Bitcoin Mining Can Be Profitable, If You Generate The Power

Cryptocurrency Mining Today

Cryptocurrency Mining Today
Mining is one of the key concepts in the crypto world. Everyone who comes into contact with this sphere somehow wonders about the mining of coins. How profitable is mining in 2020, and what are the current trends?
by StealthEX
Crypto mining is a process during which a computer solves mathematical problems, resulting in the release of new blocks of information. This gives its owners a certain amount of coins, which is deposited in the total pot and registered in the public “ledger”, so-called blockchain. Machines in the network are also checking transactions with existing coins, adding this information to the blockchain as well.
As for the issue itself, the most well-known algorithm of mining is Proof-of-Work (PoW), used in the networks of Bitcoin, Litecoin, Ethereum and many others.
During the mining process, the latest transactions are verified and compiled into blocks. It is usually a series of calculations with an iteration of parameters to find a hash with the specified properties. The node which first solves this problem receives a reward. This approach was specifically designed to encourage those who provide the computing power of their mining machines to maintain the network and mine new coins.
It is usually no need for a newcomer to know and understand all the complicated details of the mining process, just how much they can earn with certain equipment and electricity costs.
Everything is designed in such a way that the complexity of calculations is steadily increasing, which then requires a constant increase in the computing power of the network. In 2009-2010, for mining bitcoin, miners only had to download and run the software on their personal computers, but very soon the network became so complicated that even with best PCs with a powerful processor, mining became unprofitable. That’s why miners started to use more effective video cards (graphics processing units or GPUs) and join them in so-called “farms”.
In most systems, the number of coins is determined in advance. Also, many networks are gradually reducing rewards for miners. Such emission restrictions were built into the algorithm to prevent inflation.
Thus, the cost of mining for smaller participants no longer pays off, which makes them turn off their hardware or switch to another coin where they can still make their profit.
In particular, on the evening of May 11, 2020, a halving took place in the bitcoin network, the reward for mining was halved, from 12.5 to 6.25 BTC. In June, the revenue of bitcoin miners decreased by 23%, to the lowest since March 2019.
However, in mid-June, the difficulty of bitcoin mining showed a record growth over the past 2.5 years. Mining the first cryptocurrency has become 15% more difficult. Although, by the beginning of July, the complexity had stabilized. The growing difficulty of mining the first cryptocurrency indicates that new miners have joined its network. Previously, some of them turned off the equipment, as it became less profitable to mine the coin due to a decrease in its cost and halving.
Now the absolute majority of new coins are generated by industrial mining. This is done by large data centers equipped with specialized computers based on the ASIC architecture. ASICs are integrated circuits that were initially optimized for a specific task, namely the mining of cryptocurrencies. They are much more productive than CPUs and video cards, and at the same time consume much less electricity. ASIC computers are the main type of equipment for the industrial production of crypto.
So now, after the halving, BTC coin mining has become even less profitable. For beginners, mining the first cryptocurrency is unlikely to be suitable. It is more often earned by large companies that have all the necessary equipment, access to cheap rental conditions, electricity and maintenance.
Hence newbies are better off starting with mining altcoins. It is even more profitable to work in a pool, that is, together with other miners. This can help to place farms in one place and negotiate a favourable price for electricity, so you can get a small but stable income dux to the total capacity of the pool.
Therefore, it has become much more difficult for regular users who have only non-specialized equipment at their disposal to generate virtual money. However, GPU developers have significantly increased the performance of their devices in recent years, so mining on a video card is still common.
Another important event that changes the situation in the mining sphere will be the hardfork of the Ethereum network with the turn to the Proof-of-Stake algorithm. For now, Ethereum is the most popular altcoin for GPU mining, but Ethereum 2.0 will not require using such powerful equipment, so then it switches to PoS, GPU owners will have to look for alternative coins to mine.
At the moment the most popular altcoins for mining on GPUs are Ethereum (ETH), Ethereum Classic (ETC), Grin (GRIN), Zcoin (XZC), Dogecoin and Ravencoin (RVN). There are actually a lot of mining programs that automatically determine which coin is more profitable to mine at the moment.
In the coming years, the market is waiting for a race of technologies. Manufacturers are investing in finding ways to increase hashing speed and reduce power consumption. Mining pools will play an increasing role. The market will also be affected by applications for mining cryptocurrencies on smartphones that require low computing power, such as Dash or Litecoin.
And remember StealthEX supports more than 250 coins and constantly updating the list, so you can easily swap your crypto haul to more popular altcoins. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BTC.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected].
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/07/28/mining-today/
submitted by Stealthex_io to StealthEX [link] [comments]

I 'd like to warn some user about a welllknown Cloud mining which is mostly an Hyip familly website...Please read review...Thanks so much

HELLO ALL I WANT TO MAKE A REVIEW ON A FACT CURRENTLY HAPPENING ON INTERNET UNFORTUNATELY PREDICTABLE BECAUSE THERE ARE MANIFESTLY MANY ERRORS AND VISIBLE SIGNS IN THE WEBSITE. FIRST I’D LIKE TO ASK: HOW CAN A CLOUD MINING COMPANY ALLOW YOU 350% OF YOUR STARTING INVESTMENT? HOW CAN A MINING COMPANY ALLOW YOU FIXED MINING REWARDS OVER 2 YEARS WITHOUT ANY DIFFERENTIAL CHANGE? HOW CAN A MINING COMPANY ADD EVERY WEEK A NEW CRYPTO BY FAR THE MOST DIFFICULT TO MINE LIKE MONERO (ONLY WITH VERY EXPENSIVE HARDWARE AMD RYZEN PROCESSORS AND VERY LOW PROFITS) AND BITCOIN GOLD (PER GPU) BUT ONE OF THE LESS PROFITABLE COINS MINABLE WITH GRAFIC CARDS FOR EXAMPLE. HOW CAN A CLOUD MINING COMPANY AVOID COMPLETELY ASKING CUSTOMERS ANY KIND OF FEES EXAMPLE MINING REPAIR SERVICE, AND ELECTRICITY…AND MORE OF COURSE… WHY A CLOUD MINING COMPANY. YOU KINDLY ASK THE QUESTION WHERE THEIR MINING FARMS ARE LOCATED, THE ANSWER IS OBVIOUSLY LOGICAL “WE DO NOT ANSWER THIS, FOR SAFETY RAISON”….OF COURSE… WHY CAN YOU BUY HASHING POWER ONLY WITH ANY CRYPTOCURRENCIES?AND NOTHING ELSE, NO CC, NO PAYPAL ETC… HOW CAN A CLOUD MINING COMPANY IN FULL ATTACK 51% START MINING ETHERUM CLASSIC WHEN ALL POOLS ARE OFFLINE. FINALLY HOW A CLOUD MINING NOT HYIP :) CAN PAY YOU THE ENTIRE OF YOUR INVESTMENT IN JUST 2 1/2 MONTHS? AND OTHER IMPORTANTS FACTS I WOULD NOT CITE … I HAVE JUST DESCRIBED TO YOU A WELL KNOWN PONZI SCHEME AND EVERYONE MUST KNOW THEY ARE ALL AROUND INTERNET, 2 YEARS ALREADY ONLINE FOR DUALMINE NOT BADLY FOR A PONZI, REMEMBER JUST SOME PONZI HAVE LASTED UP TO 4 SEE 5 YEARS SO IT IS NOTHING EXCEPTIONAL IN THE END. THEY EVEN BEEN SUCCESSFUL TO FIND APPROXIMATELY 200,000 PEOPLE WHO HAVE INVESTED, OBVIOUSLY EVERYONE IS AWARE THAT ONE DAY THE LIGHT WILL SWITCH OFF AND NO MORE PEOPLE WILL BE AT THE END OF DUALMINE’S SERVER, THE CRYPTO COINS BEEING TRANSFERED BECAUSE OBSCURING A SCAM IN THE CLAIRNET IS NOT EASY BUT POSSIBLE. I FORGOT TALKING ABOUT THIS THE BASIS OF THE CRYPTOS MINING IT IS “THE DIFFICULTY OF THE NETWORK” THAT CHANGES FROM MINUTES TO MINUTES FOR SOME COINS THIS IS WHY IT IS TOTALLY IMPOSSIBLE TO PROVIDE THE PROFIT OVER 24 MONTHS AND THE RELATED COSTS, BUT IN THEIR CASE THE DIFFICULTY OF NETWORK DOESN’T EXIST AND THE FEES NEITHER. TODAY THERE ARE CLEAR SIGNS THAT THE CASH INPUTS ARE NO LONGER ENOUGH TO COVER MIRABOLIC EARNINGS. TO DATE THEY HAVE STOPPED ALL PAYMENTS AND THE LIGHT WILL GO OUT VERY SOON IN MY HUMBLE OPINION .. SO PLEASE SAVE YOUR MONEY AND DO NOT INVEST IN THIS DREAM WHICH DOESN’T EXIST AND WILL NEVER EXIST .. CRYPTO COMMUNITY FIGHTING SCAMMERS
“A CRYPTO CURRENCY MINER”
submitted by pushingworld77 to cryptocurrencyscams [link] [comments]

Earn 51-$171 in crypto (compound, stellar, celo, and maker) by simply learning about them and answering questions through my coinbase link! Instant payout upon completion! Can sell for cash and transfer to bank immediately! Will pay an extra $5 for each link used and completed! Very quick

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First use this one for your signup: https://www.coinbase.com/join/schaib_sl Once you signed up and verified identity use the links below!
  1. Compound: https://www.coinbase.com/earn/compound/lesson/5
  2. XLM: https://coinbase.com/earn/xlm/invite/0nb8vckp
Altogether there are 6 different lessons, each takes like 5-10 mins with a quiz at the end. Only 3 of them i will get rewarded for though. You will also get an extra $10 for each completed for my referral + $51 from all 6 quizzes and also another $120 if you get 4 people to do the quizzes. They are really quick, especially if already have an account. Also you can look up the answers for each one on google so you dont need to sit through them, be even quicker. Please complete the 3 i sent the links with to the end so we get 10$ reward extra. As soon as you finish they send you the coins into coin base account. Once they are in your account you can sell them instantly for $$, and transfer to your bank account, OR you can keep them on your account. EOS, and COMP have been doing really well, so they might be worth keeping. This is just a really good promotion, probably one of the better i’ve see. Its easy AF, quick, and the reward is really good. If you don’t know anything about crypto, i highly suggest you learn. It’s still very early and its growing super quick. cryptocurrency has gained a ton of attention in the past couple years and is actually starting to become a real actual currencies (already is, but according to our governments) many different types of crypto is starting to become accepted in a bunch of stores, realtors are taking as payment for a house, and colleges are even accepting as tuition. I started researching bitcoin a short amount of time after Satoshi Nakamoto released it (2009) and bought my first few in 2013 at 15$!! From early 2013 the price was about $11 USD and at the end of 2017, $20,000. But they fell and recovered as the stock market does. But the 24-hour trading Volume today, in 2020 is is INSANE ($20,690,383,231) with an even crazier market cap of $209,783,036,693, which by the middle-end of next month should reach $210 billion, possibly sooner. Its just a really smart investment, buy a little over time. Some analysts are predicting that BTC could reach anywhere from $100k to $1,000,000 for BTC in the next few years. Im not sure exactly where i would name the price in 5 years, but know there is only a limited supply of BTC. They are mined (basically just means that the transactions and blocks on the ledger or blockchain are verified) by sophisticated pieces of hardware called ASIIC miners, or some even use GPU, and CPU in expensive computers. Although CPU mining can be very inefficient anymore as the mathematical calculations and problems the miners need to solve get more and more complicated over time. This, the limited supply, the increasing interest, usability, and need for blockchain technology all add the the idea of BTC reaching such incredibly high futures. Their is a total of 20,999,976 bitcoin and that is it. With a total of 18,517,418.75 in circulation. The last BTC is estimated to be 2140. Big difference from the 18.5M mined in 10 years, right? Thats because of the halving. Anyway, I’m sure you have heard some things about BTC, probably from the media, and if it was, it probably wasn’t good. You probably heard that people buy illegal dangerous stuff off of the “Darknet” and that its completely untraceable. Or that money can be laundered through BTC. But that is hardly partly true for BTC and other cryptocurrencies, and completely true for the USD. While the blockchain doesn’t include any personal information connected to wallets (unless you want it there, or you have the wallet through a service that makes you use personal information, which many services are doing), all transactions can still be tracked and seen by anyone who has an internet connection at https://www.blockchain.com. So if the identity of one of the wallet addresses is known, it would be easier to figure the other out. But for paper, money that cannot be said... completely untraceable, has been prone to money laundering since it’s inception, can be used to purchase various drugs—hookers, guns, dynamite, and even politicians... since its inception, without a trace. The reason not just bitcoin, but i think even more exciting, is just blockchain technology and a host of things that are coming with it. It can be used for tons of things, software and can be built directly into blockchains, they can hold and process data at enormous speeds, while being extremely, extremely secure. More secure in a lot ways than banks. There are tons of new cryptocurrency projects being started everyday. For the most part, all of these projects have some sort of token integrated, because its what powers, and processes the data. If people find the project interesting or a great idea you like you’ll be able to invest in it buy buying/selling, or holding the token/coin. When these projects gain enough traction by like-minded individuals, the coin gains a value. This value can then be exchanged for other crypto, or traded directly for Fiat currencies ($,€,₽,¥,£,₩). For some examples of how wonderful the community is, and reveal what the true nature of blockchain and crypto was founded on, ill list 3 of my favorite crypto projects of 2020 so far along with a little excerpt from the white paper or other:
  1. AIDCOIN: “allows websites to embed a widget into their website and accept donations in any cryptocurrency. Any donated crypto is transferred into AID token, which is also a stable coin. At first, this might seem like not such a good thing but the more I looked into it, the more I realized accepting a stable coin might actually make more sense for a charity as it reduces their risk exposure to volatility.”
  2. BRAVE BROWSER—Privacy Internet Browser: “As far as I’m concerned, keeping people safe and protecting their privacy and security is a noble endeavor. For far too long, giants like Google and Facebook have gotten away with unethical data practices with nothing more than a slap on the wrist. They have been able to spy on their users, abuse their data and use it for whatever purpose they deem fit. Brave Browser is looking to put an end to that through the most secure browser that exists on the market today.” Basically Brave takes on the responsibility of completely protecting privacy and from ads. As an added available option, brave allows you, to watch and look at sponsored ads while you browse. So basically just a stand-in for other browsers ads, but instead you make money WITH brave. You are awarded BAT (Basic Attention Token) for your service. BAT’s are currently at .21¢.
  3. Power Ledger: Last but not least. Power Ledger is probably one of my favorite projects that is actually making a real use-case out of crypto and blockchain. They are aiming to disrupt the energy sector with a heightened focus on renewable energy. Their software allows for three core things: 1. Energy Trading (if you have excess energy from your solar panels, for example, you can trade that to your neighbor through Power Ledger). 2. Environmental commodities trading (to help for the reliable tracking of renewable energy credits). 3. Renewable asset ownership (This will allow people who cannot afford their own renewable energy set-up to invest in fractional ownership). I honestly think Power Ledger is doing God’s work and wish them all the best.
As those projects above outlined, the basic principles behind pretty much every currency and upcoming project i have ever seen is, Trust, Sharing profit with the users who help make it into what it becomes, actual transparency, no central authority (due to decentralization), and lastly i believe it gives opportunity to those who are out if opportunity’s way. This is because it reaches so far, like into oppressive governments and 3rd work countries. Anyways, i hope to have given you a little insight during this read. Crypto has so much potential to fill and has already done so much. Looking forward to seeing where else all of this goes.
submitted by ABetterPsychiatrist to ReferralsForPay [link] [comments]

Earn 51-$171 using my referral codes to learn about crypto through Coinbase! Plus! if we verify you used my links, ill give you an additional $5 in for the links you completed. Payout is instant upon completion, no gimmicks!

Make $51+ to Learn about crypto on Coinbase! Up to $150 using my Bonus! [ID Verify Needed]
(If you want to learn a little about bitcoin and crypto, read the whole thing, if you just want the bonus, only read the next 15-20 sentences)
First use this one for your signup: https://www.coinbase.com/join/schaib_sl Once you signed up and verified identity use the links below!
  1. Compound: https://www.coinbase.com/earn/compound/lesson/5
  2. EOS: https://coinbase.com/earn/eos/invite/h9zd74pc
  3. XLM: https://coinbase.com/earn/xlm/invite/0nb8vckp
Altogether there are 6 different lessons, each takes like 5-10 mins with a quiz at the end. Only 3 of them i will get rewarded for though. You will also get an extra $10 for each completed for my referral + $51 from all 6 quizzes and also another $120 if you get 4 people to do the quizzes. They are really quick, especially if already have an account. Also you can look up the answers for each one on google so you dont need to sit through them, be even quicker. Please complete the 3 i sent the links with to the end so we get 10$ reward extra. As soon as you finish they send you the coins into coin base account. Once they are in your account you can sell them instantly for $$, and transfer to your bank account, OR you can keep them on your account. EOS, and COMP have been doing really well, so they might be worth keeping. This is just a really good promotion, probably one of the better i’ve see. Its easy AF, quick, and the reward is really good. If you don’t know anything about crypto, i highly suggest you learn. It’s still very early and its growing super quick. cryptocurrency has gained a ton of attention in the past couple years and is actually starting to become a real actual currencies (already is, but according to our governments) many different types of crypto is starting to become accepted in a bunch of stores, realtors are taking as payment for a house, and colleges are even accepting as tuition. I started researching bitcoin a short amount of time after Satoshi Nakamoto released it (2009) and bought my first few in 2013 at 15$!! From early 2013 the price was about $11 USD and at the end of 2017, $20,000. But they fell and recovered as the stock market does. But the 24-hour trading Volume today, in 2020 is is INSANE ($20,690,383,231) with an even crazier market cap of $209,783,036,693, which by the middle-end of next month should reach $210 billion, possibly sooner. Its just a really smart investment, buy a little over time. Some analysts are predicting that BTC could reach anywhere from $100k to $1,000,000 for BTC in the next few years. Im not sure exactly where i would name the price in 5 years, but know there is only a limited supply of BTC. They are mined (basically just means that the transactions and blocks on the ledger or blockchain are verified) by sophisticated pieces of hardware called ASIIC miners, or some even use GPU, and CPU in expensive computers. Although CPU mining can be very inefficient anymore as the mathematical calculations and problems the miners need to solve get more and more complicated over time. This, the limited supply, the increasing interest, usability, and need for blockchain technology all add the the idea of BTC reaching such incredibly high futures. Their is a total of 20,999,976 bitcoin and that is it. With a total of 18,517,418.75 in circulation. The last BTC is estimated to be 2140. Big difference from the 18.5M mined in 10 years, right? Thats because of the halving. Anyway, I’m sure you have heard some things about BTC, probably from the media, and if it was, it probably wasn’t good. You probably heard that people buy illegal dangerous stuff off of the “Darknet” and that its completely untraceable. Or that money can be laundered through BTC. But that is hardly partly true for BTC and other cryptocurrencies, and completely true for the USD. While the blockchain doesn’t include any personal information connected to wallets (unless you want it there, or you have the wallet through a service that makes you use personal information, which many services are doing), all transactions can still be tracked and seen by anyone who has an internet connection at https://www.blockchain.com. So if the identity of one of the wallet addresses is known, it would be easier to figure the other out. But for paper, money that cannot be said... completely untraceable, has been prone to money laundering since it’s inception, can be used to purchase various drugs—hookers, guns, dynamite, and even politicians... since its inception, without a trace. The reason not just bitcoin, but i think even more exciting, is just blockchain technology and a host of things that are coming with it. It can be used for tons of things, software and can be built directly into blockchains, they can hold and process data at enormous speeds, while being extremely, extremely secure. More secure in a lot ways than banks. There are tons of new cryptocurrency projects being started everyday. For the most part, all of these projects have some sort of token integrated, because its what powers, and processes the data. If people find the project interesting or a great idea you like you’ll be able to invest in it buy buying/selling, or holding the token/coin. When these projects gain enough traction by like-minded individuals, the coin gains a value. This value can then be exchanged for other crypto, or traded directly for Fiat currencies ($,€,₽,¥,£,₩). For some examples of how wonderful the community is, and reveal what the true nature of blockchain and crypto was founded on, ill list 3 of my favorite crypto projects of 2020 so far along with a little excerpt from the white paper or other:
  1. AIDCOIN: “allows websites to embed a widget into their website and accept donations in any cryptocurrency. Any donated crypto is transferred into AID token, which is also a stable coin. At first, this might seem like not such a good thing but the more I looked into it, the more I realized accepting a stable coin might actually make more sense for a charity as it reduces their risk exposure to volatility.”
  2. BRAVE BROWSER—Privacy Internet Browser: “As far as I’m concerned, keeping people safe and protecting their privacy and security is a noble endeavor. For far too long, giants like Google and Facebook have gotten away with unethical data practices with nothing more than a slap on the wrist. They have been able to spy on their users, abuse their data and use it for whatever purpose they deem fit. Brave Browser is looking to put an end to that through the most secure browser that exists on the market today.” Basically Brave takes on the responsibility of completely protecting privacy and from ads. As an added available option, brave allows you, to watch and look at sponsored ads while you browse. So basically just a stand-in for other browsers ads, but instead you make money WITH brave. You are awarded BAT (Basic Attention Token) for your service. BAT’s are currently at .21¢.
  3. Power Ledger: Last but not least. Power Ledger is probably one of my favorite projects that is actually making a real use-case out of crypto and blockchain. They are aiming to disrupt the energy sector with a heightened focus on renewable energy. Their software allows for three core things: 1. Energy Trading (if you have excess energy from your solar panels, for example, you can trade that to your neighbor through Power Ledger). 2. Environmental commodities trading (to help for the reliable tracking of renewable energy credits). 3. Renewable asset ownership (This will allow people who cannot afford their own renewable energy set-up to invest in fractional ownership). I honestly think Power Ledger is doing God’s work and wish them all the best.
As those projects above outlined, the basic principles behind pretty much every currency and upcoming project i have ever seen is, Trust, Sharing profit with the users who help make it into what it becomes, actual transparency, no central authority (due to decentralization), and lastly i believe it gives opportunity to those who are out if opportunity’s way. This is because it reaches so far, like into oppressive governments and 3rd work countries. Anyways, i hope to have given you a little insight during this read. Crypto has so much potential to fill and has already done so much. Looking forward to seeing where else all of this goes.
submitted by ABetterPsychiatrist to referralcodes [link] [comments]

7 Ways to Earn LTC/Litecoin ASAP

Earning free Litecoin works similarly to earning free Bitcoin. There are several online platforms that give users free Litecoins for performing small tasks or playing online games.
Let’s explore some of the most popular ways to get free Litecoin.

Earn free Litecoin through reputable faucets

The easiest and most popular way to earn free Litecoin is through a Litecoin faucet. A faucet is a website or an application that gives users free crypto coins for completing simple tasks. These tasks are usually easy tasks like completing some captchas, viewing adverts, or playing simple games.
After completing the microtasks, the faucet will reward you with a small amount of Litecoin (Lithoshi). Litoshi is the smallest unit of Litecoin and 1 Lithoshi is equivalent to 0.000000001 Litecoin.
There are various Litecoin faucets out there, many of them being scam faucets. Before you choose a faucet platform, make sure it’s legit. Here, we will highlight a few of the most popular and reputable ones.
It is safe to mention that you should only register on faucets that integrate micro-wallets like Coinpot. Micro-wallets allow you to collect and combine faucet payments easily.

Litecoin Faucet

Just like the previously mentioned faucet, Litecoin Faucet also allows users to earn free Litecoin by solving captchas. You can earn as much as 2,500,000 Litoshis every hour with no daily limitation on the platform.
The unique feature of Litecoin Faucet is that there is no withdrawal limit. Therefore, you can withdraw any amount of Litecoin.
Faucets are sure ways of earning free Litecoin, but you have to be very careful not to fall victim to scams. Before registering on any faucet, look out for the following:
Online reviews to know if it is legit or scam.
Coinpot or Faucethub micro — wallet integration for easy withdrawal.
Deposit before withdrawal feature — This is a typical feature of scam faucets. Faucets are supposed to be free ways to earn Litecoin without any down payment.
Earnings per hour — earnings from faucets are usually small. If a faucet promises an incredible amount of Litecoin, it is probably a scam or total waste of time.
Litecoins earnings from faucets are usually really small. If your earning expectations are high, this might not be the best option for you. There are more lucrative and legit ways to earn free Litecoin. Read on to learn about the other ways to get free Litecoin.

Litecoin cloud mining

Litecoin mining is one of the oldest ways to get free Litecoin. In recent times, earning profits from Litecoin mining can be a major hassle simply because of the cost of setting up the mining device, the cost of electricity, and many other factors.
With the introduction of cloud mining, you can earn free Litecoin without the headaches involved in setting up mining kits. You can find lots of free Litecoin cloud mining contracts online.
All you need to do is download the software on your device to start earning. These software work by using your device’s memory to generate the Litecoin. Which means the more powerful your device, the more free Litecoin you can earn.
However, some of these free Litecoin software contains malicious scripts that can compromise your security by stealing your data. You should only download mining software with great online reviews.
Back when LTC started, it was possible to mine with a standard computer’s CPU or GPU. Unfortunately, as coins grow in both age and popularity, it becomes harder and harder to mine with low-cost equipment. The days of easy mining are over, but that doesn’t mean you still can’t profit from LTC mining.
There are three ways to begin your LTC mining adventure:
Solo mining
Part of a mining pool
Cloud mining

Litecoin lending

Litecoin lending is one of the most lucrative ways to obtain free Litecoin. You can make money by purchasing some Litecoin and lending others on lending platforms.
Lending platforms like Coinloan.io allow you to make as much as 10.5% ROI by lending your LTC. It means if you lend 100 LTC, you earn free 10.5 LTC within a year without doing anything.
By lending your Litecoin, you are making your money work for you. All you need is a trusted and secure lending platform to start earning free Litecoin with this method.

Wager your Litecoin

Another way to get free Litecoin is by wagering your Litecoin. Gambling is not the best way to earn free Litecoin because 70% of gamblers tend to lose more than what they earn.
No doubt that some people have actually managed to become rich through gambling, this, however, is very rare. So if you are a big risk-taker or you really love gambling, Litecoin gambling is one way to earn free Litecoin.
Crypto gambling websites like fortunejack.com, bitstarz.com, and kingbillycasino.com allow you to wager your Litecoin on various casino games. Crypto gambling is probably the riskiest way to earn free Litecoin, and it is not for the faint-hearted.

Invest In Litecoin​

If you’re looking to invest in Litecoin, it’s important to remember that Litecoin is a currency. This means it doesn’t act like a stock or bond. Instead of buying shares of Litecoin, you are swapping your currency for Litecoin currency.
For example, 1 LTC is equal to about $47 USD today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars (from someone willing to do the exchange).​

Referral Links for Crypto Exchanges

This one is good for those out there with friends that are also crypto savvy. Various exchanges offer affiliate programs where you get paid out for inviting your friends and colleagues onto their platform.
Exchanges like Coinbase offer a one time payment when a new person joins their platform while others like Cryptmixer, for example, gives its members an impressive 50% of the revenue from the new clients they bring in. You can also use their exchange to swap the Bitcoin you receive to Litecoin, making it a great way to earn LTC.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

Idea | Tip Nano to creators

Hey guys, my name is Tolik and I'm new to Nano.
I would like to tell you a bit about myself, and then about some ideas that I would like to share with you :)
I'm a content creator form Israel, and I have about 65k subscribers over my 3 channels. I'm also the first Israeli partnered on Twitch and been doing that for 8 years now.
Had a lot of fun with it for the first few years, playing my favorite games and earning good money, and eventually burning out hating the game that got me all my following. Our (Israeli) community exploded on youtube, but to make the most of it you need to make mindless trendy content, playing trendy and pretty childish games. I did that for a while, but it was too hard for my mind and I ended up burning out hard stepping away for a long while.
Back in 2013 I first stumbled upon the world of crypto and realized the potential of the blockchain and the implementation of that technology in our world. Not enough to buy enough to get rich, but I never even considered that it could get to the volumes it got to now. In 2017 when it exploded, I realized I had some leftover coins from 2013-14 and cashed out a few thousand dollars, with the pain it could have been millions if I was a little more aware. Oh Well.
A few years ago, I got into the world of self-development and got a new perspective on life. Doing only what I love and grooming a small but good community on youtube, not caring about trends, views, and money in my pocket.
A few days ago, a colleague of mine started to promote some unknown coin to his child viewers, basically, the premise is a coin that you could mine on your phone. Immediately I had some red flags popping off my mind, especially because he promoted some shady CSGO gambling sites that I didn't even want to look into. He of course had his promotion code for registering to the gambling site, and using the mentioned crypto (downloading the app).
If you can mine it on your phone, what would stop you using an expensive setup and just dominate the market? The fact that he advertised it as a get rich scheme, and the fact that it's a referral pyramid network, does not seem safe.
After looking into it I did not see any promise, especially after I found so many altcoins with big communities that his crypto didn't have, information that did not add up, and a bunch of weird stuff going on.
Because I started researching the crypto world (after so many years not being aware of what happened to it), youtube started suggesting me videos about it, one of them was u/SonderDev 's nanoPaint (Sorry I made SpongeBobs eye red) and started doing some research on nano and the technology. For 3 days I devoured all the info I can, reading most of the posts here on reddit, and joining on Discord and TG. I again felt that butterfly feeling in my gut, the one I felt so many years ago when I found out about bitcoin (and some other rare occasions). So much potential, and I kind of feel I am already late to the party, and yet, my mind can't stop thinking about what is possible.
Now to the good stuff! Donations(tips) to streamers and content creators were always a huge part of our revenue. But we had a lot of problems with it - High fees, making small donations pretty much impossible, and the fear of someone charging you back and having you pay the fees for every donation that got charged back. I had someone give me about $2k for the span of two months with small donations, ended up charging all that money back, and having me pay $10 for each of his donations, even if they were under that amount. PayPal is pretty crazy.
Also, If you consider something like Patreon (a monthly donation for a project or a creator you like for benefits) they also charge extra for their fee, and people can still charge you back, even though they will handle it, you still give them the benefits. Twitch takes a huge cut for subscribers (user pays $4.99 and I get as little as $1.70) and youtube are getting about 30% for their cut.
See where I'm going with this? As proof of concept, a simple donation website/app could be made. You send the creator any amount of nano, it pops up on the screen for everyone to see. People would love the idea to impact the stream with as little money the creator allows. That would start up a conversation, people would start seeing the technology in action, how fast and feeless everything is going.
Not to mention an integrated service could be made that is similar to delegate.it (allows users to do tasks for nano/fiat) in this instance, the tasks could be - follow the creator on Twitter, Instagram, like his posts and whatever else he decides, and it could be cheap, because people would be doing it to pop up on stream and help the creator, not for the actual fiat amount of the nano given. killing 3 birds with one stone. Promoting nano, allowing everybody a voice to a degree they choose, and promoting himself to his viewers.
If this works, we could either go to one of the 2 biggest platforms (StreamLabs and StreamElements (who are Israeli and I know the 2 founders personally)) and they would integrate it to their already build system, or develop something to solely promote nano. We could reach out to smaller streamers that have small dedicated communities, not many donations and revenue coming in and allow them to use our system to promote their content and interact with their viewers.
A few more ideas I have in mind for a project like that:
For the donations (tips)
• Having different donation alerts for different QR codes that you scan. Similarly to what NanoPaint accomplishes, we could have a different QR code to scan for an alert that the user chooses to show up.
• Coloring the Camera frame - similarly to NanoPaint, drawing pixels on the frame of the camera of the streamer, changing it in real-time for nano.
• Having text to speech for the alert
• Have your donation impact the streamer in AR (putting something on his face or head).
Crowd Funding
• Donation goal that will make a purchase only if it gets there - setting up an X day goal to buy a new GPU for example, and having people contribute to it, and if it's reached, it automatically makes the order from amazon or wherever (having the data safe with our service), and if it's not - fully refunding the users. It could be a daily goal for pizza or whatever they choose. It will allow integration with businesses that would work with us.
• Stream goals - if we get to X Nano this stream, 24 hour stream tomorrow! If we won't, get your nano back! Would encourage people to participate even if they are not sure the goal will be met, have the assurance that the full amount would be refunded if it did not get there.
• Challenges - starting a bounty challenge, for example, have an Ace in CSGO (kill all 5 enemies) and get X amount of nano. If you didn't, money goes back. the crowd could vote on it having more interaction and validating if the challenge is complete.
Voting
• Have people engage with polls in real-time with nano, could scan their option to vote, and even get refunded if their option did not win, encouraging them to vote for their favorite option, even if it seems unlikely to win.
User Battles
• Having people start a challenge of a game, in an app or on the web, or perhaps even something random like gambling, and having it appear on stream for everybody to witness. Maybe even challenging the streamer for a nano incentive or someone else who watches.
Chat
• Having an on-screen chat that changes the colors and design of the people who donated with nano, and linked their account. more incentive to donate.
Stream Sponsors
• Having a rotating banner on-screen at all times, allowing users to pay nano to show their banner. As an auction or a price set from the creator.
Most of these ideas occurred to me as I was writing this post, and I'm sure we could think of better ones with some effort. Some of them are already implemented on the websites that were mention above, however, having the power and speed of the nano is a game-changer IMHO.
So why am I writing this post? First, just to share with you and get to know you better, maybe spark an idea or a motivation for anyone to do something good for nano.
Second, money is tight now, moved back to my parents due to the pandemic, hard to find a decent job as we have more than %20 of the people in Israel looking for a job and as I mentioned before the content I make is not very profitable. I can't afford to invest money in this idea, and I lack the skills to do it myself. So maybe if it's good someone else could.
If, however, someone would be inclined to help make this a reality, I would appreciate any comments, suggestions, investment of time, or money in testing this out. I have a dedicated community with thousands of people that will be aware of nano if we'll do it, years of experience in this field, and not to mention that I'm in good relations with most of the other content creators and platforms here in Israel, and some international.
Discord: ToLy#2657
Feel free to DM me at any time :)
Nice to meet you, and thank you for reading.
submitted by tolikr94 to nanocurrency [link] [comments]

Is worth start mining with the actual situation of the cryptocurrency market?

I've been watching the market for over 3 years now. For those years I've been a student with no money to invest, and now that I'm almost out of the university and I have some money I wanna finally start on this world. For some weeks now I've been working on a planning for building a 6 GPU mining rig, all theoretical earnings calculated with NiceHash & WhatToMine. The actual theoretical profits for this one are like 250 EU month (1.40€/day per GPU) with AMD RX 5700 , having an electricity cost of o.o79EUkWH. I've compared all the actual GPUs on the market, and that's the best one I could find in terms of ROI (I start to get profits after 1 year and 1 month). I've seen some posts talking about much better profits & less ROIs but I couldn't find a better profit for a GPU rig, maybe I'm doing something wrong! To see if the theoretical numbers are right I tested them with an RTX 2060 on my own personal computer and I had a profit of 1.20 EUR /day when the theoretical profit for that GPU was about 0.80 EUR /day. So, after all those weeks comparing, thinking about a long term Investment plan and searching for LOTS of information i conclude that it's worth spending a total of 3000 EUR into mining.
Now I wanna ask you guys, with the actual situation of bitcoin (going up and up) and the difficulty raising over time...is it worth investing all that money on GPU mining right now? I'm afraid about investing the money and start to see a massive decrease in my profits, either for bitcoin going down or the difficulty going up nonstop. Also, I've not exposed all my plan, but doing it this way (mining with NiceHash and with 6 AMD RX 5700) is a nice plan or there is something with better profitability/ ROI? Maybe mining myself small cryptos and then exchange them to bitcoin, etc... All knowledge is welcomed.
Btw, I'm a computer science engineer, that's why I wanna start on mining instead of trading stocks, because I know how computers work and I think that my knowledge on Pc & GPUs could help me on doing this efficiently. And sorry for my "not so good English", it's my 3rd language! Thanks all.
EDIT: I could also buy the GPUs & equipment for the rig on a 2nd hand market, which would totally lower the total price of the rig, reaching ROI faster and if something goes not as expected, have less losses. Ofc buying at a 2nd hand is somehow risky but maybe worthy!
submitted by SergioArcos to BitcoinMining [link] [comments]

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

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
NewEnglandcoin
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
Milestones
Roadmap
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2019Q2_report/NENG_Security_Decentralization_Value.pdf
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
Explorer
http://www.findblocks.com/exploreNENG http://86.100.49.209/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Wallet
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Exchange
📷
https://shorelinecrypto.com/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

[ Bitcoin ] Bitcoin legality in India – Is Bitcoin Legal ?

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by x23_shivam [link]
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


https://preview.redd.it/t5bxt1cnlgl51.png?width=1200&format=png&auto=webp&s=6b4d014c65e4a8bb3e787531b7654eb37d736994

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - How To Buy Bitcoin in India
x23_shivam your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
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09-07 06:15 - 'Bitcoin legality in India – Is Bitcoin Legal ?' (self.Bitcoin) by /u/x23_shivam removed from /r/Bitcoin within 1501-1511min

'''
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


[link]2

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - [How To Buy Bitcoin in India]1
'''
Bitcoin legality in India – Is Bitcoin Legal ?
Go1dfish undelete link
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Author: x23_shivam
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Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

18 P106-100 & 1 P104-100 Mining Rig Build

18 P106-100 & 1 P104-100 Mining Rig Build

19 GPU Build with ASUS B250 Mining Expert - 470MH/s

Its my dream to achieve and build a mining rig of this extent.
Allow me to describe this journey of mine to the GPU mining community.
Kudos to all! Feel free to ask me questions and I would love to help you out.

2017 - Bull Market - Dipped my toes into the GPU mining market. Spent nearly 3k USD, 6x GTX 1060 3GB & 2x GTX 1070ti.

Back then, my setup was really simple, An ASUS B250 Mining Expert with Pentium G4400, 8GB of RAM, 2 PSU (Coolermaster 700w as well as a V1200W PSU)
Placed this entire setup on a DIY metal shelf
Bought extra 2 GTX 1060 3GB on my Ryzen 7 1700 setup back then. Mining Monero too on Cryptonight Algo. Really profitable on these 2 rigs combined. Earning approximately 35USD per day at the peak :)
Without much experience back then, my overclocking skills sucks. I was drawing a ton of power with very little efficiency. However, at that point I was literally making few hundreds every month. It has been a really wonderful journey until bear market hits.

2018 - Nicehash Hacked, Bitconnect & Bear Market Hits...

If you still remember the dreadful hack of Nicehash. One morning I woke up seeing that my rig was no longer mining. Saw my balance turned to zero. And the moment I saw this article, my heart sanked. With over 100 USD inside my account that point, I knew I wouldnt be able to pay for my electric that month. This pulled down my confidence but quite a little.
Still remember Bitconnect? Hahahaha well entered into this ponzi scheme too. Invested 100 USD into this, got it back and donated the money.
Disconnected my entire rig... It was a pretty sad moment :\")
My house became cooler, quieter and my power usage instantly went down.
Kept 1 GTX 1070ti & 1 GTX 1060 3GB and built myself a Ryzen 7 gaming computer hehe.

My disconnection from Crypto 2018-2019

I exited this market back at the very end of the bull run and never touched Bitcoin until 2019. I began to plan my future, created an investment portfolio where I finally included Bitcoin back into my high risk asset class. The resurgence of Bitcoin mining begans :)

2019 - Sold my Ryzen 7 1700 & MB for ASUS B250 Mining Expert with 19 GPU build in mind

It all started with my small mining rig of one ZOTAC GTX 1070ti as well as an ASUS B250 Mining Expert which I was using to mine Ethereum at 33MH/s, get paid 0.05eth approximately every 2 weeks on 2miners.com

Purchased 2 more GTX 1070ti, bringing my total hashrate to 130MH/s.
Revamped & Redesigned into a DIY rig. Didnt wanna spend the money to find a frame hehe decided to use my mums shoe rack instead HAHAHAH
Back then, 1 GTX 1070ti resale value was approximately 230 USD here in Singapore.
Calculated hash per dollar and I notice the insane price I was paying with my 1070tis.
Sold all 4 of my GTX 1070tis and manage to trade for the following cards:
  • x4 Gigayte RX 570 8GB cards @ 70USD
  • x1 Sapphire Nitro RX 570 8GB @ 85USD
  • x5 P106-100 6GB cards @ 63USD
4 Gigabyte RX 570, 1 Sapphire RX 570, 5 P106-100 6GB
With all the skills and experience I have accumulated in 2017, I began redesigning my entire 10 GPU setup. This was the end product of my 10 GPU mining rig consisting of 5 NVIDIA P106-100 6GB cards as wel as 5 AMD RX 570 8GB cards. Working fine alongside with one another as claimed by ASUS.
Hashrates:
  • NVIDIA P106-100 6GB: 24.8MH/s @ 85watts
  • AMD RX 570 8GB: 29MH/s @ 95watts

DEAL OF THE MONTH - ZOTAC P106-100 6GB @ 56 USD

The dream of building 19 cards were never off my brain. Been sourcing for cheaper 2nd hand cards and snap! 56 USD per card for ZOTAC P106-100. It was insanely a great deal. Sold my 5x RX 570 8GB, use the cash and baammm!
Got 8 ZOTAC P106-100 6GB (2 not in photo) for test. PERFECT CONDITION and I cant believe the speed I was getting in Ethereum. 450MH/S for 18x P106-100 6GB

2ND DEAL OF THE MONTH - P104-100 8GB @ 70 USD

Managed to achieve 35.9MH @ 124w. Bringing my total GPU to 19.

The screen all miners with B250s love to see :)
The entire setup of my 19 GPU rig. Fan is blowing at single direction, expelling all the hot air towards my door exit. Keeping my living room relatively cool.

Underclocked my rig to 466MH for better stability and power draw. Has been running fine for 2 weeks without any manual interventions.
Bought a HP 1200w PSU. Placed a 120mm fan on top of it to keep it cool. In case if you are asking how loud is it, actually its pretty quiet. I have only used 600w, half of the capacity. Hence, under full load I am not sure how loud it will be.

All in all, my journey of a 19 GPU build. Feel free to ask me any questions :)
submitted by amtf99 to gpumining [link] [comments]

Filecoin | Development Status and Mining Progress

Author: Gamals Ahmed, CoinEx Business Ambassador
https://preview.redd.it/5bqakdqgl3g51.jpg?width=865&format=pjpg&auto=webp&s=b709794863977eb6554e3919b9e00ca750e3e704
A decentralized storage network that transforms cloud storage into an account market. Miners obtain the integrity of the original protocol by providing data storage and / or retrieval. On the contrary, customers pay miners to store or distribute data and retrieve it.
Filecoin announced, that there will be more delays before its main network is officially launched.
Filecoin developers postponed the release date of their main network to late July to late August 2020.
As mentioned in a recent announcement, the Filecoin team said that the initiative completed the first round of the internal protocol security audit. Platform developers claim that the results of the review showed that they need to make several changes to the protocol’s code base before performing the second stage of the software testing process.
Created by Protocol Labs, Filecoin was developed using File System (IPFS), which is a peer-to-peer data storage network. Filecoin will allow users to trade storage space in an open and decentralized market.
Filecoin developers implemented one of the largest cryptocurrency sales in 2017. They have privately obtained over $ 200 million from professional or accredited investors, including many institutional investors.
The main network was slated to launch last month, but in February 2020, the Philly Queen development team delayed the release of the main network between July 15 and July 17, 2020.
They claimed that the outbreak of the Coronavirus (COVID-19) in China was the main cause of the delay. The developers now say that they need more time to solve the problems found during a recent codecase audit.
The Filecoin team noted the following:
“We have drafted a number of protocol changes to ensure that building our major network launch is safe and economically sound.” The project developers will add them to two different implementations of Filecoin (Lotus and go-filecoin) in the coming weeks.
Filecoin developers conducted a survey to allow platform community members to cast their votes on three different launch dates for Testnet Phase 2 and mainnet.
The team reported that the community gave their votes. Based on the vote results, the Filecoin team announced a “conservative” estimate that the second phase of the network test should begin by May 11, 2020. The main Filecoin network may be launched sometime between July 20 and August 21, 2020.
The updates to the project can be found on the Filecoin Road Map.
Filecoin developers stated:
“This option will make us get the most important protocol changes first, and then implement the rest as protocol updates during testnet.” Filecoin is back down from the final test stage.
Another filecoin decentralized storage network provider launched its catalytic test network, the final stage of the storage network test that supports the blockchain.
In a blog post on her website, Filecoin said she will postpone the last test round until August. The company also announced a calibration period from July 20 to August 3 to allow miners to test their mining settings and get an idea of how competition conditions affected their rewards.
Filecoin had announced earlier last month that the catalytic testnet test would precede its flagship launch. The delay in the final test also means that the company has returned the main launch window between August 31 and September 21.
Despite the lack of clear incentives for miners and multiple delays, Filecoin has succeeded in attracting huge interest, especially in China. Investors remained highly speculating on the network’s mining hardware and its premium price.
Mining in Filecoin
In most blockchain protocols, “miners” are network participants who do the work necessary to promote and maintain the blockchain. To provide these services, miners are compensated in the original cryptocurrency.
Mining in Filecoin works completely differently — instead of contributing to computational power, miners contribute storage capacity to use for dealing with customers looking to store data.
Filecoin will contain several types of miners:
Storage miners responsible for storing files and data on the network. Miners retrieval, responsible for providing quick tubes for file recovery. Miners repair to be carried out.
Storage miners are the heart of the network. They earn Filecoin by storing data for clients, and computerizing cipher directories to check storage over time. The probability of earning the reward reward and transaction fees is proportional to the amount of storage that the Miner contributes to the Filecoin network, not the hash power.
Retriever miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a specific file, which is determined by the market value of the said file size. Miners bandwidth and recovery / initial transaction response time will determine its ability to close recovery deals on the network.
The maximum bandwidth of the recovery miners will determine the total amount of deals that it can enter into.
In the current implementation, the focus is mostly on storage miners, who sell storage capacity for FIL.

Hardware recommendations

The current system specifications recommended for running the miner are:
Compared to the hardware requirements for running a validity checker, these standards are much higher — although they definitely deserve it. Since these will not increase in the presumed future, the money spent on Filecoin mining hardware will provide users with many years of reliable service, and they pay themselves many times. Think of investing as a small business for cloud storage. To launch a model on the current data hosting model, it will cost millions of dollars in infrastructure and logistics to get started. With Filecoin, you can do the same for a few thousand dollars.
Proceed to mining
Deals are the primary function of the Filecoin network, and it represents an agreement between a client and miners for a “storage” contract.
Once the customer decides to have a miner to store based on the available capacity, duration and price required, he secures sufficient funds in a linked portfolio to cover the total cost of the deal. The deal is then published once the mine accepts the storage agreement. By default, all Filecoin miners are set to automatically accept any deal that meets their criteria, although this can be disabled for miners who prefer to organize their deals manually.
After the deal is published, the customer prepares the data for storage and then transfers it to the miner. Upon receiving all the data, the miner fills in the data in a sector, closes it, and begins to provide proofs to the chain. Once the first confirmation is obtained, the customer can make sure the data is stored correctly, and the deal has officially started.
Throughout the deal, the miner provides continuous proofs to the chain. Clients gradually pay with money they previously closed. If there is missing or late evidence, the miner is punished. More information about this can be found in the Runtime, Cut and Penalties section of this page.
At Filecoin, miners earn two different types of rewards for their efforts: storage fees and reward prevention.
Storage fees are the fees that customers pay regularly after reaching a deal, in exchange for storing data. This fee is automatically deposited into the withdrawal portfolio associated with miners while they continue to perform their duties over time, and is locked for a short period upon receipt.
Block rewards are large sums given to miners calculated on a new block. Unlike storage fees, these rewards do not come from a linked customer; Instead, the new FIL “prints” the network as an inflationary and incentive measure for miners to develop the chain. All active miners on the network have a chance to get a block bonus, their chance to be directly proportional to the amount of storage space that is currently being contributed to the network.
Duration of operation, cutting and penalties
“Slashing” is a feature found in most blockchain protocols, and is used to punish miners who fail to provide reliable uptime or act maliciously against the network.
In Filecoin, miners are susceptible to two different types of cut: storage error cut, unanimously reduce error.
Storage Error Reduction is a term used to include a wider range of penalties, including error fees, sector penalties, and termination fees. Miners must pay these penalties if they fail to provide reliability of the sector or decide to leave the network voluntarily.
An error fee is a penalty that a miner incurs for each non-working day. Sector punishment: A penalty incurred by a miner of a disrupted sector for which no error was reported before the WindowPoSt inspection.
The sector will pay an error fee after the penalty of the sector once the error is discovered.
Termination Fee: A penalty that a miner incurs when a sector is voluntary or involuntarily terminated and removed from the network.
Cutting consensus error is the penalty that a miner incurs for committing consensus errors. This punishment applies to miners who have acted maliciously against the network consensus function.
Filecoin miners
Eight of the top 10 Felticoin miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and distributed file sharing system hardware. CoinDesk’s Wolfe Chao wrote: “China’s craze for Filecoin may have been largely related to the long-standing popularity of crypto mining in the country overall, which is home to about 65% of the computing power on Bitcoin at discretion.”
With Filecoin approaching the launch of the mainnet blocknet — after several delays since the $ 200 million increase in 2017 — Chinese investors are once again speculating strongly about network mining devices and their premium prices.
Since Protocol Labs, the company behind Filecoin, released its “Test Incentives” program on June 9 that was scheduled to start in a week’s time, more than a dozen Chinese companies have started selling cloud mining contracts and hardware — despite important details such as economics Mining incentives on the main network are still endless.
Sales volumes to date for each of these companies can range from half a million to tens of millions of dollars, according to self-reported data on these platforms that CoinDesk has watched and interviews with several mining hardware manufacturers.
Filecoin’s goal is to build a distributed storage network with token rewards to spur storage hosting as a way to drive wider adoption. Protocol Labs launched a test network in December 2019. But the tokens mined in the testing environment so far are not representative of the true silicon coin that can be traded when the main network is turned on. Moreover, the mining incentive economics on testnet do not represent how final block rewards will be available on the main network.
However, data from Blockecoin’s blocknetin testnet explorers show that eight out of 10 miners with the most effective mining force on testnet are currently Chinese miners.
These eight miners have about 15 petabytes (PB) of effective storage mining power, accounting for more than 85% of the total test of 17.9 petable. For the context, 1 petabyte of hard disk storage = 1000 terabytes (terabytes) = 1 million gigabytes (GB).
Filecoin craze in China may be closely related to the long-standing popularity of crypt mining in the country overall, which is home to about 65% of the computing power on Bitcoin by estimation. In addition, there has been a lot of hype in China about foreign exchange mining since 2018, as companies promote all types of devices when the network is still in development.
“Encryption mining has always been popular in China,” said Andy Tien, co-founder of 1475, one of several mining hardware manufacturers in Philquin supported by prominent Chinese video indicators such as Fenbushi and Hashkey Capital.
“Even though the Velikoyen mining process is more technologically sophisticated, the idea of mining using hard drives instead of specialized machines like Bitcoin ASIC may be a lot easier for retailers to understand,” he said.
Meanwhile, according to Feixiaohao, a Chinese service comparable to CoinMarketCap, nearly 50 Chinese crypto exchanges are often somewhat unknown with some of the more well-known exchanges including Gate.io and Biki — have listed trading pairs for Filecoin currency contracts for USDT.
In bitcoin mining, at the current difficulty level, one segment per second (TH / s) fragmentation rate is expected to generate around 0.000008 BTC within 24 hours. The higher the number of TH / s, the greater the number of bitcoins it should be able to produce proportionately. But in Filecoin, the efficient mining force of miners depends on the amount of data stamped on the hard drive, not the total size of the hard drive.
To close data in the hard drive, the Filecoin miner still needs processing power, i.e. CPU or GPU as well as RAM. More powerful processors with improved software can confine data to the hard drive more quickly, so miners can combine more efficient mining energy faster on a given day.
As of this stage, there appears to be no transparent way at the network level for retail investors to see how much of the purchased hard disk drive was purchased which actually represents an effective mining force.
The U.S.-based Labs Protocol was behind Filecoin’s initial coin offer for 2017, which raised an astonishing $ 200 million.
This was in addition to a $ 50 million increase in private investment supported by notable venture capital projects including Sequoia, Anderson Horowitz and Union Square Ventures. CoinDk’s parent company, CoinDk, has also invested in Protocol Labs.
After rounds of delay, Protocol Protocols said in September 2019 that a testnet launch would be available around December 2019 and the main network would be rolled out in the first quarter of 2020.
The test started as promised, but the main network has been delayed again and is now expected to launch in August 2020. What is Filecoin mining process?
Filecoin mainly consists of three parts: the storage market (the chain), the blockecin Filecoin, and the search market (under the chain). Storage and research market in series and series respectively for security and efficiency. For users, the storage frequency is relatively low, and the security requirements are relatively high, so the storage process is placed on the chain. The retrieval frequency is much higher than the storage frequency when there is a certain amount of data. Given the performance problem in processing data on the chain, the retrieval process under the chain is performed. In order to solve the security issue of payment in the retrieval process, Filecoin adopts the micro-payment strategy. In simple terms, the process is to split the document into several copies, and every time the user gets a portion of the data, the corresponding fee is paid. Types of mines corresponding to Filecoin’s two major markets are miners and warehousers, among whom miners are primarily responsible for storing data and block packages, while miners are primarily responsible for data query. After the stable operation of the major Filecoin network in the future, the mining operator will be introduced, who is the main responsible for data maintenance.
In the initial release of Filecoin, the request matching mechanism was not implemented in the storage market and retrieval market, but the takeover mechanism was adopted. The three main parts of Filecoin correspond to three processes, namely the stored procedure, retrieval process, packaging and reward process. The following figure shows the simplified process and the income of the miners:
The Filecoin mining process is much more complicated, and the important factor in determining the previous mining profit is efficient storage. Effective storage is a key feature that distinguishes Filecoin from other decentralized storage projects. In Filecoin’s EC consensus, effective storage is similar to interest in PoS, which determines the likelihood that a miner will get the right to fill, that is, the proportion of miners effectively stored in the entire network is proportional to final mining revenue.
It is also possible to obtain higher effective storage under the same hardware conditions by improving the mining algorithm. However, the current increase in the number of benefits that can be achieved by improving the algorithm is still unknown.
It seeks to promote mining using Filecoin Discover
Filecoin announced Filecoin Discover — a step to encourage miners to join the Filecoin network. According to the company, Filecoin Discover is “an ever-growing catalog of numerous petabytes of public data covering literature, science, art, and history.” Miners interested in sharing can choose which data sets they want to store, and receive that data on a drive at a cost. In exchange for storing this verified data, miners will earn additional Filecoin above the regular block rewards for storing data. Includes the current catalog of open source data sets; ENCODE, 1000 Genomes, Project Gutenberg, Berkley Self-driving data, more projects, and datasets are added every day.
Ian Darrow, Head of Operations at Filecoin, commented on the announcement:
“Over 2.5 quintillion bytes of data are created every day. This data includes 294 billion emails, 500 million tweets and 64 billion messages on social media. But it is also climatology reports, disease tracking maps, connected vehicle coordinates and much more. It is extremely important that we maintain data that will serve as the backbone for future research and discovery”.
Miners who choose to participate in Filecoin Discover may receive hard drives pre-loaded with verified data, as well as setup and maintenance instructions, depending on the company. The Filecoin team will also host the Slack (fil-Discover-support) channel where miners can learn more.
Filecoin got its fair share of obstacles along the way. Last month Filecoin announced a further delay before its main network was officially launched — after years of raising funds.
In late July QEBR (OTC: QEBR) announced that it had ceded ownership of two subsidiaries in order to focus all of the company’s resources on building blockchain-based mining operations.
The QEBR technology team previously announced that it has proven its system as a Filecoin node valid with CPU, GPU, bandwidth and storage compatibility that meets all IPFS guidelines. The QEBR test system is connected to the main Filecoin blockchain and the already mined filecoin coin has already been tested.
“The disclosure of Sheen Boom and Jihye will allow our team to focus only on the upcoming global launch of Filecoin. QEBR branch, Shenzhen DZD Digital Technology Ltd. (“ DZD “), has a strong background in blockchain development, extraction Data, data acquisition, data processing, data technology research. We strongly believe Filecoin has the potential to be a leading blockchain-based cryptocurrency and will make every effort to make QEBR an important player when Mainecoin mainnet will be launched soon”.
IPFS and Filecoin
Filecoin and IPFS are complementary protocols for storing and sharing data in a decentralized network. While users are not required to use Filecoin and IPFS together, the two combined are working to resolve major failures in the current web infrastructure.
IPFS
It is an open source protocol that allows users to store and transmit verifiable data with each other. IPFS users insist on data on the network by installing it on their own device, to a third-party cloud service (known as Pinning Services), or through community-oriented systems where a group of individual IPFS users share resources to ensure the content stays live.
The lack of an integrated catalytic mechanism is the challenge Filecoin hopes to solve by allowing users to catalyze long-term distributed storage at competitive prices through the storage contract market, while maintaining the efficiency and flexibility that the IPFS network provides.
Using IPFS
In IPFS, the data is hosted by the required data installation nodes. For data to persist while the user node is offline, users must either rely on their other peers to install their data voluntarily or use a central install service to store data.
Peer-to-peer reliance caching data may be a good thing as one or multiple organizations share common files on an internal network, or where strong social contracts can be used to ensure continued hosting and preservation of content in the long run. Most users in an IPFS network use an installation service.
Using Filecoin
The last option is to install your data in a decentralized storage market, such as Filecoin. In Filecoin’s structure, customers make regular small payments to store data when a certain availability, while miners earn those payments by constantly checking the integrity of this data, storing it, and ensuring its quick recovery. This allows users to motivate Filecoin miners to ensure that their content will be live when it is needed, a distinct advantage of relying only on other network users as required using IPFS alone.
Filecoin, powered by IPFS
It is important to know that Filecoin is built on top of IPFS. Filecoin aims to be a very integrated and seamless storage market that takes advantage of the basic functions provided by IPFS, they are connected to each other, but can be implemented completely independently of each other. Users do not need to interact with Filecoin in order to use IPFS.
Some advantages of sharing Filecoin with IPFS:
Of all the decentralized storage projects, Filecoin is undoubtedly the most interested, and IPFS has been running stably for two years, fully demonstrating the strength of its core protocol.
Filecoin’s ability to obtain market share from traditional central storage depends on end-user experience and storage price. Currently, most Filecoin nodes are posted in the IDC room. Actual deployment and operation costs are not reduced compared to traditional central cloud storage, and the storage process is more complicated.
PoRep and PoSt, which has a large number of proofs of unknown operation, are required to cause the actual storage cost to be so, in the early days of the release of Filecoin. The actual cost of storing data may be higher than the cost of central cloud storage, but the initial storage node may reduce the storage price in order to obtain block rewards, which may result in the actual storage price lower than traditional central cloud storage.
In the long term, Filecoin still needs to take full advantage of its P2P storage, convert storage devices from specialization to civil use, and improve its algorithms to reduce storage costs without affecting user experience. The storage problem is an important problem to be solved in the blockchain field, so a large number of storage projects were presented at the 19th Web3 Summit. IPFS is an important part of Web3 visibility. Its development will affect the development of Web3 to some extent. Likewise, Web3 development somewhat determines the future of IPFS. Filecoin is an IPFS-based storage class project initiated by IPFS. There is no doubt that he is highly expected.
Resources :
  1. https://www.coindesk.com/filecoin-pushes-back-final-testing-phase-announces-calibration-period-for-miners
  2. https://docs.filecoin.io/mine/#types-of-miners https://www.nasdaq.com/articles/inside-the-craze-for-filecoin-crypto-mining-in-china-2020-07-12؟amp
  3. https://www.prnewswire.com/news-releases/qebr-streamlines-holdings-to-concentrate-on-filecoin-development-and-mining-301098731.html
  4. https://www.crowdfundinsider.com/2020/05/161200-filecoin-seeks-to-boost-mining-with-filecoin-discove
  5. https://zephyrnet.com/filecoin-seeks-to-boost-mining-with-filecoin-discove
  6. https://docs.filecoin.io/introduction/ipfs-and-filecoin/#filecoin-powered-by-ipfs
submitted by CoinEx_Institution to filecoin [link] [comments]

RX5700 GPU mining rig vs ASIC miner A10 for Ethereum mining !?

RX5700 GPU mining rig vs ASIC miner A10 for Ethereum mining !?
https://preview.redd.it/9txedwr1wy251.jpg?width=1920&format=pjpg&auto=webp&s=e91116819600b605ffca6ce830fdd582d3965466
I want to clear out the air about Ethereum mining. The GPU mining vs Asic mining, is Ethereum now Asic mining Algorithm. Can RX5700 most efficient Graphic cards for ETH mining Compete with Asic miner A10.
For the last day i have been working on some stats and ROI for 2 types of investment for 12xGPU RX5700 MineBox 12 mining rig and Innosilicon A10 ETH ASIC miner. My goal was to let the data speak about it self and then make a decision what is better investment for ethereum mining GPU or ASIC. Im compering 2 most efficient miners :
  1. ASIC miner Innosilicon A10 , costs 3000usd(specs. 500mh/s at 860w)
  2. GPU miner MineBox12 , cost 4487euro ( specs 700mh/s at 1800w)
Miner price is about the average would it cost to you 12xGPU mining rig might cost you 100-300 cheaper if you would build one yourself. Innosilicon A10 would cost you lot more if you would like to import it out of China. Price would be closer to 3500euro + you would need to buy power-supply for it.
I have created google spreadsheet and inserted the GPU data and performance by the current currencies price and mining profitability. Included also my thoughts about advantages and disadvantages using GPU or Asic miner:

https://preview.redd.it/mojtvv7yvy251.jpg?width=1234&format=pjpg&auto=webp&s=f3384599287ea15a4b6f92ffb973a4019330bdca
Opinion based on mining profit data. We can see that MineBox 12 ROI if electric price is free or very cheap is faster then ASIC miner A10. And even at 0.10c a kw/h at current Ethereum price there is only 80day difference on Equipment payback time. But the biggest thing is for example when your miners are paid back your investment. You still are available to resell your MineBox 12 hardware for other use case or just mine different coins. Where with Innosilicon A10 you can throw it into bin as soon as ETHASH coins are not profitable to mine. This is the biggest downside of Asic miners. So to answer your question is ETH asic mining coin. My answer would be Yes ASIC miners are slightly more profitable , BUT they are not worth the risk you are getting by buying one. Also you can see clearly that GPU miners has lot more advantages then Asic miners. The difference on ETH miners are not so noticeable then like it was Bitcoin GPU vs ASIC mining. There is still profit to be made with GPUs mining ETH. If ETH switches to new POW ProgPOW , again another benefit for GPU rigs as the same GPUs are quite efficient mining ProgPow. Buying and Asic miner there is to much risk, saying from experience. Have lost a lot of money, my last adventure bought 5xAntminer S17 back in November and 4 of them hashing boards stopped working after 1st week. Not counting the previous purchases Antminer D3 etc..
Let me guys know what you think about this, would your rather use ASIC miner for mining ETH of GPU miner?
video : https://www.youtube.com/watch?v=YgVl7pDkkwg&feature=youtu.be
submitted by mineshop to gpumining [link] [comments]

Mine Bitcoins on Cloud Servers

If you know how to setup NiceHash on Linux, you can get it going on any cloud hosting provider. I would like to emphasise that normal cloud hosting servers will not work for this as they have no graphics cards.
So you're better off using servers normally used for AI (artificial intelligence) or ML (machine learning) as both require GPU power.
Another thing is, with cloud hosting such as Google or AWS, they charge you for what you use. So if you aren't careful, you could get charged well over a thousand dollars every month as Google & AWS will provide more computing/gpu power when your server is close to maxing out.
This is done because nornally, people or companies that go with Google or AWS have the money to pay for it and usually never want their services to go down. If I ran a serivce on a pre-determined plan, like 30 GB ram, when it maxes out, server stops. When the server stops, my service stops which loses me money. With most cloud hosting companies, the servers will never stop and you can scale quite efficiently.
Lastly, mining bitcoins as a hobby or as a job on cloud servers isn't profitable at all. You will end up spending more money on cloud hosting than you get in bitcoins.
My advice? Don't try mining for bitcoins using NiceHash or anything on Google Cloud Platform using the free account which is breaching their Terns of Service. Create a few accounts with other hosting companies such as AWS, IBM, Oracle, Alibaba Cloud and use their free plans to test out mining bitcoins on cloud hosting. If you like it, use the free AWS EC2 instance you get (free forever with limited use) and mine away.
Or look for other alternative cloud hosting companies that are a lot cheaper but gives the same results. Or better yet get an ASIC miner. It requires a bigger initial investment, but it will pay for itself in the long run.
submitted by Sycrixx to NiceHash [link] [comments]

Mining for Profitability - Horizen (formerly ZenCash) Thanks Early GPU Miners

Mining for Profitability - Horizen (formerly ZenCash) Thanks Early GPU Miners
Thank you for inviting Horizen to the GPU mining AMA!
ZEN had a great run of GPU mining that lasted well over a year, and brought lots of value to the early Zclassic miners. It is mined using Equihash protocol, and there have been ASIC miners available for the algorithm since about June of 2018. GPU mining is not really profitable for Horizen at this point in time.
We’ve got a lot of miners in the Horizen community, and many GPU miners also buy ASIC miners. Happy to talk about algorithm changes, security, and any other aspect of mining in the questions below. There are also links to the Horizen website, blog post, etc. below.
So, if I’m not here to ask you to mine, hold, and love ZEN, what can I offer? Notes on some of the lessons I’ve learned about maximizing mining profitability. An update on Horizen - there is life after moving on from GPU mining. As well as answering your questions during the next 7 days.
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Mining for Profitability - Horizen (formerly ZenCash) Thanks Early GPU Miners

Author: Rolf Versluis - co-founder of Horizen

In GPU mining, just like in many of the activities involved with Bitcoin and cryptocurrencies, there is both a cycle and a progression. The Bitcoin price cycle is fairly steady, and by creating a personal handbook of actions to take during the cycle, GPU miners can maximize their profitability.
Maximizing profitability isn't the only aspect of GPU mining that is important, of course, but it is helpful to be able to invest in new hardware, and be able to have enough time to spend on building and maintaining the GPU miners. If it was a constant process that also involved losing money, then it wouldn't be as much fun.

Technology Progression

For a given mining algorithm, there is definitely a technology progression. We can look back on the technology that was used to mine Bitcoin and see how it first started off as Central Processing Unit (CPU) mining, then it moved to Graphical Processing Unit (GPU) mining, then Field Programmable Gate Array (FPGA), and then Application Specific Integrated Circuit (ASIC).
Throughout this evolution we have witnessed a variety of unsavory business practices that unfortunately still happen on occasion, like ASIC Miner manufacturers taking pre-orders 6 months in advance, GPU manufacturers creating commercial cards for large farms that are difficult for retail customers to secure and ASIC Miner manufacturers mining on gear for months before making it available for sale.
When a new crypto-currency is created, in many cases a new mining algorithm is created also. This is important, because if an existing algorithm was used, the coin would be open to a 51% attack from day one, and may not even be able to build a valid blockchain.
Because there's such a focus on profitable software, developers for GPU mining applications are usually able to write a mining application fairly rapidly, then iterate it to the limit of current GPU technology. If it looks like a promising new cryptocurrency, FPGA stream developers and ASIC Hardware Developers start working on their designs at the same time.
The people who create the hashing algorithms run by the miners are usually not very familiar with the design capabilities of Hardware manufacturers. Building application-specific semiconductors is an industry that's almost 60 years old now, and FPGA’s have been around for almost 35 years. This is an industry that has very experienced engineers using advanced design and modeling tools.
Promising cryptocurrencies are usually ones that are deploying new technology, or going after a big market, and who have at least a team of talented software developers. In the best case, the project has a full-stack business team involving development, project management, systems administration, marketing, sales, and leadership. This is the type of project that attracts early investment from the market, which will drive the price of the coin up significantly in the first year.
For any cryptocurrency that's a worthwhile investment of time, money, and electricity for the hashing, there will be a ASIC miners developed for it. Instead of fighting this technology progression, GPU miners may be better off recognizing it as inevitable, and taking advantage of the cryptocurrency cycle to maximize GPU mining profitability instead.

Cryptocurrency Price Cycle

For quality crypto projects, in addition to the one-way technology progression of CPU -> GPU -> FPGA -> ASIC, there is an upward price progression. More importantly, there is a cryptocurrency price cycle that oscillates around an overall upgrade price progression. Plotted against time, a cycle with an upward progressions looks like a sine wave with an ever increasing average value, which is what we see so far with the Bitcoin price.

Cryptocurrency price cycle and progression for miners
This means mining promising new cryptocurrencies with GPU miners, holding them as the price rises, and being ready to sell a significant portion in the first year. Just about every cryptocurrency is going to have a sharp price rise at some point, whether through institutional investor interest or by being the target of a pump-and-dump operation. It’s especially likely in the first year, while the supply is low and there is not much trading volume or liquidity on exchanges.
Miners need to operate in the world of government money, as well as cryptocurrency. The people who run mining businesses at some point have to start selling their mining proceeds to pay the bills, and to buy new equipment as the existing equipment becomes obsolete. Working to maximize profitability means more than just mining new cryptocurrencies, it also means learning when to sell and how to manage money.

Managing Cash for Miners

The worst thing that can happen to a business is to run out of cash. When that happens, the business usually shuts down and goes into bankruptcy. Sometimes an investor comes in and picks up the pieces, but at the point the former owners become employees.
There are two sides to managing cash - one is earning it, the other is spending it, and the cryptocurrency price cycle can tell the GPU miner when it is the best time to do certain things. A market top and bottom is easy to recognize in hindsight, and harder to see when in the middle of it. Even if a miner is able to recognize the tops and bottoms, it is difficult to act when there is so much hype and positivity at the top of the cycle, and so much gloom and doom at the bottom.
A decent rule of thumb for the last few cycles appears to be that at the top and bottom of the cycle BTC is 10x as expensive compared to USD as the last cycle. Newer crypto projects tend to have bigger price swings than Bitcoin, and during the rising of the pricing cycle there is the possibility that an altcoin will have a rise to 100x its starting price.
Taking profits from selling altcoins during the rise is important, but so is maintaining a reserve. In order to catch a 100x move, it may be worth the risk to put some of the altcoin on an exchange and set a very high limit order. For the larger cryptocurrencies like Bitcoin it is important to set trailing sell stops on the way up, and to not buy back in for at least a month if a sell stop gets triggered. Being able to read price charts, see support and resistance areas for price, and knowing how to set sell orders are an important part of mining profitability.

Actions to Take During the Cycle

As the cycle starts to rise from the bottom, this is a good time to buy mining hardware - it will be inexpensive. Also to mine and buy altcoins, which are usually the first to see a price rise, and will have larger price increases than Bitcoin.
On the rise of the cycle, this is a good time to see which altcoins are doing well from a project fundamentals standpoint, and which ones look like they are undergoing accumulation from investors.
Halfway through the rise of the cycle is the time to start selling altcoins for the larger project cryptos like Bitcoin. Miners will miss some of the profit at the top of the cycle, but will not run out of cash by doing this. This is also the time to stop buying mining hardware. Don’t worry, you’ll be able to pick up that same hardware used for a fraction of the price at the next bottom.
As the price nears the top of the cycle, sell enough Bitcoin and other cryptocurrencies to meet the following projected costs:
  • Mining electricity costs for the next 12 months
  • Planned investment into new miners for the next cycle
  • Additional funds needed for things like supporting a family or buying a Lambo
  • Taxes on all the capital gains from the sale of cryptocurrencies
It may be worth selling 70-90% of crypto holdings, maintaining a reserve in case there is second upward move caused by government bankruptcies. But selling a large part of the crypto is helpful to maintaining profitability and having enough cash reserves to make it through the bottom part of the next cycle.
As the cycle has peaked and starts to decline, this is a good time to start investing in mining facilities and other infrastructure, brush up on trading skills, count your winnings, and take some vacation.
At the bottom of the cycle, it is time to start buying both used and new mining equipment. The bottom can be hard to recognize.
If you can continue to mine all the way through bottom part of the cryptocurrency pricing cycle, paying with the funds sold near the top, you will have a profitable and enjoyable cryptocurrency mining business. Any cryptocurrency you are able to hold onto will benefit from the price progression in the next higher cycle phase.

An Update on Horizen - formerly ZenCash

The team at Horizen recognizes the important part that GPU miners played in the early success of Zclassic and ZenCash, and there is always a welcoming attitude to any of ZEN miners, past and present. About 1 year after ZenCash launched, ASIC miners became available for the Equihash algorithm. Looking at a chart of mining difficulty over time shows when it was time for GPU miners to move to mining other cryptocurrencies.

Horizen Historical Block Difficulty Graph
Looking at the hashrate chart, it is straightforward to see that ASIC miners were deployed starting June 2018. It appears that there was a jump in mining hashrate in October of 2017. This may have been larger GPU farms switching over to mine Horizen, FPGA’s on the network, or early version of Equihash ASIC miners that were kept private.
The team understands the importance of the cryptocurrency price cycle as it affects the funds from the Horizen treasury and the investments that can be made. 20% of each block mined is sent to the Horizen non-profit foundation for use to improve the project. Just like miners have to manage money, the team has to decide whether to spend funds when the price is high or convert it to another form in preparation for the bottom part of the cycle.
During the rise and upper part of the last price cycle Horizen was working hard to maximize the value of the project through many different ways, including spending on research and development, project management, marketing, business development with exchanges and merchants, and working to create adoption in all the countries of the world.
During the lower half of the cycle Horizen has reduced the team to the essentials, and worked to build a base of users, relationships with investors, exchanges, and merchants, and continue to develop the higher priority software projects. Lower priority software development, going to trade shows, and paying for business partnerships like exchanges and applications have all been completely stopped.
Miners are still a very important part of the Horizen ecosystem, earning 60% of the block reward. 20% goes to node operators, with 20% to the foundation. In the summer of 2018 the consensus algorithm was modified slightly to make it much more difficult for any group of miners to perform a 51% attack on Horizen. This has so far proven effective.
The team is strong, we provide monthly updates on a YouTube live stream on the first Wednesday of each month where all questions asked during the stream are addressed, and our marketing team works to develop awareness of Horizen worldwide. New wallet software was released recently, and it is the foundation application for people to use and manage their ZEN going forward.
Horizen is a Proof of Work cryptocurrency, and there is no plan to change that by the current development team. If there is a security or centralization concern, there may be change to the algorithm, but that appears unlikely at this time, as the hidden chain mining penalty looks like it is effective in stopping 51% attacks.
During 2019 and 2020 the Horizen team plans to release many new software updates:
  • Sidechains modification to main software
  • Sidechain Software Development Kit
  • Governance and Treasury application running on a sidechain
  • Node tracking and payments running on a sidechain
  • Conversion from blockchain to a Proof of Work BlockDAG using Equihash mining algorithm
After these updates are working well, the team will work to transition Horizen over to a governance model where major decisions and the allocation of treasury funds are done through a form of democratic voting. At this point all the software developed by Horizen is expected to be open source.
When the governance is transitioned, the project should be as decentralized as possible. The goal of decentralization is to enable resilience and preventing the capture of the project by regulators, government, criminal organizations, large corporations, or a small group of individuals.
Everyone involved with Horizen can be proud of what we have accomplished together so far. Miners who were there for the early mining and growth of the project played a large part in securing the network, evangelizing to new community members, and helping to create liquidity on new exchanges. Miners are still a very important part of the project and community. Together we can look forward to achieving many new goals in the future.

Here are some links to find out more about Horizen.
Horizen Website – https://horizen.global
Horizen Blog – https://blog.horizen.global
Horizen Reddit - https://www.reddit.com/Horizen/
Horizen Discord – https://discord.gg/SuaMBTb
Horizen Github – https://github.com/ZencashOfficial
Horizen Forum – https://forum.horizen.global/
Horizen Twitter – https://twitter.com/horizenglobal
Horizen Telegram – https://t.me/horizencommunity
Horizen on Bitcointalk – https://bitcointalk.org/index.php?topic=2047435.0
Horizen YouTube Channel – https://www.youtube.com/c/Horizen/
Buy or Sell Horizen
Horizen on CoinMarketCap – https://coinmarketcap.com/currencies/zencash/

About the Author:

Rolf Versluis is Co-Founder and Executive Advisor of the privacy oriented cryptocurrency Horizen. He also operates multiple private cryptocurrency mining facilities with hundreds of operational systems, and has a blog and YouTube channel on crypto mining called Block Operations.
Rolf applies his engineering background as well as management and leadership experience from running a 60 person IT company in Atlanta and as a US Navy nuclear submarine officer operating out of Hawaii to help grow and improve the businesses in which he is involved.
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Thank you again for the Ask Me Anything - please do. I'll be checking the post and answering questions actively from 28 Feb to 6 Mar 2019 - Rolf
submitted by Blockops to gpumining [link] [comments]

Bitcoin farming returns are weak at the moment - how many of you do it?

Someone let me know if I'm doing the math wrong. Based on using one GPU and not having solar power, you're barely making any money.
Expeditionary Fuel Cans = 70k on Flea at the time of writing this post.
Bitcoin = 150k on Flea
With one GPU, it will take you 20 hours of fuel to create a bitcoin. I checked my hideout and two full expeditionary fuel tanks (60/60) will last 28 hours. So after one bitcoin is made you have earned 150k in income, but it cost you (20/28) * 140,000 = 100,000 in fuel at a minimum. So profit per bitcoin is 150k - 100k = 50k roubles. I guess I should add in the remaining fuel as well. That will cost 8/28 * 140k for a profit of 8/20 * 150k = -40k + 60k or an additional 20k of profit. Total profit is 70k for two full fuel tanks.

Based on what I have not sold from my stash (I have already done a few upgrades and have some spare parts), it would cost me 2.6 million roubles to get the bitcoin farm. It would take me 52 days of harvesting a bitcoin every day just to make my initial investment back. If you hadn't already put a few hundred thousand into your hideout and had some cables lying around like I do, the return of initial investment time would be even worse. I want to do the upgrades but I just don't know if it's worth it given current prices

I'm aware that I could farm the items rather than buy them, but ultimately market price is the best way to look at this in my opinion (although that is not the point of the post).

I believe the first argument to this will be that empty fuel cans can be used for mag case crafting. So lets do the math on that as well.
Metal Cutting Scissors = 70k
Bolts x3 = 20k * 3 = 60k
Screw Nuts x3 = 13k * 3 = 39k
Total Cost = 169k
Fuel canisters should cost nothing as they are used in the bitcoin mining so, 169k in costs yields 320k in income or 320k - 169k = 149k

However, Lavatory Level 2 requires Water Collector 1, 3 Corrugated hoses, 5x screw nuts and 5x bolts. For simplicity I will combine the costs of water collector 1 and Lavatory Level 2 below.
7x Corrugated Hoses = 80k * 7 = 560k
10x bolts = 25k * 10 = 250k
10x screw nut = 130k
3x Duct Tape = 22.5k
Total Cost to construct = 962.5k

So math on combined bitcoin mining and magazine crafting trade is below
Total Costs = 962.5k + 2.6 million = 3.56 million
profit per two cans of fuel = 149k for the magazine craft + 70k for the bitcoin mine = $220k

3.56 mil / 220k cuts down the return of investment to 22 days. Sort of answered my own question there but I still think this is pretty weak given you have to log in at the same time every day to refuel / harvest bitcoins otherwise the returns get even worse.
submitted by NTAthrowaway9010 to EscapefromTarkov [link] [comments]

An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
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Bitcoin Mining Profitability September 2018 By Far The BEST Bitcoin Mining Software In 2020 💸Profitable💸 How Are Mining Profits Now? September 2019 Is Mining Bitcoin Still Profitable in 2020? - YouTube Should YOU be GPU MINING Cryptocurrency in 2020?! - YouTube

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Bitcoin Mining Profitability September 2018

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