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Anthony Pompliano, co-founder of Morgan Creek Digital Assets, a US investor and investment company, posted a tweet on October 15. It is expected that the 18 million bitcoin (BTC) will be mined this Friday.
Only three million BTC left
Pompliano also pointed out that currently only 3 million BTCs are available for mining. The tweet calls for raising awareness of the world's best-known cryptocurrencies:
"The 18 million bitcoins will be mined this Friday. There are only 3 million. Let us be the trend of topic tags so that the world can understand Bitcoin."
This move is not surprising, as he said that in the CNBC forum, more than half of his net worth is in Bitcoin in August. He hinted that according to the BitcoinBlockHalf data of the Bitcoin data website, 17,997,150 BTCs have been mined so far, and the system has set a BTC limit of 21 million.
Bitcoin block rewards will be reduced
As the number of tokens earned by protecting the Bitcoin blockchain continues to decrease, the halving of BTC is also close. The move will see a halving of the number of bitcoins created in each new block.
BitcoinBlockHalf estimates that due to the irregularity of Bitcoin block time, the halving date is tentatively scheduled for May 14, 2020 - the block reward will be reduced from 12.5 coins to 6.25 coins. The website also pointed out that 85.7% of all BTCs have been mined.
As the number of BTCs mined decreases, competition for these bitcoins seems to increase. Bitcoin's network hash rate surpassed a record 10.2 billion hashes for the first time in token history.
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Article by Cointelegraph: William Suberg
Bitcoin’s (BTC) network hash rate has passed a record 102 quintillion hashes for the first time in history in a historic milestone for the cryptocurrency.
Bitcoin adds another zero to hash rateAs data from monitoring resource Blockchain confirmed on Sept. 18, hash rate, ultimately a function of how secure the Bitcoin network is, has reached a high of 102.8 quintillion hashes.
Bitcoin network hash rate. Source: Blockchain
The achievement follows a string of records for the metric this year, Cointelegraph reporting on various stages of its expansion over the past few months.
Hash rate refers to the amount of computing power involved in processing Bitcoin transactions. The higher the number of hashes, the more implied competition there is among miners to obtain the block reward.
Since December 2018, the hash rate has progressed from its recent low of 31 quintillion hashes per second, equating to the progress of 230%.
Bitcoin proponents eye price implicationsCurrent growth has excited commentators, despite coming in tandem with a moderate decline in Bitcoin price.
As many noted, new upward action for hash rate tends may hint at future price growth. Hash rate began growing in January after several months of decline, with price then following in April.
Commenting on the current rate of growth, Lightning Torch organizer Hodlonaut said the figures spoke to underlying confidence among miners.
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase,” he forecast.
Others have already given more bullish predictions. Max Keiser, a firm believer in Bitcoin’s prowess over altcoins, has frequently doubled down on his depiction of giant surges in both hash rate and price in the near future.
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Distributed cloud-based pool mining platform, MaxiMine, is honoured to announce that it will be joining the incoming Jinse Salon Series as a strategic partner this May. MaxiMine’s CTO and Operations Executive (China), Mr. Yao Kunhua, has been invited to be a guest speaker at this event and will be speaking on the ecosystem of MaxiMine’s mining farm that promises to invigorate the crypto mining scene.
MaxiMine's CTO and Operations Executive (China) Mr Yao Kunhua
Mr. Yao is an early investor of Bitcoin and has always believed in its innate potential. As an expert on blockchain technology and its technical infrastructure, Mr. Yao is well-versed with fintech and has had seven years of experience in the blockchain field. Mr. Yao was also one of the earliest business partners of the mining pool, antpool.com, that was reported to be the largest Bitcoin mining pool in 2018 based on its Bitcoin network hash rate.
Following the successful launch of the Avalon Mining Rig 1st Generation in 2013, Mr. Yao started his own mining farm that has since expanded quickly in both scale and capacity. With multiple branches across the region such as in Inner Mongolia and Sichuan, its unrivalled growth has broadened the scope of its services and strengthened its research and development sector. Presently, the farm claims ownership of over 20 patents with many new proprietary technologies under its belt.
A common saying circulating in the crypto mining circle goes like this: “Success hinges entirely on the riding of the tide.”
To those familiar with the crypto mining industry, a rise in tidal waters is a cause for celebration as it signifies a greater electricity output with lowered utility costs and wider margins of profits.
During the wet season each year, it is a race among miners to scour the land for the lowest cost of electricity to ensure a smooth sailing ride into monetary victory. As the wet season is just right around the corner, what can people expect the outlook for miners to be this year?
The theme of the upcoming salon in Chengdu — Mining: Riding the Wave of the Market into the Future — seeks to address the above question and will delve deeper into the infrastructure and ecosystem behind a successful mining farm. The event is set to begin on 23rd May 2019 at 1 pm and will be graced with the presence of several industry representatives from renowned blockchain corporations.
In addition to MaxiMine CTO, Mr. Yao, who will be speaking at the event, a few other illustrious names in the industry are also been added to the list of guest speakers.
Some of these speakers include BTC.com CTO, Zhuang Zhong, Blockin co-founder and Operations Executive, Zhu Fa, Antpool.com co-founder, Tian Xin, Tomorrow co-founder and Vice President, Weng Ziyao, Head of Chouge Mining, He Kan, Canaan Blockchain Business Unit general manager, Shao Jianliang and F2pool Marketing Executive, Liu Chao.
Participating Brands at Jinse's 28th Salon Series
A panel discussion themed “Pushing Boundaries During the Wet Season and Seeking Where the Future Lies” will also be held, and will be helmed in with invaluable insights and contributions from the distinguished guest speakers.
With such an exciting line-up, one cannot help but stay tuned for more.
MaxiMine is a highly efficient and transparent cloud-based pool mining platform. Its headquarters is located in Singapore and has a strong international presence in the industry. Since its launch, MaxiMine has been garnering positive attention for its innovative business model and operational capabilities, paving the way for unfaltering growth ahead.
To find out more about MaxiMine, visit their socials at:
Website: https://maximine.io/ Telegram: https://t.me/maximine Reddit: https://www.reddit.com/maximine/ Twitter: https://twitter.com/maximinecoin Medium: https://medium.com/@maximinecoin Bitcointalk: https://bitcointalk.org/index.php?topic=3247389.0
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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.
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.
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.
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Today I want to talk about a serious topic - the profitability of mining because of the long bear market. It is no secret that today all cryptocurrencies that include PoS, PoW and masternodes are experiencing serious problems. Many users do not understand what is happening in the cryptocurrency mining market now, as prices have dropped very much and people have practically abandoned mining. By the way, recently watched a video on twitter about how chinese throw away ASIC miners to the dump.
Bitcoin Network Hash Rate Down 25 Percent from Peak
Of course, the situation is really sad, but do not despair, because recently there was a new coin on the GPU and CPU mining market called SUQA. The developers of this coin were able to launch a new POW mining algorithm called X22i, which revives the profitability of mining for many users. I was immediately interested in this algorithm.
X22i is an unique PoW algorithm developed by the SUQA team. It is worth noting that at the moment X22i is the most energy efficient of all the algorithms on the market, as it works steeper and does not consume a lot of energy. The algorithm has super stability to ASIC miners and quantum computers.By the way, guys, CPU mining is very easy and available from the desktop wallet. GPU mining is available from open source GPU miners just by adding the server and wallet address.The best hashing miner software for 1080ti is Cryptodredge because it's currently fastest miner for x22i. Here download links https://github.com/technobyl/CryptoDredge/releases/tag/v0.11.0
What makes SUQA special?
It's no secret that today there are many cryptocurrencies, some of which are pacifiers. Undoubtedly this is a sad statistics. SUQA developers plan to become a leader in the cryptocurrency market by creating a decentralized ecosystem for various charitable organizations and blockchain startups.
Developers reward miners with SUQA tokens for the speedy implementation of their plans. They take a 10% сommission that will be used to fund developers and their various purposes, such as marketing companies, exchanges listing, website development, legal fees and bounties campaigns.
SUQA coin has a high transaction speed - 533 per second. This is 75 times higher than bitcoin! Today, this fact is a serious advantage over the main competitors.I am sure that this is not the limit of possible speed for developers and it will be even more in the future. There are practically no transaction fees in the SUQA ecosystem. It's really great, guys!
It is important to note that SUQA Foundation is only 2 months old, but it already has a large multilingual community in social networks. The project has an open team for all users that unites them from all over the world. SUQA is a global ecosystem that attracts not only experienced miners, but also more newcomers.
Now the market situation makes us look for new options for investment. There are very few really promising projects on the market that have so many prominent features, one of which is time locked interest. It provides all users with a guaranteed opportunity to earn from their term deposits up to 5% per annum when time locked up to 4 weeks. But there's more! The developers provide an opportunity for early investors to receive an interest rate of 25% during the first 3 months! Looks attractive, doesn't it?I am sure that you should not worry about your deposit, because the developers of SUQA already have serious partnership agreements with a very fast, secure, private and automated deposit escrow service. The SUQA wallet also has a time-lock interest that can be used for all business or private transactions.
In short, the developers of the project have all the prerequisites to become one of the leaders in the mining market, so SUQA is an ideal project for investment. Going forward, I have no doubt that SUQA Team will continue to follow through on roadmap plans as they have done so far.
Btw, the devs introduced new and updated version of SUQA roadmap 2.0. The changes they’ve implemented will ensure that SUQA will run smoothly and will have increased use cases and benefits to the community and the ecosystem as a whole.
SUQA White Paper Version 2 will be released on the hard fork date with the latest implementations.
I think It's time to buy more SUQA coins! xD
To learn more about all the latest information about SUQA, you can join the discord channel or telegram channel
Website / ANN thread
Author - artur2403 / Uniqueness - 100%
hashes per bitcoin = (network hash rate) / (25 BTC per 10 minutes) = (180 * Th / s) / (25 * BTC / (600 * s) ) = 180 * 600 / 25 * Th / s / BTC * s = 2,700 Th / BTC = 2,700,000,000,000,000 h/BTC share improve this answer follow answered Jul 7 '13 at 9:41. Anonymous Anonymous. 166 2 2 bronze badges. What does the 180 stand for? – powtac Jul 7 '13 at 9:58. That is read from the charts I ... Bitcoin Average hashrate (hash/s) per day Chart. Transactions Block Size Sent from addresses Difficulty Hashrate Price in USD Mining Profitability Sent in USD Avg. Transaction Fee Median Transaction Fee Block Time Market Capitalization Avg. Transaction Value Median Transaction Value Tweets GTrends Active Addresses Top100ToTotal Fee in Reward Hashrate (Hash per second, h/s) is an SI-derived unit representing the number of double SHA-256 computations performed in one second in the bitcoin network for cryptocurrency mining. Hashrate is also called as hashing power. It is usually symbolized as h/s (with an appropriate SI prefix). Total Hash Rate (TH/s) The estimated number of terahashes per second the bitcoin network is performing in the last 24 hours. 30 Days 60 Days 180 Days 1 Year 3 Years All Time Raw Values 7 Day Average 30 Day Average As the Bitcoin network hashrate goes up - the BTC hashrate numbers get so large that abbreviations must be used. The abbreviations are SI derived units representing the number of hashes performed in a one second time frame. The current Bitcoin hashrate is 146.25 EH/s, representing the global Bitcoin network hashrate with a mining difficulty of 20.00 T at block height 654,160. View the Bitcoin ...
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Download: https://bit.ly/37JDndz * If it doesn't open on first run, Install NET Framework 4 & Restart PC! Analysts at Glassnode reported that Bitcoins hash rate has surged to a new record high. Meanwhile, the price of Bitcoin (BTC) again came close to support at ... SCAM ! SCAM ! SCAM ! SCAM ! —producing most profitable cryptocurrency —instant order processing —daily payments —ROI 4-5 months —realtime earnings and statistics buy bitcoin price of ... Episode two of my series on Blockchain/Bitcoin. I build on the physical analogy in the first episode and explain the basic concepts behind a real blockchain network. Then go on to talk about ... For context, that’s double what the hash rate was at one year ago and 1,000% higher than the hash rate at Bitcoin’s $20,000 high. Bitcoin’s network difficulty, which regulates how fast ...