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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.
It occurs to me that a website could support itself by uploading a webGL bitcoin miner to visitors' computers, and mining while they browse the site. If done openly, and with smart controls of hash rate to prevent locking up the machine, you could make it largely transparent to the user. I know the basics of bitcoin, but not enough to do the math. Feasible?
Samsung Asic Production: Does Bitmain Have a Competitor? Samsung ASIC Production and Market Impact
https://steemit.com/cryptocurrency/@jnem/samsung-asic-production-overview-does-bitmain-have-a-competitor Samsung Asic Production: Does Bitmain Have a Competitor? As many people know, BItmain currently has an effective monopoly on many parts of the ASIC market, with the most efficient Bitcoin miners being the S9. (There is the supposed Dragonmint 16T, but no one has seen that yet, so well see.) And seeing as how the S9 has been out for well over a year and a half, it seems that Bitmain would release the new supposed S11 anytime now. With the announcement of Samsung beginning production of ASIC chips, many have thought that a company of this size participating in ASIC production might knock Bitmain off their throne, but this isn’t the case. Is Samsung Making ASICS? The answer to this is no, Samsung, although becoming a producer of ASIC chips, will not directly produce ASIC miners. Samsung has only received orders from producers of ASICs for the production of the chips used in ASIC miners. Samsung has yet to clarify who ordered the chips, so it could be Bitmain or another ASIC manufacturer. Up till now, a Taiwanese company, TSMC, has been the main producer of the ASIC chips for miners. When Will Production Begin? It seems to have already started. In order to meet these orders, Samsung has specific “foundries” dedicated to the development of chips for external orders. These chips have been designed in order to strip all unnecessary functions and only leave hardware that is used in mining in order to both optimize hardware speed and electricity consumption.Samsung specifically stated that they have no involvement in how the chips are being used. Getting into this field seems to be a no brainer for Samsung as much of the tech used in producing graphic cards is also applicable to making ASICs. Who Are the Chips For? Although it is not known who the chips are for, there is a there is a company in Japan named GMO internet that has announced will be mass producing ASICs, and they have already produced a 12nm chip, with a 7nm in development. They have announced they will use these to mine for themselves as well as producing them for retail sales. Unless Bitmain or Canaan are switching suppliers, Samsung could be the supplier for GMO. This is on top of Japanese company SBI Holdings building a Bitcoin Cash mine after stating that it will use Bitcoin Cash for international payments. Once these miners are produced, unless Bitmain and others producer miners with the same size of chips, they will quickly be beat out of the market(The S9 and Dragonmint use 16nm) Is this going to bring the much needed decentralization of mining? Maybe. That remains to be seen. But it definitely is not a bad thing that more companies are getting involved in the ASIC space, as this allows for more development and more distribution of assets that will hopefully bring about the end of Bitmain’s effective monopoly and secure a much healthier and distributed Bitcoin mining space. Koreans, Do They Care? Um, I'm not sure about this one. I mean, there is news articles about it, so obviously it has some attention. But with electricity prices being high here, and most people liking Ethereum mining over Bitcoin, it doesn't seem likely that Koreans will be lining up to get ASIC miners just because a Korean company is help making them. On the Korean government side though, it may help regulators be a bit more lax on regulations. Seeing that the biggest company in Korea who touches nearly half the economy has skin in the Bitcoin game, the government might not want to hurt its own best friend by over regulating the industry, whether that be exchanges or mining.
If Bitcoin 10x its value and governments become interested in saving and trading in bitcoin. Some might redirect there nuclear plants to mining . There can even be attacks on power stations for rival countries. A distributed AI system would eventually figure out a strategy to get 51%.
04-25 13:25 - 'China controls 66% of the bitcoin hash power while the Nano network is more evenly distributed because it doesn't use mining and the nodes are cheap to run. Seems like the bitcoin network is more prone to "corruption".' by /u/IAmMiguelChanel removed from /r/Bitcoin within 255-265min
A lot of progress could have been made if all of the cryptocurrency miners had dedicated their mining systems to [email protected], [email protected], and other distributed computing projects instead of mining Bitcoin and Ethereum.
BTG was created to offer a fair option, even to small miners, by creating a truly decentralized network.The mining stats show how hashrate is distributed among 13 + different services. miningpoolstats.stream/bitcoingold #gpu #mining #cryptocurrency #bitcoin #decentralized @miningpoolstats
05-11 10:44 - 'Experiment: Mining crypto-currencies with Youtube in 1 week and distributing profits among the participants' (self.Bitcoin) by /u/Isidrator removed from /r/Bitcoin within 1303-1313min
''' Good morning, I've started an interesting experiment, I'm going to mine crypto currencies and the profits that I get in 1 week I'm going to distribute them among all the participants of the video that I published in Youtube [video]1 . I recorded the video in Spanish but I think it's easy to understand what I am doing xDD We'll see how all this turns out, at least I'm sure a good waste of electricity will get me there ;) Update of the experiment 10-May-2020 (Commentary in the youtube video): In total we are 8 participants (I include those who have written to me privately saying that they want to participate). We have generated a profit of 0.43 ? in these 4 days we have been mining. I'm going to continue until we do the 7 days. As I said and I maintain, the profits will be shared equally among the participants although I doubt that they will be large xDD Greetings ''' Experiment: Mining crypto-currencies with Youtube in 1 week and distributing profits among the participants Go1dfish undelete link unreddit undelete link Author: Isidrator 1: w*w.youtub*.*o*/wat*h?*=*yY*fN4*0xc*amp;t=5*s Unknown links are censored to prevent spreading illicit content.
Will mining still be profitable for mining farms after all the Bitcoin has been distributed?
So I know the halving is approaching which will impact miners' profits. My question is, as this continues and the rewards dwindle down to nothing, are fees alone enough to cover the costs needed to keep people mining?
We outline a small change to the Bitcoin mining protocol that rules out big, public mining pools. It preserves the current investment in Bitcoin by both existing users and by existing miners. It presents a fix to GHash's recent 51% excursion. Bitcoin is a peer-to-peer digital currency that is the first application of blockchain technology. It is a network of distributed nodes, or computers, that verify transactions on a public ledger. Like many technical advancements, understanding Bitcoin can be extremely complicated, depending on how much you want to know about it. Distributed Denial of Service is known for damaging enterprises for over $2.3 million and negatively affecting the reputation of companies that had to recover from these cyberattacks. Read more about DDoS attacks and their role in mining for Bitcoin using botnets. The Bitcoin block reward refers to the new bitcoins distributed by the network to miners for each successfully solved block.. How is the Block Reward Determined? Satoshi Nakamoto, Bitcoin’s creator, set the block reward schedule when he created Bitcoin. Saving stranded gas: Distributed bitcoin mining to the rescue? The oversupply of natural gas from new completion techniques such as hydraulic fracking has driven prices down to the point where oil and gas producers are typically more inclined to waste it than risk getting it to market .
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