Bitcoin mining.

[Bitcoin]

Hashnest.
Cloud service backed by the much-maligned Bitmain mining hardware producer. It is located in China but has offices and representatives all around the world. It was introduced to the market in April 2014. While some reviews suggest it's a decent, trusted option, others have apparently been burned by the service. This doesn't stop them from using the "best cryptocurrency mining platform" moniker to describe themselves.
By default, all miners are directed to Antpool, which is a part of the BitMain Corporation. The company has a number of Bitcoin mining farms located in China and Iceland, most of which are not available for viewing for "customer protection and security reasons". They do claim that they currently own the world's largest Bitcoin mining farm.
Final verdict - which one is the best cloud mining platform?
Before we wrap this up, one important remark to highlight:
Majority of cloud mining contracts are scams. Why?
Because there are no guarantees that the company actually has the hardware for mining or that it will pay out your commissions. History teaches us that our first assumption about any crypto service is that it is a scam and then we search for arguments of contrary. Bottom line - be very careful and vigilant in your research.
So keep in mind: 99% of cloud mining platforms are scams.
Bitcoin mining contract.
Our team has been involved with cryptocurrencies mining has over 6 years of professional experience. Bigger mining & greater trust! We always do more than is required of you.
LIGHTNING TECNOLOGY.
Our Lightning technology is an overlay network to increases its utility by enabling instantaneous micro-transactions. It is among the industry's most important efforts for cryptocurrencies mining, and this technology has been applied to the data centers in Singapore, Canada, Norway, Iceland, and Georgia.
Nick Wichmann, Bitcoin24Contract.
Technical support operates 24 hours a day.
Highest-quality equipment allow the mining process to achieve maximum efficiency and makes the contract prices become most aggressive in the market! The highest standard of CRAC (Computer Room Air Conditioner), PLC ( Program Logic Control ) and UPS systems are well designed specific for Lightning Technologies©
Ready for the Bitcoin mining?
CUSTOMERS FEEDBACK.
Please send us your name, photo, email and the contracts you purchased, we listen what you have to say.
I know that you guys had to let some of your own work slide to develop new faster technology so appreciate your company willingness to fight the market at such short notice.
Bitcoin24contract couldn't be more grateful - my life changed in this few years and my family want to say Thank you to your company too. If you ever find you guys in a jam on money or human resources, please feel free to call on us for help. My whole family be there. Sincerely, Johnny.
Contact us.
Please fill out the form, and our relevant department will reply within 24 hours.
The estimated profit is approximate and for various reasons may not be accurate. Please read the Term of Service for more reference.
About our company.
Bitcoin24Contract was founded in 2013 by professionals, we are the FIRST company apply Bitcoin Lightning Technologies© on the Bitcoin (BTC) mining. Bitcoin24Contract stay informed on the world's leaders in the cryptocurrency mining and cooperates with major players and vendors like BTC.com, AntPool, F2Pool, ViaBTC, and BTC.TOP. Our international business network and experience gives us the opportunity to develop new technology and provide the most reasonable prices to strengthen us in the global market.
About Bitcoin.
Look away now if you own bitcoin or other cryptocurrencies. This won't be breaking news to you if you are invested, Bitcoin is one of the most important inventions in all of human history. For the first time ever, anyone can send or receive any amount of money with anyone else, anywhere on the planet, conveniently and without restriction. It's the dawn of a better, more free world.
Bitcoin Profitability Calculator - BTC Mining Profit Calculator.
Enter your set up information in the form below. Do not enter commas, only dots for decimal separator.
Nothing guaranteed, of course this is only a rough estimate! Do not enter commas, only dots for decimal separator. You can also calculate rented mining by setting "Power consumption" to 0 and "Cost of mining hardware" to the rent per time frame. Default values are for a system of four 6870s.
Estimate Strategy.
Extrapolating bitcoin difficulty or price is pure voodoo. It is much easier to predict the relationship of the two parameters in form of the Mining Factor. The Mining Factor 100 is the value in USD of the bitcoins you can generate if you let a 100MHash/s miner run for 24 hours. If the Mining Factor 100 rises above $2 or so everybody buys mining equipment and thus increases difficulty. If it falls people will stop mining eventually. The estimate starts with the current Mining Factor and decreases it exponentially such that the decrease accounts for the factor decline per year. Please note that a profit/loss by holding the coins is not accounted for in this estimate.
Time Frame BTC Reward Revenue USD* Power Cost (in USD) Pool Fees (in USD) Profit (in USD) Hourly 0.00003275 $0.61 $0.16 $0.00 $0.45 Daily 0.00078595 $14.73 $3.90 $0.00 $10.83 Weekly 0.00550162 $103.14 $27.30 $0.00 $75.84 Monthly 0.0236 $442.03 $117.00 $0.00 $325.03 Annually 0.2869 $5,377.99 $1,423.50 $0.00 $3,954.49.
* Bitcoin Price at $18,747.10 USD.
Bitcoin mining Difficulty Bitcoin Block Reward Bitcoin Price 17,596,801,059,571.00 6.25 BTC $18,747.10 (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 $18,747.10 (BTC to USD).
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 = $ 18,755.99 . 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]

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[Bitcoin]

I already wrote about Bitcoin mining hardware, where I listed the top 5 GPUs and CPUs that can be used for mining. This time, we're going to do some Bitcoin mining hardware comparison.
In this article, I've compared the best GPUs based on their hashing power, price and power costs. I hope you'll find the table below helpful when choosing the best GPUs for your own mining operation.
Why are the hashing power, power consumption and GPU price so important?
Hashing Power is how we measure the GPU(and other hardware) performance when it comes to cryptocurrency mining. It is measured in hashes per second(H/s), and the more hashes your hardware can generate- the better. In other words, the more hashing power your hardware has, the more cryptocurrency and Bitcoin you can earn.
The hashing power is sometimes calculated differently for different coins and mining algorithms, however in most cases the newer graphics cards with higher VRAM(video memory) and speed are going to perform better and earn you more cryptocurrency and Bitcoin.
Power Consumption is the second most important parameter, and in countries with high electricity costs it can be the most important one. In a nutshell, the GPU power consumption measures how much electricity your GPU spends.
If you have a free or nearly free electricity cost(alternative energy, social program or countries with lowest electricity price), then you don't need to care much about it. But if on other hand you have high electricity costs, that means you need to aim for hardware with least power consumption, and in some cases mining may even turn unprofitable for you.
Hardware Price.
Hardware Price should be pretty self explanatory, still I'll explain it here in case you're a newbie. It boils down to a price you pay to buy a GPU or other hardware, and the less you pay for it the better. However, there are a few things to consider when doing so:
Bitcoin and crypto mining is resource intensive. This is why you should never buy a hardware without the warranty. And the warranty length is a factor to consider. Basically, don't buy a hardware that has a warranty shorter than the time you need to pay off your hardware with mining.
Besides that, the hashing power plays a huge role and has to be considered when comparing the hardware prices. If two GPUs cost the same, you should pick the one that has higher hashing power. And if one GPU costs twice as the other, but makes 3x more hashes, that's the one that you should consider.
Bitcoin Graphics Card Comparison 2020(updated on 8/10/2020)
Bitcoin mining Hardware Comparision(current Bitcoin price of $11,984) GPU GPU Earnings/day(zero electricity cost) GPU Earnings/day($0.05/kWh electricity cost) GPU Earnings/day($0.10/kWh electricity cost) GPU Price(cheapest I found for used or new for newest models) AMD Radeon R9 380 $0.76 $0.58 $0.40 $60 AMD Radeon R9 FURY $1.26 $0.90 $0.55 $60 Radeon™ RX 470 $1.04 $0.90 $0.76 $70 Radeon™ RX 480 $1.18 $1.01 $0.85 $80 Radeon™ RX 570 $1.12 $0.97 $0.83 $80 Radeon™ RX 580 $1.21 $1.05 $0.90 $90 Radeon™ RX Vega 56 $1.64 $1.36 $1.09 $330 Radeon™ RX Vega 64 $1.75 $1.45 $1.15 $350 GeForce GTX 1050 Ti $0.52 $0.42 $0.33 $120 GeForce GTX 1060 $0.90 $0.79 $0.69 $110 GeForce GTX 1070 $1.20 $1.05 $0.89 $150 GeForce GTX 1070ti $1.22 $1.07 $0.91 $300 GeForce GTX 1080 $1.38 $1.18 $0.98 $350 GeForce GTX 1080ti $1.82 $1.61 $1.40 $390 GeForce RTX 2060 $1.34 $1.18 $1.03 $410 GeForce RTX 2070 $1.57 $1.40 $1.24 $490 GeForce RTX 2080 $1.97 $1.74 $1.52 $700 GeForce RTX 2080 Ti $2.35 $2.08 $1.82 $1200 Radeon™ RX 5700 $2.05 $1.87 $1.69 $420 Radeon™ RX 5700 XT $2.07 $1.89 $1.71 $450 AMD Radeon™ Pro VII $3.14 $2.88 $2.63 $1900 GeForce GTX 1660 $0.88 $0.76 $0.64 $215 GeForce GTX 1660 Ti $1.07 $0.98 $0.88 $270.
Bitcoin Graphics Card Comparison 2019.
Bitcoin mining Hardware Comparision(current Bitcoin price of $3,860) GPU GPU Earnings/day(zero electricity cost) GPU Earnings/day($0.05/kWh electricity cost) GPU Earnings/day($0.10/kWh electricity cost) GPU Price(cheapest I found for used or new for newest models) AMD Radeon R9 380 $0.25 $0.08 -$0.10 $80 AMD Radeon R9 FURY $0.27 -$0.06 -$0.31 $250 Radeon™ RX 470 $0.33 $0.19 $0.04 $100 Radeon™ RX 480 $0.37 $0.21 $0.05 $120 Radeon™ RX 570 $0.35 $0.21 $0.06 $130 Radeon™ RX 580 $0.38 $0.22 $0.06 $140 Radeon™ RX Vega 56 $0.50 $0.26 $0.02 $330 Radeon™ RX Vega 64 $0.52 $0.20 -$0.13 $350 GeForce GTX 1050 Ti $0.18 $0.09 $0.00 $110 GeForce GTX 1060 $0.28 $0.18 $0.07 $175 GeForce GTX 1070 $0.46 $0.31 $0.15 $260 GeForce GTX 1070ti $0.54 $0.38 $0.22 $350 GeForce GTX 1080 $0.63 $0.45 $0.27 $390 GeForce GTX 1080ti $0.79 $0.56 $0.33 $470 GeForce RTX 2060 $0.71 $0.55 $0.40 $410 GeForce RTX 2070 $0.71 $0.53 $0.35 $530 GeForce RTX 2080 $0.90 $0.67 $0.43 $790 GeForce RTX 2080 Ti $1.10 $0.83 $0.57 $1700.
Bitcoin mining Hardware Conclusion.
The table above should make your decision easier as it immediately brings some helpful info:
If you don't need to invest into GPU(s) and/or electricity costs in your country are cheap- definitely try mining Bitcoin and other cryptocurrency. If your electricity costs are close to zero, you can try with any GPU, and even cheapest AMD GPUs will be profitable for you. If your electricity costs are cheap, you can try with any GPU, except cheapest AMD cards which have high power consumption. If you're electricity costs aren't cheap, then your best bet are the nVidia(GTX) cards from a higher range.
Mining hardware comparison.
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Mining hardware comparison is an article shows different hardware devices.
Technical part [ edit ]
ASIC (application-specific integrated) is an integrated circuit specialized for solving a specific problem. In contrast to General-purpose integrated circuits, specialized integrated circuits are used in a particular device and perform strictly limited functions specific to that device only; consequently, the execution of functions is faster and, ultimately, cheaper.
An example of ASIC may be a circuit designed exclusively for the control of a mobile phone chip hardware for encoding/decoding audio and video signals (signal processors).
Chip ASIC has a narrow range of applications, due to the rigidly predetermined set of its functions.

[Bitcoin]

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[Bitcoin]

Modern ASIC often contain a 32-bit processor, memory blocks (ROM and RAM) and other large blocks. Such ASICS are often referred to as" system on chip " (System-on-a-Chip).
When developing digital ASICs, hardware device description languages (HDLs) such as Verilog and VHDL are used to describe their functionality.
Reviews of ASIC mining hardware for 2017-2018 Consider the most powerful and popular models:
Antminer S9 with 13.5 Th / s.
HashRate: 13.5 TH / s ±5%; Power consumption: 1350W; Energy efficiency: 0.1 J/ GH; Voltage: 11.60.
13.00 V; Processor: 189x BM1387; Dimensions: 350mm(L)*135mm(W)*158mm(H); Cooling: 2x fan 12038; Operating temperature: 25 °C to 40 °C; Ethernet connection;
Antminer R4.
Hashrate: 8.6 TX / s (can vary in 5% range); Power Consumption: 845 W; Energy Efficiency: 0.1 J/GH; Noise level: 52db (at an ambient temperature of 35°C); Processor: BM1387; Number of processors: 126; Voltage 11.60.
13.00 V; Dimensions: 515mm (length) x 100mm (width) x 222mm (height); Ethernet connection;
Hash Rate: 4.73 TH / s ±5%; Power consumption: 1293W; Energy efficiency: 0.25 J/ GH; Voltage: 11.60.
13.00 V; Processor: 135x BM1385; Dimensions: 301mm (L)*123mm(W)*155mm(H); Cooling: 2x fan 12038; Operating temperature: 0 °C to 40 °C; Ethernet connection;
Avalon 6.
Hash rate: 3.65 TH/s Energy efficiency: 270 j / th*s; Input voltage: not less than 11.6 V; OS of the controller: from Avalon; Dimensions: 354 mm x 136 mm x 150 mm; Cooling system: cooler 12038 with 3800 rpm; Network controller: Raspberry Pi (version B or B+); External power supply required; Rated power: 990w; Max power: 1200W;
Antminer S5.
Hasrat: TH 1155/s ; Processor: BM1384; Ethernet network; Cooling: 1 model 12038 fan + 2 radiators on the working boards of the device; Power Consumption: 590 W; Energy efficiency: 0.51 j/gh; Temperature: 0-35°C; Dimensions: 298 mm x 137 mm x 155 mm.
ASIC mining calculator [ edit ]
The most accurate calculator for ASIC is on the asic mining calculator site In addition to the General data, this tool will provide you with visual tables, which will collect information on earnings per day, week and month in different currencies, as well as electricity consumption for the same time ranges.
Mining hardware comparison 2017-2018 [ edit ]
Model Hashrate Efficiency price AntMiner S1 180 Gh/s 2.0 W/Gh $299.0 AntMiner S2 1000 Gh/s 1.1 W/Gh $2259.0 AntMiner S3 441 Gh/s 0.77 W/Gh $382.0 AntMiner S4 2000 Gh/s 0.7 W/Gh $1400.0 AntMiner S5 1155 Gh/s 0.51 W/Gh $370.0 AntMiner S5+ 7722 Gh/s 0.44 W/Gh $2307.0 AntMiner S7 4.73 Th/s 0.25 W/Gh $479.95 AntMiner S9 13.5 Th/s 0.098 W/Gh $1,987.95 AntMiner U1 2 Gh/s 1.25 W/Gh $29.0 AntMiner U2 2 Gh/s 1.0 W/Gh $49.66 AntMiner U3 63 Gh/s 1.0 W/Gh $38.0 ASICMiner BE Blade 11 Gh/s 7.72 W/Gh $350.0 ASICMiner BE Cube 30 Gh/s 6.67 W/Gh $550.0 ASICMiner BE Sapphire 0 Gh/s 7.59 W/Gh $20.0 ASICMiner BE Tube 800 Gh/s 1.13 W/Gh $320.0 ASICMiner BE Prisma 1400 Gh/s 0.79 W/Gh $600.0 Avalon Batch 1 66 Gh/s 9.35 W/Gh $1299.0 Avalon Batch 2 82 Gh/s 8.54 W/Gh $1499.0 Avalon Batch 3 82 Gh/s 8.54 W/Gh $1499.0 Avalon2 300 Gh/s N/A $3075.0 Avalon3 800 Gh/s N/A N/A Avalon6 3.5 Th/s 0.29 W/Gh $499.95 bi*fury 5 Gh/s 0.85 W/Gh $209.0 BFL SC 5Gh/s 5 Gh/s 6.0 W/Gh $274.0 BFL SC 10 Gh/s 10 Gh/s N/A $50.0 BFL SC 25 Gh/s 25 Gh/s 6.0 W/Gh $1249.0 BFL Little Single 30 Gh/s N/A $649.0 BFL SC 50 Gh/s 50 Gh/s 6.0 W/Gh $984.0 BFL Single 'SC' 60 Gh/s 4.0 W/Gh $1299.0 BFL 230 GH/s Rack Mount 230 Gh/s N/A $399 (used) BFL 500 GH/s Mini Rig SC 500 Gh/s 5.4 W/Gh $22484.0 BFL Monarch 700GH/s 700 Gh/s 0.7 W/Gh $1379.0 BitFury S.B. N/A N/A N/A Bitmine.ch Avalon Clone 85GH 85 Gh/s 7.65 W/Gh $6489.0 Black Arrow Prospero X-1 100 Gh/s 1.0 W/Gh $370.0 Black Arrow Prospero X-3 2000 Gh/s 1.0 W/Gh $6000.0 Blue Fury 3 Gh/s 1.0 W/Gh $140.0 BTC Garden AM-V1 310 GH/s 310 Gh/s 1.05 W/Gh $309.0 BTC Garden AM-V1 616 GH/s 616 Gh/s 1.05 W/Gh $350.0 CoinTerra TerraMiner IV 1600 Gh/s 1.31 W/Gh $1500.0 Drillbit N/A N/A N/A HashBuster Micro 20 Gh/s 1.15 W/Gh $688.0 HashBuster Nano N/A N/A N/A HashCoins Apollo v3 1100 Gh/s 0.91 W/Gh $599.0 HashCoins Zeus v3 4500 Gh/s 0.67 W/Gh $2299.0 HashFast Baby Jet 400 Gh/s 1.1 W/Gh $5600.0 HashFast Sierra 1200 Gh/s 1.1 W/Gh $7080.0 HashFast Sierra Evo 3 2000 Gh/s 1.1 W/Gh $6800.0 Klondike 5 Gh/s 6.15 W/Gh $20.0 KnCMiner Mercury 100 Gh/s 2.5 W/Gh $1995.0 KnC Saturn 250 Gh/s 1.2 W/Gh $2995.0 KnC Jupiter 500 Gh/s 1.2 W/Gh $4995.0 KnC Neptune 3000 Gh/s 0.7 W/Gh $12995.0 LittleFury N/A N/A N/A Metabank 120 Gh/s 1.42 W/Gh $2160.0 NanoFury / IceFury 2 Gh/s 1.25 W/Gh N/A NanoFury NF2 4 Gh/s 1.35 W/Gh $50.0 BPMC Red Fury USB 2.5 Gh/s 0.96 W/Gh $44.99 ROCKMINER R3-BOX 450 Gh/s 1.0 W/Gh $200.0 ROCKMINER R4-BOX 470 Gh/s 1.0 W/Gh $210.0 ROCKMINER Rocket BOX 450 Gh/s 1.07 W/Gh $599.0 ROCKMINER R-BOX 32 Gh/s 1.41 W/Gh $65.0 ROCKMINER R-BOX 110G 110 Gh/s 1.09 W/Gh $88.0 ROCKMINER T1 800G 800 Gh/s 1.25 W/Gh $325.0 Spondooliestech SP10 Dawson 1400 Gh/s 0.89 W/Gh $2845.0 SP20 Jackson 1.3-1.7 Th/s 0.65 W/Gh $248.99 Spondooliestech SP30 Yukon 4500 Gh/s 0.67 W/Gh $4121.0 Spondooliestech SP31 Yukon 4900 Gh/s 0.61 W/Gh $2075.0 Spondooliestech SP35 Yukon 5500 Gh/s 0.66 W/Gh $2235.0 TerraHash Klondike 16 5 Gh/s 7.11 W/Gh $250.0 TerraHash Klondike 64 18 Gh/s 7.06 W/Gh $900.0 TerraHash DX Mini (full) 90 Gh/s 7.11 W/Gh $6000.0 TerraHash DX Large (full) 180 Gh/s 7.11 W/Gh $10500.0 Twinfury 5 Gh/s 0.85 W/Gh $216.0 Avalon USB Nano3 3.6 Gh/s 0.85 W/Gh $55.0 GekkoScience 9.5 Gh/s 0.33 W/Gh $49.97.
Results [ edit ]
In 2018 the popular ASICs for mining are characterized by the following distinctive features:
quick launch; software updates are rare; a small number of components to ensure the operation-twisted pair to connect to the network, power supply; work on a limited number of algorithms; Asik-miner functions if there is a server block; a high level of noise; it is impossible to repair; resale of ASIC-miner on the secondary market is impossible due to the rapid obsolescence of the released models.
Farms from video cards have the following features:
there is a technical possibility to mine all types of coins; quiet operation; there is a possibility of full or partial resale in the secondary market; maintainability.
Farms require more time spent on Assembly and packaging, and the need often to upgrade the software, otherwise there will be a shortage of speed. Transportation of farms is very difficult, they often break down and need a large number of components.
Best Bitcoin mining hardware for 2020 - An in-depth review.
" data-medium-file="https://i1.wp.com/coininfo.news/wp-content/uploads/2018/10/bitcoin.jpg?fit=300%2C179&ssl=1" data-large-file="https://i1.wp.com/coininfo.news/wp-content/uploads/2018/10/bitcoin.jpg?fit=600%2C357&ssl=1" src="https://i1.wp.com/coininfo.news/wp-content/uploads/2018/10/bitcoin.jpg?resize=300%2C179&ssl=1" alt=bitcoin width=300 height=179 srcset="https://i1.wp.com/coininfo.news/wp-content/uploads/2018/10/bitcoin.jpg?resize=300%2C179&ssl=1 300w, https://i1.wp.com/coininfo.news/wp-content/uploads/2018/10/bitcoin.jpg?w=600&ssl=1 600w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims=1>Bitcoin - the currency that took the digital terrain by storm and paved a path for the cryptocurrencies, wallet and exchange. It is an innovative payment network and an open-source peer-to-peer (P2P) money.
Bitcoin originated in January 2009 by the mysterious and incognito developer or a group of developers that goes by the name Satoshi Nakamoto . The official identity is yet to be revealed.
What makes Bitcoin so popular? The lower transaction fees, decentralized authority and open-source is what makes Bitcoin an innovative payment network.
Bitcoins are released into circulation by a process called Bitcoin mining . What does Bitcoin mining mean? Read on to grab all the requisite details or call on Bitcoin support phone number for any kind of help regarding bitcoin transactions.
Introduction.
Hearing the word Mining would direct your mind to extract minerals by digging deep down into the earth's crust. And Bitcoin mining might compel you to think that it is the process of extracting bitcoins. But NO! It's a whole different story.
Bitcoin mining is the process of creating bitcoin currency. Bitcoin cannot simply just be printed (unlike real money; Note and Coin) when more is needed. It has to be mined through different mathematical processes. The transactions are verified and added to the blockchain digital ledger.
In layman terms, Bitcoin maintains a public ledger, Blockchain, which includes past transactions whereas mining is the process of adding new transactions to this ledger. The process introduces more coins into the system.
The primary role of mining is to -
Allow bitcoin nodes to become secure and unforgeable. Forged to be resource-intensive and difficile such that the number of blocks discovered each day is kept steady.
Why the name 'Bitcoin mining'? The process is called so because it resembles the real mining of other material resources.
It requires great efforts to create a new currency that is sold at rates comparable to gold and silver.
Chapter 1: Understanding Bitcoin mining equipment.
Bitcoin mining is a way to get involved with the bitcoin frenzy. In the previous section, we have already discussed the basics of Bitcoin mining. In this section, we will be discussing how Bitcoin mining can help you make money.
To begin with, Bitcoin charts high on popularity. It stimulated the launch of hundreds of other virtual currencies who are collectively referred to as Altcoins. Then came Bitcoin mining, the backbone of the bitcoin network. Miners provide protection and reaffirm Bitcoin transactions. Also, without Bitcoin miners, the network would be vulnerable to virtual attacks.
Bitcoin mining does -

[Bitcoin]

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[Bitcoin]

Issuing of new bitcoins Providing security Confirming transactions.
The internet claims " Mining is a Profitable and Promising Industry in a Slow Global Economy. " The major profit factors of Bitcoin mining are - Access to cutting-edge ASIC mining hardware, Low electricity costs and Deep knowledge of Bitcoin and business.
1.1 How does the equipment help you make money?
Though Bitcoin mining has so many beneficial determinants, you can make money through Bitcoin mining only at the times when the price of bitcoin happens to be high. Also, you would require quick access to equipment/energy supply that lets you mine faster as well as cheaper than other people can.
To mine, if you are buying new equipment, you have to pay for it as well as get it working while conditions for mining are still good. You are solely responsible to pay for the electricity you utilize and the weathering of your equipment.
Remember : You are most likely to mine as part of a pool of miners, and the pool, in turn, will take its little cut.
To complete one unit of mining, the mining reward lessens from time to time since the amount of computing work keeps being adjusted upward in order to keep constant the bitcoin production rate. The power of the world's computing stock increases simultaneously.
The network miners are required to solve more and more complex problems to confirm transactions in order to check how frequently bitcoins are generated. For this, the miners must have more and more powerful equipment to keep abreast. In order to have a chance at being profit-making, miners need to adopt any one of the two approaches -
1) buy exclusive hardware (a Bitcoin mining rig)
2) Connect with a cloud mining pool. Only if you have a lot of money to spend, you may begin with Bitcoin mining.
To figure out of Bitcoin mining is actually profitable for you or not, you should run some calculations. Use a Bitcoin mining calculator to get an idea. The calculator calculates the profitability of Bitcoin mining. You simply just need to enter your hardware's hash rate (Gh/s), its power use in watts, and your electricity cost in dollars per kilowatt-hour. Further, it enters current bitcoin difficulty, bitcoin block reward, and bitcoin price automatically.
1.2 What makes hardware better than cloud mining or other forms of earning BTC?
In this section, we are going to study about the Bitcoin mining hardware and why it is better than cloud mining or other forms of earning BTC.
To begin with your mining rig, you need to buy and set up hardware designed for mining bitcoin, and allow it to run 24×7 for solving bitcoin transactions. In turn, this results in a steady flow of payments without your interruption. Easy to use and easy to set up is the major factor that makes hardware a better choice. However, making money is a challenge.
On the other hand, cloud mining requires purchasing time on someone else's rig. Companies (like Genesis Mining and HashFlare) charge the user based on a hash rate--in simpler terms, your processing power. Some companies also charge a maintenance fee. All in all, cloud miners, that allow you access to bitcoin, come at elevated rates. You might also be required to sign a year-long contract, locking you in. Worse of all, if the value of the cryptocurrency drops, you could be stuck in an unprofitable contract.
Please note - You might be required to replace the hardware in a year or so. Now that you have got the fairer idea on the details of Miners and Mining hardware, let's proceed to the next section where we will discuss the best BTC miners.
Chapter 2: Best BTC miners.
In this section, we have discussed the top 12 BTC miners to help you narrow down the choice. Let's get acquainted with them along with their features -
AntMiner L3+
AntMiner L3+ comes with four boards each having 288 chips (double of its predecessor). AntMiner L3+ is an easy to use mining hardware which comes with a hash rate of about 504 MH/s and utilizes around 800 watts and sports efficiency of 1.6 J/MH.
Bitmain AntMiner S5 has a power supply of 115 Volts which draws about 560 Watts. The power consumption is low and the unit produces about 1 GH/s for every 0.51 watts consumed in terms of efficiency. The hardware is one of the best Bitcoin miner hardware in 2019.
BitMain AntMiner S7 gained popularity the moment it launched in 2015. It is one of the most popular Bitcoin mining hardware due to its lower power consumption factor. The power utilized is 1600 watt APW3, which is undoubtedly one of the best available in the market. Its efficiency depends on the effectiveness of the ambient temperature and the power supply used.
End your search at Bitmain Antminer S9. With the highest hash rate of about 14 TH/sec, it is currently one of the best and most efficient Bitcoin mining hardware available in the market. The 3 circuit boards featuring a total of 189 chips sums up this high hash rate. It consumes 300 watts which are twice as efficient with about 0.1 Joules per Gigahash.
AvalonMiner 741.
If you are looking for the affordable Bitcoin mining hardware, AvalonMiner 741 is the one. It was created by a company called Canaan. With a good hash rate of about 7.3 TH/s, efficiency of 0.16 J/GH and an air forming cooling system that allows 88 chips to function as a single unit, it helps keep the miner running all the time.
BitMain AntMiner D3.
AntMiner D3 is the best Bitcoin mining hardware when it comes to Dash ASIC miners. The hardware is mostly used to first mine dash coins that are converted into Bitcoins and whilst doing so, make increased profits.
It has a hash rate of 15 GH/s and utilizes around 1200 Watts.
AntMiner T9.
AntMiner T9 is a bit expensive as compared AntMiner S9. It consumes around 1450 watts for approximately 11.5 TH/s for Batch 23 and has an efficiency of 0.126 J/GH.
The quality chips of S9 were of a lower quality but the T9 Miner fixed this problem of lower quality.
Dragonmint T16.
Dragonmint T16 is the first BTC mining hardware with the hash rate of 16 TH/s hence being exceptional. The hardware requires 1600 W power supply but consumes only 0.075J/GH.
The dragonmint T16 efficiency can be boosted by 20% since it is equipped with the ASICBOOST algorithm.
Pagolin Miner M3X.
Pagolin Miner M3X might not be as energy-efficient or effective as compared to other hardware, but it is a bigger unit because of its embedded ASIC chips. It has a draw rate of between 1.8 kilowatts and 2 kilowatts and hence the most power demanding Bitcoin mining equipment. It has a high hash rate of 13 TH/s.
If you are about to begin with BTC Mining, Avalon6 is the best choice. The hardware is easy to set up and is one of the most profitable ones. It utilizes the power of 1050 W and produce 3.5 TH/s.
Avalon6 doesn't come with its own power supply. You are required to buy it separately. The Avalon6 makes a good unit to run in an office or at home. It secures the network like no other.
USB Bitcoin Miners.
You may buy USB Bitcoin miners, but they don't contribute to any significant profits. If you want to play and just do a timepass then it is a good choice. You can buy one to learn how mining works. Check out the profitability of a USB miner by using the mining calculator.

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How I Make $5937 BITCOIN Automatic Per Day Free (No Work) - Earn 1 BTC in 1 Day|8:46

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Best Bitcoin miner 2020.
Before jumping to the best bitcoin miner 2020, we are going to get you acquainted with the factors you should keep in mind while buying the best mining hardware -
Hash rate is measured in Megahashes/Gigahashes/Terahashes per second. It is a crucial factor as a high hash rate increases the chances of solving the complex mathematical computations which are important for earning Bitcoin as a reward.
Higher the hash rate, the more profitable the mining.
Investing in Bitcoin mining can cost you enough. Energy cost is one such expense you would have to bear with.
The more powerful hardware you use, the more power it is bound to consume. Consider electricity consumption (in Watts) before purchasing mining hardware. This will give you an idea of the energy costs consumed by the unit. It will also help you determine the viability of Bitcoin mining using the said hardware.
The mining hardware comes with a huge amount of price. If you go for a cheap one, the hardware will collect only a few Bitcoins. The Bitcoin mining hardware which is expensive is unique, fast and efficient. Be ready to shell out some extra money if you wish to make a fortune from the Bitcoin mining business. Go for value and quality in your purchase.
Once you have got the idea of the factors above, you are ready to buy the best Bitcoin mining hardware. Read on to figure out the best miner hardware to start with BTC Mining.
This miner is 7nm long. With a power consumption of around 2790 watts, the miner can reach 62 Th/s. It has two modes - normal and Pro.
Terminator T3.
This powerful miner in the market can supply up to 43TH/s. It has a power consumption of 2100 Watts.
EBIT E12+
Till date, this miner is one of the most impressive miners yet. It is the most efficient miner with an ideal hash rate of 50TH/s and a power consumption of around 2500 Watts.
You can opt for one of the three hardware blindly. However, according to the reviews, Antminer S17 Pro emerges as the best-priced option displaying good performance.
Bonus: Cheap Bitcoin mining hardware.
If you are determined to mine but tight on budget, USB Miners is the one for you. As mentioned earlier, they are a good choice if your sole purpose is to play with Bitcoin mining. You may also check ASICMiner Block Erupter USB 330MH/s Sapphire Miner, Avalon Nano 3 and 21 Bitcoin Computer.
If you really want to make a profit, check out other Bitcoin mining hardware listed in the blog.
Mi ning Efficiency is rising day by day and is constantly improving. The mining hardware has evolved from computer CPUs to graphics card GPUs to FPGAs (Field-Programmable Gate Array) and now to ASICs (Application-specific Integrated Circuit).
To make your mining venture profitable, you can consider the listed hardware. The Dragonmint T16 is the best option (as of now) for someone getting started with mining.
It is highly recommended to dive into the details before making the ultimate choice or call on Bitcoin contact number .
Moreover, if you are confused and require more briefing, kindly post your query in the comment section below. We would be happy to answer you!
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Comments.
RELATED ARTICLESMORE FROM AUTHOR.
Bitcoin has reached $5 000 for the first time in the past quarter.
The new month brings good news to the entire crypto industry! The snow has melted and with it, the hard winter has passed, and with the upcoming of spring, the bear market is expected to recover.
It's been a rough ride for Bitcoin as its price has drastically dropped in the past year. However, its price has became the only topic of interest as today, Bitcoin finally hit the $5000 mark for the first time in five months.
[caption align="aligncenter" width="600"] Bitcoin price, April 2, 2019[/caption]
After reaching $5 000, BTC's price rolled back to $4 750, where it is trying to stabilize. The next crucial step for Bitcoin is to consolidate its rate on the corridor between $4 500 and $4 700, in order to rise back to $5 000 and above.
Mind-blowing facts about cryptocurrency thefts - Infographic.
According to an ex-engineer at BitGo, Jameson Lopp, as of July 2018, users have been deprived of their access to 6 million BTC in the bitcoin blockchain. Thus, the lost amount is 35.29% of the total circulating supply (17.5 million).
Our friends from ICOPulse have provided us with a complex Infographic about mind-blowing facts regarding cryptocurrency thefts:
The crime of the century! 6 million bitcoins have been stolen! Just get over it -- you won't get the stolen money back.
Bitcoin Tax Calculator.
If you are a U.S. resident that invested in Bitcoin or other cryptocurrencies in 2017, you may have recently received a tax document from the trading platform or cryptocurrency exchange you use and may need to pay taxes. While there is currently very little guidance on the taxation of cryptocurrency, one thing is clearly defined. The Internal Revenue Service (IRS) views cryptocurrency as property for tax purposes. That means you likely received a tax document because you either experienced a capital gain on that virtual investment in 2017 or received cryptocurrency as compensation, which is seen as ordinary income to the IRS.
For practical purposes, the IRS has issued guidance defining cryptocurrency such as Bitcoin and Ethereum as virtual currencies. This guidance is subject to interpretation, but for most people the main things to consider from a tax perspective are:
How long you held your Bitcoin or other cryptocurrencies from purchase to sale? If held for less than a year, any profit may be liable for short-term capital gains tax. If held for longer than a year, any profit may be liable for long-term capital gains tax. What is your tax filing status and taxable income? That will determine your tax bracket and the tax rate on any Bitcoin profits. What is your state tax rate? That will determine how much you may owe in state taxes.
Bitcoin Tax Calculator Instructions.
Part 1: Enter Your Personal Details.
Part 2: For each Bitcoin sale within a tax year.
Example Bitcoin Tax Situation.
Article written by TaxAct.
Bitcoin and Taxes: What You May Not Know.
You might be aware that your Bitcoin or other cryptocurrency transactions have a possible taxable impact. However, you might not know exactly how to report them. You can use this bitcoin tax calculator or read on for more guidance on cryptocurrency taxes.
What is Bitcoin?
Bitcoin is a worldwide payment system where users buy virtual currency using an exchange. The Bitcoins are stored in a digital wallet and can be transferred using a mobile app. No bank or other intermediary institution is involved.
Bitcoins can be used as a digital currency to send or receive funds, pay for goods or services, or simply for investment. Transactions are anonymous and are tracked only via the digital wallet identifiers on a public ledger. Originally used by illicit operators, mainstream companies such as Overstock.com now accept Bitcoin as payment.
Enter the IRS.
The Internal Revenue Service (IRS) isn't blind to Bitcoin and provided guidance about "convertible virtual currency" in its Notice 2014-21 .
The IRS defined convertible virtual currency as virtual currency that has an equal value in real currency, or that is a substitute for real currency.
The IRS specifically referred to Bitcoin as a type of convertible virtual currency that can be digitally traded. In addition, you can buy or exchange virtual convertible currencies into U.S. dollars or other real or virtual currencies. However, virtual currency itself does not have legal tender status in the U.S.
Tax Liability.
"Though cryptocurrencies seem like a brand-fangled new investment, one with which our, by comparison, antiquated tax system can't compete, they are actually taxed like pretty much any other mundane item," emailed Mark Durrenberger , Certified Financial Planner ®, Enrolled Agent and author of The Modern Day Millionaire.
If you sell, exchange, or use convertible virtual currency to pay for goods or services, you might have a tax liability. For tax purposes, the IRS treats convertible virtual currencies as property. If you receive Bitcoin as payment for goods or services you provide, then when you compute your gross income, you must include the fair market value of Bitcoin in U.S. dollars as of the date you received the Bitcoins.
Durrenberger gave the following example:
"If you buy Bitcoin for $100, and later sell it for, say, $1,000, [y]ou would owe capital gains taxes on that $900 gain. If you held that Bitcoin for less than one year, the tax rate would be whatever rate you pay on your regular income. If you held it for longer than one year before you sold, you are taxed at the more favorable (i.e., lower) long-term capital gains rates," Durrenberger said.
Fair Market Value.
How would you determine the fair market value of Bitcoin? "It can get a bit tricky as the value of Bitcoin jumps and dips constantly and those changes can be quite drastic at times," emailed David Hryck , a tax lawyer, and partner at Reed Smith in New York City. "You will have to convert the Bitcoin value to U.S. dollars as of the date each payment is made."
In this world of anonymous payments, recordkeeping of your transactions might be a challenge. "Make sure you keep careful records of the dates and value," Hryck said.
Independent Contractors.
If a company or individual pays you in Bitcoins for services you performed as an independent contractor, you might wonder if it constitutes self-employment income.
According to the IRS, self-employment income includes all gross income from any trade or business you engage in, other than as an employee. The fair market value of Bitcoins you receive for your services (measured in U.S. dollars as of the date you receive payment) is self-employment income and consequently is subject to self-employment tax.
Reporting to the IRS.
You might wonder how to report your Bitcoin or other cryptocurrency transactions on your annual tax return.
The basic tax rules that are applicable to property transactions apply to transactions using virtual currency. The IRS has made it clear that Bitcoin is a type of property and your transactions must be reported.
You should file Form 8949 , Sales and Other Dispositions of Capital Assets and Schedule D (1040) , Capital Gains and Losses, with your annual tax return to reflect your cryptocurrency transactions.
Failure to Report.
What will happen if you skip reporting your Bitcoin or other digital currency transactions on your tax returns? Will the IRS know?
The fact that in 2014 the IRS issued a comprehensive notice including a Q&A section shows that the IRS is well aware that Bitcoin and other cryptocurrency transactions are more than a passing fad. As with any tax law or IRS rules, you assume certain risks if you fail to comply.
Valerie Rind first from TaxAct.
A Look Into Bitcoin's Security.
Bitcoin has always been one of the more volatile topics of discussion. That is partly because of a lack of understanding of how it operates, its benefits, weaknesses and how to overcome them. Even so, it is impossible to quell everyone's doubts when it comes to cryptocurrency, and especially Bitcoin.
One of the most controversial points of focus for Bitcoin is its security. Overall, the majority of people agree that Bitcoin offers significant protection and privacy. Unfortunately, due to the solidity of its security, there are those who claim that the protection provided is absolute - a statement that is very misleading. In truth, even Bitcoin has its shortcomings when it comes to security. Through this article, we have explored the ins and outs of Bitcoin security.

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LEGIT FREE BITCOIN MINING NO INVESTMENT - JUST USE THIS FOR FREE LIFETIME|12:06

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Bitcoin's weaknesses.
Although the blockchain is said to be hack-proof, the same cannot be said for user accounts. To use Bitcoin, you need an account, and for that, you need to register for a Bitcoin wallet. Each wallet is tied to a Bitcoin address, which is what is used to identify an account. This is a potential vulnerability.
Additionally, every Bitcoin wallet has a private key, which is used to access the wallet. Without the private key, it would be impossible to access one's account. That is why hackers often tend to target the account holder. If a hacker takes over your private key, then you lose your account and your Bitcoin. This is why the wallet and private key are considered to be Bitcoin's most significant weaknesses. So, what steps can one take to overcome such shortcomings?
Solutions to Bitcoin's security shortcomings.
Increase cybersecurity.
Cybersecurity lies at the root of the problem and can very well be the best solution. Although Bitcoin is said to be anonymous, it is still possible to trace a Bitcoin address back to you. The easiest way is by taking advantage of one's IP address and using it to identify the device and location of the owner.
However, with that in mind, you can use a VPN to hide your IP address, assign a different IP address to your devices and encrypt your network traffic. To increase the effect of the VPN even further, you should use Tor over VPN, which reinforces the privacy, security, and anonymity afforded by both Tor and VPN.
Besides that, you should install an antivirus to scan your device and eliminate malware. Malware can be used by hackers to gather or manipulate information on your device. For instance, keyloggers can be used to track and record your keystrokes, thereby gathering information about your private key.
Protect your private key.
Hackers often target your private key, so protecting your key already mitigates security risks significantly. Ideally, you should store the private key in an encrypted digital folder from where you can use the convenience of copy and paste. Doing so allows you the convenience of not having to type in the characters, which reduces the risk of theft of your private key through keyloggers.
Obscure your transactions.
From a logical standpoint, if a hacker doesn't have your address, then they can't put in the effort to steal your private key. Unfortunately, hackers use numerous means to gather Bitcoin addresses such as stealing information from trade websites. That is why it is essential to obscure your transactions. There are various ways to hide your Bitcoin transactions, and the choice ultimately depends on your circumstances. For instance, you could use an online wallet, which doesn't assign an address to every user. In case you already have an address, then you could exchange your Bitcoin with someone you trust and use your traded funds for your transactions, although this lowers the security.
Additionally, you might consider Altcoin and Coinjoin. The former provides a way to exchange your Bitcoin for Fiat currency securely, while the latter allows you to join hands with multiple other Bitcoin users and pull your resources together for your transactions. By pooling your resources together with various parties, a hacker cannot tell one transaction from the other.
The Takeaway.
Bitcoin provides users with a numerous security advantage. However, you shouldn't assume that there are no weaknesses in Bitcoin security. Nevertheless, with a clear understanding of these shortcomings, it is easy to prepare effective countermeasures. With the countermeasures in place, Bitcoin becomes one of the most secure financial options available.
- Jeff Anderson.
Would Bitcoin Thrive Without PayPal?
If you're reading this on this website, you're undoubtedly aware that bitcoin has been in a rough patch. The cryptocurrency has struggled for much of 2018, which is particularly disappointing to some proponents and investors following its late-2017 takeoff. Many are still of the belief that bitcoin will climb toward the end of the year, but at this point that doesn't seem the case. It's always been a difficult market to predict. Given that we know how a bullish bitcoin market can look however, it's interesting to think about what might be holding it back from more sustained strength. And as a point of interest, PayPal feels relevant in this conversation.
Incidentally, former PayPal CEO Bill Harris recently had some harsh words for bitcoin and cryptocurrency in general, stating that it's useless as a payment mechanism and ridiculous as a store of value. There are plenty of crypto critics who will quickly agree with Harris, and he may be proven right in the long-term. His comments clash with the actual value of bitcoin, even now, however, and invite comparisons with PayPal. In this case, we're wondering - would bitcoin be more useful as a payment mechanism or less "ridiculous" as a store of value specifically if PayPal weren't in its way?
The clear benefit would be in retail. We think of bitcoin in fairly complex terms at this point, and the more we consider cryptocurrency in general the more complicated the picture gets. In a very fundamental way though, these currencies were created to provide an easy and reliable means of digital payment. Unfortunately, that's what PayPal has already done for a long time. Naturally there are plenty of other differences between the two methods, but this is where serious bitcoin proponents sometimes have a hard time putting themselves in the shoes of beginners. For a lot of people, they're essentially two competing means of making digital payments - and PayPal has almost all of the retail utility on its side. Were it not an option, bitcoin could conceivably expand further into more useful retail areas, with more people tempted to adopt it to make online finances more convenient.
On a similar note, there's something to be said for the online gaming and casino business. Serving tens of millions of customers across international borders, this is a huge industry, and one in which lots of gaming platforms now accept PayPal transactions for deposits. As it happens, a few platforms - typically smaller ones - have also started accepting bitcoin and other cryptocurrencies. And as with retail this only makes one wonder what would happen if PayPal hadn't gotten there first. Without PayPal's availability at online gaming sites, there could be more demand for bitcoin, and thus more adoption.
Another space that's emerging as something of a battlefield between payment processing and alternative currency is alternative banking. PayPal is leading the way in a race of processors determined to offer traditional banking services, encouraging people to take their finances into their own hands. Things like direct deposit, debit cards, and more help PayPal to more or less replace personal banks in a lot of cases - which isn't in direct conflict with bitcoin, but which does theoretically negate some of its utility. Because it's billed as an alternative to fiat currency, cryptocurrency itself can function as something of an answer to those who would prefer not to be at the mercy of their banks. With PayPal and some of its counterparts already providing outlets for this though, bitcoin isn't exactly in first place as a choice for people who want to detach from banks.
This is not to say that bitcoin would automatically thrive without popular payment processors. It does seem however that PayPal is at least partially blocking its growth in a few areas.

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Penghasilan 100ribu/hari Menambang Bitcoin di GENESIS MINING|7:48

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Bernadette Dawson.
Bitcoin Rolls Over at Descending Wedge Resistance; $6000 Next Area of Strong Support?
Bitcoin has seen a small 0.5% price decline over the past 24 hours of trading. The cryptocurrency is currently exchanging hands on exchanges at a price of $6435 after seeing a 10% price decrease over the past 7 trading days.
The Bitcoin market looked like it may be recovering in August, however after meeting resistance at the upper boundary of the long term descending wedge pattern we have been following, the market rolled over and reversed once again.
Since the high of $408 million in May the entire total market cap for all cryptocurrencies has fallen by a dramatic $204 million to where it is trading today around $204 million as seen in the chart below.
Bitcoin still currently holds its number one position in terms of overall market cap across the entire industry. It currently has a market cap value of over $111 billion after the 64 month old coin suffered a 12.30% price decrease over the past 90 trading days.
Let us continue to remind ourselves of the long term descending triangle wedge and then analyse price action much closer to highlight any potential support and resistance areas.
Price Analysis.
BTC/USD - LONG TERM - DAILY CHART.
Analysing the market from the long term time horizon above, we can clearly see the descending wedge formation on the chart. The bottom of the wedge has been supported by the $6000 handle and we can see that each time the market had approached this area of demand, the market rebounded aggressively. The market has tested the bottom boundary of the technical pattern a total of 4 or 5 times over the course of the trading year.
Price action has also touched and reversed from the upper boundary of the technical pattern a total of 4 times also. Each time the market made an attempt to break above the upper boundary of the long term descending triangle we can see that resistance proved too overpowering as the market reversed.
Price action is currently trading marginally below the long term .786 Fibonacci Retracement priced at $6622 which has proven to be a significant area of resistance during the month of August 2018.
If the market continues to head further lower, we can expect the identified price level at the $6000 handle to provide significant support moving forward.
Let us continue to analyse price action much closer to highlight any potential support and resistance areas.
BTC/USD - SHORT TERM - DAILY CHART.
Analysing the market from the benefit of a closer time period such as the one displayed above, we can see clearly how the market has recently reversed from the upper boundary of the descending wedge pattern.
Price action had experienced a significant bullish run throughout July 2018 as the market started from a price low of $5850 on the 29th of June 2018 and extended to an intermediary high priced at $8506 on the 2th of July 2018. This was a price increase totalling 47% from low to high.
We can see that after placing this high and meeting resistance at the upper boundary of the descending triangle, price action rolled over and began to drop aggressively. We can see that the market had found support at the short term .886 Fibonacci Retracement level (drawn in red) priced at $6129. We can see that as the market approached this area the bears began to take their foot off of the pedal and began to slow down. This gave the bulls a change to regather their control and push price action higher from this level.
We can see that toward the end of August 2018, price action went on to create higher highs nice again and continue to rally until it had met further resistance at the upper boundary of the technical triangle/wedge pattern. We can see that as the market met this area of resistance in rolled over aggressively once again and began to drop.
We can see that price action has now found support at the previous .786 Fibonacci Retracement level priced at $6398. If the bearish pressure continues within the market and pushes price action below $6398 we expect immediate support to be located at the downside 1.414 Fibonacci Extension level priced at $6343. Further support located below this level will then come in at the .886 Fibonacci Retracement level priced at $6129.
If the market can continue even further lower we expect significant support to then be located around the psychological round number $6000 handle. Further support located below $6000 can be expected at the long term lower boundary of our descending wedge/triangle priced around $5824.
The technical indicators within the market are currently heavily leaning towards favouring the bears at this current moment in time. The RSI has recently penetrated below the 50 handle indicating that the bears have regained control within the market. IF the RSI remains below the 50 handle we can expect the market to continue to head further lower. For some gains to made within the market we would need to see the RSI break above the 50 handle and continue higher.
Similarly, the moving averages have recently started to show favour that leans toward the bears as the shorter moving averages have crossed back below the longer moving averages indicating that the bearish pressure is now increasing. The 7 day EMA (blue moving average) has crossed below the 21 day EMA (purple moving average) which signals are bearish crossover. If these moving averages continue to diverge away from one another we can expect the bearish pressure to continue to increase within the market.
Which Country Is Most Likely To Adopt Bitcoin First?
Bitcoin adoption is a widely discussed topic which has many people looking at metrics like the number of Bitcoin transactions that the network has processed. However, the truth is that the majority of these transactions are just people using Bitcoin to buy and sell altcoins. In fact, being a gateway to altcoins is arguably one of Bitcoin's main functions right now. However, we must remember the goals of Bitcoin creator, Satoshi Nakamoto, and his vision for the cryptocurrency. In a nutshell, Bitcoin was always intended to be used as peer to peer cash that didn't go through a traditional financial institution.
In reality, the majority of Bitcoin transactions are simply people using centralized exchanges to buy other cryptocurrencies. This was not Bitcoin's intended purpose. Yes, it can be argued that this is adoption, but is it the sort of adoption that will lead to Bitcoin becoming a true peer to peer cash? We think not.
Instead, true adoption happens in the real world with people actually using Bitcoin as a medium of exchange and a store of value. Right now in the West, the majority of Bitcoin owners are either idealists who share the vision, Satoshi himself or speculators looking for Bitcoin to rise in value. There is nothing wrong with speculating on Bitcoin, however, this is not true adoption and these people are simply using Bitcoin as a vehicle for short term profit.
What Will Make Countries Adopt Bitcoin?
In developed countries, there is little incentive to adopt Bitcoin as a peer to peer cash. Of course, there are people who wish to adopt because of the tech and the ideology. However, there is no real pressing need. This is because fiat currencies in these countries are still relatively stable and function adequately.
However, there are countries in the world where fiat currencies are in crisis. Argentina is in financial turmoil, Syria is on the cusp of hyperinflation and Venezuela is experiencing some of the worst hyperinflation ever seen. These fiat currency crises provide an opportunity for Bitcoin to step in and offer whole nations the choice of an alternative currency system.
Countries experiencing financial crisis all have one thing in common: They are typically developing countries. They also generally have very low GDP per capita scores with most people having little in terms of savings and a high proportion of the population being unbanked.
To put it in perspective, the majority of people in Venezuela are living off a dollar per day or less. The reason is that the government and the Venezuelan banks imposed ATM withdrawal limits of just $1 per day. Now consider the position of the unbanked population holding fiat currency in an economy expected to reach one million percent inflation in 2018.

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Building a Cryptocurrency Mining Farm / Genesis Mining #EvolveWithUs - The Series Episode 2|3:57

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Bitcoin actually allows people to become their own bank and take custody of their own funds. This means there is no centralized organization there to say they can only access $1 a day. They instead have the freedom to access any amount of funds whenever they wish. Even though Bitcoin is volatile, it's nowhere near as volatile as the Venezuelan Bolívar. This means that people's purchasing power is protected better than holding local currency. These are the conditions in which Bitcoin should theoretically be adopted at scale.
The Problems Surrounding Adoption.
The key characteristic of developing countries is that the local infrastructure is usually quite poor. People simply don't have the money to be able to own laptops and desktops. However, almost everyone has a mobile phone. This means that if mobile data is within reach of the masses, then so is the ability to own and use Bitcoin.
The other side of the coin is that actually buying Bitcoin usually requires a bank account to make that Bitcoin purchase. As the majority of people in developing countries do not have one, this acts as a roadblock to adoption. That's when peer to peer exchange of local currencies to Bitcoin comes in and LocalBitcoins is one such service. Adoption is of course bottlenecked by the availability of Bitcoins on the ground. However, this should improve over time. Quite simply if there is massive demand for an asset in a specific country, humans usually find a way to satisfy that demand.
What Do The Trading Volume Numbers Tell Us?
The difficulty is finding data sets that are broken down by country and for platforms that allow a peer to peer exchange of digital currencies on the ground, without the use of a bank account. Localbitcoins trading data gives us exactly that. It should be noted that Bitcoin purchases will be happening through other means. However, when it comes to true adoption we are mainly concerned with the overall trend.
Caption: Click here to view raw data. Incredibly, Venezuela has the fourth highest trading volume of any country in the dataset. You must appreciate that the total value of the local currency in the country is significantly lower than countries like the UK. This means that there are higher adoption rates in the country. Even when it comes to metrics like GDP or GDP per capita, Venezuela scores exceptionally low compared to the other countries with high Bitcoin trading volumes in the data. Conclusion There is little doubt that Bitcoin adoption is growing in countries like Venezuela. This seems to support the idea that the countries most likely to truly adopt Bitcoin as peer to peer cash, are those experiencing a financial crisis. The underlying problems that caused the 2008 financial crisis have not been solved and Venezuela will not be the last country to experience an economic crisis. Whilst more economically developed countries are better equipped to weather the storm, they are not immune to pressure on their own fiat currencies. As this pressure grows, so does the incentive for cryptocurrency adoption.
Bitcoin Analysis: Price Action Finds Support at the .382 Fibonacci Retracement; Can the Bulls Pick Up Steam From Here?
Bitcoin has suffered a small 0.05% decline over the past 24 hours of trading. This isn't much considering the bullish run we had just experienced. The number 1 ranked crypto giant is currently being traded at $7,592 after experiencing a 7.26% drop over the past 7 trading days.
Bitcoin has had an eventful month during July as prices have risen 15.68% over the past 30 trading days. This has been partly due to the anticipation of the SEC allowing the Winklevoss Twins ETF proposal to go ahead. However, it was rejected with much debate amongst the SEC chairman who voiced her descent against the verdict. The chairman stated that she would like to not hinder the growth of an innovative technology but the rest of the board claimed the technology was still too primitive.
However, as each rejection passes we come closer and closer to an approval of an ETF which would allow serious investors to seriously consider investing into the Bitcoin asset through the ETF.
Bitcoin is currently ranked at pole position in terms of rankings across the entire industry. It currently has a market cap totalling $167 billion. However, this is $37 billion lower than the market cap high witnessed 3 months ago on May 5th 2018, as indicated in the graph below.
Let us continue to analyse price action over the long term for Bitcoin.
Analysing the market from the long term perspective above, we can see that Bitcoin had experienced a serious bullish run as price action started from a low of $2980 on 15th September 2017 and extended to an all time high priced at $19,891 on December 17th 2018. This was a price increase totalling 545% from low to high.
After placing the all time high, the market continued to roll over and initially found support at the .618 Fibonacci Retracement priced at $9463. This is a Fibonacci Retracement measured from the entire bullish run aforementioned. However, the market was not able to hold this level and proceeded to drop below the 100 day moving average, falling until it found support at teh .786 Fibonacci Retracement during February, priced at $6622.
We can see that for the majority of the year, price action was trading within the confines of the descending triangle highlighted above. The base of the triangle was denoted at the blue line priced at $5783 and the upper boundary acts as a falling resistance line. The market had recently broken above the upper boundary of this descending triangle as it pushed itself above the 100 day moving average.
This break above the descending triangle could signal a potential long term trend reversal, however, it is still far too early to come to this conclusion. For a confirmation that the trend truly has reversed from bearish to bullish we will be waiting until the market breaks above and completely clears the $10,000 handle.
Let us analyse price action a little closer over the short term to highlight any potential support and resistance zones.
Analysing the market from a short term perspective, we can see that during May and June price action was declining from a high starting at $9964 on the 6th of May and fell to a low of $5790 on 29th of June. This low was strongly supported by the lower boundary of the long term descending triangle outlined in the previous section.
We can see that as July started trading the moving average crossed over one another (as mentioned in our previous BTC analysis article) and the market proceeded to start a small bullish run. We can see that price action started from a low of $5780 on the 29th of June and extended to a high of $8506 on the 24th of July. This was a price increase totalling 47% from low to high.
The market had hit resistance at the bearish .618 Fibonacci Retracement level (drawn in black) priced at $8371 and reversed. This is a Fibonacci Retracement measured from the bearish decline starting in May and ending in June. We can see that this area of resistance was bolstered due to a confluence of a 1.414 Fibonacci Extension level priced at $8290.
The market has since retraced slightly, finding support at the short term .382 Fibonacci Retracement (drawn in red) priced at $7460. This short term Fibonacci Retracement is measured from the bullish run starting from June 29th and ending at July 24th. We must also be aware that this support zone is significantly re-enforced by a 100 day moving average which is hovering in the same area.
If the bearish momentum continues and pushes the market below $7460, we expect the nearest level of support to come in at the short term .618 Fibonacci Retracement priced at $6822. This would most likely bring trading action back into the confines of the previous descending triangle.
Alternatively, if the short term .382 Fibonacci Retracement proves to provide a solid foundation of support, we expect near term resistance to be immediately located at the bearish .618 Fibonacci Retracement (drawn in black) priced at $8371. If the market can continue further above this level the next level of anticipated resistance lies at the 1.618 Fibonacci Extension level priced at $8656 followed by the bearish .786 Fibonacci Retracement priced at $9078.
The technical indicators within the market have recently shifted toward favouring the bears. The RSI is trading marginally below the 50 handle, indicating the recent bearish pressure over the past 5 trading days. If we are to expect the bullish run to continue, we would need to see the RSI cross back above the 50 handle.
However, the moving averages are still favouring the bulls at this moment in time. The 7 day EMA is still trading above the 21 day EMA which is still trading marginally above the 100 day SMA. However, the 7 day EMA (blue line) is pointing in a steep downward direction indicating that the bearish momentum over the recent few days is picking up. So long as the 7 day EMA does not cross below the 21 day EMA (purple line) we can still expect the market to continue its recent bullish run.