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Mommy, Where Do Bitcoins Come From? Bitcoin Mining Explained

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“Mommy, where do Bitcoins come from?” Well, you see, when a shiny young Bitcoin catches the eyes of an ambitious miner, and because they love each other very much…

Wait, that’s obviously too difficult to solve here. Besides, my whole goal is to keep things simple. Anyway, Bitcoins are made by solving complex math problems. This is done by a powerful machine that is built to solve these math problems. This process is called mining. People who own these machines to make money mining Bitcoins are called miners. When a batch of problems is solved it becomes known as a block. Blocks are verified by other users and once they are verified, they get added to what is called the block chain. This chain continues to grow with a new block being added to it roughly every 10 minutes. This chain is really just a master ledger that will continue to grow and never end.

The very powerful machines that mine zap a lot of power and drive up the miner’s monthly utility bill. The reason it takes so much power is the genius of the mathematics involved. It requires the mining machine to perform complex cryptographic algorithms. Once a math problem is solved by the machine, a block of coins is birthed. Every time 210,000 blocks have been created, the reward to the miner is halved. It takes 4 years to accomplish this. So it’s kind of like a Bitcoin Olympics. Currently the block reward is 12 Bitcoins (on June 23, 2020 the reward will only be 6 coins). Those coins goes to the miner whose machine was the lucky lottery winner at that time. There is a winner every 10 minutes. There are also a lot of miners competing out there too. Said miner now has something of value. Mine enough coins and you pay your electricity bill and then some.

There is also another way to mine. It’s called cloud mining. With this type of mining you are paying to use someone else’s network and that cuts into your profits significantly. The positives to this method are that it doesn’t require using your electricity or even buying a machine.

Sounds good to me. I want to start mining now. Is it a good idea and can I generate passive income on a regular basis? Possibly. Hold tight for now and you can make that call later.

Let’s try to break this down.

Going back to the original way of machine mining, you’d have to start with buying a quality mining machine. That would set you back about $2,000. Here is a picture of a good machine (Antminer S9 from Bitmain) capable of creating a high hash rate of 14 TH/s. 1 TH/s is 1,000,000,000,000 hashes per second. This machine does 14 times that. That’s a lot of hashing power. A hash is just a really long number that the machine creates each time trying to solve the algorithm. Again, to use my lottery analogy, all these machines are out there hashing away hoping to be the next winner.

Then, your chances of winning are getting increasingly more difficult with more competition. Further complicating this matter is that each time a math problem is solved, the next problem gets incrementally more difficult to solve. The Bitcoin network difficulty changes roughly every two weeks or 2,016 blocks. The number of Bitcoins that will ever be created is finite. That number happens to be 21,000,000. Once we hit that number there can never be another Bitcoin mined again. However, the block chain itself will continue to expand because it is used to verify each transaction or purchase.

Remember that pseudonymous Satoshi Nakamoto I wrote about as well? Did you know that today’s math problems are more than 70,000 times more difficult for the machines to solve than they were we he mined the 1st Bitcoin back in 2009?! The estimate is that the final coin will be mined in 2140 because the system halves every four years (210,000 blocks). There have already been 16,400,000 coins mined (78%) and each coin from here on out will be mined at a much slower rate. Yes, you read that right. Basically 80% were mined in the first 8 years and it will take well over 100 years to mine the final 20%. If any of my great, great, great grandchildren are reading this I hope you are sitting pretty with our family’s Bitcoins now valued at 220,000 per Bitcoin. We can all dream right!

Buying a machine for mining or purchasing a mining cloud contract is risky. While there are some great success stories out there, be sure to research them thoroughly before deciding if mining is right for you. For every person making money, there are plenty of people losing money.

By the way, a great place to see all of the cryptocurrencies out there and their total coins and market cap, Coin Market Cap is a great resource. You can see all 700 plus fly-by-night altcoins out there. An altcoin is just another way of saying any cryptocurrency coin that isn’t Bitcoin. By now you probably know that Bitcoin is like the Rose Bowl, the Granddaddy of them all! I would really try to limit my focus and research on the top 10 for now. Not that there won’t be stories of success from one of the nearly worthless ones now. It’s just that finding one is like picking the right penny stock. Sticking with established companies that are being recognized by the mainstream analysts is a much safer play. The same goes for the exchange you use to buy, sell, and trade. That’s why I use Coinbase to make my trades as they are the most trusted, secure, and convenient exchange. They also have the most thorough vetting process when it comes to adding altcoins.

Here’s a recap of the key points from this article:

-Bitcoins are created from mining

-Mining is done by powerful machines that solve complex math problems. You can also purchase contracts called cloud mining if you don’t want to buy a machine.

-The problems get harder as coins are mined and the rate of production slows down

-As of May 2017, there are only 72 Bitcoins mined per hour (12 every 10 minutes)

-On June 23, 2020, this will be halved again down to only 6 created every 10 minutes

-Nearly 80% of Bitcoin’s finite number 21,000,000 coins have already been mined

-Competition among miners and increasingly complex math problems are making it more difficult to turn a profit mining

-The final coin is estimated to be mined in 2140

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Source by David Astman

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iPhone Application Development – Earn Money Through iPhone App Store

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The Internet Revolution! I’m sure you read and heard a lot about it and so I won’t list the myriad ways in which it has changed everything. Professionals capable of working independently and creatively have benefited the most from the ubiquity of the internet.

There are so many ways I which you can showcase your talent to the world (or hawk your wares): you can write a novella, self-publish it over Amazon, and if people like it, you will mint money; you can post a funny video over YouTube (or start you own ‘Channel’), and using nothing more than your skills and ingenuity, find fame and fortune; or you can use your iPhone application development skills, sell your app(s) in the Apple App Store, and buy that yacht you’d always wanted!

Over 2 billion apps are downloaded from the iPhone App Store every year, and as the sales of iPhones continues to rise and more people start using iPhone, the demand for iPhone apps will increase. iPhone apps are constantly making the news and they are one of the prime reasons for the success of iPhones. Experts predicts that 3G smartphones which offer all the facilities of internet will replace PCs and laptops, and apps are the things that make it easier for the users to use their smartphones in lieu of computers: the market for apps is huge, and it will only grow further over time.

Do you have creativity, talent and innovative ideas? There are school students out there who are making serious money developing iPhone apps and selling them using the iPhone app store. Do you think you have the app idea of the decade? You don’t necessarily have to have a scientific and technical mind to gain success at iPhone application development: all you need is an idea and the ability to transform it into reality.

The best thing is that there are a number of free tutorials and SDKs available on the Internet; you can use download them for free and learn how to develop apps for iPhone apps. You might need t invest some time to study how to develop the best apps, and then how to market them over the net, but thereafter your creative ideas will take you far.

Even if you are not good at logic and math and programming is just not for you, you can still take help from professionals and pay iPhone developers to develop an app based on your idea. If your idea is really good, you could convince them to work for royalty from the sales of the app. And if your idea is really good and you are sure that the app based on your idea is going to sell like hot cakes, its best to pay the developer upfront and have complete control over all the profits on your iPhone app!

Once the app is ready, you just need to follow the simple guidelines on the iPhone app development store and list your app on the list of available apps. But there are millions of apps on the iPhone app store, and so you will need to do things to get publicity for your apps: get a website in the name of the app, try and make someone do a piece about in a magazine, keep your fingers crossed, and wait for the world to wake up to the proof of your genius!

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Source by Vatsal M

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What Can I Use Bitcoins For?

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Practically, almost any product or service that can be bought with dollars or other currencies can also be bought with bitcoins. On the other hand, the high volatility of bitcoins is a huge risk for some people that might want to use this cryptocurrency, but they are afraid about price differences. Even so, the characteristics of bitcoins make them perfect for internet payments:

1. Fast transactions

A bitcoin transaction is processed in 10-15 minutes. In case of a bank transfer, it might take hours or even days for the money to get from one account to the other. Some might say that PayPal or other ewallets are even faster. It is true, but there are other aspects that ewallets can’t give: privacy and smaller commissions.

2. Privacy

When you send bitcoins to a partner over the internet, the transaction will be registered in a blockchain. The list of transactions is public, and it can be verified on specialized websites. Only the identification number, the sum and the time are recorded. There is no way for somebody to find out from where the bitcoins come, and where they go. This is characteristic of bitcoins attracted many people. Well, some of those are interested about it because they can buy illegal goods with those, but the majority of bitcoin users are people that want to buy legal items and services, but which don’t want to disclose their identity. Porn and gambling websites might be immoral, but they are not illegal, so people that want to subscribe for those services can safely pay in bitcoins on the websites that accept this currency, knowing that their reputation will not be affected.

3. Smaller commissions

The average commission is 0.002 BTC for a transaction. It is significantly smaller compared with the PayPal or banking commissions. Moreover, you are not even obliged to pay it. By paying a commission, you “reserve” the computational power of a pool (or at least a part of it), to process your transaction faster. You even have the possibility not to pay the commission. In this case, you might need to wait two or even three days for your transaction to be processed. If you are not in a hurry, this might be the perfect opportunity to make money transactions with zero costs.

Of course, there are also disadvantages for using bitcoins, such as the possibility to lose them. If somebody steals your bitcoins, or if you delete the wallet files, it is impossible to recover those. As long as the bitcoin is not regulated, there is no central organism for arbitrage between divergent parts. In other words, you can’t complain if you lose or you are robbed by your bitcoins, simply because there is nobody to complain to.

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Source by Stanculescu Mihai Bogdan

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Things You Should Know About Bitcoin Black

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What is Bitcoin Black?

Bitcoin Black is basically the cryptocurrency of the people, by the people for the people. It will be adopted for use as a peer 2 peer payment system which gives the power back to the people.

If we talk about Bitcoin, Bitcoin has failed at this, real value comes from real use of the ecosystem and empowering people. Bitcoin transactions are slow and expensive, and it can be said that Bitcoin is somewhat centralized. Bitcoin takes power of people because it is heavily manipulated and through cycles that discourage participants from cryptocurrency in general.

People buy bitcoin to get rich, not to be involved in the ecosystem. The one percent elite takes advantage of bitcoin and creates discouragement, strategically increasing the price and attracting entry for the dream of wealth and dumping coins for their benefit. In fear of adoption. Bitcoin is completely controlled, pumped and manipulated at will, for many different reasons.

Bitcoin Black is focusing on solving these problems as the coin is a cryptocurrency with a fair distribution Airdropped to 1 Million wallets prior to IEO which all funds will go to community groups voted by the community to move the project forward with focus on fair distribution, mass adoption, usability, education, ease of access, simplicity and community.

The goal is to make it a real decentralized autonomous network giving back power to the people. He does not belong to a group, but belongs to many branches of the community.

Distribution of Coins

Bitcoin Black is aim to have airdrop to at least 1 million wallets initially with not more than 0.5% of supply owned by 1 founding member making it truly decentralized cryptocurrency.

The project have a pre-sale of 2.5% of total supply which is almost 900 Million coins.

If we take a take a look at the IEO, 7.2 billion IEO coins will be allocated to several community foundations that will help the community move the project forward in the future.

Counterpart funds for manipulation (around 5%). Part used for the stability control fund to eliminate the possibility of early manipulation at low volume and maintain currency stability.

Finally, the rewards for introducing the application will be 14.4 billion coins.

Introduction of 30 million members with an increase in the rate of new users. A method of bringing the coin into every schoolyard / university / workplace and community.

Total Supply

A maximum supply is 36 billion coins.

Rewards

3.6 billion coins to be claimed by members who help share Airdrop.

Simple social sharing platform in one click. Share a social message that provides an introduction to encrypted video and the app download link that will allow your friends to download it. Currently the platform is active and functioning well.

Innovation

The best innovation is the Fee free transactions. You can send bitcoin black to anyone free of charge. The transactions are Instant and you can send money as easily as sending an message.

The wallets are easily accessible and very simple to use.

Conclusion

Bitcoin black have a fair mass distributed currency with supply spread widely that it will create less volatility by synchronized pumps and dumps and lead to a more stable price. Bitcoin black is going to be the next bitcoin. You can register for the airdrop by clicking here. I wish someone back in 2008 would have included me on the Bitcoin airdrop. Bitcoin Black will be life changing and we want to tell this to as many as possible.

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Source by Mark West

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