Crypto Calculator CPU – Crypto-CoinZ

Bitcoin Rhodium Mining Guide

Bitcoin Rhodium Mining Guide
Happy Mining!

All available XRC pools can be found on MiningPoolStats

Bitcoin Rhodium Mining Hardware

Baikal Giant+: 1.6 GH/s
Baikal Quad Cube: 1.2 GH/s
Baikal Giant: 900 MH/s
Baikal Quadruple Mini Miner: 600 MH/s
Baikal Miner Cube: 300 MH/s
Baikal Mini Miner: 150 MH/s

Mining Setup

To mine Bitcoin Rhodium you need to set up an XRC wallet and configure your miner of choice. You can choose between Web wallet, Electrum-XRC or Magnum wallet. To set up a web wallet please visit wallet.bitcoinrh.org. Or download and install Electrum-XRC wallet (recommended) for Windows, Linux and MacOS.
Web wallet: wallet.bitcoinrh.org
Electrum-XRC wallet: electrum.bitcoinrh.org
Magnum wallet: https://magnumwallet.co

Sign up for XRC web wallet if not yet done so

  1. Create an account, with your username, password and secure question.
  2. Sign in and click “Create Wallet”.
  3. Set up a strong transaction password. Make sure you store it securely in a secure password manager of choice.
  4. Copy the seed somewhere safe. It’d be a good idea to write seed on a hardcopy and keep it safe.
  5. Paste it to confirm you got it right.
  6. Grab an address for the mining step. Your wallet is now ready to mine XRC.

Instructions for mining XRC on the official pool

Pool link: poolcore.bitcoinrh.org
  1. Any miner that supports X13 will be able to mine XRC. We have a few examples below of miners that are well tested with Bitcoin Rhodium network.
  2. For any miner, configure the miner to point to:
(0–0.8 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3061
(0.8–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062
(3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063
(5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064
with your XRC address as username and x as password. You don’t need to open an account on pool. You will be mining to XRC address and mined coins will be transferred to your wallet
after blocks reach 10 block maturity
after you mined up minimal amount of coins (currently 0.1 XRC)
sometimes mined blocks could get rejected by network (orphaned) after they were counted as valid blocks. This is normal network behavior to follow longest chain
  1. http://poolcore.bitcoinrh.org is used to follow your miner and network statistics.

CPU Miner-Multi

Source: https://github.com/tpruvot/cpuminer-multi
Sample configuration with CPU Miner tested on UBUNTU.
{
“url” : “stratum+tcp://poolcore.bitcoinrh.org:3061”, “user” : “YOUR XRC ADDRESS”,
“pass” : “x”,
“algo” : “x13”, “threads” : 1,
“cpu-priority” : 5,
“cpu-affinity” : 1, “benchmark” : false, “debug” : true, “protocol”: true, “show-diff”: true, “quiet” : false
}
Command to run your CPUMiner: cpuminer -c cpuminer.json

SGMiner (ATI GPU)

SGMiner is a GPU-based mine: https://github.com/nicehash/sgminereleases
The configuration below was tested on Windows:
setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
cd C:\Software\sgminer-5.6.1-nicehash-51-windowsamd64 sgminer.exe
— gpu-platform 1 — algorithm x13mod -url stratum+tcp://poolcore.bitcoinrh. org:3062 — pool-user — userpass :x — auto-fan — temp-target 70 — temp-over- heat 82 — temp-cutoff 85 — gpu-fan 65–85 — log-file log.txt — no-adl — no-extra- nonce -P –T

CCMiner (NVIDIA GPU)

CCMiner is a GPU-based miner (NVIDIA)
Command to run your CCMINER:
ccminer-x64.exe -a x13 -o stratum+tcp://poolcore.bitcoinrh.org:3062 -O :without -D — show-diff

Baikal miner

Settings: Url:
(0–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062
(3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063
(5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064
Algo: x13User: your XRC receiving address (make sure you set 2 distinct addresses for each hashing board)
Pass: x
Extranonce: leave off Priority set to 0 and 1
Once pool stratum address and your wallet as user are set up you should see your miner mining against XRC pool. When miner is working the status column is green. The pool and miner are incorrectly configured now as status says “Dead” highlighted in red.

Instructions for mining XRC on BSOD pool

Pool link: bsod.pw/en/pool/dashboard/XRC/
Use this code for your miner: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig
BSOD pool allows both solo and party mining.
For solo mining use code: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=solo And for party mining use: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=party.yourpassword
NOTICE: You can use us for North America and asia for Asia instead of euin your .bat file or config.
You can also use BSOD pool’s monitor app for Android and iOS.

Instructions for mining XRC on ZERGPOOL

Zergpool offers low fees (just 0.5%) and also SOLO and PARTY mining with no extra fees.
To mine XRC on Zergpool use this command lines for your miner:
Regular: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC Solo: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=solo Party: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=party
Use your coin wallet address as username in mining software. Specify c=SYMBOL as password to identify payout wallet coin, and the same coin in mc=SYMBOL to specify mining coin.
For more information and support please visit http://zergpool.com
Notice that when there are more pools mining XRC in different geographic/availability locations choose the nearest to you as lowest priority and then add desirable fall back pool options in different geographic locations or pools. This is useful when one pool experiences issues, to fall back to different pool in Bitcoin Rhodium network.

Calculate your Bitcoin Rhodium mining profitability

WhatToMine: https://whattomine.com/coins/317-xrc-x13
CoinCalculators: https://www.coincalculators.io/coin/bitcoin-rhodium

Feel free to ask questions in Discord community. There are lots of helpful people around the world watching XRC 24x7.

Bitcoin Rhodium Dev Team
submitted by BitcoinRh to BitcoinRhodium [link] [comments]

Should i mine?

I have a single 1060 6gb version and someone suggested i should start mining while my computer is just afk or at night when im asleep. Good idea or no? I dont know a thing about this tbh, just wondering if my gpu will be able to handle that for a few hours at a time and if itll be fine for gaming still. How much can i make off of this?
submitted by Vladamirski to NiceHash [link] [comments]

Guide: Getting started with NiceHash

Hello Everyone,
In one of my my previous posts, quite a few people noticed that I had a cryptocurrency miner open on my second monitor and have requested that I create a guide on how to mine cryptocurrencies when their computer is not in use. I am not looking to start a GPU price war or any hatred towards anyone. I just want to share an easy way to get started mining cryptocurrency and allow people to earn a few extra dollars when their PCs are not in use. I am a gamer myself and love having the spare cash to upgrade hardware or a new game every once in a while. I hope this helps everyone who is interested and will do my best to answer any questions.
I am going to outline how to use NiceHash, which is the easiest way to get started. Please keep in mind that this is not the most profitable method to mining at the moment, but will provide a return to most users and is compatible with AMD, Nvidia, and CPU mining. I always suggest to check what you can earn with your current hardware first and also consider the price of electric before getting started. An estimator can be found here: https://www.nicehash.com/profitability-calculator
Before starting, I would like to remind everyone that mining does cause a higher load on your hardware. Due to this the temperatures of your hardware will rise and I suggest that you keep an eye on them. Make sure you know the safe temperature ratings for your hardware, have proper cooling, a power supply that can support your hardware under full load, and that your hardware is clean. Remove any dust or debris before getting started to ensure that your PC is running at its best. Even if you aren't mining, these things should be kept in order.
Getting Started:
  1. Head over to NiceHash.com and in the middle of the page, in the box that says "Sell" click on the green "Download" button.
  2. Download and install the supported miner for your hardware. (Nvidia or AMD)
  3. Head back to NiceHash.com and create an account by clicking on "Register" in the upper right hand corner. You may be given the option to setup an account as a "Buyer" or a "Seller". Since we are selling our compute power for bitcoin, we are "Sellers".
  4. Once your account is created, open up the NiceHash miner on your computer. You should see two windows open, a command prompt which is the miner and a graphical user interface (GUI). In the GUI, you will need to log in to the account you have created so the earnings will be deposited in to your NiceHash account.
  5. Open up your favorite hardware monitoring application (Such as Open Hardware Monitor) so you can monitor temperatures and performance and close out of all other programs except for NiceHash and the hardware monitor. Benchmark your hardware inside the NiceHash GUI. This will test your hardware and allow the application to automatically mine the most profitable crypto algorithm available and help maximize your profit. Also, you can select the hardware you wish to mine with or disable from mining here as well.
  6. Because NiceHash has no fee to deposit your earnings to CoinBase, I am recommending them as the place to deposit and sell your bitcoin earnings. Head over to https://www.coinbase.com/join/597148c1a66a5b0156923d1e (This is my referral link. I would appreciate it if you use it, but if you wish note to, feel free to remove go directly to the site. It doesn't cost you anything or affect your account in any way, but it gives me a small bonus for referring people and I would appreciate it very much.) and create an account. Coinbase will allow you to cash out your bitcoin earnings in to your bank account or keep them for later. We all hope the price rises again, right?!
  7. Go back to your NiceHash account and click on "Wallet" in the top bar. This is where your earnings will be displayed as well as the ability to link with your CoinBase account. When you have mined enough, you can withdraw to your CoinBase account. All of the information should be provided on the websites and should be pretty simple to follow. If you have any questions regarding these sites, please ask!
  8. Close out of all your open programs except for NiceHash and your hardware monitor, then click the green "Start" button. This will start mining and you will see output in the command prompt such as your hash rate and the algorithm that NiceHash is mining. It will also display your account balance, your daily estimated earnings, and other information. You may notice that your computer is sluggish or not responding as quickly as normal due to it being under load.
  9. ???
  10. PROFIT!!!
I hope you all find this useful and that you can earn a few extra bucks by mining. Whether it be a free coffee, a new game, or just the ability to get in on the bitcoin gold rush, I hope this helps everyone who is interested and gets a few people started. If you have any questions please ask. I will try to stay up to date on this post and edit it with the most frequently asked questions.
submitted by EatMyPoopiePies to cryptomining [link] [comments]

Monero FAQ

Hi, it’s some weeks that I’m getting into Monero and I really see a great future for it. My problem is that I have a very low budget so my mining capability is a joke (around 80 h/s). I cannot help this coin to grow by mining it, so I’m making this FAQ hoping that can be useful for new users. If you want to support me, the tip jar is at the end of this post. Thank you!
 
I noticed a lot of confusion around Monero. Many of the most asked question are basically the same , so I collected some of them from /monero, /moneromining and monero.stackexchange and I made this Monero Faq. Please feel free to suggest any new frequently asked question or correction/modification/ (also about the grammar, my english is not very good), i’d like to keep this post updated.
 
Last update: 1/03/2017
 
 

Where can I find a good mining pool?

 

Is Minergate good for mining?

Minergate is known for being linked to Bytecoin (read here and here ) and many users are noticing lower or differences in hashrates when using other miners (just make a research using the word “minergate” here on reddit). don’t be fooled by the nice graphical interface.
 

What miner should I use?

CPU: XMR-Stak (Windows-Linux) CpuMiner by tpruvot (Windows, Linux), CpuMiner By Wolf, xmr-stak (MacOS) and cpuminer(MacOS) By correcthorse
GPU: XMR-stak (AMD), Ccminer (nVidia) by KlausT, Claymore's CryptoNote GPU Miner (AMD)
If you are a Windows user read this
 

Does it worth to mine monero?

You can check by yourself using these tools:
XMBTC charts:
 

How can I calculate my CPU or GPU capability of mining?

Check this link for CPU & GPU Benchmark
 

Can I use a proxy for mining?

I personally use XMR Proxy. If you want to monitor your rigs you can use Monero Mining Monitor
 

How can I setup a local wallet without running a node?

How to get a wallet without running a node
 

Can I run monero through Tor?

Guide to use monero with Tor correctly
Monero safety through Tor
 

or i2p?

Why we chose i2p over Tor
 

What type of wallet exists?

 

How long take to sync to the blockchain?

It can take from few hours (using SSD drive) or even 24 hours, depending on hard drive and connection speed
 

How do I generate a QR-code for a Monero address?

How do I generate a QR code for a Monero address
Moneroqrcode.com for a personalized code
 

How can I buy some Monero coins?

Directly:
exchanges:
 

How do I use the Monero GUI?

Tutorial
 

How do I connect to a remote node using the GUI?

Connect GUI wallet to remote node on network
 

Where can I follow updates and/or make questions about Monero?

 

More useful links:

 
My address for donations: 48DYna5JiDrHz5xkcoSii4WzFNXLzCFjkPPugp7XNZ1N6v8NUhjaC6Sf1BEBEJ35JaJAYKK4XGc2ZEKGeEQ2ySDmFDZdAHy
submitted by ErCiccione to Monero [link] [comments]

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

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

Read this if you are new to mining!

Hi, so people are still coming in, hoping to make some quick cash, and with winter approaching, I'd say this is the perfect time to start mining and increase the room temperature using your GPUs!
First off, to clear any doubts, mining does not "damage" hardware, unless of course, the GPUs start running too hot. A simple fix is to run the fans at higher speeds, but that does decrease your fans life-span, but a GPU can run 24/7 for 5 straight years (Provided it has double ball bearings) before failing, and chances are that you will upgrade the GPU long before the fans do fail.
Now that we have that out of the way, let's move on to overclocking.
While overclocking, start by increasing the core clock by +50 and memory clock by +100 Mhz (You can do this using MSI Afterburner). Decrease the voltage to 70% and increase fan speed to 70%. Test the GPU for stability by mining for 5 minutes
Keep increasing the core and memory clock until the pc crashes, and set the stable amount as an overclock profile, so that all you have to do to overclock next time is click a button and it will load the overclock values automatically.
Overclock setting for my GTX 1060 are:
+175 core clock
+935 memory clock (Samsung Memory FTW!)
Next is benchmarking the different algorithms with your newest and most stable overclock.
Once you have done that, enter a bitcoin address where you will receive your money. I recommend using LocalBitcoin as your wallet as you can sell your bitcoins as soon as they become available in your wallet. This is probably the best way. You can also register at Nicehash and get a wallet there, but I'd strongly recommend against it.
That's it! Now you can start earning while also keeping your room nice and warm. You should also set Nicehash to start automatically upon login, and set the overclock profile to auto apply at start-up, and bypass windows login so that if the power fails, your pc can boot up and start mining.
EDIT: I'd like to point out that mining isn't really all that profitable anymore. I earn only $0.40/day using my GTX 1060. I do not recommend that you buy extra hardware just for the sole purpose of mining. However, if you'd like to invest in bitcoin or just keep your room warm without a lot of cash, mining is the best way there is. If you want to see how much your hardware will make, refer to this page:
Nicehash | Profitability Calculator
submitted by Icedwhisper to NiceHash [link] [comments]

Dell system crashing

Hi everyone. I have a Dell system that crashes (force shuts down) when I play graphics intensive games or run benchmark on 3DMark. Does anyone know what can be the reason?
It's a Dell Optiplex 7040 mini tower. I installed a GTX 960 into it so I also upgraded to a new 635W PSU. Since Dell motherboards are proprietary, they use an 8 pin power connector instead of usual 24 pin, because of which I also had to buy a 24 pin to 8 pin adapter from Amazon.
Currently the system specs look like this: Intel i7 6700 @3.4GHz 16GB 2166MHz DDR4 RAM 1TB HDD EVGA GTX 960 2GB SSC Raidmax 630ap-s PSU
I know that temps are not a problem as my CPU peaks at 65 degrees and GPU at 70 when a crash occurs. I've seen a crash with GPU temp at even 56.
The mobo uses only two 12V pins and the 5V stand by, no other 5V or 3.3V ones. This effectively makes the whole system run on only the 12V rail on the PSU, which is capable of supplying 576W. I calculated the max that the system can pull to be only around 275W. I don't know for sure if the PSU is an issue though. The system did not crash when I tried mining bitcoin gold. It only does so when a graphics intensive app is run for about 5-10 min.
I think I'm the only person to have this issue. Either it's really deep issue or a really dumb one. Can you guys suggest something?
submitted by x4nter to PC_Builders [link] [comments]

Software tool chain for mining Ehereum

Say you've got the necessary hardware.But what is the next step after that software wise? Like where to get a wallet from,which client software to use for mining (on Windows),software that calculates your hash rate,a benchmark that shows you how long is going to take to mine a unit of ether,where to exchange ether for fiat or bitcoin etc. In essence practical advise and the software tool chain after you obtain the GPU.
submitted by pmz to ethereumnoobies [link] [comments]

Mining. What will the “arms race” lead to?

The ten-year history of the blockchain has gradually convinced world experts that this phenomenon can still become the starting point for the transformation of the entire world economy. Perhaps this is still not a revolution and the technology is far from perfect.
But the main thing is that the precedent has been created and the development of alternatives in this direction is going on by leaps and bounds. The financial sphere is not the only one where the incentives are created by blockchain. A powerful infrastructure is built around it with attempts to implement technology into other spheres of human life. The production of crypto-currency, known to everyone as mining is one of such means. Cryptocurrency is the collective noun for digital currencies created on the basis of blockchain technology. For encryption, there is a special principle of cryptography, which protects information about transactions from theft and counterfeiting.
Mining is the process of cryptographic calculations with a use of special equipment. For Bitcoin and many other cryptocurrencies, it is the only way to maintain the integrity and workability of the system. Here is a brief description of the operating principle for the newcomers. Technology creates the ability to transfer value (information) from one user to another. At the same time, the transfer of non-existent value and the transfer of one unit to several addressees are excluded. The key to this is a large number of participants in the system and the economic motivation of the miners. Once a transaction is initiated in the system, it becomes visible to all participants. This transparency is both the main feature and the advantage of blockchain. No transaction is considered committed until the information about it gets into the so-called block and will be confirmed several times – this is the function that the miners provide. For a block to be considered generated, the program must compute a hash function – a unique alphanumeric code that contains information about the previous block. Thus, the distributed database in the blockchain is a chain of blocks, each of which refers to the previous one and stores the history of all transactions that occurred since the first coin appeared. Once the block takes its place in the chain, the miner who generated it receives a cryptocurrency reward – this is how coins are issued. In addition, the miners receive a commission from each transaction.
Blockchain – the technology of recording and storing information, when data is written in a continuous chain of blocks. It is based on the principle of distributed registries - information is copied and stored not on one server, but on all computers that are part of the blockchain system.
Now let's take a quick look at the evolution of mining, touching only the significant events. It all began in 2008, when an unknown programmer published a document on the network describing the algorithm of the quasi-monetary tool based on the technology of the blockchain. According to the published algorithm of Satoshi Nakamoto, the author of the document, the remuneration of the miners is reduced by 50% every 210 thousand of mined blocks. At that time, each newly generated block brought 50 new coins. Now more than 477 thousand blocks have been generated, and the reward for each new one has fallen to 12.5 BTC. It is expected that by 2140 year the reward will be so small that the issue will virtually stop and the volume of bitcoins will not exceed 21 million BTC. According to the idea of the creator, this will protect the cryptocurrency from inflation. It is unknown now whether Satoshi assumed or not how quickly his offspring would grow up. Mining on PC processors, the most massive chips in the world, supposed to make Bitcoin truly decentralized and popular. But for a while it still remained only the entertainment of geeks and enthusiasts. By 2010, the both Bitcoin exchange rate and popularity had grown so much that its mining started to yield a small income. Mining began to move to commercial sphere and the rivalry triggered technological race.
The Global Cryptocurrency Benchmarking Study research has shown that since Bitcoin appeared, the miners have earned more than $2 billion on mining and $14 billion on commissions from transactions.
In the summer of that year, a mining farm was first launched on the GPU and the first block was mined using parallel computations. Since then, the age of industrial mining began. Having smelt the money, miners around the world rushed to buy computer graphics cards. Despite the constant increase in equipment costs and attendant maintenance problems, the mining farms continue to attract new followers even now. According to the growing complexity of the cryptocurrency mining, pools, the miner unions, began to form. For one block search, a large number of farms with a high capacity are used, and the reward is divided due to the "labor participation" in it. The power consumption of one GPU is about 200 W, the average power of a medium farm is comparable or even higher than the equipment index in the data center. The problem of energy supply, as well as the noise level and heat that the equipment produces, does not allow the creation of large farms at home. For these reasons, mining has moved to warehousing areas where there is no problem with either noise or cooling, and electricity is available at industrial tariffs. The competition in the niche of the mining farms continues to increase, bringing new profits to the component manufacturers.
Farm is a data center that combines several video cards (GPUs). It shows high computing power, which allows several cryptocurrencies to be mined simultaneously.
In 2011, it became obvious that GPU farms consume too much electricity, require constant attention and additional costs. Enthusiasts were searching for solutions to reduce these expenses. The third mining business development iteration led to the appearance of miners on FPGA (Field Programmable Gate Array) chips. Such devices were quite expensive, but much more compact, stable and more energy efficient than the GPU farms. Energy consumption save was thousands of percent. But still, video cards remained the mass solution. Most likely the niche specialization of such machines was the impediment to their popularity. FPGA-miners did not last long and remained a niche product, which did not play a significant role in mass mining. But the developments of manufacturers of these devices were useful to ASIC-miners, which became the next generation of equipment for cryptocurrency mining. Unlike FPGAs, which are used for a variety of tasks, ASIC chips (Application Specific Integrated Cirquit) were designed to perform only one task. But they perform it much better than any farm. The difference in performance of similar devices makes tens of times. However, there is also a downside, which prevents the mass distribution of ASIC-miners - zero liquidity in the secondary market. They work according to the algorithm, which allows mining of only three cryptocurrencies known today. The production of this specific equipment lasts even now, but all producers have problems with delivery. This is indicated by the general complaints of customers at specialized forums. In the context of battered cryptocurrency rate, this factor strongly inhibits their sales. The "arms race" being an endless capacity build-up has reached the level when the most popular cryptocurrency mining is no longer economically justified. The current size of one Bitcoin block is 1 MB, which allows the system to process no more than seven transactions per second. Visa or MasterCard payment systems witness such index to reach about two thousand, with capacity expenses being several times lower. This makes the entire system clumsy and inconvenient, and increasing the commission from each transaction for the miners can ruin the Bitcoin economy, as well as any other coin economy.
ASIC – processors are manufactured with a special mining-friendly architecture. Such devices have a high payback rate and are easy to maintain. Among cons are low liquidity in the secondary market and rapid ASIC outdate due to the growing complexity of the network.
A complexity increase obviously cannot last forever and, sooner or later, there must be a transition to the next level. And this is the turning point where many questions may appear. What is the possible way of blockchain and mining development? This is important to understand, because an equipment worth hundreds of millions is at stake! What if it suddenly becomes useless? There are several assumptions. The first way is to reduce costs. Some hopes for this are provided by the development of alternative energy. Receiving freemium energy will reduce the cost of mining. This issue is regularly discussed on specialized forums. The creation of farms using solar, wind and geothermal power is still only at the stage of the concept. There have not been any major projects implemented. Due to the fact that the cost of equipment is still large, the entry threshold with such systems is very high, and the payback of equipment is still slow and thus risky. It is unlikely that this will become mainstream for the next five years, but the possibility of a breakthrough technology that makes renewable energy available, still exists. The second possible script is the abandonment of mining as a phenomenon. Bitcoin, which implies the efficiency of mining depending directly on the equipment productivity, uses the Proof-of-Work protocol. Some cryptocurrencies use the Proof-of-Stake protocol. They do not imply mining as a mandatory process at all. The system exists due to the circulation of cryptocurrency among users. By the way, this protocol is the one that Ethereum platform is planning to move to. This has already been stated by Vitalik Buterin, the creator of Ethereum: "When we move to the Proof-of-Stake protocol, the need for ether mining will drop sharply even at the first stage. Proof-of-Stake uses an algorithm which does not require that a large number of computers constantly make calculations. This is an algorithm where a coin is used inside the platform itself. The consensus will become much cheaper and safer. And in fact, miners can lose their business." Imagine the joy of computer gamers when suddenly the CPU prices fall dramatically! Now it is too early to speak about panic, but if the creators of other cryptocurrencies will consider this... The third way is to reduce the complexity of computation in the blockchain due to the use of alternative protocols of cryptography. Some industry enthusiasts are already working on such projects. If the complexity of the calculations goes beyond the reasonable, then why not change the operation of the system in general? So did, for example, the creators of Blockchain Ventureon.
Anton Sobor, the BDM of Ventureon, claimed: "The complexity of mining is laid by the blockchain creators themselves. What are they motivated by while creating such complicated algorithms? The answer remains unclear. The complexity has inconsiderable affect on safety. Creating our project, we proceed from the personal experience of our cryptography specialists, as well as from the principle of "necessary is enough". All the functions of the blockchain are preserved, with security only increasing, and complexity decreasing prominently."
It is also interesting that Ventureon mining does not require GPU. It is planned instead to create server-side mining pools, probably for easier and less expensive connection of the miners. This is likely to become a great advantage over another farms.
Of course, these are not all possible ways of mining industry development, but only the most vivid and obvious directions. There is one thing to say for sure. Mining being a mass business will exist only if the rate of specific cryptocurrencies increases. And this, in turn, depends on whether the blockchain will be accepted into the world economic system, as an alternative financial tool. The attempts to regulate the circulation of cryptocurrency at the level of individual states cause a strong resonance of the crypto community. That is perfectly visible on fluctuations of the rates of the basic cryptocurrencies. But, in my opinion, it is not possible to strangle the initiative of enthusiasts completely. The point of no return has been already reached. Blockchain as a phenomenon has been proved to be effective and will develop further, influencing the society strongly. And only time will tell what its future will be.
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Is CPU Mining WORTH IT? - YouTube

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