Bitcoin Miner Vergleich 2020: Test der Anbieter & Hardware
Bitcoin Miner Vergleich 2020: Test der Anbieter & Hardware
Everything you need to know about Bitcoin mining
Die besten Bitcoin Mining Rechner 2020 - Lohnt Mining?
The best method to earn free bitcoin, What is bitcoin mining
Bitcoins Mining - so geht's - CHIP
Ormeus Coin is a new digital money system backed by a fully-audited USD250 Million industrial crypto mining operation. Revenue from the mining farm is cryptographically tied to the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant).
For discussion about Litecoin, the leading cryptocurrency derived from Bitcoin. Litecoin is developed with a focus on speed, efficiency, and wider initial coin distribution through the use of scrypt-based mining.
09-15 16:36 - 'Came here to say that $MARA (marathon patent group) will rocket. They are #1 biggest US crypto mining co. They are also a venture capital & private equity firm as subsidiaries. The QUANTITATIVE EASING will devalue the USD...' by /u/kpchicken2 removed from /r/Bitcoin within 0-10min
''' Came here to say that $MARA (marathon patent group) will rocket. They are #1 biggest US crypto mining co. They are also a venture capital & private equity firm as subsidiaries. The QUANTITATIVE EASING will devalue the USD$ and thus all these bankers are looking else where to part their money before devalue hits. BTC is the future. Furthermore, Fed. Res. Is trying to make all USD digital so that they can better control your life. In August, they partnered up with MIT attempting to create digital currency infrastructure. BTC is the future. ''' Context Link Go1dfish undelete link unreddit undelete link Author: kpchicken2
09-20 16:25 - 'dumb idea to pay 4 usd in fees for a 2 usd drink... use monero, im sorry, but its just superior. 1-5 cents fee per transaction, fully private, softcapped so it wont die after last one is mined' by /u/cerpadlo removed from /r/Bitcoin within 37-47min
Cost to mine 1 Bitcoin is now $14,000 USD. "Bitcoin Price Chart Fractal Seen in 2019 Hints at $14K Within Months". I bet BTC price ascends to $14,000 in next 30 days! NewYorkCoin (NYC) is a faster, no fee version of Litecoin since 2014! Official New York Coin nycoin.net | newyorkcoin.net
Bitcoin price NOW is likely the lowest it will ever be in our lifetime. Cost to BUY 1 BTC is now LESS THAN cost to mine 1 BTC. Approx $7,000 USD. In 2 short months, the cost to mine 1 Bitcoin will DOUBLE. ❤️ BUY BTC TODAY ❤️ New York Coin (NYC) is a faster, free version of Bitcoin and Litecoin.
Hashflare's "Miners" are allegedly in Iceland where it only cost $4746 USD to mine 1 Bitcoin.
TLDR: Their "miners" (which they most likely bought after they got all your money) still and will run after they cancel all contracts. It will only be dumb to run it if Bitcoin goes below $4746 USD. Stop being in denial and just accept that you got played! Even if you add a typical 15% fee for the 2 to 3 people who manages the data center (there are 2-3 people managing the massive miners in China) you'd still profit on this down market. It actually costs less if you're using Geothermal energy (Iceland has a LOT of this) like Genesis Mining. Remember they allegedly purchased "new" miners, the old S9 is 13 TH, the newer one is 24 TH and almost the same electricity cost to operate. If you're new, please don't put money into this SCAM. Please just buy Bitcoin since it's down right now (13-June-2018). Don't be fooled by most of the Hashflare employees on this sub pretending they made money and some of the members in denial constantly white-knighting SCAMflare. Bitcoin Cost per Country - https://steemitimages.com/0x0/https://i0.wp.com/www.criptonoticias.com/extra/wp-content/uploads/2018/01/costo-minar-bitcoin-venezuela.jpg?w=789&ssl=1 Alleged Hashflare "Mine" in Iceland (LOL) - https://www.instagram.com/p/BhyNnrjgS3I/
Comparing mining reward for the top 3 cryptocurrency, bitcoin print $1.2 million USD per day, litecoin print $88000 USD per day, dogecoin print $3600 USD per day.
We know what happen when too much money get print out of thin air, exchange rate will collapse eventually. I can't find a reason why litecoin economy is worth 24 times dogecoin economy to justify the 24 fold worth of money being print out of thin air by litecoin. Matter of fact, total usage and transaction number for litecoin is much much less than dogecoin..
Hi there, Thought I'd post here. I looked over the WIKI but some questions were left unanswered. So mostly it's multi-GPU setups that are the norm and it seems like multiple things are mined at the same time. Thing is, I'm a "regular" PC owner. I thought I'd basically just use my computer as usual (bought a 3080) and just mine whenever I am not using it. Is this feasible in any way or does it have to be running 24/7 to make ANYTHING at all? I'm not sure exactly how it works, but power draw isn't an issue for me and that seems to be the biggest question (return/watt usage). Since most rigs are "shit" GPUs that are focused on RoI, would a high end GPU used less often return aprox the same? Also, something that wasn't very clear in the WIKI, is how to actually set it up. Do I just download a program or two and run it/them any time I feel like mining? Can't be that simple given the different posts. Oh and the "totally noob" link on the bottom of the WIKI doesn't work. Youtube removed it or something... Didn't see any other sticky other than the WIKI and it's more aimed towards people who are going to build something, not "regular" PC builds where someone might want to use theirs when not in use.
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:
Means of Exchange: if people seriously start using BTC to buy pizzas, then this creates a real demand for the currency to accomplish the short-term exchanges. As we saw previously, I'm not personally sold on this one and it's currently a negligible fraction of overall demand.
Criminal uses: Probably the largest inbuilt advantage of BTC is that it's anonymous, and so a great way to launder money. Hacker gangs use BTC to demand ransom on cryptolocker type attacks because it's a shared way for an honest company to pay and for the criminals to receive money without going to jail.
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:
A critical software vulnerability is found in the BTC codebase, leading to a possible exploitation.
Xi Jinping decides he's had enough of rich people in China hiding their assets from him and bans BTC.
Some form of bank run takes hold for whatever reason. Because BTC wallets are uninsured, unlike regular banks, this compounds into a Black Tuesday style crash.
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:
BTC was estimated to use as much electricity as Belgium in 2019. It's hard to trace where the BTC mining comes from, but we can assume it has a huge carbon footprint.
A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.
There is a large necessary tax on the transaction, since those checking the transaction extract a few BTC from it to be incentivized to do the work of checking it.
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.
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