Bitcoin Mining Pool Bitcoin.com

Primecoin

Primecoin is an innovative cryptocurrency, a form of digital currency secured by cryptography and issued through a decentralized mining market. Derived from Satoshi Nakamoto's Bitcoin, Primecoin introduces an unique form of proof-of-work based on searching for prime numbers.
[link]

Primecoin

Discussion about Primecoin and its infra. Primecoin is a very innovative cryptocurrency, being the 1st non Hash-Cash PoW crypto, naturally scarce (not artificially), with very fast confirmations (1min), elastic readjusting reward & a useful mining (byproducts are primes). Primecoin is sustainable (miners are guaranteed to have revenues), and decentralized (ASIC/FPGA are not particularly advantaged). Sidechain for decentralized data applications (e.g. Storj) currently in development.
[link]

Litecoin mining!

Since the litecoin community is growing, I've decided to introduce /litecoinmining, a place for all discussion revolving mining litecoins!
[link]

The bitcoin exchange rate has fallen below $11,000: miners and strong dollar keep putting pressure on it

The bitcoin exchange rate has fallen below $11,000: miners and strong dollar keep putting pressure on it

https://preview.redd.it/61zp40sr25l51.jpg?width=918&format=pjpg&auto=webp&s=6010466be89ea3603e1d8dc901c2d0d18b1659a4

Miners may cause the BTC exchange rate to collapse because of competition

Data from CryptoQuant proves that mining pools have transferred large amounts of bitcoin to exchanges.
On September 2, the Poolin, Slush and HaoBTC pools moved 1,630 BTC (about $18,5 mln) to exchanges. The indicator is above the average daily value — the transactions started at the moment when the bitcoin price fell below the level of $11,500.
CryptoQuant Head Ki Young Joo supposed that miners may push the market through to push out competitors.
"I think it's going to be the war of miners between those who want a Bitcoin price rally and those who don't. As I know, some Chinese miners already realize their mining profitability (return on investment), and they might not want new mining competitors joining the industry because of the bull market", — he remarked.

Dollar is getting stronger and keeps putting pressure on bitcoin

Cointelegraph analyst Joseph Young points out that the dollar index has rebounded from its multi-year support zone sending down the exchange rates of bitcoin and gold.
Dollar has become stronger since the beginning of September sending bitcoin down from $12,000 to $10,400. The European Central Bank stated this week that it would seek to compensate the growth of euro. Young notes that it will also support the US dollar and undermine the positions of bitcoin and gold even more.
"Currency analysts believe the ECB could continue to “dampen” the strength of the euro. In the short term that could cause the dollar to rally, which might place selling pressure on Bitcoin and gold", the expert concludes.
submitted by bestchange_pr to bestchange [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

Scaling

This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

Decentralization

Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
NewEnglandcoin
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
Milestones
Roadmap
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2019Q2_report/NENG_Security_Decentralization_Value.pdf
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
Explorer
http://www.findblocks.com/exploreNENG http://86.100.49.209/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Wallet
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Exchange
📷
https://shorelinecrypto.com/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

All you need to know about Yield Farming - The rocket fuel for Defi

All you need to know about Yield Farming - The rocket fuel for Defi
Source
It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up.
According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV.
Debate juxtaposing these numbers if you like, but what no one can question is this: Crypto users are putting more and more value to work in DeFi applications, driven largely by the introduction of a whole new yield-generating pasture, Compound’s COMP governance token.
Governance tokens enable users to vote on the future of decentralized protocols, sure, but they also present fresh ways for DeFi founders to entice assets onto their platforms.
That said, it’s the crypto liquidity providers who are the stars of the present moment. They even have a meme-worthy name: yield farmers.

https://preview.redd.it/lxsvazp1g9l51.png?width=775&format=png&auto=webp&s=a36173ab679c701a5d5e0aac806c00fcc84d78c1

Where it started

Ethereum-based credit market Compound started distributing its governance token, COMP, to the protocol’s users this past June 15. Demand for the token (heightened by the way its automatic distribution was structured) kicked off the present craze and moved Compound into the leading position in DeFi.
The hot new term in crypto is “yield farming,” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency.
Another term floating about is “liquidity mining.”
The buzz around these concepts has evolved into a low rumble as more and more people get interested.
The casual crypto observer who only pops into the market when activity heats up might be starting to get faint vibes that something is happening right now. Take our word for it: Yield farming is the source of those vibes.
But if all these terms (“DeFi,” “liquidity mining,” “yield farming”) are so much Greek to you, fear not. We’re here to catch you up. We’ll get into all of them.
We’re going to go from very basic to more advanced, so feel free to skip ahead.

What are tokens?

Most CoinDesk readers probably know this, but just in case: Tokens are like the money video-game players earn while fighting monsters, money they can use to buy gear or weapons in the universe of their favorite game.
But with blockchains, tokens aren’t limited to only one massively multiplayer online money game. They can be earned in one and used in lots of others. They usually represent either ownership in something (like a piece of a Uniswap liquidity pool, which we will get into later) or access to some service. For example, in the Brave browser, ads can only be bought using basic attention token (BAT).
If tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.
Tokens proved to be the big use case for Ethereum, the second-biggest blockchain in the world. The term of art here is “ERC-20 tokens,” which refers to a software standard that allows token creators to write rules for them. Tokens can be used a few ways. Often, they are used as a form of money within a set of applications. So the idea for Kin was to create a token that web users could spend with each other at such tiny amounts that it would almost feel like they weren’t spending anything; that is, money for the internet.
Governance tokens are different. They are not like a token at a video-game arcade, as so many tokens were described in the past. They work more like certificates to serve in an ever-changing legislature in that they give holders the right to vote on changes to a protocol.
So on the platform that proved DeFi could fly, MakerDAO, holders of its governance token, MKR, vote almost every week on small changes to parameters that govern how much it costs to borrow and how much savers earn, and so on.
Read more: Why DeFi’s Billion-Dollar Milestone Matters
One thing all crypto tokens have in common, though, is they are tradable and they have a price. So, if tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.

What is DeFi?

Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo.
In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet.
On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC.
(Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.)
Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral).
Read more: There Are More DAI on Compound Now Than There Are DAI in the World
If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user.
So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.

Doesn’t running a bank take a lot of money up front?

It does, and in DeFi that money is largely provided by strangers on the internet. That’s why the startups behind these decentralized banking applications come up with clever ways to attract HODLers with idle assets.
Liquidity is the chief concern of all these different products. That is: How much money do they have locked in their smart contracts?
“In some types of products, the product experience gets much better if you have liquidity. Instead of borrowing from VCs or debt investors, you borrow from your users,” said Electric Capital managing partner Avichal Garg.
Let’s take Uniswap as an example. Uniswap is an “automated market maker,” or AMM (another DeFi term of art). This means Uniswap is a robot on the internet that is always willing to buy and it’s also always willing to sell any cryptocurrency for which it has a market.
On Uniswap, there is at least one market pair for almost any token on Ethereum. Behind the scenes, this means Uniswap can make it look like it is making a direct trade for any two tokens, which makes it easy for users, but it’s all built around pools of two tokens. And all these market pairs work better with bigger pools.

Why do I keep hearing about ‘pools’?

To illustrate why more money helps, let’s break down how Uniswap works.
Let’s say there was a market for USDC and DAI. These are two tokens (both stablecoins but with different mechanisms for retaining their value) that are meant to be worth $1 each all the time, and that generally tends to be true for both.
The price Uniswap shows for each token in any pooled market pair is based on the balance of each in the pool. So, simplifying this a lot for illustration’s sake, if someone were to set up a USDC/DAI pool, they should deposit equal amounts of both. In a pool with only 2 USDC and 2 DAI it would offer a price of 1 USDC for 1 DAI. But then imagine that someone put in 1 DAI and took out 1 USDC. Then the pool would have 1 USDC and 3 DAI. The pool would be very out of whack. A savvy investor could make an easy $0.50 profit by putting in 1 USDC and receiving 1.5 DAI. That’s a 50% arbitrage profit, and that’s the problem with limited liquidity.
(Incidentally, this is why Uniswap’s prices tend to be accurate, because traders watch it for small discrepancies from the wider market and trade them away for arbitrage profits very quickly.)
Read more: Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans
However, if there were 500,000 USDC and 500,000 DAI in the pool, a trade of 1 DAI for 1 USDC would have a negligible impact on the relative price. That’s why liquidity is helpful.
You can stick your assets on Compound and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.
Similar effects hold across DeFi, so markets want more liquidity. Uniswap solves this by charging a tiny fee on every trade. It does this by shaving off a little bit from each trade and leaving that in the pool (so one DAI would actually trade for 0.997 USDC, after the fee, growing the overall pool by 0.003 USDC). This benefits liquidity providers because when someone puts liquidity in the pool they own a share of the pool. If there has been lots of trading in that pool, it has earned a lot of fees, and the value of each share will grow.
And this brings us back to tokens.
Liquidity added to Uniswap is represented by a token, not an account. So there’s no ledger saying, “Bob owns 0.000000678% of the DAI/USDC pool.” Bob just has a token in his wallet. And Bob doesn’t have to keep that token. He could sell it. Or use it in another product. We’ll circle back to this, but it helps to explain why people like to talk about DeFi products as “money Legos.”

So how much money do people make by putting money into these products?

It can be a lot more lucrative than putting money in a traditional bank, and that’s before startups started handing out governance tokens.
Compound is the current darling of this space, so let’s use it as an illustration. As of this writing, a person can put USDC into Compound and earn 2.72% on it. They can put tether (USDT) into it and earn 2.11%. Most U.S. bank accounts earn less than 0.1% these days, which is close enough to nothing.
However, there are some caveats. First, there’s a reason the interest rates are so much juicier: DeFi is a far riskier place to park your money. There’s no Federal Deposit Insurance Corporation (FDIC) protecting these funds. If there were a run on Compound, users could find themselves unable to withdraw their funds when they wanted.
Plus, the interest is quite variable. You don’t know what you’ll earn over the course of a year. USDC’s rate is high right now. It was low last week. Usually, it hovers somewhere in the 1% range.
Similarly, a user might get tempted by assets with more lucrative yields like USDT, which typically has a much higher interest rate than USDC. (Monday morning, the reverse was true, for unclear reasons; this is crypto, remember.) The trade-off here is USDT’s transparency about the real-world dollars it’s supposed to hold in a real-world bank is not nearly up to par with USDC’s. A difference in interest rates is often the market’s way of telling you the one instrument is viewed as dicier than another.
Users making big bets on these products turn to companies Opyn and Nexus Mutual to insure their positions because there’s no government protections in this nascent space – more on the ample risks later on.
So users can stick their assets in Compound or Uniswap and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.

OK, I already knew all of that. What is yield farming?

Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets.
At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk.
“Farming opens up new price arbs [arbitrage] that can spill over to other protocols whose tokens are in the pool,” said Maya Zehavi, a blockchain consultant.
Because these positions are tokenized, though, they can go further.
This was a brand-new kind of yield on a deposit. In fact, it was a way to earn a yield on a loan. Who has ever heard of a borrower earning a return on a debt from their lender?
In a simple example, a yield farmer might put 100,000 USDT into Compound. They will get a token back for that stake, called cUSDT. Let’s say they get 100,000 cUSDT back (the formula on Compound is crazy so it’s not 1:1 like that but it doesn’t matter for our purposes here).
They can then take that cUSDT and put it into a liquidity pool that takes cUSDT on Balancer, an AMM that allows users to set up self-rebalancing crypto index funds. In normal times, this could earn a small amount more in transaction fees. This is the basic idea of yield farming. The user looks for edge cases in the system to eke out as much yield as they can across as many products as it will work on.
Right now, however, things are not normal, and they probably won’t be for a while.

Why is yield farming so hot right now?

Because of liquidity mining. Liquidity mining supercharges yield farming.
Liquidity mining is when a yield farmer gets a new token as well as the usual return (that’s the “mining” part) in exchange for the farmer’s liquidity.
“The idea is that stimulating usage of the platform increases the value of the token, thereby creating a positive usage loop to attract users,” said Richard Ma of smart-contract auditor Quantstamp.
The yield farming examples above are only farming yield off the normal operations of different platforms. Supply liquidity to Compound or Uniswap and get a little cut of the business that runs over the protocols – very vanilla.
But Compound announced earlier this year it wanted to truly decentralize the product and it wanted to give a good amount of ownership to the people who made it popular by using it. That ownership would take the form of the COMP token.
Lest this sound too altruistic, keep in mind that the people who created it (the team and the investors) owned more than half of the equity. By giving away a healthy proportion to users, that was very likely to make it a much more popular place for lending. In turn, that would make everyone’s stake worth much more.
So, Compound announced this four-year period where the protocol would give out COMP tokens to users, a fixed amount every day until it was gone. These COMP tokens control the protocol, just as shareholders ultimately control publicly traded companies.
Every day, the Compound protocol looks at everyone who had lent money to the application and who had borrowed from it and gives them COMP proportional to their share of the day’s total business.
The results were very surprising, even to Compound’s biggest promoters.
COMP’s value will likely go down, and that’s why some investors are rushing to earn as much of it as they can right now.
This was a brand-new kind of yield on a deposit into Compound. In fact, it was a way to earn a yield on a loan, as well, which is very weird: Who has ever heard of a borrower earning a return on a debt from their lender?
COMP’s value has consistently been well over $200 since it started distributing on June 15. We did the math elsewhere but long story short: investors with fairly deep pockets can make a strong gain maximizing their daily returns in COMP. It is, in a way, free money.
It’s possible to lend to Compound, borrow from it, deposit what you borrowed and so on. This can be done multiple times and DeFi startup Instadapp even built a tool to make it as capital-efficient as possible.
“Yield farmers are extremely creative. They find ways to ‘stack’ yields and even earn multiple governance tokens at once,” said Spencer Noon of DTC Capital.
COMP’s value spike is a temporary situation. The COMP distribution will only last four years and then there won’t be any more. Further, most people agree that the high price now is driven by the low float (that is, how much COMP is actually free to trade on the market – it will never be this low again). So the value will probably gradually go down, and that’s why savvy investors are trying to earn as much as they can now.
Appealing to the speculative instincts of diehard crypto traders has proven to be a great way to increase liquidity on Compound. This fattens some pockets but also improves the user experience for all kinds of Compound users, including those who would use it whether they were going to earn COMP or not.
As usual in crypto, when entrepreneurs see something successful, they imitate it. Balancer was the next protocol to start distributing a governance token, BAL, to liquidity providers. Flash loan provider bZx has announced a plan. Ren, Curve and Synthetix also teamed up to promote a liquidity pool on Curve.
It is a fair bet many of the more well-known DeFi projects will announce some kind of coin that can be mined by providing liquidity.
The case to watch here is Uniswap versus Balancer. Balancer can do the same thing Uniswap does, but most users who want to do a quick token trade through their wallet use Uniswap. It will be interesting to see if Balancer’s BAL token convinces Uniswap’s liquidity providers to defect.
So far, though, more liquidity has gone into Uniswap since the BAL announcement, according to its data site. That said, even more has gone into Balancer.

Did liquidity mining start with COMP?

No, but it was the most-used protocol with the most carefully designed liquidity mining scheme.
This point is debated but the origins of liquidity mining probably date back to Fcoin, a Chinese exchange that created a token in 2018 that rewarded people for making trades. You won’t believe what happened next! Just kidding, you will: People just started running bots to do pointless trades with themselves to earn the token.
Similarly, EOS is a blockchain where transactions are basically free, but since nothing is really free the absence of friction was an invitation for spam. Some malicious hacker who didn’t like EOS created a token called EIDOS on the network in late 2019. It rewarded people for tons of pointless transactions and somehow got an exchange listing.
These initiatives illustrated how quickly crypto users respond to incentives.
Read more: Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy
Fcoin aside, liquidity mining as we now know it first showed up on Ethereum when the marketplace for synthetic tokens, Synthetix, announced in July 2019 an award in its SNX token for users who helped add liquidity to the sETH/ETH pool on Uniswap. By October, that was one of Uniswap’s biggest pools.
When Compound Labs, the company that launched the Compound protocol, decided to create COMP, the governance token, the firm took months designing just what kind of behavior it wanted and how to incentivize it. Even still, Compound Labs was surprised by the response. It led to unintended consequences such as crowding into a previously unpopular market (lending and borrowing BAT) in order to mine as much COMP as possible.
Just last week, 115 different COMP wallet addresses – senators in Compound’s ever-changing legislature – voted to change the distribution mechanism in hopes of spreading liquidity out across the markets again.

Is there DeFi for bitcoin?

Yes, on Ethereum.
Nothing has beaten bitcoin over time for returns, but there’s one thing bitcoin can’t do on its own: create more bitcoin.
A smart trader can get in and out of bitcoin and dollars in a way that will earn them more bitcoin, but this is tedious and risky. It takes a certain kind of person.
DeFi, however, offers ways to grow one’s bitcoin holdings – though somewhat indirectly.
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.
For example, a user can create a simulated bitcoin on Ethereum using BitGo’s WBTC system. They put BTC in and get the same amount back out in freshly minted WBTC. WBTC can be traded back for BTC at any time, so it tends to be worth the same as BTC.
Then the user can take that WBTC, stake it on Compound and earn a few percent each year in yield on their BTC. Odds are, the people who borrow that WBTC are probably doing it to short BTC (that is, they will sell it immediately, buy it back when the price goes down, close the loan and keep the difference).
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.

How risky is it?

Enough.
“DeFi, with the combination of an assortment of digital funds, automation of key processes, and more complex incentive structures that work across protocols – each with their own rapidly changing tech and governance practices – make for new types of security risks,” said Liz Steininger of Least Authority, a crypto security auditor. “Yet, despite these risks, the high yields are undeniably attractive to draw more users.”
We’ve seen big failures in DeFi products. MakerDAO had one so bad this year it’s called “Black Thursday.” There was also the exploit against flash loan provider bZx. These things do break and when they do money gets taken.
As this sector gets more robust, we could see token holders greenlighting more ways for investors to profit from DeFi niches.
Right now, the deal is too good for certain funds to resist, so they are moving a lot of money into these protocols to liquidity mine all the new governance tokens they can. But the funds – entities that pool the resources of typically well-to-do crypto investors – are also hedging. Nexus Mutual, a DeFi insurance provider of sorts, told CoinDesk it has maxed out its available coverage on these liquidity applications. Opyn, the trustless derivatives maker, created a way to short COMP, just in case this game comes to naught.
And weird things have arisen. For example, there’s currently more DAI on Compound than have been minted in the world. This makes sense once unpacked but it still feels dicey to everyone.
That said, distributing governance tokens might make things a lot less risky for startups, at least with regard to the money cops.
“Protocols distributing their tokens to the public, meaning that there’s a new secondary listing for SAFT tokens, [gives] plausible deniability from any security accusation,” Zehavi wrote. (The Simple Agreement for Future Tokens was a legal structure favored by many token issuers during the ICO craze.)
Whether a cryptocurrency is adequately decentralized has been a key feature of ICO settlements with the U.S. Securities and Exchange Commission (SEC).

What’s next for yield farming? (A prediction)

COMP turned out to be a bit of a surprise to the DeFi world, in technical ways and others. It has inspired a wave of new thinking.
“Other projects are working on similar things,” said Nexus Mutual founder Hugh Karp. In fact, informed sources tell CoinDesk brand-new projects will launch with these models.
We might soon see more prosaic yield farming applications. For example, forms of profit-sharing that reward certain kinds of behavior.
Imagine if COMP holders decided, for example, that the protocol needed more people to put money in and leave it there longer. The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months. It probably wouldn’t be much, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal.
(There are precedents for this in traditional finance: A 10-year Treasury bond normally yields more than a one-month T-bill even though they’re both backed by the full faith and credit of Uncle Sam, a 12-month certificate of deposit pays higher interest than a checking account at the same bank, and so on.)
As this sector gets more robust, its architects will come up with ever more robust ways to optimize liquidity incentives in increasingly refined ways. We could see token holders greenlighting more ways for investors to profit from DeFi niches.
Questions abound for this nascent industry: What will MakerDAO do to restore its spot as the king of DeFi? Will Uniswap join the liquidity mining trend? Will anyone stick all these governance tokens into a decentralized autonomous organization (DAO)? Or would that be a yield farmers co-op?
Whatever happens, crypto’s yield farmers will keep moving fast. Some fresh fields may open and some may soon bear much less luscious fruit.
But that’s the nice thing about farming in DeFi: It is very easy to switch fields.
submitted by pascalbernoulli to Yield_Farming [link] [comments]

A REVIEW ABOUT GX BLOCKS PLATFORM

Cryptocurrency has gained popularity and attracted attention of investors and enthusiasts because of it's technical features and usefulness as profitable investment tool. Nonetheless, cryptocurrency is not created freely rather large number of computer based miners are able to create Bitcoin and other altcoins through use of vast energy.
In the past years, researchers have revealed that 80% energy consumption is acquired through fossil fuels and it will continue to play a crucial role in the world's development. Regardless of the advantages obtained through fossil fuels, the harmful effects outweighs the benefits against the ecosystem and mankind survival. Moreover, energy used by miners during the process of confirming cryptocurrency transactions, recording and creating new Bitcoin or cryptocurrency units is obtained from coal and thermal plants which leads to increased Co2 emissions, air pollution, rise in global warming and death rates.
Sustainability of the environment is important for continuous mankind survival and growth. Thus, some innovative start-up are researching and introducing new alternative solutions to eliminate the reliance on fossil fuels or hydrocarbons plants for supply of energy used in Bitcoins and other cryptocurrency mining operations.
GX Blocks is an example of such latest innovations that intends to apply new strategies and techniques to minimize supply of Co2 emissions and harmful contaminants into the environment, through use of renewable energy units that is clean, safe and affordable for cryptocurrency miners. https://i.ibb.co/NnbZtNb/images-11.jpg
ABOUT GX BLOCKS
Gx Blocks platform runs on blockchain and comes with a Hybrid business model that is risk free as well merged with mobile mining units connected to renewable energy mechanisms.
The platform is incredibly intuitive and user friendly with a structured DLT ecosystem to help users experience profitable mining in cryptocurrency. In GX Blocks, affordable contracts are made available for users to purchase and receive passive income from GXB profit pools. This will be distributed to GXB smart contract holders on monthly basis.
Furthermore, these contracts enables users whether professional or newcomers to easily access innovative blockchain products and excavate desired cryptocurrency which comes without expensive or hidden management charges.
Also, Multi-signature wallet is made available to allow users store their assets, make transactions and purchase cryptocurrencies without complications. The developers integrated a dashboard for users to monitor live data on Megawatts productions and Hash Rate from mining facilities. An exchange interface is merged to the platform to enable users conveniently trade their crypto assets including inter-ledger payments protocol.
Users will experience the benefits of cold staking and masternode hosting. With this, anyone can stake their funds and earn incentives even offline. Leverage of liquid cooling methods enables GX Blocks system to lower total power requirements for mining operations up to 20%, thus users will experience smooth mining operations and make more profit via optimized DC energy efficiency.
At present, the platform operates efficiently through collaboration with three prestigious suppliers namely Bitmain, 3M Science and Beeminer. Partnership with these companies makes GX Blocks to be a sustainable solution that helps to limit relying on fossil fuels or electricity for crypto mining operations as well address challenges faced by several crypto mining platforms and customers.
MORE UPDATES
Currently, GX Blocks launched a bounty campaign for anyone to participate and get rewarded for their successful task. Use this link to get started : https://bitcointalk.org/index.php?topic=5257397.0 ​ Some notable reviews about the platform are shown below:
- Domain is registered from 2018-09-11 https://who.is/whois/gxblocks.com
https://i.ibb.co/hch1gmW/EKQmL72.png
- Website Alexa rank : 2,485,469 https://www.alexa.com/siteinfo/gxblocks.com
[https://i.ibb.co/bmKqkYg/HykcVnn.png
- Platform 's Confidence: 77%
https://www.scamadviser.com/check-website/gxblocks.com
https://i.ibb.co/QmLVNT6/vzb9VKI.png
GX BLOCKS ROADMAP
2019 - GXB Platform and Tech Specs - Complete Company Establishment - MIT Enterprise Forum Competition 2019 - Business Management Team Established - White Paper and Business Plan Created - GX Blocks Platform Development Start - Documents Submission to Governing Body - Strategic Alliance with Dezavou Associates.
2020 - IT team hired for platform development MVP (Beta - Released in 2 months). - Construction of Liquid Data Center 250 KW - Private Pre - Sale for GX Contracts Started - Public Pre - Sale in Q3 of 2020 - Renewable Energy Sources Selection/ Investments - Autonomous Mobile Mining Solution Testing
2021 - Alpha Version of GXB Dashboard Release - Test Liquid Cooling Methods in Mobile Mining Units - First Voting to Contracts Holders - Power costs cover up to 80% from RES - First full autonomous clean energy plant - Established advisory-partnerships with industry experts in the Legal, Finance & Blockchain Industries.
For more details, use the official links below :
Website: https://gxblocks.com
WhitePaper: https : //gxblocks.com/wp-content/uploads/2020/06/GX_Blocks_Platform_Q2_2020-1.pdf
GX Pre-Sale link : https://gxblocks.net/collections/gx-blocks-contracts
Telegram: https://t.me/gxblock
Twitter: https://twitter.com/GxBlocks
Facebook: https: // www.facebook.com/gxblocks/
Medium: https://medium.com/@gxblocks
Reddit: /useGxBlocks/
WRITER DETAILS, BTT Profile URL : https://bitcointalk.org/index.php?action=profile;u=2326370;sa=summary

BTT Username : Johnson Knight
submitted by Cryptosaurus94 to ICOAnalysis [link] [comments]

BitOffer Institute: Decentralized Options — the Next DeFi Hotspot and Lifesaver of Bitcoin Contract

BitOffer Institute: Decentralized Options — the Next DeFi Hotspot and Lifesaver of Bitcoin Contract

https://preview.redd.it/n4g9y8aq1ai51.png?width=700&format=png&auto=webp&s=8b2236713450ad0a21b544e07c170067cad80f29
DeFi has a total market cap of $13.022 billion, according to Glassnode, it covers a wide range of sectors including currencies, loans, synthetic assets, instrument architecture (such as forex), exchanges, etc. However, there is a large gap in the derivatives area, such as options. Thus, Institutions such as FinNexus and Chainlink predict that decentralized options will be the next DeFi hotspot, which could be the lifesaver of the Bitcoin contract.
DeFi decentralized options address the crucial points of current decentralized options and the points about investor participation in traditional finance.
  1. In essence, an option is a kind of contract that gives the option holder the right to buy or sell an asset at a fixed price on a specific period. The buyer of the option has only rights but no obligations, and the seller of the option has only obligations but no rights. The risk of the buyer is the loss of capital to gain the unlimited potential of profit. The risk of the seller is to earn the option premium under the unlimited potential of loss. The imbalance of such rights and obligations leads to the difference between the risk attributes of the buyer and the seller.
  2. Even if there are professional institutional participants, as sellers, in order to control their own risks, they still need to rely on abundant risk hedging tools to hedge their potential risks. At the moment in the DeFi market, it is clear that the selection of these hedging instruments is very scarce.
  3. Traditional options are matched by order books and need to rely on professional market makers, which, if carried out in the chain, will cause problems of low efficiency and high cost. Recently, the GAS fee on Ethereum has reached 300Gwei, and the high cost will greatly reduce the enthusiasm of users to participate.
  4. Due to the liquidity, for the buyer, the option buyer cannot choose the option products as they expect, such as different underlying assets, different strike prices, or products with an expiration date.
In view of these problems, the decentralized liquidity options of DeFi arising subsequently. By establishing the liquidity option deposit pool as the counterparty of all users who purchase options. The premium and other agreements rewards are brought into the pool and share by the joining users, all the returns and risk of investment options will also be borne by the entire pool of users.
The potential of decentralized option flow pools is that it can freely create options with the underlying asset, which not only the digital currencies such as BTC but also the traditional financial assets. Compared with the centralized options, it eliminates the middleman and counterparty, has unlimited liquidity, and the ability to pledge mines.
With the popularity of DeFi decentralized options, the trading strategy of hedging with options and contracts will be used by more people to reduce the risk of being liquidation. After the option hedging, even if the contract is under liquidation, the profit is still far greater than the contract principal, thus, the profit can be maintained eventually.
Here is a detailed description of the hedging strategy of making money under contract liquidation.
For example, now the Bitcoin price is $10,000:
Open long 20X Bitcoin at $800;
Meanwhile, buy 2 put options contracts on BitOffer (the total budget is $60).
✅ The first situation: When the Bitcoin price increases by $200 (+2%):
  1. Open long 20X Bitcoin: Earning 40% in profits, $320.
  2. Lose the premium that you use to buy put options contract: -$60.
  3. The net profit will be $320-$60= $260.
✅The second situation: When the Bitcoin price decreases by $200 (-2%):
1.Open long 20X Bitcoin: Losing 40%, $320.
  1. The Put Options contracts You buy earn $400.
  2. The net profit will be $400-$320–$60=$20.
This is only one of the strategies of the contract, there are many other strategies that I won’t show you here. To sum up, the hedging strategy could help us profitable no matter it’s ups or downs, even when the contract hit the liquidation.
However, it should be noted that the options that we’ve mentioned in this article specifically refer to the BTC options (American version) without margin, commission fee, and liquidation mechanism, which are issued globally by BitOffer Exchange. If you choose traditional European options such as from OKEX and JEX, you cannot carry out such contract hedging, and there is a liquidity risk as well.
submitted by Bitoffer_Official to BitOffer_Official [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/bvx9cddqhrn31.png?width=680&format=png&auto=webp&s=7d969b585a3a69a82da65943a4c3e46c88ea5b06
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/sto21ncthrn31.jpg?width=846&format=pjpg&auto=webp&s=5748434c09825a0e95860c5364db0933d4c29e2d
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/zcvvbt9yhrn31.jpg?width=1950&format=pjpg&auto=webp&s=08b188b776eb7329900584f46c3cbdbfddcca994

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk.
Read what the customers say about SimpleSwap on Trustpilot.
Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to BitcoinMining [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/305abjn1ckn31.png?width=680&format=png&auto=webp&s=014baca684a62fe6aaf7f66518730d76478f5ee6
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/h2qkkjz3ckn31.jpg?width=846&format=pjpg&auto=webp&s=c9e80ed2aeef318c51eb0fbdf78c0a5f4243faae
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/rn0n8k68ckn31.jpg?width=1950&format=pjpg&auto=webp&s=1ef217101f813eefaf6edb6a3c7d321b2fd56002

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to CryptoBeginners [link] [comments]

Bitcoin Mining Power Sees Short-Term Drop as Rainy Season Ends in China

Bitcoin Mining Power Sees Short-Term Drop as Rainy Season Ends in China
https://preview.redd.it/84jk6ssun2w31.png?width=1024&format=png&auto=webp&s=e11e42aea4b0346f9e2548bc0b0191dd0a966c90
After sustained growth over the past three months, computing power on the bitcoin network has seen a fallback as the summer rainy season trails off in China.
According to data from Poolin, the world’s largest bitcoin mining pool by real time hash rate, bitcoin’s seven-day average computing (or hashing) power has dropped to around 90 exahashes per second (EH/s) since Oct. 24, signaling that some miners have been unplugging from the network. It had previously been estimated that the hash rate would go above the 100 EH/s threshold by the end of 2019
As a result of the power drop, data from mining pool service BTC.com estimates that bitcoin’s difficulty – a measure of how hard it is to compete for mining rewards on the world’s top cryptocurrency by market value – will decrease by 1.5 percent when it’s set to adjust in about seven days.
Bitcoin’s mining difficulty had reached an all-time-high at 13.69 trillion on Oct. 24, following a 38 percent increase since early August. The climb resulted mainly from an increase in miners’ hashing power made possible by the abundant and cheap hydroelectricity in China’s southwestern provinces.
Mining difficulty is designed to adjust itself to go up or down about every 14 days, based on whether the hashing power on the network in the two-week cycle increases or declines, respectively. The Oct. 24 difficulty record followed a jump in the 14-day average hash rate to an all-time-high at 97.90 EH/s.
Poolin’s co-founder Chris Zhu said in a recent WeChat post that one main reason for the fallback over the last week is the gradual end of this year’s rainy season in China. As a result, some hydropower stations in China’s Sichuan province – estimated to account for 50 percent of bitcoin’s global computing power – no longer have the capacity to generate enough energy to support mining activities.
Miners without sufficient hydropower supply would have to shut down their operations or relocate to other provinces like Xinjiang or Inner Mongolio, where mining farms have a more stable, but more expensive, power supply generated from fossil fuel plants.
Xun Zheng, CEO of Hashage, which owns mining facilities in China’s southwestern Sichuan province, echoed Zhu’s comments, adding that even if some may still be able to find a hydropower resource, the cost has gone up from $0.04 per kilowatt-hour (kWh) in the summer to around $0.05.
Further, bitcoin’s sudden price drop on Oct. 23 to below $7,500 could have resulted in a large scale of shutdown of older but widely used mining models like the AntMiner S9 made by Bitmain. The S9’s profit break-even price point is between $7,000 to $7,500. However, the price’s significant rebound since last weekend may have stopped that panic.
The fact remains, though, that the profitability of the S9 and other similar modes made by Bitmain’s rival miner makers, is a critical issue for their utility lifespan. And that may soon be affected by the higher winter cost of electricity in China, as well as the scheduled halving of bitcoin mining rewards in May 2020 – before next year’s rainy season.
According to a miner profitability index provided by Poolin and its rival F2pool, at bitcoin’s current price and an electricity cost of $0.05 kWh, the mining profit margin of models like S9 is about 30 percent.
Some, like INBTC, a sister company of Poolin, are currently making efforts to extend the life of the S9 miner by merging two units into one in an attempt to generate a higher ratio of hashing power over electricity consumption. That would allow a higher daily profit margin than would be achieved using two individual units, though it remains to be seen if such a method can be proven to work and adopted on a large scale.
submitted by Rajladumor1 to omgfin [link] [comments]

Monumental AIOMiner Update v8.4 - Mine the most profitable currencies on 74+ Algorithms (1000+ coins) while paying 0% Fees, now with free Online Rig Monitoring for your entire farm!

Hi Everyone!

We’re excited to be able to call AIOMiner, the best miner on the planet!
 
First of all, thank you so much for all of your support over this past year! Your constant suggestions in Discord have helped make AIOMiner what it is today and we are endlessly grateful!  
If you haven’t yet, here are some quick links to get involved with AIOMiner:

Humble Beginnings

If you’re not familiar with AIOMiner, we were born right here on /gpumining. Almost exactly one year ago, xixspiderxix became frustrated with the lack of functionality, ugliness, and the high difficulty required to get started with the already existing miners. Originally, he was just going to make it for himself to enhance his own mining experience, but others started asking for access to the software, suggesting new features, and helping him improve. So, he opened it up to the public for free and AIOMiner was born. And to this day, we maintain our promise that mining with AIOMiner will always be free. You can read more about it here, but let’s get to the good stuff!
 

What’s New in AIOMiner?

We now have remote rig monitoring and control through our website! We’ve just enabled the AIOMiner application to connect to the AIOMiner website through an API and fixed some bugs. If you’ve never used AIOMiner before, here are some of the features you can expect on the software side of things:
 
The biggest part of the update is a full rebuild of AIOMiner.com. We're bringing you remote control of your rigs via the AIOMiner website so you can stop paying for services, like Teamviewer, and manage all of your rigs from anywhere you have an internet connection!
 
Here's what you can expect from AIOMiner.com:
Whew! That's a lot, but believe it or not... we're just getting started! We still have plenty planned to maximize your rig efficiency, control, and profitability.
 

All of my favorite miners?

If not all of them, then certainly a good chunk of your favorites and we make sure they are updated daily!

74 Algorithms? Prove it!

takes deep breath
  1. Ethash
  2. CryptoNightHeavy
  3. PHI1612
  4. Zhash
  5. CryptoNightSaber
  6. Lyra2REv2
  7. NeoScrypt
  8. Phi2
  9. CryptoNightV8
  10. TimeTravel10 (BitCore)
  11. x16r
  12. CryptoNightV7
  13. Lyra2z
  14. Hex
  15. Xevan
  16. ProgPoW
  17. 1927-genesis
  18. Geek
  19. Aergo
  20. BCD
  21. Sonoa
  22. Bytom
  23. Renesis
  24. SolidtySha3
  25. CryptoNight-Lite
  26. Aeriumx
  27. Zhash_zel
  28. Zhash_BTG
  29. Zhash_Snow
  30. Zhash_Zcash
  31. Zhash_Safe
  32. Zhash_ltz
  33. x16s
  34. Allium
  35. Zero
  36. Tribus
  37. x14
  38. c11
  39. Darkcoin-mod
  40. Pascal
  41. Blake14r
  42. Vanilla
  43. Blake
  44. Groestl
  45. Skein
  46. Myriad-groestl
  47. Keecakc
  48. Polytimos
  49. Whirpool
  50. Lbry
  51. Jha
  52. Skunk
  53. Phi
  54. Keccak
  55. Sib
  56. Blake2b
  57. Nist5
  58. Veltor
  59. Blakecoin
  60. Blake2s
  61. HSR
  62. x11evo
  63. TimeTravel
  64. Equihash
  65. x17
  66. x17gost
  67. CryptoNight
  68. CryptoNightRTO
  69. CryptoNightXAO
  70. CryptoNightMSR
  71. CryptoNightXTL
  72. CryptoNightLightv0
  73. CryptoNightLightv1
  74. CryptoNightHaven
Q: How many cryptocurrencies does that cover?
A: ¯\(ツ)/¯ We stopped counting when we reached 1,000.

Is it safe?

Of course, but don't take it from us! Here's a 3rd party analysis on the software:
https://www.hybrid-analysis.com/sample/e8f518e55783a853659938ed1c25f441acf5c8cf2e7730ce3135f2dd231759b2?environmentId=120

What's Free Hash Friday?

Every week we put on an event called Free Hash Friday, and don’t call the DEA because we're not giving away weed! Maybe Canada can help you with that, but here's the general rundown for Free Hash Friday:  
The AIOMiner team sends out a tweet every week with directions in an image, such as this one.  
Follow the directions in the tweet where it says "To Win" with the arrows. Once you've completed those three steps, your twitter handle will be inputted into a spreadsheet (that is shared with the public) and you'll be assigned a number in the order that you're inputted.  
You have until 8pm US Pacific Time (GMT -7) to enter. At 8pm, the spreadsheet will be updated one final time and the drawing will begin immediately in the AIOMiner discord channel.  
You'll notice on the spreadsheet that you have a number next to your twitter handle. We have a bender bot that is able to generate a random number given the upper and lower limit. If your number is the randomly generated number, you win!  
Typically we pair with a coin, as you can see, who puts up some to giveaway and we have multiple winners. If we don't have a coin to give away, The AIOMiner team will simply start mining on behalf of the winner for 24 hours and mine any gpu-mineable coin of their choice.  
And that's pretty much it! So, follow our twitter and be on the lookout for the next Free Hash Friday!
 

What else should I know about AIOMiner?

We are fully committed to keeping mining free for everyone, but it does cost some money to keep the servers up and running. So, we're planning on releasing some "premium" features in the near future that will take the mining experience to the next level. Until December 1st, we will allow users to donate/purchase a lifetime premium account. With this account you will gain access to AIOMiner and all of the premium features that we release as well as any future product we make for free. This is only for a limited time, so if you're in the mining game for the long haul, it is definitely worth it. After December 1st, we will open up the premium features on a membership/monthly subscription basis. So, get it while it's hot!
 
Other than that, enjoy the software, enjoy the giveaways and come participate in the community:
 
Thank you again to everyone who has helped make AIOMiner what it is today!
 
Happy Mining,
-The AIOMiner Team
Edit: When releasing the new website, Google's Crawler flagged us as experiencing a hostile takeover and as a result, you may get a message warning of malicious content. We checked everything and there is no malware or malicious software on aiominer.com. We are actively working with Google to get this resolved as quickly as we can!
submitted by AIOMiner to gpumining [link] [comments]

HEX juicy importance

Typical Bitcoin forks have a couple of issues Frail security: Double spends On the off chance that the fork utilizes a similar evidence of work, or mining equipment, it's inconsequential for diggers from the bigger unique venture to assault it.
Medium BitcoinHEX utilizes the very much tried ERC20 standard to keep away from any of these issues. Powerless advancement: Fewer engineers In principle, a bigger network of engineers will attempt more cool things and complete in excess of a littler network.
BitcoinHEX by being an ERC20 token gets full favorable position of the biggest pool of designers in crypto (Ethereum engineers), and the entirety of the cool new innovations they make, for example, appropriated trades, nuclear swaps, and so forth
Poor motivator arrangement: Free riders You and your cooperation difficult to make something new and cool, to have a whale wake up one day and glimmer crash the market on you. Why? Free loaders suck.
BitcoinHEX "We're all Satoshi" include which gives every unclaimed coin to individuals that claimed at 2% per week more than 50 weeks implies that in under a year, just genuinely invested individuals will hold the token.
Out of line dissemination Should the person that lives in china with free power and about free work accessible get most of all the recently stamped coins (expansion)? While expanding centralization, and not wanting to haggle with the journalists of the product they run (center designers.) BitcoinHEX is genuinely circulated to those that advance it through: the 5% referral hold it, through staking, or on the other hand help get the undertaking to minimum amount and appropriation (rewards for cases and guarantee size.)
The rich getting more extravagant unreasonably Trades and assets reward themselves while offering nothing to the little folks whose Bitcoin they should be in guardianship of. Trades are something contrary to what Bitcoin was made for. Distributed money. Not companion to trade to peer money. They're large security openings that have l ost a large number of dollars of client reserves.
Whales asserting BitcoinHEX are punished 50-75% on the grounds that who actually needs some mammoth trade or store guaranteeing an enormous part of your token to dump on you at their recreation? Punishment triggers from 1k-10k+ coins.
Expansion for security Though Bitcoin has expanded its stockpile by 17 million coins over its reality by paying diggers to mine (square rewards.) BitcoinHEX needn't bother with expansion for security. Enough individuals are digging Ethereum for a wide range of reasons that we don't need to pay them BitcoinHEX to do as such.
Disparagement of the first A few forks like to imagine they're the genuine article, and not only a duplicate. They do this by having a fundamentally the same as name, logo, and even purchase twitter handles and sites that used to advance the genuine article, to advance the duplicate. In reality a duplicate does best when it separates itself with better highlights, evaluating, or promoting. In the event that your plan of action incorporates claiming to be something you're not, it's a terrible plan of action. BitcoinHEX isn't Satoshi's vision, it's likewise not Bitcoin. It's Bitcoin forked into Ethereum. That has focal points ordinary Bitcoin forks don't. It is amusing to prod different forks when satoshisvision.com focuses to BitcoinHEX.com however Smiley They earned that prodding.
Why BitcoinHEX is incredible Low expansion
All the cool game hypothesis that quickens appropriation of the undertaking ends in under 1 year. At that point the main expansion in the undertaking originates from individuals that've removed coins from flow by staking. At the point when the main swelling you have is from remunerations to individuals that have trustlessly and safely bolted up their tokens for an extensive stretch of time, that is incredible for esteem.
No paying excavators for security with square rewards Conveyance to those well on the way to have been in crypto the longest Simple for trades to coordinate because of recognition and trust of ERC20 standard. Works with appropriated trades no problem at all Works with nuclear swaps no problem at all Most devs in the crypto (Ethereum) Simple case apparatus, asserts all UTXOs in a location without a moment's delay
Incredible advertising. Howdy Smiley Low charges. A bitcoinHEX exchange would just cost around 27 pennies or less on 5/24/2018 Scaling arrangements not too far off. Vitalik Buterin has been distributing take a shot at evidence of stake and sharding which could lessen waste and increment exchange limit incredibly.
Incredible practice, particularly in the event that you've never encountered the biggest crypto environment and second biggest by marketcap.
Advances free discourse. You can transmit your business and financial vitality that used to just exist in the Bitcoin language, in the Ethereum language. Broadens your scope of individuals you can exchange with, talk tokens to.
Tokenomics Moment Referral Bonus Individuals you allude get came up with all required funds, and you get a 5% referral reward. Appropriation rewards to stakers (end on 50th week, since all cases will be finished)
We're all Satoshi (week after week) Like clockwork a reward equivalent to 2% of unclaimed assets is dispersed to individuals that claimed. Reward topped at 100% of unclaimed tokens. For example, if Satoshi doesn't guarantee, individuals who willed get a reward equivalent to his coins after some time, however not more.
Speed Bonus (paid to petitioner on guarantee) Claimable: Balance in addition to [math below] first week 10%< second week (10% x (.95 to the intensity of [week number]) SpeedBonuss Viral Bonus (week by week) The more individuals that guarantee, the bigger the rewards Complete reward upmod (Guarantee % of 1/3 all out conceivable case occasions)/10 Minimum amount Bonus (week by week) The bigger the cases the bigger the rewards. All out reward upmod (Guarantee % of all out potential coins)/10 A debt of gratitude is in order for the rewards Inception contract gets a similar reward you do. Selection rewards to stakers (end on 50th week, since all cases will be finished)
Senseless whales Singular cases 1k to 10k+ btc punished 50 to 75% directly scaled before rewards.
Goxmenot Gox trustee addresses can't guarantee Typical Staking (Not thought about a reward and doesn't end at 50 weeks) 1% per 10 days. Longer lockup= impetus multiplier Example Time reward: multi day lockup = 129.6% (on the grounds that 3.6 occasions 36%= 129.6%)
Time divider As % of profit tokens is bolted up, decreases reward multiplier. In the event that half bolted up at start, at that point multiplier decreased half Early winged creatures get the worms.
Guaranteeing A depiction of the Bitcoin UTXO will be taken at square tallness (to be reported after agreement is reviewed). The UTXO set will be smoothed for gas effectiveness, and the Merkle tree foundation of that set will be implanted in an ERC20 token agreement to permit Bitcoin holders to reclaim their tokens.
HEX links: Website: https://hex.win/ Twitter page: https://twitter.com/HEXCrypto Facebook page: https://www.facebook.com/HEXcrypto Telegram page: https://t.me/HEXcrypto Github: https://github.com/bitcoinHEX Reddit page: https://hexcrypto.reddit.com/ Medium page: https://medium.com/hex-crypto/ Ann: https://bitcointalk.org/index.php?topic=4523610.0
Author information; Bitcointalk username: Corneafx Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2649614
submitted by Corneafx to Cryptocoinworld [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/okd6br2qckn31.png?width=680&format=png&auto=webp&s=1d493bbd5b11fa734f6b1d37fef52f55d043dac8
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/246fk09vckn31.jpg?width=846&format=pjpg&auto=webp&s=2bf4164615342741d9ddb03493b3383f2af14f95
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/glis63xqckn31.jpg?width=1950&format=pjpg&auto=webp&s=da49c95d2b08159bec989af73377599193b24a1a

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to NewbieZone [link] [comments]

Expanse Tech  Review  Mining  Profitability  Bitcoin Fridays How to calculate Genesis Mining profit - Bitcoin Mining Profitability Calculator How to choose a Bitcoin mining pool - YouTube Hashflare pool settings and profitability showup 2017 Bitcoin & Cryptocurrency Mining Pools Explained  Best ...

The Bitcoin.com mining pool has the lowest share reject rate (0.15%) we've ever seen. Other pools have over 0.30% rejected shares. Furthermore, the Bitcoin.com pool has a super responsive and reliable support team. Bitcoin exchanges: LocalBitcoins, BitQuick. The calculation is based on average block generation time. The closer the average generation time is to the time frame the more the resulting revenue depends on luck. You will have to pay mining pool fees from close to nothing up to 3% depending on the pool. Unless you want to do pool hopping you ... Multipool is a multi-coin profit-switching mining pool that mines Bitcoins and several alternate cryptocurrencies (Altcoins).. Multipool was the first pool to offer a port that switches automatically based on coin profitability (the "Multiport") At first, the pool offered Scrypt coins only, but as it grew in popularity, added a SHA-256 Multiport which currently mines 5 different coins (Bitcoin ... Mining is the process where nodes in the Bitcoin Network assemble newly broadcast Bitcoin Transactions into a data structure called a block. Nodes then compete to append their block to the public Block chain by repeatedly mutating the block's header data structure, usually by incrementing the nonce field, then hashing it in an attempt to find a value that satisfies a difficult proof-of-work . Find out if it's profitable to mine Bitcoin, Ethereum, Litecoin, DASH or Monero. Do you think you've got what it takes to join the tough world of cryptocurrency mining? CryptoCompare needs javascript enabled in order to work. Follow these instructions to activate and enable JavaScript in Chrome. PC. To the right of the address bar, click the icon with 3 stacked horizontal lines. From the drop ...

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Expanse Tech Review Mining Profitability Bitcoin Fridays

In this tutorial, I show the expected hashrate and profitability mining BTCP with GTX 1080s and one GTX 970. I tried using the bminer and give an example of my batch file, which you will find below. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. What is a mining pool and why is it best to mine Bitcoin and other cryptocurrencies on mining pools? Here is our review and explanation of mining pools, how ... BitCoin For Beginners - POOLS - Top 3 Mining Pools - Trading and Exchanging - Part 3 1/2 - Duration: 8:23. MrJayBusch 185,883 views. 8:23. How to use Zoom for Remote and Online learning - Duration ... We take a look at profitability of USB miner solo mining Bitcoin and Litecoin. What are the chances to find a block on your own own of 12.5 BTC or 25 LTC. Ch...

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