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Why are you specifically interested in manufacturers? IMO some companies have much better offers than those run by manufacturers, but to stay on topic: Zeushash.
Thanks for the reply.
To answer your question, research for a project.
10 nodes is as simple as setting up 10 computers to be nodes, not sure if you need individual public IPs for them, etc. Currently there is an estimated 6825 updated nodes according to bitnodes (https://getaddr.bitnodes.io/).
The difficulty is based on keeping the time to solve a block at 10 minutes, so not sure about your attack vector.
Assuming you are attacking the last block before difficulty change...If you dropped your hash 1kh/s and still somehow manage to solve the block at your first attempt, then the difficulty would increase not decrease, as it would need to average out to take 10 minutes, making your now isolated blockchain behind the distributed (legitimate) blockchain.
Assuming your attack is attacking the block to get difficulty to change from anywhere else between the creation of the new difficulty to before the last block before the change: the estimated time for solving a block with 1kh/s is 1723055322786 days, so this isn't a practical attack method (calculated on https://tradeblock.com/mining/).
The difficulty is based on keeping the time to solve a block at 10 minutes, so not sure about your attack vector.
Assuming you are attacking the last block before difficulty change...If you dropped your hash 1kh/s and still somehow manage to solve the block at your first attempt, then the difficulty would increase not decrease, as it would need to average out to take 10 minutes, making your now isolated blockchain behind the distributed (legitimate) blockchain.
Assuming your attack is attacking the block to get difficulty to change from anywhere else between the creation of the new difficulty to before the last block before the change: the estimated time for solving a block with 1kh/s is 1723055322786 days, so this isn't a practical attack method (calculated on https://tradeblock.com/mining/).
Very good article, thx.
My CEX/Ghash profits are being eaten alive by maintenance fees. Crazy how we pay other people to mine for us and then you actually pay, so that they can mine for themselves.
Anyways... If all I gain is experience, it was money well spend.
My CEX/Ghash profits are being eaten alive by maintenance fees. Crazy how we pay other people to mine for us and then you actually pay, so that they can mine for themselves.
Anyways... If all I gain is experience, it was money well spend.
Positively for you, the fees have come down at Ghash.io so perhaps you will be making something now
Not commenting about how the BBC paints anyone, but has anyone read the document in question?
Bitcoin and the Charity of Violent Physical Struggle:
https://alkhilafaharidat.files.wordpress.com/2014/07/btcedit-21.pdf
If you are interested. No idea if it is authentic, but this is what the interview is about.
I could see investors dumping because of negative PR like this or at least more pressure to dump based on something like this and the price decrease.
Bitcoin and the Charity of Violent Physical Struggle:
https://alkhilafaharidat.files.wordpress.com/2014/07/btcedit-21.pdf
If you are interested. No idea if it is authentic, but this is what the interview is about.
I could see investors dumping because of negative PR like this or at least more pressure to dump based on something like this and the price decrease.
Thanks for the article. I was hoping it would at least compare regular mining to cloud mining to assist with making an informed unbiased decision, but instead it was just a math formula comparing apples to nothing.
Your statement "The wisest choice would be not to cloud mine at all," eludes that the positive horizontal asymptote is something unique to cloud mining. Can you demonstrate how regular mining compares? With rising cost of power, or even with just the cost of power, regular mining you actually start to lose money at some point, which isn't something that happens with all cloud mining contracts, not including the initial cost of the mining contract or the cost of the ASIC for simplicity sake.
I am neither pro nor con cloud mining, excluding centralisation concerns. I am currently doing both as an experiment, and appreciate the work you have done, and wouldn't mine adding what you did to my research as I think it adds value, but the conclusion just doesn't make sense without comparing it to something, or at least the statement I mentioned doesn't make sense. Once you compared the two, your conclusion would need to be (based on your view above) that the wisest choice would not to mine at all. Bitcoin uses PoW and mining is essential regardless of how it is done.
Your statement "The wisest choice would be not to cloud mine at all," eludes that the positive horizontal asymptote is something unique to cloud mining. Can you demonstrate how regular mining compares? With rising cost of power, or even with just the cost of power, regular mining you actually start to lose money at some point, which isn't something that happens with all cloud mining contracts, not including the initial cost of the mining contract or the cost of the ASIC for simplicity sake.
I am neither pro nor con cloud mining, excluding centralisation concerns. I am currently doing both as an experiment, and appreciate the work you have done, and wouldn't mine adding what you did to my research as I think it adds value, but the conclusion just doesn't make sense without comparing it to something, or at least the statement I mentioned doesn't make sense. Once you compared the two, your conclusion would need to be (based on your view above) that the wisest choice would not to mine at all. Bitcoin uses PoW and mining is essential regardless of how it is done.
heres my cloud mining review [before hashlets] - http://fuk.io/cloud-hashing-and-rig-renting-services-review/
Under Cex.io Review and tricks: "the most profitable pool i have to add!"
Really? I think a good few people will not agree with you on this.
Re: Growning number of large mining farm and BTC generation rate
No Difference - by design in the Bitcoin source code.
This is the block chain's control theory feedback loop:
60minhr∗24hrday∗7dayweek 10minblock=2016 in 2weeks
Tcurrent=Tprior∗tprior/2weeks
D=work/2(32)=2(256)/(Tcurrent+1)∗2(32)
hashes/second≈D∗2(32)/600
The current target for the block chain is determined by a calculation, so any two clients looking at the block chain will calculate the same target. This calculation aims to adjust the target such that one block will be mined every 10 minutes, no matter how much total computing power is devoted to mining. The target changes every 2016 blocks based on the timestamps within those blocks. Why 2016? Because Satoshi decided two weeks was a good interval, and at 10 minutes per block, 2016 blocks will be mined every two weeks.
When 2016 blocks take more than two weeks to mine, the target goes up to make mining easier; when they take less than two weeks, the target goes down to make mining harder. In symbols, if Tprior is the previous target and tprior is the time it took to mine 2016 blocks using that target, then the updated target Tcurrent is just.
The target is typically a huge number well in excess of 2(200). Also it goes down as the total hashing power of the miners goes up. Consequently, interested people usually think in terms of the difficulty instead. Definition: The Bitcoin difficulty is the average number of nonces you have to try to find a valid block aka. the work divided by 2(32)(roughly 4 billion).
Note that D is just a number for human consumption. It scales in direct proportion to the computational effort required for mining, so twice the difficulty means twice the effort.
If we know the current difficulty D, we can estimate how fast all miners are hashing in aggregate. On average, it takes D∗2(32) hashes to find a nonce that works, and the target is selected to make that take 10 minutes.
This is the block chain's control theory feedback loop:
60minhr∗24hrday∗7dayweek 10minblock=2016 in 2weeks
Tcurrent=Tprior∗tprior/2weeks
D=work/2(32)=2(256)/(Tcurrent+1)∗2(32)
hashes/second≈D∗2(32)/600
The current target for the block chain is determined by a calculation, so any two clients looking at the block chain will calculate the same target. This calculation aims to adjust the target such that one block will be mined every 10 minutes, no matter how much total computing power is devoted to mining. The target changes every 2016 blocks based on the timestamps within those blocks. Why 2016? Because Satoshi decided two weeks was a good interval, and at 10 minutes per block, 2016 blocks will be mined every two weeks.
When 2016 blocks take more than two weeks to mine, the target goes up to make mining easier; when they take less than two weeks, the target goes down to make mining harder. In symbols, if Tprior is the previous target and tprior is the time it took to mine 2016 blocks using that target, then the updated target Tcurrent is just.
The target is typically a huge number well in excess of 2(200). Also it goes down as the total hashing power of the miners goes up. Consequently, interested people usually think in terms of the difficulty instead. Definition: The Bitcoin difficulty is the average number of nonces you have to try to find a valid block aka. the work divided by 2(32)(roughly 4 billion).
Note that D is just a number for human consumption. It scales in direct proportion to the computational effort required for mining, so twice the difficulty means twice the effort.
If we know the current difficulty D, we can estimate how fast all miners are hashing in aggregate. On average, it takes D∗2(32) hashes to find a nonce that works, and the target is selected to make that take 10 minutes.
I assume some of the smart answers were trying to say that it will have an impact if assuming the difficulty change happens right now today, and tomorrow you double the hash power, the 2016 blocks will be found sooner, by roughly a week before the difficulty changed to compensate for the increased hash rate, meaning that the "Revelation block" will happen 1 week sooner, assuming no other changes impacted it after this event.
I belive the rbox only uses 40w but i could be corrected on this.
What do you run yours on and can you still use the computer for basic things while mining?
If i make half my money back then i'll be happy, just don't want to loose more than i put in.
I thought about cloud mining but after a bit of research i don't really trust it.
Im really just trying to learn everything i can about all aspects of bitcoin.
What do you run yours on and can you still use the computer for basic things while mining?
If i make half my money back then i'll be happy, just don't want to loose more than i put in.
I thought about cloud mining but after a bit of research i don't really trust it.
Im really just trying to learn everything i can about all aspects of bitcoin.
Just including your other comment from the cloud thread.
It does use 40w, but have not measured it at the wall....yet.
I mine with a Raspberry Pi Model B+ (another 7w) as the controller.
So my little experiment is using 47w to mine at 34GH at approximately $0.08 kWh.
Use a mining calculator to see what you will make back. There are a few, but here is a link to one:
https://tradeblock.com/mining/
Just remember, its the ASIC, some form of controller, power to the ASIC and the controller, and internet costs.
Unless something unusual happens, I doubt you will make any positive return on investment, but you will no doubt learn something at least.
Thanks for the infomation, i've always been a bit sus on the whole cloud mining thing.
Someone i know has offered me a rockminer rbox 32gh/s asic for 0.0960 btc, is this a good offer do u think?
Not in it for the money just interested to try it for a few weeks or so.
Someone i know has offered me a rockminer rbox 32gh/s asic for 0.0960 btc, is this a good offer do u think?
Not in it for the money just interested to try it for a few weeks or so.
Just remember you need to power it too.
I bought mine for $65 a few months ago, but doubt you will see any ROI on it (I know I won't).
Re: Day after Apple's Big Press Release Macworld magazine staff Sacked
You would think Apple could have redeployed them elsewhere, I hope everyone dumps their stock NOW, and doesn't buy the new phone or watch!
Oh wait, MacWorld is not owned by Apple at all, but by IDG.
1+1=3
Oh wait, MacWorld is not owned by Apple at all, but by IDG.
1+1=3
Appreciate the link, was interesting to watch. Only 11% of Africa has access to the internet. Kenya is trying to be the IT hub in Africa, competing against Nigeria and South Africa.
http://vc4africa.biz/blog/2014/07/09/nigeria-kenya-or-south-africa-which-is-africas-top-ict-hub/
"Nairobi, Kenya, has now matured into a globally-recognized hub for technology and innovation. Boosted by government support, interested investors, and low barriers to entry, young tech-savvy Kenyans have led the way for this evolution; taking risks, launching new products for the local market [e.g. M-Farm and iCow], while creating a pan-African presence with brands like Cellulant. This innovative energy that stemmed from Silicon Savannah, as Nairobi is known, captured the attention of governments, aid agencies, venture capitalists and Silicon Valley giants. Google executive chairman Eric Schmidt predicted that Nairobi could become the African tech leader. Google and other tech giants such as Cisco Systems, Intel, Nokia and Microsoft, have proven this faith by founding hubs and expanding their business operations in the city. The IBM lab, although Africa-focused, was built in Nairobi and its partnership with the Kenyan government is seen as a clear vote of confidence in the countrys ICT sector."
Seeing as I am from Africa, and lived in Africa until last year, I can honestly the North American woman is pretty much wrong in all she says or really dramatising for effect.
She said there are no banks (won't be replacing banking system, it will be the first banking system 11:29)....how odd that CitiBank is the 8th largest bank in Kenya, the largest being Kenya Commercial Bank (168 branches), Barclays and Standard and Charted.
Anyway, this lost all credibility there, which is really disappointing because I was hoping for a success story.
Take the "documentary" with a pinch of salt.
http://vc4africa.biz/blog/2014/07/09/nigeria-kenya-or-south-africa-which-is-africas-top-ict-hub/
"Nairobi, Kenya, has now matured into a globally-recognized hub for technology and innovation. Boosted by government support, interested investors, and low barriers to entry, young tech-savvy Kenyans have led the way for this evolution; taking risks, launching new products for the local market [e.g. M-Farm and iCow], while creating a pan-African presence with brands like Cellulant. This innovative energy that stemmed from Silicon Savannah, as Nairobi is known, captured the attention of governments, aid agencies, venture capitalists and Silicon Valley giants. Google executive chairman Eric Schmidt predicted that Nairobi could become the African tech leader. Google and other tech giants such as Cisco Systems, Intel, Nokia and Microsoft, have proven this faith by founding hubs and expanding their business operations in the city. The IBM lab, although Africa-focused, was built in Nairobi and its partnership with the Kenyan government is seen as a clear vote of confidence in the countrys ICT sector."
Seeing as I am from Africa, and lived in Africa until last year, I can honestly the North American woman is pretty much wrong in all she says or really dramatising for effect.
She said there are no banks (won't be replacing banking system, it will be the first banking system 11:29)....how odd that CitiBank is the 8th largest bank in Kenya, the largest being Kenya Commercial Bank (168 branches), Barclays and Standard and Charted.
Anyway, this lost all credibility there, which is really disappointing because I was hoping for a success story.
Take the "documentary" with a pinch of salt.
Re: how much are actually bank fees to pay by credit card or send money?
This is essentially what happens. Cash customers essentially subsidize people that pay via credit card.
In my home country there is a significant fee to deposit cash into a bank account, as well as a significant risk of theft/robbery, so merchants prefer debit/credit cards as handling cash is too risky. I guess this all depends on where in the world you are.
Bitcoin being transferred overseas would not necessarily trigger an export nor an import from the country the bitcoin is being transferred from. It would be very well possible that someone from country A send money to country B to have a product produced in country C shipped to country D.
But equally it could and does, but I get your point and agree.
Additionally imports and exports are measured by the value of goods into and out of a country, not by the value of currency that flows into and out of the country.
I am not sure if you are being serious on this. If you are, please take a look at just about every other country in the world other than your own, and how their currencies are valued compared to say the USD, and why their currencies are valued this way.
Please don't get me wrong, I am all for Bitcoin, but it is important understand the barriers, so they can be overcome, and society is a complex environment and it is not to be underestimated.
No offense was taken.
I enjoy your posts, they are honest and constructive. You are after all Burt Wonder...... ah geez, I let the cat out the bag!
Do agree the subject line could have been something far less controversial, but hey, moving on...
I enjoy your posts, they are honest and constructive. You are after all Burt Wonder...... ah geez, I let the cat out the bag!
Do agree the subject line could have been something far less controversial, but hey, moving on...
If imports are higher than the exports for a nation the value of the currency is negatively impacted which is one of the reasons why governments want to know how much money goes in and out the country, rightly or wrongly. It is an economic indicator.
Nice. You joined the thread and conversation and contributed.Now get off the fucking Internet, you are spoiling it.
Then you fucking had to go an ruin your fucking post by fucking cussing and flaming people. Oh, and fuck you.You told me off. I feel bad that I stood up for the little guy. I should have stood by and watched the big guys roll over the little guy which is totally against the principles of the "father of the Internet" who's gift we are using right now.
Wait, aren't all of us on this forum the little guy standing up against the big guy?
If imports are higher than the exports for a nation the value of the currency is negatively impacted which is one of the reasons why governments want to know how much money goes in and out the country, rightly or wrongly. It is an economic indicator.
Some harsh posts in this thread. Read the below:
"Internet is for everyone - but it won't be if we are not responsible in its use and mindful of the rights of others who share its wealth. Let us dedicate ourselves to the responsible use of this new medium and to the proposition that with the freedoms the Internet enables comes a commensurate responsibility to use these powerful enablers with care and consideration. For those who choose to abuse these privileges, let us dedicate ourselves to developing the necessary tools to combat the abuse and punish the abuser." - V. Cerf
Now get off the fucking Internet, you are spoiling it.
Some harsh posts in this thread. Read the below:
"Internet is for everyone - but it won't be if we are not responsible in its use and mindful of the rights of others who share its wealth. Let us dedicate ourselves to the responsible use of this new medium and to the proposition that with the freedoms the Internet enables comes a commensurate responsibility to use these powerful enablers with care and consideration. For those who choose to abuse these privileges, let us dedicate ourselves to developing the necessary tools to combat the abuse and punish the abuser." - V. Cerf
Now get off the fucking Internet, you are spoiling it.