23 Jul

State Bank of Vietnam Decides to Temporarily Ban Crypto Mining Hardware Imports

By Daniel Zo Crypto, Cryptcurrency, Mining, Vietnam Read Comments

According to recent reports, the State Bank of Vietnam, which is also the country’s central bank, announced that it will ban the import of digital currency mining hardware for individuals and companies.

The decision represents the bank’s response to a request filed by the Ministry of Industry and Trade (MoIT). To put things better into perspective, the MoIT has recently suggested a temporary ban that would affect the import of mining hardware. The reasoning behind this is based on the issues concerning the management of currency flows in the region. According to the ministry, the use of mining equipment and cryptocurrencies is making financial management more difficult for the government. So far, mining has not been forbidden, and it is unknown whether the government is considering such a move.

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02 Dec

Study Shows Electricity Used for Mining Bitcoin is Bigger than Annual Usage of 159 Countries

By Daniel Zo Bitcoin, Mining, Electricity Read Comments

While the popularity of bitcoin has increased considerably over the last few years, the electricity usage for transactions and mining are coming under scrutiny. Recent studies showcase that the amount of energy being used by computers which mine the digital currency this year, is much greater when compared to the annual usage of around 160 countries.

For those who do not know, mining is the process through which transactions are verified by the network, through the solving of complex cryptographic problems. To make sure that transactions aren’t falsified, and that records of ownership remain unchanged on the blockchain network, transactions must be signed off into blocks, which are then verified by the miners. Once a block is solved, a 12.5 BTC reward is given to the miner, or mining pool responsible. This amount serves as the main incentive for miners, but is also the way that new bitcoin is added to the market.

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10 Jul

Miners Lose Half Of The Profit Amid Bitcoin Halving Event

By Daniel Zo Bitcoin, Halving, Mining Read Comments

In case you have been following bitcoin news during the last couple of months, then chances are that you may have heard about the upcoming halving. Well, a couple of hours ago, bitcoin has just undergone its second halving event, thus marking the evolution of bitcoin through all these years.

To put things better into perspective, people who mine bitcoin are rewarded with bitcoin in return for their hard work. Well, the bitcoin protocol is coded in such a way to reduce the supply of bitcoin by half every 210,000 blocks or so, in order to maintain the need-demand laws, but also to make sure that the total number of 21 million coins will be mined over a prolonged period of time, rather than in 3-4 years or even less. Another law set in place for this purpose of the 10-minutes interval between confirmed blocks. In case the current bitcoin protocol remains unaltered in this perspective, then the last bitcoin will likely be mined in the year of 2140.

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23 May

Bitcoin Miners May Consider Switching To Ethereum Mining

By Daniel Zo Bitcoin, Ethereum, Mining Read Comments

During the last couple of months, a brand new digital currency known by the name of Ethereum has seen its ups and downs, but so far, it seems like Ether’s value and Ethereum’s popularity are both going forward in full throttle.

According to recent reports, it seems like miners, the people who operate large networks of machines to verify crypto-transactions in exchange for monetary rewards, are taking an interest in moving towards Ethereum. In fact, the recent increases in the prices of Ether have encouraged miners to expand their operations and start mining Ether as well. With this in mind, as miners also make money when the return of the digital currency generated and the cryptocurrency sold exceeds the cost of electricity thus generating profit. As bitcoin’s halving is quickly approaching, mining btc will become more difficult and expensive, which may explain the move.

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11 May

CoinFac Announces Next Generation Quantum Computers for Bitcoin Mining

By Daniel Zo Bitcoin, Mining, CoinFac, Palantir, Quantum Computing Read Comments

As time passes, bitcoin mining becomes significantly harder due to the way that bitcoin is built. In fact, the profitability of the business has the risk of decreasing substantially in case bitcoin’s worth does not increase once the halving process occurs this summer.

This is one of the main reasons why a company known by the name of CoinFac has recently announced their offer of next generation quantum computing mining technology that will reportedly increase the speed of miners by up to 4,000 times.

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28 Apr

Bitcoin mining will become less profitable, due to the halving process. What should the community expect?

By Daniel Zo Bitcoin, Mining, Halving Read Comments

The Bitcoin network is built in such a way to meet supply and demand, while also encouraging growth of the digital currency’s value. Because of this, once every couple of years, a process known as halving takes place, meant to reduce the number of bitcoin that are mined.

Halving hasn’t received much media attention, considering the fact that the last one took place when bitcoin was still at its beginning, and not many people were involved with the cryptocurrency. However, the expected date for this change to happen once again is the 11th of July 2016, less than three months away. The initial impact of the act will be to cut down by half the reward that miners receive for verifying crypto-transactions that take place on the blockchain. Basically, their wages will be cut into half- unless the value of bitcoin increases.

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14 Apr

What it’s like inside an industrial-level Bitcoin mine

By Daniel Zo Bitcoin, Mining, China, ASIC Read Comments

Bitcoin mining is likely something that just about all of those involved with bitcoin have thought about doing, tried out or are doing at this exact moment. However, mining bitcoin at home can be quite a difficult experience considering the fact that doing it right doesn’t only require a massive electrical energy usage, but also the right hardware, thus making the process quite expensive.

However, there are a couple of firms in different areas from all around the world which have been mining bitcoin ever since it became popular. These actual mines are both very expensive to maintain, but are also kept hidden from the public eye, due to the large amount of bitcoin which is being mined.

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11 Dec

A Rare Occurrence of Bitcoin Mining Difficulty Decrease

By BitcoinExplorer Bitcoin, Mining difficulty, Mining, ASIC Read Comments

Do you know what Bitcoin mining is? If not, here’s the deal – It is the way that Bitcoin transactions are verified and new coins are produced. Nowadays, this verification is done through miners, also known as ASIC’s (application specific integrated circuits). Miners are dedicated hardware which verify whatever transactions are going on, and the miners are then rewarded with Bitcoin or whatever crypto currency they are mining. When Bitcoin first started, the difficulty was very low, but as Bitcoin gained momentum and more and more people started embracing it, the difficulty kept increasing.
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11 Jul

Bitcoin's greatest vulnerability: 51% attacks

By Zachary Gruskin Bitcoin, 51% attacks, Vulnerability, Pooled mining Read Comments

The Bitcoin network is run entirely through mining. Mining is the process by which computers solve algorithms, and when they find a block they get the block reward of 25 Bitcoins (worth $15,500 currently). Usually miners pool together their resources and receive shares of the block reward proportional to their mining power, since when mining alone it's extremely rare to find a block even if you own hundreds of thousands of dollars of mining equipment. When a block is found all transactions included in that block are confirmed. After receiving Bitcoin you cannot send it anywhere until it is confirmed at least once, so mining is essential for the Bitcoin network to keep running. On average there is 1 block found every 10 minutes, so it takes on average 10 minutes for a transaction to become confirmed. Confirmation time can vary wildly though, from less than a minute to several hours.
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