Bitcoin mining.

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What is Bitcoin mining & How it's done?
Bitcoin mining is the decentralized computing process of generating new bitcoin. Now for Bitcoin mining, you need to manage your own mining hardware, datacentre, electricity, and many other offline issues.
Bitcoin cloud mining enables users to start free mining at data centers without any investment. Bitcoin cloud mining is done remotely at cloud servers that's why you don't have to deal with electrical problems, staff related issues, hardware issues, or any other offline errors.

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Mining of bitcoin.
1 Introduction 2 Difficulty 2.1 The Computationally-Difficult Problem 2.2 The Difficulty Metric 2.3 Reward 3 The mining ECOSystem 3.1 Hardware 3.1.1 CPU Mining 3.1.2 GPU Mining 3.1.3 FPGA Mining 3.1.4 ASIC Mining 3.1.5 Mining services (Cloud mining) 3.2 Pools 3.3 History 4 Staking 5 See Also.
Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions (and a "mining rig" is a colloquial metaphor for a single computer system that performs the necessary computations for "mining". This ledger of past transactions is called the block chain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
The primary purpose of mining is to set the history of transactions in a way that is computationally impractical to modify by any one entity. By downloading and verifying the blockchain, bitcoin nodes are able to reach consensus about the ordering of events in bitcoin.
Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new units available to anybody who wishes to take part. An important difference is that the supply does not depend on the amount of mining. In general changing total miner hashpower does not change how many bitcoins are created over the long term.
Mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.
The Difficulty Metric.
The difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. The rate is recalculated every 2,016 blocks to a value such that the previous 2,016 blocks would have been generated in exactly one fortnight (two weeks) had everyone been mining at this difficulty. This is expected yield, on average, one block every ten minutes.
As more miners join, the rate of block creation increases. As the rate of block generation increases, the difficulty rises to compensate, which has a balancing of effect due to reducing the rate of block-creation. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by the other participants in the network.
Reward.
When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 6.25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply.
The mining ECOSystem.
Users have used various types of hardware over time to mine blocks. Hardware specifications and performance statistics are detailed on the Mining Hardware Comparison page.
Early Bitcoin client versions allowed users to use their CPUs to mine. The advent of GPU mining made CPU mining financially unwise as the hashrate of the network grew to such a degree that the amount of bitcoins produced by CPU mining became lower than the cost of power to operate a CPU. The option was therefore removed from the core Bitcoin client's user interface.
GPU Mining is drastically faster and more efficient than CPU mining. See the main article: Why a GPU mines faster than a CPU. A variety of popular mining rigs have been documented.
FPGA mining is a very efficient and fast way to mine, comparable to GPU mining and drastically outperforming CPU mining. FPGAs typically consume very small amounts of power with relatively high hash ratings, making them more viable and efficient than GPU mining. See Mining Hardware Comparison for FPGA hardware specifications and statistics.
An application-specific integrated circuit, or ASIC , is a microchip designed and manufactured for a very specific purpose. ASICs designed for Bitcoin mining were first released in 2013. For the amount of power they consume, they are vastly faster than all previous technologies and already have made GPU mining financially.

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How Bitcoin mining works

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Mining services (Cloud mining)
Mining contractors provide mining services with performance specified by contract, often referred to as a "Mining Contract." They may, for example, rent out a specific level of mining capacity for a set price at a specific duration.
As more and more miners competed for the limited supply of blocks, individuals found that they were working for months without finding a block and receiving any reward for their mining efforts. This made mining something of a gamble. To address the variance in their income miners started organizing themselves into pools so that they could share rewards more evenly. See Pooled mining and Comparison of mining pools.
History.
Bitcoin's public ledger (the "block chain") was started on January 3rd, 2009 at 18:15 UTC presumably by Satoshi Nakamoto. The first block is known as the genesis block. The first transaction recorded in the first block was a single transaction paying the reward of 50 new bitcoins to its creator.
Staking.
Staking is a concept in the Delegated proof of stake coins, closely resembling pooled mining of proof of work coins. According to the proof of share principle, instead of computing powers, the partaking users are pooling their stakes , certain amounts of money, blocked on their wallets and delegated to the pool's staking balance.
The network periodically selects a pre-defined number of top staking pools (usually between 20 and 100), based on their staking balances, and allows them to validate transactions in order to get a reward. The rewards are then shared with the delegators, according to their stakes with the pool.
Although staking doesn't require lots of computing power as mining, it still needs very stable and fast Internet connection in order to collect, verify and sign all transactions in the queue within a small timespan, which can be as short as one second. If a pool fails to do so, it doesn't get the reward, and it may be shared with the next pool in order.
A lot of altcoins are using staking. Staking is often marketed as a much more efficient alternative. Unfortunately staking has the potential to not be much different than politics. A good example is that it's easy for a big actor to take over the network by simply buying enough coins. This actually happened in 2020 when TRON's Justin Sun took over the Steem "forum" network and then did some things that made some people unhappy.
Butterfly Labs.
Butterfly Labs (BFL) is a company that creates Bitcoin mining hardware. One of the earliest Bitcoin mining hardware manufacturers offering ASIC devices, Butterfly Labs have come under fire from bitcoin miners who have had to wait patiently due to lengthy production and delivery delays. The company is headquartered is located in Kansas, United States.
1 Butterfly Labs Review 2 History 3 Sources 4 External links 5 See Also on BitcoinWiki.
Butterfly Labs Review [ edit ]
The company Butterfly Labs (BFL), which is epically disgraced in front of customers, opened again and updates its website. They had to shut down as a result of a conflict with the state regulatory body, the FTC. FTC employees launched an investigation at the end of 2014.
Their verdict was that "consumers who have purchased the machines or services from Butterfly Labs and have not received their orders". BFL has long treated clients with promises, and then finally went offline. But here they come back! Their plans have been updated on the company's website: "We are more than ever ready to serve you, our customers. In the future, we will provide good suggestions. However, after three months of closure and strictly limited operations, we must assess the state of all aspects of our business. We ask that You be patient as we need time to restart our operations." [1]
Customers interested in getting ASIC "Monarch" can still hope to get it. You can also apply for a refund. Requests will be processed as received. The company expects the first payments to start in late January or February. In addition, cloud mining contracts are offered to customers with a "big discount".
Also BFL is still trying to develop the BitSafe, a hardware wallet for storing bitcoins. Although, during this time, have already appeared similar projects from competitors and best wallet Ledger.
History [ edit ]
ASIC-business started promising for Butterfly Labs. The company has published the specifications for its ASIC device for mining in Bitcoin Magazine last September. In accordance with the article, users can expect mining 1 W 1 gigaherz/sec. All devices will be equipped with custom ASIC chips based on 65-nm technology, which will help to reduce the power consumption.
However, within a few months things went bad. In January, a spokesman for Josh Zerlan posted an apology at the company's forum, acknowledging the continuing delays.
"We are determined to be ready by October to make deliveries and deeply regret that we were not able to meet deadlines, -- he wrote. "Our delays are the result of the complexity of the project, and so far we have overcome virtually all obstacles and entered the final phase."
But the last stage was longer than anticipated. At the end of January, Zerlan published a forecast delivery date that came in February:"Even if the worst-case scenario happens, we plan to start deliveries around Monday 18th."
Then, at the end of March, almost six weeks later, other news came in: the company had problems with the power needed to operate the devices.
"In order to save time, we plan to reduce the speed of hashing blocks, which is necessary to provide additional power and supply several devices to those who want to get them right now," -- said Zerlan. The next day he issued a clarification: "We are not starting delivery".
April 15, Zerlan said that the company began to cope with the problems of hardware and software. He noted the need for reorganization of the power system, adding that it became clear that the initial specification of power consumption for devices 5 gigaherz/sec will not be successful work: "energy Consumption exceeds the 1W/GH, unfortunately, but it is much better than in excess of 40-50%".
Finally, in April, a small number of devices began to appear. Zerlan said that the company delivered 35 devices - half developers and the media, and the other half customers.
But this did not mean that the company began mass production. Earlier this month, he wrote that the chip supplier was delaying the process. Three days later, he reported that the Butterfly Labs test lab was expecting 100 chips in Chicago on may 14.
"We've had some problems with the new Single card, and now we're working on Troubleshooting and hopefully finding a solution before the end of the week," zerlan added.
Serlan may 14, the day when he was supposed to deliver the chips, he responded to a question from the customer on the Bitcoin Talk forum who had asked about the previous delays of deliveries. [2]
"You didn't get an answer to your question because it was so incredibly stupid that it didn't deserve an answer,"Zerlan wrote, adding later," which is why I don't take you seriously. You can't even formulate an informed thought about a simple technical side like the build."
But others who have experience in the sphere under consideration also have questions. "I have little experience with VLSI, and one of the things we're always worried about is power consumption and cooling," said Charles Hoskinson, a Colorado mathematician, Director of Bitcoin Education Project, and a student studying cryptography.

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ELI5: Bitcoin vs Bitcoin Cash|1:05

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Posts Tagged ' BFL '
Butterfly Labs Resuming Operations, Should You Care.
It seems that the ASIC mining harwdare manufacturer BFL has resumed operations butt should you care at all about that? Butterfly Labs has outdated Bitcoin mining hardware, so no reason to order the 700 GHS Monarch Bitcoin mining cards or the cloud mining plans at $2.75 per GHS. If you however have ordered any of their mining hardware and/or service before BFL was closed a few months ago you might want to submit a request for a refund. After all there is still some chance that you may at least get your money back, below is a quote of the official information regarding refunds from BFL:
Refund and rebate payments will be processed in the order received (including those on hold during the FTC action). We will resume paying refunds and rebates as soon as we're operationally ready. We anticipate being able to start paying refunds in bitcoin in January. Because the cost of the Temporary Receivership and our legal defense against the FTC have consumed a substantial portion of our cash reserves, we anticipate being able to resume cash refund and rebate payments in late January or February.
Published in: Crypto News Related tags: BFL, BFL refund, Butterfly Labs, Butterfly Labs refund, Butterfly Labs resuming operations.
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What is Going on With Mining Asics Technologies.
Now, if you are thinking that the situation with Alpha Technology and their Viper Scrypt ASCI miners still not shipping, what should you think about the situation MAT (Mining Asics Technologies). According to the new information released by the company they have received their first ASIC chips at the beginning of August and by the end of the month and early September they were already releasing videos of some of their products hashing. On the company's website we've seen an estimated shipping date announced as 15.09.2014 for the smaller Scrypt ASIC miners and "estimated shipments Q3 of Year 2014" for the first batch of devices from the more powerful units.
On 19.09.2014 MAT has released a news update stating that the after some delays the "shipping for our first customers will start on 26.09.2014". On 08.10.2014 there was another news update saying that the company has already started shipping the previous week, however they have apparently found a software bug that they need to fix and are stopping the shipments meanwhile with a promise to maybe start shipping again next week. Now, why would they need to stop shipping if it is a software bug, it has been a while since all of the more serious ASIC crypto miners can be software (firmware) updated by the user. Furthermore how and why they find a software bug after a bit over a month of testing that they should have already been done since they got their first miners working. It all seems like they are buying some time as nobody has yet reported of receiving a miner from them, and if somebody did get a unit if it had a serious problem that needed manual intervention from MAT that would mean the device need to be sent back to them for a fix.
As you would expect from an ASIC manufacturer the communication with customers is lacking, we are used to seeing this, even though this is clearly not the right way to go and treat your customers that have paid you thousands up front. No wonder that people are not happy, but then again we are seeing a similar situation with other companies such as Alpha Technologies or even KnCMiner, not to mention BFL. Clearly if companies in this business want to keep their customers happy and returning for more they need to be more open and responsive to customer questions, not to mention that they should not give promises that they might not be able to keep. Keeping your customers in the dark, not keeping promises and delaying your hardware without a detailed and on time explanation is clearly not the right way to do business in the crypto currency world.
Published in: General Info|Mining Hardware Related tags: Alpha Technology, ASIC miners, BFL, KnCMiner, MAT, Mining ASICs Technologies, Scrypt ASIC Miners.
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U.S. Court Halts Bitcoin mining Operation Butterfly Labs.
The news agency Reuters has just reported that a U.S. court has shut down Butterfly Labs, a Missouri company, which the Federal Trade Commission (FTC) alleges for deceptively marketing Bitcoin mining hardware.
"The FTC's complaint against Butterfly and its corporate officers alleges that the company charged consumers thousands of dollars for its bitcoin computers, called BitForce, but then failed to provide the computers until they were almost obsolete, or in many cases did not provide the computers at all."
"Butterfly sold its computers from $149 to $29,899 based on the machines' purported computing power. The FTC said that more than 20,000 consumers had not received the computers they purchases as of September 2013."
At the time of writing this the Butterfly Labs' website is still online and there is nothing official coming from the company as a response to the court ruling. We can't say that we are surprised from this development as Butterfly Labs as one of the first makers of Bitcoin ASIC miners probably was not ready for the overwhelming user demand and a for months and years they literally failed to gt a hold of what was going on with the Bitcoin market and continued to take pre-orders of hardware that they were apparently not capable of delivering. We'll see if other crypto currently mining hardware companies would suffer the same fate.
Published in: Crypto News Related tags: BFL, Bitcoin ASIC miners, Bitcoin mining, Butterfly Labs, FTC.
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Time Frame BTC Reward Revenue USD* Power Cost (in USD) Pool Fees (in USD) Profit (in USD) Hourly 0.00003275 $0.62 $0.16 $0.00 $0.45 Daily 0.00078595 $14.77 $3.90 $0.00 $10.87 Weekly 0.00550162 $103.36 $27.30 $0.00 $76.06 Monthly 0.0236 $442.96 $117.00 $0.00 $325.96 Annually 0.2869 $5,389.32 $1,423.50 $0.00 $3,965.82.
* Bitcoin Price at $18,786.59 USD.
Bitcoin mining Difficulty Bitcoin Block Reward Bitcoin Price 17,596,801,059,571.00 6.25 BTC $18,786.59 (BTC to USD) Bitcoin mining Hashrate Bitcoin mining Hardware Watts Bitcoin mining Hardware Cost Electricity Costs 110.00 TH/s 3,250 Watts $2,407.00 $0.05 per kWh.
A BTC mining difficulty of 17,596,801,059,571.00, a BTC mining hashrate of 110.00 TH/s consuming 3,250 watts of power at $0.05 per kWh, and a block reward of 6.25 BTC at $18,786.59 (BTC to USD).
After deducting mining power costs and mining fees, the final daily Bitcoin mining profit is $10.87 Bitcoin to USD .
BitcoinGold Mining Calculator.
Enter your BitcoinGold mining hashrate, power consumption in watts, and costs.
Accurate BitcoinGold mining calculator trusted by millions of cryptocurrency miners.
Developed for miners by miners. Our BitcoinGold mining calculator makes it simple and easy to quickly see BitcoinGold mining profitability based on hashrate, power consumption, and costs. Default inputs are preloaded with the latest BitcoinGold difficulty target and BitcoinGold mining hashrate for the best BitcoinGold miner.
BitcoinGold Mining Reward Estimates.
BitcoinGold mining profitability calculator results.
BitcoinGold Profit Margin -->
BitcoinGold Mining Investment -->
BitcoinGold Mining Profit -->
BitcoinGold Mining Reward Forecasts.
Time Frame BTG Rewards Revenue USD* Power Cost (in USD) Pool Fees (in USD) Profit (in USD) Hourly 0.08870807 $0.85 $0.06 $0.00 $0.79 Daily 2.12899363 $20.38 $1.44 $0.00 $18.94 Weekly 14.90295540 $142.68 $10.08 $0.00 $132.60 Monthly 63.8698 $611.48 $43.20 $0.00 $568.28 Annually 777.0827 $7,439.66 $525.60 $0.00 $6,914.06.
BitcoinGold Mining Calculator Inputs.
BitcoinGold Mining Difficulty BitcoinGold Block Reward BitcoinGold Price 73,070.40 12.50 BTG $9.57 (BTG to USD) BitcoinGold Mining Hashrate BitcoinGold Mining Hardware Watts BitcoinGold Mining Hardware Cost Electricity Costs 1,180.00 H/s 600 Watts $0.00 $0.10 per kWh.
BitcoinGold Blockchain Mining Summary.
BitcoinGold Blockchain Stats -->
BitcoinGold Block Reward -->
BitcoinGold Hashrate -->
BitcoinGold Mining Difficulty -->
BitcoinGold Mining Rewards -->
How to use the BitcoinGold mining calculator?
Every aspect of our BitcoinGold mining calculator has been developed for miners by miners .
The latest version of the BitcoinGold mining calculator makes it simple and easy to quickly calculate BitcoinGold mining profits by adjusting the mining hashrate values or by selecting one of the BitcoinGold mining hardware devices from the BitcoinGold miners list.
The BitcoinGold mining information is updated continually with the current block mining information. This information is used as the default inputs for the BTG mining calculator along with the default hashrate and wattage specs from the best BitcoinGold miner.
With this information and our backend hashrate calculator, you can calculate your BTG mining profits - providing valuable and strategic profitability information allowing you as the miner to make better informed decisions about BitcoinGold mining.
Along with the BitcoinGold mining profitability, the list of top 5 BitcoinGold miners is updated frequently. A BitcoinGold miner is also referred to as a BitcoinGold mining rig, or a BitcoinGold mining hardware device, or a BitcoinGold mining machine, but we simply call them miners, or more specifically, BitcoinGold miners.
Each BTG mining calculator input has been preloaded with the best BitcoinGold mining hardware hashrate and energy consumption in watts, average electricity costs as well as the current BitcoinGold price, BitcoinGold block reward, and BitcoinGold difficulty.
Calculate your BitcoinGold mining profitability and estimated mining rewards by starting with the BitcoinGold mining hashrate calculator inputs above; mining hardware, mining costs, and mining reward.

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Will FPGA's Replace GPU's? Introduction to FPGA Mining!|14:33

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Is BitcoinGold mining still profitable?
Yes, mining BitcoinGold is still profitable - based on the mining hardware hashrate of 1,180.00 H/s, electricity costs, and pool / maintenance fees provided.
While, mining BitcoinGold is still profitable as of right now.
The blockchain is constantly growing and the BitcoinGold difficulty increases and decreases over time based on the total computing power currently mining blocks and generating hashes.
The BitcoinGold mining profitability results and mining rewards were calculated using the best BTG mining calculator with the following inputs.
A BTG mining difficulty of 73,070.40, a BTG mining hashrate of 1,180.00 H/s consuming 600 watts of power at $0.10 per kWh, and a block reward of 12.50 BTG at $9.57 (BTG to USD).
How many BitcoinGold can you mine a day?
Based the mining hardware inputs provided, 2.12899363 BitcoinGold can be mined per day with a BitcoinGold mining hashrate of 1,180.00 H/s, a block reward of 12.5 BTG, and a BitcoinGold difficulty of 73,070.40.
After deducting mining power costs and mining fees, the final daily BitcoinGold mining profit is $18.94 BitcoinGold to USD .
How long does it take to mine 1 BitcoinGold?
As of Saturday, November 21, 2020, it would take 0.470 days to mine 1 BitcoinGold at the current BitcoinGold difficulty level along with the mining hashrate and block reward; a BitcoinGold mining hashrate of 1,180.00 H/s consuming 600.00 watts of power at $0.10 per kWh, and a block reward of 12.5 BTG.
Disclosure: The Profit Details are the result of a chosen budget of $ 10,000.00 to purchase Bitcoin mining servers that are hashing 76 TH/s at a price of $ 25 per terahash. This assumes a total hashrate of 400.00 . The Profit Details also take in consideration the current network hash rate of 1.7596801059571E13 and current BTC/USD exchange rate of 1 BTC = $ 18,778.04 . These figures vary based on the total network hash rate and on the BTC to USD conversion rate. Block reward is fixed at 6.25 BTC. The Profit Details do not take into account any future changes in block rewards, hashrate and difficulty rate. All inputs in this calculator vary over time. The profit details is based on current values only and should be used as a guide only.
Bitcoin mining ec2.
Setup for Bitcoin mining on EC2 cg1.4xlarge instances. This makes no economic sense.
What this does: Creates an autoscaling rule to start new EC2 instances at spot pricing which will mine for Bitcoins. Total rate per instance is about 170 Mhash/s with lowest spot prices being around $0.37/hr.
This implementation is a bit hacky but it's not worth cleaning up.
The scripts require some edits for your setup (notification ARN, pool passwords, etc.)
Start a cg1.4xlarge with ami-4583572c. Connect to this instance to set it up. Edit and run setup-ami.sh on your instance. Reboot the instance, make sure the miners come up. There should be three detached screens (see them with screen -r), two running miners on the GPUs, one running on the CPU. If all looks good, create your own AMI from this. Create your autoscaling rules by editing and running setup-autoscale.sh on a machine with the AWS Auto Scaling Command Line tools installed. Wait. The autoscaling will automatically start instances when the spot pricing is below your bid price and they'll start.
I wish the last step was profit. nVidia Teslas are not well suited to mining and so the return is well below the cost.
Covert Mining: Bitcoin and Amazon EC2.
Over the past couple of years, cryptocurrencies have become less of a fringe geek fad and more of a significant financial player. The price of Bitcoin alone has increased astronomically in the past 14 months, crossing the $500 USD level in May of 2016 and not looking back since. As of today, the spot price for Bitcoin is over $2,700 USD.
While this is not a post focused on Bitcoin, understanding a bit about the cryptocurrency helps bring this blog into context. At a very basic level, Bitcoin is given out as a reward for completing a batch of mathematical calculations over a certain time period (10 minutes). The first person (or group of people) to complete the batch of calculations gets the Bitcoin. This is referred to as Bitcoin mining, and a similar process is used for obtaining other cryptocurrencies (i.e. Ethereum). In short, the greater the computing power, the faster the math gets done, and the higher the likelihood you or your group "win" the Bitcoin.
Recently, a Reddit user posted that his AWS infrastructure had been hacked, with the intruder spinning up over five hundred EC2 instances for the specific purpose of mining Bitcoin. These were most likely largest available EC2 instances, as the hacker wanted the highest capacity CPU available to maximize processing and complete the Bitcoin math problems quicker. These instances were presumably running at capacity, with every drop of computing power dedicated to mining.
The intrusion was detected and the EC2 instances decommissioned, but I shudder to think at the fees incurred.
Cloud Conformity's auditing software maintains a list of over 270 rules (growing weekly), guided by best practices championed by the AWS Well Architected Framework and Center for Internet Security. Combined with real-time monitoring, the Cloud Conformity Bot would have not only detected the hacker spinning up the instances, but would have immediately notified DevOps administrators of the illicit activity on their infrastructure.
Here are some examples of rules within Cloud Conformity that would have helped prevent this type of hack, in addition to mitigating any damage the hacker may have done upon gaining entry.
As much as we all work to ensure that our networks remain safe and secure, the fact of the matter is that intrusion protection is almost always re active as opposed to proactive. Hackers are always finding new ways to break in, and best practices are typically developed in response to recently discovered shortfalls in security.
When managing and securing your infrastructure, build the best defense you can, but don't forget to plan for when your defenses fail. Ensure that you're monitoring your AWS infrastructure in real-time, and choose a security partner that offers proactive notification via integrations with multiple ticketing and communication pathways.
If you would like to know more about securing your infrastructure, while ensuring it remains optimized and compliant, visit the Cloud Conformity website and set up a demo or sign up for a free trial. Don't let your organization's EC2 mine for someone else's Bitcoin.
Running a Bitcoin Full Node on an Amazon EC2 or Lightsail Instance.
A Bitcoin full node contains the complete Bitcoin blockchain, that is, all blocks that have been mined since January 3, 2009, when Satoshi Nakamoto mined the first Bitcoin block (block 0 or genesis block). The complete blockchain contains all transactions that have been processed by the Bitcoin network.
Full nodes download every block and transaction and validate them against Bitcoin consensus rules. These nodes are not involved in mining and, thus, they do not require specialized hardware, optimized for solving computationally difficult problems.
This blog post provides an overview of the requirements and costs of running a Bitcoin full node on an EC2 or Lightsail Instance.
How to Run a Bitcoin Full Node on an EC2 or Lightsail Instance.
The initial synchronization of a Bitcoin full node takes many hours. Also, a lot of data is downloaded.
A synchronized full Bitcoin node requires more than 270Gb of disk space. This space is consumed by the block headers, transactions, database indexes, debug logs, and some other information.
It is recommended to run a full node on a system that has at least 2Gb RAM . Even though a full node can run on weaker hardware, you may face issues if your system does not meet this memory requirement. For example, the initial block download on a t2.micro EC2 instance that has only 1Gb RAM fails after one hour with the expected message Error: Out of memory. Terminating .
Initial block download is the process of downloading blocks that are new to your Bitcoin node. If you run a Bitcoin client for the first time, then all blocks starting from the block 0 (genesis block) are new to your node, and, thus, the entire blockchain (more than 250 Gb) will be downloaded. During the download, the node verifies the blocks downloaded. It results in high CPU usage.
Bitcoin Core is a full Bitcoin client that builds the backbone of the Bitcoin network and serves as a Bitcoin node. You can download the latest Bitcoin Core binaries at https://bitcoin.org/en/download. The Bitcoin Core has many parameters, but in the simplest case, you can start your node as follows:
To accelerate the download of the entire blockchain, you may want first to run the Bitcoin daemon on a powerful EC2 or Lightsail instance, and, then, when the entire blockchain is downloaded and verified, attach the storage with data to a cheaper instance that has, for example, 2Gb RAM and 1vCPU.
The following table shows how long it takes to download the entire blockchain on EC2 and Lightsail instances running in the US East (N. Virginia) region, and how much it costs to run a Bitcoin full node on these instances.

[Bitcoin]

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[Bitcoin]

In this example, the EC2 and Lightsail instances had similar hardware profiles. Still, the initial block download took longer on the Lightsail instance because the CPU performance was throttled on this burstable performance instance.
When you have your full node running, you can use the Bitcoin Command Line Interface (CLI) to retrieve information about blocks and transactions.
If you want to help strengthen the Bitcoin network, you need to keep your full node running with port 8333 open, and leave your node running at least 6 hours a day . In this case, to avoid unpredictable network charges, you can reduce outbound traffic using different Bitcoin Core options. For further details, see the Bitcoin documentation.
Also, you may want to limit the outbound network bandwidth of your EC2 of Lightsail instance. For further details, see Limiting the Network Bandwidth of a Linux-Based Amazon Lightsail or EC2 Instance.
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My curiosity got the better of me and I decided to start playing with Bitcoins, which inevitably led to mining and then using Amazon's High Performance Computing EC2 instances to do the brunt of the work.
It's actually very easy to get up and running. Once you've found a mining pool -- e.g. Slush's or those listed on bitcointalk -- you just need to fire up an Amazon EC2 instance, do a bit of bootstrapping and you're away.
Assuming you've an Amazon Web Services account, browse to to the EC2 instances dashboard and click "Launch instance". From here you'll need to follow the "Quick launch wizard", reuse or create a private/public key pair, select "More Amazon Machine Images" and use the Amazon Machine Instance "starcluster-base-centos-5.4-x86_64-ebs-hvm-gpu-rc2 (ami-12b6477b)". Make sure before completing the wizard you select the type "cg1.4xlarge".
According to htop and free -m this is an EC2 VM with 8 cores, 21GB RAM and 2 Tesla GPUs. Easy and super fun.
Install dependencies Once connected, there will be a few dependencies that you need to install. This EC2 instance uses CentOS and thus yum for its package (software) management.
Install git: yum install git Install pyserial: pip-2.6 install pyserial.
Clone the Bitcoin mining tools Now you'll need to get hold of a couple of tools.
First up, clone poclbm, the python-2.6 mining toolset that utilises your GPU for the number crunching:
AWS Cloud Mining Scam Revealed.
AWS cloud mining operation has been making waves on making high profitability claims, despite major drops on the Bitcoin cloud mining profit making.
I recently got involved in this project, and along the line, i figured out some suspicious practices that makes it not a viable crypto cloud mining software to invest in.
If you are a regular visitor of this blog, i presume you already know that based on my recent take on cloud mining for individual investors, i do not advice anyone to invest in cryptocurrency cloud mining hardware or software.
In this post content, am going to reveal everything i found out while trying to understand how the AWS cloud mining works, as well as operate to raise funds for the claims.
Let us dive into the AWS mining review... shall we?
What is AWS mining?
The company (awsmining.com) claims to provide financial freedom through, use of cryptocurrency cloud mining. Additionally, it is established to make crypto mining accessible to all individuals, regardless of your investment capacity, risk management, age, location, experience and technical knowledge.
AWS claim to process instant pay-outs and withdrawals to its users, and guarantees them fast profits, as soon as they start investing in the mining packages.
They stated that the platform provides the best cloud mining services to individuals - luckily for them, individuals do not have to worry about buying and setting up crypto mining hardware.
The company claims to have its headquarters in Sydney, Australia and further claims that it has different mining centres spread across three countries - China,  and Paraguay.
AWS Mining alleges that the idea to have the mining centres in different countries was brought about, by the need to make it easier for their users to relocate their investments without affecting their profitability.
How does AWS mining work?
Just as it is expected with such websites that projects cloud mining to be successful. You need to create an account and buy a contract plan, then head over to AWS mining login page, enter your details and start earning profit in Bitcoin.
There are different contracts depending on the Crypto Mining Power (CMP) you choose. AWS Mining has different plans as you will see below:
1 CMP - $40 1 CMP - $400 3 CMP - $1200 5 CMP - $2000 10 CMP - $4000.
This is to say; if you just want 1 CMP, you will have to pay $40. In addition, each investment you make is charged a 20 percent monthly fee that is taken out of the return on investments payments.
AWS Mining also promises a 200% profit for every plan you buy, but does not explain how it intends to make that profit they will be giving to you, considering that they make daily payments regardless of your investment amount.
One thing that makes AWS Mining appear like a scam is the fact that it uses the multi-level marketing (MLM) scheme, which is common with most Ponzi schemes that always collapse to make away with people's money.
According to their 'Terms of Use', one of the requirements, before you can open an account with them, is that you should "be sponsored by an existing AWS Mining Customer (Sponsor)" without, which they can decline opening an AWS Mining account for you upon new registration.
This means that you need to know someone that already has an account with them to refer you. It also has seven different affiliate ranks.
FAQ (Frequently Asked Questions)
Below are the frequently asked questions that am going to answer right now to explain some bottle-necks that are involve in this suspected cloud mining system.
Can you mine Bitcoin on AWS?
AWS mining company claims to takes care of virtualization of the hardware for you. And again, EC2 instances of the g2, g3, and p2 flavor can run you a pretty penny.
We've also been forewarned that we'll be competing with massive Bitcoin mining farms that use ASIC miners that blow GPU mining out of the water.
Is Ethereum mining on AWS profitable?
Ethereum dual-mining profitability comparison (late June 2017). Keep in mind that as more miners join the network, and the Ethereum price fluctuates, so will your payout / return of investment.
Ethereum is valued at 1 ETH = 706 USD. Mining on AWS EC2 is still, and will remain unprofitable - forever.
AWS mining affiliate.
If you have been a part of an MLM scheme (like; MMM and GHW) before, you will find out that, what they do is they have the initial investors, who then recruit more investors and the cycle goes on.
The initial investors earn from the revenue earned from new investors. Such schemes make no real investment, and entirely depend on new investors' funds to pay old investors.
It seems AWS Mining is deploying this same strategy and may not be mining at all. AWS Mining has seven different affiliate ranks as shown below:
Miner - sign up, invest in a contract plan and recruit at least tow affiliates that will invest Coordinator - generates $10,000 in down-line investment volume Supervisor - generates $50,000 in down-line investment volume Manager - generates $100,000 in down-line investment volume Director - generate $500,000 in down-line investment volume Vice President - generate $2,000,000 in down-line investment volume President - generate $10,000,000 in down-line investment volume.
As soon as an AWS Mining affiliate recruits a new person, they get 10% of what the recruited member invested.
Additionally, there is a 1% ROI (i.e. Return On Investment) that is applied for each affiliate recruited.
Simply put, if you invest in any of their contract plans, and fail to recruit new members, you will not make any money from the scheme and that means the scheme will basically collapse with no additional money coming in from new members as is typical of MLM schemes that have existed before.

[Bitcoin]

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