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Bitcoin


How much is the GPU Crypto Mining Farm Making??? Mining Farm Update - Jan 2021|17:26

Bitcoin

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Bitcoin

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Free Bitcoin mining Guide.
Bitcoin mining or Free Bitcoin mining is the most important part of the bitcoin protocol. Without Bitcoin mining, it is not possible to circulate new bitcoin in the market. In the beginning, you required a simple computer, but lots of things are changed in less than 10 years.
The first bitcoin is mined with standard Multi-core CPUs to generate BTC at a rate of 50 per clock. The difficulty of Bitcoin mining is too low. In 2010, the code for Bitcoin mining with GUPs was released to the public.
As mining difficulty increase so need dedicated hardware, Were GPUs come into the picture. Here you need very low technical skills, you still required low computational power and you can start with a few hundred bucks. You achieve fast Bitcoin mining with GPUs. In June 2011, FPGAs (Filed-programmable gate arrays) introduced. But FPGA required some tweaking after purchase for faster results.
In 2013 ASIC was introduced, ASIC is specially designed for the Bitcoin mining business. That's why ASIC is the best for Bitcoin mining. Currently, ASIC is the fastest Bitcoin mining software. Every six months, they improved the versions. So you can achieve fast Bitcoin mining with our Latest ASIC's chips.
But only ASIC miners at home is not possible because of high competition with fully professional bitcoin miners. That's why the industry introduced the concept of Bitcoin mining cloud and Bitcoin mining pool.
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Bitcoin


Noob's Guide to Building a $1,000 GPU MINING RIG ⛏|18:23

Bitcoin

Computer history, restoring vintage computers, IC reverse engineering, and whatever.
Bitcoin mining the hard way: the algorithms, protocols, and bytes.
The purpose of mining.
The main problem with a distributed transaction log is how to avoid inconsistencies that could allow someone to spend the same bitcoins twice. The solution in Bitcoin is to mine the outstanding transactions into a block of transactions approximately every 10 minutes, which makes them official. Conflicting or invalid transactions aren't allowed into a block, so the double spend problem is avoided.
Although mining transactions into blocks avoid double-spending, it raises new problems: What stops people from randomly mining blocks? How do you decide who gets to mine a block? How does the network agree on which blocks are valid? Solving those problems is the key innovation of Bitcoin: mining is made very, very difficult, a technique called proof-of-work. It takes an insanely huge amount of computational effort to mine a block, but it is easy for peers on the network to verify that a block has been successfully mined.[1]
Each mined block references the previous block, forming an unbroken chain back to the first Bitcoin block. This blockchain ensures that everyone agrees on the transaction record. It also ensures that nobody can tamper with blocks in the chain since re-mining all the following blocks would be computationally infeasible.[2] As long as nobody has more than half the computational resources, mining remains competitive and nobody can control the blockchain.
As a side-effect, mining adds new bitcoins to the system. For each block mined, miners currently get 25 new bitcoins (currently worth about $15,000), which encourages miners to do the hard work of mining blocks. With the possibility of receiving $15,000 every 10 minutes, there is a lot of money in mining.
How mining works.
In more detail, to mine a block, you first collect the new transactions into a block. Then you hash the block to form a 256-bit block hash value. If the hash starts with enough zeros[3], the block has been successfully mined and is sent into the Bitcoin network and the hash becomes the identifier for the block. Most of the time the hash isn't successful, so you modify the block slightly and try again, over and over billions of times. About every 10 minutes someone will successfully mine a block, and the process starts over.
The diagram below shows the structure of a specific block, and how it is hashed. The yellow part is the block header, and it is followed by the transactions that go into the block. The first transaction is the special coinbase transaction that grants the mining reward to the miner. The remaining transactions are standard Bitcoin transactions moving bitcoins around. If the hash of the header starts with enough zeros[3], the block is successfully mined. For the block below, the hash is successful: 0000000000000000e067a478024addfecdc93628978aa52d91fabd4292982a50 and the block became block #286819 in the blockchain.
The block header contains a handful of fields that describe the block. The first field in the block is the protocol version. It is followed by the hash of the previous block in the blockchain, which ensures all the blocks form an unbroken sequence in the blockchain. (Inconveniently, the hash is reversed in the header.) The next field is the Merkle root ,[4] a special hash of all the transactions in the block. This is also a key part of Bitcoin security, since it ensures that transactions cannot be changed once they are part of a block.[5] Next is a (moderately accurate) timestamp of the block, followed by the mining difficulty value bits .[3] Finally, the nonce is an arbitrary value that is incremented on each hash attempt to provide a new hash value. The tricky part of mining is finding a nonce that works.
A short program to mine a block.
The following table shows the hash obtained for selected nonce values. The key point is that each nonce generates a basically-random hash value. Every so often a "lucky" nonce will generate a hash starting with some zeroes. To get a lot of zeroes, you need to try an exponentially large number of nonces. For this block, the "winning" nonce is 856192328.
nonce hash 0 5c56c2883435b38aeba0e69fb2e0e3db3b22448d3e17b903d774dd5650796f76 1 28902a23a194dee94141d1b70102accd85fc2c1ead0901ba0e41ade90d38a08e 2 729577af82250aaf9e44f70a72814cf56c16d430a878bf52fdaceeb7b4bd37f4 3 8491452381016cf80562ff489e492e00331de3553178c73c5169574000f1ed1c 39 03fd5ff1048668cd3cde4f3fb5bde1ff306d26a4630f420c78df1e504e24f3c7 990 0001e3a4583f4c6d81251e8d9901dbe0df74d7144300d7c03cab15eca04bd4bb 52117 0000642411733cd63264d3bedc046a5364ff3c77d2b37ca298ad8f1b5a9f05ba 1813152 00000c94a85b5c06c9b06ace1ba7c7f759e795715f399c9c1b1b7f5d387a319f 19745650 000000cdccf49f13f5c3f14a2c12a56ae60e900c5e65bfe1cc24f038f0668a6c 243989801 0000000ce99e2a00633ca958a16e17f30085a54f04667a5492db49bcae15d190 856192328 0000000000000000e067a478024addfecdc93628978aa52d91fabd4292982a50.
I should point out that I cheated by starting with a block that could be successfully mined. Most of the attempts to mine a block will fail entirely - none of the nonce values will succeed. In that case, you need to modify the block slightly and try again. The timestamp can be adjusted (which is why the timestamp in mined blocks is often wrong). New transactions can be added to the block, changing the Merkle hash. The coinbase transaction can be modified - this turns out to be very important for mining pools. Any of these changes will result in totally different hashes, so the nonce values can be tried again.
My Python program does about 42,000 hashes per second, which is a million times slower than the hardware used by real miners. My program would take about 11 million years on average to mine a block from scratch.
Mining is very hard.
Note that finding a successful hash is an entirely arbitrary task that doesn't accomplish anything useful in itself. The only purpose of finding a small hash is to make mining difficult, which is fundamental to Bitcoin security. It seems to me that the effort put into Bitcoin mining has gone off the rails recently.
Mining is funded mostly by the 25 bitcoin reward per block, and slightly by the transaction fees (about 0.1 bitcoin per block). Since the mining reward currently works out to about $15,000 per block, that pays for a lot of hardware. Per transaction, miners are getting about $34 in mining reward and $0.10 in fees (stats).
Mining with a pool.
Mining pools use an interesting technique to see how much work miners are doing. They send out a block to be mined, and get updates from a miner whenever a miner gets a partial solution. Each partial solution proves the miner is working hard on the problem and gives the miner a share in the final reward when someone succeeds in mining the block.
For instance, if Bitcoin mining requires a hash starting with 15 zeroes, the mining pool can ask for hashes starting with 10 zeroes, which is a million times easier. Depending on the power of their hardware, a miner might find such a solution every few seconds or a few times an hour. Eventually one of these solutions will start with not just 10 zeroes but 15 zeroes, successfully mining the block and winning the reward for the pool.[7] The reward is then split based on each miner's count of shares as a fraction of the total, and the pool operator takes a small percentage for overhead.[8]
Most of the time someone outside the pool will mine a block first. In that case, the pool operator sends out new data and the miners just start mining the new block. People in a pool can get edgy if a long time goes without a payout because of bad luck in mining.
Stratum: The communication between a pool and the miners.
An important issue for mining pools is how to support fast miners. The nonce field in the header is too small for fast miners since they will run through all the possible values faster than the pool can send blocks. The solution is to allow miners to update the coinbase transaction so they can put additional nonces there. This makes mining more complicated since after building the coinbase transaction the miner must recompute the Merkle hash tree and then try mining the block.
I'm going to look at the Stratum mining pool protocol that is used by many pools. (Some alternative protocols are the Getwork and Getblocktemplate protocols.) The following Python program uses the Stratum protocol to make a mining request to the GHash.IO mining pool and displays the results. (This program is a minimal demonstration; don't use this code for real mining.)
The information below is what the mining pool sends back over the network in response to the program above. Since the Stratum protocol uses JSON-RPC the results are readable ASCII rather than the binary packets used by most of Bitcoin. This provides all the data needed to start mining as part of the pool: The first line is a response from the pool server with the subscription details. The first values are not too important. The value 4bc6af58 is the value extranonce1 that is used when building the block. Each client gets a unique value to ensure that all the mining clients generate unique blocks and don't duplicate work. The following value ( 4 bytes) is the length of the extranonce2_size value that the miner puts in the coinbase while mining.
The second line is a mining.set_difficulty message to our client. With a difficulty of 16, I can get a share every hour or two on my PC. In comparison, the Bitcoin mining difficulty is 3,129,573,174.52[3] - thus it's about 200 million times easier to get a share in this pool than to successfully mine a block independently. That's why people join pools.
The third line is a mining.notify notification to our client. This message defines that block for us to mine. There's a lot of data returned under "params", so I'll explain it field by field.
job_id 58af8d8c prevhash 975b9717f7d18ec1f2ad55e2559b5997b8da0e3317c803780000000100000000 coinb1 0100000001000000000000000000000000000000000000000000000000000000 0000000000ffffffff4803636004062f503253482f04428b055308 coinb2 2e522cfabe6d6da0bd01f57abe963d25879583eea5ea6f08f83e3327eba9806b 14119718cbb1cf04000000000000000000000001fb673495000000001976a914 80ad90d403581fa3bf46086a91b2d9d4125db6c188ac00000000 merkle_branch ["ea9da84d55ebf07f47def6b9b35ab30fc18b6e980fc618f262724388f2e9c591", . ] version 00000002 nbits 19015f53 ntime 53058b41 clean_jobs false.
The job_id is used to identify this mining task if the miner reports back success.
Most of the fields are used in the block header. The prevhash is the hash of the previous block. Apparently mixing big-ending and little-endian isn't confusing enough so this hash value also has every block of 4 bytes reversed. The version is the block protocol version. The nbits indicates the difficulty[3] of the block. The timestamp ntime is not necessarily accurate.
The coinb1 and coinb2 fields allow the miner to build the coinbase transaction for the block. This transaction is formed by concatenating coinb1 , the extranonce1 value obtained at the start, the extranonce2 that the miner has generated, and coinb2 . The result is a transaction in Bitcoin protocol. The merkle_branch hash list lets the miner efficiently recompute the Merkle hash with the new coinbase transaction.
clean_jobs is used if the miner needs to restart the mining jobs.
After receiving this data, the miner can start generating coinbase transactions and mining blocks.
Creating a block for a pool.
The structure of the coinbase transaction is similar to a regular transaction, but there are a few important differences. A normal transaction transfers bitcoins from inputs (usually source addresses) to outputs (usually destination addresses). A coinbase transaction is generating new bitcoins out of thin air, rather than doing a transfer, so the transaction is slightly different. The previous output hash and index are irrelevant for the coinbase transaction. the first script is the scriptSig which signs the transaction to prove ownership of the incoming bitcoins. In a coinbase transaction, this is irrelevant, so instead the field is called the coinbase and is mostly arbitrary data.[9] (Many miners hide messages in there.) The value field in the coinbase transaction is the 25 Bitcoin mining reward plus any bitcoins left over from the other transactions (the left over bitcoins are treated as mining fees). Finally, both regular transactions and the coinbase transaction use the second script ( scriptPubKey ) to specify the recipients of the bitcoins.[10] For details on transactions, see my my previous article.
Once the coinbase transaction is created, the hash for this coinbase transaction is combined with the merkle_branch data from the pool to generate the Merkle hash[4] for the entire set of transactions. Because of the structure of the Merkle hash (explained below), this allows the hash for the entire set of transactions to be recomputed easily.
Finally, the block header is built from the new Merkle hash and the data provided by the pool, and the hash algorithm can iterate over the nonce values in the header, just like the Python program earlier. Once all the nonce values have been tried, the miner increments the extranonce2, generates a new coinbase transaction and continues.
Informing the mining pool of success.

Bitcoin

Mining for fun and profit.
The screenshot above shows what mining looks like as you get shares and blocks get mined. I got lucky and it only took me a minute to successfully mine a share. A minute later someone successfully mined a block, so the pool tells everyone to start over. Another block was mined less than a minute after that - although blocks are 10 minutes apart on average, the times can vary widely. It took 12 minutes for my next share to be generated. After running for a while, I earned 0.00000043 BTC, which is a tiny fraction of a cent.
Bitcoin mining is an "arms race". Originally people could mine with the CPU on a regular PC, but that hasn't been practical for a while. Next mining was offloaded to GPUs. Now, mining is done with special-purpose ASIC hardware, which is rapidly increasing in speed. For-profit mining is very competitive, and you'll need to look elsewhere for information.
If you want to try out mining just for fun, you may prefer to mine a currency such as Dogecoin rather than Bitcoin. First, Dogecoin uses a different hash algorithm which doesn't work well with ASIC hardware, so you're not as disadvantaged compared to professional miners. Second, because dogecoins are worth much less than bitcoins, you'll end up with a much larger number of dogecoins, which seems more rewarding. For Dogecoin mining, I used the dogepool.pw pool somewhat arbitrarily. The process is almost the same as Bitcoin mining, except you use the scrypt algorithm instead of sha256d . There are many other alternative cryptocurrencies to choose from.
Notes and references.
With these changes, the mining problem is in NP. The next question is if it is NP-complete. That is, can an arbitrary NP-complete problem be turned into a mining problem? I believe that is currently unknown.
[2] You might wonder what happens if two miners succeed in mining a block at approximately the same time. Has the problem of conflicting transactions has just been replaced by the problem of conflicting blocks?) The rule is that only the longest chain of valid blocks is used, and the other branch is ignored. Thus, when a miner extends the chain with one of the two parallel blocks, the other block becomes an orphan block and is ignored.
Orphan blocks are fairly common, roughly one a day. For this reason, the (somewhat arbitrary) recommendation is to wait for six confirmations (about one hour) before considering a transaction solidly confirmed.
[3] I've been describing a successful hash as starting with enough zeros, but there's an official definition of difficulty. A valid block must have a hash below a target value. (Since the target starts with a bunch of zeros, so will the valid hash.)
There are two different hard-to-understand ways of representing the target. The first, bits is a mantissa/exponent representation of the target in 32 bits. The second, difficulty is the ratio between a base target and the current target. A difficulty of N is N times as difficult as this base target. The base target is 0x00000000FFFF0000000000000000000000000000000000000000000000000000 , which corresponds to approximately 1 in 2 32 or 1 in 4.2 billion hashes succeeding.
Difficulty changes approximately every two weeks to keep the block hash rate around 1 every 10 minutes. The https://blockchain.info/stats difficulty value is 3,129,573,174.52, corresponding to a target of 00000000000000015f5300000000000000000000000000000000000000000000 . Multiplying my PC's performance by the current difficulty shows it would take my PC about 35,000 years to mine a block.
The pool difficulty is important when using a mining pool. My PC can do about 12 million hashes/sec running cpuminer, so at a difficulty of 1 my PC could find a block every 6 minutes. The BTC Guild pool uses a difficulty of 2, so I get a share about every 12 minutes. GHash.IO has a minimum difficulty of 16 on the other hand, so I only get a share every hour or two on the average. (My overall earnings would be similar either way, since the shares per block scale inversely with the difficulty.)
[4] Instead of hashing all the transactions into the block directly, the transactions are first hashed together to yield a Merkle root . The Merkle root is the root of a binary Merkle tree. The idea is to start with all the transaction hashes. Pairs of hashes are hashed together to yield new hashes. The process is repeated on the new list of hashes and continues recursively until a single hash is obtained. This final root hash is the value used when computing the block. (See Wikipedia for more details.)
In the Merkle tree, each transaction is hashed. Then pairs of hashes are hashed together. Then pairs of the new hashes are hashed together, and so on, until a single hash remains. This allows the hash of a single transaction to be verified efficiently without recomputing all the hashes. One place this comes in useful is generating a new coinbase transaction for a mining pool.
The (patented) idea of a Merkle tree is if you need to modify or verify a single transaction, you don't need to recompute everything, but can just recompute the affected pairs. Personally, I think the Merkle tree is a pointless optimization for Bitcoin and for reasonable transaction numbers it would be faster to do a single large hash, rather than multiple hashes up the Merkle tree.
Here's some demonstration code to compute the Merkle root for the block I'm discussing. The 99 transaction hashes are hard-coded for convenience. The resulting Merkle root is 871714dcbae6c8193a2bb9b2a69fe1c0440399f38d94b3a0f1b447275a29978a.
[5] There are a few ways that third parties can modify transactions without invalidating the signature on the transaction. This is known as transaction malleability. These modifications change the hash of the transaction. Since the hash is part of the block, a transaction has a fixed hash and cannot be modified by malleability once it has been mined into a block. (Unless the whole block is orphaned, of course.)
[6] It's hard to estimate the cost of mining because the hardware is changing so rapidly and it's unclear what is actually in use, but I'll do a rough calculation. Looking at the Bitcoin mining hardware and Mining hardware comparison pages, the HashBlaster looks like the most efficient currently available at 375 MH/s/$ and 1818 MH/s/W. The Bitcoin network is 25 billion MH/s, which works out to about $70 million hardware cost and 15 MW. (This is about the total power consumption of Cambodia.) At $0.15/kWH, that would be about $50,000/day on electricity ($300 per block or $0.70 per transaction). Since mining generates about $140,000 per day, spending $50,000 per day on electricity seems like the right ballpark. Other estimates are at Hacker News.
[7] You might wonder why a miner doesn't cheat. If they successfully mine a block, why not submit it themselves so they can claim the full mining reward, rather than splitting it? The main reason is the coinbase transaction has the pool's address, not the miner's address. If the miner submits the block bypassing the pool, the reward still goes to the pool. And if the miner changes the address, the hash is no longer valid.
[8] There are several different reward systems used by mining pools. For instance, a pool can pay out the exact amount earned from a block or an average amount. Or a pool can pay a fixed amount per share. A pool can weight shares by time to avoid miners switching between pools mid-block. These different systems can balance risk between the miners and the pool operator and adjust the variance of payments. For details, see the Bitcoin wiki here or here.
[9] I've figured out a lot of the structure of the coinbase script above. First it contains the block height (0x046063 or 286819), which is required for version 2). Next is the string '/P2SH/' which indicates the miner supports Pay To Script Hash). This is followed by a timestamp. Next is 8 bytes of the two nonces. This is followed by apparently-random data and then the text "Happy NY! Yours GHash.IO".
[10] The typical coinbase script format has changed over time. Originally, the output scripts were all pay-to-pubkey, with the script: public_key OP_CHECKSIG . This script puts the public key itself in the script. However, now about 95% of coinbase transactions use the standard pay-to-pubkey-hash script: OP_DUP OP_HASH160 addr OP_EQUALVERIFY OP_CHECKSIG . This script only includes the public key hash (the address) and requires the redeemer to provide the public key. To see the difference, compare the output scripts in this transaction and this transaction.
Bitcoin Algorithm Explained.
Founded by a pseudonymous individual or group, Bitcoin is a peer-to-peer digital currency that is designed to serve as a medium of exchange for the purchase of goods and services. With Bitcoin, individuals are able to execute cross-border digital payments at virtually no cost, all without having to involve any financial intermediaries. Bitcoin is underpinned by a piece of technology known as the blockchain, which can be thought of as a ledger that keeps a transparent and immutable record of economic transactions that are made using Bitcoin. A significant element of Bitcoin that facilitates its operation is the Bitcoin algorithm for proof of work mining, which is known as Secure Hash Algorithm 256 (SHA-256).
Proof of work mining is an essential component of the Bitcoin system that enables for the correct processing of transactions on the blockchain. The mining element of the proof of work process concerns individuals (who are known as miners), generating correct proofs that are necessary before a block can be added to the blockchain. Miners will use data from a block header as an input, and put it through a cryptographic hash function. In the case of Bitcoin, this hashing function is SHA-256.
Miners will also include a nonce in the input so that they can hash slight variations of the input data. The purpose of proof of work mining is to get a hash value that is lower than the target hash that has been set by the network. If the correct output hash value is found by a miner, they will be able to process transactions and add a new block to the blockchain. Miners are also rewarded in bitcoins for successfully finding a valid hash. It is also important to note that producing a correct hash value in Bitcoin's proof of work system is probabilistically low, thus, a miner will typically need to generate a large number of incorrect hashes before a valid hash is found.
Bitcoin Algorithm: SHA-256.
Individuals that wish to mine on the Bitcoin network must operate what is known as a mining node, which is a node that has been specially set up to mine on the network. Once a mining node is operational, miners can then begin to construct what are known as candidate blocks. These blocks must be properly constructed by a miner, and doing so requires that 6 parameters which are found in each candidate block be filled in correctly. These parameters include:
Version - The version number of the Bitcoin software. Previous block hash - A reference to the hash of the previous block that was included on the blockchain. Merkle Root - A representative hash of all transactions that are included in the candidate block. Timestamp - A piece of information that references the time that the block was created. Target - The target hash threshold, this block's header hash must be less than or equal to the target hash that has been set by the network. Nonce - The variable that is used in the proof of work mining process.
The candidate block is then relayed to the rest of the network so that it can be checked for its validity. If the block is regarded as valid by the rest of the network, then it will be added to the blockchain.
Network Difficulty.
The Bitcoin algorithm also incorporates what is known as network difficulty. This concept can be thought of as being the measure by which one can determine the difficulty of finding a correct hash value in the proof of work mining process. This difficulty can change based on an increase or decrease in the target hash value. For example, if the rate at which valid hashes are being discovered on the network increases, then the network target hash value will be lowered. This has the effect of reducing the number of valid hashes that are capable of being discovered. Conversely, if there is a decrease in the rate of correct hashes being discovered, then the network target hash value will increase in order to enlarge the number of valid hash values that can be found.

Bitcoin


GS Mining Company - A look at 2020 and what is ahead in 2021|21:05

Bitcoin


ICO MINING - Завершено! Стартовая цена токенов MNG. Как торговать на бирже waves?|19:31

Bitcoin

Bitcoin mining is a transaction record process with bitcoins to blockchain - the public database of all the operations with Bitcoin, which is responsible for the transaction confirmation. Network nodes use blockchain to differ the real transactions from the attempt to spend the same facilities twice. The main mining objective is reaching a consensus between network nodes on which transactions consider legitimate.
1 What is Bitcoin mining 2 Transaction record process 3 How Bitcoin mining Works 4 Difficulty 5 Mining in pools 5.1 Equipment 5.2 Mining farm 6 Cloud mining 7 Web mining 8 Mining profit 9 Mining Hardware 9.1 CPU 9.2 GPU 9.3 FPGA 9.4 ASIC 9.5 Mining Hardware Comparison 10 History 11 See also 12 Resources.
What is Bitcoin mining [ edit ]
Bitcoin mining is the process of issuing bitcoin, built on the calculation of mathematical problems, is the only way to create a cryptocurrency.
The essence of mining is that in different parts of the Earth, there are computers that solve mathematical tasks, the result of which is the creation of bitcoin. The release (production) process is distributed to all participants in the system, which ensures security and is not controlled by a single issuing center.
All Bitcoin transfers are recorded in the public transaction log, they are transmitted to the miners in a chain. The job of which is to pick up one single hash from a million combinations, which would be suitable for all new transactions and a secret key, which is a guarantee of receiving a reward of 25 Bitcoins. At the same time, many "getters" are competing for the award, who are the first to try to figure out the hash. When it is guessed, the block and all transactions are closed and the miners start generating the next block.
An example hash with the same phrases but with different additional parameters (in the example, the last line has the lowest hash value):
The target level of difficulty in the Bitcoin system is recalculated every 2016 blocks (approximately 2 times a week). It can increase or decrease, it all depends on the time of creation of new batches of the block and how much it differs from 2016 minutes (20160 * 10). Regardless of the total power of all miners, 1 block is generated on average within 10 minutes.
The miner's probability of receiving a reward during these 10 minutes is equal to the ratio of his computing power to the computing power of the entire network. And if this ratio is small, then the probability of receiving an award, even over a long period of time, will be low.
Transaction record process [ edit ]
Besides this, mining is the only way of bitcoins emission that are allocated as a miner reward for the mathematical task solution with the help of computer equipment. The process is advisedly done resource-intensive and difficult to leave permanent the number of blocks found by miners.
Every block should contain the confirmation that the mathematical task has been solved and each of the network nods can easily check, if the block has been really closed by the rules. Emission is decentralized as a reward that means a control absence over the output by a single center. During this process miners confirm accomplishing transactions in the network. In order to protect the network from overruns, mining is possible in strictly defined capacities.
Bitcoins, issued with the help of mining are the best way to hold the transaction anonymity during the work with cryptocurrency. Nevertheless, they can be used only after getting 100 network confirmations.
How Bitcoin mining Works [ edit ]
All the transfers in the Bitcoin system are public. Miners' work consists in choosing the right hash, which will be convenient to all the network transactions and will provide getting of the private key. There are millions of possible combinations and that's why the process usually takes time and demands powerful equipment.
Unknown hash is the quantity that consists of the previous block hash, a random number and transactions check value sum, made during 10 minutes. System conditions can satisfy the only one quantity, which isn't permanent and changes after each block is closed.
As soon as the right hash is defined the transaction block closes and the miner obtains reward in the amount of 12.5 bitcoins. This process can be compared with lottery, because a lot of participants are simultaneously searching the hash. The system works pursuant to the strict rules and according to them changing of closed block is practically impossible.
Difficulty [ edit ]
Mining difficulty is a dynamic indicator that is periodically recalculated. With an increase in the processing power of mining equipment, complexity grows. It is best to look for up-to-date information on the state of difficulty in mining cryptocurrency on official currency sites. However, this is difficult. Links to mining statistics, even on official websites, are sometimes difficult to find. To simplify the process, aggregator sites of statistical information about all cryptocurrencies have been created. They collect, process and publish relevant data not only about the complexity of mining, but also several dozen indicators: price, capitalization, hashrate, profitability, transaction amount, and so on.
Mining in pools [ edit ]
Bitcoin mining is a very difficult process and it's necessary to have essential capacities for processing. It has become practically impossible to follow mining alone, because of permanent increasing difficulty of the process and crypto-currency market development. As a result, the concept "pool mining" has appeared, which means the computational capacities banding of several participants in a group for the new block generation. The pool obtained reward for the closed block is shared between its participants.
Equipment [ edit ]
For the long time mining has been available for home computers users, but in 2013 competition between miners for finding the right hash has increased, therefore personal mining has lost it's economic justifiability. During the development and modernization process the next computer equipment types have been used for mining:
CPU is a one of the oldest versions working with the help of the computer processor. This option can be found in the main bitcoin client, but it's off-stream now because of the extra low effectiveness; GPU lies in using graphic card. This type of mining has changed the processors. It's hallmark is the increasing of system power; FPGA is an upgrade variant of GPU, which differs by lower energy consumption; ASIC is a mining with a special equipment created specially for work with crypto-currency. Its effectiveness far exceeds the attributes of usual graphic cards, so it has inaugurated a new era in Bitcoin development.
Potential investors can use online mining calculators to know the effectiveness and profitability of special equipment like mining farms.
Mining farm [ edit ]
Mining farm - is a data center, technically equipped to mine bitcoins or other cryptocurrencies.
They were emerged as a result of the constant complication of the process, which requires more technical, energy and financial resources.
Farms allow the productivity of computers and, consequently, the Hash Rate to be maximized. The productivity of the largest farms can be several dozen PH/s (1015 hashes/second).
Physically, farms are rooms with a large number of computers and servers that take on tasks for mining.
There are also home-mining farms. They differ from ordinary PCs, by being specially assempled and designed for mining. Home farms can bring profitability, but users often face the problem of excessive electricity consumption and overheating of the computer at home which makes mining unprofitable.
One of the main resources into which a miner has to invest is electricity. It is also a risk factor, since the farm requires a permanent 24/7 power source. In addition, a large number of processors require an appropriate cooling and ventilation system.
Cloud mining [ edit ]
Cloud mining is a process of obtaining Bitcoins with the use of a remote data processing center with the general computational power. This allows the users to mine Bitcoins or alternative crypto currencies without controlling the equipment directly. Most of all, the services of the cloud mining are used by the users from the countries with an expensive electric power supply, which doesn't allow them to create mining rigs by their own.
Another option is a private virtual service, where a user installs the mining software.
Finally, a user may take the computational powers themselves by using already the results of their work and not coming in touch with physical or virtual servers.
Web mining [ edit ]
Web-mining, or "hidden mining" - is an alternative method of cryptocurrency mining through the web browsers of users of websites. In fact, owners of Internet resources can convert the capacities of visitors' computers into cryptocurrency.
This method is conducted by special web-miners - programs that can work when the user's browser is switched on or runs in the background. Technically, such a program can be started on the computer with a line of JavaScript code written on the page, or the code itself is embedded into the browser extension. There are also viruses that make computer capacities work for cryptocurrency mining.

Bitcoin


Honest Mining (HNST) Обзор от ICO Каталог|3:21

Bitcoin

Mining profit [ edit ]
Profitability of mining is the level of reward that a user of the blockchain network receives (providing of his technical capacities for verifying transactions and solution of network tasks, resulting in a new data block on the network).
The profitability depends on two related factors. The first one consists in the complexity of the process itself, on which the reward depends (the more difficult the process is, the smaller amounts of tasks can be made per technical resource unit and, consequently, the less reward you will receive). The second factor is the cost of bitcoin (or other crypto currency). That is, how much your reward is in terms of fiat currencies.
The average annual profitability ranges from 120 to 200% per annum, and for some products in the period of "mining boom" from the end of 2016 showed even the best result. However, this indicator does not take into account additional investments: rental of premises, management of farms and energy costs. Adjusted for these factors in 2016, the profitability of mining amounted to about 10-50% per annum.
Mining Hardware [ edit ]
Specifically for Bitcoin, the number of mining types has significantly decreased. If other cryptocurrencies can still be mined using video cards, processors, hard drives, etc., then the high complexity of Bitcoin mining makes all these methods not only inefficient, but even unprofitable.
CPU [ edit ]
A central processing unit (or CPU) is an integrated circuit that is an essential part of the hardware of a personal computer or any other equipment. Currently, any modern, high-performance computer is equipped with a powerful central processor with a high frequency of operation and several cores. Accordingly, if a miner has a good personal computer, then he will not have to invest hundreds or thousands of dollars in equipment.
GPU [ edit ]
Mining on a video card is the process of mining cryptocurrency using graphic processors (GPUs). To do this, user needs a powerful video card in his home computer or a specially assembled farm of several devices in one system. If miner is interested in why GPUs are used for this process, then the answer is very simple. The thing is that video cards are initially developed to process a large amount of data by performing the same operations, as is the case with video processing. The same picture is observed in cryptocurrency mining, because here the hashing process is just the same. See the main article: Why a GPU mines faster than a CPU.
FPGA [ edit ]
FPGA stands for Field Programmable Gate Array. The microcircuit is a semiconductor. Used in cases where the device is designed to perform logical operations, such as and, or, nand and others.
ASIC [ edit ]
An application-specific integrated circuit, or ASIC, is just a chip designed solely for one type of work - decryption of a specific algorithm. To mine Bitcoins, this is SHA-256. Due to the lack of multitasking, devices show significantly more power than those that are suitable for all algorithms at once.
Mining Hardware Comparison [ edit ]
Hardware Power Adaptability Price Availability User Friendly ASIC ✔️ - - ✔️ ✔️ GPU - ✔️ ✔️ ✔️ ✔️ FPGA ✔️ ✔️ - ✔️ -
To describe the table above, ASIC uses a lot of electricity, has a high price and very user-friendly but the price is expensive and ASIC can't change the mining algorithm. Meanwhile, GPU is using a fairly low power compared to ASIC, can adapt to various algorithms, cheap compared to other options, easy to get, and easy to use. Finally, FPGA can change algorithm but not user-friendly, you'll need to be able to create a Verilog program. Also, FPGA was quite expensive and hard to get, but now you can find them easily and cheaply online. In terms of hashing speed, CPU History [ edit ]
Bitcoin's public ledger (the blockchain) was started on January 3rd, 2009 at 18:15 UTC presumably by Satoshi Nakamoto. The first block is known as the genesis block. The first transaction recorded in the first block was a single transaction paying the reward of 50 new bitcoins to its creator. Blockchain mining.
Bitcoin cloud mining, is it worth it and is it safe?
Bitcoin (BTC) cloud mining can beВ a tricky thing to determine if it's completely safe in the Bitcoin world, and if it is, will it be cost effective? The return on your investment can be longer than other alternatives such as buying and selling Bitcoin.
This can be due to the fees involved, the time it takes to mine, the upfront costs and the value of Bitcoin during that time. The upside is that if the costs are reasonable, the cloud mining operation has good rewards and the price of Bitcoin rises, you will more than likely end up making a healthy return on your investment. (Update: Bitcoin is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a "store-of-value" and not something to be transacted on a daily basis. In contrast, Bitcoin Cash's transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.)
Your first task is to find a reputable cloud mining provider.В One of the best ways to make sure you have a reputable service is to look on industry news sites, forums, and reddit sub-forums to check out lists of cloud services and customer feedback on them. Many times you will find that people will post about their experiences with different services, exposing scams or detailing why a service may be legit.
A thing to keep in mind as well that many scam services will buy advertising on everything from forums, news sites and subreddits. So be careful and do your due diligence before you spend your money. If you see an ad for a service but cannot find much information on it ask on a forum or subreddit, contact the news organization that you saw the ad on and ask for feedback. Many times someone will know more information or at least be able to provide guidance.
Bitcoin.com has launched it’s own cloud mining pool with competitive pricing, which you can register for and begin cloud mining today. When you have discovered and researched the cloud mining service you want to use you need to then take into account the following things next in deciding to buy or not.
Price per gh/s or th/s Service fees (some are included in the purchase of your hashrate as opposed to recurring fees) Time to ROI (this is very important as even a legit service may cost so much that to ROI the time frame could be unrealistic with difficulty levels moving up and BTC value not climbing enough to help get your ROI on your purchased hashrate)
If you have decided that your chosen cloud mining service meets all of your mining requirements then you purchase your hash power and sit back and watch the Bitcoin rewards come in. You do not have to setup or maintain any equipment, listen to it make noise and generating heat.
Pros and Cons of Bitcoin Cloud Mining.
No installation or setup costs (hosting centers will host Bitcoin mining gear you buy and run it at their location. Many will charge a one time setup fee) No noisy, heat generating gear in your home. Maintenance is taken care of. No extra equipment to buy to have your mining gear running. No risks of fire and other issues that can arise from running it yourself.
You do not own the equipment which means you cannot sell it. Some you cannot point your hashrate at the mining pool of your choice. Some providers will cease operations of your chosen cloud miners if a profitability threshold is too low as difficulty goes up and new equipment comes out. Company can go out of business or just run away with the funds if they want. Could end up a scam as promised payouts are unable to be met as hashrate was oversold (selling more hashrate that they have) and owners decide to cut and run as they did not put some of their profits into upgrading to new gear as it comes out.
While this is a lot to keep in mind when looking for a cloud mining service if you do your homework you may have things work out okay. В It is never a guarantee when you do not have control over your mining gear. Always keep that in mind. В So as you can see cloud mining while being a good idea on one hand can be a risk on the other hand. Just like a normal stock investment, never risk more than you can lose, and do your homework first before investing.

Bitcoin


Dao Maker ICO - Is this Worth Investing in? Social Mining Concept!!|13:45

Bitcoin

Is Cryptocurrency Mining Worth It?
Is mining cryptocurrency worth it? This is a very good question, but not one that has a straightforward answer. There are a few factors to consider. But the short answer is no; the overall cost of mining is such that it is not profitable in the short-term. As a simple cost to profit comparison, the profits of mining cryptocurrencies are very, very modest.
But that is not the full story. This is not to say that there is no profitability in mining. However, the profits might be more long-term rather than short-term. For starters, when mining Bitcoin started in 2009, a miner could use a personal computer. Moreover, the competition with other miners was not so fierce as it is presently.
This is in large part because now most mining takes place in China. It's also primarily performed in pools, rather than independently. As a result, mining is no longer an after-school activity. Miners need to consider a few factors when thinking about profitability; both short term, and long term.
What cannot be overlooked is the burgeoning acceptance of cryptocurrencies and their growing influence upon fiat markets. So there is no doubt that cryptocurrencies have value. But how much and for how long is a question no one can answer with certainty. And this volatility, along with the cost of energy to mine makes for some real uncertainty.
Here are a few numbers that need to be considered:
On December 11, 2017: Bitcoin value: $14594.78, then 10 days later: $17010.53 (an increase of over $2000 in value). On June 26, 2018: Bitcoin value: $6215.85, then 10 days later: $6656.48 A smaller increase, and worth about $10 000 less than six months earlier. On December 3, 2018 Bitcoin value: $4177.35, then 10 days later: $3468.52 While writing this article: Bitcoin price is valued at $5,191.75.
Although the volatility of a currency like bitcoin is not likely a surprise to anyone, the value of the currency and the cost of mining are interdependent. This interdependence is based on a few significant factors. When the market is good, miners have a lot to gain. Presently, mining a bitcoin block with two bitcoin worth of transaction fees will yield a mining payout of 14.5 BTC.
Based on a current estimated value of bitcoin at about $5000 USD, that is a value of $72 000, not including the miner's fees. However, when mining there are a few necessary considerations. The fundamental concern is the significant amount of energy needed to mine cryptocurrency and the corresponding cost.
Let's take a look at the nature and cost of mining in a bit more detail. This article will consider Bitcoin mining more than other currencies. However, these costs are in many ways ubiquitous in the world of mining cryptocurrencies.
To understand the costs associated with mining, the main items that we will look at in relation to the profitability of mining are:
Difficulty Hash-rate Transaction fees Mining pools Energy costs.
When a miner is mining for bitcoin, they need to do two main things:
Solve for the hash-target of the transaction Then add the successful hash to the blockchain.
Solving for the target-hash of a transaction is not as easy as it sounds. While the heavy math is done by a computer, in order to solve for the hash, the program must run a significant amount of computations. So a miner can no longer use a personal computer to do. Instead, they would need specialized hardware, or ASICs. Despite the cost, if you are successful you will become the owner of the valuable and newly minted bitcoins, as well as the transaction fees.
Difficulty rate:
Difficulty rate, in many ways, is as variable as the market value of bitcoin. Bitcoin is mined at a steady rate, at about 1 bitcoin every 10 minutes. In order to maintain this rate, the program must adjust itself. That means that when there are more miners mining, not only does the competition to solve for the target-hash increase, but the system adjusts to respond to this increase to maintain the 10-minute process.
The hash-rate is the speed of computation of a bitcoin transaction. A miner is better off with a higher hash-rate, as a higher rate increases their chances of solving for the target-hash. However, the difficulty is in direct relation to the number of miners trying to solve for the hash. So if the difficulty is high, then an individual miner will need to process more computations.
Mining Rewards: New Coins and Transaction Fees.
Each time a transaction is made on the Bitcoin Network, or any other decentralized blockchain network, there is a transaction fee. In a broad sense, you can think of these fees in the same way that you pay bank or credit card fees.
Such fees are a necessary part of a decentralized system. The reward both encourages miners and participating networks to conform to the consensus protocols. This is key in maintaining the health and functionality of the system. Fees also incentivize participation on any blockchain. There must be some sort of give and take for a decentralized system to function.
The major differences with transaction fees for a cryptocurrency are that you are paying the miner directly, no middle-man. Additionally, there is no set rate for transaction costs.
Transaction Fees.
Transactions fees are for the most part dictated by the theory of scarcity; supply and demand . When there are many miners participating, this is typically good for the user, because fees are lower as there is more competition. However, so the reverse is also true. When there are fewer miners, transaction fees can skyrocket.
Similarly, if there is increased activity on the Bitcoin Network, miners can take advantage of this need and exploit it for higher fees. Bitcoin and similar cryptocurrencies are the ultimate expressions of the free market. Therefore the market regulates itself and only the consumers and supplies dictate the price of a transaction.
Rewards.
The most profitable aspect of mining is not the fees, however. The new coins minted are the most profitable part of mining. New coins are minted each time a transaction is approved. Every 4 years bitcoin's program is set to decrease the number of awarded coins by about half.
The program schedule looks like this:
2009 (when Bitcoin was first mined) mining one block would earn 50 BTC. 2012, this was halved to 25 BTC. 2016, this was halved to the current level of 12.5 BTC. 2020 (approximately) the reward will be halved again to 6.25 BTC.
The value of the reward will obviously vary based on the market value at the time.
Cryptocurrency Mining Costs.
If you are successful, the rewards are nothing to sneeze at. Even with the volatility of cryptocurrencies, bitcoin continues to rebound. Not only that, blockchain is becoming a more appealing technology in its own right. So with some investment and serious computational power, not only does your newly minted coin have cash value on the market, but currencies like bitcoin, Ethereum, and Litecoin, to name a few, are proving to have serious staying power.
All that being said, the cost of powering the hardware necessary and energy needed to mine for bitcoin are significant.
Cost of hardware:
Initially, when Satoshi Nakamoto started bitcoin in 2009, it could be mined using a CPU, a personal computer. However, as mining has become more popular, and therefore more competitive, in order to mine you now need specialized hardware called ASIC (Application Specific Integrated Circuits).
The basic cost of these devices is variable, running from about $1000-$3500. However, in order to make a significant profit, you will need more than one. And you may be better off pooling your resources with other miners.
Energy Costs:
It is not the hardware that is the real expense; it is the energy necessary to repeatedly run computations competitively. For example, when bitcoin was worth $8,000 USD, the power usage of the bitcoin network peaked at 7.67 gigawatts. That's 1/5 of Britain's annual energy consumption. As the difficulty of mining increases, so do the number of computations, and so does the consumption of energy.
In order to manage the rise energy consumption of Bitcoin mining, many miners currently operate in areas with cheaper power, like rural China and America. The areas with available hydroelectric power offer electricity prices that can be a 20% reduction from elsewhere in the country.
To respond to miner's exploitation of lower energy costs, in the western United States, for example, some utility companies have responded by freezing service to new cryptocurrency installations or by charging them higher rates.
Similarly, Chinese authorities have started dismantling certain hydroelectric projects. These smaller hydro projects are then connected to national grids. As a consequence, rural-run hydro is becoming more valuable. All that being said, the vast majority of mining pools are working from China presently, where energy is still the most affordable.
In response to the high cost of mining and the need for more hash-power, miners can join pools to share their power and resources. A mining pool is a collection or group of miners collaborating to increase their odds of finding a block.
In pools, miners combine their individual computational resources with the other members. Pools result in increased processing power, which makes solving for the target-hash more likely. Members are rewarded accordingly based on the conditions of the pools and on the applicable shares of the pool participants.
So what's the verdict?
My best answer is that it is too early to tell if cryptocurrency mining is profitable. And here's why:
Based on what we have seen with cryptocurrency trends, we know that cryptocurrencies are holding strong, and the strongest continue to prove their staying power. Clearly, there is a need in the market that cryptocurrency is filling.
Nevertheless, we don't see a lot of short-term gains in the market anymore. Early investors are feeling the volatility of the market, while simultaneously reaping the rewards of the slowing long-term.
However, with increasing concern for the energetic cost of hash-rates, it is unlikely that governments and utility companies will overlook this conspicuous consumption for much longer. For now, I think the best and most honest answer, if not the most dissatisfying one, is that only time will tell how profitable cryptocurrency mining will be in the future. But for now, the potential reward of striking gold will cost you.

Bitcoin


This ASIC Miner Makes $30 A DAY!|11:52

Bitcoin

USB BitcoinMiner Review 2020.
At a time when the cryptocurrencies are coming into the mainstream market, the scope for mining has increased many folds. US Bitcoin miner is one such device that eases this complex process and enables even a beginner to set up their own little hub.
What is USB Bitcoin Miner?
A USB Bitcoin Miner is a small device used by miners to improve the mining power of their computers. Mining for cryptocurrencies is a power-consuming process, and the computer could also generate too much heat. Using USB Bitcoin miners would help bring down this pressure on the computers as they can be used to set up an external assistance hub for the power generation and speeding up the process.
Since the Bitcoins are awarded to the miners who solve the first, the most important factor in mining is an efficient mining device. The USB Bitcoin miners are far easier to handles, connect in multiple numbers, and save more and more space on the workstation. Mainly, these are used to increase the CPU power of the mining computers.
A mining computer would have specific software suitable for the mining process. A USB Bitcoin miner enhances the power of the mining computer. Most importantly, one can connect multiple USB miners to create a hub and then connect it to the computer that would tremendously increase the overall power of the computer and speed for hashing. About 6 USB miners can provide a hashing output power of 2 GigaHashes.
Hashing is the process of converting transaction data into a sequence of numbers and letters that are longer.
The importance of these USB miners is the limited number of USB ports on a computer. Having the external hub creates more power and reduces the heat generated by the computer in the process. The external hub will have other factors in it and an additional external power input as well.
Moreover, the USB can also connect to external devices such as USB Bitcoin miner Raspberry pi to have the running capacity of the miners.
Top 3 USB Bitcoin Miner 2020.
The leading USB Bitcoin miners 2020 are.
ASIC Bitcoin miner that has a power of 25 Giga hashes per second. But the drawback here is that it gets heated up really quickly and constantly requires an active cooling system. Avalon Nano is one of the low powered USB miners that has only 3.6 Gh per second. Though heating capacity is very low, it does not generate more earning per year. Gekkoscience Compac USB Stick can perform up to a power of 15 Gh per second. This is one of the most popular mining devices and has more support with its working from others. This is a low-cost option, but the cooling system should be high class.
How To Make Your Own USB Bitcoin Miner?
There are options for a setup of your own USB Bitcoin miner for beginners. This is a low-cost option and functions just like any other set up.
In order to build a USB Bitcoin miner, you need two basic factors, and a minicomputer set up to run the software and external mining hardware. Both of these are made of different components. The needed components are.
Minicomputer.
External Hardware.
The Setup Procedure.
Cover the Raspberry pi with its cover. Upload the mining software into the SD card and insert it in its slot on the Raspberry pi Connect the Raspberry Pi to the USB hub with the power cord Now, connect all your ASIC miners into the USB slots available in the hub Place the USB fan to cool down the miners and connect its cord to the hub Plugin the USB cable to transfer data from miners to Raspberry and connect it to the internet through the Ethernet cable. Connect the hub to the power source and switch on the power to start mining.
The Verdict.
You must understand that Bitcoin mining is a power-consuming process, and not everyone can get huge benefits. When mining is a hobby, having your own USB mining setup is a better option than spending too much on other options. At the same time, the small USB miners do not occupy too much space, which is a huge advantage.
What is a USB bitcoin miner and How this device works?
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1 Answer.
Active Voted Newest Oldest.
USB bitcoin miner is simply a Bitcoin mining device which can be performed with the computational power of electronic devices. Many of you might not be aware of Bitcoin mining, it is the process of verifying and identifying transactions and adding them into the public ledger which is also known as Blockchain. So, it is a kind of puzzle which is solved by computers and in reward, they get bitcoins as a block reward. Bitcoin mining can be done by anyone who has access to the internet and hardware to mine bitcoins.
When Bitcoin was invented mining was performed by CPU. By the time difficulty in mining increased significantly and profits were now limited to mine with PC's while electricity costs were more than a block reward. So, Mining efficiency was enhanced with the use of a comparatively faster device 'Graphical Processing Unit'.
The Field-programmable gate array can be reprogrammed to the desired application or can be given functionality after getting manufactured. This technology was more effective than GPU's and CPU's at performing hash calculations. Now Field-programmable gate array is now superseded by the Application Specific Integrated Circuits(ASIC). ASIC miners are now the concentrated concept of any mining farm.
Introducing USB Bitcoin Miner.
As we discussed above that Bitcoin mining can be performed by any electronic device to perform a hash function. As there was a rising popularity of mining all over the world, there was an introduction of USB powered mining devices. Companies such as Bitmain started offering USB sticks which have seamless connectivity and lower power consumption. One of the most popular USB miners is Antminer U2 by Bitmain.
When USB miners are plugged into a computer they start performing the hash functions. These miners use software such as BGFminer, MinePeon, Asteroid, Macminer. A standard computer has two to there ports for USB we can use a USB hub to connect multiple devices's. These USB's are usually connected to small or low cost computers such as Rasberry Pi which is suitable for mining bitcoins and overclocking USB miners. Cost of these USB's are very low Atminer U2 will cost you for only $50 with 1.6Ghs hash rate for mining Bitcoins.
It is not a matter of money or ROI.
Purchasing and using these USB sticks are fun and a very interesting way to learn about mining. You can mine some bitcoin while browsing on the internet with no extra electricity cost. Start mining and give your contribution these disrupting networks.
USB bitcoin miner: What is it & how does it work?
Bitcoin mining process can be a bit complicated to get started with, but using a USB bitcoin miner is the easiest and the cheapest way available to start mining bitcoins. We have provided a detailed set of guidelines on USB bitcoin miners and how they work.
Since its inception, bitcoin has come a long way. The leading cryptocurrency dominates the cryptocurrency market at the moment, and it is safe to say that it will continue to do so for a long time. Unlike fiat currencies, bitcoin is not controlled by a centralized body, and instead, they are mined by individuals and groups. In return, miners get bitcoins in reward.
As cryptocurrencies become more mainstream day by day, USB powered mining devices are becoming popular as well.
Reasons why USB-powered mining devices are becoming more popular in the crypto industry:
Easy of use Seamless connectivity Low power consumption.
Bitcoin mining is a way to validate and release new cryptocurrency into circulation. And miners get some amount of bitcoins in reward. USB Bitcoin miners are used to increase mining power in a computer. When connected, a USB bitcoin miner performs the mining function at a certain speed of hashing. Several USB miners can be plugged in together at the same time to enhance the hashing output.
Note: The Bitcoin mining process involves the validation of transactions and their addition to the bitcoin blockchain network.
How does a USB miner work?
As mentioned above, multiple USB miners are plugged in with suitable software to perform mining and to enhance the hashing output. For example, connecting six miners that offer 335 mega hashes per second can generate a cumulative two gigahashes of mining power.
A USB hub is used to plug in multiple miners.
A standard computer only has 2 to 4 USB ports, so a USB hub is used to plug in multiple USB miners. The USB hub assembly is then connected to a computer that is installed with the software suitable for controlling the USB miners and their mining operations. The software also allows real-time monitoring of the performance of the USB miners.
Some of the Software used are:
MacMiner Asteroid MinePeon BFGMiner.
Note: A USB bitcoin miner setup can also be connected to smaller, low-cost computer devices such as Raspberry Pi.
ASIC bitcoin miner USB generates a power of 25 gigahash per second. To get started with this bitcoin miner USB, you need to insert the device into the computer and download drivers and the mining software CG miner. You also need to fill your BTC address , where the software will send the payment.
Note: A user also has the option to mine bitcoins solo or join a mining pool .
Gekkoscience Compac USB bitcoin miner weighs about 0.8 ounces with a power efficiency of 0.33 W/Gh. The mining capacity of this USB bitcoin miner is 9.5Gh/s. It is a silent device with a single USB port.
Note: Compac USB bitcoin miner can perform up to 15 GH/s, and its performance can increase if it was to be overclocked.
Avalon Nano 3 bitcoin USB miner is not sufficient to earn profits and probably not even enough to pay the electricity costs. It performs at 3.6GH/s. In comparison to Gekkoscience and ASIC, it does not heat up as much, and the use of a fan is not required.
Using a USB bitcoin miner to mine bitcoin is not a bad idea if you want to learn about the nuisance of cryptocurrency mining. You can not expect to make noticeable profits mining bitcoins using a USB bitcoin miner. Setting up a USB miner is very low cost and does not require a complicated process.
Are USB ASIC Miner Devices Profitable?
In this article, we look at some of the top USB ASIC miner devices on the market as well as explain the advantages and disadvantages of using a USB ASIC miner versus traditional mining hardware. Finally, we try to assess whether or not the profits justify the costs of buying one of these devices.