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Canaan's new ASIC is a Pipe Dream, not an Ethereum Threat

So, yesterday Kristy-Leigh Minehan posted on Twitter that a company named Canaan announced an ASIC that is capable of 0.68W/Mhs
That's 2200Mh/s running at 1500w
https://twitter.com/OhGodAGirl/status/1176938519866089473
Here is a list of how it compares to other ASICs and GPUs.
https://blog.miningstore.com/blog/ethereum-mining-hardware-for-2019
She used this tweet to promote the need for ProgPoW
Today, I am attempting to explain that Canaan is not a threat to centralize Ethereum mining with their ASICs.
First, I cannot find any information regarding Canaan announcing an Ethereum ASIC other than Kristy's twitter post
There is only one article written about it and it uses Kristy's twitter post as their source.
https://cryptoslate.com/ethereum-asic-dominates-gpu-performance/
Nothing on Canaan's website talks about this miner
Nor does Canaan's twitter account mention anything like this.
If we look closely at Kristy's twitter picture, you can see the Canaan Ethereum miner will be called the V10.
I cannot find any info anywhere on this miner.
You would think that if Canaan is unveiling a new product, they would be talking about it more to spread awareness and raise hype, but they aren't.
I mean, they made a big to-do when they announced the A10 bitcoin miner in March, so why are they posting nothing about the V10 ethereum miner.
https://twitter.com/canaanio/status/1111513725733724160
And a google search will show many many more articles written about the bitcoin A10 after its announcement.
I'm not saying the announcement isn't real, just that I find it odd that the company isn't talking about it themselves.
Canaan did respond to a tweet from “cryptoState”, the writer's of the article based on Kristy's tweet.
Canaan replied that the v10 is not an official worldwide Canaan product.
https://twitter.com/canaanio/status/1177088253431668736
and further in the cryptostate article, Canaan says “It is a little hard to explain, but those are not products designed and built by Canaan engineering. They are products sold by the domestic sales team and are not an official worldwide Canaan product,”
I do not know what that means exactly. If it means it's not an official Canaan product, or that it won't be available worldwide, or what.
But this is the first clue to me that it isn't anything to worry about.
If it's not an official Canaan product, then it doesn't seem like it will have support from Canaan to bring it to market.
It won't be marketed by Canaan, use it's supply chain, it's business resources and contacts, use it's support system, or be built by Canaan.
Next, yes 0.68W/Mhs is more efficient than GPUs, but that isn't all that matters when miners choose the devices to use.
What matters also is how much the machine costs.
If the V10 is price too high, then it's not something to worry about.
Without a price, Kristy can't claim in good faith that the V10 is something Ethereum needs to worry about and a reason ProgPoW needs to be adopted.
I'm not sure how to price the thing, myself, but at current ETH prices and hashrate, it would make $2200 in 4 months.
I think generally ASIC mfgs price their machines to break even in 3-4 months.
So that would be the machine will cost around $2200.
BUT, that's only if ONE machine is running on the network.
The more machines on the network, the less profitable they are.
If we look at the Avalon A1066, it's november batch costs $1390, and has a break-even time of 464 months at current bitcoin prices.
So it seems to me the Canaan V10 will be quite a bit more expensive than $2200.
Which doesn't make it feasible for that many people to buy.
Next, there was no product on display at the New Era Mining Summit, where this product was announced.
Only some graphics of numbers they claim.
Nor can I find any technical documentation talking about how they plan to achieve the advertised hashrate
I tweeted Kristy telling her that this seems, at best, like just an idea to me, to help them raise money and that it takes more than an idea to bring an ASIC to market.
https://twitter.com/AltcoinXP/status/1177290387205054464
Kristy then blocked me on Twitter and told me to stop spreading misinformation.
https://imgur.com/lWEAWbd
So, now let's talk about the article I replied to her with, claiming that Canaan doesn't have enough funding for this.
Granted, I said this without doing as much research as I could've, but let's see if what I said holds true.
Here is the article I linked in the tweet.
https://www.coindesk.com/avalon-bitcoin-miner-maker-canaan-is-plotting-another-ipo-attempt
Notice the date this article was published. March 27th 2019.
Notice that Avalon announce their Bitcoin A10 miner the next day.
https://twitter.com/canaanio/status/1111513725733724160
Perhaps to help attract funding from new investors, which the Coindesk article says they haven't been able to bring on any new investors in a long time.
I'm not going to cite the whole article here, read it for yourself, but it generally explains that Canaan is unable to attract new funding.
Also, Xianfu Lui, a 17.2% shareholder in Canaan left the company in February, so I doubt he invested money into Canaan.
https://www.coindesk.com/co-founder-quits-avalon-mining-chip-maker-canaan-over-differences
Here are some more Coindesk articles speaking about Canaan trying to raise money.
https://www.coindesk.com/huobi-plans-backdoor-ipo-attempt-in-hong-kong-document-suggests
“After mining giant Bitmain’s IPO attempt in Hong Kong was allowed to expire, apparently due to reluctance from HKEX, it’s reportedly now planning to list in the U.S. Another miner manufacturer, Canaan Creative, is also reported to have already confidentially filed in the U.S. after a failed HKEX attempt. “
https://www.coindesk.com/bitcoin-miner-maker-canaan-confidentially-files-for-ipo-in-us-report
https://www.coindesk.com/bitcoin-miner-canaans-ipo-likely-delayed-after-hong-kong-filing-expires
“The Reuters report, citing anonymous sources, further said the HKEX and financial regulators in Hong Kong have raised questions over Canaan’s business model, given the volatile nature of cryptocurrencies. As such, the news agency said the IPO might not go ahead this year, since there have been no updates from a listing hearing with the HKEX. “
So seems to be Caanan is having a hard time finding funding for their endeavors. Pretty much every single article on Coindesk about them is about them trying to get funding and failing at it.
So do they have enough money to bring the V10 to market AND bring enough V10s to be a problem?
They would need to produce 45,000 units to get 50% of the Ethereum mining power.
Current network is 197TH/s https://bitinfocharts.com/ethereum/
Currently Bitmain is estimated to have produced less than 20,000 units since the Antminer E3's announcement in April 2018.
https://www.reddit.com/ethereum/comments/d8fuvj/an_argument_against_progpow_a_day_part_1/f1axc2c/
https://www.coindesk.com/bitmain-confirms-release-first-ever-ethereum-asic-miners
Bitmain being a much larger company than Canaan, it seems unlikely they will produce 45,000 units quick enough to become a problem.
Anyway,
For those of you that don't know, Canaan manages the Avalon bitcoin ASICs and have done so since 2014. Canaan is fulling in charge of Avalon.
https://en.bitcoin.it/wiki/Avalon
Maybe I should've said that sooner, I don't know. I'm just typing as I come up with stuff.
But we can look at Avalon's bitcoin past to determine what the future ethereum miner supply might look like. Keep in mind though, this was also during a time when they were well-funded.
I'm not sure what their bank account looks like now, but they have been in the red every year since their existance, so I have to assume they have less money now than when they were releasing bitcoin miners
Avalon announce the A10 March 2019, and started shipping pre-orders in October 2019.
If the V10 follows suit, we won't see a V10 in the hands of miners until April 2020
https://www.coindesk.com/demand-for-new-bitcoin-miners-is-again-outstripping-supply
Ok, I'm done. That's all I put together and why I don't believe the Canaan ASIC that was announced is a concern warranting the immediate adoption of ProgPoW
Thanks for reading.
submitted by Anthony-AltcoinXP to ethereum [link] [comments]

Question: Monday fork and ASICs

During the fork issue last Monday how were miners owning ASICs affected. Do the ASICs run verion 0.7 or 0.8? Or, is the ASIC a side-car computer that does the actual number crunching while the 0.7 or 0.8 still runs on a conventional server. Does an ASIC even know the size of a block? (I would think so.) I didn't see any discussion of this.
A bit worried this was too simple of a question but this is the perfect place to ask. Will pay/tip bounty 0.1 BTC to answer of my choosing. (Give me 12 hours to tip.)
submitted by heatsinkhat to A4BTC [link] [comments]

Why don't miners move away from Antpool, Viabtc & Btc.com pools?

On days like today we see Bitmain's controlled hash power going up to 1/3 of the hash rate.
I doubt anybody agrees that this is a good thing for bitcoin... (snapshot taken from coin.dance when post was written: http://imgur.com/M8yiq7a showing a 32% hash rate between all those pools)
BTC.com is clearly owned by Bitmain so is obviously Antpool and were lead on viabtc's A round (and i haven't seen Viabtc do anything different than what Bitmain wanted including the support for their stupid fork).
I am aware that Bitmain has possibly some influence over even more of the hash rate since even Bixin's farm uses a lot of S7 (but also some avalons) but I've yet to see some proof that Bitmain exercises their influence/negotiation power by using their position as the main ASIC supplier to force those farms or partner to do/mine/signal what/where Bitmain wants.
submitted by poulpe to Bitcoin [link] [comments]

4 Bitcoin-Newbies: What I have learned about BTC in 4 months

Hi guys,
I was introduced to Bitcoins last September. I didn't know anything about that and I started studying more about that.
I also found this forum and learned A LOT from you guys, so, to thank you all and to give back, I thought about doing a small summary of what I have learned so maybe new guys can find this helpful.
I will post a lot of links from outside and to my own posts, so people with the same doubts that I had can look for the answers that I got there and maybe that may answer their question too.
I learned: In September 2012, the very first thing I learned was from this video (like many of us) :
http://youtu.be/Um63OQz3bjo and this website: http://www.weusecoins.com
My friend introduced me to my first wallet and my first pool: http://bitcoin.org/ and http://bitminter.com/
I still didn't know what I was doing.
This amazing post resolve 99% of your doubts: https://bitcointalk.org/index.php?topic=9430.0
At the end September I found out that mining as we know it (or as I just knew) was about to end thanks to the ASIC machines. I didn't know what mining was and less idea of what ASIC was. So I started reading about that and I find many companies like Butterfly Labs, Avalon and BTCFPGA (http://bitcoinmagazine.com/tag/asic/)
I learned how awesome this forum is, willing to help a new guy like me
I was still learning how to mine, so I asked in this forum about that (https://bitcointalk.org/index.php?topic=114723.msg1236829#msg1236829) and they told me about pools, mining and I ended upgrading my graphic card (you can compare the speed of mining here: https://en.bitcoin.it/wiki/Mining_hardware_comparison and you can calculate how many bitcoins here: http://tpbitcalc.appspot.com/)
I found out all the pools out there (https://bitcointalk.org/index.php?topic=104664.0)
In October I was looking for rigs to mine (https://bitcointalk.org/index.php?topic=114823.msg1238027#msg1238027) because I found this video: http://youtu.be/eLt8Se3vVNg
Then I didn't understand why pay fees when mining, but this forum was even greater than what I thought https://bitcointalk.org/index.php?topic=115260.msg1242456#msg1242456
So once I learned about mining, I download GUIminer and I started mining in 3 pools at the same time (https://bitcointalk.org/?topic=3878.0)
After 40 days I mined my first bitcoin YAY! now, I wanted to know what I can do with that and I found places to buy with bitcoins like www.bitmit.net
I wanted to control my mining from my cellphone and I found Bitcare very useful (https://play.google.com/store/apps/details?id=org.cryptcoins.btcare&hl=en), and also Bitcoin Wallet to have a new wallet in your phone (https://play.google.com/store/apps/details?id=de.schildbach.wallet&feature=search_result#?t=W251bGwsMSwyLDEsImRlLnNjaGlsZGJhY2gud2FsbGV0Il0).
I wanted to buy more bitcoins, didn't know where. Dwolla https://www.dwolla.com/ and Mt.Gox https://mtgox.com/ were there for me. I found out that Dwolla is a pain in the ass. I had to wait 3 weeks to verify me and 3-5 days every time to make a deposit. But besides that, it works...althought I found this today: http://codinginmysleep.com/dwolla-begins-suspensions/
People who likes bitcoins don't usually likes PayPal
I also found places where they give bitcoins away...for free! http://makebitcoinsfast.com/ and http://earnbitcoin.wikidot.com/
I was new and happy until I found what a block is and how it dropped from 50BTC to 25BTC https://en.bitcoin.it/wiki/Blocks and http://blockchain.info/
You can know when the new block will happen: http://bitcoinclock.com/
More companies started to use bitcoins like WordPress (http://www.forbes.com/sites/jonmatonis/2012/11/16/whats-your-bitcoin-strategy-wordpress-now-accepts-bitcoin-across-the-planet/). You can even buy a house with btc! http://bitcoinmagazine.com/where-to-spend-your-bitcoins/
Cool sites that I still don't understand like: http://cognitivemining.com/ or http://bitcoinstatus.rowit.co.uk/
The biggest wallet so far had more than 613,000 BTC and its own site (http://1dkybekt5s2gdtv7aqw6rqepavnsryhoym.com/)
You can watch how bitcoins are going higher or lower in sites like here: http://bitcoinwatch.com/ and http://bitcoin.clarkmoody.com/
That a guru of Gold and Silver, is accepting Bitcoins in his web: http://mogamboguru.blogspot.com/
They have more names than just bitcoins... Sub-units of a bitcoin such asmillibitcoins ("Millies") or microbitcoins ("Mikes"). The Bitcoin protocol uses a base unit of one hundred-millionth of a Bitcoin ("a Satoshi")
What 2013 has in store for bitcoins: http://bitcoinmagazine.com/the-next-year-in-bitcoin-what-2013-has-in-store/
Some companies are afraid of bitcoins like apple and why: www.forbes.com/sites/jonmatonis/2012/06/13/why-apple-is-afraid-of-bitcoin/
You can help others by crowd founding with btcs: https://bitcointalk.org/index.php?topic=118458.0
You can bet anything: http://betsofbitco.in/ or http://bitbet.us/
And also short cut your wallet: http://payb.tc/
Hitler sells alls bitcoins: http://youtu.be/alc0gG0u48M
That if the bitcoin drops to $4 (it was my dream )... 82% of the people would buy all the btc they could https://bitcointalk.org/index.php?topic=137249.0
Casinos will make money....ALWAYS, any currency, any country: www.forbes.com/sites/jonmatonis/2013/01/22/bitcoin-casinos-release-2012-earnings/
There is wikipedia about bitcoins (http://en.wikipedia.org/wiki/Bitcoin) and there is a wikipedia only of bitcoins: (https://en.bitcoin.it/wiki/Main_Page)
Blogs keep growing to understand better about bitcoins: http://www.thebitcointrader.com/
I learned the hard way that if you have several wallets in your Bitcoin Wallet in your phone, it can crash and lose money. Be careful. https://bitcointalk.org/index.php?topic=137785.msg1468748#msg1468748
You can have multiples wallets in your computer thanks to: https://multibit.org/
I thought a fork was for eating, but there are more https://bitcointalk.org/index.php?topic=136802.msg1457287#msg1457287
There is no flaws in bitcoins: https://bitcointalk.org/index.php?topic=136740.msg1456910#msg1456910
Also, if you sign your account of the forum with your wallet, your nickname would be attached to it, always: https://bitcointalk.org/index.php?topic=137667.msg1467500#msg1467500
You must create a SECURE wallet: https://bitcointalk.org/index.php?topic=17240.0
And that's it so far. I'm still learning but I can see how much I have learned in just 4 months. I got my wallets secured, with many bitcoins and waiting for an asic.
I hope this post can help anybody.
Thank you guys!
All the best.
Source:https://bitcointalk.org/index.php?topic=138890.0
submitted by saidee to Bitcoin [link] [comments]

Software and Hardware Mining Tools and Profitability checking links

Hardware AntMiner S9 Avalon 6 Antminer R4 Software Bitcoin Mining Software for Windows
Bitcoin Miner BTCMiner CGMiner BFGMiner
Linux/Mac CGMiner BFGMiner EasyMiner RPC Miner Profitability checker https://www.cryptocompare.com/mining/calculatobtc
Hardware Mining https://en.bitcoin.it/wiki/Mining_hardware_comparison https://www.cryptocompare.com/mining/#/companies
submitted by Coincommunity_ to Bitcoinconsultancy [link] [comments]

I have a few questions regarding bitcoin mining, GPUs, and ASICs. (Reposted from /r/Bitcoin)

Okay, so like a lot of you probably did, I made it to this page about mining. The basic message I took from it is that CPUs << GPUs <<< ASICs. CPUs have been rendered obsolete, GPUs are the current go-to mining hardware, and ASICs are going to dominate the future. However, it's not as simple as it seems. I know a friend who has two top-of-the-line, overclocked AMD graphics cards, running about $450 each. He's made about $300 so far, about $15 per day after the crash. So, he's still very far in the red, with about the best GPU setup you can get.
Supposedly, ASICs are orders of magnitude faster than GPUs and use less power; they're the long-term future of bitcoin mining. Google led me to Butterfly Lab's page, and the profitability calculations had me salivating. However, my research revealed that they've been delaying shipping for over half a year, and nobody has actually recieved one yet. If you ordered one now, you'd get it in several months (excluding the almost-certain delays to come). Avalon is another ASIC manufacturer, and they actually ship; however, the going rate for one of their ASICs is about 77 BTC, which is anywhere from $7000-$10000, and they're currently out of stock.
On top of this, once ASICs hit the market, the total hashrate will skyrocket, as well as the mining difficulty, and profit will decrease dramatically for everyone involved. I was hoping to buy either a high-end GPU or a low-end ASIC (not spending more than a few hundred dollars) and make a couple hundred dollars of profit after a few months. But now it seems that ASICs are a myth (or hideously expensive), GPUs are very expensive, and all miners are soon going to start seeing diminishing returns.
All things considered, it seems that the only way to make a profit mining is to already be mining now, because if you try to pick up some hardware and start now you're never going to make enough money to cover your initial expenses. Is that an accurate analysis or is there still hope for the future of mining? Unless somebody tells me I'm wrong, I'll either try actually buying some bitcoin and hoping for the market to recover or just follow Bitcoin's ups and downs as an outside observer.
TL;DR: Was really interested in making a small-scale profit off of mining, did a fair amount of research on it, now my view is "why bother if you don't already have the hardware since you'll never break even." Confirm/deny?
submitted by RyanW1019 to BitcoinMining [link] [comments]

A Look At The 51% Attack And Other Risks On the Bitcoin Network (More Information in the Comments Section)

Synopsis: In this post, we will go over the major risk on the Bitcoin Infrastructure, what kind of solutions have been suggested, and the flaws (if any) of those solutions.
The 51% Attack – The Problem/Risks
The 51% Attack is based on the premise that, as Bitcoin users, we want no one user to hold 51% of the power on the network. I believe everyone can agree that would be quite the pickle if it were to occur. When we refer to power, we are referring to processing power, which, as most people reading this should know, controls the flow of money, the ability to verify transactions, and other things.
Let’s go back a bit and review a few of these basics though. When any machine (which will be henceforth be referred to as a node) applies its processing power to mine, it is doing virtual work, attempting to find a hash which matches up to the algorithm, set at a particular difficulty. As any network grows, the amount of malicious users will too, which is the basis of our problem. If a user (we’re assuming he/she is a neutral entity at this point) controls that much power, we run a few risks.
  1. The user could have found a way in which to maximize the node’s return on investment (ROI), which generally factors in both time and power. This maximization means that the user has found a way to compute multiple hashes at once (thus attempting to take care of multiple transactions at once). This also means that said user wouldn’t receive fees for the transaction though, so the efficiency of this is questionable.
  2. The more malicious route means that the user mines empty blocks, and then refuses to process transactions while mining against only his blocks. I’m assuming (because there seems to be little I could find on the technical side of the attack, for good reason) that this involves a blockchain rewrite, and then the user targeting his/her clients to work on only those blocks which he/she modified, but as for specifics, I do not know. I will research this further and probably post a follow-up that more accurately describe what would happen during this sort of attack. If the user were to mine against just their own blocks though, and not attempt to create any new ones, the Bitcoin network would essentially stop. There is also a variant where a single user can inject a massive amount of hardware into the network quite suddenly, they can bring the production of new blocks to its knees.
  3. This could also be a botnet that does not wish to deal with the hassle of constantly sending all of the current transaction information to its zombies. This would be more for coding simplicity rather than for financial gain. (This point is directly copied from Privacy Online News, as I can’t really think of a simpler way to put it). (List lovingly butchered from Privacy Online News)
The 51% Attack – The Actual Risk/Solutions
An attack of this sort would be questionably efficient, and becomes more difficult by the day, here’s why: users. Other users are constantly battling to be more efficient, as they upgrade their own nodes with new GPUs, CPUs, addons like the ones from Avalon or Butterfly Labs, and modified settings. The efficiency of an attack of this sort is questionable since the Bitcoin’s code places odd restrictions on a user who has pulled off an attack likes this, due to its failsafes, cryptography, and other features. This is a list of such limits, brought to you by the Bitcoin Wiki.
This [51% attack] allows him [the user] to:
Reverse transactions that he sends while he’s in control. This has the potential to double-spend transactions that previously had already been seen in the block chain.
Prevent some or all transactions from gaining any confirmations
Prevent some or all other miners from mining any valid blocks
The attacker can’t:
Reverse other people’s transactions
Prevent transactions from being sent at all (they’ll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
As you can see, there are certainly some risks to a user gaining this kind of control, however the common concerns of them stealing from others, creating coins, and playing with other people’s money simply aren’t possible. It is mentioned later in the article that it is possible to change historical blocks, however the difficulty increases exponentially as you go back, and it becomes impossible past the last checkpoint. Solutions have been mentioned over time, including one (implemented by Solidcoin 2.0) that requires at least one user with a balance of at least a million Solidcoins to be working on every other block. The logic behind this is that a user with that much invested in a system would be very unwise to try to devalue a currency which he/she has so much invested in.
I’m personally not a fan of this one, for one reason in particular. To combat the problem of not having enough coins in the beginning, the SolidCoin 2.0 dev team introduced “…10 accounts of 1.2 million [that] were created in the genesis block. These are special accounts that cannot be spent on the network, effectively making them “Null accounts used for special purposes”, until SolidCoin does have real millionaires.” I understand that these coins are unable to be spent on the network, but who controls these accounts? Who decides when there are enough SolidCoin millionaires? What happens if some of these people lose their money, what then happens to the network? These questions and more are raised in my head, and if a SolidCoin dev wishes to have a statement added in, feel free to contact me.
As put forward by blogger Gavin Anderson of GavinTech, “[The solution is] Something like “ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)” would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they’d pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people’s transactions or have their chain rejected.”
This solution does sound like a fairly good one, although it does leave us still vulnerable to the attack, albeit for a fairly limited amount of time.
User David Schwartz on Stack Exchange mentions this: “…As a longer-term solution, there have been proposals discussed to reject reorganizations that invalidate suspiciously large numbers of blocks such as four or more. The problem with these proposals is that under unusual circumstances (such as if a disaster partitions the Internet for half an hour), the network can permanently split with each side rejecting the other side’s block chain as a suspicious reorganization.
Essentially, the client would have to go to a “lockout” mode if this happened and reject all transactions until some mechanism to find the real block chain could be implemented. (It could submit all transactions to both chains and consider only transactions accepted in both as confirmed!) One proposal uses a central authority to pick the real chain. This is an area where there is room for innovation.”
Schwartz's solution does sound like less of a risk, but a lockout mode sounds like it could very potentially disrupt a lot of the Bitcoin traffic. Also, it mentions a “central authority” which in a decentralized digital currency, is a bit of a foreign concept.
If there are any other major solutions you’d like me to add to this list, let me know.
submitted by totallygeeky to Bitcoin [link] [comments]

Subreddit Stats: top posts from 2013-05-31 to 2013-06-29 21:28 PDT

Period: 29.39 days
Submissions % Comments %
Total 998 32520
Rate (per day) 33.96 1019.55
Unique Redditors 651 5187
Upvotes 90338 81% 151343 76%
Downvotes 21103 19% 46789 24%

Top Submitters' Top Submissions

  1. 2588 pts, 2 submissions: evoorhees
    1. NSA Whistleblower reveals himself. Mentions Tor, EFF. This is a hero. (1407 pts, 176 comments)
    2. LOL New Bitcoin Billboard in San Jose - Honey Badger! (1181 pts, 196 comments)
  2. 1902 pts, 43 submissions: IWillNotBiteYourDog
    1. Thank You, Bitcoin Community | Electronic Frontier Foundation (246 pts, 32 comments)
    2. Prepaid Card Can Be Funded by Bitcoins (203 pts, 40 comments)
    3. Bitcoin finds its way into Cambridge [UK] pubs (99 pts, 10 comments)
    4. Bitcoin's a Revolution, Not a Convenience (77 pts, 11 comments)
    5. Is Bitcoin the future of currency? (76 pts, 13 comments)
    6. How Bitcoin Lets You Spy on Careless Companies (72 pts, 55 comments)
    7. The Reserve Bank of India red flags 'virtual currency' (61 pts, 17 comments)
    8. Why didn’t Bitcoin users freak out in May? (58 pts, 36 comments)
  3. 1349 pts, 12 submissions: bitfan2013
    1. Western Union now prohibits sending money to the USA from Argentina. Bitcoin may be the only way out. (273 pts, 64 comments)
    2. A new site shows how to break off from Prism - Recommends Bitcoin! (220 pts, 54 comments)
    3. California now proving why Satoshi Nakomoto was a genius on so many level (158 pts, 92 comments)
    4. More reasons not to use your Bitcoin Wallet on Windows; Microsoft Waits to Fix Your Software Bugs So the NSA Can Use Them First (155 pts, 54 comments)
    5. NSA Whistleblower Edward Snowden:" The extent of their capabilities is horrifying. We can plant bugs in machines. Once you go on the network, I can identify your machine. You will never be safe whatever protections you put in place." Is my Bitcoins not secure if my machine is bugged to begin with? (145 pts, 53 comments)
    6. Avalon claims to have started mass shipping via E-mail; Provide Pics (143 pts, 56 comments)
    7. 06/11 Bloomberg [Video]; Wow for the first time Bitcoin actually got good coverage instead of the usual crash, drugs, illegal talk that we saw earlier. Is the tide turning in our favor? (135 pts, 38 comments)
    8. BBC News - Swiss bill to ease bank secrecy rebuffed - Finally some backbone to stand up to the U.S Government. Maybe we should all open accounts to trade Bitcoins in Switzerland! (37 pts, 18 comments)
  4. 1270 pts, 14 submissions: waspoza
    1. Bottoms Up For Bitcoin - The virtual currency popular with libertarians is now being accepted by a chain of U.K. pubs. (326 pts, 29 comments)
    2. The Time For A Stateless Global Reserve Currency Is Fast Approaching (239 pts, 225 comments)
    3. 5-star Waikiki hotel, 10% discount if renter pays in bitcoin (164 pts, 23 comments)
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  5. Bitcoin Foundation gets Cease an desist order for being a money transmitting business ... by Timbo925 (880 pts, 452 comments)

Top Comments

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  5. 197 pts: GernDown's comment in LOL New Bitcoin Billboard in San Jose - Honey Badger!
Generated with BBoe's Subreddit Stats SRS Marker: 1372566488.0
submitted by subreddit_stats to Bitcoin [link] [comments]

I have a few questions regarding bitcoin mining, GPUs, and ASICs.

Okay, so like a lot of you probably did, I made it to this page about mining. The basic message I took from it is that CPUs << GPUs <<< ASICs. CPUs have been rendered obsolete, GPUs are the current go-to mining hardware, and ASICs are going to dominate the future. However, it's not as simple as it seems. I know a friend who has two top-of-the-line, overclocked AMD graphics cards, running about $450 each. He's made about $300 so far, about $15 per day after the crash. So, he's still very far in the red, with about the best GPU setup you can get.
Supposedly, ASICs are orders of magnitude faster than GPUs and use less power; they're the long-term future of bitcoin mining. Google led me to Butterfly Lab's page, and the profitability calculations had me salivating. However, my research revealed that they've been delaying shipping for over half a year, and nobody has actually recieved one yet. If you ordered one now, you'd get it in several months (excluding the almost-certain delays to come). Avalon is another ASIC manufacturer, and they actually ship; however, the going rate for one of their ASICs is about 77 BTC, which is anywhere from $7000-$10000, and they're currently out of stock.
On top of this, once ASICs hit the market, the total hashrate will skyrocket, as well as the mining difficulty, and profit will decrease dramatically for everyone involved. I was hoping to buy either a high-end GPU or a low-end ASIC (not spending more than a few hundred dollars) and make a couple hundred dollars of profit after a few months. But now it seems that ASICs are a myth (or hideously expensive), GPUs are very expensive, and all miners are soon going to start seeing diminishing returns.
All things considered, it seems that the only way to make a profit mining is to already be mining now, because if you try to pick up some hardware and start now you're never going to make enough money to cover your initial expenses. Is that an accurate analysis or is there still hope for the future of mining? Unless somebody tells me I'm wrong, I'll either try actually buying some bitcoin and hoping for the market to recover or just follow Bitcoin's ups and downs as an outside observer.
TL;DR: Was really interested in making a small-scale profit off of mining, did a fair amount of research on it, now my view is "why bother if you don't already have the hardware since you'll never break even." Confirm/deny?
submitted by RyanW1019 to Bitcoin [link] [comments]

Some pieces I cannot put together

I've been reading extensively on bitcoin for the past few days and there are a few holes here and there that I'm trying to understand. So far it makes me believe that this whole mining thing is some sort of elaborated scam. Here is a few unorganized points that are confusing to me.
Why are other currencies like litecoin slowly becoming popular and why people want them to become popular? What purpose do litecoin serves that bitcoin doesn't? If the second to bitcoin, a redundant currency like litecoin becomes popular and that people want it to become popular, then what's stop more of those currencies to all becoming popular making each of them just spammy/redundant at the end, don't we only need one of those currencies to serve the purpose of worldwide decentered transactions?
The so popular and referred mining hardware comparison sheet gives a list of videocard that are recommended to use. Combined with this calculator people can make some calculations to see if they should invest electricity cost into mining.
Now it seems to yield a little free income at the end of the month, all seems well until you investigate further. The power consumption of your videocard shown there is, in the radeon 6850 case, only half of what it truly use at full usage.
Now to add to this, I've been mining for more than a day at full power without stopping nor interfering in the process. It tells me I should be making 0.0125 bitcoin a day but I barely made half of that in a bit more than a day, yet I am positive the videocard ran at full strength for the whole process.
Now, double electricity cost vs half production, it becomes almost a profitless operation. To this, combined that the current bitcoin value is tenfold what it was 3 months ago, how could it have been profitable back then if it is not right now?
Now another suspicious part to me is those 2 websites 1 2. They offer what every person would ever want, a way to make a lot of money easily.
Both of them deliver their products months after purchase and, the 2nd website especially, is selling something that would potentially pays for itself back in less than a month, after which huge profit would come in. How convenient, to sell something that yields huge profit and pays itself back so quickly, better sell than use ourselves right?
The first site has sold out, and funnily enough are selling the next batch for 75 bitcoin per... which they could just mine themselves faster than their delivery time, so what's their gain really? Conveniently we have the 2nd website, not sold out, selling something similar to the 1st website, without any pictures of what the behind of their miner looks like, who won't mention anywhere the power consumption of their product but say that it comes with a usb cord, plug and play!
That sure not sound fishy at all since the asic counterpart is shown on the comparison sheet as using 600 W, for sure the usb connector hole can output that kind of power right?
Hopefully someone can shed some light on all this to the better understanding of least common asked matters, yet quite important for anyone who wants to jump in this... bandwagon...
I'm legitimately trying to see things optimistically but so far I only see a few root members trying to scam the entire world by projecting this half legit currency world unto us.
Note: sorry for my relatively poor english, I tried putting my thoughts into word as precisely as I could, but I couldn't do it as well as I wish I could.
submitted by StupidButSerious to Bitcoin [link] [comments]

Bitcoin mining evolves from GPU to FPGA and now custom ASIC

Bitcoin mining used to be rows of consumer gpu's brute-forcing the sha-256 encryption (max 2000 Mhash/s). After that people and companies started using expensive fpga setups to do it faster (100-25000 Mhash/s). Now companies have developed custom ASIC for bitcoin mining. (Avalon , Bitforce , Deepbit). It has an impressive speed of 4.5K -> 1500K Mhash/s . This increase of computing ability will probably put the gpu mining out of business and shake up the market abit.
Some numbers: https://en.bitcoin.it/wiki/Mining_hardware_comparison
submitted by spikeee to TheAmpHour [link] [comments]

[Questions] Bitcoin exchanges, etc. AND Mining

Sorry if this is obvious, I recently became interested in btc (and trading it like any other currency).
The exchanges I am aware of are Mt.Gox, Btc-E, and Bitstamp. I tend to ramble, so i'll try to keep this short:
  1. Is any other exchanges I should look at? Are any of these better than the others? (I know you all don't like Mt.Gox very much as of now)
  2. Is there a way to look up lag time for each exchange? Is it usually minutes or seconds?
  3. I noticed each exchange has different prices. at the time of writing, Mt.G is at 90, Btc-E is at 92, and Bitstamp is at 88. These numbers were farther apart right after the crash. Will these slowly all approach the same number? Do people make money buying on one exchange and selling on another?
  4. Do you have any general advice for buying selling bitcoin?
  5. I'm planning on using Btc-E and buying bitcoins using bitinstant, pushing it to my Qt wallet, and transferring it to Btc-E from there. Is there a more efficient way to push cash to Btc-E? I'm only going to push 20USD for now, just as an experiment.
  6. Is there any risk with holding USD in Btc-E? Is there something safer?
  7. A few days ago, prices were fluxating between 60 and 90 (by the half hour). Now it's pretty stable. Is this good for the strength of bitcoin? Will people take it more seriously?
  8. NEWQUESTION Is there any way to get bitcoin historical prices in csv (or any other easily parsed format)(from any exchange) like the yahoo's ichart csv (download)? NEWQUESTION Will the influx of these new ASICS affect the price of bitcoins? up? down?
Mining: My hardware is a 5770 graphics card which from bitcoin.it says I'll get about 200 MH/s. I'm hoping to make at least a buck a day (mining in a pool), again more just as an experiment.
  1. If I use linux, and don't run a DE, could I increase my MH/s? Would it be noticeable?
  2. What are your thoughts on ASICS? Is it thought that butterflylabs may be a scam? How about Avalon? Would buying one on ebay result in an unhappy scammed DrWoollyNipples?
  3. Is there any information on how these ASICS work? I'm very curious in the technology and any links would be appreciated.
Thanks, you all are amazing. Sorry for so many questions.
submitted by DrWoollyNipples to Bitcoin [link] [comments]

Helpful Bitcoin Links Please Donate

I'm looking to raise some money to develop a advanced Bitcoin shopping cart system. I'm trying to raise some money so I've compiled a list of helpful links for those of you who use or plan on using Bitcoins. Please donate to my Bitcoin address if you find this list helpful and to help the development of my projects
Bitcoin address 18e2MbUAbH7jNpYtY9Qt2WFUZpagCCEaVs
  1. http://bitcoin.org/en/ -The basic website for bitcoin
  2. http://en.wikipedia.org/wiki/Bitcoin -Information for people that know little to nothing about btc
  3. http://blockchain.info/ -Best website to track down transactions
  4. https://mtgox.com/‎ -Trusted with btc transactions, gives good current value of the coin but don't recommend depositing USD to buy coin from them
  5. https://btc-e.com/ DO NOT RECOMMEND USD DEPOSITS. Great for foreigners that can do deposits because bitcoin is always 15-17 dollars cheaper so you can buy there and sell on mtgox
  6. https://bitcoinfoundation.org/‎ -Brings some good news and promote btc
  7. https://www.bitmit.net -The ebay for bitcoins. Buy and sell items for bitcoins
  8. http://www.coindesk.com/ -One of my all time favorite websites. Has everything possible that you need to know about btc and constantly updates information
  9. http://raisebitcoins.com/ -Raise bitcoins for different causes
  10. https://bitcointalk.org/- Obviously
  11. https://coinbase.com/- Good to buy/sell, and run your business with
  12. http://brainwallet.org/- If you have large amount of coins and don't plan on spending them anytime soon then store them in custom wallets
  13. http://www.coinwarz.com/- Good mining profit calc for sha and scrypt
  14. http://bitcoinnews.com/- Has the news but updates late sometimes, and not organized
  15. http://thedailybitcoin.com/- Interesting articles everyday
  16. https://bitminter.com/- simplest way to mine btc. fast and reliable
  17. http://thegenesisblock.com/ -Good information but just another coindesk.com in my opinion
Best websites to purchase mining hardware
  1. http://wtcr.ca/ -Number one because the ship almost instantly. Rates do tend to me a lot more but you know for sure you are getting what you ordered in a week and a half of less. No BS preordering and mess
  2. http://cointerra.com/ -2th miner for 14k. Best deal, has the most reputable staff, and is more for the customers then themselves
  3. http://www.bitfurystrikesback.com/ -somewhat new the game but already shipping and producing! Definitely one of the best mining companies in the game (us buyers can now purchase off of their website now to or their resellers website at https://megabigpower.com/shop/ )
  4. https://www.kncminer.com/ -400 gh miner, yet to ship, but seems reliable
  5. http://launch.avalon-asics.com/ -Can't buy anything, beat butterfly labs, but is becoming less and less dependable by the day
  6. https://terrahash.com/- waiting on avalon chips, could turn out to be a good company but companies that can develop chips on their own such as cointerra are your best bet
  7. http://virtualminingcorp.com/shop1/ -Trying to catch up in the asic miner game, could possibly be a reliable company in the near future
Best Web Sites To Spend Your Bitcoins
  1. http://www.coingig.com
  2. The Ebay of Bitcoin https://www.bitmit.net
  3. http://www.bitcoinclassifieds.ne
  4. https://cryptothrift.com
Desktop Bitcoin Wallet
  1. multibit.org Compatible with both Mac and PC
Mining Pools For BitCoin
https://bitcointalk.org/index.php?topic=104664.0
Open Source Shopping Cart Scripts Wordpress Scripts
For digital Content
http://bitmonet.com
For Digital Downloads
http://wordpress.org/plugins/easy-digital-downloads
Please donate if you appreciate this list it will go to a advanced shopping cart system to further expand the growth of Bitcoin
Donate address Bitcoin address 18e2MbUAbH7jNpYtY9Qt2WFUZpagCCEaVs
submitted by A1nerd to Bitcoin [link] [comments]

CoinDesk Bitcoin Price Index -- Avalon Refunds $2.9 million -- BFL Allegedly Censors Refund Posts Inside a Bitcoin mine that earns $70K a day - YouTube Is Bitcoin Dead Free Bitcoin Mining Website 2020  Mine 0.08BTC Daily ... Does Bitcoin Exist

Popular mining apps include CGMiner, BFGMiner, and EasyMiner. The Bitcoin Wiki provides a comparison of each application. Mining pools should not be confused with cloud mining services, which demand payment upfront and mine on behalf of users who half no mining equipment. These services are not always reliable and usually produce losses for buyers. Der Großteil des Bitcoin Mining ist spezialisiert und die Lagerhäuser sehen in etwa so aus: Quelle ieee.org. Damit haben Sie es zu tun! Es ist einfach zu teuer und es ist unwahrscheinlich, dass Sie einen Gewinn erzielen. Allerdings: Zum Hobby-Mining zeigen wir Ihnen ein paar Schritte, die Sie unternehmen können, um sofort mit dem Mining von Bitcoins zu beginnen. Schritt #1: Besorgen Sie ... How to debug Avalon miner App under Chrome browser ? Enter the follow under the address bar. chrome://extensions/ Change to Developer mode in the right corner. Select Avalon miner background page, Enable console log in the Developer Tools. Filter: Status utils.enableLog() Then open Avalon miner App, and update Pool Settings, then Enter mining. Avalon 2 units communicate with a UART, usually attached to your host via a generic USB UART adapter. First, figure out what COM port (or /dev/ttyUSB on Linux) and run BFGMiner with: bfgminer -S avalonmm:\\.\COM22 --set avalonmm:clock=1500 --set avalonmm:voltage=1 --set avalonmm:fan=80. Manual by others. 彩云比特中文评测; Guide - Dogie's Comprehensive Avalon Avalon2 Setup + Silencer ... Bitcoin Mining ist ein Prozess, bei dem Rechenleistung zur Transaktionsverarbeitung, Absicherung und Synchronisierung aller Nutzer im Netzwerk zur Verfügung gestellt wird. Das Mining ist eine Art dezentrales Bitcoin-Rechenzentrum mit Minern auf der ganzen Welt. Dieser Prozess wird analog zum ...

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CoinDesk Bitcoin Price Index -- Avalon Refunds $2.9 million -- BFL Allegedly Censors Refund Posts

This video is unavailable. Watch Queue Queue. Watch Queue Queue Some Helpful Links: • Buy Parts for a Mining Rig: http://amzn.to/2jSSsCz • Download NiceHash Miner: https://www.nicehash.com/?p=nhmintro • Choose a Wallet: h... The virtual goldrush to mine Bitcoin and other cryptocurrencies leads us to Central Washington state where a Bitcoin mine generates roughly $70,000 a day min... Best Free Bitcoin mining earn up to 0.025 BTC every day Automated miner site link https://zee.gl/K8cV How to create Coinbase acound ? https://youtu.be/KV... To read more with regards to bitcoin paper wallet, check out internet site below: http://www.cryptocoinwalletcards.com/ Tags: asic bitcoin miner, asic bitcoi...

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