, 0.019762770000 change to 9uKCgopHzXrQLnph1ZNFQgdxZZyGhKRLfaNv7EEgWc1f3LQPSZR7BP4ZZn4oH7kAbX3kCd4oDYHg6hE541rQTKtHB7ufnmk, with min ring size 7, no payment ID. Is this okay? (Y/Yes/N/No): Y
Transaction successfully submitted, transaction <1d28af64bc78d05b625c4f7af7c321d4c8943c4c2692f57aa53e303387f40db6>
You can check its status by using the show_transfers command.
Obviously, with a great desire to use multisig wallets, it’s possible, but this approach is unlikely to suit beginners or mobile users.
Therefore, we are developing our own solution that would allow us to automate the exchange of such data without violating the privacy of the parties and the security of transactions, making multisig applications on Monero accessible to more people. Our solution is being designed to support both standard and multisig wallets, and is being run on an open server that provides the exchange and transfer of data to corresponding wallets.
More information on our contribution to Monero can be found at https://exan.tech/en/projects/monero/, as well as at the project’s page at https://wallet.exan.tech.
Resume
Currently, only a limited set of signature schemes is supported, but the developers plan to extend the list to allow for arbitrary values such as 2/5, etc. The only supported way to exchange necessary data is rather inconvenient, but thanks to the Monero’s open ecosystem the community puts high hopes on third-party solutions being developed to improve the situation.
Later in this series, we will talk about other aspects of the Monero blockchain, such as RingCT and ring signatures, wallets architecture and the libwallet library, as well as the network’s future prospects.
Please ask your questions in the comment section, suggest topics for new cryptocurrency-related articles, and subscribe to our blog to stay abreast of our upcoming events and valuable publications.
From : https://hackernoon.com/monero-multisignatures-explained-46b247b098a7
#InziderX #Exchange #ico https://inziderx.io/
submitted by InziderX to u/InziderX [link] [comments]

TRUE or FALSE: It takes 1.75 *MILLION* dollars in computing power needed to mine 1 Bitcoin per day

Hi all. I saw this on Quora but for some reason cannot link to it, so have copied it below. I would have preferred to point you to it online but hopefully the text below will suffice. Is this accurate?
Babs
--------
QUESTION:
How much computing power will be needed to mine 1 bitcoin per day or even half of it?
ANSWER:
To mine one whole bitcoin per day
Or even 1/2 of one per day….
In Bitcoin mining, there are at least 7–8 exahashes per second of computing power executing and growing continuously
That is :
7,000–8,000 petahashes
7 billion - 8 billion GH/second
The s9 ant miner cost about $7,000. And gets 14 TH/s or 14,000 gh/s
If we assume bitcoin mining consumes 7 billion GH per second (it is most likely 8, 7 just makes calculates into prettier numbers)
And each antminer offers 14 thousand GH per second
Or .0002% of the mining (.000002 x 100%)
And there are 2,000 bitcoin a day:
83.33_ every hour
1.388_ every minute
.02315 every second
You would get .004 BTC a day
For 7,000$
You would need 250 S9 antminers
For only 1 btc a day
250 x 7,000 = 1.75 million dollars
Or 875,000$ for half a bitcoin a day, based on hashing
You could still get more or less than the given amounts because it all comes down to chance with hashing.
You could also probably buy equipment that is more efficient with that type of money, the S9 antminer is just the most efficient consumer available mining hardware.
I don’t really like bitcoin all that much, this ridiculous computing is the biggest reason, you could power cities across the world with this energy…. And it’s used for bitcoin instead, the least efficient of all the cryptocurrencies in terms of scalability and transaction speed….
submitted by babsamajabsma to Bitcoin [link] [comments]

NuVoo Mining Pricing and Conclusion

NuVoo Mining offers bitcoin and Dash mining packages.
Bitcoin Cloud Mining Plans
Dash Cloud Mining Plans
NuVoo Mining guarantees 99.9% uptime. There are no energy fees or maintenance fees attached to the prices above. All contracts are open ended. Payouts are generated daily, although withdrawal limits are set at 0.0015 BTC. NuVoo Mining also has a profit calculator on their website to give you an idea of how much money you’ll make with each mining plan.
NuVoo Mining is a cloud mining company based in Quebec, Canada. The company emphasizes cheap electrical rates and low cooling costs (not only is Quebec cold for much of the year, but it also has easy access to cheap, renewable electricity).
Right now, NuVoo Mining only appears to offer cloud mining. However, the company has pages reserved for mining hardware, dedicated mining, and colocation mining, so it’s possible that they’re introducing more services in the future.
To learn more about NuVoo Mining, visit online today at Nuvoo.io.
submitted by SwitchKanun to hashflareinfo [link] [comments]

TRUE or FALSE: It takes 1.75 *MILLION* dollars in computing power to mine 1 Bitcoin per day

Hi all. I saw this on Quora but for some reason cannot link to it, so have copied it below. I would have preferred to point you to it online but hopefully the text below will suffice. Is this accurate?
Babs
--------
QUESTION:
How much computing power will be needed to mine 1 bitcoin per day or even half of it?
ANSWER:
To mine one whole bitcoin per day
Or even 1/2 of one per day….
In Bitcoin mining, there are at least 7–8 exahashes per second of computing power executing and growing continuously
That is :
7,000–8,000 petahashes
7 billion - 8 billion GH/second
The s9 ant miner cost about $7,000. And gets 14 TH/s or 14,000 gh/s
If we assume bitcoin mining consumes 7 billion GH per second (it is most likely 8, 7 just makes calculates into prettier numbers)
And each antminer offers 14 thousand GH per second
Or .0002% of the mining (.000002 x 100%)
And there are 2,000 bitcoin a day:
83.33_ every hour
1.388_ every minute
.02315 every second
You would get .004 BTC a day
For 7,000$
You would need 250 S9 antminers
For only 1 btc a day
250 x 7,000 = 1.75 million dollars
Or 875,000$ for half a bitcoin a day, based on hashing
You could still get more or less than the given amounts because it all comes down to chance with hashing.
You could also probably buy equipment that is more efficient with that type of money, the S9 antminer is just the most efficient consumer available mining hardware.
I don’t really like bitcoin all that much, this ridiculous computing is the biggest reason, you could power cities across the world with this energy…. And it’s used for bitcoin instead, the least efficient of all the cryptocurrencies in terms of scalability and transaction speed….
submitted by babsamajabsma to CryptoCurrency [link] [comments]

Part 40: Transcription, "Awan Brotherhood / Hillary's Hackers"

George Webb
The following are best-effort transcriptions of the George Webb Video Series. The series is a daily, ongoing open source investigation of HRC with researchers in #HRCRatline on twitter and facebook and trello.
Previous Notes
Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Part 10
Part 11 Part 12 Part 13 Part 14 Part 15 Part 16 Part 17 Part 18 Part 19 Part 20
Part 21 Part 22 Part 23 Part 24 Part 25 Part 26 Part 27 Part 28 Part 29 Part 30
Part 31 Part 32 Part 33 Part 34 Part 35 Part 36 Part 37 Part 38 Part 39  
  • CONTINUED... [Day 195.2. Hillary'Hillarys, Awan Brothers Saga Deepens, Part 2 - YouTube]
    • If you look at previous drug operations, for instance, that we ran in Iraq with David Petraeus--if you read his book again, not my book all in, he talks about half of the people that were taken in kidnappings, or or what they call "extractions" in Special Forces were done without firing a shot.
    • Now how do you go into a hostile village with all these automatic weapons and all these guards and all this Isis and so forth, and not fire a shot?
    • And the way it's done is you fly over the village with--and you spray it with a sarin like substance--this is the same testing that they did in Porton Down important down in England in the 50s, with over Norwich and other towns along the coast and seacoast they had done it under over inland towns as well but then they wanted to see how the sea mist and the sea winds and
    • So forth affected it that's why they chose some of those coastal England towns, and everybody just goes to sleep.
    • You don't go to sleep right away but it operates in your parasympathetic nervous system--you kind of nod off kind of thing now they they do it at 2:00 a.m. to 4:00 a.m. so that people are driving and so forth aren't affected, but every once a while you'll see a train driver fall asleep and stuff where they've done spraying US.
    • But when everybody's asleep you don't need to go in with a big team.
    • So if you have eight pot growers--let's say in Peebles Ohio--and this is Pike County, and their name is Rhoden.
    • There's six boys and there's two two wives, but they're all have guns they have 20 dogs and you would have to go in there with gosh 20 or 30 automatic weapons and and bulletproof vests, and if you're going to take those guys out.
    • Or you can spray em. Once you spray em, everybody goes asleep.
    • All you need is two Somali kids from a war-torn nation that have already shot seven or eight people in the head--by the time they're 13--
    • When they go in there everybody's asleep, they just they just shoot everybody in the head.
    • And that's exactly what happened in the Rhoden killings.
    • And all you need is a handler like Stevie Stevens, come down pick them up in Columbus, and then go to Pike County, and do that shooting, and that's exactly what happened in that shooting.
    • If you release the DNA evidence, Sheriff Reader, or release the tips, then we can follow up on that.
    • If in the other case, if in the Cleveland car dealer shooting, the Kuznik shooting, if they release the DNA for Stevie Stevens, and his phone records, we can see where he went a year before.
    • But if you just follow these handlers around, it'll kind of follow the kill ratlines.
    • So. We will be going to Ohio and I hope to interview Sheriff Pfizer.
    • And I would like to go to Peebles, Ohio and interview the mother, and the widow as well.
    • These are the kids were not you know Rhodes Scholars.
    • I'm not saying that, but they were growing pot. I mean it wasn't like they were running child sex rings, or any of the other stuff that's going on you know with the political class.
    • And they did not deserve to be murdered--I mean that's just ridiculous
    • So that's round two and we'll keep recording hopefully I get my PC issues challenged
    • So you won't have to look at my mug and we'll move on from there
  • [Day 195.3. Hillary's Hackers, Awan Brothers Saga Deepens, Part 3 - YouTube]
    • Okay day 9 195 part three
    • One of the things I also wanted to talk about was off, offing the expenses of ratlines on to the Government.
    • In foreign countries, what DynCorp was allowed to do is: basically use the police forces that they were training to exact taxes on the country. And so the country was actually paying for the enforcement network.
    • But then someone had the bright idea: "well why don't we make all the people involved in our ratline confidential informants? If we make them confidential informants, then we can say that it's part of national security, and then have that part of the ratline"
    • So nine-tenths of the ratline is is informants and operatives
    • So we'll just off--we'll just put those off-book as well... we'll co-op the government expenses for those as well.
    • Well if you're running a ratline in the United States, you go, "well we got the sheriff okay the government's paying for that part of the red line, couldn't we do the same thing? Couldn't we have confidential informants working anti-terrorism, and teach these folks doing some you know light surveillance just you waiting at a location till somebody shows up, and sending a text saying they're there that kind of thing low-level low-level, relay work--what they used to call relay work.
    • Well guess what? That's exactly what happened.
    • Danna Priest a great journalist from the Washington Post, did a expose called Top Secret America in 2017.
    • So we really haven't had any work on this since 2017. But what she outlined was these 2,000 private companies.
    • It's basically a retirement plan for people in the intelligence community.
    • Basically they go start a security company, and there's these massive security companies you know like the one that Snowden worked for.
    • And G4S and and these mega companies. But then they hire a whole Christmas tree of security companies below them.
    • And at the street level it could be you know you can hire a landscaper with eight lawn cutters as your security company as your ratline.
    • And again if I'm sitting at a 7-eleven, waiting for a car to show up, with a certain license plate, and then it shows up, and then I text that back to whoever, it owns my quote/unquote security company I just made you know 15 bucks an hour for two hours, it's it's 30 bucks.
    • That allows me to buy supply when it comes in
    • So it's it's also kind of a jobs program. And it's kind of an ingenious jobs program of kind of putting the cost of running the ratline on to the people of the United States, rather than paying that in reducing profit......
    • So I just thought I would throw that in, oh by the way, those number of private security companies in America through DHS Department of Homeland Security has gone from 2200, when she wrote the article up to around I think the company that was tracking it in Ohio--it was around 7,000 in 2016, or 15 maybe. I'm guessing that is the numbers around 10,000
    • Now that's 10,000 organizations not employees the number of employees I would guess is about a hundred per.
    • But no accounting black-budget DynCorp we have no idea how much money is actually being spent but why not employ your ratline? That way they have money to buy the stuff that you're bringing in.
    • Also by the way the contacts with the ax wants Awans with their ability to reach into the DHS system, would be a fantastic way of managing your ratlines.
    • You could see all your people, all your payments, where your people are, what they've earned to date, all those kind of important things.
    • And again it's it's just taking what's been done overseas with DynCorp and bringing it to the United States
  • [Day 195.4. Hillary's Hackers, Awan Brothers Saga Deepens, Part 4 - YouTube]
    • Payday 195 part 4
    • This is where I get to do corrections
    • No I was wrong: Dana Priest did Top-Secret America, one of the best series in Washington Post history.
    • The best reporting on the Intelligence Community, since the beginning of the CIA.
    • Was in 2010--Top Secret America--it was so good that Washington Post came back, and made it a--what I consider the best kind of journalism possible, where you can go on the site, with Washington Post, and interact with all the data she pulled together, and she had a couple of folks that she worked with, but Dana Priest was really the one who led the charge, and deserve that Pulitzer Prize.
    • And 2010 I think the Washington Post still has that site at because it was so good, and other research institutions continue to add to the research base that she created.
    • And as I have said in the past, I think the future of journalism is data-driven journalism, where the actual citizen journalists can interact with the data, and I'm try to do the same thing with the stuff that's created.
    • That metadata that's created from this series, with all the great research that's been done out there, I think we're up to three million words now, and all the metadata from the scraping.
    • Five Bibles plate King James Version 750 thousand words.
    • So yeah, about six Bibles, but it'll continue to grow more and more, and that's not counting the links the articles were the links point to which also have entities
    • So sometimes I don't make mistakes, sometimes I deliberately make mistakes...is what I should have said.
    • Yeah I knew Aristophanes calculated the circumference of the earth.
    • I just wanted to say Archimedes so badly, and it's a good story actually, because Archimedes was from Syracuse, Sicily, and you've got Aristophanes from where Libya is, not too far from Benghazi, in a place near modern-day Shiraz.
    • They both meet in Alexandria in Egypt, on the on the Nile, on the Mediterranean Sea.
    • So it's kind of an east-meets-west story.
    • They were contemporaries of each other.
    • So you know they're Stephanie's story now and modeling: it just shows you the power of modeling.
    • If you see the model enough, if you see enough parts of the earth, and you come up with the principle in simple terms, so that anyone in you know ninth grade math class, can recreate what you did, on any given summer solstice, or winter solstice, then you you hit on something--you've got a good principle.
    • And that's what I try to do in this series. I try to do that with, you know, showing the three-man-kill-teams.
    • I try to show that without DynCorp does with operates with sheriffs here in the US, and overseas I try to keep establishing those patterns as a matter-of-fact if you go to the home right now of Aristophanes which was in Cyrene, near Shirat, there's a modern-day slave market
    • So. In 2600 years, 2700 years I don't think we progressed that much, by having DynCorp run things.
    • On the flip side, Archimedes is known for the displacement of water--the Archimedean screw, the parabolic reflector, all these things I have to tell the story though--because it's my series, I can do what I want--of displacement, because you have the problem of a king with a crown. And a goldsmith made it for him. And they suspected the Goldsmith was mixing in silver to try to, you know up the profit a little bit.
    • It's kind of like a DynCorp contract you know, working in operatives, and calling them agents, and trying to get full pay...
    • So what they said is, "hey can you calculate how much gold should actually be in this?"
    • Well, everyone that they took it to, said, " well, you have to melt the crown down."
    • Archimedes said, "wait a minute now: if we put it in water what will happen is it'll displace the amount of water, that it's equal to the volume of the crown {{ marking the displacement line and removing the crown }}, then we'll take the water--we'll make equal volume in gold, we'll melt the gold, and we'll see if we'll put another equal amount of gold {{ to bring water up to the line...achieve the displacement }}, and we'll weigh [the crown and the 'amount of gold', displacing the same amount of water, next to] each other, that's how we'll know if it's all gold or not--very simple solution
    • I love the models, because the models then can be held up against reality and we can see what the truth really is.
    • And you're going to find this over and over again--these anomalies:
    • The Awans making $160,000 a year
    • The Awans with the passwords to Debbie Wasserman Schultz's laptop
    • The Awans getting the vault 7 hacking tools from the CIA,
    • The FBI director saying we can't release the metadata of the emails that the people of the United States owned through the Federal Records Act
    • We can't even release the metadata of your emails people of the United States of America, because it's not proof.
    • Well it doesn't matter if it's not proof, we own those emails you need to release the metadata at least of those emails doesn't matter of national security is involved or not because it was a violation of the law to plan and scheme with those emails to begin with
    • Same thing is true with all along the way here, in the investigation.
    • And these things, these models are like a litmus test, that you can apply in all situations.
    • The Kallstrom model of investigation, I call it: just "what would a common-sense investigator do?" and then compare that to the reality of what's actually happening
    • So there's a little bit of philosophy here, a little bit of history, a little bit of east-meets-west, a little bit of DynCorp motivation.
    • I think the DynCorp--if they were doing the crown...it would probably be all silver but a little bit of gold of gold plate on it
    • {{ 911:word}}
    • And that's it for round 4
  • [Day 195.5 Hillary's Hackers, Awan Brothers Saga Deepens, Part 5 - YouTube]
    • Okay day 195 part 5.
    • I'm in Plymouth Indiana on the way to Pittsburgh.
    • I won't exactly say why right now, but maybe stop in Ohio, but I don't want to be--I want to get a little element of surprise.
    • Anyway I just published to here Javed's social security number
    • Now I know what everybody's saying is, "oh my god he's a billionaire--if that's the same Tahir Javed, and he runs a ratline, and George, your dead, Pakistani ISI... okay, yeah maybe.
    • But what it's called Misprision.
    • Misprision of treason.
    • It's not "prison" I'm not mis-saying the word missed "prison".
    • It's Misprision of treason: it's against the law to not turn in or provide information to the FBI if you believe someone's committing treason or spying on the United States of America.
    • So I really don't have a choice here.
    • I'd do it anyway, but I don't really have a choice.
    • The reasons why I publish his social security number is just like the ax wands Awans: multiple Social Security numbers, multiple aliases, more than five or six houses in different states, Maryland again, Virginia again, Florida again, Pennsylvania again, it lots of overlap.
    • The two cities where we had houses before. And again, with multiple dates of issuance for the Social Security number 89 in 2002. And then they shut off the sixth social security information 2014.
    • I just don't, like you know, I can't take any chances. I'm really not taking chances for the American people--I'm taking a chance here personally probably with the billionaire's social security number.
    • But I'm not going to take chances with the American people.
    • {{ 911: translation: I'm putting my own life on the line for you. Thanks for that George. You're a hero }}
  • [Day 196.1. Hillary's Hackers, Awan Brothers Saga Deepens, Part 1 - YouTube]
    • Okay day 196 I'm going to be traveling today to Pittsburgh
    • So I'm going to not be able to get to my slides.
    • If you watch the series, you'll notice I do a lot on modus operandi basically it's saying if there's a bank robbery in town, you look at all the people who've robbed banks before, and the people who are closest are most likely to have committed that crime versus somebody lives in India--let's say if you have a robber here in Indiana.
    • I don't know why that logic can't be applied across the board. motor swap around I modus operandi--I'm pretty sure it's Latin term that's been around for over 2,000 years.
    • You've got Feta Gulen--for people who don't know him Gulen--you can google it B being involved in a terrorist organization called FETO our key NATO partner in the Middle East--our only NATO partner in the Middle East, Turkey.
    • A person who he's known in for thirty years says he is a terrorist. And his organization FETO is a terrorist organization. Where does this person live? Somewhere close to the United States? NO! In Pittsburgh near not Pittsburgh near Philadelphia... near New York near Washington DC
    • So I look at those things. Well what was the modus operandi of Feta Gulen?
    • Well he helped infiltrate governments by taking them down with the needle--meaning opioids, rather than the gun.
    • He did it in 1979--operations like Cyclone working with Pakistani intelligence.
    • He did it with in Gladio B--if you want to google that Gladio B in Central Asia again Pakistani intelligence.
    • He did it in Turkey with politicians, lawyers, key police officials, military police officials, and doctors that was the most recent attempt for a coup
    • Nowhe's doing again in the United States
    • So what I do is I just present evidence and then let people make their own decisions
  • [Day 195.2. 196.2 Hillary's Hackers, Awan Brothers Saga Deepens, Part 2 - YouTube]
    • Okay day 196
    • This is part 2.
    • Just on the subject of modus operandi and Gulen, I found a really good article.
    • So they sent me a good series by a guy named Tariq Saeeid (Saeedi), basically I didn't I've never read him before, but basically just agreed, and supported everything I said about Gulen this morning.
    • And the other thing about the CIA running these operations is--it's the same thing over and over.
    • They just change the names
    • So the next operation I'd like everybody to Google just so there's a fact base here, it's [Operation Duck Soup]()
    • So it was taking those Chinese villagers--those Hmong's to grow opium--they're the ones who basically left China, when China went communist, and Chiang kai-shek-- was Formosa now Taiwan--and they grew opium, and the opium was flown--the heroin was flown into the Demilitarized Zone during the Vietnam War.
    • And that's how the opium, or the heroin crisis started in the United States.
    • The idea was will infect the soldiers first, get them introduced to heroin, and then they'll bring it back to all the cities in the United States, and that started in 1963 with Henry Kissinger.
    • But I'm not trying to pin this on Kissinger, but and Richard Holbrooke fought it, and all that.
    • So if you want to look at operation Duck Soup. It was basically using the needle again, against the American soldier.
    • Soldiers are a great target, because they're all together in one--they're clustered at ports, you can get at them with your own doctors, and it's a captive audience.
    • And again here we are 40 years later, we're targeting soldiers again.
    • The incidence of opioids--I think coming back from the Vietnam War was about 25 percent of the folks had some form of addiction problem.
    • I think now, coming back the soldiers are--I think I saw Brian Williams with MSNBC talking about 50%. 50% of the soldiers. * How is that not duck soup? That's duck soup!
    • So that's I'm here in Toledo making my way across Ohio going to Cleveland
  • [Day 195.3 196.3. Hillary's Hackers, Awan Brothers Saga Deepens, Part 3 - YouTube]
    • Okay day 196 here near Strongsville Ohio
    • I just wanted to do an update on Gulen, and why I talked about Gulen this morning, and it's the linkage to Osama bin Laden.
    • I couldn't really do the linkage to Osama bin Laden, until I talked about Gulen, and his work in 1979, with the Mujahideen.
    • In all these revolutions, and all these coups, you need what? Infrastructure: you need an infrastructure guy, you got to make sure that you control the electrical grid, that you control the phone grid, the cell phones if the country has cell phones; the water supply, all the train routes; all the roads, and you need to put people in positions before the coup that you know control those things, the airports etc
    • So that's what I'm talking about is Gulen has done this for about 35 years now
    • And he's doing it in the United States.
    • He just tried it in Turkey
    • So, the reason why I'm going to Scranton, the reason why I'm going to Saylorsburg again, is to show this relationship
    • Now, all along the way, that's been tied to the Mujahideen.
    • The Mujahideen is the Pakistani ISI overt operations
    • So Gulen is the covert operations, and Osama bin Laden, Mujahideen, Pakistani ISI, all the same thing--is the over operations
    • So, that whole ratline I'm talking about: Pakistan to Turkey--that's that ratline I'm talking about then, in effect at least since 1979, but really the Mujahideen, really start that in Afghanistan, and then move it to Kosovo, through Albania in 1993 with Hillary.
    • So that's the connection to Hillary {{ 911:Iran-Contra / Mena AK. via "Amjad Awan" AND Huma/WeineAwans }}
    • Now the connections of the yuan brothers Awan brothers is they're Pakistani ISI, and they're being funded with the drug money from Turkey from Gulen about 90 miles away in Saylorsburg, and I'm drawing in that connection, and thickening that connection, because that's who's paying for it.
    • I did the 12 houses, I show the serial numbers tied to those 12 houses, with your Awan brothers
    • I just did Javed's 12 houses--also Pakistani ISI that's where the money is coming from
  • [Day 195.4 196.4 Hillary's Hackers, Awan Brothers Saga Deepens, Part 4 - YouTube]
    • Okay this is day 195196 part four.
    • The reason I'm here in Pittsburgh now filming this Salvation Army, was this used to be the front organizations where you could crash, if you were a CIA operative, or whatever.
    • The original Gladio program was through the Salvation Army in Eastern Europe.
    • As a matter-of-fact, Madeleine Albright's dad was a in the Salvation Army in Czechoslovakia, and that was the key resistance Gladio resistance by the CIA.
    • So much more so in the United Europe in the United States
    • So, I thought I would show that picture there.
    • And then just say that things have moved on. Now the Awan brothers, you know the Awan brothers and nicer places like this.
    • But they're safe houses all the same.
    • Barry Seal--just a little trivia--Barry Seal was shot in front of one of these in New Orleans, because he was trying to get to the safe house.
    • Barry Seal's the famous pilot who went from Mena Airport, and took weapons to Nicaragua, and then brought back cocaine.
    • And just across the street there's a City of Asylum--and it's this new form of restaurant slash bookstore, that is sort of a, oh, it would be a social justice type of restaurant book store.
    • And you can see there's a currently a nice quartet performing, and they have a little vignette that plays on video, about someone in a country where they want to harvest the oil.
    • (And you can see it's a Masonic Lodge.)
    • Instead of saying, Joe Biden and Valerie Nuland want, you know, gas and oil rights, they talk about somebody who wants to be able to talk on Facebook without restrictions and make jokes. {{ "spreading freedom"...because you know, Facebook and Twitter, Youtube, et al are so free, they are demonetizing, shadowbanning or outright deleting users like myself from their sites for their 'conservative' views that aren't. }}
    • I also thought it was interesting that the University of Denver University of Colorado Medical Center, more specifically in Denver, really pioneered organ transplantation.
    • And CIA doctors were funded through the University of Colorado in Denver.
    • And when they learn their craft, and they came here just over that hill, I don't know if you can see UPMC--the University of Pittsburgh Medical Center, but there's a famous doctor--he's a great doctor named Starzl--who did the first liver transplant at the University of Colorado Denver, and then came here.
    • And the woman I interviewed--who was a 40-year operating room nurse for the transplantation team here, at the University of Pittsburgh--told me a week ago that oil sheiks would rent out a whole floor at the University of Pittsburgh Medical Center, and get to the front of the line.
    • So that's where it's really all started. The CIA's history in organ transplantation, from an oil town. Denver, started really here in mid-80s.
  • [Day 197.1 Hillary's Hackers, Awan Brothers Saga Deepens, Part 1 - YouTube]
    • Okay day 198-- a little bit early here, in the morning so I'm a little scruffy.
    • But you see here Sally Yates is going to testify in front of Congress.
    • And all these are great opportunities, just for like a Senator Grassley to say, you know, did this Michael Flynn have any relationship with these Awan brothers.
    • We've heard a lot about these Awan brothers and these burglaries, and these threats of kidnapping, and these threats of House Intelligence or House IT staff.
    • Did the in your time as Deputy Attorney General, did anybody bring you the Awan Brothers case?
    • Did the FBI mention it? Or did any other law enforcement officials bring this to you as a concern for national security?
    • Now that there seems to be this journalist that keeps publishing these Social Security numbers, that are being used by more than one person....and these people are still employed with the House of Representatives does that bother you?
    • Or is that a subject that you believe should be investigated?
    • It seems like they own 12 houses,
    • They owned lots of car dealerships
    • Lots of home mortgage companies
    • They seem to have lots of ties to Pakistan, with businesses in Pakistan,
    • And transportation rice importation export lots of trucking,
    • And transportation refrigerated transportation
    • Are any of those telltale signs to you? With your deep expertise in law enforcement? What do you think about that Sally Yates?
    • All that they have to do is have one person mention the Awan Brothers on the congressional record, and the story breaks wide open
  • [Day 197.2. Hillary's Hackers, Awan Brothers Saga Deepens, Part 2 - YouTube]
    • Seven I think.
    • Sorry about the mistaken date earlier.
    • There's a BP across the street. Closed.
    • I'm in 1927 Railroad Avenue, so I don't know if this is 1927 or not...[knock knock knock knock knock] 1927? {{ C&DTV on mailbox }}.
    • Supposed to be a rapidly growing business. Well-financed, helping this place Pakistani folks in America.
    • Well-financed, growing rapidly. Well, Awan Brothers United.
    • It looks like it's answering the door.
    • Going to knock one more time [knocks]. Awan Brothers United. 2017 Railroad Street Wilford Lane near Carnegie no answer
  • [Day 197.3 Hillary's Hackers, Awan Brothers Saga Deepens, Part 3 - YouTube]
    • Okay day 197 part 3 stuck in traffic in Pittsburgh --So no risk here
    • A lot of people want me to comment about the doctors the doctors that had their throats cut in Boston--if I know anything about that
    • I won't say anything, because I don't know anything about the case.
    • I know about Bill Weld, and the, you know, the FBI connection to organized crime, along with the CIA.
    • Boston was kind of their Ground Zero, with the Tsarnaev brothers, and before that.
    • There's been kill teams going back all the way to that can't think of his name Bulger slimy Bulger--whatever his name was--it's a long history with FBI corruption in in Boston. Whitey. Whitey bulger. And you can just google that.
    • A lot of the scams near cash, near money have been in in the Boston area, with the various forms of Bitcoin and these Pirate Bay kind of online drug schemes.
    • It all just seems to be in Boston.
    • But I'll comment on the Dr. killings.
    • If you have a legit pain clinic and the doctor field you know was definitely a legit guy. He trained at Harvard. He is from England. He was just a really first-rate pedigree.
    • A doctor any and they start a pain management clinic. People approach them and say hey, "you'd be perfect for this--you'd give us the reputation, and the kind of gravitas we need to start a pain management clinic," and they do.
    • That's the ones you usually target. If I'm a CIA guy, I don't go after second pedigree, I go after the first pedigree.
    • And I go after guys who are divorced, that are susceptible to beautiful young women.
    • They used to say in the CIA, "everything starts with a stripper."
    • I mean you know it's kind of like, "how do you make chicken cacciatore in the Hungarian cookbook? First you steal a chicken."
    • I'm sorry I didn't mean insult Hungarians, but you know the CIA cookbook was: first you get a stripper, and then that's how I get access, and then they start getting all the pillow secrets, and then you eventually start flying them around the world.
    • When you fly them to East Africa or West Africa in this case Guinea, you take them to a place, and you introduce some of these doctors, and these struggling villages, and you build this kind of sympathy toward whatever people, and then you say, "Well hey there's this pain clinic here, or there's this factory here, they're trying to get on their feet making synthetic drugs making generic drugs--here's the drug trial for it. Here's how great it is. And let's introduce this into the pain clinic, as a substitute for whatever the other drug is."
    • And at first the doctor's like, "I don't know, but then the sex is really great."
    • And then the doctor says, "I guess we could try it, and see how it goes."
    • Then he has his first couple of ODs, because the people had to double and triple the strength of their dosage.
    • And then they get cold feet.
    • The person who killed him--let's call him Bamp--he's from Guinea.
    • You don't have doctors with...you know Bamp had the key to their their condo, their penthouse condo, 11th floor condo.
    • So Bamp somehow gets into their condo, and slices their throats.
    • Now if remember if you're JTTF, you control the media. You control the local police.
    • You can tell the local police, "here's the statement you're going to make." You give it to them, you rehearse it with them three times, then they say it.
    • If you notice on all these things, the FBI guy's not too far behind, standing right over the right shoulder of the guy, to cut in if they make any false moves.
    • And here's where you you reuse that doctor.
    • You bring in a doctor from a foreign country. The sexy hot doctor, and you know you can say whatever you want.
    • You could say she was, you know, ground up in a in a meat grinder
    • Now I'm not saying this girl Dr. B is in that category, but I'm just saying if you want to run an operation--that's how you do it.
    • You don't kill off your Golden Goose: it keeps getting you new doctors in your pain clinics.
    • You just move them to different countries, and then you do it all over again change their name change your identity.
  • [197.4 Hillary's Hackers, Awan Brothers Saga Deepens, Part 4 - YouTube]
    • Ok day 195 here (no it's 197) in historic Deutschtown in Pittsburg
    • As you can see, there's kind of a large area here which is kind of a plaza which is nice
    • But this street has really beautiful brickwork all along this street, it's kind of a rejuvenated neighborhood.
    • Allegheny General--the hospital--is right down there, so it's Pittsburg's known for it's hip replacements because it has all these hills and older folks getting in and out of the driveways and so forth.
    • But I don't want to talk about that. I want to talk about the Military-Industrial-Complex--do you see the transition there.
    ANd the last person who challened you was Cynthia McKinney in 2004. She said, "hey what about this budget--what about this
    Then you got knocked out of Congress, then no one would want to challenge anybody. And that's what's happened
    has challenged the MIC. Cynthia Mckinney being the last person.
  • [197.5 Hillary's Hackers, Awan Brothers Saga Deepens, Part 5 - YouTube]
    • Okay here in Deuschtown Day 197 in Pittsburgh part five.
    • This isn't doesn't relate directly, but this is an awfully pretty street here on Ohio Street
    • 435 is where the post office is. General store and then farmer's daughter right here.
    • That style of brickwork is called Spanish or Mediterranean Revival.
    • The reason why I focused on Jeff Sessions and the Judicial Minister that he's meeting with today is: he's met with him twice before.
    • Once in February, once in March, and they've asked for his extradition twice.
    • Of course Erdrogan has the one of the largest intelligence office services in NATO, and if he starts putting Gulen on trial, lots of information will come out of it.
    • Just like the metadata for the emails it's going to be a treasure trove for investigators
    • And so that's why I focus so much on Gulen and his extradition
    • So that's the follow-up there, and we'll keep on the story we'll keep on all the stories keep generating metadata keep generating links because all those go into our big metadata project that we have with Maltego
submitted by 911bodysnatchers322 to TruthLeaks [link] [comments]

(({{{Bitcoin$Free}})) Best. Cryptocurrency. Trading. Platform.

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to usd,.,5,.,bitcoin,.,free,.,5,.,bitcoin,.,in euro,.,bitcoin,.,5 years,.,bitcoin,.,5 minutes,.,bitcoin,.,5 min,.,bitcoin,.,5 unlimited generator,.,bitcoin,.,666,.,bitcoin,.,6 months,.,bitcoin,.,6 confirmations,.,bitcoin,.,6 month chart,.,bitcoin,.,6000,.,bitcoin,.,60 minutes,.,bitcoin,.,6 confirmations time,.,bitcoin,.,6 month price,.,bitcoin,.,6 years ago,.,bitcoin,.,60 day chart,.,6,.,bitcoin,.,network confirmations,.,,.,
submitted by besterse to BestCryptoPlatform [link] [comments]

Anyone want a free cloud-hosted 10 GH/s bitcoin miner?

So I guess I can send invites to anyone's email, and if you make a new account at zenminers and complete the account tour (takes 30 seconds) you get a completely free 10 GH/s miner. Not a lot of power in the bitcoin mining world, but, hey, it's free!
First come, first serve. I believe I may have a limited supply of invites.
So, if you're interested, comment/PM me your email and I'll send an invite to you when I get home.
I think you could also sell the hashlet on the market for an easy $5-ish
Fine Print:
This is an email referral, not a link. I can't send non-referral emails. I guess I get something if you ever buy anything from their online store.
EDIT: Profitability calculator link: here. Not much but it's free.
EDIT2: AS OF THIS EDIT, EVERYONE WHO PM'D ME THEIR EMAIL HAS BEEN SENT AN INVITE
submitted by t1m1d to beermoney [link] [comments]

New to the Bitcoin. Have a few questions.

So after having heard about Bitcoins on-and-off for over a year, I finally decided to see what the all the hype was about. The currency look really interesting, especially how it can be generated, but because my Macbook Pro hardly has the potential for efficient Bitcoin mining, I did some research and found the ButterflyLabs 5 GH/s Bitcoin Minerfor $274 + shipping. However:
• There have been many discussions about horrible backlogs and wait-times on orders of any dedicated Bitcoin mining machine. How does this model compare? Will I be waiting months before it ships?
• I looked at some online calculators, and they said I should be able to have a net gain after about a month. Should market conditions be consistent enough to reach this timeframe?
• I like the idea of solo mining over pools. However, which is honestly better?
• Would Bitcoin mining on this hardware even be worthwhile? How skeptical should I be of Bitcoin mining in general?
Thanks in advance :)
submitted by TinyFearlessLeader to Bitcoin [link] [comments]

How to earn Bitcoin?

Overview - Table of Contents Introduction to Earning in Bitcoin Work for Bitcoin Sell for Bitcoin Affiliate Programs Gambling Bitcoin Mining Hardware Mining Cloud Mining Introduction to Earning in Bitcoin Bitcoin is the most popular digital currency in the world today. Bitcoin cloud mining is the fastest way to immediately begin earning bitcoins. Bitcoin is built using very complicated cryptographic principles, and supported by countless individuals and companies from all around the world. By early 2016, total Bitcoin market capitalization had crossed USD 7 Billion, making it almost as valuable as the GDP of a small country like Bahamas. All the other digital currencies together do not constitute even 20% of Bitcoin’s market capitalization, underlining the its dominance and importance in the world of digital currencies.
With such a huge amount of world’s capital available in the form of Bitcoins, the number and types of opportunities to earn in bitcoins are increasing by the day. In this article we will discuss such opportunities that help us earn bitcoins.
We will start with the easiest, or the one that is applicable for the maximum number of people, and then move to the tougher ones. In the end we will cover earning bitcoins by mining. Bitcoin mining is not an easy way to earn bitcoins, but we do have a number of easier ones we will discuss first. So lets start with ‘earning bitcoins by offering your services’
Work for Bitcoin Perhaps the easiest way to earn bitcoins is to work online or in real life for bitcoins. Because of the huge size of the bitcoin eco-system, a number of such opportunities and jobs are available. With Billions of dollars invested in Bitcoin by tens of thousands of people, there is a real market in Bitcoin, where you can find jobs for freelancers, software developers, writers, and others who get paid in bitcoins for their services.
Software development, writing, design, making websites or apps, audio transcription, are some of the most active types of jobs. You can easily discover the types of jobs by going over the more popular job boards for bitcoin related work. The following job boards or forums are some of the best places to look for such jobs or gigs.
Freelancing
XBTfreelancer Cryptogrind Bitlancerr Coinality Bitgigs Jobs4Bitcoins Rein Project Crypto Jobs List Market Places
OpenBazaar Purse.io Bitify /bitmarket 21 Market Video Streaming
Watchmybit Streamium.io Tasks
Bitasker BitforTip WillPayCoin File/Image Sharing
Supload.com SatoshiBox JoyStream Advertising
CoinAd A-ads Coinzilla.io Also, check BitcoinGames for ideas on earning bitcoin and blockchain game assets.
Sell for bitcoin You can also get Bitcoin by selling your old laptops, phones or other items for Bitcoins. Such types of transactions are happening more and more, and a lot of buyers are already buying anything from iPhones to even cars by paying with Bitcoins. For Americans, Craigslist.com is your best bet when you want to find such buyers. You can mention in your ad that you are willing to take payment in Bitcoin. This way if anyone wants to buy the item for you for Bitcoin, they can contact you and make an offer. The same principle applies to other online marketplaces such as gumtree for UK, kijiji for canda etc.
Affiliate Programs Affiliate programs allow a promoter of a business or product to earn money or bitcoins by refering new clients to such businesses or products. For example, amazon.com has a popular affiliate program, where you can earn commission ranging from 2% to 20% for refering clients to products listed on amazon.com. Amazon normally pays in dollars, but there are a number of other sites and businesses which pay you in bitcoin for acting as their affiliate.
Some of the more popular affiliate programs that pay out in Bitcoin are by the sites: cex.io, coinbase.com, okcoin.com and namecheap.com, among others. You can find a larger list of such affiliate programs on the bitcoin wiki page for Affiliates.
Gambling We do not recommend gambling for every player or every user; we find that gambling is only suitable for people who know how to win at it. However, if you are one of such lucky users who have some tricks up their sleeves, and can manage to win at games such as poker, then you will find that earning bitcoins is not that hard.
One of the many applications of bitcoin since the very beginning have been in betting games or gambling. Because of the relative anonymity of bitcoin, and the lower fees, it is very suitable for gambling related applications. Indeed, one such game, satoshiDICE, has been running since 2012, and has paid out a huge number of bitcoins in innumerable transactions to its winners. There are many such games, which you can find be googling.
If you want to gamble totally anonymously, you can play gambling or betting games that are available only on darknet or .onion sites. Such sites allow you to browse them anonymous by operating on the tor network, which is a secure network that allows users to browse .onion websites without exposing their own IP address.
Bitcoin Mining For each block that is added to the Bitcoin Blockchain, a number of bitcoins are rewarded to the creater of that block. This reward is currently, as of June 2016, 25 bitcoins per block, and it halves every four years. The next halving will be in July 2016. Creating or finding the new blocks, and therefore winning the reward of 25 bitcoins for each block you create, is called bitcoin mining. To do bitcoin mining successfully, you need very powerful computers, which compete with other computers to find the next block. The speed or power of computer that do bitcoin mining is calculated in hashes calculated per second.
There are two ways to do bitcoin mining: one is to own hardware or computers that do the mining, and second is to hire the hardware from a third party, usually online, and do the mining on the cloud. Let us discuss the advantages and disadvantages of both in next two sections.
Hardware Mining When you own the hardware that does the calculations and mining of bitcoins, its called hardware mining. Hardware mining is the more popular or prevalent of the two types of mining we mentioned. One of the biggest factors which comes into play when doing bitcoin mining using your own hardware is the price of electricity. If you pay top price for electricity, then bitcoin mining may not be your cup of tea. Another related factor is infrastructure needed to cool the hardware; since every cpu generates some amount of heat, you may need to cool the hardware in case they become too heated. No wonder that some of the most successful miners work from China, specially Tibet, where they can get cheap electricity, and their cooling costs are low due to high altitude which reduces the ambient temperature for them.
For a more in-depth information on how to setup your hardware mining equipment, have a look at the Antminer setup page.
Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:
AntMiner S7 AntMiner S7 Bitcoin Miner 4.73 Th/s 0.25 W/Gh 8.8 pounds Yes $479.95 AntMiner S7 Bitcoin Miner 0.1645
AntMiner S9 AntMiner S9 Bitcoin Miner 13.5 Th/s 0.098 W/Gh 8.1 pounds Yes $1,987.95 AntMiner S9 Bitcoin Miner 0.3603
Avalon6 Avalon6 Bitcoin Miner 3.5 Th/s 0.29 W/Gh 9.5 pounds No $499.95 Avalon6 Bitcoin Miner 0.1232 Cloud Mining There are a number of service providers that allow you to rent computational hardware from them, which can then be used to do bitcon mining. Some of these services are designed with bitcoin mining in mind, whereas others such as Amazon AWS are general purpose services that can also be used to do bitcoin mining.
Some of the cloud mining services which can be used to do bitcoin mining on the cloud are:
Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.
Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.
Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.
Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.
Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.
Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest's website. At the time of writing one Antminer S7's hash rate can be rented for $1,200.
Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.
NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.
Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.
MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.
Written by Bitcoin Mining on May 4, 2016.
submitted by mibmabus to u/mibmabus [link] [comments]

[uncensored-r/Bitcoin] TRUE or FALSE: It takes 1.75 *MILLION* dollars in computing power needed to mine 1 Bitcoin per day

The following post by babsamajabsma is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7lx3gi
The original post's content was as follows:
Hi all. I saw this on Quora but for some reason cannot link to it, so have copied it below. I would have preferred to point you to it online but hopefully the text below will suffice. Is this accurate?
Babs
--------
QUESTION:
How much computing power will be needed to mine 1 bitcoin per day or even half of it?
ANSWER:
To mine one whole bitcoin per day
Or even 1/2 of one per day….
In Bitcoin mining, there are at least 7–8 exahashes per second of computing power executing and growing continuously
That is :
7,000–8,000 petahashes
7 billion - 8 billion GH/second
The s9 ant miner cost about $7,000. And gets 14 TH/s or 14,000 gh/s
If we assume bitcoin mining consumes 7 billion GH per second (it is most likely 8, 7 just makes calculates into prettier numbers)
And each antminer offers 14 thousand GH per second
Or .0002% of the mining (.000002 x 100%)
And there are 2,000 bitcoin a day:
83.33_ every hour
1.388_ every minute
.02315 every second
You would get .004 BTC a day
For 7,000$
You would need 250 S9 antminers
For only 1 btc a day
250 x 7,000 = 1.75 million dollars
Or 875,000$ for half a bitcoin a day, based on hashing
You could still get more or less than the given amounts because it all comes down to chance with hashing.
You could also probably buy equipment that is more efficient with that type of money, the S9 antminer is just the most efficient consumer available mining hardware.
I don’t really like bitcoin all that much, this ridiculous computing is the biggest reason, you could power cities across the world with this energy…. And it’s used for bitcoin instead, the least efficient of all the cryptocurrencies in terms of scalability and transaction speed….
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

So I'm told my upgradable 50GH $1K ASIC clone order is complete

8/3/13 Update: Hey this post made the sidebar! Oh wait. That ain't good. Still no update from mfg. No tracking #. Site actually still shows my order as processing. If they prove skeptics wrong, I'll update it. newest TL; DR: Don't be "that guy." Don't order from ASX Project.
7/28/13: I admit I was feeling a bit uneasy about this Avalon clone ASIC miner order I made with ASX Project. The "resources" on Bitcoin Talk still sees this as a straight scam. I actually emailed the company a letter reminding them about karma due to a lack of progress/updates for the 2 days past their shipping date.
It was money I can afford to lose, but hell, who likes to lose money on a calculated gamble? To be honest I was about ready to write it off (and still willing to write off) with maybe a token complaint to a Shenzhen anti-corruption agency of some sort. I don't have a tracking # yet but man it'd be a helluva coup if a newbie like me can come online in the next week or two with 50GH out of left field. ETA? Will update as it progresses, I did ask for a tracking #.
Planning on immediately ordering 3 more modules to nearly triple my hash rate to 125GH if I see it running without too many errors/issues for 24 hours. 25Gh/s Modules sell for $300. FWIW: I'm so new my 1st ever mining equipment: a BFL Jally arrives Mon.
TL;DR: N00b takes a gamble on $1K 50GH/s Avalon ASIC clone ~2 weeks ago: allegedly shipping. It's still Caveat Emptor until someone has vid/photos of ASX Project miners in the wild
Text below:
Hi there. Your recent order on ASX Project has been completed. Your order details are shown below for your reference:
Order: #4XX
Product
Quantity
Price
ASX Bitcoin Mining System (25-125 GH/s) Assembly: No, Extra ASIC Module: +1 (50 GH/s System) 1 $999
Cart Subtotal: $999
Shipping: Free Shipping
Order Total: $999
submitted by DyslexicZombei to BitcoinMining [link] [comments]

VIRTACOIN MARKET CAPITALISATION CROSSES THE $ 400, 000 MARK.

VIRTACOIN MARKET CAPITALISATION CROSSES THE $400,000 MARK. By Divine Sewornu Dzokoto.
In the past few weeks, the price of virtacoin has shot to a new fresh height of $0.000036. This has sent its market capitalization to over $400, 000.
The market capitalisation of a cryptocurrency is calculated by multiplying the price of that cryptocurrency by its total number in circulation. At the time of writing, there were 11, 727, 534, 574 virtacoins available on the world market. In all, there will be 21billion virtacoins in circulation, not more not less.
One virtacoin, at the time of writing this piece was $0. 00003600. This has increased virtacoin market capitalisation to $407, 815.
In this write up, I would like to use the example of a young woman who bought 1000000vtas in June last year to illustrate how the value of VirtaCoin has appreciated. Last year in June Rachel bought 1million virtacoins for GHc 25.00. By current value one virtacoin is $0.000036. If you multiply $0.00003600 by 1000000vtas that gives a dollar value of $36. Now 36 dollars multiplied by GHc 4 totals GHc 144.00. (Even in some circles, digital currency is pegged at GH 5.00 to the dollar). This is almost 500% increase in value even when value is nowhere close to one American cent. Bitcoin, the mother coin of virtacoin is now $456 so there is a big room for virtacoin to increase in value from its current value of $0.00003600, it is only a matter of time.
If you recall that when virtacoin was launched in July 2014 the value was a paltry $0.00000002 then value started increasing. One can therefore see that the figure (2) at the extreme end has been moving towards the decimal point and is now only three steps to reach the one American cent mark.
It is still a good time to buy virtacoin if you don't have any. It is a good time to create, at least, an online wallet from www.zapit.nu/dj and stock that wallet with as many virtacoins as you can possibly get.
submitted by dzokot to VirtaCoin [link] [comments]

Gumtree and bitCoin :)

Basically I wanted to sell my ASIC miner on gumtree. but my Add kept removed from the site. so I have asked them why. here is a transcript of the chat :)
http://puu.sh/54I2b/20db0c8979.png
• Rossana P: Hello, you are chatting with Rossana, how can I help? Kindly provide your ad id or email address if you haven’t already provided these details on the pre-chat form.
• You: Hi there, i have question regarding my add which has been removed
• You: Ive checked the allowed items on your gumtree : http://gumtree.force.com/Help/articles/General_Information/Items-not-allowed-on-GumtreeYou: and cannot find anything regarding my product that i wanted to sell
• Rossana P: Let me take a look at that for youYou: yes please
• Rossana P: Your ad was removed as we do not allow bit coins and other online points to be sold. Therefore items that contain this are not allowed
• Rossana P: are you there?
• You: sorryYou: yes
• You: it is not bitcoin
• You: its a device which can be purchased from your sister website ebay.
• You: REf: http://www.ebay.co.uk/itm/Butterfly-Labs-BitForce-60-GH-s-BFL-ASIC-Miner-In-UK-/271306181008?pt=UK_Computing_Other_Computing_Networking&hash=item3f2b1bc990You: it is listed as computing and other computing hardware
• Rossana P: let me check for you
• You: sure!
• Rossana P: I have looked into this for you and as you can receive bitcoins with the device and we do not allow bitcoins, we cannot allow your item
• Rossana P: I apologise for any inconvenience caused
• You: This product does not explicitly receives bitcoin. it is a sha256 processor which designed to perform calculations. having said that it can be used for bitcoin calculations.
• You: you are allowing computer to be sold, bit coins can be gained from computers too
• Rossana P: Yes, however as it can be used for bit coins we do not allow it. I apologise for the inconvenience caused. We will gladly allow other ads posted by you however in this case we cannot
• You: may i know the difference between allowing computers and not allowing ASIC devices?
• You: just to inform you.. Mobile phones could be used to produce bit coins
• Rossana P: I can imagine that this can be frustrating to encounter however we cannot allow your ad. I will forward on your feedback
• You: You took the time to give me an answer for which I didn't questioned.
• You: Computers, mobile phones, graphic cards can be used to gain bitcoins.. why would you restrict ASIC devices only?
• Rossana P: these are our posting rules and as this devices can be used for bit coins we do not allow it.You:http://gumtree.force.com/Help/articles/General_Information/Items-not-allowed-on-GumtreeYou: is your restriction. could you please point me out where exactly i can find about this device?You: on your restriction list*
• Rossana P: The item is not named in the list however it can be related to virtual merchandise due to bit coins which we do not allow
• You: define merchandise.
• You: it has nothing to do with VIRTUAL merchandise
• You: it is an actual product which is capable of perform complex calculations. it can be used for mathematical purposes, educational purposes anything but calculations
• Rossana P: As advised these are our terms and conditions and we cannot allow you ad to go live as the item can be used for bit coins we do not allow. I apologise for any inconvenience caused and I can imagine that this can be frustrating , however this does not comply with our posting rules as advised by our policy review team, with whom I have consulted. for this reason I cannot advise you further or otherwise on the matter.You: would i be able to take legal action against you? because you haven't listed the item on your restriction list. And failing to give provide a correct statement.
• Rossana P: As advised we do not allow the ad as it can be used for bit coins which we do not allow. I cannot advise you further or otherwise on the matter, for that reason I will have to terminate this chat
And disconnected :D
submitted by xkrishx to Bitcoin [link] [comments]

Minershash free 800 GH/s mining power Clowerty.cc ! New Free Bitcoin Multi Coin Mining Site 2020  100 Gh/s Free Daily Mine 10$ Unlimited best Bitcoin earning and Bitcoin cloud mining site 2020 New Cloud Bitcoin Mining Website 2020 Join &1000 GH/S Bonuses Free Zero Investment Site Live Proof Free 100 GH/s, New free bitcoin mining site, Mine 0.00635 btc, New bitcoin mining site, KGF Miningg

Start your Bitcoin mining journey today. FREE 500 GH/s on first sign up ! REGISTER NOW. LOGIN. Antminer Z9 Mini 2000 GH/s Earnings : 0.00000700 Ƀ per day Antminer Z9 Mini 5000 GH/s Earnings : 0.00001833 Ƀ per day Antminer S9K 11500 GH/s Earnings : 0.00003833 Ƀ per day Antminer S9K 60000 GH/s How to use this HashPower calculator? To use this calculator just input your mining hardware hashing power and it will automatically convert to all other units. 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. Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners. Updated in 2020, the newest version of the Bitcoin profit calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. Bitcoin Calculator. The CoinDesk Bitcoin Calculator tool allows you to convert any amount to and from bitcoin (up to six decimal places) and your preferred world currencies, with conversion rates Algorithm: SHA-256: Block reward: 6.533: BTC: Block time ~: 631.0; sec. Circulating supply(mined) 18,414,931: Current difficulty: 15.785 T: Nethash: 107.441 E: H/s

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