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Bitcoin

BlockTransactionsRequest.
A BlockTransactionsRequest structure is used to list transaction indexes in a block being requested.
Field Name Type Size Encoding Purpose blockhash Binary blob 32 bytes The output from a double-SHA256 of the block header, as used elsewhere The blockhash of the block which the transactions being requested are in indexes_length CompactSize 1 or 3 bytes As used to encode array lengths elsewhere The number of transactions being requested indexes List of CompactSizes 1 or 3 bytes*indexes_length Differentially encoded The indexes of the transactions being requested in the block.
BlockTransactions.
A BlockTransactions structure is used to provide some of the transactions in a block, as requested.
Field Name Type Size Encoding Purpose blockhash Binary blob 32 bytes The output from a double-SHA256 of the block header, as used elsewhere The blockhash of the block which the transactions being provided are in transactions_length CompactSize 1 or 3 bytes As used to encode array lengths elsewhere The number of transactions provided transactions List of Transactions variable As encoded in tx messages The transactions provided.
Short transaction ID.
Short transaction IDs are used to represent a transaction without sending a full 256-bit hash. They are calculated by:
single-SHA256 hashing the block header with the nonce appended (in little-endian) Running SipHash-2-4 with the input being the transaction ID and the keys (k0/k1) set to the first two little-endian 64-bit integers from the above hash, respectively. Dropping the 2 most significant bytes from the SipHash output to make it 6 bytes.
Message types.
version.
When a node creates an outgoing connection, it will immediately advertise its version. The remote node will respond with its version. No further communication is possible until both peers have exchanged their version.
Field Size Description Data type Comments 4 version int32_t Identifies protocol version being used by the node 8 services uint64_t bitfield of features to be enabled for this connection 8 timestamp int64_t standard UNIX timestamp in seconds 26 addr_recv net_addr The network address of the node receiving this message Fields below require version ≥ 106 26 addr_from net_addr The network address of the node emitting this message 8 nonce uint64_t Node random nonce, randomly generated every time a version packet is sent. This nonce is used to detect connections to self. ? user_agent var_str User Agent (0x00 if string is 0 bytes long) 4 start_height int32_t The last block received by the emitting node Fields below require version ≥ 70001 1 relay bool Whether the remote peer should announce relayed transactions or not, see BIP 0037.
A "verack" packet shall be sent if the version packet was accepted.
The following services are currently assigned:
Value Name Description 1 NODE_NETWORK This node can be asked for full blocks instead of just headers. 2 NODE_GETUTXO See BIP 0064 4 NODE_BLOOM See BIP 0111 8 NODE_WITNESS See BIP 0144 1024 NODE_NETWORK_LIMITED See BIP 0159.
Hexdump example of version message (OBSOLETE EXAMPLE: This example lacks a checksum and user-agent):
And here's a modern (60002) protocol version client advertising itself to a local peer.
Newer protocol includes the checksum now, this is from a mainline (satoshi) client during an outgoing connection to another local client, notice that it does not fill out the address information at all when the source or destination is "unroutable".
verack.
The verack message is sent in reply to version . This message consists of only a message header with the command string "verack".
Hexdump of the verack message:
Provide information on known nodes of the network. Non-advertised nodes should be forgotten after typically 3 hours.
Allows a node to advertise its knowledge of one or more objects. It can be received unsolicited, or in reply to getblocks .
Payload (maximum 50,000 entries, which is just over 1.8 megabytes):
Field Size Description Data type Comments 1+ count var_int Number of inventory entries 36x? inventory inv_vect[] Inventory vectors.
getdata.
getdata is used in response to inv, to retrieve the content of a specific object, and is usually sent after receiving an inv packet, after filtering known elements. It can be used to retrieve transactions, but only if they are in the memory pool or relay set - arbitrary access to transactions in the chain is not allowed to avoid having clients start to depend on nodes having full transaction indexes (which modern nodes do not).
notfound.
notfound is a response to a getdata, sent if any requested data items could not be relayed, for example, because the requested transaction was not in the memory pool or relay set.
getblocks.
Return an inv packet containing the list of blocks starting right after the last known hash in the block locator object, up to hash_stop or 500 blocks, whichever comes first.
The locator hashes are processed by a node in the order as they appear in the message. If a block hash is found in the node's main chain, the list of its children is returned back via the inv message and the remaining locators are ignored, no matter if the requested limit was reached, or not.
To receive the next blocks hashes, one needs to issue getblocks again with a new block locator object. Keep in mind that some clients may provide blocks which are invalid if the block locator object contains a hash on the invalid branch.
Field Size Description Data type Comments 4 version uint32_t the protocol version 1+ hash count var_int number of block locator hash entries 32+ block locator hashes char[32] block locator object; newest back to genesis block (dense to start, but then sparse) 32 hash_stop char[32] hash of the last desired block; set to zero to get as many blocks as possible (500)
To create the block locator hashes, keep pushing hashes until you go back to the genesis block. After pushing 10 hashes back, the step backwards doubles every loop:
Note that it is allowed to send in fewer known hashes down to a minimum of just one hash. However, the purpose of the block locator object is to detect a wrong branch in the caller's main chain. If the peer detects that you are off the main chain, it will send in block hashes which are earlier than your last known block. So if you just send in your last known hash and it is off the main chain, the peer starts over at block #1.
getheaders.
Return a headers packet containing the headers of blocks starting right after the last known hash in the block locator object, up to hash_stop or 2000 blocks, whichever comes first. To receive the next block headers, one needs to issue getheaders again with a new block locator object. Keep in mind that some clients may provide headers of blocks which are invalid if the block locator object contains a hash on the invalid branch.
Field Size Description Data type Comments 4 version uint32_t the protocol version 1+ hash count var_int number of block locator hash entries 32+ block locator hashes char[32] block locator object; newest back to genesis block (dense to start, but then sparse) 32 hash_stop char[32] hash of the last desired block header; set to zero to get as many blocks as possible (2000)
For the block locator object in this packet, the same rules apply as for the getblocks packet.
tx describes a bitcoin transaction, in reply to getdata . When a bloom filter is applied tx objects are sent automatically for matching transactions following the merkleblock .
Field Size Description Data type Comments 4 version int32_t Transaction data format version (note, this is signed) 0 or 2 flag optional uint8_t[2] If present, always 0001, and indicates the presence of witness data 1+ tx_in count var_int Number of Transaction inputs (never zero) 41+ tx_in tx_in[] A list of 1 or more transaction inputs or sources for coins 1+ tx_out count var_int Number of Transaction outputs 9+ tx_out tx_out[] A list of 1 or more transaction outputs or destinations for coins 0+ tx_witnesses tx_witness[] A list of witnesses, one for each input; omitted if flag is omitted above 4 lock_time uint32_t The block number or timestamp at which this transaction is unlocked: Value Description 0 Not locked = 500000000 UNIX timestamp at which this transaction is unlocked.
If all TxIn inputs have final (0xffffffff) sequence numbers then lock_time is irrelevant. Otherwise, the transaction may not be added to a block until after lock_time (see NLockTime).
TxIn consists of the following fields:
Field Size Description Data type Comments 36 previous_output outpoint The previous output transaction reference, as an OutPoint structure 1+ script length var_int The length of the signature script ? signature script uchar[] Computational Script for confirming transaction authorization 4 sequence uint32_t Transaction version as defined by the sender. Intended for "replacement" of transactions when information is updated before inclusion into a block.
The OutPoint structure consists of the following fields:
Field Size Description Data type Comments 32 hash char[32] The hash of the referenced transaction. 4 index uint32_t The index of the specific output in the transaction. The first output is 0, etc.
The Script structure consists of a series of pieces of information and operations related to the value of the transaction.
(Structure to be expanded in the future... see script.h and script.cpp and Script for more information)
The TxOut structure consists of the following fields:
Field Size Description Data type Comments 8 value int64_t Transaction Value 1+ pk_script length var_int Length of the pk_script ? pk_script uchar[] Usually contains the public key as a Bitcoin script setting up conditions to claim this output.
The TxWitness structure consists of a var_int count of witness data components, followed by (for each witness data component) a var_int length of the component and the raw component data itself.


Bitcoin

Example tx message:
The block message is sent in response to a getdata message which requests transaction information from a block hash.
Field Size Description Data type Comments 4 version int32_t Block version information (note, this is signed) 32 prev_block char[32] The hash value of the previous block this particular block references 32 merkle_root char[32] The reference to a Merkle tree collection which is a hash of all transactions related to this block 4 timestamp uint32_t A Unix timestamp recording when this block was created (Currently limited to dates before the year 2106!) 4 bits uint32_t The calculated difficulty target being used for this block 4 nonce uint32_t The nonce used to generate this block... to allow variations of the header and compute different hashes 1+ txn_count var_int Number of transaction entries ? txns tx[] Block transactions, in format of "tx" command.
The SHA256 hash that identifies each block (and which must have a run of 0 bits) is calculated from the first 6 fields of this structure (version, prev_block, merkle_root, timestamp, bits, nonce, and standard SHA256 padding, making two 64-byte chunks in all) and not from the complete block. To calculate the hash, only two chunks need to be processed by the SHA256 algorithm. Since the nonce field is in the second chunk, the first chunk stays constant during mining and therefore only the second chunk needs to be processed. However, a Bitcoin hash is the hash of the hash, so two SHA256 rounds are needed for each mining iteration. See Block hashing algorithm for details and an example.
headers.
The headers packet returns block headers in response to a getheaders packet.
Field Size Description Data type Comments 1+ count var_int Number of block headers 81x? headers block_header[] Block headers.
Note that the block headers in this packet include a transaction count (a var_int, so there can be more than 81 bytes per header) as opposed to the block headers that are hashed by miners.
getaddr.
The getaddr message sends a request to a node asking for information about known active peers to help with finding potential nodes in the network. The response to receiving this message is to transmit one or more addr messages with one or more peers from a database of known active peers. The typical presumption is that a node is likely to be active if it has been sending a message within the last three hours.
No additional data is transmitted with this message.
mempool.
The mempool message sends a request to a node asking for information about transactions it has verified but which have not yet confirmed. The response to receiving this message is an inv message containing the transaction hashes for all the transactions in the node's mempool.
It is specified in BIP 35. Since BIP 37, if a bloom filter is loaded, only transactions matching the filter are replied.
checkorder.
This message was used for IP Transactions. As IP transactions have been deprecated, it is no longer used.
submitorder.
reply.
The ping message is sent primarily to confirm that the TCP/IP connection is still valid. An error in transmission is presumed to be a closed connection and the address is removed as a current peer.
Field Size Description Data type Comments 8 nonce uint64_t random nonce.
The pong message is sent in response to a ping message. In modern protocol versions, a pong response is generated using a nonce included in the ping.
Field Size Description Data type Comments 8 nonce uint64_t nonce from ping.
reject.
The reject message is sent when messages are rejected.
Field Size Description Data type Comments 1+ message var_str type of message rejected 1 ccode char code relating to rejected message 1+ reason var_str text version of reason for rejection 0+ data char Optional extra data provided by some errors. Currently, all errors which provide this field fill it with the TXID or block header hash of the object being rejected, so the field is 32 bytes.
Value Name Description 0x01 REJECT_MALFORMED 0x10 REJECT_INVALID 0x11 REJECT_OBSOLETE 0x12 REJECT_DUPLICATE 0x40 REJECT_NONSTANDARD 0x41 REJECT_DUST 0x42 REJECT_INSUFFICIENTFEE 0x43 REJECT_CHECKPOINT.
filterload, filteradd, filterclear, merkleblock.
These messages are related to Bloom filtering of connections and are defined in BIP 0037.
The filterload command is defined as follows:
Field Size Description Data type Comments ? filter uint8_t[] The filter itself is simply a bit field of arbitrary byte-aligned size. The maximum size is 36,000 bytes. 4 nHashFuncs uint32_t The number of hash functions to use in this filter. The maximum value allowed in this field is 50. 4 nTweak uint32_t A random value to add to the seed value in the hash function used by the bloom filter. 1 nFlags uint8_t A set of flags that control how matched items are added to the filter.
See below for a description of the Bloom filter algorithm and how to select nHashFuncs and filter size for a desired false positive rate.
Upon receiving a filterload command, the remote peer will immediately restrict the broadcast transactions it announces (in inv packets) to transactions matching the filter, where the matching algorithm is specified below. The flags control the update behaviour of the matching algorithm.
The filteradd command is defined as follows:
Field Size Description Data type Comments ? data uint8_t[] The data element to add to the current filter.
The data field must be smaller than or equal to 520 bytes in size (the maximum size of any potentially matched object).
The given data element will be added to the Bloom filter. A filter must have been previously provided using filterload . This command is useful if a new key or script is added to a clients wallet whilst it has connections to the network open, it avoids the need to re-calculate and send an entirely new filter to every peer (though doing so is usually advisable to maintain anonymity).
The filterclear command has no arguments at all.
After a filter has been set, nodes don't merely stop announcing non-matching transactions, they can also serve filtered blocks. A filtered block is defined by the merkleblock message and is defined like this:
Field Size Description Data type Comments 4 version int32_t Block version information, based upon the software version creating this block (note, this is signed) 32 prev_block char[32] The hash value of the previous block this particular block references 32 merkle_root char[32] The reference to a Merkle tree collection which is a hash of all transactions related to this block 4 timestamp uint32_t A timestamp recording when this block was created (Limited to 2106!) 4 bits uint32_t The calculated difficulty target being used for this block 4 nonce uint32_t The nonce used to generate this block... to allow variations of the header and compute different hashes 4 total_transactions uint32_t Number of transactions in the block (including unmatched ones) 1+ hash_count var_int The number of hashes to follow 32x? hashes char[32] Hashes in depth-first order 1+ flag_bytes var_int The size of flags (in bytes) to follow ? flags byte[] Flag bits, packed per 8 in a byte, least significant bit first. Extra 0 bits are padded on to reach full byte size.
After a merkleblock , transactions matching the bloom filter are automatically sent in tx messages.
A guide to creating a bloom filter, loading a merkle block, and parsing a partial merkle block tree can be found in the Developer Examples.
alert.
Note: Support for alert messages has been removed from bitcoin core in March 2016. Read more here.
An alert is sent between nodes to send a general notification message throughout the network. If the alert can be confirmed with the signature as having come from the core development group of the Bitcoin software, the message is suggested to be displayed for end-users. Attempts to perform transactions, particularly automated transactions through the client, are suggested to be halted. The text in the Message string should be relayed to log files and any user interfaces.
Field Size Description Data type Comments ? payload uchar[] Serialized alert payload ? signature uchar[] An ECDSA signature of the message.
The developers of Satoshi's client use this public key for signing alerts:
The payload is serialized into a uchar[] to ensure that versions using incompatible alert formats can still relay alerts among one another. The current alert payload format is:
Field Size Description Data type Comments 4 Version int32_t Alert format version 8 RelayUntil int64_t The timestamp beyond which nodes should stop relaying this alert 8 Expiration int64_t The timestamp beyond which this alert is no longer in effect and should be ignored 4 ID int32_t A unique ID number for this alert 4 Cancel int32_t All alerts with an ID number less than or equal to this number should be cancelled: deleted and not accepted in the future ? setCancel set All alert IDs contained in this set should be cancelled as above 4 MinVer int32_t This alert only applies to versions greater than or equal to this version. Other versions should still relay it. 4 MaxVer int32_t This alert only applies to versions less than or equal to this version. Other versions should still relay it. ? setSubVer set If this set contains any elements, then only nodes that have their subVer contained in this set are affected by the alert. Other versions should still relay it. 4 Priority int32_t Relative priority compared to other alerts ? Comment string A comment on the alert that is not displayed ? StatusBar string The alert message that is displayed to the user ? Reserved string Reserved.
Note: set in the table above is a variable length integer followed by the number of fields of the given type (either int32_t or variable length string)

Bitcoin

Sample alert (no message header):
sendheaders.
Request for Direct headers announcement.
Upon receipt of this message, the node is be permitted, but not required, to announce new blocks by headers command (instead of inv command).
This message is supported by the protocol version >= 70012 or Bitcoin Core version >= 0.12.0.
See BIP 130 for more information.
feefilter.
The payload is always 8 bytes long and it encodes 64 bit integer value (LSB / little endian) of feerate . The value represents a minimal fee and is expressed in satoshis per 1000 bytes.
Upon receipt of a "feefilter" message, the node will be permitted, but not required, to filter transaction invs for transactions that fall below the feerate provided in the feefilter message interpreted as satoshis per kilobyte.
The fee filter is additive with a bloom filter for transactions so if an SPV client were to load a bloom filter and send a feefilter message, transactions would only be relayed if they passed both filters.
Inv's generated from a mempool message are also subject to a fee filter if it exists.
Feature discovery is enabled by checking protocol version >= 70013.
See BIP 133 for more information.
sendcmpct.
The sendcmpct message is defined as a message containing a 1-byte integer followed by a 8-byte integer where pchCommand == "sendcmpct". The first integer SHALL be interpreted as a boolean (and MUST have a value of either 1 or 0) The second integer SHALL be interpreted as a little-endian version number. Nodes sending a sendcmpct message MUST currently set this value to 1. Upon receipt of a "sendcmpct" message with the first and second integers set to 1, the node SHOULD announce new blocks by sending a cmpctblock message. Upon receipt of a "sendcmpct" message with the first integer set to 0, the node SHOULD NOT announce new blocks by sending a cmpctblock message, but SHOULD announce new blocks by sending invs or headers, as defined by BIP130. Upon receipt of a "sendcmpct" message with the second integer set to something other than 1, nodes MUST treat the peer as if they had not received the message (as it indicates the peer will provide an unexpected encoding in cmpctblock, and/or other, messages). This allows future versions to send duplicate sendcmpct messages with different versions as a part of a version handshake for future versions. Nodes SHOULD check for a protocol version of >= 70014 before sending sendcmpct messages. Nodes MUST NOT send a request for a MSG_CMPCT_BLOCK object to a peer before having received a sendcmpct message from that peer.
This message is only supported by protocol version >= 70014.
cmpctblock.
The cmpctblock message is defined as as a message containing a serialized HeaderAndShortIDs message and pchCommand == "cmpctblock". Upon receipt of a cmpctblock message after sending a sendcmpct message, nodes SHOULD calculate the short transaction ID for each unconfirmed transaction they have available (ie in their mempool) and compare each to each short transaction ID in the cmpctblock message. After finding already-available transactions, nodes which do not have all transactions available to reconstruct the full block SHOULD request the missing transactions using a getblocktxn message. A node MUST NOT send a cmpctblock message unless they are able to respond to a getblocktxn message which requests every transaction in the block. A node MUST NOT send a cmpctblock message without having validated that the header properly commits to each transaction in the block, and properly builds on top of the existing chain with a valid proof-of-work. A node MAY send a cmpctblock before validating that each transaction in the block validly spends existing UTXO set entries.
getblocktxn.
The getblocktxn message is defined as as a message containing a serialized BlockTransactionsRequest message and pchCommand == "getblocktxn". Upon receipt of a properly-formatted getblocktxnmessage, nodes which recently provided the sender of such a message a cmpctblock for the block hash identified in this message MUST respond with an appropriate blocktxn message. Such a blocktxn message MUST contain exactly and only each transaction which is present in the appropriate block at the index specified in the getblocktxn indexes list, in the order requested.
blocktxn.
The blocktxn message is defined as as a message containing a serialized BlockTransactions message and pchCommand == "blocktxn". Upon receipt of a properly-formatted requested blocktxn message, nodes SHOULD attempt to reconstruct the full block by: Taking the prefilledtxn transactions from the original cmpctblock and placing them in the marked positions. For each short transaction ID from the original cmpctblock, in order, find the corresponding transaction either from the blocktxn message or from other sources and place it in the first available position in the block. Once the block has been reconstructed, it shall be processed as normal, keeping in mind that short transaction IDs are expected to occasionally collide, and that nodes MUST NOT be penalized for such collisions, wherever they appear.
Defi Yield Protocol Is a Massive Boost for Yield Farmers and the Defi Space.
Since February 2020, we have seen a steady growth of the blockchain space and, most significantly, decentralized finance. While DeFi isn't entirely new, the network's growth has been more aggressive this year than it has ever been. The distribution of COMP governance token and the introduction of yield farming protocols around June this year has made DeFi the most engaging conversation in the blockchain space, no doubt.
DeFi Yield Protocol (DYP)
Decentralized finance has only grown this much because of the control and ease it offers users. By allowing users to utilize traditional banking and financing services like lending, borrowing, and saving, an overwhelming sense of trust has been birthed over the past few months. Even more captivating is that many users now earn more than 100% of their capital, mostly by offering liquidity through yield farming protocols.
Over the past couple of months, we have also seen a contrast between different DeFi protocols and what might set a precedent for the DeFi ECOSystem's longevity as a whole. The DeFi yield protocol (DYP) is a unique protocol that allows virtually any user to provide liquidity, earn DYP tokens as yield while maintaining the token price. Unlike some DeFi user interface, the DYP interface is quite simplified, accommodating new and expert yield farmers.
What Makes the DYP Staking Pool Unique?
DYP developers, together with a blockchain company, developed the unique DYP staking. The DYP staking allows users to stake dAPP through the Ethereum smart contract that is front-end integrated with Metamask and Trustwallet. By studying some flaws of the DeFi ECOSystem, DYP aims to tackle them head on and give users the best experience in open finance.
One of the many arguments against the operability of defi revolves around "whales" controlling the network. One of such examples is the infamous Sushi dump where the anonymous founder dumped all of his Sushi tokens for ethereum. To prevent a whale attack, DYP developed an anti-manipulation feature that automatically converts all pool rewards from DYP to ETH at 00:00 UTC everyday. The system then distributes the rewards to liquidity providers. This manipulation feature ensures that the pool's liquidity is fair to every participant.
Besides preventing whales through the anti-manipulating feature, the smart contract also maintains the DYP token price. If the DYP price fluctuates beyond 2.5% in value, rather than swapping all 276,480 DYP tokens for ETH at 00:00 UTC, the smart contract only swaps as many DYP tokens to ETH that doesn't affect the price of the token. The leftover DYP is then distributed in the next day's rewards. If there are still leftover DYP tokens, the DYP governance votes on whether to distribute them to token holders or burn the tokens from circulation.
The decentralized network is essentially an open space regulated by a smart contract, and the greatest risk in yield farming today is still a smart contract bug. To prevent the risk of a smart contract bug on their network, DYP ensures all their smart contract codes are audited.
DYP Yield Farming and the Ethereum Mining Network.
As the Ethereum network continues to increase in size and number, there's a corresponding need for mining on the network. The DYP team has been committed to Ethereum mining for more than three years and have invested more than $1m on their mining farm. Not only is the team heavily invested in Ethereum mining, but the DYP team has also shown its willingness to allow many more users to participate.
To reward users, every ethereum miner address that interacts with the DYP smart contract will earn a monthly bonus of 10% in DYP of the ETH income earned monthly. Essentially what this means is; if ETH price is $400 and DYP price is $2, if you earn 1ETH monthly, you also get a monthly airdrop of 10% (20 DYP tokens worth $40). To claim the airdrop tokens, users will need to join their Ethereum mining pool with a 0% fee, meaning users will also earn more monthly.
DYP also has an automatic earn vault that moves a participant's funds around using the best yield farming strategies. The automatic earn vault will distribute 75% of the earnings among the liquidity providers and 25% to buy back DYP tokens. Ultimately this promotes liquidity in the pool and maintains the price of the token.

Bitcoin

DYP Crowdsale.
When the decentralized finance ECOSystem seeks a balance while setting a precedent for its mainstream adoption, DYP is actively laying a foundation from its public crowdsale. During the whitelisting and presale round, 570,000 DYP tokens worth 2,821.71 ETH have been sold. For a chance to participate in this unique protocol, join the public crowdsale at https://crowdsale.dyp.finance/.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Stratum V1.
Introduced in 2012 to solve some of the Bitcoin mining industry’s growing pains.
Was an evolution of the getwork protocol.
Helped Bitcoin mining pools to serve more users with higher hash rate.
First implemented on Bitcoin.cz Mining Pool which is now called Slush Pool.
In 2012, Marek "Slush" Palatinus introduced stratum protocol as an evolution of the getwork protocol for Bitcoin mining. Stratum V1 solved some of the growing pains that Bitcoin mining was experiencing when it first became popular.
.@m0mchil's opensource GPU miner liberated the network from dominance of few players running closed source miners back in 2010. He was also patiently explaining bitcoin to me while I was designing Slush pool.
I truly believe that bitcoin would be different now without him. https://t.co/KZ0rtCZLkd.
Getwork Protocol Limitations.
In the early days, Bitcoin mining required miners to connect and interact with the Bitcoin protocol itself by running full nodes.В.
To standardize the communication between miners and Bitcoin protocol, an open-source “getwork” protocol was used as a quick and easy solution for standalone miners to start mining. The getwork protocol utilized HTTP as a method to connect with the Bitcoin protocol. However, HTTP is typically used for web pages, and it was not ideal for coordinating peers to mine Bitcoin. Thus, many inefficiencies became apparent as mining grew more popular.В.
By 2012, getwork’s inefficiencies had grown very problematic as mining underwent radical changes and network hashrate grew exponentially. This required a considerable amount of network bandwidth on the miner side and a practically infeasible amount of bandwidth on the server (i.e. pool) side to facilitate the increase in miner participation.В.
At this point, it was quite clear that the getwork protocol was not a scalable solution.В.
Getwork has been designed and implemented by @m0mchil for purposes of his first opensource gpu miner "poclbm".
Getwork was not designed for network operation, latencies and it did not scale well (ASICs, DDoS mitigation), so later I designed Stratum mining protocol.
Popularizing Pooled MiningВ.
Around late 2010, a serious shift occurred in mining as more and more people joined the network. With 10 minute block times but thousands of miners competing to find each block, many participants were no longer earning revenue reliably enough to keep mining.В.
The solution was for miners to pool their computing resources together so they could find blocks more consistently and therefore receive a portion of the block reward regularly enough to have a decently stable cash flow.В.
However, the limitations of the getwork protocol became even more apparent as pooled mining grew in popularity. This led Marek "Slush" Palatinus, who created Slush Pool in 2010, to develop the stratum protocol (Stratum V1) for communication between miners and mining pools.В.
Main Improvements with Stratum V1.
Stratum V1 has been the standard protocol used for pooled mining during the past 7-8 years, during which time Bitcoin’s total network hashrate has increased by from.
20 TH/s to 130 EH/s.
Needless to say, it’s been a wild success. Ultimately, the widespread adoption and long-term use of Stratum V1 is due to 2 major scalability improvements it enabled:
Long-Polling.
With the getwork protocol, miners were constantly sending requests to Bitcoin daemon (bitcoind) for mining work. When pooled mining took off, it complicated matters because it was now the role of pool servers to send the work to miners. Miners faced a choice between short-polling intervals to minimize their stale ratio, or long-polling using a separate connection to the pool servers to minimize network load.
Long-polling was the better solution, but it created some issues with load balancing in pool backends. Stratum V1 was built in a way so that instead of miners essentially requesting information from bitcoind via their pool over HTTP, the pools would be able to drive the load and broadcast messages to miners at anytime with no HTTP overhead or long-polling workarounds. This was a big improvement both for miners and pool operators.В.
Extranonce RollingВ.
Prior to the introduction of extranonce rolling in Stratum V1, miners were only able to modify 2 fields in a block header (nonce and ntime) which they would then hash to search for a solution to a block. Once a miner ran out of new possible combinations, they would need to make a request for more work from the pool (or straight from bitcoind), which was rather inefficient.В.
Stratum V1 introduced the extranonce field to expand the unique combinations that miners could iterate through when they were assigned some work. By moving this ability to create unique block headers to hash from the pool to the end miners, the whole pooled mining process was made much more efficient.
Other Benefits.
Besides these significant improvements in the technology, another reason that Stratum V1 was ultimately such a success was that it sent JSON payloads which were human readable and already widely supported in Bitcoin mining clients. JSON came with some overhead (which we’ve reduced significantly by switching to binary in Stratum V2), but it suited the industry needs well at the time.В.
Criticisms of Stratum V1В.
Stratum V1 was criticized for being initially developed as a secret to the public as no formal BIP was used to describe its implementation. However, it was argued that Stratum V1 is not related to the Bitcoin protocol or implementation вЂ" rather it is a custom pooled mining extension which shouldn’t require an official BIP.
Another source of controversy was that, while Stratum V1 was being developed, the community had spent months developing an open-source protocol called “getblocktemplate’ (BIP22) that would supersede the “getwork” protocol. With Stratum V1 being released near the same time, direct adoption for the getblocktemplate protocol suffered. However, it should be noted that the Stratum servers use a getblocktemplate mechanism under the surface, while simply adding a lot of other improvements around it.В.
Unfortunately, the one significant downside of not using the getblocktemplate solution was that miners lost the ability to construct their own block templates (i.e. choose which transactions are in the blocks they mine.) Although this doesn’t harm the economic incentives of mining at all because miners are all incentivized to include the highest fee transactions in their blocks, it does introduce a vulnerability if pool operator(s) were to be compromised. This is why we are reintroducing the ability for miners to construct their own blocks in Stratum V2.
Finally, there’s the matter of security. As Ruben Recabarren pointed out in his paper, Hardening Stratum, the Bitcoin Pool Mining Protocol, Stratum V1 is vulnerable to possible man-in-the-middle attacks. Although no significant cases of "hashrate hijacking" have been reported, it's possible that they can occur undetected, making it all the more critical that the Bitcoin mining industry moves on to a more secure protocol. Hashrate hijacking prevention is another key feature of Stratum V2.

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Description pool [HOST] [multipul sha256]|16:37

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HOW TO SWITCH FROM BTC TO DOGE - Awesome Miner - Dogecoin 2021|4:36

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Beyond Stratum V1.
Ultimately, Stratum V1 has served its role magnificently as the pooled mining protocol used throughout the mining world. With that being said, there is room for improvement, and that’s why we (Jan Capek and Pavel Moravec) along with Matt Corallo have introduced Stratum V2.
“It solves historical technical and security issues, it is generally much more efficient and it allows some advanced use cases like work selection or easier mining farm management,” Braiins co-CEO Pavel Moravec told Bitcoin Magazine. “This should have been done years ago, really.”.
However, much has changed since the original stratum protocol was published in 2012. A single ASIC mining machine today is capable of producing greater hashrate than the entire Bitcoin network had back then (approximately 20 TH/s). Stratum V2 is the solution for the continued evolution of the Bitcoin mining industry.
Secrets of Bitcoin mining.
From the bASICs of Bitcoin mining made clear and simple, to its 'secret' dynamics which even some experts are not aware of: How miners really interact with Bitcoin's price floor, miners' seasonal migration and 'bullish' miners' natural selection.
If you are familier with Bitcoin mining you can scroll down to the blue line.
Mining is a crucial part of the Bitcoin network. But to most Bitcoin holders it's a relatively mysterious business. Mining is where Bitcoin connects the internet to the real world. A lot of electricity is needed for mining, and it's crucial for the protection of the 18 million Bitcoins, worth today $180 billion, stored using Bitcoin's decentralized financial records.
Mining is a very competitive business. Every 10 minutes, approximately, hundreds of thousands of mining computers around the world start competing for a new batch of 6.25 Bitcoins. The greater the quantity of mining chips that they are running, and the stronger they are, the higher the chances their owner have to win new Bitcoins.
While in 2010 you could mine Bitcoin with your personal computer's regular chip, since 2013, mining has become much more competitive and requires specialized chips, called ASICs (Application-specific integrated circuit). Today, getting into Bitcoin mining is a serious business, mostly done in large warehouses full of computers with ASIC mining chips -- nicknamed miners .
Bitcoin ASIC companies such as Bitmain and Canaan , compete to produce increasingly more powerful and efficient ASICs for Bitcoin.
Electricity is 95% of the operation expense of a mining farm. That's why most Bitcoin mining is done in areas with cheaper electricity, with 74.1% or more of Bitcoin miners depending on renewable energy. Some mining farms use cheap hydroelectric power in places like Sichuan in China and Washington state in the United States. Other miners set up in countries like Kazakhstan and Iran which are rich in natural resources of coal and oil.
Investors in mining operations are also called miners, and they take a big risk. According to Seth Estrada, starting a worthwhile mining operation can cost millions of Euros (for the ASICS, mining facilities and setting up). The investors do not know how much competition will be coming into the mining network, or what Bitcoin's price will be when they get started mining. These two factors that will highly affect their mining income. So why do miners go into the mining business? We'll get to that after we explain a bit more about mining.
What's the point of mining?
All the rules and math that create Bitcoin's financial network and worldwide money system are open-source and decentralised so that any computer in the world can audit the entire thing. Anyone owning a computer with an internet connection can take part in storing Bitcoin's transaction history and freely send and receive Bitcoin transactions. But to keep track of which files show the real transaction history and who owns which Bitcoins, the inventor of Bitcoin realized you can connect a financial 'weight' to each of these crucial and important files to help identify them.
A costless, open source method called hash-links or block-chaining keeps Bitcoin's transaction history in a clear chronological order. We explained it in this post. While chaining in blocks doesn't have anything to do with mining, giving each block in the chain a financial wight or high cost is. Costly 'mining', which we'll explain in the next section, adds a financial weight to each new page of the records. The real transaction history of Bitcoin is defined as the records the Bitcoin network took the most resources to create .

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What do mining machines do?
Creating new 'pages' needs to be provably expensive. To create a new page, the mining network is assigned a sort of puzzle, called a hash function, by the Bitcoin program. Solving this type of puzzle takes many resources- expensive ASICs and a lot of electricity to run them around the clock. The name of this puzzle is known as the hash function SHA-256 . When the SHA-256 puzzle is solved by trial and error by one of the mining machines around the world, the new 'page',which in the world of Bitcoin is called a block , is mathematically stamped by the miner with the answer to the puzzle (and added to the block-chain). Each new block contains approved Bitcon transaction. The miner who solved the SHA-256 puzzle and stamped the new block with it, is automatically given by Bitcoin's protocol 6.25 bitcoins.
Creating a new block and receiving compensation in Bitcoin is what keeps the miners working. If a miner would decide to add a damaged block or a block containing false transactions, even though it is stamped with the correct solution, the Bitcoin network would reject that page. The compensation of a miner is inscribed in this corrupted page, so his resources would be wasted. The miner's job is only to create financial 'weight' for each page, while the rest of the network protects the legality of the transactions.
The Bitcoin network controls the speed of the creation of blocks by automatically adjusting the difficulty of the puzzle. The whole point of using the SHA-256 puzzle is that its difficulty can be changed according to how much mining power is connected to the network, so that the cost of mining is connected to Bitcoin's value.
Miners create financial weight to Bitcoin's records, so we can tell these are the real records. Linking each page to the previous one is done by using hash-links also known as block-chains. Combining the provable chronological order between each page in the Bitcoin records with the financial weight of each individual page created by the miners makes Bitcoin's books unbreakable.
Bitcoin mining services.
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We at mining star take security of our user very seriously & SSL, Data encryptions & DDOS protected severs.
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Don't hold back ask every questions you need to know before start mining with FAQ, mail or contact form.
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How you can earn free coin with bitcoin cloud mining?
If you would like to put money into Bitcoin mining minus the trouble of managing your hardware, there's an alternate. You are able to use the cloud to make your coins.
One just needs a home pc for phoning, optional neighbourhood bitcoin pockets and so forth.
Buy Bitcoin & Crypto in Thailand.
We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.
You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
Coinmama.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.
Works in almost all countries Highest limits for buying bitcoins with a credit card Reliable and trusted broker.
Some of the highest fees among credit/debit card bitcoin brokers.
eToro.
eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
We may receive compensation when you use eToro. Please visit eToro for its exact pricing terms.
Offers unique copy trading feature Trusted echange that has been active in traditional finance Interface is clean and easy to use.
You cannot deposit cryptocurrency, but you can deposit with other payment methods.
Kraken Buy Bitcoin Read Review.
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume Very low maker fee, falling to 0% with sufficient trading volume Highly-rated for security and data protection.
Requires ID verification, so not private.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
Can be private, fast and easy In-person trades require no personal information Purchases of bitcoin can be made quickly via cash deposit.
Beware of scams; always follow the rules! Harder to buy large amounts of bitcoins compared to large exchanges Slightly to significantly higher prices than regular exchanges; premium for higher privacy.
Bitcoin ATMs Buy Bitcoin.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Our map makes it super easy to find a Bitcoin ATM near you.
Bitcoin ATMs often have 5-10% fees per purchase.

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The end of the gold \u0026 silver bull run? + Gold, Silver, Miners chart analysis 14 February 2021|23:03

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Mycelium Local Trader Buy Bitcoin.
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
Easy and cheap way to buy bitcoins with cash Private way to buy bitcoins, no personal information required beyond cellphone number.
Users in sparsely populated areas will have trouble finding sellers.
Bitcoin & Cryptocurrency Trading in Thailand.
Thailand is best known as one of the top holiday destinations globally, though at the same time, it is one of the leaders in cryptocurrency adoption as well. The likes of Singapore, Japan, and Hong Kong are some of the popular blockchain hubs in Asia, but Thailand is looking to catch up fast.
However, Thailand was not always a haven for cryptocurrencies such as Bitcoin. The country had originally banned cryptocurrencies in 2016 before changing its stance in 2019.
One of the easiest ways to buy Bitcoin in Thailand is through cryptocurrency exchanges. There are quite a few of these exchanges in the country where you can sign-up and buy Bitcoin, though choosing one will depend on various factors such as transaction fees, payment modes, verification requirements, reputation, and withdrawal limits, among others.
However, potential buyers should ideally get a wallet first to store the Bitcoin, as some exchanges might require them to do so. Additionally, having a separate wallet is advisable for security reasons. In case you don't have a wallet already, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
On the other hand, Bangkok residents can go to a Bitcoin ATM and purchase the cryptocurrency using cash. There are two Bitcoin ATMs in Bangkok and one in Chiang Mai. The advantage of buying Bitcoin through ATMs is that the purchase is instant and most of them usually don't require identity verification, making the purchase anonymous. You can locate a Bitcoin ATM in Thailand using our Bitcoin ATM Map.
However, be prepared to pay higher transaction fees in the range of 5%-10% if you're buying Bitcoin through the ATM in exchange for the privileges.
Another important thing to note is that there are quite a few places in Bangkok where you can spend your Bitcoin. From nightclubs and bars to accommodation and marijuana, Bitcoin is gradually turning into an alternative means of payment for many businesses in this tourist hotspot.
As such, Bitcoin seems to have a great future in Thailand thanks to the government's positive approach toward cryptocurrencies, the acceptability of the currency, and its status as a famous holiday destination that could do with a variety of alternative payment options.
Top Bitcoin & Cryptocurrency Exchanges in Thailand.
Thailand has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
Best Bitcoin Wallets for Thailand.
There are three main types of Bitcoin wallet and all of them are supported in Thailand:
Software (desktop or mobile - iOS and Android wallets Hardware wallet Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.
Best for Security.
Secure storage for any cryptocurrency.
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
Temporary Wallet.
Best for storing crypto for short period of time.
Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.
Best for Desktop.
Simple yet powerful desktop wallet.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
Exchange Hacks and Crypto Scams in Thailand.
Thai SEC Warnings.
In 2018, the Thai SEC issued warnings regarding 14 cryptocurrency exchange websites operating without licenses in Thailand.
Complaintants in Thailand had reported these sites after they had been solicited over social media to buy and sell cryptocurrencies via the social media platforms.
The listed sites to avoid:
payniex.com misterchanger.com thaiexchanger.com egtexchange.com digicardshop.com superrichexchanger.com emoneythai.com i-exch.com exchangercoin.com gamershoppings.com ecurrencyplus.com ecurrencythailand.com lnwexchanger.com R Exchange's Facebook page.
If anyone from these sites or others offers you crypto buying and selling opportunities on twitter, facebook, or any other social media site, beware.
FX Trading Corporation Scam.
In August of 2019, the Thai Securities and Exchange Commision issued warning to the public regarding cryptocurrency exchange FX Trading Corporation as well as other similar "exchanges" operating in a similar scammy fashion.
According to the Bangkok Post:
Most claim to be foreign companies operating outside Thailand offering services via their online portals. It is not known how much they have ripped off from an unsuspecting public.
In one review of the company, it is said they have promised 2.5% ROI per day, which is an impossible ROI to guarantee without running a ponzi scheme.
Cryptocurrency Wizard Fraud.
In September of 2019, Mana Jumuang (known as the 'Cryptocurrency Wizard') was arrested in Bangkok.
Mr Mana is accused of being part of a Thai-Vietnamese gang that conned thousands of people in at least 10 Asian nations, including South Korea and Vietnam. The gang comprised three Thais and four Vietnamese. Their victims reported losses totalling about 500 million baht (or $16,008,195).
Thai and Vietnamese investors gave Mr. Jumuang money to invest in cryptocurrencies, thinking he was an expert, but in reality, he was merely embezzling his customers' money.
Does Coinbase work in Thailand?
Coinbase does NOT support customers in Thailand as of September of 2020.
Where Can I Find a Bitcoin ATM in Thailand?
There are 6 Bitcoin ATMs in Thailand. One in Pattaya, four in Bangkok, and one in Chiang Mai - all very touristy places that you might be likely to visit or live in.
What is the price of Bitcoin in Thailand?
The current price of Bitcoin in Thailand is €9,353.49, however this amount changes every minute, so always check the value on your local exchange.
Which businesses in Thailand accept Bitcoin?
Many establishments and service providers accross the country now accept Bitcoin as payment.
Some of these goods and services are listed below:
Legal services through Pugnatorius LTD.
Travel and tourism services through Smiling Albino and Four Wheel Travel LTD.
Movies through Major Cineplex Theaters.
How do i cash out of bitcoin in Thailand?
Any exchange with a Thai Baht trading pair will allow you to sell your Bitcoin for fiat currency. Cex.io has THB trading pairs for many popular coins.
Another way to buy Bitcoins in Thailand is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.
Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

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You could also use a service like eGifter to sell your Bitcoin for gift cards.
Bitcoins in Thailand: Mine, Use, and Trade Cryptocurrencies.
The first time I heard of an ATM I was eleven years old. My aunt took me to Seaside Park, NJ for the day. She pulled the car to the side of the road and told me to wait while she got some money from the ATM. "What's an ATM?" I wondered. My parents never went to an ATM. But then again they didn't have the fancy Volvo my aunt had either.
Fast forward twenty-six years and here I stand again, bewildered by a new machine in front of Chit Beer on Koh Kret in Nonthaburi. Save for this time, the first letter of the acronym was bumped up to the letter B. The machine? A BTM, or Bitcoin Teller Machine.
I was fascinated by the machine. And felt I had to bring myself up to speed with Bitcoins. Especially in Thailand. Because there seems to be a Bitcoin boom here in the country. And it's worth knowing if you should get in while the getting's good.
Disclaimer : This article may link to products and services from one or more of Expat Den's advertisers. We may receive compensation when you click on those links. This won't cost you anything extra, but it helps us cover the costs of running this website.
Thinking about Living in Thailand?
What you need to know to land a job, stay long-term, and save $1000s on rent, money transfers, insurance, and utilites!
Bitcoins are a form of cryptocurrency, or digital money that banks can't regulate. But Bitcoins are also closer to bits than they are coins. To keep it simple, they're tiny pieces of information that you could use to buy things on- and offline.
What makes Bitcoin so valuable, though, is that the cryptocurrency has a circulation cap. It's only possible to have 21 million Bitcoins in circulation at any given time. As of 2017, there are roughly 12 million Bitcoins in circulation. That means there are about 9 million Bitcoins left to enter circulation.
Instead of being printed into circulation, Bitcoins are mined by a complicated process that I'll attempt to explain in laymen terms below.
Mining Methods.
Remember history class, when you learned about the 1849 Gold Rush? Remember the men and boys pictured with pick axes mining and sifting for gold? Now get that image out of your head. Because with Bitcoin mining you won't break a finger or a sweat.
Mining for Bitcoins still takes energy. However, it's your computer's electrical energy that does all the work--not you. In order for your computer to mine a Bitcoin, it has to solve a complicated equation. The solution is added as a block to a blockchain, which is the history of all equations ever solved. When miners do this, they are rewarded with Bitcoins.
The number of Bitcoins given for solving an equation gets lower each year, making it more difficult and more costly to mine for Bitcoins, and thus, increasing the value of the cryptocurrency.
According to Bitcoin Wiki, there are six main ways to mine for Bitcoins.
CPU Mining has been replaced by more efficient methods of mining for Bitcoins. But mentioning CPU Mining is important. Because in order to make any profits from mining, you need to spend less money on powering your gear than the Bitcoins you actually mine. When the amount of Bitcoins mined by CPUs became so little, and yet so costly, it made no sense to continue.
GPU mining speeds up the process of mining Bitcoins, so you collect more Bitcoins while spending less money on powering your gear. That is, unless, you mine with the wrong gear. Crypto Compare has a succinct and handy guide for buying the right GPU mining gear. But it's speed is nothing compared to the method of FGPA Mining.
FGPA Mining is faster than GPU mining. In fact, FGPA Mining hardware is also cheaper, in both investment and electricity costs. But FGPA Mining is being replaced with the more efficient ASIC Mining method.
Since its development, ASIC Mining has blown away the other mining methods in terms of speed. In most cases, miners are now starting to move away from GPU and FPGA Mining methods to only use ASIC Mining.
You can hire a mining service to mine Bitcoins for you. All you have to do it agree to a "Mining Contract," which states the mining duration and costs. Cloud miners will handle all the labor. Be weary of cloud mining though. There are claims that this method of mining is no more profitable than the rest. This writer on Steemit argues that you could actually lose money through cloud mining.
Since mining for Bitcoins as an individual is expensive, it's easier to join a mining pool. With mining pools, you can put your resources together and mine more Bitcoins in less time. Your choices for mining pools will vary, but China holds the biggest portion of mining pools, with AntPool holding 25% of the market. But this doesn't make them the best choice for new miners.
In fact, it's Slush Pool in Czech Republic that most Bitcoin resources will tell new miners to join. Even though they hold only 2.6% of the mining pool market, they've proven themselves as the most reliable and trustworthy mining pool around.

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Mining Gear.
So how much will setting up a Bitcoin mining operation run you? It depends on quite a few factors. And unless you're willing to put up some big money, you may never see a return on your investment in mining gear. But if you're interested in making the jump, here are a few things to consider.
Hardware The first is hardware. You can get yourself an Avalon6 for $750 or go all in and get the Antminer S9 for $4,263. In Thailand, there's actually a lacking of ASIC machines (Application-specific integrated circuit) for Bitcoin mining. They have a better processer and consume less power than GPU. If you want to buy one, you can order it from Amazon. Here's the top three models for Bitcoin miners.
Electricity The second is electricity costs. But don't fret, you can calculate your mining costs by using this handy calculator by TradeBlock.com.
If you're mining in Thailand and get your electricity from the Metropolitan Electricity Authority, then you're paying about 4 baht per kWh of electricity, which comes out to roughly $0.12 per kWh. So you'd enter that number in the Electricity Costs section of the TradeBlock calculator.
On Quora, John Bailey, who earned himself the Top Writer award for cryptocurrency, calculated mining costs based on equipment, global electricity costs (when pool mining), and a few other factors. He estimated that it takes about 48,800 kWh's to mine one Bitcoin. Based on his math, that brings the average electrical mining cost to about 195,200 baht per Bitcoin.
Now, before you go spending your money on a bunch of mining gear and electricity, you'll probably want to know if Bitcoins are legal in Thailand.
Regulations.
When I saw the BTM in Koh Kret, I wondered if Bitcoins were legal in Thailand. Back in 2013 the Bank of Thailand banned the use of Bitcoins even though they didn't have the power to do so. The Bank of Thailand even denied Bitcoins Co., Ltd., a registered cryptocurrency trader, the right to buy, sell, or exchange Bitcoins the same year. This further confused the Bitcoin community in Thailand.
It turns out, though, Bitcoins weren't actually illegal. The Bank of Thailand just had no way of regulating Bitcoins.
In 2014 The Bank of Thailand lifted their Bitcoin ban. But because they can't regulate Bitcoin usage, they refuse to take responsibility for personal loses.
More recently, though, Thai Deputy Prime Minsiter Somkid Jatusripitak ordered the Bank of Thailand to relax their strict rules. He wants the BOT to study the use and potential benefits of Bitcoin.
As it stands, Bitcoins aren't illegal in Thailand. But any Bitcoin bought or sold in Thailand cannot touch foreign currency transactions. According to the Ministry of Finance in Thailand, that would make Bitcoin use illegal.
Despite the grey area, over 520 million baht in cryptocurrency have exchanged hands--or digital wallets--in Thailand in 2016.
Wallets.
Now that you know how to mine yourself some Bitcoins, and that it's okay to use Bitcoins in Thailand, let's find out how to store them for use. Here are four popular Bitcoin wallets in Thailand.
BX Wallet.
BX Wallet lets you exchange bitcoins with person-to-person or person-to-business exchanges. But what sets them apart is their bitcoin knowledge base. You get to see up-to-date exchanges, trading charts, and a slew of other information.
✓ Low exchange fee ✓ Extensive knowledge base ✓ 2-Factor authentication.
× Aimed at experienced traders × Limited privacy × Unstable verification processes.
Bitcoin Thailand.
Bitcoin Thailand is one of the easiest ways to exchange bitcoins. They are one of the most trusted bitcoin exchange services in Thailand. And they make exchanging bitcoins easy, even for first time users.
✓ High exchange limits ✓ Solid reputation ✓ Easy to use interface.
× Undisclosed exchange fees × Fees hidden in exchanges × Limited privacy.
Coins.
Coins is a bitcoin broker in Thailand. With a Coins account, you can buy and sell bitcoins using popular banks like Bangkok Bank, SCB, and Kasikorn Bank. You can also buy and sell bitcoins with your cell phone or through an ATM.
✓ Simple user interface ✓ Variety of exchange methods ✓ Cash out using Thai banks.
× 150,000 baht limit with email verification × Limited privacy × High exchange fee.
Local Bitcoins.
Local Bitcoins is a person-to-person bitcoin exchange. You can post advertisements selling bitcoins, or you could respond to advertisements and buy bitcoins. After an agreement is reached, you have a two options for following through with the exchange: 1) pay in cash, in person, or 2) pay online.
✓ Private, in person trades ✓ Cash purchases allowed ✓ Quick exchanges.
× Limited access with unverified accounts × Higher rates with unverified accounts × High exchange fee.
Here's an overview of bitcoin exchange choices, their rates, and verification requirements.
Bitcoin Exchange Exchange Fee Verification BX Wallet 0.25% National ID/Passport Bitcoin Thailand n/a Case by Case Coins 1% Selfie and Address Local Bitcoins 1% Case by Case.
Bitcoin Teller Machines or BTMs.
If there's a BTM on Koh Kret, I thought there must be other BTMs in Thailand. But because it would be impossible to traverse the country looking for BTMs, and because I don't know a single person who openly uses Bitcoins in Thailand, I had to do a digital search.
Coin ATM Radar was the only reliable and interactive BTM map I could find. And a search for BTMs in Thailand showed the only BTM in Thailand sits on Koh Kret. Or perhaps the system doesn't get updated. ( If you know of one, please drop me a line in the comment section .)
Bitcoin Debit Cards.
Bitcoin debit cards work the same way as most other debit cards. You can buy things on- and offline with them. You can withdrawal money from the ATM. But you're faced with similar restrictions as debit cards, such as monthly limits and max purchase prices.
Shift.
Shift is a cryptocurrency debit card that connects to your Coinbase account. It was the first Bitcoin debit card in the United States, and you could use it on- and offline. There's a $10 issuance fee for the card. But there's no annual fee to use the card. And domestic transactions are free.
However, domestic ATM withdrawals are $2.50 each, international transactions are charged at 3%, and international ATM withdrawal fees are $3.50. And if you lose your card, you'll have to pay $10 to replace it.
Coins Bank.
Coins Bank debit cards are different from Shift because they offer cashback rewards and multiple card choices. For example, you can pick between a Named, Named White, Virtual, or Virtual Prepaid card. Each card comes with their own benefits. The Named cards are long-term cards with low monthly fees. Whereas the Virtual cards are for online purchases only.
The Named card is $9.95 and the Named White card is $99.95. The Virtual card is $2.95 and the Virtual Prepaid is $100. There's no limit to how much money you could for transactions per day with Coins Bank Named cards, but you'll be allowed to withdrawal $2000 max. With their Virtual cards, you'll be allowed to make online purchases of $2000 max.
Shift and Coins Bank are two popular choices for Bitcoin debit cards. But they're not your only choices. Steemit has a lengthy list of Bitcoin debit card providers worth checking out.

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Mining for 10 Hours Straight (Nether Edition)|29:58