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The right Bitcoin mining checklist that you need to mine bitcoins in 2018

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How to start mining Bitcoin in 2018

How to start mining Bitcoin in 2018? Step by Step guide

Many people jump into investments without thinking much. They look at the most lucrative options and choose the one which appeals to them the most. Not just with investments in digital currencies, people make reckless decisions regarding their traditional investments too. However, focusing on Bitcoin investments, the first thing that one could go wrong is with the mining of your Bitcoin coins. Mining Bitcoins is a very energy and resource consuming process and owing to this, one would definitely wish to not to incur any loses here. Given below is the right mining checklist for you which you should go through and make sure that you make all the right Bitcoin mining decisions in 2018.

 

Step 1. ASIC based Mining hardware

Mining hardware is extremely expensive and one should not make any mistakes when making an investment here. With Bitcoin mining getting tougher and tougher with every passing moment because of the enormous number of Bitcoins already mined and the increasing user base of the Bitcoin mining hour, optimised hardware was the need of the hour and in 2018, we have sophisticated ASIC (Application Specific Integrated System) based custom built mining hardware which is sophisticated and power efficient. These miners mine coins at incredible new speeds as compared to their previous competitors like CPU, GPU and FPGA based miners. Not just this, they save you a lot of electricity too, thus bringing down your electricity bill a couple of notches. The best thing about these miners are that they are easily available for purchase on Amazon.

AntMiner U2 has a capacity of 2 Gh/s and with a power efficiency of 1.0 W/Gh it weighs only 0.8 ounces. The BPMC Red Fury USB has a capacity of 2.5 Gh/s and with a power efficiency of 0.96 W/Gh it weighs only 1.6 ounces. Another great option in the category of ASIC miners is the GekkoScience which has a capacity of 9.5 Gh/s, a power efficiency of 0.33 W/Gh and weighs only 0.8 ounces.

 

Step 2. Graphic Cards

Mining Bitcoin was way easier in the initial years of its inception. There were still way too many coins to be mined and the mining hardware was not that sophisticated. With almost 12 million Bitcoins already mined, and sophisticated custom built ASIC mining hardware in the market now, one cannot use their normal consumer graphic cards anymore. They would simply not be able to handle the pressure or be configured to mine Bitcoins. However, these ASIC mining hardware are the need of the hour since they are more power efficient.

Most commonly used for gaming, the Nvidia GTX 1070 is a great graphic card to be used for mining hardwares too. With a high hash rate of 30mh/s, it offers a Core Clock of 1,506MHz, a memory of 8GB GDDR5, a memory clock of 8Gbps and a power draw of 150W. If you are into the mining sphere for a longer haul, this is one of the best options to go for.

AMD Radeon RX 580, sometimes difficult to find because of its high demand, this trumps Nvidia GTX 1070 because it is not as pricey. With a core clock of 1,257MHz, memory of 8GB GDDR5, memory clock of 8Gbps and power draw of 185W, it has a great cooling effect and helps you consume lesser electricity.

The AMD Radeon RX Vega 56 is another very popular option when one is looking for a high performance graphic card offering high hashing rates. With a core clock of 1,156MHz and memory of 8GB HBM2, memory clock of 800MHzand power draw of 210W, it is cheaper to boot but runs a little hot.

 

Step 3. Choose a mining software

A mining software is something you integrate with your hardware so that you can start minting coins. Of course you would not be minting hard cash but digital currencies. There are several options to choose however there is not a very wide range of software available. They more or less do the same thing and work the same way as others. One option for tech savvy miners is a terminal based mining software. CGMiner and BFGMiner are simple command line programs and can be run via the terminal of your computer.

However, if you have no technical background and wish to user a much more friendly and user interactive software, EasyMiner is a good option since it has a very easy to use graphical user interface (GUI), and is therefore one of the more popular options.

 

Step 4. Make sure to enter a mining pool

Mining alone can be quite a tedious process. One has to wait long hours to get a block of transactions confirmed and receive their Bitcoins. If you bundle together your computing power with other miners over a network, you share rewards and save time. All members of the pool receive a fraction of the payment every time a block is solved. Bitminter, Kano Pool, Eligius, Slushpool are a few of the most popular sites for this purpose. This way, you can help other miners mine their Bitcoins and you can make use of this nobility to make profits for yourself in a comparatively lesser time.

 

Step 5: Secure a digital wallet

Last but not the least, get yourself a digital wallet. This wallet would hold all your coins that you have mined through the highly energy consuming mining process. Choosing a reliable and safe option is very important. You would of course would not want anything to happen to your Bitcoins. There are a wide variety of options available in this matter from mobile apps to web based platforms. Airbitz, Blockchain, Freewallet, Jaxx, My Celium Wallet are a few of the most popular and reliable mobile apps to create your digital wallets on. However, if you wish to use a web based platform for this purpose Coinbase, Circle, Blockchain, Strongcoin, Xapo are a few of your best options.

 

Step 6: Two factor authentication

In addition to securing a wallet, one must learn to secure them furthermore. Adding layers of security to your wallet would only keep you in a secure position so as to not get duped and lose all your hard earned Bitcoins. The one step to take in this direction is to enable two factor authentication. This was, in addition to entering your credentials to access you account, you would also be required to enter and additional code which is sent that very moment to your mobile number. This is similar to the when one enters an OTP to make online credit and debit transactions.

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#Bitcoin Price Analysis

Bitcoin Price Analysis BTC/USD Bulls Market Continues, 20 July.

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Bitcoin price as of late broke past key opposition levels, however, is currently solidifying around the $7,400 level, could be viewed as a bullish banner.

Bitcoin Price Key Highlights

  • Bitcoin price as of late broke past key opposition levels, however, is currently solidifying around the $7,400 level.
  • This could be viewed as a bullish banner example, which takes after a solid rally and could be viewed as a continuation flag.
  • A break past the $7,600 level could be sufficient to affirm that the bullish run is continuing.

Bitcoin price seems, by all accounts, to be uniting inside a bullish banner example, which could be demonstrative of another run higher.

Specialized Indicators Signals

The 100 SMA is over the more drawn out term 200 SMA to show that the easy way out is to the upside. As such, the rally will probably continue than to turn around. The pole of the banner traverses $6,700 to $7,400 so the subsequent surge could be of a similar stature.

Note that bitcoin price has surged past a transient rising channel best to goad a more extreme climb. The hole between the moving midpoints is additionally extending to flag strengthening the bullish force. Additionally, the 100 SMA is near the broken channel best to fill in as a layer of help in case of a retest. The 200 SMA is at the mid-channel region of intrigue, which may likewise keep misfortunes under control.

RSI is treading sideways on centre ground to reflect progressing solidification, scarcely giving any insights on which course bitcoin price may break out. Stochastic, nonetheless, is indicating down demonstrate that dealers have the high ground and could push for a plunge.

 

Market Factors

The state of mind in the digital money showcase has for the most part been sure as dealers have been hurrying in to join the ongoing energizes because of a paranoid fear of being forgotten. Numerous say that the push higher was impelled on reports of expanding institutional premium, as from reserves like BlackRock and banks like HSBC.

This has permitted to advertise members to see administrative improvements in a positive light, and it additionally helped that another BitLicense allowed to a crypto-based organization (BitPay) kept good faith in play.

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Bitcoin

Bitcoin vs Dash: Comparing Bitcoin and Dash

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Lets compare Bitcoin vs Dash. The amazingness of the cryptocurrencies doesn't seem to be tangible enough relative to its complexities. Lets compare Bitcoin vs Dash

Understanding some of the prominent benefits of Dash over Bitcoin.

Introduction

Bitcoin is a very complicated cryptocurrency. Its mass adoption is not anything more than the fantasies of a dream, as the technology is too technical to be understood by the normal people. It is amazing, but not that simple to be effectively applied by the masses. Bitcoin scalability has always been a major point of concern and debate the community professionals, but doesn’t seem to be coming on any grounds regarding the matter. Also, the increase in the block size is been discussed for years together. The Crypto domain is to be a lot more ambiguous than it seems. It is no wonder that using the cryptos to transact is far more complex than using PayPal or Paytm. The amazingness of the cryptocurrencies doesn’t seem to be tangible enough relative to its complexities. Lets compare Bitcoin vs Dash.

 

Bitcoin vs Dash: Transactions

A long string of addresses feels quite unusual when one is extensively used to Fiat transfers. Currently, even the transaction fee has skyrocketed and if a particular transaction is not been attached with sufficient amount of transaction fees it might remain forever in the unconfirmed transaction pool itself. Hence even micropayments which were earlier possible seems to have been completely eradicated due to the high transaction fees.

On the other hand, the transactions on the Dash network is lightning fast when compared to Bitcoin. Dash even provides a special Insta send service which allows for a provision of getting the transactions confirmed quickly. Hence, people who aren’t patient enough to wait for hours together can opt for Dash. Due to the late confirmations price slippage might occur, which is another misery in itself.

Bitcoin vs Dash: Scalability issue

The dash community also strives to bring extensive cooperation between the stakeholders. This was clearly evident when the scalability issue daunted over Dash. The community members obviously had heated arguments as well as discussions but just within a span of 24 hours, they all decided to increase the block size. The problem which hasn’t been solved for years by the Bitcoin community and continues to persist even today. The problem was done in 1 day itself by the Dash community. The incident represents a strong oneness and reliability among them. This doesn’t mean that Dash is completely perfect but it’s ability to upgrade itself with time, is what matters, unlike Bitcoin.

There is also a PrivateSend feature available in the Dash network. By using this particular feature optional feature a user can completely hide his or her identity. As Dash is considered to be synonymous with Cash which has no digital footprint, this privacy feature undoubtedly adds to the convenience of the users.  

 

Bitcoin vs Dash: Community Funding and control

It is absolutely worth mentioning, where the funding comes from, for these organizations. As Bitcoin network is completely decentralized and hence a number of prominent cryptocurrency institutions have come forward in order to fund for the Bitcoin development and research. But there is a catch, with funding comes authority over the decisions, hence the institution which is funding the community the most, it is an unwritten rule that it has the most authority over the decision making.

Whereas this is not the case, for the Dash community as most of the funding is done by themselves only. 45% of the total Dash funds go to the miners, 45% is received by the master nodes of the network, and the remaining 10% is utilized for the for the development of the community. In this case, there are a number of prominent master nodes whose decisions are taken into account in order to reach a common conclusion.

Bitcoin vs Dash: Public address

Another feature of Dash is its public address. Here each and every public address is associated with a human-friendly name, similar to an email address rather than a string of random characters. The transactions are made simpler by giving names to the addresses so as to prevent the transactions to reach a wrong destination. Since, once the transactions are initiated they cannot be reverted back this feature is crucial, as it associates rememberable names to the address.

Conclusion

Although Bitcoin was the Pioneer in the cryptocurrency trend it undoubtedly cannot be considered as the best solution for the current financial practical scenario. The cryptocurrencies like Dash have been coming forward who have their own set of pros and cons. It all jots down, to the need for the day, where currently scalability is one of the major concern. Hence the cryptocurrency Dash seems to be more promising than Bitcoin.

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#Bitcoin Price Analysis

Bitcoin Price Analysis BTC/USD Market Stable above $7300, 19 July.

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Bitcoin price could be expected for a remedy from its most recent rally, and purchasers are holding up to participate at the region of intrigue.

Bitcoin Price Key Features

  • Bitcoin price as of late surged past a zone of intrigue and might be expected for a retest.
  • Utilizing the Fibonacci retracement instrument demonstrates where bulls may hold up to participate.
  • Specialized pointers are indicating at potential benefit taking and a continuation of the uptrend.

Bitcoin price could be expected for a remedy from its most recent rally, and purchasers are holding up to participate at the region of intrigue.

Specialized Markers Signs

The 100 SMA as of late made a bullish hybrid from the 200 SMA to demonstrate that the easiest course of action is to the upside. This proposes the uptrend will probably continue than to switch.

These moving midpoints are additionally near the new rising pattern line framing on the 4-hour graph. The Fibonacci retracement levels may likewise keep misfortunes under control and draw more bullish vitality. Specifically, the 61.8% retracement level is nearest to the rising pattern line support and zone of enthusiasm at $6,800.

For the present, RSI is showing overbought conditions or that purchasers are depleted from the ongoing ascension. This could open the case revenue driven taking and a plunge to the Lie levels. Stochastic has additionally come to the overbought locale and looks prepared to head down, carrying bitcoin price alongside it.

BTCUSD Price Chart 19 July

The notion in the cryptocurrency industry has been for the most part positive after the ongoing specialized breaks, which supposedly was impelled by rising institutional premium. A few, be that as it may, have rejected this as a short crush following the other week’s “dead-feline bob.” Others say the rally is being managed by FOMO among showcase members.

Notwithstanding, it likewise looks like financial specialists are regarding industry direction as an or more as opposed to considering this to be motivation to bounce out of their possessions. More reports on this subject or on acquisitions and speculations could keep bitcoin price above water and on track for a strong bounce back.

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