Bitcoin Rhodium mining calculator - X13 ⛏️ minerstat

BitOffer institute: Ethereum miners' daily earnings soared 60%, ETF earning over 85 times

BitOffer institute: Ethereum miners' daily earnings soared 60%, ETF earning over 85 times

https://preview.redd.it/95910ilvizd51.png?width=696&format=png&auto=webp&s=6681449d66d95faa67159454fe7faff49b4d7df8
On June 27, Ethereum miners earned about $1.85 per 100 (MH/s) per day. In the past month, especially in the last two weeks, the income rose by 60%, reaching a peak of $3.27 per 100 MH/s on July 25, before falling back to around $3.
Over the same period, the price of ETH has risen more than 40%, from $229 on June 27 to $327.99, which is a new high for 2020.
On July 22, the total market value of decentralized Financial DeFi passed $11.5 billion. The massive hype of DeFi caused a surge in trading volume in ETH, which, along with the surge in trading volume from ETH, pushed miners’ daily income to its highest level in two years.
Etherscan, a blockchain browser, shows that the entire computing power of the Ethereum blockchain, the world’s second-largest by market value, has been stable at around 190 petahash per second. Indeed, data from Bitinfocharts show that in the first quarter of this year, Ethereum’s daily mining revenue was below $2 per 100 MH/s before falling to $1 per 100 MH/s on March 12 after the cryptographic market collapsed. Ethereum’s daily mining revenues have tripled in recent months.
Currently, some of the most advanced ETH mining equipment, such as the core A10 Pro, which has a 500-megabit hash per second (MH/s) computing power and a power ratio of 1.9w/m, generates $13 per day at Ethereum’s current price and mining difficulty. Based on the miner’s profitability level, and A10 Pro Ethereum miner’s daily power consumption is about 1.1 dollars, and its daily net profit is nearly 12 dollars.
Even though bitcoin’s price topping $11,000 for the first time since September 2019, the difficulty of mining bitcoin remains at an all-time high. As a result, even the most efficient bitcoin miners, such as MicroBT’s WhatsMiner M30S ++ and Bitmaint’s AntMiner S19 Pro, generate $9 in daily income. Based on the current price of bitcoin and the difficulty of mining it, a more efficient Bitcoin miner (within 40w/T power ratio) generates about $6.50 in net profits per day. Ethereum miners earn about $13 a day, which is twice as Bitcoin miners.
Since the launch of DeFi, it has received a lot of attention from investment institutions and individual investors. Currently, DeFi Wallet has been downloaded more than 5,000 times, far more than any other type of DAPP, it is the number one DAPP developed based on Ethereum. According to the popularity and the current download speed, in the next few months, the downloading number will break through 6000 and bring a sufficient number of volumes for the ETH. Meanwhile, as the ETH 2.0 launch date approximation, these two advantages will boost the price of ETH, the income of the ETH miners will be at the appointed time with increased, which gradually widening the income gap with BTC miner.
It is the best time to invest in Ethereum.
However, buying BitOffer’s Ethereum ETF Ethereum is better than buying a future, in which profits start at a minimum of three times. Besides, it also includes an intelligent dynamic position reallocation mechanism and the calculation of fund compound interest with the returns of up to 17 times.
In the latest week, the Ethereum ETF (ETH3X) has jumped 160% from a peak of $6 to $16, according to data analysis from the BitOffer Exchange. With the launch of DeFi and ETH 2.0, once Ethereum rises more than fivefold over the next few months, the ETH3X could rise as much as 85 times.
If you buy Ethereum for $10,000, and ETH goes up fivefold, you can maximum make a fivefold profit, Which from $10,000 to $50,000. But buying ETH3X is a different story. Once Ethereum increases fivefold, you can make up to 85 times, which would be from $10,000 to $850,000, the 17 times than buying futures, more than over $800,000. Buying the Ethereum ETF would be a better deal.
submitted by Bitoffer_Official to BitOffer_Official [link] [comments]

The Problem with PoW

The Problem with PoW
Miners have always had it rough..
"Frustrated Miners"

The Problem with PoW
(and what is being done to solve it)

Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency.
In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin.
Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases.

Hashrates and Hardware Types

While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners.
When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm.
This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time.
Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon.

2 Guys 1 ASIC

One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption.
Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix.
When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete.
This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control.

Implications of Centralization

This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors).
This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things.
The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions.

The Rise of FPGAs

With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending.
A perfect real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called VerusCoin and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network.
Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements.
Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes.

All is not lost thanks to.. um.. Technology?

Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”
In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution.
Digging a bit deeper it turns out the Verus development team are no rookies. The lead developer Michael F Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date. A brief description of what makes VerusCoin special quoted from a community member-
"Verus has a unique and new consensus algorithm called Proof of Power which is a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0. VerusHash 2.0 is designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, which is also one defense against the centralizing potential of botnets. Unlike past efforts to equalize hardware hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain even more power relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is not a "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well"

If other projects can learn from this and adopt a similar approach or continue to innovate with new ideas, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing present an overall unprecedented level of decentralization not yet seen in cryptocurrency.
Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term.

In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, cryptocurrency is here to stay and the projects that are doing something to solve the current problems in the proof of work consensus mechanism will be the ones that lead us toward our collective vision of a better world- not just for the world of crypto but for each and every one of us.
submitted by Godballz to CryptoCurrency [link] [comments]

I've been working on a bot for crypto subs like /r/bitcoin for a few days now. Say hello to crypto_bot!

Hey guys, I've been working on crypto_bot for some time now. It provides a bunch of features that I hope will enhance your experience on /bitcoin (and any other subreddit). You can call it by mentioning it in a comment. I started working on this a few days ago. I'm constantly adding new features and will update this post when I do, but if you're interested I'll post all updates and some tips at /crypto_bot. Please either comment here, message me, or post there if you'd like to report a bug, request a feature, or offer feedback. There's also one hidden command :)
You can call multiple commands in one comment. Here's a description of the commands you can use:

Market Data:

crypto_bot 
Responds with the USD price of one bitcoin from an average of six of the top bitcoin exchanges (BTC-E, Bitstamp, Bitfinex, Coinbase, Kraken, Cryptsy).
crypto_bot ticker 
Responds with the USD price of one bitcoin at seven exchanges (all of the ones listed above, plus LocalBitcoins). Also lists the average at the bottom.
crypto_bot [exchange] 
Responds with the USD price of one bitcoin from [exchange] (any of the seven listed above).
crypto_bot [litecoin|ltc|dogecoin|doge] 
Responds with the USD price of one litecoin, or the price of 1 doge and 1,000 doge.
crypto_bot litecoin|ltc [exchange] 
Responds with the USD price of one litecoin from BTC-E, Bitfinex, Kraken, or Cryptsy.
crypto_bot [currency] 
Responds with the price of one bitcoin in the specified currency. Available currencies (symbols): JPY, CNY, SGD, HKD, CAD, NZD, AUD, CLP, GBP, DKK, SEK, ISK, CHF, BRL, EUR, RUB, PLN, THB, KRW, TWD.

Information:

crypto_bot [about|info] [arg] 
Responds with a short description about [arg], as well as a link to an external site (Wikipedia, bitcoin.it, and some others) for more information. You can list multiple arguments and get a description for each. Available arguments: bitcoin, block chain, transaction, address, genesis, satoshi, mining, confirmation, coinbase, gox, cold wallet, hot wallet.
crypto_bot legal 
Responds with a chart about the legality of bitcoin in 40 countries, copied straight from Wikipedia.
crypto_bot [explain transaction delay|explain tx delay] 
Responds with an explanation of why transactions may take longer to confirm (the bot specifically discusses spam-transaction attacks in this command).

Network information/tools:

crypto_bot difficulty 
Responds with the current difficulty of the bitcoin network.
crypto_bot [height|number of blocks] 
Responds with the current height of the block chain.
crypto_bot retarget 
Responds with what block the difficulty will recalculate at, as well as how many blocks until the network reaches that block.
crypto_bot [unconfirmed transactions|unconfirmed tx] 
Responds with the current number of unconfirmed transactions.
crypto_bot [new address|generate address] 
Responds with a newly-generated public and private key. This is mainly to provide an explanation of what both look like, and contains a clear warning to not use or send bitcoins to the address.
crypto_bot blockinfo [height] 
Responds with information about block #[height], including its hash, time discovered, and number of transactions.
crypto_bot [address] 
Responds with information about [address], including its balance and number of transactions.
crypto_bot [transaction_id] 
Responds with information about [transaction_id], including what block it was included in, its size, and its inputs and outputs.

Calculators:

crypto_bot calc <# miningspeed> [#][w] [#][kwh] [#][difficulty] [hc$#] [$#] [#%] 
Responds with calculations and information about how a miner would do with the above data (mining calculator). The only required field is mining speed. Order of the arguments does not matter. Everything other than hashrate defaults to the following if not given: w (watts): 0, kwh ($kilowatt cost/hour): 0, difficulty: current network difficulty, hc$ (hardware cost): $0, $: current bitcoin price in usd (according to Coinbase), % (pool fee): 0. The calculator does not account for nor allow for input of the increase/decrease of difficulty over time, though I may add this feature soon. Working hashing speeds: h/s, kh/s, mh/s, gh/s, th/s, ph/s.
Example usage: "crypto_bot calc 30th/s 10w .12kwh hc$55 1.5%" (to make it easier to remember, th/s can also be inputted as ths). This calls the bot with a hashrate of 30 th/s, electricity usage of 10w, a cost of $.12 kWh, a hardware cost of $55, and a pool fee of 1.5%.
crypto_bot number of btc <$amount to convert> [bp$bitcoin price] 
Responds with the number of bitcoins you could buy with <$amount to convert>. If the comment specifies a [bp$bitcoin price], it calculates it with that exchange rate. Otherwise, it uses the rate from Coinbase.
Example usage: "crypto_bot $419.29 bp$180.32" This calculates how many bitcoins you can buy if you have $419.29 and the bitcoin exchange rate is $180.32.

Broadcasting

SignMessage! "" 
Signs a message in the bitcoin block chain in a transaction using OP_RETURN. The message must be less than 40 characters.
Example usage: "SignMessage! "Post messages in the block chain!""
I hope you find this bot useful! Again, if you have any questions or comments, please either comment on this post, message me, or post on /crypto_bot.
Update 1 (June 24, 2015, 17:35): The bot now responds with information if you post a link to a block, transaction, or address on Blockchain.info in a comment, even if you don't call it. For example, if I wrote "https://blockchain.info/block/0000000000000000126448be07fb1f82af19fbbf07dd7e07ebcd08d42c2660cb" in a comment, it would respond with information about block #362,377.
Update 2 (July 10, 2015, 1:59): The bot now has two additional commands: "unconfirmed transactions" (or "unconfirmed tx") and "explain transaction delay" (or "explain tx delay"). The first command responds with the number of unconfirmed transactions, and the second explains why transactions might take extra time to confirm.
Update 3 (August 24, 2015, 1:34): The bot now responds in a better way than before when transaction ids or addresses are posted. Before, it only responded when the transaction id or address was used in a link to Blockchain.info. Now the bot will respond whenever a transaction id or address is posted at all; a link to Blockchain.info is no longer necessary.
Update 4 (August 27, 2015, 3:00): The bot can now sign messages in the Bitcoin block chain using OP_RETURN.
submitted by busterroni to Bitcoin [link] [comments]

The Problem with PoW


Miners have always had it rough..
"Frustrated Miners"


The Problem with PoW
(and what is being done to solve it)

Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency.
In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin.
Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases.
Hashrates and Hardware Types
While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners.
When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm.
This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time.
Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon.
2 Guys 1 ASIC
One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption.
Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix.
When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete.
This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control.
Implications of Centralization
This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors).
This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things.
The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions.
The Rise of FPGAs
With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending.
A perfect real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called VerusCoin and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network.
Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements.
Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes.
All is not lost thanks to.. um.. Technology?
Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”
In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution.
Digging a bit deeper it turns out the Verus development team are no rookies. The lead developer Michael F Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date. A brief description of what makes VerusCoin special quoted from a community member-
"Verus has a unique and new consensus algorithm called Proof of Power which is a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0. VerusHash 2.0 is designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, which is also one defense against the centralizing potential of botnets. Unlike past efforts to equalize hardware hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain even more power relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is not a "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well"
If other projects can learn from this and adopt a similar approach or continue to innovate with new ideas, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing present an overall unprecedented level of decentralization not yet seen in cryptocurrency.
Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term.
In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, cryptocurrency is here to stay and the projects that are doing something to solve the current problems in the proof of work consensus mechanism will be the ones that lead us toward our collective vision of a better world- not just for the world of crypto but for each and every one of us.
submitted by Godballz to EtherMining [link] [comments]

Dao Ethereum va dau tu Ethereum nhu the nao cho hieu qua tin tuc ve Ethereum tai Viet Nam

Dao Ethereum va dau tu Ethereum nhu the nao cho hieu qua tin tuc ve Ethereum tai Viet Nam
Xem tại đây.

Ethereum được mệnh danh là Bitcoin 2.0 vì cuộc cách mạng về kỹ thuật mà ETH mang lại khi ra đời. Những câu hỏi xung quanh Ethereum mà người mới tìm hiểu thị trường cryptocurrency thường đặt ra như cách đào Ethereum, đầu tư Ethereum, “cách chơi” Ethereum, cách kiếm Ethereum miễn phí và những dự đoán giá Ethereum năm 2018, 2019,… sẽ được giải đáp trong bài viết này.

  1. Cách đào Ethereum và nơi mua máy đào
1.1. Đào Ethereum với Minergate

Hiện nay, có khá nhiều cách đào Ethereum nhưng với người mới thì một số cách đào ETH rất phức tạp. Trong bài viết này, tiendientu.org sẽ hướng dẫn đào Ethereum theo một cách đơn giản và dễ thực hiện là đào Ethereum với Minergate. Ngoài ra, có thể sử dụng một số tool đào ETH như Claymore Ethereum,…

Minergate là một trong những pool đào ETH tốt nhất và phổ biến nhất trên thế giới, nên khi mới bắt đầu, thợ đào có thể chọn pool đào ETH này để tiến hành đào Ethereum.

Bước 1: Đăng ký tài khoản Minergate

Truy cập vào website https://minergate.com/ để tiến hành đăng ký tài khoản.

Sau khi điền thông tin Email và Password, chọn “Sign up & start mining” để đăng ký, sau đó hệ thống của Minergate sẽ gửi một Email để kích hoạt tài khoản. Bạn vào Email rồi bấm vào đường link nhận được.

Bước 2: Tải phần mềm đào Ethereum

Bước 2: Tải phần mềm đào Ethereum.

Click vào nút Download tương ứng với hệ điều hành của máy tính.

Sau khi tải về, bạn tiến hành cài đặt theo các bước. Cài đặt tool đào Ethereum của Minergate khá đơn giản, cũng tương tự như cài các phần mềm bình thường.

Tiến hành cài đặt tool đào Ethereum.

Sau khi cài đặt xong, khởi động chương trình rồi đăng nhập vào để bắt đầu đào Ethereum.

Đăng nhập tài khoản sau khi cài đặt xong tool đào ETH.

Bước 3: Bắt đầu đào Ethereum

– Click chọn Tab Miner.

– Chọn Coin muốn đào là Ethereum.

– Chọn số nhân muốn đào.

– Sau đó click chọn CPU Mining và GPU Mining. Nghĩa là bạn chọn đào Ethereum bằng CPU và GPU.

Lúc này chương trình sẽ mất khoảng 2 – 5 phút để khởi động.

Bước 3: Bắt đầu đào Ethereum.

1.2. Cấu hình máy đào Ethereum chuyên dụng

Tham khảo cấu hình phần cứng đào Ethereum như sau:

  • Main: Nên chọn main có 5 khe PCI-E, như: Biostar H81 Hifi, Asrock H81 Pro BTC motherboard,…
  • CPU: Celeron G3250 hay G1840 có thể giúp bạn tiết kiệm chi phí.
  • RAM: 4GB DDR3 cài hệ điều hành Win10 Untimate 64Bit để chạy phần mềm đào Ethereum.
  • Nguồn: Nên chọn nguồn có công suất thực như HDD/SSD.
  • HDH: Nên cài Win10 64Bit và tắt hết các hiệu ứng Win, tắt update, để Classic, tắt security, đặt Power Option là High performance.
  • VGA: Đây là yêu cầu quan trọng nhất khi cấu hình máy đào ETH chuyên dụng. Bạn cần tìm hiểu kỹ thông tin tốc độ đào Ethereum của các dòng Card màn hình khác nhau trước khi lựa chọn.
Sau khi đã nắm được hết sức mạnh của GPU là bao nhiêu Mh/s, thì bạn có thể thử tính với sức mạnh như vậy, một ngày mình có thể khai thác Ethereum bao nhiêu ở link: https://minergate.com/calculatoethereum.

Kiểm tra với máy đào ETH được cấu hình, một ngày có thể đào bao nhiêu ETH.

Là một miner (thợ đào), Ethereum difficulty hay độ khó đào Ethereum là yếu tố quan trọng cần lưu ý. Độ khó đào ETH tăng cao khi càng có nhiều miner tham gia cạnh tranh đào, dẫn đến tỷ lệ đào trúng ETH thấp đi.

Khi chuẩn bị bắt đầu đào ETH, bạn nên cân nhắc và tìm hiểu kỹ những vấn đề này.

1.3. Mua bán máy đào Ethereum

Sau khi đã tìm hiểu kỹ những thông tin liên quan đến vấn đề đào Ethereum, bạn sẽ muốn tìm cách mua bán máy đào Ethereum, hoặc là để tự mình đào ETH, hoặc là làm trung gian mua đi bán lại.

Hiện trên facebook, telegram có nhiều hội nhóm mua bán trâu cày ETH (bán máy đào Ethereum), bạn có thể tham gia và tìm hiểu ở những diễn đàn của dân “chuyên chăn trâu” này để có thêm nhiều kiến thức, được giải đáp thắc mắc, vấn đề phát sinh.

1.4. Cách kiếm Ethereum miễn phí

Nếu không có nhiều vốn đầu tư những dàn máy đào Ethereum chuyên dụng, chắc hẳn các bạn muốn tìm những cách đào Ethereum miễn phí (đào ETH free) hay kiếm ETH free. Thật ra, chỉ cần search Google là bạn có thể có hàng ngàn kết quả, nhưng phải đặc biệt lưu ý là không có chuyện gì dễ dàng, có rất nhiều trang web lừa đảo (scam) trong cryptocurrency.

Một số cách kiếm Ethereum free như sau:

  • Đào Ethereum free trên một trang web. Dĩ nhiên điều tiên quyết là bạn phải tìm được website uy tín. Cách này có thể trả về rất ít ETH.
  • Tham gia các chương trình airdrop, bounty của các dự án ICO. Sau đó, dự án có thể trả cho bạn bằng ETH hoặc token dự án, bạn bán ra trên các sàn giao dịch Ethereum để thu về ETH.
tiendientu.org-dau-tu-ethereum-5
Cách kiếm Ethereum miễn phí.

Những cách kể trên chỉ là lý tưởng, độc giả cần nghiên cứu, xem xét kỹ các hình thức kiếm ETH miễn phí, vì có thể dễ dàng rơi vào một vụ scam làm mất cả thời gian, sức lực lẫn tiền bạc của chính mình.

  1. Cách đầu tư Ethereum
2.1. Có nên đầu tư Ethereum không?

Cuối năm 2017 và giai đoạn đầu năm 2018, cái tên Ethereum nổi lên trong cộng đồng như là một trong những đồng coin giá trị đáng đầu tư nhất. Đã có rất nhiều đánh giá tốt về đồng coin của Vitalik Buterin, và đồng thời giá ETH thực sự mang lại lợi nhuận cho nhà đầu tư qua những lần tăng mạnh.

Tuy nhiên, càng dần về cuối năm 2018, tin tức Ethereum tiêu cực xuất hiện liên tiếp. Casper Ethereum và những nâng cấp khác đều lần lượt bị trì hoãn, làm cộng đồng dần mất niềm tin với ETH. Quá trình chuyển thuật toán ETH từ Proof-of-Work sang Proof-of-Stake thu hút sự quan tâm rất lớn, nhưng cần tốn nhiều thời gian để thực hiện, nên không thể trở thành “cú hit” đẩy giá nhất thời.

Có nên đầu tư Ethereum không?

Vậy có nên đầu tư ETH nữa không? “Cách chơi” Ethereum như thế nào để sinh lời nhất? Điều này tùy thuộc vào sự tin tưởng của bạn vào tương lai Ethereum. Ngoài vấn đề về giá cả, chúng ta cần hiểu biết cả những công nghệ và phát triển đằng sau đồng altcoin này, từ đó có được đánh giá đúng đắn nhất về ETH và dự đoán giá Ethereum năm 2018 cũng như những năm tiếp theo. Cách chơi ETH có nhiều kiểu, trade lướt sóng hay đầu tư dài hạn là tùy thuộc vào phương pháp và nhận định của từng người.

Theo những ETH news mới nhất, đợt hard fork Ethereum tiếp theo là Constantinople sau bao lần trì hoãn đã được ấn định vào tháng 1/2019. Cộng đồng đang “nín thở” chờ đón Ethereum hard fork này, vì nó là một yếu tố quan trọng trong quá trình phát triển công nghệ của đồng altcoin. Nếu Constantinople thành công theo đúng dự kiến, nhà đầu tư và người hâm mộ có lẽ sẽ có thêm lòng tin khi đầu tư Ethereum.

2.2. Check ETH transaction – Kiểm tra giao dịch ETH

Để kiểm tra lịch sử giao dịch Ethereum, hay lịch sự chuyển ETH từ ví này sang ví khác, chúng ta thực hiện theo các bước sau:

  • vào https://etherscan.io/
  • nhập vào ô Search by Address… địa chỉ ví A hoặc ví B
  • chọn GO
Etherscan (không phải là Ethereum scan nhé!) sẽ show ra lịch sử giao dịch của ví, hay tất cả TxHash của chiếc ví. Muốn check TxID ETH nào, bạn click vào giao dịch đó để xem chi tiết.

Check ETH transaction.
Ở mục TxReceipt Status:

  • nếu Success tức là giao dịch này đã thực hiện thành công và ví người nhận đã nhận được ETH
  • nếu Pending nghĩa là giao dịch này vẫn đang trong quá trình xác nhận và ví của người nhận vẫn chưa nhận được ETH

Kiểm tra giao dịch ETH.

Bên cạnh check ETH transaction, một nỗi băn khoăn khác của người dùng là Gas limit Ethereum là gì? Gas limit Ethereum được gọi là giới hạn năng lượng vì đó là số Ether tối thiểu mà bạn sẵn sàng chi trả cho phí giao dịch. Điều này tránh được tình huống có một lỗi ở nơi nào đó trong hợp đồng, và bạn gửi 1 ETH mà không có nơi nhận. Nếu bạn không đủ gas limit Ethereum thì khi gửi giao dịch sẽ gặp lỗi “Out of Gas” và giao dịch không được thực hiện.

Bạn có thể kiểm tra các mức gas ETH hiện nay với ETH Gas Station tại địa chỉ web: https://ethgasstation.info/index.php để tính toán được phí giao dịch ETH phù hợp nhất.

ETH Gas Station.v

  1. Cách tìm kiếm thông tin và đọc thông tin về Ethereum
Thị trường cryptocurrency biến động rất mạnh và news Ethereum xuất hiện liên tục. Để cập nhật những thông tin, tin tức Ethereum mới nhất và thường xuyên, các bạn có thể theo dõi trên các trang web ETH news phổ biến như: Cointelegraph, Bitcoinist, CCN, News.bitcoin,… và các mạng xã hội như Twitter, Telegram, Facebook cũng như những diễn đàn cryptocurrency như Bitcointalk.

Dù có một số dự báo giá Ethereum 2018 rất tốt, sẽ tăng mạnh nhưng thực tế thì giá ETH liên tục biến động lên xuống thất thường. Vào ngày 13/1/2018, giá Ethereum đạt đỉnh điểm hơn 1.440 USD, đánh dấu “thời khắc huy hoàng” của đồng altcoin là “vua của mọi altcoin” khi đó. Nhưng sau đó, giá ETH bắt đầu sụt giảm, đến tháng 12/2018 chỉ dao động quanh cột mốc 100 USD. Những biến động đó được thể hiện một phần qua biểu đồ giá ETH trên Coinmarketcap như sau:

Biểu đồ giá ETH.

  1. Tóm tắt
Hiện nay, có khá nhiều cách đào Ethereum nhưng với người mới thì một số cách đào ETH rất phức tạp. Trong bài viết này, tiendientu.org sẽ hướng dẫn đào Ethereum theo một cách đơn giản và dễ thực hiện là đào Ethereum với Minergate. Ngoài ra, có thể sử dụng một số tool đào ETH như Claymore Ethereum,… Minergate là một trong những pool đào ETH tốt nhất và phổ biến nhất trên thế giới, nên khi mới bắt đầu, thợ đào có thể chọn pool đào ETH này để tiến hành đào Ethereum.

Là một miner (thợ đào), Ethereum difficulty hay độ khó đào Ethereum là yếu tố quan trọng cần lưu ý. Độ khó đào ETH tăng cao khi càng có nhiều miner tham gia cạnh tranh đào, dẫn đến tỷ lệ đào trúng ETH thấp đi.

Đào Ethereum và đầu tư Ethereum như thế nào cho hiệu quả, tin tức về Ethereum tại Việt Nam.

Vậy có nên đầu tư ETH nữa không? “Cách chơi” Ethereum như thế nào để sinh lời nhất? Điều này tùy thuộc vào sự tin tưởng của bạn vào tương lai Ethereum. Ngoài vấn đề về giá cả, chúng ta cần hiểu biết cả những công nghệ và phát triển đằng sau đồng altcoin này, từ đó có được đánh giá đúng đắn nhất về ETH và dự đoán giá Ethereum năm 2018 cũng như những năm tiếp theo.

Check ETH transaction trên Etherscan (không phải Ethereum scan) để kiểm tra lịch sử các giao dịch Ethereum.

Cập nhật tin tức mới nhất về blockchain và cryptocurrency tại Tiendientu.org
submitted by tiendientuorg to u/tiendientuorg [link] [comments]

The Problem with PoW

The Problem with PoW

Miners have always had it rough..
"Frustrated Miners"


The Problem with PoW
(and what is being done to solve it)

Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency.
In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin.
Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases.
Hashrates and Hardware Types
While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners.
When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm.
This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time.
Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon.
2 Guys 1 ASIC
One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption.
Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix.
When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete.
This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control.
Implications of Centralization
This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors).
This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things.
The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions.
The Rise of FPGAs
With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending.
A perfect real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called VerusCoin and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network.
Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements.
Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes.
All is not lost thanks to.. um.. Technology?
Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”
In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution.
Digging a bit deeper it turns out the Verus development team are no rookies. The lead developer Michael F Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date. A brief description of what makes VerusCoin special quoted from a community member-
"Verus has a unique and new consensus algorithm called Proof of Power which is a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0. VerusHash 2.0 is designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, which is also one defense against the centralizing potential of botnets. Unlike past efforts to equalize hardware hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain even more power relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is not a "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well"
If other projects can learn from this and adopt a similar approach or continue to innovate with new ideas, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing present an overall unprecedented level of decentralization not yet seen in cryptocurrency.
Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term.
In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, cryptocurrency is here to stay and the projects that are doing something to solve the current problems in the proof of work consensus mechanism will be the ones that lead us toward our collective vision of a better world- not just for the world of crypto but for each and every one of us.
submitted by Godballz to gpumining [link] [comments]

New people please read this. [upvote for visibility please]

I am seeing too many new people come and and getting confused. Litecoin wiki isn't the greatest when it comes to summing up things so I will try to do things as best as I can. I will attempt to explain from what I have learned and answer some questions. Hopefully people smarter than me will also chime in. I will keep this post updated as much as I can.
Preface
Litecoin is a type to electronic currency. It is just like Bitcoin but it there are differences. Difference explained here.
If you are starting to mine now chances are that you have missed the Bitcoin mining train. If you really want your time and processing power to not go to waste you should mine LTC because the access to BTC from there is much easier.
Mining. What is it?
Let's get this straight. When making any financial commitment to this be prepared to do it with "throw away" money. Mining is all about the hashrate and is measured in KH/s (KiloHash/sec). Unlike the powerful ASICs (Application Specific Integrated Circuit) that are used to mine bitcoins using hashrates in the GH/s and even TH/s, litecoin mining has only been able to achieve at the very best MH/s. I think the highest I've seen is 130 MH/s so far. Which leads us to our next section.
Mining Hardware
While CPU mining is still a thing it is not as powerful as GPU mining. Your laptop might be able to get 1 a month. However, I encourage you to consult this list first. List of hardware comparison You will find the highest of processors can maybe pull 100 KH/s and if we put this into a litecoin mining calculator it doesn't give us much.
Another reason why you don't want to mine with your CPU is pretty simple. You are going to destroy it.
So this leaves us with GPUs. Over the past few months (and years) the HD 7950 has been the favourite because it drains less power and has a pretty good hashrate. But recently the introduction of the R9 290 (not the x) has changed the game a bit. People are getting 850 KH/s - 900 KH/s with that card. It's crazy.
Should I mine?
Honestly given the current difficulty you can make a solid rig for about $1100 with a hashrate of 1700 KH/s which would give you your investment back in about a month and a half. I am sure people out there can create something for much cheaper. Here is a good example of a setup as suggested by dystopiats
PCPartPicker part list / Price breakdown by merchant / Benchmarks
Type Item Price
CPU AMD Sempron 145 2.8GHz Single-Core Processor $36.01 @ Amazon
Motherboard ASRock 970 EXTREME4 ATX AM3+ Motherboard $99.48 @ OutletPC
Memory Crucial Ballistix Tactical Tracer 4GB (1 x 4GB) DDR3-1866 Memory $59.99 @ Newegg
Video Card Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire) $245.38 @ Newegg
Video Card Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire) $245.38 @ Newegg
Video Card Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire) $245.38 @ Newegg
Power Supply SeaSonic Platinum 860W 80+ Platinum Certified Fully-Modular ATX Power Supply $146.98 @ SuperBiiz
Total
Prices include shipping, taxes, and discounts when available. $1078.60
Generated by PCPartPicker 2013-11-29 00:52 EST-0500
Estimated Hashrate (with GPU overclocking) : 1900 KH/s
Hardware Fundamentals
CPU - Do you need a powerful CPU? No but make sure it is a decent one. AMD CPUs are cheap to buy right now with tons of power. Feel free to use a Sempron or Celeron depending on what Motherboard you go with.
RAM - Try to get at least 4 GB so as to not run into any trouble. Memory is cheap these days. I am saying 4 GB only because of Windoze. If you are plan to run this on Linux you can even get away with less memory.
HDD Any good ol 7200 RPM hard drive will do. Make sure it is appropriate. No point in buying a 1TB hard drive. Since, this is a newbie's guide I assumed most won't know how to run linux, but incase you do you can get a USB flash drive and run linux from it thus removing the need for hard drive all toghether. (thanks dystopiats)
GPU - Consult the list of hardware of hardware I posted above. Make sure you consider the KH/s/W ratio. To me the 290 is the best option but you can skimp down to 7950 if you like.
PSU - THIS IS BLOODY IMPORTANT. Most modern GPUs are power hungry so please make sure you are well within the limits of your power consumption.
MOTHERBOARD - Ok, so a pretty popular board right now is Gigabyte GA-990FXA-UD3 and the ASRock 970 Extreme4. Some people are even going for Gigabyte GA-990FXA-UD5 and even the mighty Gigabyte GA-990FXA-UD7 because it has more PCI-E slots. 6 to be exact. However you may not need that much. With risers you can get more shoved into less.
PCI-E RISERS - These are called risers. They come in x16 to x16 and x1 to x16 connections. Here is the general rule of thumb. This is very important. Always get a POWERED riser otherwise you will burn a hole in your MoBo. A powered rise as a molex connector so that additional power from PSU can be supplied.
When it comes to hardware I've provided the most basic knowledge you need. Also, take a look at cryptobader's website. This is very helpful. Please visit the mining section of Litecoin Forums and the litecoinmining subreddit for more indepth info.
Mining Software
Now that you have assembled your hardware now you need to get into a pool. But before you do that you need a mining software. There are many different ones but the one that is most popular is cgminer. Download it and make sure you read the README. It is a very robust piece of software. Please read this if you want to know more. (thanks BalzOnYer4Head)
Mining Pools
Now that your hardware and software is ready. I know nothing about solo mining other than the fact that you have to be very lucky and respectable amount of hashing power to decrypt a block. So it is better to join pools. I have been pool hopping for a bit and really liked give-me-coin previously known to the community as give-me-ltc. They have a nice mobile app and 0% pool fees. This is really a personal preference. Take a look at this list and try some yourself.
How do I connect to a pool?
Most pools will give you a tutorial on how to but the basics are as follows:
  • Signup for a pool
  • Create a worker for your account. Usually one worker per rig (Yes people have multiple rigs) is generally a good idea.
  • Create a .run file. Open up notepad and type cgminer.exe -o (address_to_the_miningpool:port_number) -u (yourusername.workername) -p (your_worker_password_if_you_made_one). Then File>Save As>runcgminer.run (Make sure the drop down is set to "All Files" and .txt document.) and save in the same folder as cgminer. That's it.
  • Double click on runcgminer.run (or whatever you named it) and have fun mining.
Mining Profitability
This game is not easy. If it was, practically everyone would be doing it. This is strictly a numbers game and there are calculations available that can help you determine your risk on your investments. 4 variables you need to consider when you are starting to mine:
Hardware cost: The cost of your physical hardware to run this whole operation.
Power: Measured in $/KwH is also known as the operating cost.
Difficulty rate: To put it in layman's terms the increase in difficulty is inversely proportional to amount of coin you can mine. The harder the difficulty the harder it is to mine coin. Right now difficulty is rising at about 18% per 3 days. This can and will change since all you miners are soon going to jump on the band wagon.
Your sanity: I am not going to tell you to keep calm and chive on because quiet frankly that is stupid. What I will tell you not to get too carried away. You will pull you hair out. Seriously.
Next thing you will need is a simple tool. A mining profitability calculator. I have two favourite ones.
coinwarz
I like this one cause it is simple. The fields are self explanatory. Try it.
bitcoinwisdom
I like this one because it is a more real life scenario calculator and more complicated one (not really). It also takes increasing difficulty into account.
Please note: This is the absolute basic info you need. If you have more questions feel free to ask and or google it!
More Below.
submitted by craeyon to litecoin [link] [comments]

The Problem with PoW

"Frustrated Miners"

The Problem with PoW
(and what is being done to solve it)

Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency.
In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin.
Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases.

Hashrates and Hardware Types

While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners.
When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm.
This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time.
Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon.

2 Guys 1 ASIC

One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption.
Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix.
When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete.
This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control.

Implications of Centralization

This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors).
This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things.
The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions.

The Rise of FPGAs

With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending.
A perfect real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called Verus Coin (https://veruscoin.io/) and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network.
Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements.
Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes.

All is not lost thanks to.. um.. Technology?

Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”
In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution.
Digging a bit deeper it turns out the Verus development team are no rookies. The lead developer Michael F Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date. A brief description of what makes VerusCoin special quoted from a community member-
"Verus has a unique and new consensus algorithm called Proof of Power which is a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0. VerusHash 2.0 is designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, which is also one defense against the centralizing potential of botnets. Unlike past efforts to equalize hardware hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain even more power relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is not a "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well"

If other projects can learn from this and adopt a similar approach or continue to innovate with new ideas, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing present an overall unprecedented level of decentralization not yet seen in cryptocurrency.
Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term.

In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, cryptocurrency is here to stay and the projects that are doing something to solve the current problems in the proof of work consensus mechanism will be the ones that lead us toward our collective vision of a better world- not just for the world of crypto but for each and every one of us.
submitted by Godballz to CryptoTechnology [link] [comments]

So you’ve got your miner working, busy hashing away … but what is it really doing?

Posted for eternity @ https://vertcoin.easymine.online/articles/mining
Your miner is repeatedly hashing (see below for detail about a hash) a block of data, looking for a resulting output that is lower than a predetermined target. Each time this calculation is performed, one of the fields in the input data is changed, and this results in a different output. The output is not able to be determined until the work is completed – otherwise why would we bother doing the work in the first place?
Each hash takes a block header (see more below, but basically this is a 80-byte block of data). It runs this through the hashing function, and what comes out is a 32-byte output. For each, we usually represent that output in hexadecimal format, so it looks something like:
5da4bcb997a90bec188542365365d8b913af3f1eb7deaf55038cfcd04f0b11a0 
(that’s 64 hexadecimal characters – each character represents 4-bits. 64 x 4 bits = 256bit = 32 bytes)
The maximum value for our hash is:
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 
And the lowest is:
0000000000000000000000000000000000000000000000000000000000000000 
The goal in Proof-of-Work systems is to look for a hash that is lower than a specific target, i.e. starts with a specific number of leading zeros. This target is what determines the difficulty.
As the output of the hash is indeterminate, we look to statistics and probability to estimate how much work (i.e. attempts at hashing) we need to complete to find a hash that is lower than a specific target. So, we can therefore assume that to find a hash that starts with a leading zero will take, on average, 16 hashes. To find one that will start with two leading zeros (00), we’re looking at 256 hashes. Four leading zeros (0000) will take 65,536 hashes. Eight leading zeros (00000000) takes 4,294,967,296 hashes. So on and so on, until we realize that it will take 2 ^ 256 (a number too big for me to show here) attempts at hitting our minimum hash value.
Remember – this number of hashes is just an estimate. Think of it like rolling a dice. A 16-sided dice. And then rolling it 64 times in a row. And hoping to strike a specific number of leading zeros. Sometimes it will take far less than the estimate, sometimes it will take far more. Over a long enough time period though (with our dice it may take many billions of years), the averages hold true.
Difficulty is a measure used in cryptocurrencies to simply show how much work is needed to find a specific block. A block of difficulty 1 must have a hash smaller than:
00000000FFFF0000000000000000000000000000000000000000000000000000 
A block of difficulty 1/256 (0.00390625) must have a hash lower than:
000000FFFF000000000000000000000000000000000000000000000000000000 
And a block of difficulty 256 must have a hash lower than:
0000000000FFFF00000000000000000000000000000000000000000000000000 
So the higher the difficulty, the lower the hash must be; therefore more work must be completed to find the block.
Take a recent Vertcoin block – block # 852545, difficulty 41878.60056944499. This required a hash lower than:
000000000001909c000000000000000000000000000000000000000000000000 
The achieve finding this, a single miner would need to have completed, on average 179,867,219,848,013 hashes (calculated by taking the number of hashes needed for a difficulty 1 block - 4,294,967,296 or 2 ^ 32 or 16 ^ 8 – and multiplied by the difficulty). Of course, our single miner may have found this sooner – or later – than predicted.
Cryptocurrencies alter the required difficulty on a regular basis (some like Vertcoin do it after every block, others like Bitcoin or Litecoin do it every 2016 blocks), to ensure the correct number of blocks are found per day. As the hash rate of miners increases, so does the difficulty to ensure this average time between blocks remains the same. Likewise, as hash rate decreases, the difficulty decreases.
With difficulties as high as the above example, solo-mining (mining by yourself, not in a pool) becomes a very difficult task. Assume our miner can produce 100 MH/s. Plugging in this into the numbers above, we can see it’s going to take him (on average) 1,798,673 seconds of hashing to find a hash lower than the target – that’s just short of 21 days. But, if his luck is down, it could easily take twice that long. Or, if he’s lucky, half that time.
So, assuming he hit’s the average, for his 21 days mining he has earned 25 VTC.
Lets take another look at the same miner, but this time he’s going to join a pool, where he is working with a stack of other miners looking for that elusive hash. Assume the pool he has joined does 50 GH/s – in that case he has 0.1 / 50 or 0.2% of the pool’s hash rate. So for any blocks the pool finds he should earn 0.2% of 25 VTC = 0.05 VTC. At 50 GH/s, the pool should expect to spend 3,597 seconds between finding blocks (2 ^ 32 * difficulty / hashrate). So about every hour, our miner can expect to earn 0.05 VTC. This works out to be about 1.2 VTC per day, and when we extrapolate over the estimated 21 days of solo mining above, we’re back to 25 VTC.
The beauty of pooled-mining over solo-mining is that the time between blocks, whilst they can vary, should be closer to the predicted / estimated times over a shorter time period. The same applies when comparing pools – pools with a smaller hash rate will experience a greater variance in time between blocks than a pool with a greater hash rate. But in the end, looking back over a longer period of time, earnings will be the same.
Hashes
A Hash is a cryptographic function that can take an arbitrary sized block of data and maps it to a fixed sized output. It is a one-way function – only knowing the input data can one calculate the output; the reverse action is impossible. Also, small changes to the input data usually result in significant changes to the output value.
For example, take the following string:
“the quick brown fox jumps over the lazy dog” 
If we perform a SHA256 hash of this, it results in:
05c6e08f1d9fdafa03147fcb8f82f124c76d2f70e3d989dc8aadb5e7d7450bec 
If we change a single character in the input string (in this case we will replace the ‘o’ in ‘over’ to a zero), the resulting hash becomes:
de492f861d6bb8438f65b2beb2e98ae96a8519f19c24042b171d02ff4dfecc82 
Blocks
A block is made up of a header, and at least one transaction. The first transaction in the block is called the Coinbase transaction – it is the transactions that creates new coins, and it specifies the addresses that those coins go to. The Coinbase transaction is always the first transaction in a block, and there can only be one. All other transactions included in a block are transactions that send coins from one wallet address to another.
The block header is an 80-byte block of data that is made up of the following information in this order:
  • Version – a 32-bit/4-byte integer
  • Previous Block’s SHA256d Hash – 32 bytes
  • Merkle Hash of the Transactions – 32 bytes
  • Timestamp - a 32-bit/4-byte integer the represents the time of the block in seconds past 1st January 1970 00:00 UTC
  • nBits - a 32-bit/4-byte integer that represents the maximum value of the hash of the block
  • Nonce - a 32-bit/4-byte integer
The Version of a block remains relatively static through a coin’s lifetime – most blocks will have the same version. Typically only used to introduce new features or enforce new rules – for instance Segwit adoption is enforced by encoding information into the Version field.
The Previous Blocks’ Hash is simple a doubled SHA256 hash of the last valid blocks header.
The Merkle Hash is a hash generated by chaining all of the transactions together in a hash tree – thus ensuring that once a transaction is included in a block, it cannot be changed. It becomes a permanent record in the blockchain.
Timestamp loosely represents the time the block was generated – it does not have to be exact, anywhere within an hour each way of the real time will be accepted.
nBits – this is the maximum hash that this block must have in order to be considered valid. Bitcoin encodes the maximum hash into a 4-byte value as this is more efficient and provides sufficient accuracy.
Nonce – a simple 4-byte integer value that is incremented by a miner in order to find a resulting hash that is lower than that specified by nBits.
submitted by nzsquirrell to VertcoinMining [link] [comments]

The rise of specialized hardware (particularly FPGAs) and its impact on the mining community

The rise of specialized hardware (particularly FPGAs) and its impact on the mining community

Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency.

In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin.

Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases.

Hashrates and Hardware Types
While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners.

When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm.

This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time.

Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon.

The Arms Race of the Geek
One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption.

Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix.

When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete.

This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control.

Implications of Centralization
This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors).

This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things.

The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions.

The Rise of FPGAs
With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending.

A real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called Verus Coin (https://veruscoin.io/) and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network.

Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements.

Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes.

Inclusive Hardware Equalization, Security, Decentralization
Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”

In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution.

If other projects adopt Verus’ new algorithm- VerusHash 2.0, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing presents an overall unprecedented level of decentralization not seen in cryptocurrency.

Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term.

In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, VerusHash 2.0 is a shining beacon of hope and a lasting testament to the project’s unwavering dedication to it’s vision of a better world- not just for the world of crypto but for each and every one of us.
submitted by Godballz to CryptoTechnology [link] [comments]

Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings

Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings

https://preview.redd.it/85lpl2md4e221.png?width=690&format=png&auto=webp&s=2d3bab69f0570a96f55d790d25f1b1ab08c0a49b
https://cryptoiq.co/the-bitcoin-mining-hash-rate-has-similarities-to-peak-oil/
The Bitcoin mining hash rate had been exponentially increasing on average since the genesis block in 2009, from MH/s, to GH/s, to TH/s, to PH/s, to EH/s, and it reached an all-time record high of 62 EH/s on 26 August 2018. Since this peak was reached, the Bitcoin mining hash rate gradually plateaued and has now decreased. The chart of Bitcoin mining hash rate actually looks quite similar to a peak oil chart except on a much faster time-scale, as can be seen in the comparison between Bitcoin’s hash rate over the course of 2 years from Blockchain.com and North Sea oil production from an article in The Oil Drum: Europe by Euan Mearns. As explained below, the dynamics between peak oil and peak Bitcoin mining are similar, with the key difference that Bitcoin mining is decentralized and oil is not.

https://preview.redd.it/op5ept1g4e221.png?width=512&format=png&auto=webp&s=2b3b35eb631f31a64ed7beb01f283832bd231e4c

https://preview.redd.it/nfyhlf4h4e221.png?width=678&format=png&auto=webp&s=46a0ca7e11f274c5678f6421b1eebb788eab5197
Geologist M. King Hubbert is the founder of the peak oil theory, which states that there is a point when the maximum extraction rate of petroleum is reached, after which a terminal decline in production ensues. The peak rate of extraction of Bitcoin of course occurred during the period after the genesis block and before the first block halving, when the block reward was at its maximum of 50 Bitcoins. However, this is not the peak rate of mining profitability, since Bitcoin increased in price by orders of magnitude through the year 2017. The peak rate of Bitcoin mining profits undoubtedly was simultaneous with Bitcoin’s all-time record high of USD 20,000 in December 2017.
The reason the peak hash rate did not coincide with the peak rate of Bitcoin mining profits is because the rally happened so quickly that mining operations were not able to add rigs fast enough, so there was a lag effect. Even for mining operations with large amounts of capital it can take months to obtain the amount of mining equipment that they want, and for other mining operations it took even longer because they had to obtain investors, buy land, build infrastructure, and only then could they install the rigs and begin hashing.
The Bitcoin mining hash rate chart implicitly indicates that 30 EH/s of Bitcoin mining equipment has been taken offline due to lack of profitability, which represents tens of billions of USD of wasted rigs. This suggests that Bitcoin miners were caught by surprise by the decline in Bitcoin’s price from USD 20,000 to less than USD 4,000 as of 4 December 2018.
Coming back to the peak oil comparison, the current Bitcoin mining scene is like a rapid version of peak oil, combined with lack of coordination. Oil mining is a centralized and coordinated activity, where the oil is prospected, land is leased out and then an appropriate number of wells are drilled. With oil mining, companies cannot drill as many wells as they want, or drill wells on someone else’s lease, since this is all closely controlled by contractual agreements. Bitcoin mining is decentralized, and no one has a lease or contract to only mine with a certain amount of hash rate. Anyone in the world can run as much Bitcoin mining rigs as they can afford. The effect is that people all around the world are sticking their straws into the Bitcoin mining network all at the same time, and they sucked it dry. Essentially, so many people started up new mining operations at once without coordination, that the Bitcoin mining hash rate went way past its equilibrium, which hurt everyone involved. This is akin to if oil drilling was a decentralized process, and anyone who wanted to drill for oil could drill in the same field. The oil field would be sucked dry really quick, and then most of the drills would be shut down due to lack of profits.
There is hope for Bitcoin miners however. The price of Bitcoin simply has to rally, and all of the disenfranchised miners could restart their rigs, and then it would be back to the races and new rigs could begin being added. However, due to the decentralization of Bitcoin mining, the network hash rate will likely periodically rise past its equilibrium point, leading to catastrophic conditions for miners like we are experiencing today at points in the future. The only thing that could prevent the scenario we are experiencing today is a Bitcoin rally that lasts forever, which is obviously not possible.
James McAvity tweeted that Bitcoin mining is still profitable in the current environment, and does some simple linear calculations to prove this point. He also argues that miners are forced to keep mining due to business agreements, choose to HODL in expectation of a rally, and continue mining in expectation of a downward difficulty adjustment as other miners go offline.
https://twitter.com/jamesmcavity/status/1069669073552736256
Some of what McAvity says is true, but the reality is that Bitcoin mining is a highly non-linear system, and calculating the support level for mining is somewhat pointless, since it is different for every miner. Bitcoin mining profitability depends on Bitcoin’s price, the Bitcoin network hash rate which is directly correlated to mining difficulty, and the technological efficiency of Bitcoin mining rigs. These 3 factors are related in a non-linear and ever-changing way.
Instead of trudging away at trying to develop a set of equations that determine mining hash rate behavior, one could simply look at the Bitcoin mining hash rate chart at the beginning of this article to understand what is going on. Bitcoin mining profitability is different for each individual miner, and the hash rate has trended downwards as individual miners have made the decision to shut down rigs. Clearly there was a fundamental mining profitability support level in the USD 6,000-7,000 range, since that is where Bitcoin’s price was when mining peaked and plateaued. There are clearly numerous miners who became unprofitable on the descent from that level to less than USD 4,000 today, and now approximately 50% of the Bitcoin mining equipment that exists cannot profitably mine. The decrease in Bitcoin’s mining difficulty of 15% on 3 December 2018 could help bring some of those miners back online, at least if the price stays at current levels around USD 4,000, but this will not change the overall trend.
When it comes down to it, Bitcoin’s price is in control of Bitcoin mining profitability, and if the price goes up we could see a reversal of the hash rate downtrend and eventually a 2nd peak in Bitcoin’s network hash rate. However, if price continues to go down, the Bitcoin mining hash rate chart will follow a similar pattern to peak oil charts. The reality will likely be a combination of both. Bitcoin bear markets tend to last years, and get more severe, but eventually the rally comes and then Bitcoin exceeds its all-time record high. This would lead to a steady decrease in Bitcoin’s mining hash rate like the peak oil chart, followed by a rapid re-engagement of old mining rigs that have been taken offline, and then the addition of new generation Bitcoin mining rigs once the equilibrium hash rate exceeds 60 EH/s.
submitted by turtlecane to Bitcoin [link] [comments]

Subreddit Stats: nyancoins top posts from 2014-01-22 to 2017-12-11 08:32 PDT

Period: 1419.14 days
Submissions Comments
Total 982 13857
Rate (per day) 0.69 9.75
Unique Redditors 223 1038
Combined Score 6770 19579

Top Submitters' Top Submissions

  1. 895 points, 208 submissions: coinaday
    1. Thank You: An interlude for gratitude (11 points, 19 comments)
    2. [community] You are a leader of Nyancoins / Herding Cats: Leading Leaders; Leadership in a Decentralized Community (10 points, 8 comments)
    3. Current Status / What I need to do (9 points, 4 comments)
    4. 1Ɲ >= 1Đ (8 points, 4 comments)
    5. I've got /nyancoin; anyone want to make use of it? (8 points, 13 comments)
    6. Want a NYAN faucet? Try out GetFairShare, a Crypto Universal Basic Income experiment; now with NYAN! (8 points, 3 comments)
    7. [finance] [theory] [first draft] Why NYAN is a great hodler's coin (8 points, 0 comments)
    8. [meta] [misadventures of coinaday] I quit! Okay, I'll stick out the two weeks. ...uh, sure, I'll try out management... ; also being a Good Samaritan feels great (8 points, 2 comments)
    9. I'm ready to give up on life; in which coinaday finally has his full-blown mental breakdown. So long, and thanks for all the rainbows! (7 points, 20 comments)
    10. Learn languages and earn NYAN: I strongly encourage everyone to sign up for (if you haven't already) and use Duolingo! (7 points, 16 comments)
  2. 588 points, 45 submissions: americanpegasus
    1. Fellow kitty-tats: We are making friends over at /dogemarket! They like us, and we should support them in kind! (31 points, 20 comments)
    2. Have you kats seen this!!? We just got mentioned in a Wired article above even Dogecoin! Wow! (30 points, 12 comments)
    3. GAME OF NYANCAT, Episode 4... Thousands of Nyancoins to win this weekend, for free! Choose your kingdom, choose your job, and claim your share of the treasure: Let's make this the biggest game yet! (28 points, 274 comments)
    4. We just passed CatCoin in marketcap: We are in 59th place and officially have lift off! Hold on to your poptarts - here we go! (28 points, 8 comments)
    5. I want to extend a huge thanks to Phecalfeliac who has successfully given us our very own tip bot! (nyantip) Please post in this topic so we can all tip you our thanks (with your own bot). (23 points, 80 comments)
    6. We are going to 500 subscribers this weekend: I guarantee it. Nyancoin has exploded, and I just want you to look at how far you've come in just 7 days. (23 points, 34 comments)
    7. Prepare to play... GAME OF NYANCAT. The Kingdom that wins will split a 1000 Nyancoin bounty, and all players are eligible for random tips. (22 points, 63 comments)
    8. GAME OF NYANCAT, Episode 2 (1/27/14)... Play NOW for free and win free Nyancoins! Every player will get tipped coins, and the Kingdom that wins will split up to a 1,000 NYAN treasure! Let the quest begin! (21 points, 73 comments)
    9. I took care of the vincent21212 & fake Nyancoin subreddit problem. (21 points, 14 comments)
    10. GAME OF NYANCAT, Episode 3 (1/28/14)... Play NOW for free and win free Nyancoins! Every player will get tipped coins, and the Kingdom that wins will split up to a 1,000 NYAN treasure! Let the quest begin! (20 points, 60 comments)
  3. 326 points, 40 submissions: atheistftwins
    1. BEWARE! Crycurex.com may be attempting to add NYAN! (22 points, 8 comments)
    2. Lets make Nyancoin games! Increased bounty size to 40,000 NYAN! (20 points, 59 comments)
    3. In honor of our recent success and becoming the biggest cat-themed coin on reddit, I'm hosting a giveaway and raffle! (15 points, 190 comments)
    4. Lets make a game for Nyancoin! 10,000 NYAN bounty! (14 points, 43 comments)
    5. Dev says Chris and the Nyancat team will begin heavy promotion of the coin soon! What should the community do to support this? (13 points, 4 comments)
    6. It's time for the community to revive this coin. Promotional campaign: 50,000 NYAN bounty! (12 points, 66 comments)
    7. Preparation for KGW: up to 11,000 NYAN giveaway. One person will walk away with 2500 NYAN! (To my knowledge the biggest tip that will have been given away here.) (11 points, 44 comments)
    8. We just passed difficulty of 10! Giving away 10 NYAN to anyone who posts here up to 1000 NYAN! (11 points, 229 comments)
    9. We need more marketing of the coin. (11 points, 21 comments)
    10. Flash NYAN giveaway! Will last 24 hours instead of usual 6. Meta-topic: What kind of giveaway does the community want? (10 points, 42 comments)
  4. 266 points, 33 submissions: braxx1980
    1. new exchange looking for trading pairs... voting NYAN up (19 points, 28 comments)
    2. maybe we need some nyancoin support from deadmau5 and skrillex (16 points, 5 comments)
    3. NYAN now also listed on cryptx.io (14 points, 5 comments)
    4. [idea] why not ask doge 4 water to add NYAN (13 points, 9 comments)
    5. NYANcoin... to boldly go where no NYAN has gone before CYBERSPACE (12 points, 8 comments)
    6. apologies to Joel (easyjo) for the FUD for altoutlet. He is the best. Giving Nyan a chance to his store... THANK YOU JOEL (12 points, 1 comment)
    7. GREAT NEWS: altoutlet.com is going to add us this week (11 points, 3 comments)
    8. TIME IS UP... let's find ourself a new developer (11 points, 9 comments)
    9. We hit COINMARKETCAP (@the moment place 66) (11 points, 18 comments)
    10. CALL OUT TO DEV: give us some status on the work on X11. I'll give you until 1 may. (10 points, 6 comments)
  5. 232 points, 29 submissions: Simcom
    1. More positive press!! The battle over Nyancoin: How a cat meme inspired a cryptocurrency war [TheDailyDot] (22 points, 1 comment)
    2. Nyancoin was just listed on it's first Chinese exchange! (15 points, 8 comments)
    3. How I feel when one of my NYAN tips is rejected. (14 points, 14 comments)
    4. [Giveaway - 2000 NyanCoin for tipping!] Go forth Space Kitties - to the the far reaches of Reddit!! Spread the the gospel of NyanCoin to all you encounter!! (14 points, 162 comments)
    5. Nyancoin is now listed on Cryptsy!!! (13 points, 14 comments)
    6. This was just shared with 3 Million People on Facebook!!! (11 points, 5 comments)
    7. Welcome newcomers! If you haven't done so already - stop by the 1st Official Reddit Giveaway thread for 33.7 free coins! [Repost] (11 points, 1 comment)
    8. Flight Commander Sgt. Fluffy McMeower, reporting for duty. (10 points, 6 comments)
    9. Let's Roll (10 points, 0 comments)
    10. Nyancoin added to the Cryptsy voting list!! VOTE NOW!!!!!! (10 points, 10 comments)
  6. 208 points, 13 submissions: nyancoin
    1. NYANCOIN FIRST OFFICIAL REDDIT GIVEAWAY - 33.7 nyancoins for the first 337 comments! (43 points, 744 comments)
    2. Nyancoin V 1.2 Out Now! Kimoto Gravity Well Implemented! MANDATORY UPDATE (28 points, 28 comments)
    3. Dev Updates (19 points, 14 comments)
    4. Some updates from the dev team (18 points, 22 comments)
    5. [Giveaway] 10 FREE NYANCOINS to the First 1000 Posts! (17 points, 204 comments)
    6. Dev Updates + Kimoto Gravity Well is here! (16 points, 17 comments)
    7. Check out the first Nyancoin promo video! (13 points, 26 comments)
    8. Nyan Cat Store Pre-opening Offer! (13 points, 40 comments)
    9. News and Update on Nyancoin (12 points, 31 comments)
    10. Nyancoin will be switching to X11 Algo! (11 points, 33 comments)
  7. 173 points, 35 submissions: KojoSlayer
    1. NyanCoin Miner v0.06 [Game WIP] (12 points, 19 comments)
    2. Nyancoin Pixel Art In MC (First Attempt!) (8 points, 5 comments)
    3. To Buy All The Nyan On Cryptsy 12.27904283 BTC Or 3004.19 US Dollars (8 points, 9 comments)
    4. New To Nyan & Cryptocurrency (7 points, 13 comments)
    5. Two Faucets?! One Week! This coins is dead I say! (7 points, 32 comments)
    6. [Bounty] 5,000 Nyan, 10,000 Nyan! Faucet! (7 points, 24 comments)
    7. [Hype][Update] Browser based MMORPG accepting Nyancoins. (7 points, 13 comments)
    8. Dice soft launch (6 points, 8 comments)
    9. Meow (6 points, 0 comments)
    10. Miners We Need YOU! (6 points, 20 comments)
  8. 163 points, 2 submissions: nyantip
    1. Hi, I am nyantip. I need karma to function. Upvote me and post something interesting in this thread to be tipped Nyancoin. (104 points, 170 comments)
    2. This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip! (59 points, 99 comments)
  9. 117 points, 15 submissions: sillyputti
    1. I didn't finish this in time for the Game of Nyancat, but better late than never...Nyan Power! (15 points, 27 comments)
    2. Just mined my first 100 Nyan, testing out the tipbot. Come help me tip. (10 points, 101 comments)
    3. Made a tutorial for beginners on mining nyan. Let me know if I can make it better. Thanks. (10 points, 9 comments)
    4. Remember Nekonauts, we have some pretty cool subreddits worth checking out too. (10 points, 10 comments)
    5. Updated the old Java GUI Miner. Try it out and see how it works, may have some use when KGW hits. (10 points, 0 comments)
    6. Guys, guys! I saw nyancoin on the Crypto-Currency chart! (8 points, 10 comments)
    7. Brainstorming and tip session at /nyangaming (7 points, 0 comments)
    8. ELI5: The benefits of being "Officially Licensed" coin are? (7 points, 15 comments)
    9. Found my first block today. Sharing some nyan for new nekonauts. 100 nyan give away. (7 points, 122 comments)
    10. Link to the creating your own faucet (7 points, 5 comments)
  10. 103 points, 17 submissions: OnwardFlying
    1. I'm not into Nyancoins for the money, however... (12 points, 8 comments)
    2. FortyNyaners have a 0% fee, nice layout. I like. (10 points, 3 comments)
    3. Too much hashrate at Nyanmine. Please diversify! (9 points, 8 comments)
    4. IRC @ chat.freenode.net, #Nyancoin (8 points, 1 comment)
    5. The video that started it all! (7 points, 0 comments)
    6. AMD/esp. nVidia miners, get more kh/s from your cards. (6 points, 1 comment)
    7. Coined Up at 5-15 Satoshi again. Quick get your cheap nyan! (6 points, 4 comments)
    8. IRL Nyan Sightings Increase Dramatically - We need your proof they exist! (6 points, 1 comment)
    9. Is it about time we think about a good push for Cryptsy? (6 points, 15 comments)
    10. [Bounty] Create a Nyancoin meme, get 10 nyan per upvote! (6 points, 9 comments)
  11. 98 points, 5 submissions: kiyami
    1. I'm a graphic designer new to nyancoin/reddit and wanted to help out. Hope you like it! (39 points, 35 comments)
    2. Starry Night (25 points, 17 comments)
    3. Cats: Every single one has a God-complex. (19 points, 4 comments)
    4. BRAiN FREEZE (11 points, 10 comments)
    5. wow such ascent, many flap... my four favorite coins together 4ever. Wallpaper! (4 points, 3 comments)
  12. 97 points, 22 submissions: jwflame
    1. Map of Nyancoin Nodes (7 points, 6 comments)
    2. More market weirdness that cannot be explained (7 points, 1 comment)
    3. Cryptopia block explorer gone ? (6 points, 2 comments)
    4. Found another mining pool. (6 points, 3 comments)
    5. NYANSEED is online (6 points, 12 comments)
    6. New block explorer (6 points, 1 comment)
    7. The 3rd exchange returns (6 points, 1 comment)
    8. 'official' website has gone (5 points, 3 comments)
    9. Domains for chain and website (5 points, 8 comments)
    10. Novaexchange closing (5 points, 3 comments)
  13. 89 points, 9 submissions: valcarni
    1. Nyancoin makes SBS Australian news (18 points, 4 comments)
    2. Don't just be a casual nekonaut press subscribe and get this channel up to 500 users (16 points, 5 comments)
    3. We need a new currency exchange (15 points, 13 comments)
    4. Don't know if you all saw this but, Follow The Coin announces how Nyancoin is the first offically licensed cryptocurrency (12 points, 0 comments)
    5. Nyancoin on its way up (12 points, 7 comments)
    6. My first 7.349511 Nyan (5 points, 6 comments)
    7. My contribution to the community - Nyancoin Lotto (4 points, 4 comments)
    8. The value of Nyancoins (4 points, 7 comments)
    9. Just need one more player in Game 1 of Nyancoin Lotto (3 points, 2 comments)
  14. 75 points, 9 submissions: IntelligentComment
    1. Nyan gaining popularity (14 points, 14 comments)
    2. Announcement nyandispenser.tk/faucet has been hacked. Please do not go to that website (12 points, 12 comments)
    3. California passed law making Bitcoins & Other cryptocurrency legal money (11 points, 1 comment)
    4. Official Nyancoin youtube launch video. Millions of dollars spent for production!! (11 points, 3 comments)
    5. Mine as much as you can, the popularity wave is coming (6 points, 6 comments)
    6. Nyan Coin Mining subreddit - New (6 points, 0 comments)
    7. Official Nyancoin catch phrases vote thread! Vote and submit! (6 points, 11 comments)
    8. Post pics of your nyan coin mining rig! (5 points, 21 comments)
    9. How to pronounce Nyan (4 points, 3 comments)
  15. 72 points, 11 submissions: slasherzx
    1. How I describe nyantip bot (12 points, 3 comments)
    2. ASIC scrypt miners incoming! (8 points, 14 comments)
    3. Is our faucet dry? (8 points, 20 comments)
    4. We are back at top 100 in coinmarketcap (8 points, 14 comments)
    5. After KGw, what's next.? (7 points, 6 comments)
    6. Cuckoo cycle a new algo? (7 points, 2 comments)
    7. Lets celebrate KGW implemented! No one is stopping Nyan now! (6 points, 0 comments)
    8. KNC upped the speed from 100mhs to 250mhs.. (4 points, 4 comments)
    9. Scrypt Adaptive-N + Kimoto Gravity (4 points, 22 comments)
    10. moonishere pool owning 50+% of net hashrate (4 points, 0 comments)
  16. 68 points, 7 submissions: petert0th
    1. Shut up and take my nyancoins! (18 points, 24 comments)
    2. Faucet added to 2048nyancoinz! (14 points, 33 comments)
    3. 2048nyancoinz - 2048 game with a lot of nyanz:) (10 points, 8 comments)
    4. Nyan Dice public beta is here! Check it out and tell me what do you think about it! (8 points, 13 comments)
    5. 1000th 2048nyancoinz dispense is coming, 15 to go, 100 nyan bounty for the lucky dispenser. (6 points, 22 comments)
    6. Making 500 nyancoins to almost 4000? Congrats to the first "large multiplier" winner:) (6 points, 0 comments)
    7. NyanDice is almost here! PM me if you want to beta test it. (6 points, 4 comments)
  17. 65 points, 7 submissions: lzr1900
    1. A generous Nekonaut just donated almost 1 BTC to Cryptsy Votes,that made us be the 7th place there.Our community must do something to help our little nyancoin added on Cryptsy,we deserve that!!If 1/5 of Nekonauts(nearly 200) donate 0.01BTC each to Cryptsy will let us achieve this goal! (18 points, 22 comments)
    2. Nekonauts!We hit Coinedup!! (13 points, 14 comments)
    3. WTF!!!Freshmarket.co.in compromised!! (9 points, 10 comments)
    4. Vote Nyan for MintPal!This exchange seems really awesome. (7 points, 4 comments)
    5. 67000 blocks now! KGW working. (6 points, 0 comments)
    6. Aha.Thanks Coinedup.We have NYAN/LTC now.Happy trading:o. (6 points, 4 comments)
    7. I will start a brand new promotion in China recently,include some giveaways,games,etc in the fourms,weibo,QQgroups.Let the Chinese join NYAN!!!We will to da Sapce.Let's do it. (6 points, 10 comments)
  18. 63 points, 9 submissions: nyanstu
    1. Keep voting up NYAN on allcrypt!! http://www.allcrypt.com/beta/voting.php (15 points, 5 comments)
    2. Nekonauts for charity! (10 points, 20 comments)
    3. Let's get writing to publicize NYAN (7 points, 6 comments)
    4. Can someone hook up the price guide to coinedup? (6 points, 10 comments)
    5. Nyancoiners from all over the world... (6 points, 22 comments)
    6. Wikipedia for Nyancoin (6 points, 3 comments)
    7. Cryptsy? (5 points, 3 comments)
    8. Needed: team of brave Nekonauts! (5 points, 10 comments)
    9. Facebook page! (3 points, 9 comments)
  19. 59 points, 8 submissions: dhj0001
    1. Nyan.cat (14 points, 9 comments)
    2. It seems like we've generated some buzz for Nyancoin? (12 points, 5 comments)
    3. Progress of Kimoto Gravity Well? (10 points, 6 comments)
    4. Assistance with NYAN Faucet (6 points, 5 comments)
    5. Official NyanCoin images (5 points, 6 comments)
    6. Why is nyancoin falling? (5 points, 9 comments)
    7. New Nyancoin game up and running! Calling all sprite photoshop guru's for a nyan-themed upgrade! (4 points, 7 comments)
    8. Why do you think Nyancoin is one of the better cryptocurrency? (3 points, 3 comments)
  20. 57 points, 11 submissions: The-Bent
    1. My not quite finished Nyan display for the office (8 points, 11 comments)
    2. Added rainbow to the mining box. (7 points, 5 comments)
    3. My ghetto Nyan mining rig. (7 points, 20 comments)
    4. I got a 3D printer and made some things to help keep my Nyan mining rig cool! (6 points, 17 comments)
    5. Looks like Nyanchain is back up!! (5 points, 5 comments)
    6. So you just received your Moonlander 2, what now? (5 points, 9 comments)
    7. What mining at under 5 megahashes per second gets you. AKA: why I love Nyan! (5 points, 4 comments)
    8. mining rewards on chain.nyan.space (5 points, 5 comments)
    9. FutureBit Moonlander 2 is available. (3 points, 30 comments)
    10. how to node? (3 points, 5 comments)
  21. 52 points, 5 submissions: Rupluttaja
    1. How I feel when I'm drinking coins from a faucet (19 points, 8 comments)
    2. Gravity well should be set to be main priority. (16 points, 26 comments)
    3. And the Devs have left us in the shadows...again Please give the community some updates (7 points, 5 comments)
    4. What God-complex? Nyan is god, it has a halo. (5 points, 0 comments)
    5. What happened to the faucet? (5 points, 6 comments)
  22. 51 points, 7 submissions: slavethewhales
    1. CRYPTSY! (16 points, 2 comments)
    2. How would one go about creating a faucet? (7 points, 5 comments)
    3. Miss you guys (7 points, 7 comments)
    4. 67000 is here! (6 points, 0 comments)
    5. If you have an iPhone, request Nyancoin inclusion in the Coin Ticker app. Just go to Settings, Coin Request, then scroll down to Nyancoin and click the request button on the right. It's a really nice app and would be good exposure to get it in there. (6 points, 2 comments)
    6. A handy crypto converter, NYAN included! (5 points, 2 comments)
    7. Does anyone know how many hits per day the nyancoin faucet website gets? I'm curious about the overall interest in the coin at this point. (4 points, 2 comments)
  23. 46 points, 8 submissions: Snargosoft
    1. Nyan Coin is now 2nd on Cryptsy (10 points, 6 comments)
    2. 12 Hours Of Extra Free Nyan Coins! (8 points, 6 comments)
    3. New Nyan Coin Faucet (8 points, 14 comments)
    4. The New www.NyanCoin.Me (5 points, 10 comments)
    5. How to make a faucet (4 points, 1 comment)
    6. The Nyan Coin Faucet now dispenses Nyan Coins Automatically! (4 points, 6 comments)
    7. www.Nyancoin.Me Has Just Dispensed Their 1000th Coin! (4 points, 2 comments)
    8. Cryptsy Is Only Steps Away! While we are second, Let's Stay Second! Down With XRP (3 points, 2 comments)
  24. 46 points, 6 submissions: MAURO_italy
    1. 3RD AD CAMPAIGN!! LET'EM KNOW WE GOT IN ALTOUTLET! (9 points, 10 comments)
    2. TO THE MOON! (9 points, 9 comments)
    3. [RESURRECT] Advertising campaign! READ ME PLEASE! (9 points, 31 comments)
    4. [GROWING] 2ND AD CAMPAIGN! GET IN!! (8 points, 18 comments)
    5. Have an Happy St. Patrick's Day, Nekonauts! (6 points, 19 comments)
    6. [SUGGESTION] NYAN COINS MOBILE APP (5 points, 4 comments)
  25. 45 points, 7 submissions: jeredye
    1. FortyNyaners.com - New Mining Pool! - 0% FEES + Giaveaway! (10 points, 56 comments)
    2. Fortynyaners.com Pool Fee Increase (8 points, 9 comments)
    3. How to Create Nyancoin Vanity Addresses [Guide] (7 points, 20 comments)
    4. Upgraded Design - FortyNyaners.com - 0% Fee Pool (7 points, 12 comments)
    5. Fortynyaners.com GIVEAWAY #2! 0% Fee Pool - We need more miners! (6 points, 37 comments)
    6. Fortynyaners.com BLOCK FINDER BONUS ENABLED. 10 NYAN bonus per block! (4 points, 9 comments)
    7. FortyNyaners.com - 0% Fee Pool - SITE REDESIGN (3 points, 3 comments)
  26. 45 points, 5 submissions: Codge1
    1. A massive thank you to hu3m4n for your hard work! (13 points, 16 comments)
    2. The package came in today! Great way to start the weekend! (13 points, 3 comments)
    3. Ads running today!? (7 points, 2 comments)
    4. NYAN DICE GAME http://nyan.greendice.cc/ (6 points, 3 comments)
    5. Post here to get us listed on coinmarket.io and get 5 nyan!!! (6 points, 26 comments)
  27. 45 points, 3 submissions: kuoushi
    1. What it looks like drinking from the nyancoin faucet (27 points, 26 comments)
    2. I think I went farther than expected on 2048nyancoinz (11 points, 4 comments)
    3. Just a heads up, I think the nyandispenser.tk faucet was compromised. (7 points, 6 comments)
  28. 44 points, 9 submissions: peanut83
    1. Lets pump up the faucet I just added 20,000 nyan (8 points, 2 comments)
    2. After PoS (7 points, 1 comment)
    3. Stump the Geek (6 points, 4 comments)
    4. Nyancoin supply is almost 90m (5 points, 2 comments)
    5. why has hashrate jumped to 380.61 MH/s ? (5 points, 2 comments)
    6. would this be good for nyan? (4 points, 2 comments)
    7. Ex cryptsy user. I would buy this coin but I don't fancy using cryptopia (3 points, 7 comments)
    8. Nyancoin dirt cheap on cryptsy. (3 points, 4 comments)
    9. dead fb page can we remove? (3 points, 11 comments)
  29. 43 points, 4 submissions: The_Somnambulist
    1. Thank you, americanpegasus for Game of Nyan and all your hard work. (22 points, 12 comments)
    2. Nyancoin wallpaper 2560x1600 (11 points, 9 comments)
    3. Nyancoin giveaway! (6 points, 55 comments)
    4. Nyancoin for science (4 points, 10 comments)
  30. 43 points, 4 submissions: xpliset
    1. Help us get on cryptsy and get 20 free NYAN (17 points, 177 comments)
    2. Help NyanCoin get on another exchange and receive 50 NYAN! (13 points, 131 comments)
    3. www.nyanmine.com running its second promotion (8 points, 6 comments)
    4. Vote for nyancoin on coinpayments (5 points, 5 comments)
  31. 42 points, 7 submissions: snarklasers
    1. Yes, tipnyan is down ATM. (14 points, 7 comments)
    2. Tipping Tuesday; time for original Nyan memes. (7 points, 5 comments)
    3. Recap of what happened last week. :) (6 points, 10 comments)
    4. Network stuck again. Any ideas? (5 points, 37 comments)
    5. Nyancat is now broken. (4 points, 9 comments)
    6. ( ͡° ͜ʖ ͡°) (3 points, 8 comments)
    7. Caturday Contest: Nyan Cat Auditions (3 points, 10 comments)
  32. 39 points, 4 submissions: abyssea
    1. This is how I feel with my NyanCoins :( (18 points, 1 comment)
    2. Just ordered a mining rig and a little nervous! (9 points, 25 comments)
    3. New Miner Setup and Ready! (7 points, 9 comments)
    4. Is something wrong with the Nyancoin Calculator? (5 points, 7 comments)
  33. 39 points, 3 submissions: procrypt
    1. NYAN > USD/GBP/EUBTC/DOGE spreadsheet (21 points, 28 comments)
    2. How I felt when I saw the estimated next difficulty (13 points, 16 comments)
    3. Nyan Tipping etiquette (5 points, 3 comments)
  34. 38 points, 5 submissions: brennancellis
    1. We did it! (10 points, 13 comments)
    2. Here's some nyancoin wallpapers!!! (9 points, 3 comments)
    3. Contest for Nyancoin! (7 points, 10 comments)
    4. Doge did it, so should we! (7 points, 9 comments)
    5. Check out the wiki and see what it needs! (5 points, 4 comments)

Top Commenters

  1. nyantip (2350 points, 1872 comments)
  2. coinaday (1630 points, 1210 comments)
  3. atheistftwins (761 points, 562 comments)
  4. KojoSlayer (668 points, 363 comments)
  5. americanpegasus (560 points, 318 comments)
  6. Simcom (555 points, 374 comments)
  7. tipnyan (409 points, 293 comments)
  8. Phecalfeliac (364 points, 249 comments)
  9. braxx1980 (304 points, 222 comments)
  10. vmp32k (292 points, 159 comments)
  11. sillyputti (281 points, 225 comments)
  12. nyancoin (263 points, 208 comments)
  13. Codge1 (242 points, 149 comments)
  14. shibeseller (232 points, 147 comments)
  15. jwflame (230 points, 115 comments)
  16. OnwardFlying (206 points, 168 comments)
  17. The_Somnambulist (205 points, 155 comments)
  18. xpliset (200 points, 162 comments)
  19. Jybrael (195 points, 121 comments)
  20. The-Bent (189 points, 97 comments)
  21. spydud22 (184 points, 96 comments)
  22. Lufah (171 points, 98 comments)
  23. shinohai_ (166 points, 86 comments)
  24. slasherzx (162 points, 101 comments)
  25. jwinterm (152 points, 89 comments)
  26. snarklasers (148 points, 64 comments)
  27. dhj0001 (133 points, 88 comments)
  28. IntelligentComment (129 points, 93 comments)
  29. Rupluttaja (128 points, 77 comments)
  30. jeredye (122 points, 88 comments)
  31. bendover340 (103 points, 57 comments)
  32. ginger_beer_m (101 points, 72 comments)
  33. UrsaMajorisAlpha (100 points, 73 comments)
  34. EdenSB (95 points, 73 comments)
  35. Exohain (95 points, 59 comments)
  36. valcarni (90 points, 63 comments)
  37. nyanstu (83 points, 65 comments)
  38. procrypt (79 points, 60 comments)
  39. lzr1900 (72 points, 51 comments)
  40. CartmanSPC (71 points, 35 comments)
  41. feyerbrand (70 points, 63 comments)
  42. Snargosoft (69 points, 54 comments)
  43. Larry1123 (66 points, 53 comments)
  44. Dogexecutive (59 points, 32 comments)
  45. MAURO_italy (58 points, 50 comments)
  46. ProHashing (57 points, 24 comments)
  47. kahbn (55 points, 42 comments)
  48. petert0th (53 points, 47 comments)
  49. bl4ckw00d (51 points, 37 comments)
  50. Palladi (51 points, 35 comments)
  51. thorygg (51 points, 35 comments)
  52. RunNyanRun (50 points, 21 comments)
  53. JiveTonto (49 points, 22 comments)
  54. bonoboner (48 points, 30 comments)
  55. FwuffyKittens (46 points, 36 comments)
  56. EricPach (46 points, 34 comments)
  57. SyntheticDarkness (46 points, 34 comments)
  58. iMadeATpyo (46 points, 21 comments)
  59. dbcmaster (45 points, 37 comments)
  60. peanut83 (45 points, 32 comments)
  61. Emm_mm3 (44 points, 35 comments)
  62. scirocco (44 points, 30 comments)
  63. JamesArbuthnotPooley (43 points, 28 comments)
  64. catathon (42 points, 28 comments)

Top Submissions

  1. Hi, I am nyantip. I need karma to function. Upvote me and post something interesting in this thread to be tipped Nyancoin. by nyantip (104 points, 170 comments)
  2. This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip! by nyantip (59 points, 99 comments)
  3. NYANCOIN FIRST OFFICIAL REDDIT GIVEAWAY - 33.7 nyancoins for the first 337 comments! by nyancoin (43 points, 744 comments)
  4. I'm a graphic designer new to nyancoin/reddit and wanted to help out. Hope you like it! by kiyami (39 points, 35 comments)
  5. Hello fellow space-cats! I am the nyantipbot. I'm nothing more than a dream at this point, but you can help make me real! Details inside... by nyantipbot (37 points, 38 comments)
  6. Fellow kitty-tats: We are making friends over at /dogemarket! They like us, and we should support them in kind! by americanpegasus (31 points, 20 comments)
  7. Have you kats seen this!!? We just got mentioned in a Wired article above even Dogecoin! Wow! by americanpegasus (30 points, 12 comments)
  8. GAME OF NYANCAT, Episode 4... Thousands of Nyancoins to win this weekend, for free! Choose your kingdom, choose your job, and claim your share of the treasure: Let's make this the biggest game yet! by americanpegasus (28 points, 274 comments)
  9. Nyancoin V 1.2 Out Now! Kimoto Gravity Well Implemented! MANDATORY UPDATE by nyancoin (28 points, 28 comments)
  10. We just passed CatCoin in marketcap: We are in 59th place and officially have lift off! Hold on to your poptarts - here we go! by americanpegasus (28 points, 8 comments)

Top Comments

  1. 14 points: nyantip's comment in Hi, I am nyantip. I need karma to function. Upvote me and post something interesting in this thread to be tipped Nyancoin.
  2. 14 points: nyantip's comment in This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip!
  3. 13 points: nyantip's comment in This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip!
  4. 13 points: nyantip's comment in This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip!
  5. 12 points: nyantip's comment in This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip!
  6. 11 points: americanpegasus's comment in I took care of the vincent21212 & fake Nyancoin subreddit problem.
  7. 11 points: nyantip's comment in Hi, I am nyantip. I need karma to function. Upvote me and post something interesting in this thread to be tipped Nyancoin.
  8. 11 points: nyantip's comment in This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip!
  9. 10 points: atheistftwins's comment in Nyancoin dipping. Shall we check-in about planned promotion and community adoption?
  10. 10 points: nyantip's comment in This is nyantip again. Do I need to submit a link to get karma? As usual, upvote me and post for a tip!
Generated with BBoe's Subreddit Stats (Donate)
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