5 Best USB Bitcoin Miners 2020 – Reviews & Buying Guide
5 Best USB Bitcoin Miners 2020 – Reviews & Buying Guide
Bitcoin mining as a job - can it be your full-time career
5 Best Bitcoin Mining Hardware ASIC Machines (2020 Rigs)
Mining Rig Rentals | Advanced Cryptocurrency Mining Community
Mining Machine And Bitcoin Mining Unit - Alibaba.com
Asicpower AP9-SHA256 Review
Asicpower AP9-SHA256 Review
Bitmain is regarded as one of the most influential companies in the ASIC mining industry. It is estimated that they have manufactured approximately 53% of all mining equipment.Without including their mining profits, that’s around $140 million dollars in sales. These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of PowerAsic’s asicpower AP9-SHA256.
About the asicpower AP9-SHA256
Designed with brand new technology and boasting 94 TH/s per miner, the AP(-SHA256 is the most powerful and efficient Bitcoin miner to date.PowerAsic claims they spent $12 million dollars on research, development, and prototypes.PowerAsic also noted that their miners take advantage of ASICBOOST, an exploit of Bitcoin’s algorithm which improves mining efficiency by 20%.An unusual approach separate Powerasic’s miner to the other manufactures is the implementation of copper heat-sink claimed to have a superior thermal conductivity 69% better than aluminium. Don’t take their words for it but confirm the facts are correct on widely well known and published science documents as this one.The first batch of miners were announced and made available for order in August of 2019, with start scheduled for shipment in September, 2019. Powerasic claims that the machines are around 40 percent more productive than the most proficient ASIC on the market, Bitmain’s Antminer S17.According to PowerAsic, they started a mining project with the aim to bring much needed competition to the market…We want to ‘make SHA256 great again.Sitting at the hefty price of $2,795.00, the powerasic AP9-SHA256 is far from affordable for the average person. Fortunately, due to the newly born rivalry between Bitmain and Powerasic, the price will probably lower with time and competition.The power supply for this unit is included and integrated in the top-box also including the controler card as a one unit. You will also get standard power cable, network cable, manual and software in the packet. In comparison to the price of the Antminer S17 , the Powerasic AP9-Sha256 is a better value.
The integrated PSU 3300W has a inputVoltage 220V 50Hz 30A. There are 2 fan 40mm., 1 fan 60mm to keep it cool and the power cable 3 legs following CEE 7 standard.Professional mining hardware runs optimally at 220-240V, hence why mining farms step down their own electricity supply to 220-240V. Note that 220V current is only found outside of the US – American outlets are 110V by default. Unless you want to hire an electrician, this could cause some people trouble adapt to the eficient and recomended 220V power needed, still 110V will get the job done, but they are not ideal for optimum mining performance.
Thanks to the powerasic AP9-HA256’s new 7nm generation of ASIC chips, the AP9-SHA256 has become the most electrically-efficient miner on the market.Consuming merely 30.J/TB, or 2860W from the wall, the 16T is 30% more electrically-efficient than the Antminer S17.
Powerasic ’s new ASIC technology is impressive. When compared to its closest competitor, the Antminer S17, the powerasic AP9-HA256 is the clear winner. It hashes at 94 TH/s, as opposed to the S17’s 56 TH/s. Moreover, the the AP9-HA256 consumes 30J/GH, whereas the S17 consumes 39-45J/TB.The difference in power consumption is miniscule, but when it comes to large-scale mining, the the AP9-HA256’s edge will drastically increase the profitability of a mining operation. This ASIC is profitable not only for mining on a large scale, but for the individual miner as well.Take a look at the projected mining profitability of a single miner:Note that is appears profitable even with high electricity costs ($0.1 per KW/h). With $0.05 / KW/h it’s even more profitable:📷Each powerasic AP9-HA256 will generate about $6,009 per year (calculated with 1 BTC=$10,141.5). Mining profitability may vary. You can usethis free profitability calculator to determine your projected earnings.
Is powerasic AP9-HA256 a Scam?
There is been a lot of talk on Twitter that powerasic AP9-HA256 is a scam. It appears it is not, as many users are already claiming to have received their miners.Slush, the creator ot Slush Mining Pool and the TREZOR hardware wallet, claims on Twitter that he has seen units and knows people who have had their miners delivered:
Verdict: Is The Antminer S17 Outdated?
When the first batch of Bitmain’s Antminer S17 ASICs reached the eager hands of miners, they were all the rage. The S17 was renowned as the most efficient ASIC miner on the market. Many used the S17 as the industry’s golden standard.Up until the launch of the powerasic AP9-HA256, it was the golden standard.But, now?Things have changed.Not only is the powerasic AP9-HA256 more powerful than its predecessor from Bitmain, but also more efficient, and therefore, more profitable.Ever since the announcement of the new ASIC, there was widespread speculation of its legitimacy – and rightly so.The Bitcoin community has been plagued with small, phony companies manipulating images of preexisting antminers as a ploy to hype up their fake products. Nevertheless, powerasic AP9-HA256 is taking things seriously, and their first batch of miners have lived up to expectations.The fact of the matter is, Bitmain’s most powerful and efficient antminer has been dethroned by the new reigning king of ASICs: The powerasic AP9-HA256.
Bitmain has dominated the ASIC market since its inception in 2013.There are a few other companies producing ASICs. However, before the creation of PowerAsics AP9-SHA256., Bitmain was the only company with a proven track record that sold efficient miners directly to the public.Powerasic AP9-HA256 has the potential to bring Bitmain’s monopoly to an end. Powerasic AP9-HA256 has a bright future ahead of them. Now that Bitmain has noteworthy competition, it will be interesting to see how it affects the market. The powerasic AP9-HA256 is the best option (for now) for anyone getting started with mining. Powerasic’s innovation should force other ASIC producers to innovate and force other companies to release new miners with better efficiency. So whether you’re buying a miner now or soon, you’re likely to benefit from the development of this new miner. For more, Visit Us: https://asicpower.net/product.php
Church Of Monero: Enough is enough - How the leader of the Church tried to fool the community to make look like the Church is organizing the Monero Konferenco and even adding his own Monero address on the flyer (166 points, 268 comments)
[URGENT]Call for translators! - We have two days to submit as many translations as possible for the next release of the GUI wallet! We need your help! (123 points, 46 comments)
Monero translators, we need you to make one final sprint! The code freeze is imminent. (112 points, 15 comments)
I tell a lot of people about Monero who don't know anything about crypto and they instantly get it. They ask me the same thing over and over, so why do people still use Bitcoin? (127 points, 119 comments)
How trustyworthy is the Cake wallet for iOS? (80 points, 43 comments)
Why don't other coin devs like talking about fungibility? They seem to shrug it off even though it's a necessary component to being a currency. (77 points, 85 comments)
What's going on? A non-partisan explanation of the ASIC softfork
In the past few days, there has been a lot of discussion about Bitmain's announcement of a Sia ASIC and the repercussions of that. It's led to a lot of debate about what Nebulous should do in response, who's right, who's wrong, what this means for Sia. Through all this discussion, I feel that the basic facts of what occurred have been obscured, so I'm trying to use this thread to summarize objective facts related to the new ASICs and the possible softfork to invalidate them. Disclaimer: This information is non-authoritative. It's my own understanding, and is subject to correction.
Nebulous is the company that develops Sia and employs all Sia developers.
Obelisk is a wholly-owned subsidiary of Nebulous. It manufactures ASIC miners for the Sia and Decred cryptocurrencies.
Bitmain is the largest ASIC manufacturer in the world. They have long produced Bitcoin ASICs, and recently announced that they are producing a Sia ASIC miner.
Halong Mining is a new ASIC mining manufacturer. They have not yet shipped any hardware, but recently announced that they are producing a Sia ASIC miner.
2017-06-23: taek42announces the formation of Nebulous' hardware manufacturing subsidiary, Obelisk, whose mission is to produce Sia ASIC miners.
Obelisk begins collecting batch one of pre-orders for the Obelisk SC1, a Sia ASIC miner.
As an incentive to pre-order early, Obelisk promises that they will not ship any SC1 units until at least 6 weeks after all batch one units have been shipped.
Obelisk becomes the first company ever to announce plans for a Sia ASIC miner.
2017-11-24: Obelisk's batch one sale ends with 3,598 SC1 units sold.
2017-12-30: Obelisk begins its batch two pre-sale of the Obelisk SC1, estimating a batch two shipping date of 2018-08-31.
2018-01-06: Obelisk announces a ship date for SC1 batch one buyers of 2018-06-30 or earlier.
2018-01-17: At 12:23am ET, Bitmain announces and immediately begins selling the Antminer A3, a Sia ASIC, promising shipping within 10 days.
This makes Bitmain the first Sia ASIC manufacturer to market, beating Obelisk by several months
A3 units sell out, but Bitmain does not reveal the total number sold
Community members note that Bitmain advertises the A3 as a "Blake2b miner" instead of a "Siacoin miner." This contrasts Bitmain's other mining products, which are advertised for a particular named cryptocurrency.
2018-01-17: taek42reveals that the SC1 has, "an extra feature... that would allow [Obelisk] to invalidate the Bitmain hardware without invalidating the SC1."
The mechanism would be a soft fork in the Sia blockchain consensus algorithm, which Nebulous controls, as they maintain the Sia code.
This revelation leads to heated controversy in the Sia community over whether this feature should exist and whether Nebulous should implement the soft fork.
2018-01-19: Discord member @toaster announces work on a separate hardfork from the existing Sia codebase and0ptim0s's softfork: "My fork is about implementing some different ideas in the codebase. The fact that Sia could migrate to Nick's codebase and thus rescue the current Obelisk situation and the fact that A3s could point at my fork and not be bricked would be opportune."
2018-01-19: On the Sia Discord channel, taek42states, "The Nebulous entity is not actively pursuing a fork, and I personally am not actively pursuing a fork. However, if a fork manifests from elsewhere with substantial traction, I am ready to put my weight behind it. And I believe the Nebulous entity would also put its weight behind the fork..."
2018-01-22: I_CAPE_RUNTS posts pictures of a Bitmain A3 in-hand and mining (unclear if their own machine or a repost of images found online).
2018-01-22: stulentsev points out that hashrate on SiaMining is rapidly increasing, suggesting ASICs joining the pool. 34% increase in hashrate since midnight 2018-01-22.
2018-01-23: Luxor publishes an open letter to Nebulous advocating a soft fork, signed by 89 community members, including most of the known third-party Sia code contributors and developers of platforms that build on top of Sia.
Nebulous merges the softfork code in and cuts a new Sia release (e.g. 1.3.2)
Crypto exchanges and mining pools upgrade to the latest Sia version
The softfork activates
Antminer A3s break, as they are no longer compatible with any mining pools
Who decides whether a soft fork is activated?
In his revelation about the potential for the ASIC-breaking soft fork, taek42 stated:
The community would need to choose to adopt a soft-fork (it's not something we could just magically activate, we have to change the hashing algorithm slightly)
It's unclear who is considered a member of "the community." Discord channel participants? Reddit participants? Code contributors? SC1 owners? A3 owners? Sia investors? taek42's comments suggest that "the community" is represented by the #contributors channel of the Sia Discord. When polled, 62% reported that they were "unhappy" with the Bitmain announcement. This leads us to a complicated chain of influence which I believe is as follows:
The exchanges ultimately decide the authoritative Siacoin blockchain
Nebulous tells the exchanges which software to run because they're the only dev team maintaining Sia software
The #contributors channel of the Sia Discord influences Nebulous' decision to softfork
I think it's basically taek42's call, but he's resistant to acting unilaterally and is looking for strong consensus among Sia contributors.
Could the fork give rise to a new coin?
Possibly. It requires a dev team willing to support the non-Nebulous fork and get the new coin listed on exchanges. slowtoaster has announced plans to fork Sia into a new coin that maintains compatibility with Antminer A3:
My fork is about implementing some different ideas in the codebase. The fact that Sia could migrate to Nick's codebase and thus rescue the current Obelisk situation and the fact that A3s could point at my fork and not be bricked would be opportune. ... There are currently two of us working on it. We have plans to hire a team and handle the exchange funding issues.
Note that forming a full-time dev team and getting listed on major exchanges is a substantial endeavor, requiring significant blockchain expertise and financial resources. I don't know slowtoaster's track record or if there even is a track record to know, so it's unclear to me how likely this new coin is.
Would a softfork break all non-Obelisk ASICs or just the Bitmain Antminer A3s?
The extra circuit on the SC1 was added to give the network the ability to block certain ASICs without being forced to block every ASIC.
Can these ASIC-breaking softforks occur regularly or is this a one-time event?
Unclear. If you have evidence that answers this question, please respond below.
If you have questions, add them below and I will try to answer them here or in a self-reply. Remember that we are discussing evidence-based facts not opinions, strategy, or morality. Thanks to muunshot for providing additional details!
https://preview.redd.it/hixbz9f3lxm31.jpg?width=1200&format=pjpg&auto=webp&s=43896de84a3693d840c84057c0314af71718f0a3 What is Zcoin? Zcoin, also referred to as XZC or Zerocoin, is an open source decentralized cryptocurrency that provides privacy and anonymity for its users when making transactions. To achieve its privacy and anonymity, Zcoin uses zero-knowledge proofs via the Zerocoin protocol, which is at this moment in time one of the most cited cryptography papers. According to Wikipedia, in cryptography, a zero-knowledge proof or zero-knowledge protocol is a method in which one party proves to another party (the verifier) that a given statement is actually true. In other words, in a transaction with Bitcoin or Ethereum or something similar, your transaction history is always linked to your coins by default, leaving you vulnerable. All it takes is one link to your personal information or IP to find out the origin of the coins. However, when you trade with Zcoin’s Zercoin feature, your transaction history is not linked to the actual coins. Only the receiver and sender know that the funds have actually been exchanged.
How Does Zcoin Work?
Zcoin works on the Zerocoin protocol by enforcing Zero-knowledge proofs. Here are the components of Zcoin to explain how it works. Mint: When sending a private transaction with Zcoin, all you need to do is select the number of coins you want to mint. Post that your normal Zcoin balance would reduce automatically and you will be credited with new coins and no transaction history. In essence, your old coins are burned cryptographically, which prevents anyone else from using them again and being directed to your transaction history. You get credited with new coins with no history, while the total supply is maintained. For now, you can only mint in denominations of 1, 10, 25, 50 and 100. If you choose ‘100’ coins to be minted, for instance, you will instantly be credited with 100 new Zcoins with no history attached to them.
Spend: When you want to make a private transaction, you will be required to use these ‘100’ newly minted coins. From this pool of funds, you can now send any amount in any denomination to anyone anonymously because no history is attached to it.
Repeat: You can ‘mint’ and ‘send’ Zcoins any number of times at anytime with your privacy intact.
Zcoin seeks to improve things that Bitcoin hasn’t been able to so far, some of which include fungibility, privacy and miner’s centralization. Users of Zcoin can enjoy full fungibility and privacy along with demolishing miner’s centralization by implementing a better proof of work algorithm called MTP. Total Zcoin supply Only 21 million units of Zcoin will ever be produced. Currently, there are about 3.4 million units in circulation, with the rest yet to be mined. But the total supply has increased by 388450 XZC units after a Zcoin code bug, which the team refused to roll back due to economic reasons, which is why the total supply stands at approximately 21.4 million. Every 10 minutes, a Zcoin block is mined and 50 coins are generated, making 72,000 Zcoins per day. Market cap of Zcoin According to CoinMarketCap, the total circulating supply of Zcoin is 5,757,841 XZC and the current unit price is $9.6. That makes the market cap approximately $55 million*.* https://preview.redd.it/qw2igvupoxm31.png?width=1080&format=png&auto=webp&s=cfaa195d5d75ba8f20e5894d0351b2eabf76825a
How To Buy Zcoin Cryptocurrency
If you are looking to get some Zcoin, here is a list of resources where it can be bought from.
Atomars – Supported pairs are XZC/BTC, XZC/ETH, XZC/USDT
Binance - Supported pairs are XZC/BTC, XZC/ETH, XZC/BNB
Note: At the moment, buying XZC in fiat currencies such as USD, EUR, or GBP is quite difficult. https://preview.redd.it/rrwao97woxm31.png?width=1460&format=png&auto=webp&s=442bf152f86a63300c5c4a029bb07369a69e6f70 Zcash: Zcash is a decentralized and open-source peer-to-peer cryptocurrency that provides strong privacy protections. It was created as a fork of Bitcoin and, like bitcoin, it also has a hard limit of 21 million coins. Unlike bitcoin, however, Zcash offers total privacy for its users maintaining the absolute anonymity behind each transaction along with the parties and the amounts involved in it. PIVX: PIVX, which stands for Private Instant Verified Transaction, is an open-source, decentralized form of digital online money that uses blockchain technology. This makes it easy to transfer all around the world in an instant with low transaction fees with market leading security & privacy. PIVX focuses on privacy, security, anonymity, and instant transactions. Monero: Monero is a fast, private, secure and untraceable digital currency system that uses a special kind of cryptography to keep all its transactions 100% unlinkable and untraceable. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity. Some Zcoin misconceptions There are some misconceptions regarding Zcoin:
Some believe that, since Zcoin has a trusted setup that allows indefinite minting of coins, it is not safe. This is untrue. Of course, to start with they had to use a trusted setup because they have an auditable total coin supply that prevents any form of cheating. This downside however, is being taken care of by removing this trusted setup in the near future and when that happens, Zcoin will be one of the serious coins to count on for privacy.
Zcoin has been considered as Zcash’s fork but that is also not true because Zcash is based on the Zerocash protocol whereas Zcoin was started from scratch by applying Zerocoin tech.
Now that some of the Zcoin’s misconceptions have been cleared, here’s a look into its future.
Zcoin’s Future & Roadmap
Zcoin’s future is quite promising and worth watching based on these interesting milestones on their roadmap:
Zcoin is the first coin to implement MTP proof of work, which makes it possible for general masses to mine Zcoin with GPUs and CPUs. MTP doesn’t allow costly ASIC-like miners to mine XZC coins.
Zcoin is also implementing Znodes to make their cryptocurrency more decentralized and anonymous. These Znodes will be like masternodes and facilitate anonymous transactions as making an anonymous transaction single-handedly is quite computational.
Znodes will be incentivized by reducing some portion of the founder’s reward. Also, the surplus funds that get generated from the founder’s reward reduction would be used for hiring new developers and increased marketing efforts.
Another agenda on their roadmap is to bring inbuilt Tor or some IP obfuscation mechanism that will make it completely anonymous.
Apart from these, some innovative and exciting things like sigma protocol, decentralized anonymous voting and Zcoin Labs are on their roadmap, making this project worth checking out.
Last but not least, its recent price is a good indicator of its healthy market sentiment and shows that there are people who understand this project’s worth. Just to put things into perspective – a unit of Zcoin was priced $2 in March 2017 and now it is $37*.*
Zcoin Team & Progress
Zerocoin is a cryptocurrency proposed by professor Matthew D. Green, a professor of Johns Hopkins University, and graduate students Ian Miers and Christina Garman. It was proposed as an extension to the Bitcoin protocol that would add true cryptographic anonymity to Bitcoin transactions. Zerocoin was first implemented into a fully functional cryptocurrency and released to the public by Poramin Insom, the lead developer, as Zcoin in September 2016. Some of the notable dev members of the team are listed below. Poramin Insom Founder and Core Developer Poramin Insom created what was the world's 4th most valuable cryptocurrency in February 2014. He is also the world's first person to implement stealth addresses in QT-Wallets, improving cryptocurrency anonymity. He earned a master’s degree in Information Security from Johns Hopkins University, where he wrote a paper on a proposed practical implementation of the Zerocoin protocol. Alexander N. Developer Alexander N. aka Aizensou is a full-stack developer who has experience in many programming languages (C++, C#, Python, Perl, Java etc.) and has been involved in the cryptocurrency space since 2013. He has a broad development portfolio from low level APIs in Python and C++ to Android native applications in Java. In addition to his involvement in cryptocurrencies, Alexander was doing his P.h.D. in machine learning at a German university from 2012 to 2016. Saran Siriphantnon Developer Saran Siriphantnon is the CTO of Satang.co/Satoshift, a fintech company focusing on creating an open financial system for Southeast Asia. He served as President of the Computer System Administrator Group at King Mongkut's Institute of Technology Ladkrabang. Tadhg Riordan Solidity Developer Tadhg Riordan is a 24 year old Software Developer from Wexford, Ireland. He recently completed his MSc from Trinity College Dublin, where he worked with Blockchain privacy mechanisms, focusing particularly on Zero-Knowledge Proofs and the Ethereum platform. He is a strong advocate for the adoption of cryptocurrency and for complete financial privacy. Apart from these, their team comprises of other developers, community managers, support personnel and advisors who maintain the required balance.
Aram Jivanyan (Cryptography Advisor): Co-Founder at Skycryptor & KMSchai Torphop Korgtadam (It Security Consultant): Senior Vice President, Head Of Internal Audit Strategy, Innovation and Decision Science at United Overseas Bank Limited Alexander N. aka Aizensou (Advisor)
Unique/Key Features Against Its Competitors:
Anonymous transactions. The project establishes a notably higher level of anonymity and seeks to bypass current analysis techniques which governments use to reveal the identity of users.
Not subject to transaction graph analysis. Zcoin has an anonymity set that encompasses all minted coins in a particular RSA accumulator that can scale to many thousands.
Innovative process. Tokens are burned cryptographically and replaced with new coins without a transaction history. This actively prevents anyone else from using the tokens again and stops the public from being directed to a user's transaction history.
Transparency focused. Zcoin's main advantage is its auditable money supply.
Our blog has a longer post on the subject, but the ultimate answer is that GPU mining is very insecure. For the vast majority of GPU mined coins out there (including Sia), it is the case that there are multiple, if not many, individuals who operate enough GPUs to execute a 51% attack against the coin all by themselves. There are some very large Ethereum GPU farms out there, and they are a threat to all small GPU-mined coins. (our market cap is a factor of 50 smaller than Ethereum - we are a small coin). And it's not just Ethereum farms to be afraid of, there are massive GPU farms dedicated to machine learning as well, and other big-data related use cases. All of those are potential sources for a 51% attack. Even worse, if the price of the coin tanks following such an attack, the attacker has nothing to lose, because the core purpose of their hardware is unrelated to Sia, and unaffected by a change in price. Though it sounds terrible and unintuitive, a single centralized entity running ASICs would be a much more secure situation than this. Because with a single central ASIC entity, you get two huge advantages:
There's only 1 entity capable of performing a 51% attack. This is much better than having multiple entities that are each individually capable of performing a 51% attack.
If the price of the coin falls, the entity that has all of the hardware loses a lot of money. That hardware isn't good for anything besides Sia mining, so that entity is quite invested in propping up the siacoin price.
We chose ASICs over GPUs because even the worst case scenario is more secure and better for the coin than the situation with GPU mining. But we also did not want a single entity owning and operating all of the ASICs. That's when we realized, if we were ASIC manufacturers ourselves, we could guarantee that at least one entity is selling chips to the larger community. The unfortunate fact is that either way, there is going to be a small number of chip manufacturers who have the power to sell chips to the community. Even so, this is a better situation than what you get with GPU mining. We are making ASICs so that we can guarantee the first batch of ASICs will make it to the Sia community. Without that, we have no idea if the first batch of ASICs will be sold to the public or hoarded by some greedy investors who were able to pay the full price of manufacturing up-front.
Why are you doing the presale so early?
We, put simply, don't have enough cash even to do the early development of the chips. We need financing to pay for chip development. Traditionally, we would find some private investors, have them front some millions, and in return promise them a very good deal on some hardware. The private investors would get the first stab at buying ASICs, they'd get a huge chunk, and they'd get them at an exclusive deal for taking on the risk early. We actually had private investors come forward offering this to us, with enough money to fund the full development and manufacture of the first batch of chips - this isn't a hypothetical, it's a real offer that the Sia team received. This didn't seem fair to us. When we finally did get to the point where the miners were ready to be sold to the community, we would have to offer the community a worse deal. Less risky, but ultimately it would mean that the community was excluded from the opportunity of participating early, and the result is a huge chunk of the chips going to some private investors. Such a situation is still better than GPU mining, but it didn't seem like the best that we could do. We felt that we could do better by opening the early presale to everyone.
Why not accept credit cards?
Payment processors are not friendly to Bitcoin products. We contacted Stripe and were told point-blank that they would not process payments for cryptocurrency miners. We appreciate everyone who pointed us towards Stripe as a bitcoin-friendly company, but they gave us a direct no. Paypal has a long history of freezing merchant accounts with little warning, and when they do so they freeze your existing money in addition to freezing incoming payments - we would be unable to pay our bills if Paypal did this to us, and it would unquestionably cause delays. Visa and MasterCard are not much better in terms of track record. Losing access to our accounts would unquestionably cause delays. ASIC hardware is already well known to suffer from serious delays, and we need to limit our exposure to delays. We are in an industry that is unfortunately fraught with fraud. With revenue-generated devices such as miners, criminals are much more likely to try to target these devices as a way to cash in on stolen credit cards, stolen identities, hacked bank accounts, etc. The fraud rates are staggering, and as a result most payment processors outright refuse to deal with it. We are aware that Bitmain is partnered with Paypal, though we don't know the details behind how that came to be.
Why not accept Siacoin?
This was a harder decision. We could quite easily choose to accept siacoin, however we fear that Siacoin is not ready to handle such a massive presale. The market cap and daily volume of Bitcoin is a factor of 100 times as large as the Siacoin market cap and volume. Moving millions or tens of millions of dollars through Bitcoin is not likely to make much of a dent. Siacoin on the other hand, a sudden sell order for millions of dollars would likely tank the price. That not only means the ecosystem is unhappy with us, it also means that we might only be able to sell $2499 of siacoin for $2200. A lot of people have accused us of not having confidence in our own coin. Unfortunately, this is true. Even at a $500 million market cap, Sia is not ready to handle a presale of this size. It's a pragmatic decision based on the fact that we don't want to dump our own coin. We know that people will be selling siacoin to buy the miners anyway, but we still feel that this situation is much better than us accepting siacoin directly. This decision was a disappointment for us as well. We would love to accept siacoin, and if we weren't talking about processing millions of dollars in a single day, we absolutely would be accepting siacoin. And, as Sia continues growing up, the concerns above will become less and less.
What about this 5% gains/losses stuff?
Our intention was never to play fishy financial games with our users, and honestly this isn't even something that crossed our minds as a potential problem point. I think a big part of the issue was that people did not realize we will be converting to US dollars as fast as possible - we will be doing the conversion in minutes or hours as long as we can keep up with the order volume. The rationale is very simple. If the price plummets before we are able to convert the Bitcoin, we won't have enough money to create the hardware. We really don't expect this to matter, because we don't expect the price to swing by more than $100 (which is what would be required) in the few hours that we're going to be sitting on the BTC. If it does, we'll need more coins or we can't produce the hardware - our costs are in dollars, which means we need to end up with the right amount of dollars in our account at the end of the day. The original stance on not returning gains was also very simple. There's no transparency into when we sell the coins. If we sell the coins within 60 minutes of receiving them, and then 4 hours later there's a huge surge in the price, we will almost certainly have users emailing us and posting about how we owe them a refund. We won't have that refund, because we'll have sold the coins before the price rise. There's not much we can do to provide transparency into this either. And we're likely to get requests for refunds even if it takes 3 months for Bitcoin to rise by 5%. This promise of returning gains that we've put forward is going to be a massive headache, because we're not expecting to have any gains, even if the price goes up by that much we'll have likely converted to USD faster than that. Our whole goal is to convert to USD as fast as possible. We're sorry that we have to go through this headache at all. If we could get set up with a processor like Stripe, we could accept both Bitcoin and USD and let them deal with the conversion process, slippage risk, and all the other headache associated with using multiple currencies.
Why shipping a full 12 months away?
Before we set out to make Sia miners, we did a study of companies who had previously sold and pre-sold Bitcoin miners. This included talking to both Avalon and Butterfly Labs, and talking to professionals and advisors who have shipped hardware successfully in other industries. The core piece of advice we got was pretty consistent: expect delays. Expect lots of delays, and expect them to come from the most absurd setbacks. (Example: one of the people we talked to had to delay their product because there was a global shortage of power supplies, and they had to wait in line behind billion dollar companies to get some). Our projections indicate that if all goes well, we should be able to ship the miners in 6-8 months. Nothing we are doing is new. Plenty of companies have gone through the process of developing a chip, manufacturing it, putting it in a box, and then shipping it to users. There is almost no innovation risk here. Sia's PoW algorithm is deliberately very ASIC friendly, even more than Bitcoin. We have advisors who have gone through this process before, and the types of challenges facing us are well known. 6-8 months is reasonable, except that every single person we've talked to has told us that unexpected delays is a guarantee, and that by nature of being unexpected, there's not really any way to prevent them by planning around them. Delays are just inherent to shipping hardware. So we chose to set our target at 12 months. We will ship the miners as soon as they are ready. If we are a few months ahead of schedule, and have somehow managed to avoid the foretold delays, we will ship them months ahead of schedule. But we want our users to have a realistic understanding of the expected delays. We've baked a generous amount of time for setbacks into our shipping date. We'll almost certainly need at least some of it.
Making chips is very expensive. We have to sell thousands of units to cover the cost of the chips. A nontrivial percentage of the price is going to go towards chassis, shipping, power supply, control board, fans, etc. Those costs are relatively the same even if we put in fewer chips, which means the total percentage of our budget going towards chips drops significantly. If we cut the price in half, we'll have to sell roughly three times as many units to break even on the cost of the chips. If we cut the price in half again, we'd need to sell a completely unreasonable number of units to break even on the cost of the chips. It's unfortunate, but the fixed costs of chip manufacture means that we really need vast majority of the price of the unit to be spent on chips, otherwise we simply won't be able to sell enough units. There is a second reason as well. As stated in the section above, the industry is plagued by delays an unexpected expenses. We need a healthy budget to plan around potential setbacks, because we've been guaranteed that there will be multiple significant setbacks by those who have gone through this process before. If we bring down the price of the unit, we will also be reducing the amount of wiggle room we have for disaster if suddenly we have to replace parts, re-do designs, or otherwise perform expensive adjustments to our plans.
Are you guys qualified to be working on hardware?
Zach is a mechanical engineer, I've been in the Bitcoin space since before ASICs started shipping, and we have advisors who have successfully shipped hardware before. The team that is designing the chips for the miner has designed chips and shipped chips for Bitcoin miners previously - they are familiar with the whole process, and have done it before. The people in charge of designing the PCB board and other aspects of the miner are also all experienced with their respective tasks. We will be facilitating frequent and strong communications between everyone working on the various components of the miner. The ultimate answer is that the Sia development team is not qualified to be making this type of hardware. However, the Sia development team is not the team working on the hardware. Most of the heavy lifting is being performed by teams with lots of experience in this industry, including experience that is directly related to cryptocurrency miners. What we are doing is not new. Dozens of cryptocurrency miners have been created and shipped in the past, and we are not starting from day zero. We have many advantages over the previous rounds of pre-sale cryptocurrency miners, but the biggest is that it's no longer the wild west of hardware design. There is a standard, and there are tried-and-true methods for making reliable cryptocurrency miners. We get to fall back on the mistakes and successes of the many miners that have been built previously, and we will be leaning heavily on teams and people that have direct experience in this field as opposed to doing everything ourselves.
Does this mean that Sia is getting less attention from the developers?
Sia right now has four full time employees. Myself, Zach, Luke, and Johnathan. Zach was hired in June 2017, less than one month ago. He is not a programmer. Luke and Johnathan will continue with the same responsibilities that they've always had. They helped out a little bit in setting up the website, and in setting up a secure database to process orders + payment information, however the majority of their time has been focused on Sia even as we set up this presale. Going forward, they will be almost entirely uninvolved in Obelisk. I have had to allocate about 25% of my time to Obelisk. Slightly more this week, due to the PR meltdown we had from the initial announcement. But most of my time is still going towards Sia. Most people know I work over 100 hours per week (some weeks will eclipse 120), and that a quarter of my time is not a small amount. Zach is closer to 50% Sia, 50% Obelisk at this point. We're expecting that to tone down once the presale is over - much of this time has been spent with banks, with lawyers, with payment processors, and we won't have to do that beyond the initial setup phase. Zach and myself will still be having weekly conversations with every part of the Obelisk supply chain, including the chip designers, chip manufacturers, control board designers, the miner assembly teams, and the fulfillment centers, so even after the presale there will be effort going towards Obelisk. But nobody on the Sia team is doing chip design, nobody is doing control board design, most of the really heavy work is being done by experienced teams and suppliers that we've found and already spent weeks vetting and verifying. We incorporated Obelisk as a separate company precisely so that Obelisk would eventually have a completely separate team. And finally, as Obelisk is wholly owned by Nebulous, a successful hardware company does mean revenue and income for the Sia team. Cryptocurrency mining tends to be low margin, so tens of millions in revenue for Obelisk does not necessarily millions in funding for the Sia team. But it is something, and it will give us more time to get the storage platform to the next levels of maturity.
I know that a lot of you are concerned about the miner presale that we are conducting. I hope that this post has helped to alleviate those concerns. I hope it makes sense why we are doing a public presale, instead of seeking private investment until we have a full prototype. I hope this post has clarified our decisions around payment methods, and around our price point. I hope you feel more confident that this is something we will be able to pull off. And finally, I hope I've reassured you guys that Sia is still our primary focus, and that we haven't suddenly pivoted into being a hardware company. We are ultimately doing this to provide better security to the Sia network. GPU mined coins are frighteningly insecure, and Sia is now large enough where there is serious money on the line. We are doing this to gain security, and also to ensure as much decentralization as possible when it comes to chip manufacture. We are typically viewed as one of the most reputable teams in cryptocurrency, and I know it's why a lot of you are here. We hope that the Sia ASIC that we are going to be manufacturing and selling strengthens this reputation, but ultimately we will not find out until the miners are actually being shipped. We continue to be excited about this new product. We truly do feel that ASICs are the right direction for Sia, and we also feel that we are doing the right thing by bringing the opportunity to own a Sia ASIC to the broader Sia community. We are sorry for the fallout from our sloppy original announcement, and we hope that we have since made up for it. Finally, we hope that you are interested in buying a miner. Even if we only sell a small batch, ASICs are going to utterly dominate the hashrate of Sia going forward. This is an egalitarian sale where everyone has equal opportunity to buy a miner - there's no cap, and we will ensure that small buyers are not shut out by larger buyers in any way.
Of Wolves and Weasels - Day 360 - Special Edition: On Paycoin / Shibe Saturday #3
Hey all, GoodShibe here! Today is Shibe Saturday! However I feel that today's regularly scheduled Shibe Saturday post needs to be set aside for a bit of a breakdown on the current Paycoin situation that's unfolding. If you're here for Shibe Saturday, please pop to the end of this post for a list of all the fantastic merchants that we have available to us plus you can use our new Dogecoin Prize List (beta) to help you figure out what you can buy with the DOGE that you have! :D) On Paycoin: One of the good things about having experience is the ability to recognize patterns as they emerge. The more experience you have, the quicker you tend to notice when things are going sideways before they go sideways. Quiet signs that others might not yet notice will ping off of your peripheral. Red flags go up quicker. Sometimes you end up being wrong, sure. But the thing is that at the end of the day, you're paying attention. You're watching. You're ready. As the FoundeCreator of the Dogecoin Defense Force (/DogecoinDefenseForce) I used to see all sorts of people buying GAW-brand miners and such. Heck, GAW had quite a bit of good standing across multiple crypto-communities back in the day when they used to sell actual physical miners that would rest in your home. Here's an article from back when GAW partnered with Zeus back in May-ish of last year. Zeus Miners Hosting Deal With GAWMiners Brings A New Manufacturer To The World Market But here's the thing: You're creating a machine that literally prints money. And once you realize that, well... First came the multiple waves of 'better' and 'better' miners. They'd sell one generation of miners then start selling the next gen within months, while selling the 'last' gen at deep discounts. The newer machines with easier access to hashpower were pushing up the difficulty, making it harder for those who'd had the earlier generations to make even a fraction of their money back. People who'd just bought the 'last' gen, months earlier, found themselves in an arms race to keep up. And the star started to fall. Then came the idea of 'hosted miners'. You could buy the physical miner, they would hold it for you, pay the electricity and you'd get the coins (for a small fee). At first you could actually write to them and get them to send you the miner, if you wanted. Then you couldn't. You were also stuck mining wherever they wanted to mine. If you wanted to mine some other altcoin or whatnot, tough luck. You got the coins they gave you and then you had to swap them out for the coin you wanted. Then came 'Hashlets'. You bought a tiny slice of the pie. Pay X number of dollars, get X number of 'Hashlets'... only there was no actual physical 'end' to the number of Hashlets that there could be. So if you'd gone crazy and bought a share equal to 1% of the total number of available Hashlets, over time, as they added more power, etc to the network, your 'share' decreased. Add in a 'maintenance fee' that just happened to end up soaking up whatever little money you were actually making, and, well, you come to the harsh realization that you've just paid them to build a mining network off of your back. Sure, you still 'owned' the hashlets, but only in name. You'd never, ever see any money from them. Heck, you can't even buy physical miners from them anymore (outside of one bitcoin Rocketbox and used bundles of incredibly outdated Gridseeds). Now it's just all-Hashlets, all the time. And why wouldn't they? Selling virtual, always shrinking, slices of a server farm is way, way more profitable for them than selling hardware. But is it profitable for you? Feel free to ask around, to talk to any number of the home-based miners who've been burned over the last year. So, then comes talk of Hashcoin... then Paycoin and all these pie-in-the-sky claims. I can go into detail but this /Bitcoin post sums it all up rather nicely: GAW Miners - Liars, Frauds - A brief recap of what we know. And all along the way, people who know have been trying to say 'stay away' and 'be careful' - because these aren't the actions of a company with your best interests at heart. So, what's different about Paycoin, why do people seem so much more 'up at arms' than they were before? Because people appear to be buying in, en masse... and they appear to be getting hurt already. Claims of users being banned just for asking pointed questions and claims of lack of transparency and frustration from those who bought in based on promises that Josh had made. What's worse, it seems like those who are actively defending Paycoin are acting like this thing is all being overblown. And maybe it would be... if not for all of the shady stuff in the past that I'd just listed (let alone all the stuff I'm sure I'm forgetting). At the end of the day, coins like Paycoin damage the entire credibility of the Crypto-sphere and help re-enforce negative views of all cryptocurrencies. The people burned here, in this fire, will not be coming back - moreso, they will be out there telling everyone they know to stay away from all cryptos. This is another reason why so many Crypto-communities are standing together. They've seen this coming, they've warned people away -- and now that this thing seems to be catching fire and blowing up, they're trying to protect others from hopping into the flames with those already engulfed. It's sad to say but the history here, all the things that came before Paycoin, has lead me to believe that what we're seeing is a company run amok, high on waves of endless greed - and, unfortunately, a whole lot of pissed off/frightened/angry investors who are caught in the middle. Stay safe out there, my friends! Shibe Saturday! Only have a bit of Dogecoin? Use our Dogecoin Prize List (Beta) to figure out what you can buy with the DOGEs that you have! Great businesses to spend your Dogecoins on this Shibe Saturday!
Coinplay.io sells Steam keys for cool Indie videogames for Dogecoin!
Dogetunes.net offers a vast array of Music for sale by Shibes for Dogecoin!
We also have the 'Hire a Shibe' wiki! (Shibes hiring Shibes to work for Dogecoin!) and Dogerr.com which also allows Shibes to post their skills/abilities and get paid in Dogecoin! It's 8:55AM EST and we've found 97.25% of our first 100 Billion DOGEs -- only 2.75% remains until we hit our soft cap! Our Global Hashrate is up slightly from ~1270 to ~1280 Gigahashes per second and our Difficulty is down slightly from ~20232 to ~19363. As always, I appreciate your support! GoodShibe
Taken directly from their site.... BITCLUB NEWS Quick Summary, New Upgrades, and Big Updates... Date: April 25th Included in this update... Quick Summary of last 6 months BCN Support & Legal Updates New Invoicing System (BTC, BCH and ETH) ClubCoin Update Mining Power Update - Large Credit Debit Cards in Testing Mining Earnings and Wallet Balances GPU Shares Transaction History for Deposits Scheduled Updates Quick Summary of last 6 months Right now is a crazy time to be involved in this space! Bitcoin and the entire digital currency market is going mainstream right in front of our eyes and the opportunities are plentiful. Many of you reading this have been fortunate enough to find Bitcoin early and maybe you joined this opportunity 1, 2, or even 4 years ago when we first started mining Bitcoin. If you are among the early adopters then it's likely you are holding a small fortune made up of many different digital currencies (BTC, BCH, ETH, ETC, ZEC, XMR and even CLUB). If you are brand new to BitClub then your journey is about to begin and we are excited to help you make the next few years just as lucrative as the first ones. But either way if you are newbie or a long time member of BitClub we want you to know that our vision goes way beyond mining as we plan to add more value and more features in the next 90 days than we have in the previous 2 years. Some people think it's too late because they missed the initial rise of Bitcoin and the opportunity is over to cash in, but these people are dead wrong! It is still very early in Phase 1 of this digital currency revolution and we believe the next phase is where the real money will be made. Just think about it, every major industry and government organization will soon be affected by crypto and blockchain in some shape or form. We will see huge competition for market share on services like wallets, exchanges, and newly mined blocks :) Right now BitClub has a huge advantage over companies fighting for market this share... That advantage is YOU! We have built an army of distributors around the world and many members of BitClub are becoming some of the largest crypto currency holders in the world. Our network is full of early adopters and with millions of members now enrolled in our organization we have the power to build and shape the services of tomorrow. The sky is the limit on how big we can grow from here and over the past 6 months our top priority has been to anchor BitClub and strengthen our foundation for the next phase of this growth. With that said... We want to address a few growing pains that we've been experiencing. Basically, it all started around September of last year when our sales skyrocketed to heights we never dreamed of, the sales were doubling each month and the market was in a total buying frenzy at the time. We quickly realized our company needed some serious help in order to scale and stay on track. The first thing we did was limit our sales to only allow what we could purchase. This helped to manage the mining operation side but it did not slow down the BCN membership side and pretty soon just about every aspect of BitClub was bursting at the seams. Some companies may have have folded under this hyper growth, but luckily for us all of our issues were minor and we could handle them, it just took some time and effort. First it was the database which grew to over 1 TB in size and started to cause commissions issues, delays, and forced us to pause all the repurchases and infinity commissions until we could stabilize the database. We are still catching up on this! At one point just trying to run the repurchase script was crashing and slowing down our servers to a crawl for 48 hours or more because of the millions of commission records it was creating and paying in real time. Next it was the mining operation and some delays on trying to scale it (more details below), and then finally there was the support and legal side that needed major upgrades as the industry was evolving. We realized we could no longer operate in the shadows, we needed to hire fast, get organized and tackle all of this head on if we wanted to continue providing a good user experience. This is exactly what we've been doing and in this update you will get details on some of the key pieces we have put together as well as an outlook on the future of BitClub. Please read and pass this along to your team. Thanks! BCN Support & Legal Updates We are happy to report the formation of a new operations company that was formalized and is now running the support and compliance side of our business. We have incorporated the company in Nevis under the name BitClub Network Inc. We have also put together a structure that allows us to operate and protect our business in many jurisdictions around the world. With the formation of this new structure we will soon be launching brand new policies and procedures, terms and conditions, and very specific contract details for our mining shares moving forward. One of the main reasons we needed to incorporate now was to stop scammers and people who are using our name to run their own scams. There are dozens of fake sites that we have come across and its been hard to go after them without a legal leg to stand on. We have even seen fake events happening that are giving people false or misleading information and we will no longer stand for this. If you have come across any scams like this please continue to reach out and let us know so that we can begin shutting them down! We are also incorporating to become compliant in many jurisdictions that we are operating in. This will work both ways because any unfriendly jurisdictions who make it hard to comply (like the United Sates) will be blocked and enforced. You will see BitClub corporate taking a much stronger approach to termination in these countries and you can expect a different look as we move from the shadows into the light and make our company compliant. Please understand this is necessary for us and we will likely be closing down more markets in the future as we evaluate the laws in each of them. Our goal is to be able to operate everywhere but at this time it's just not realistic so we will act quickly and pull out of markets who may threaten our model. Better Support... Under our new operations company we have hired over twenty new support people including customer service agents, management level employees, a full compliance department, a new marketing department, and lots of new programmers. We have really been focusing on getting our ducks in a row and we are now in a position to expand fast and support all the new projects we have coming down the pipeline this year and beyond. If you've submitted a support ticket recently you've likely noticed a significant improvement in response times and general customer service levels, this includes local language capabilities with full support in Korean and Japanese. (if you have not tried our support tickets in Korean and Japanese please do, we are ready to handle them). We will continue to build a world-class support infrastructure to support you and part of these support improvements we have formed a dedicated leadership support team to provide VIP-level support for Master, Monster and Mega Builders in your local language. Stay tuned for additional details on when these services will launch. Finally, after some delay, the withdrawals team is now facilitating XMR withdrawals and we are pushing all withdrawals in a much more efficient way. You can expect to see 24 hour response times for all currencies moving forward. NOTE: If you have an XMR withdrawal pending, you should receive confirmation when complete along with details of how to access your funds. The Monero chain has been a tough one for use to navigate with the new forks and overall process Monero requires, but we are finally ahead of it and will clear out all the Monero pending withdrawals this week. New Invoicing System (BTC, BCH, ETH) Starting on May 10th we are bringing back Bitcoin (BTC) and we are also adding Ethereum (ETH) to all invoices. This means you can now chose from 4 different ways to pay for all products and services that BitClub offers. (Bitcoin, Bitcoin Cash, Ethereum, and ClubCoin). Even better news... It doesn't matter how you pay for your invoice or what your downline chooses to pay with because you have full control over which currency you want your commissions to be paid in. We will continue to expand this model as we make it live and improve it, but you can expect it to happen on the 10th of May. This will include an internal conversion tool that you can easily use to swap your tokens within your virtual wallet. We are really excited to launch this system because it lays the foundation for what we want to do in the future and it also eliminates our #1 biggest problem. That problem is overpayment and underpayment of invoices! With our new invoice wallet if you overpay the invoice it will be auto credited to your virtual wallet, if you underpay an invoice it will sit in limbo and continue to refresh every 10 min with the new exchange rate until you pay it. You will constantly be redirected to the invoice to finish your transaction. This is a full integration with CoinPay and you will see the invoices fully powered on the CoinPay platform when it launches. Thank you for your patience as we finalize this move and update the system accordingly. ClubCoin Update We have made significant progress on re listing ClubCoin on some other exchanges. Unfortunately, for reasons outside of our control, ClubCoin was de-listed from Bittrex at the end of March along with 80+ other coins.. We've provided Bittrex with all the required documentation to comply and with the formation of a new legal entity and structure ClubCoin is now in good standing and full legal compliance. We are currently submitting the coin on dozens of other exchanges and we have hired a new development team and legal team to take over the marketing, social media, and promotion of the token moving forward. Nothing has changed with our future plans to deploy ClubCoin inside of CoinPay and we know one day it be a very valuable utility token on the platform. What to do with your ClubCoin in Bittrex? We just added a new internal ClubCoin wallet so that you can generate a deposit address from inside your Back Office. You can find this in your ClubCoin wallet under the Deposit Club tab. This works in the same way you generate an address for for BTC and BCH and then you can send from your Bittrex wallet or any other CC wallet. Or we strongly recommend you can download our latest ClubCoin core and begin staking your coins and running a full node on your computer. The more nodes we have the more secure and safe the network is. Plus, you will earn staking rewards automatically (download ClubCoin here - www.ClubCoin.co) Stay tuned for more updates on ClubCoin development and also the much anticipated launch of CoinPay (which we will have a big update on after this next round of BitClub upgrades is complete). Mining Power Update – Large Credit Our Bitcoin mining operation is currently experiencing some bad luck. We are not talking about the bad luck that is normal in mining a block, instead we are referring to overall bad luck in some circumstances. For our latest expansion we had a very specific deployment schedule when the machines were to be turned on but it's been one thing after another causing delays in deployment. Without getting into all the specifics and pointing fingers or blame we will just touch on some of the issues. There have been electricity issues, customs delays, shipping issues, missing power supplies, problems with racks, cooling, and even electricity rates, etc... We are working as hard as we can to get these machines turned on ASAP and its been a real challenge that we have not encountered before. However, the good news is we are being compensated by the datacenter and by the manufacturer of this equipment on a daily basis for the downtime we are having. As we mentioned in a previous update there is a strong clause in our contract that pays us daily for the machines not being online and while this is a good thing to have, we would much rather have the machines hashing in our pool and minting new Bitcoin. Big Compensation Coming May 4th... We collected another large chunk for the compensation owed to us on these delays and we will disburse this to all members on May 4th. We are hoping to see a significant amount of power come online before the end of the month and the rest of the power is on track and scheduled to be deployed in other regions of the world without delay, so we should catch up quickly after this hiccup. This has been a major pain point for us and we are just as anxious and excited to get this power in our pool as you are. This will provide a big boost in our overall market share and increase daily mining earnings to what they should be. So please be patient as we do everything we can to get there. Debit Cards in Testing We appreciate the excitement around debit cards and the ability it will provide members to utilize their earnings in everyday transactions. This undertaking hit a few legal hurdles that we are addressing now and we hope to roll out the cards to all Mega Monster and Monster Builders in the next few weeks. We are putting significant resources behind this partnership and we will have a fully integrated solution that is exclusive to BitClub members only. This is one of our highest priorities and we will announce a rollout date very soon for everyone so please stay tuned for additional details. Mining Earnings & Wallet Balances We have seen many inquiries about mining earnings and wallet balances that seem to be off. This has been from the database overload and the restructuring process and its only a display issue that is temporary. We are now all caught up with commissions and any payments that were delayed or were showing wrong should now be fixed. If you are still having an issue please open a ticket and we will take a look and make sure your balance is correct. Thanks for your patience on this, we keep very good records and accurate data so if you see something is off usually it will be automatically fixed when the next commission run is done or when one of our audit scripts kicks in. Its actually amazing how many daily records we are now generating from all the commissions, mining earnings, partial shares, and infinity payments. All of these records you see in your back office are actually a small fraction because we summarize them to help not overload you. If you saw all the calculations that happen on a daily basis it would make your head spin. But again most important is we have a check and balance system in place that will correct itself and save us from ever paying out more than we should without serious alarms going off. This protects us all! GPU Shares Update Similar to the Mining Earnings and Wallet Balance display issues, we are aware and apologize for the technical glitch not allowing you to set your account to mine anything outside of Ethereum. This has to due with invoices that were paid in BTC and some in BCH (which will soon not be an issue). In fact, you will be able to fully control ALL of your GPU shares to mine whatever you want. So if you purchased a 5 pack right now all you can do is move all 5 to a single coin. This next upgrade will allow you to control each of them individually. And even more exciting you can control your repurchases on each individual share. This feature was intended to work like Bitcoin mining partial shares but we had to put out some much needed fires with our DB structure and other top priority features before moving back to this. We expect this to be live on May 1st before the new invoicing system goes into play on the 10th. We also have some big things planned on the GPU side as far as expansion and mining opportunities. In fact, we believe 2018 will be the year to gear up on GPU shares and accumulate as much power as we can for the future because there is so much upside in the GPU shares. With all the coins ASIC proofing their model it means GPU's will continue to be profitable and we are now starting to see demand for AI data mining, rendering, and much more. So GPU shares will become a big focus of our expansion this year! Transaction History for Deposits Over the past month or so we have seen a significant number of support tickets and inquiries relating to the inability to view transaction history for deposits – this is a feature that used to exist in your wallet history. This feature is also making it's way back online and will be further enhanced with the launch of our new invoicing platform on May 10th. If you are missing a transaction or credit please let us know. At this point we have received all deposits sent and there are clear records of everything but we are seeing an issue from certain transactions that are not showing up on the member side at all. Again, this is nothing to be concerned about because if you sent any amount of crypto to an address generated from our system we will credit it to your account. The amount may be stuck in the old table and not displaying in your balance. This will be completely fixed for all deposits and history after May 10th. Scheduled Updates and Better Communication Moving forward in May we are implementing a news structure that will have two updates per month. One on the 1st of the month and one on the 15th of the month. This will give you a consistent overview of everything we are doing and allow us to translate these updates in the future. We are working on a lot of cool features right now. This includes an entirely refreshed website, member back office, marketing tools, and reporting tools to make managing your downline much easier. Now that we have a solid team in place you will begin to see huge improvements in your BitClub membership. It took us a lot longer to get here than expected, but we now have the pieces in place for Phase 2 and we hope the lack of communication and all the issues we had over the past few months will be forgotten as we move forward and have big plans for this year. As always, we appreciate your patience and we will continue to work hard to build this company for you! Sincerely, -BCN Support Team
Dear Mr. Lee, Thank you for your "concern" in our future, however as an everday normal Shibe this is my respone.
"Dogecoin Mining Flaw Dogecoin is designed to distribute its coins ~20 times faster. So instead of taking 20 years to distribute 95%+ of its coins like Bitcoin, Dogecoin will have 95%+ of its coins distributed in one year. This is a major problem. After a year, Dogecoin will no longer have enough equity to pay its miners to entice them to mine. So the coin will not be secure enough. Using the startup analogy, imagine if Coinbase paid 95% of its equity to its employees hired in its first year, how can it hire good people after its first year? Is it still possible to succeed? Yes, but it will be really, really hard. For example, if each DOGE is worth $1 at the end of the year, then the block rewards would be enough to entice enough miners to secure the coin."Merged Mining AMA/FAQ An Scrypt ASIC's requires 7 Watt's of power per grid seed unit, correct me if I'm wrong but I think people would keep them on to secure their investments. What I mean is, this community can send a bobsled team to the Olympics, give water to those whom need it, and sponsor the FIRST EVER crypto backed NASCAR, do you see an Litecoin NASCAR? That publicity alone will affect millions and you know it and just as you stated that people would lose confidence due to the currency being all mined etc. People will gain much confidence in that Dogecoin was powerful enough to send a cadriver into the awesomeness OF THE Taledegha. You think we would let all of what we have built die due to profits when we have machine's the could be used to secure the blockchain that uses the same amount of power of an LED lightbulb? We could, and should create our own ASIC's hardwired to be plugged into the wall of the common man dedicated to securing the blockchain and all minimal profits automatically donated to charity with no user overhead, that would solve our doom and gloom... Much better than hard forking our block chain to potentially secure your's. Furthermore you kept taking eliteist passive aggresive potshot's on how Dogecoin is weaker than LTC etc. I'm sorry but this is coming from the community that created full on internet badass operations to try and tank Dogecoin out of FEAR. Funny thing fear, I may get down voted for this but I see FEAR in you're post and not fear for us, but fear OF US. The litecoin community IMO (Which I joined originally before this one was created) was very high nosed especially to newbie's like myself, we have built a currency/community that are in the hands of many more people than LTC will ever be, no one goes and buys a hot dog with a bar of silver. I made a simple math's pic too to demonstrate my point: http://i.imgur.com/9HfaEj2.png That what litecoin is, Silver, we don't want to be silver, we are Doge, we are the successor to the Dollar and why because it was our mission to deliver a true decentralized currency that means in the hands of more people and that's where we have you beat. You may take our kibble, you may take our bones, but you will never take, OUR SHIBEDOM!!!!! EDIT: Grammar, link to original article for context.
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