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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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#Tether

Tether and Bitfinex might be in a big trouble soon

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US Department of Justice and the Commodity Futures Trading Commission are setting up an inquiry on the role of Tether in the price manipulation of Bitcoin.

The US Department of Justice and the Commodity Futures Trading Commission are setting up an inquiry on Tether’s role in the price manipulation of Bitcoin during the massive growth of the cryptocurrency last year.

Earlier this year, the department of justice was initiating a criminal probe in the role of traders for price manipulation of Bitcoin in 2017 end when it reached an all-time high of $20000. Now the department is suspicious of the involvement of Tether and Bitfinex Exchange in the same matter. The department believes that the price of bitcoin was forcefully pushed up with the help of Tether Stablecoin.

 

The Investigation

The department is currently carrying out an investigation to determine whether Bitfinex along with Tether practiced illicit trading activities to increase the price of bitcoin. Earlier the US Commodity and Futures Trading Commission was also investigating the activities of both Bitfinex and Tether and now both the departments will together investigate into both the cryptocurrency companies. The officials have not disclosed yet whether the investigation is only on the companies or on the company executives as well.

Earlier this year, a professor of Texas University examined the involvement of Tether for manipulating the price of bitcoin by using trading algorithms to increase the prices. The research disclosed that Bitfinex Exchange uses Tether Stablecoin to buy bitcoin when the price is low using algorithms.

 

Tether Defends

Tether, however, defended themselves by calling all the statements as false. Tether explained that the there is a limited supply of the USDT tokens and that every USDT is backed by 1$ which is kept by the company in their bank account.

What do you think about the above statements in relation to Tether and Bitfinex? Tell us in the comments section below.

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#Bitcoin

Tom Lee: Bitcoin will hit $15000 within next month

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Tom Lee the founder who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year.

Amidst the cryptocurrency market crash, Tom Lee the founder and CEO of Fundstrat who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year. Tom Lee stated his bullish prediction in an interview with CNBC.

 

Tom Lee’s Bitcoin Predictions

At the beginning of 2018, when cryptocurrency prices started to fall Tom Lee predicted that bitcoin will hit $25000 by 2018 end. In July this year, Lee restated his prediction to $22000 and again in August this year, he predicted the same $25000 price.

In the interview, Tom Lee remains very confident about his statement about bitcoin reaching to at least $15000 this year. According to Lee, a regulatory clarification would surely increase the price of bitcoin this year. He said that cryptocurrencies with grow as the world will start adopting digital technology.

 

BTCUSD 1 day chart

BTCUSD 1 day chart

 

The price of Bitcoin is currently making improvements and trading at $4674 according to CoinGecko. Bitcoin fell up to $4300 in the last 24 hours. Will Tom Lee’s prediction proves to be true and will bitcoin hit a $15000 mark this year end? What do you think? Tell us in the comments section below.

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#Bitcoin

Big Whale Alert! 999992 TUSD just transferred to Binance

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Just a few minutes back, one of the big whales just transferred 999,992 TUSD worth $1,023,030 to binance account from bittrex.

The cryptocurrency market is experiencing huge losses from the past few days with all major cryptocurrencies dropping over 10% and bitcoin dropping down from $6400 to $4400 in just a matter of days. In such a situation where most traders and investors are panic selling, big whales are waiting just for the right moment to buy. Technical analyst predicts that the price of bitcoin is expected to see a correction in the upcoming days which would eventually lead to the correction in the prices of other altcoins as well. Just a few minutes back, one of the big whales just transferred 999,992 TUSD worth $1,023,030 to binance account from bittrex. The transaction hash of the TUSD transfer is:

https://etherscan.io/tx/0x42686a6494e5831bcc694685a952b5624798d728c581ecd86382dd91b5ebcd32

In the past 24 hours, the cryptocurrency market has been experiencing huge trading volumes which predict that many traders and investors bought the coins at the current price which is a yearly low for most of the cryptocurrencies.

 

Don’t Panic!

A good trader should always think counterintuitively, that’s how winning is done. Warren Buffet the famous wall street trader has said: “be fearful when others are greedy and be greedy when others are fearful”.

The current market conditions are going to make a lot of people seriously rich. So be patient, be careful and look out for opportunities. The market is a buyer’s delight right now and a sellers nightmare.

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