Bitcoin farmen

How Bitcoin Mining Works

Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government.

With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.

Bitcoin is Secure

Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.

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Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

AntMiner S7

AntMiner S9

• Overview - Table of Contents
• Mining Hardware Comparison
• What is Bitcoin Mining?
• What is the Blockchain?
• What is Proof of Work?
• What is Bitcoin Mining Difficulty?
• The Computationally-Difficult Problem
• The Bitcoin Network Difficulty Metric
• The Block Reward

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

What is Bitcoin Mining?

What is the Blockchain?

Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

What is Proof of Work?

A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements.

Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work.

What is Bitcoin Mining Difficulty?

The Computationally-Difficult Problem

Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.

The Bitcoin Network Difficulty Metric

The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.

The Block Reward

When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply.

Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

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What is Bitcoin Mining?

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

AntRouter R1

Antminer S9

BPMC Red Fury USB

• Overview - Table of Contents
• What is Bitcoin Mining?
• Technical Background
• Bitcoin Mining Hardware
• Bitcoin Mining Software
• Bitcoin Cloud Mining
• Mining Infographic
• What is Proof of Work?
• What is Bitcoin Mining Difficulty?
• Other Languages

Before we begin.

Before you read further, please understand that most bitcoin users don't mine! But if you do then this Bitcoin miner is probably the best deal. Bitcoin mining for profit is very competitive and volatility in the Bitcoin price makes it difficult to realize monetary gains without also speculating on the price. Mining makes sense if you plan to do it for fun, to learn or to support the security of Bitcoin and do not care if you make a profit. If you have access to large amounts of cheap electricity and the ability to manage a large installation and business, you can mine for a profit.

If you want to get bitcoins based on a fixed amount of mining power, but you don't want to run the actual hardware yourself, you can purchase a mining contract.

Another tool many people like to buy is a Bitcoin debit card which enables people to load a debit card with funds via bitcoins.

What is Bitcoin mining?

Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins. Faster Bitcoin mining hardware is able to attempt more tries per second to win this lottery while the Bitcoin network itself adjusts roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. In the big picture, Bitcoin mining secures transactions that are recorded in Bitcon's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bitcoin network scales with the amount of hashing power that is being spent by all mining participants.

Technical Background

During mining, your Bitcoin mining hardware runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header. For each new hash that is tried, the mining software will use a different number as the random element of the block header, this number is called the nonce. Depending on the nonce and what else is in the block the hashing function will yield a hash which looks something like this:

You can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) To ensure that blocks are found roughly every ten minutes, there is what's called a difficulty target. To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target is

any number that starts with a zero would be below the target, e.g.:

If we lower the target to

we now need two zeros in the beginning to be under it:

Because the target is such an unwieldy number with tons of digits, people generally use a simpler number to express the current target. This number is called the mining difficulty. The mining difficulty expresses how much harder the current block is to generate compared to the first block. So a difficulty of 70000 means to generate the current block you have to do 70000 times more work than Satoshi Nakamoto had to do generating the first block. To be fair, back then mining hardware and algorithms were a lot slower and less optimized.

To keep blocks coming roughly every 10 minutes, the difficulty is adjusted using a shared formula every 2016 blocks. The network tries to change it such that 2016 blocks at the current global network processing power take about 14 days. That's why, when the network power rises, the difficulty rises as well.

Bitcoin Mining Hardware

In the beginning, mining with a CPU was the only way to mine bitcoins and was done using the original Satoshi client. In the quest to further secure the network and earn more bitcoins, miners innovated on many fronts and for years now, CPU mining has been relatively futile. You might mine for decades using your laptop without earning a single coin.

About a year and a half after the network started, it was discovered that high end graphics cards were much more efficient at bitcoin mining and the landscape changed. CPU bitcoin mining gave way to the GPU (Graphical Processing Unit). The massively parallel nature of some GPUs allowed for a 50x to 100x increase in bitcoin mining power while using far less power per unit of work.

While any modern GPU can be used to mine, the AMD line of GPU architecture turned out to be far superior to the nVidia architecture for mining bitcoins and the ATI Radeon HD 5870 turned out to be the most cost effective choice at the time.

As with the CPU to GPU transition, the bitcoin mining world progressed up the technology food chain to the Field Programmable Gate Array. With the successful launch of the Butterfly Labs FPGA 'Single', the bitcoin mining hardware landscape gave way to specially manufactured hardware dedicated to mining bitcoins.

While the FPGAs didn't enjoy a 50x - 100x increase in mining speed as was seen with the transition from CPUs to GPUs, they provided a benefit through power efficiency and ease of use. A typical 600 MH/s graphics card consumed upwards of 400w of power, whereas a typical FPGA mining device would provide a hashrate of 826 MH/s at 80w of power.

That 5x improvement allowed the first large bitcoin mining farms to be constructed at an operational profit. The bitcoin mining industry was born.

The bitcoin mining world is now solidly in the Application Specific Integrated Circuit (ASIC) era. An ASIC is a chip designed specifically to do one thing and one thing only. Unlike FPGAs, an ASIC cannot be repurposed to perform other tasks.

An ASIC designed to mine bitcoins can only mine bitcoins and will only ever mine bitcoins. The inflexibility of an ASIC is offset by the fact that it offers a 100x increase in hashing power while reducing power consumption compared to all the previous technologies.

Unlike all the previous generations of hardware preceding ASIC, ASIC may be the "end of the line" when it comes to disruptive mining technology. CPUs were replaced by GPUs which were in turn replaced by FPGAs which were replaced by ASICs. There is nothing to replace ASICs now or even in the immediate future.

There will be stepwise refinement of the ASIC products and increases in efficiency, but nothing will offer the 50x to 100x increase in hashing power or 7x reduction in power usage that moves from previous technologies offered. This makes power consumption on an ASIC device the single most important factor of any ASIC product, as the expected useful lifetime of an ASIC mining device is longer than the entire history of bitcoin mining.

It is conceivable that an ASIC device purchased today would still be mining in two years if the device is power efficient enough and the cost of electricity does not exceed it's output. Mining profitability is also dictated by the exchange rate, but under all circumstances the more power efficient the mining device, the more profitable it is. If you want to try your luck at bitcoin mining then this Bitcoin miner is probably the best deal.

Bitcoin Mining Software

There are two basic ways to mine: On your own or as part of a Bitcoin mining pool or with Bitcoin cloud mining contracts and be sure to avoid Bitcoin cloud mining scams. Almost all miners choose to mine in a pool because it smooths out the luck inherent in the Bitcoin mining process. Before you join a pool, make sure you have a bitcoin wallet so you have a place to store your bitcoins. Next you will need to join a mining pool and set your miner(s) to connect to that pool. With pool mining, the profit from each block any pool member generates is divided up among the members of the pool according to the amount of hashes they contributed.

How much bandwidth does Bitcoin mining take? If you are using a bitcoin miner for mining with a pool then the amount should be negligible with about 10MB/day. However, what you do need is exceptional connectivity so that you get any updates on the work as fast as possible.

This gives the pool members a more frequent, steady payout (this is called reducing your variance), but your payout(s) can be decreased by whatever fee the pool might charge. Solo mining will give you large, infrequent payouts and pooled mining will give you small, frequent payouts, but both add up to the same amount if you're using a zero fee pool in the long-term.

Bitcoin Cloud Mining

By purchasing Bitcoin cloud mining contracts, investors can earn Bitcoins without dealing with the hassles of mining hardware, software, electricity, bandwidth or other offline issues.

Being listed in this section is NOT an endorsement of these services and is to serve merely as a Bitcoin cloud mining comparison. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

What is Bitcoin Mining?

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

What is Proof of Work?

A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements.

Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work.

What is Bitcoin Mining Difficulty?

The Computationally-Difficult Problem

Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.

The Bitcoin Network Difficulty Metric

The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.

The Block Reward

When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply or use a bitcoin mining calculator.

Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Blitzboom and the guys from #bitcoin-dev for their help with writing the guide!

Bitcoin farming – on a industrial scale

Jetlag’s grim. As you’ll have gathered from Ben’s post on Monday, I found that I was so tired on Monday I couldn’t speak coherently, much less read or write. So I ended up spending the day going through some YouTube videos I’d been pointed at, having decided that this required less energy than typing.

One in particular demanded to be shared.

Here’s a segment from KOMO 4, a Seattle news station. Last week’s news about the collapse of Mt Gox, one of the largest Bitcoin exchanges, has meant that there’s been lots media interest in Bitcoin, and this video talks about what it is…and, in doing so, visits one of the US’s biggest Bitcoin farms. We were struck dumb (really – jaws resting on chests, drooling slightly) when we saw the footage of how they’re mining: that’s an awful lot of Pis, and even more ASIC miners. We don’t think we’ve seen so many Raspberry Pis in one place outside the factory in Wales where they’re made. Fast forward to 3:08 for a detailed look.

36 comments

Anyone know what ASIC’s they’re rigging up to the Pi’s?

In the discussion at /r/bitcoin, someone claims that each Raspberry Pi manages 16 BitFury ASICs.

Each board has 16 chips, each RPi can hold 16 boards

so a total of 192 Bitfury Chips per Raspberry Pi

This is Daves site but looks like he might be getting out of the Hardware Business

Also the Bitfury rev 2 chips are out and they perform at a higher hash rate and lower power consumption

I will the RPi has better USB support, 3.0 would be a game changer if they could manage to also upgrade from a ARMv6 to something better supported on debian

Hit me up on twitter if you have more questions

Crikey – that’s a lot of bitcoin mining. $8M/month….

I guess the Pi’s are managing the FPGA’s rather than mining themselves.

Looks that way: I’d love to see more detail about what’s going on there.

We’re also interested. Could convert the stock rooms into BitCoin warehouses :)

Looking closely at the video, it looks like there’s 16 chips per board, and 16 boards per Pi. I’m guessing the Pi is effectively acting as some kind of low-cost chips->ethernet bridge?
Damn impressive! 8-)

That’s what I was thinking Jamie :-)

8M a month is an awful lot. How much do you reckon it cost him to set up?

I wondered the same thing.

25000 BitFury cards @ $(350/card + $150 extra hardware (cables, racks, etc)/card)= $12.5M
+

1400 kW * 24 hours/day * 30 days/month * 0.131 $/kWH = $132K/mo power
+ rent/cooling = ?? (another few hundred K or so?)

In any case, if he’s generating $8M/mo in BTC, I’d say he’s doing “very well” indeed. :-)

Hmm… Maybe it’s time for me to quit my job and get into this racket …

If he is using the 16xBitFury ASIC boards (which do 40 GHash/sec), then 1PHash means 25,000 boards. At 16 boards/Pi, that’s 1,562 Pis…. wow!

That’s about 1/2000th of all Pis ever made. In one place.

8 million buys a lotta Pi

Most of the money is for the BitCoin mining boards, not the RPIs

I know it is the cold reality of life, but imagine what good could be done if the results of the processing is actually useful.
[I assume there isn’t any practical use the results of bitcoins – except as part of some Alien supercomputer we are unaware of]

Time to make a virtual currency based on DNA sequencing or cures for cancer.

This is @meltwater, limited comment depth and all:

The computation they’re doing is to confirm the block chain by finding a hash of the block that has certain properties. This is useful to BTC itself and without it there’s no bitcoin. If they did switch to an externally useful bit of computation it would no longer be securing the network. There’s not really a way to both have the computation secure the network and have it be externally ‘useful,’ and in reality BTC is nothing but the ledger/blockchain.

I don’t understand why the need for Pi’s if they are actually using a ASIC. It makes absolute sense if using a FPGA, but not for an ASIC.

I’m guessing the media has made a mistake or he is calling them ASIC just to prevent others from attempting the same.

Pi are needed to run CgMiner application that controls ASIC boards

This is sick! I wish i jumped on the wave back in 2011!

Pretty sure it’s this setup I think they sold for 15,00 EU months back looks like he bought them all up.
https://www.adafruit.com/blog/2013/08/02/400-ghs-bitcoin-miner-springs-to-life-with-raspberry-pi/

If you want the inside scoop.

But you didn’t hear any of this from me ;)

I think it was all outlined there.

Interesting reading. Lets sum this up if I can. :)

First chip test inconclusive
So far we had only very short time to test the chips locally in Taiwan and we were not able to communicate with it. The provisional dead bug setup was sufficient to evaluate leakage currents but we were not able to create a functional level shifter to transmit messages between it and raspberry pi. We fly the chips to EU now. The test will continue on Sunday night.
Created on 2013-06-15

Chip results successfull
Chip results are successful.
Created on 2013-06-21

Only 6 days to get things sorted out.

500TH/s reached
Created on 2013-12-15

If you piece this all together they created the whole rig and put the Pi at it’s head. Could be the Largest Pi Operated Company in the world right? Some 2,500+ Pi’s maybe? How many 3.14’s in 500TH/s.

Picostocks and Megabigpower seem to be the same group of people and the force behind what is probably the largest Bitcoin farm in the world. Thanks to the low power consumption of the Pi.

Unfortunately it looks like a risky investment to me.

1GH/s per share
We are now operating above 500TH/s and this is roughly equivalent to 1GH/s per share. We will keep this average hashrate from now on.
The mine has generated 18622 BTC in revenues so far. We expect to break even end of this year and reach the total revenues of 20730 BTC (0.04BTC IPO price * 518271
shares).
Created on 2013-12-17

I need an investment counselor at this point. To crunch those number. I know you guys will be busy with your maths after this goes live. :)

Shades of Colossus and Bletchley, Just imagine if those ASICS were cryptobusters rather than miners.

One of the clever design decisions was that it is astronomically more profitable to mine bitcoins than it is to try and hack a single bitcoin-account with the same hardware.

The more I learn about bitcoin the more impressed I’ve gotten with it. It really is very, very clever and it does make our current money-system look rather silly.

Matlab 2014a was released today. New feature: Raspberry Pi and webcam hardware support packages.

Seems that money really motivates people :-). Maybe the bitcoin algorithm is part of a decryption effort on some secret alien communication signal. Well, it’s more fun to suppose that, than some mundane currency.

Well the mathematical model of gold and it’s mining is just the first experiment on the bitcoin-protocol and network. The technology and design ideas behind bitcoin go far far beyond just money, but even just that aspect is plenty powerful.

Imagine being able to bring a somewhat reliable contract/payment system to the entire world (yes not just the affluent West), that does not require “trusted” third parties, is not a prospect to sniff at. For me personally and many in the bitcoin-scene that is one of the primary motivations for being interested in it. If you can point me to a project that has more potential to improve the world than bitcoin I’d be happy to learn about it.

One potential problem is that it’s never possible using exhaustive testing to find the “last” bug in any implementation with more than a few lines of code. The WiFi WEP encryption implementation was based on a sound theoretical footing (at least as far as mathematical proofs can be performed, which is not to perfection), but it contained a fatal bug that rendered every IEEE 802.11b WiFi access point vulnerable to a brute-force attack that would take less than a day to crack, worst-case, using a common laptop of the time. The German Enigma and Japanese Purple codes were theoretically unbreakable, but suffered from operational and implementation flaws that made them sieves without even needing brute-force attacks – Colossus was primarily just a high-speed means of decryption (much faster than the manual methods used by intended recipients), not a means of brute-force attack. The Merkle-Hellman trapdoor-knapsack algorithm seemed perfectly fine for use in a public-key encryption system, but it turned out to have a fatal flaw that wasn’t discovered until after implementations were in use. Debugging software implementations is hard enough, but when the algorithms are encapsulated in hardware such as an FPGA or an ASIC, the challenge of eliminating bugs becomes astronomically more complex. Unwarranted confidence in technology that is impossible to verify end-to-end is a recipe for potential extreme disappointment, and when finances are made dependent on it, well, I think P.T. Barnum had something to say on the subject.

To me that sounds like one more reason we need bitcoin and numerous alternative implementations, so we have alternatives.

Money has allready become digital anyways and I’m not that convinced of the safety of monolitic central hubs. At least with the distributed model the risk is distributed, the current central points of failure structure is way more scary.

Also I’m more worried about the cryptography securing atombombs than bitcoin, at least bitcoin is currently at best only money.

Enigma wasn’t perfect there was a small bit of information leaked by the system’s design. One large flaw was that a letter in the substitution portion of encryption, which was achieved by a plug board, a letter would never be mapped back to itself. That creates a tiny leak of information that helped bring down the whole system.

I dunno… investing in bitcoin sounds like investing in tulip bulbs… What’s the worst that could happen?!

Exactly the point I’ve made many times elsewhere. Read “The Black Swan: The Impact of the Highly Improbable” by Nassim Nicholas Taleb to see why the collapse of Mt. Gox is not only predictable, but inevitable, not because of the technology, but the wetware that somehow always winds up abusing it (“It’s different this time.”, “We’re professionals, we know what we’re doing.”, etc.). See also the Hans Christian Andersen tale, “The Emporer’s New Clothes” to see what lemmings will do when it comes to cliffs. Placeholders for value (financial instruments such as money) have no intrinsic value in and of themselves, no matter how rare they are. It’s only confidence (as in “confidence man” or “con man”) in the instruments that conveys any worth to them, and that can be quite fleeting, as booms/busts in Mt. Gox, real estate, financial markets, commodities, currencies, tulip bulbs, probably caveman furs, etc., have so vividly demonstrated over the eons.

The point being? Everything’s a bubble and everything must die. Hardly a surprising observation, but also not a very motivating or constructive mindset. It also doesn’t make bitcoin any less interesting.

Funny how people seem to have a religious fate in our current financial system, but when you look closely it seems to have even less “intrinsic” value as bitcoin.

There’s a distinct difference between the current financial system and the new ‘non-guaranteed’ e-money like bitcoin et all: the new system has collapsed in just 3 years or so, the old one survived for centuries, and counting :P

Monetary systems rely on confidence and trust, as said before. Confidence that the unit in which you trade will keep it’s value over a longer period of time and trust in the issuing authority that their guarantees on the unit are kept. The only organisation that can fulfil that promise is a government. There is no issuing organisation of e-money, so no-one guarantees you the value of the unit(s) you own. :(

While you are partially correct (your references to confidence being the support of the current global currency systems), you neglect to account for the disheartening fact that our current global currency system is no less a “con” scheme than BTC. Speak to any knowledgable financial advisor (which I am, admittedly, not) and they will tell you that U.S. currency is fiat currency, which is to say, it is not backed by anything tangible.
The U.S.D. has been the global reserve currency since WWII, which was fine until about 1971 when Nixon took us off the gold standard and gave the Fed the authority to issue “Reserve” notes (“Federal Reserve Note” printed at the top of every bill) that are not backed by any tangible assets. This was a departure from the previous standards of gold- and silver-backed notes that had been issued in previous generations, which could be taken to any bank at any time and exchanged for the current market value of the note in gold or silver, respectively.
Therefore, the current financial system is no more inherently stable than BTC.

Unlike tulip bulbs, Bitcoin is not an asset. Instead, it’s a public ledger transaction platform.

It’s very problematic to look at Bitcoin as an asset or even merely as currency. It’s also currency, but that’s not its only role. It manages transactions. And within those transactions, it can carry information that is verified, timestamped (not unlike a notary), and protected (changes can’t be made to the ledger, and falsified transactions are immediately detected).

Comparing it to the tulip craze is unfair and very inaccurate. (But so is comparing it to gold or any other asset.)

Bitcoin farmen

MinerFarm is a cloud mining system. You can experience Bitcoin mining and withdraw the coins that you produced on that cloud mining system to your wallet

What is MinerFarm?

MinerFarm is a cloud mining system that you can experience Bitcoin mining and withdraw the coins that you produced to your wallet. You should consider all situations in the real life and try to increase your production capacity.

You can use the coins that you virtually mined for improving your production capacity or transfer Bitcoin to your account and purchase stronger devices and services. You can withdraw the Bitcoin you produced anytime and use it in real life!

Beginner’s Guide to Mining Bitcoins

Last updated on May 18th, 2018 at 03:08 pm

One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way.

1. Get a Bitcoin mining rig

Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you.

The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take you to break even or make a profit. However, I can tell you from the get go that if you don’t have a few hundred dollars to spare you probably won’t be able to mine any Bitcoins.

Once you’ve finished with your calculations it’s time to get your miner. Make sure to go over our different Bitcoin mining hardware reviews to understand which miner is best for you. Today, the Antminer S9 is the newest and most powerful miner.

Select miner

AntMiner S9

Antminer R4

Antminer T9

AntMiner S7

AntMiner S5

Antrouter R1

As a side note it’s important to state that in the past it was possible to mine Bitcoins with your computer or with a graphics card (also known as GPU mining). Today however, the mining niche has become so competitive that you’ll need to use ASIC miners – special computers built strictly for mining Bitcoins.

2. Get a Bitcoin wallet

First thing you need to do is get a “Bitcoin Wallet“. Because Bitcoin is an internet based currency, you need a place to keep your Bitcoins. Once you have a wallet make sure to get your wallet address. It will be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address but most wallets are pretty straight forward about it. Notice that you’ll need your PUBLIC bitcoin address and not your PRIVATE KEY (which is like a password for your wallet).

If you’re using a self hosted wallet (i.e. you downloaded a program to your computer and are not using an internet based service) there’s one additional very important step. Make sure you have a copy of the wallet.dat file on a thumb drive and print a copy out and keep it in a safe location. You can view a tutorial on how to create a secure wallet here. The reason is that if you computer crashes and you do not have a copy of your wallet.dat file, you will lose all of your Bitcoins. They won’t go to someone else, they will disappear forever. It is like burning cash.

3. Find a mining pool

Now that you have a wallet you are probably roaring to go, but if you actually want to make Bitcoin (money), you probably need to join a mining pool. A mining pool is a group of Bitcoin miners that combines their computing power to make more Bitcoins. The reason you shouldn’t go it alone is that Bitcoins are awarded in blocks, usually 12.5 at a time, and unless you get extremely lucky, you will not be getting any of those coins.

In a pool, you are given smaller and easier algorithms to solve and all of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution. Basically, you will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment.

When choosing which mining pool to join you will need to ask several questions:

• What is the reward method? – Proportional/Pay Per Share/Score Based/PPLNS
• What fee they charge for mining and withdrawal of funds?
• How frequently they find a block (means how frequently I get rewarded)?
• How easy it is to withdraw funds?
• What kind of stats they provide?
• How stable is the pool?

To answer most of these questions you can use our best Bitcoin mining pools review or this excellent post from BitcoinTalk. You can also find a complete comparison of mining pools inside the Bitcoin wiki. For the purpose of demonstration I will use Slush’s Pool when mining for Bitcoins. Once you are signed up with a pool you will get a username and password for that specific pool which we will use later on.

Follow the link to go to their site and click the “Sign up here” link at the top of their site and follow their step by step instructions. After you have your account set up, you will need to add a “Worker”. Basically, for every miner that you have running, you will need to have a worker ID so the pool can keep track of your contributions.

4. Get a mining program for your computer

Now that you’ve got the basics covered we’re almost ready to mine. You will need a mining client to run on your computer to that you will be able to control and monitor your mining rig. Depending on what mining rig you got you will need to find the right software. Many mining pools have their own software but some don’t. You can find a list of Bitcoin mining software here.

I’m using a mac so I will use a program called MacMiner. The most popular program I’ve found for a PC are BFGMiner and 50Miner . If you want to compare different mining software you can do this here.

5. Start mining

OK, so hopefully now everything is ready to go. Connect you miner to a power outlet and fire it up. Make sure to connect it also to your computer (usually via USB) and open up your mining software. The first thing you’ll need to do is to enter your mining pool, username and password.

Once this is configured you’ll basically start mining for Bitcoins. You will actually start collections shares which represent your part of the work in finding the next block. According to the pool you’ve chosen you will be paid for your share of coins – just make sure that you enter your address in the required fields when signing up to the pool. Here’s a full video of me mining in action:

Conclusion – perhaps it’s better just to buy the coins?

To conclude this article here’s something to consider. Perhaps it would be more profitable for you to just buy Bitcoins with the money you plan to spend on Bitcoin mining. Many times just buying the coins will yield a higher ROI (return on investment) than mining. If you want to dig into this a bit deeper here’s a post about exactly that.

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How to Run a Profitable Bitcoin Mining Farm

Last updated on January 2nd, 2018 at 12:00 am

One of the most unique aspects of Bitcoin is that you can generate it through the process of mining, which is something anyone with a computer can do. This is unlike fiat currency which can only be printed by the government. This makes Bitcoin somewhat similar to gold and other precious metals, since they can only be mined, not printed on demand. Bitcoin mining is far different than extracting resources out of the Earth however. Instead it involves your computer solving complex equations. The equations solved during Bitcoin mining are cryptographic hashing functions, which are usually referred to as hashes.

Why is Bitcoin Mining Important?

Mining is important because it confirms transactions and secures the blockchain. Without mining Bitcoin transactions would never be confirmed and Bitcoin would become unusable. The blockchain is a list of all the transactions in Bitcoin’s history, and it is composed of blocks which are groups of transactions from around the same time. There is on average a new Bitcoin block every 10 minutes, but this can vary wildly from a few seconds between blocks to several hours.

When mining your computer turns all of the data from the most recent block of transactions into a hash, which is far shorter than the original transaction data and is comprised of a complex series of letters and numbers.

It would be relatively easy to solve Bitcoin hashes if turning a list of transactions into a hash was the only requirement, but Bitcoin protocol makes this more difficult through requiring a string of zeroes in the hash. The ‘nonce’ variable is used to get the required string of zeroes, and it takes many iterations to get the correct hash format.

Everytime the computer gets a wrongly formatted hash the nonce variable is changed and the computer tries again. In general it takes billions of iterations in order to find the correct Bitcoin block hash. Changing even 1 letter in the transaction data leads to a completely different hash, so as more transactions are added to a block the correct hash is constantly changing.

How Can I Start Mining Bitcoins?

There are many types of Bitcoin mining hardware. It is possible to mine Bitcoin on any computer using the central processing unit (CPU). However your hash rate will be on the order of MH/s (millions of hashes per second), which is an infinitesimally small hash rate in the Bitcoin world. It would take millions of years to find a block with a hashrate in the MH/s range.

The next step up from using a CPU is using your computer’s graphics processing unit (GPU). The fastest GPUs in existence can mine Bitcoin around 1 GH/s (billions of hashes per second). It would take thousands of years to find a Bitcoin block however when mining at 1 GH/s. Even if you have a powerful 1 TH/s (trillions of hashes per second) mining rig, which costs at least $1000, it would take several years to find a block.

The solution to this is joining a mining pool, which is a network of miners that combine their mining power in order to find blocks. The biggest Bitcoin mining pools are Ghash.io and Slush’s pool. When you mine on a pool you earn a share of the block reward proportional to the amount of hashes you solved, and on big pools like ghash.io you can earn a piece of a block every hour or less. Mining Bitcoin by yourself only becomes feasible when you have 1 PH/s (1 quadrillion hashes per second) or more, at 1 PH/s it takes on average 20 hours to find a block and currently there are no miners with such a hash rate.

So it’s simply not worthwhile to mine Bitcoin with a CPU or GPU. Currently the only way to profitably mine Bitcoin is to use an application-specific integrated circuit (ASIC), which is a machine built specifically for mining Bitcoin. The weakest ASICs have hashrates from 1-3 GH/s, they are the size of your thumb and can be plugged into a USB port. Generally these cost around $20, making it affordable for anyone who wants to get into Bitcoin mining. These small ASICS are unprofitable however, it would take well over a year to earn the $20 you initially spent on the ASIC, and this estimate doesn’t even account for electricity costs.

In order to make real profits when mining Bitcoin you need to buy a much larger rig, since the price per hashrate drops the larger the rig is. A 1 TH/s Bitcoin mining rig costs between $200 and $500, and will generate 0.05 Bitcoin ($30) per month. This means a 1 TH/s mining rig will break even in 7-15 months, but this does not take into account the hefty electricity costs. After the break even point you would make several hundred dollars a year of profit with a 1 TH/s mining rig.

Thus, in order to run a profitable Bitcoin mining operation you need to continuously buy new and more advanced mining rigs with your profits. Many serious Bitcoin miners buy new mining rigs each month. Theoretically you can turn a 1 rig mining operation into a full-fledged Bitcoin mining farm within a few years if you start with a powerful rig and re-invest profits into new machinery.

Is There A Simpler Way to Start Mining Bitcoins?

Another way to mine Bitcoin is through buying mining contracts on a cloud mining website. The most popular Bitcoin cloud mining site is Genesis Mining. When you buy mining contracts on you start receiving Bitcoin payouts immediately, and the mining contract lasts forever. One of the caveats of cloud mining operations is they charge you electricity and hardware maintenance fees, and these fees absorb about 30% of your mining profits initially.

Personally I think most if not all cloud mining sites should be avoided. The reason being is that 99% of them are just ponzi schemes and the rest just won’t be profitable enough.

What is the Most Profitable Way to Mine Bitcoins?

In order to profitably mine Bitcoin you need to buy your own ASIC mining rig. Here’s a list of the most successful rigs today:

Select miner

AntMiner S9

Antminer R4

Antminer T9

AntMiner S7

AntMiner S5

Antrouter R1

Mining Bitcoin with your GPU/CPU will cost more in electricity than it will generate in Bitcoin. Also, buying mining contracts on a cloud mining site is guaranteed to lose money in the long term. In order to make significant profits you need to use a Bitcoin mining calculator and figure out your required hash rate. Smaller mining rigs will eventually make profit, but it might take a year to break even and the profits wouldn’t be worthwhile.

Bitcoin Mining Software

Now that you already know about the best Bitcoin mining hardware, we’re going to talk about Bitcoin mining software.

What is Bitcoin Mining Software?

Bitcoin mining hardware handles the actual Bitcoin mining process, but:

Bitcoin mining software is equally as important.

• If you are a solo miner: the mining software connects your Bitcoin miner to the blockchain.
• If you mine with a pool: the software will connect you to your mining pool.
• If you are cloud mining: you do not need mining software.

Importance of Bitcoin Mining Software

The main job of the software is to deliver the mining hardware’s work to the rest of the Bitcoin network and to receive the completed work from other miners on the network.

Bitcoin mining software monitors this input and output of your miner while also displaying statistics such as the speed of your miner, hashrate, fan speed and the temperature.

Bitcoin Wallets

One of the most important things you will need before using any kind of Bitcoin mining software is a wallet.

This is because all Bitcoin mining software will ask you for a Bitcoin address that will be used to send your mining rewards and payouts. Once you create or download a wallet you will be able to get a Bitcoin address from your wallet.

There are many Bitcoin wallets, but these are the ones we recommend if you are just starting out:

• Ledger Nano S – Secure Bitcoin hardware wallet for all platforms.
• Electrum – Simple Bitcoin wallet that works on Mac, Windows, and Linux.
• Mycelium – The most popular Bitcoin wallet on Android.
• breadwallet – The most popular Bitcoin wallet for iOS.

If you expect to earn a lot of money through mining then it would be smart to purchase a more secure wallet: a hardware wallet.Now that we understand mining software and how it helps in the mining process, and you got your Bitcoin wallet and address, let’s look at different software on different operating systems.

Bitcoin Mining Software for Windows

Bitcoin Miner

You can use Bitcoin Miner on Windows 10 and Windows 8.1.

It has an easy to use interface, power saving mode, mining pool support and fast share submission.

One useful feature is the profit reports feature because this feature will help you know if your mining is profitable or not. The latest version of this software is Bitcoin Miner 1.27.0.

BTCMiner is an Open Source Bitcoin Miner for ZTEX USB-FPGA modules 1.5.

BTCMiner comes with the following features:

• Dynamic frequency scaling in that BTCMiner automatically chooses the frequency with the highest rate of valid hashes
• Ready-to-use Bitstream i.e. no Xilinx software or license required.

It also comes with supported FPGA boards which contain a USB interface used for communication and programming.

CGMiner is arguably the most famous and commonly used among Bitcoin miners at the moment.

CGMiner is based on the original code of CPU Miner.

This software has many features but the main ones include:

• fan speed control
• remote interface capabilities
• self-detection of new blocks with a mini database
• multi GPU support
• CPU mining support

BFGMiner is more or less the same as CGMiner.

The only major difference is that it doesn’t focus on GPUs like CGMiner but instead it is designed specifically for ASICs.

Some unique features of BFGMiner include: mining with free mesa/LLVM OpenCL, ADL device reordering by PCI bus ID, integrated overclocking and fan control.

EasyMiner is GUI based and it acts as a convenient wrapper for CGMiner and BFGMiner software.

This software supports the getwork mining protocol as well as stratum mining protocol. It can also be used for both solo and pooled mining.

Among its main features is that it configures your miner and provides performance graphs for easy visualization of your mining activity.

Bitcoin Mining Software for Linux

CGMiner is arguably the most famous and commonly used among Bitcoin miners at the moment.

CGMiner is based on the original code of CPU Miner.

This software has many features but the main ones include: fan speed control, remote interface capabilities, self-detection of new blocks with a mini database, multi GPU support and CPU mining support.

BFGMiner is more or less the same as CGMiner.

The only major difference is that it doesn’t focus on GPUs like CGMiner but instead it is designed specifically for ASICs.

Some unique features of BFGMiner include: mining with free mesa/LLVM OpenCL, ADL device reordering by PCI bus ID, integrated overclocking and fan control.

EasyMiner is a GUI based software and it acts as a convenient wrapper for CGMiner and BFGMiner software.

This software supports the getwork mining protocol as well as stratum mining protocol. It can also be used for both solo and pooled mining.

Among its main features is that it configures your miner and provides performance graphs for easy visualization of your mining activity.

Bitcoin Mining Software for Mac OS X

RPC Miner can be used on Mac OS 10.6 or higher and features integration with Mac OS APIs and systems.

All of the mining software above listed for Linux and Windows also works for Mac OS X. Scroll up to learn more!

Cash Out your Coins

Once you have this setup and are mining, you may need to cash out some of your coins in order to pay off your expenses such as electricity.

For this you can use Buy Bitcoin Worldwide to find a Bitcoin exchange in your country.

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The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate.

You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account.

If you have a valid Yahoo ID and password, follow these steps if you would like to remove your posts, comments, votes, and/or profile from the Yahoo product feedback forum.

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Your search engine does not find any satisfactory results for searches. It is too weak. Also, the server of bing is often off

I created a yahoo/email account long ago but I lost access to it; can y'all delete all my yahoo/yahoo account except for my newest YaAccount

I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be 'secure' then it'll be 'unfair' gaming and I'll lose because of the insecurity can be a 'Excuse'. Hope y'all understand my explanation!

I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be… more

chithidio@Yahoo.com

i dont know what happened but i can not search anything.

Golf handicap tracker, why can't I get to it?

Why do I get redirected on pc and mobile device?

Rahyaftco@yahoo.com

RYAN RAHSAD BELL literally means

Question on a link

In the search for Anaïs Nin, one of the first few links shows a picture of a man. Why? Since Nin is a woman, I can’t figure out why. Can you show some reason for this? Who is he? If you click on the picture a group of pictures of Nin and no mention of that man. Is it an error?

Repair the Yahoo Search App.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and I signed in so he could try to fix the Yahoo Search App not working. He also used another phone, installed the app from the Google Play Store to see if the app would do any kind of search thru the app. The Yahoo Search App just wasn't working.

I also had At&t try to help me because I have UVERSE for my internet service. My internet was working perfectly. Their Technical Support team member checked the Yahoo Search App and it wouldn't work for him either.

We can go to www.yahoo.com and search for any topic or website. It's just the Yahoo Search App that won't allow anyone to do web searches at all.

I let Google know that the Yahoo Search App installed from their Google Play Store had completely stopped working on May 18, 2018.

I told them that Yahoo has made sure that their Yahoo members can't contact them about anything.

I noticed that right after I accepted the agreement that said Oath had joined with Verizon I started having the problem with the Yahoo Search App.
No matter what I search for or website thru the Yahoo Search App it says the following after I searched for
www.att.com.

WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED

I tried to search for things like www.homedepot.com. The same thing happened. It would say WEBPAGE NOT AVAILABLE. The only thing that changed were all the upper and lower case letters, numbers and symbols.
Then it would again say
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED

This is the same thing that happened when Samsung and At&t tried to do any kind of searches thru the Yahoo Search App.

Yahoo needs to fix the problem with their app.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and… more

Largest Bitcoin Mining Farm in UK Seeking Investors

Largest Bitcoin Mining Farm in UK Seeking Investors

Bladetec, a UK tech company with past experience in IT support for NATO and the UK Ministry of Defense, is building the first Bitcoin mine in Europe funded by investors in a limited company protected by UK law.

Bladetec Raising £10 million To Build Largest Bitcoin Farm In The UK

Located in the Southeast of the United Kingdom, the facility – Third Bladetec Bitcoin Mining Company (TBBMC) – will cover 3,500 square feet divided in three locations in London, Surrey, and Suffolk.

In order to build and operate the farm for up to two years, the company is raising £10 million from investors. With the money, Bladetec “will acquire approximately 1000 ASIC (Application Specific Integrated Circuits)-based Mining Computers all running at 43 Terra-Hashes per second (a speed so unfathomably fast, it’s nigh on impossible to quantify; suffice to say, it’s the fastest available globally today)”, says the campaign published on Envestry.

This will create a significant global mine, placing them in the world’s top 25 and as a result of this dominant position, produce significant returns for shareholders.

The TBBMC project offers wants a minimum investment of £5,000 from each investor. Due to its Bitcoin’s volatile nature, the project allows for four different growth scenarios with up to 45% capital growth per year and an exit within 2 to 3 years. At that stage, shareholders’ returns “will be based on the proceeds of the sale of the mined Bitcoins and the ASIC machines”.

The four different scenarios range from a 40% drop in BTC price to an eventual +50% rally. The return on investment after 24 months is projected to go as high as £210,157 with an initial investment of £100,000, according to the company’s projections. If the price of Bitcoin does drop by 40%, an investor would lose approximately 22% of capital.

According to The Telegraph, the company is planning to mine 1,280 bitcoins in the two-year period. It is hard to predict how much those Bitcoins will be worth in two years. At current prices, they would be valued at £7.8 million, but much can change and probably will before 2021. Most of the funds raised are destined to be spent on energy costs, even as Bladetec reaches an agreement with a wind farm to keep the energy bills low, as intended.

Bitcoin farming is more attractive for business in countries with colder weather, such as China and Iceland. The Icelandic authorities, however, may implement a tax on Bitcoin mining due to the energy consumption. And the Chinese government insists on ending all cryptocurrency trading and mining in the country.