Bitcoin Mining - BitcoinWiki

Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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wafflepool.com - An auto switching scrypt coin mining pool

WafflePool is a multi-coin (scrypt) mining pool. Point your miner to WafflePool with a Bitcoin address as your username, and we take care of automatically mining the most profitable coin at all times, converting the earnings from each coin into Bitcoins, and paying you out in bitcoins! Mining alt-coins and converting to bitcoin is very often orders of magnitude more valuable than mining Bitcoin directly! No registration, no hassles, just point and start getting paid!
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bitcoin in Aotearoa

A sub to chat all things bitcoin in New Zealand.
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Bitcoin mining example in 20 lines

Bitcoin mining example in 20 lines submitted by pietrod21 to Bitcoin [link] [comments]

WE MUST MAKE THIS HAPPEN: A Bitcoin mining example for the BeagleBone with an FPGA shield

WE MUST MAKE THIS HAPPEN: A Bitcoin mining example for the BeagleBone with an FPGA shield submitted by TheJohnVandivier to Bitcoin [link] [comments]

Inside Bitcoin's Proof-of-Work / Waste 10-Minute Mining Lottery - The Ruby Edition by Example

Inside Bitcoin's Proof-of-Work / Waste 10-Minute Mining Lottery - The Ruby Edition by Example submitted by geraldbauer to ruby [link] [comments]

Inside Bitcoin's Proof-of-Work / Waste 10-Minute Mining Lottery - Follow Along w/ Many Ready-to-Run Code Examples

Inside Bitcoin's Proof-of-Work / Waste 10-Minute Mining Lottery - Follow Along w/ Many Ready-to-Run Code Examples submitted by geraldbauer to Bitcoin [link] [comments]

If you didn't buy bitcoin, and didn't mine it, ... where did you get it? Examples...

If you earn in bitcoin, you will prefer to spend in bitcoin (versus going through the friction of "cashing out" into fiat). This occurring will "close the loop", lessening significantly the conversions to and from fiat.
What would change that you would be earning inn bitcoin in the future? Well, ... you might:
Things are just getting started ...., just wait until gig marketplaces like Uber, DoorDash, and AirBNB offer to pay in bitcoin to attract more service providers. Or when payment in bitcoin is an option for those who make bulk payments -- such as Udemy which pays instructors their commissions and TryMYUI wich pays their testers.
What other ways have you ended up with bitcoin, other than buying from an exchange?
submitted by cointastical to Bitcoin [link] [comments]

Bitcoin Mining Algorithm Example

Bitcoin Mining Algorithm Example submitted by ososru to Bitcoin4free [link] [comments]

Bitcoin Mining Algorithm Example

Bitcoin Mining Algorithm Example submitted by Rufflenator to 3bitcoins [link] [comments]

Bitcoin Mining Algorithm Example

Bitcoin Mining Algorithm Example submitted by Leka213 to CryptocurrencyToday [link] [comments]

Bitcoin Mining Algorithm Example

Bitcoin Mining Algorithm Example submitted by Hellterskelt to bitcoin_is_dead [link] [comments]

What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards? /r/Bitcoin

What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

12-16 08:32 - 'What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards?' (self.Bitcoin) by /u/Waswasz removed from /r/Bitcoin within 0-8min

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What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards?
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What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards?
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Author: Waswasz
submitted by removalbot to removalbot [link] [comments]

What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards? /r/Bitcoin

What are the effects of mining shutdowns on graphics cards prices? Can anyone post some real world examples of deals for graphics cards? /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

Bitcoin mentioned around Reddit: Why bitcoin dropped so much and Bitmain's exist scam and the deal with China, true example of how bad can centralization of mining turn. /r/ambrosus

Bitcoin mentioned around Reddit: Why bitcoin dropped so much and Bitmain's exist scam and the deal with China, true example of how bad can centralization of mining turn. /ambrosus submitted by SimilarAdvantage to BitcoinAll [link] [comments]

From Alaska to Nebraska: 17 Places in the USA where People Into Bitcoin Mining or some bitcoin-intensive business operation can go and obtain land easily (AK and NE, described here, have no ruling on BTC, for example)

From Alaska to Nebraska: 17 Places in the USA where People Into Bitcoin Mining or some bitcoin-intensive business operation can go and obtain land easily (AK and NE, described here, have no ruling on BTC, for example) submitted by pcvcolin to Bitcoin [link] [comments]

From Alaska to Nebraska: 17 Places in the USA where People Into Bitcoin Mining or some bitcoin-intensive business operation can go and obtain land easily (AK and NE, described here, have no ruling on BTC, for example)

From Alaska to Nebraska: 17 Places in the USA where People Into Bitcoin Mining or some bitcoin-intensive business operation can go and obtain land easily (AK and NE, described here, have no ruling on BTC, for example) submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin Mining Profitability – An Example

Bitcoin Mining Profitability – An Example submitted by MillyBitcoin to Bitcoin [link] [comments]

Question from a beginner: There are only 21 million bitcoins that will ever be mined. After the hard fork in November, does that mean there could, for example, be 18 million bitcoin and 3 million of Bitpay's bitcoin version?

If I've got this wrong please explain how it will work to me. Or if I've got it right, please give me more details of what will happen.
submitted by Generic_Username46 to Bitcoin [link] [comments]

11-16 22:17 - 'You are missing the fact that ViaBTC do not supports segwit so the small block fanatics hate them and will try to smear their name. For example saying their cloud mining is a ponzi.' by /u/yeh-nah-yeh removed from /r/Bitcoin within 107-112min

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You are missing the fact that ViaBTC do not supports segwit so the small block fanatics hate them and will try to smear their name. For example saying their cloud mining is a ponzi.
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Author: yeh-nah-yeh
submitted by removalbot to removalbot [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Community News: 80 Percent of the Total Bitcoin Supply Have Now Been Mined. Soon Enough the Sigital Asset Will Become Even Harder to Obtain. While You also Have Other Choices as Cryptocurrencies, For example, $ATM!

Community News: 80 Percent of the Total Bitcoin Supply Have Now Been Mined. Soon Enough the Sigital Asset Will Become Even Harder to Obtain. While You also Have Other Choices as Cryptocurrencies, For example, $ATM! submitted by ATMChainNews to ATMChainOfficial [link] [comments]

Question from a beginner: There are only 21 million bitcoins that will ever be mined. After the hard fork in November, does that mean there could, for example, be 18 million bitcoin and 3 million of Bitpay's bitcoin version? /r/Bitcoin

Question from a beginner: There are only 21 million bitcoins that will ever be mined. After the hard fork in November, does that mean there could, for example, be 18 million bitcoin and 3 million of Bitpay's bitcoin version? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

PSA: You don't have to mine or run a full node to help Bitcoin. For example, why not seed the bootstrap.dat torrent?

PSA: You don't have to mine or run a full node to help Bitcoin. For example, why not seed the bootstrap.dat torrent? submitted by Chairman__Kaga to Bitcoin [link] [comments]

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Noob's Guide To Bitcoin Mining - Super Easy & Simple - YouTube

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