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Cryptocurrency Mining: Explained

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Ever given a thought to how cryptocurrencies actually come to exist? How does one actually get them onto a server? How does one actually introduce them into the network for community users to buy, sell and trade? The heavy energy and resource consuming process which is required to obtain these cryptocurrencies is called mining, which is why we say that one has to ‘mine’ their cryptocurrencies.

When it comes to cryptocurrencies, there is no central body to issue new notes or mint new coins. A cryptocurrency exchange has no such system of single point of authority.

 

Blockchain and Cryptocurrency mining

The technology of Blockchain supports virtually every cryptocurrency on the digital world. It is a decentralized shared ledger of each and every transaction that ever takes place on the network. The genesis block is the first block to record the first transaction made over the network. As and when newer transactions take place, they get permanently logged onto newer ‘blocks’ which are then chronologically added in a linear fashion onto the pre existing chain of blocks thus forming an ever growing chain of blocks called the blockchain.

In order to create a new block with all its legitimacy intact, a cryptographic hash is included. To arrive at a hash matching the right criteria, all one needs to do is calculate as many hashes as possible and then wait until one hits a match. Upon hitting the right hash, new blocks are formed and the reward of this computational process is given in the form of the cryptocurrency involved to the miner who founded this block.

In even simpler terms, mining is just the process to produce or create cryptocurrencies. The computer processing power enables mining, which is basically a record keeping service. A network of nodes on a distributed network race to solve a heavy mathematical puzzle using the trial and error method. The first computer to successfully solve the puzzle is known to “mine” the cryptocurrency. Higher is the computing power contributed from your side, larger is your reward.

 

Obtaining mining hardware and power supply

One first needs to decide on what hardware equipment they wish to use to mine their cryptocurrency. All these mining equipments are very expensive and one needs to make a sound intelligent decision before making a purchase. Always opt for a machine with higher hash power and efficiency. Usually, a machine with higher hash power is more costly. To keep a track of your expenditure and evaluate your returns, one could make use of the Bitcoin Mining Profit Calculator. AvalonMiner 741, AntMiner S9, AntMiner S7 are a few of the most popular, cost effective and reliable miners available on the market which can be easily bought from online shopping sites such as Amazon. In addition to this, one also needs to find a power supply compatible with their choice of miner.

 

Mining software and Mining Pool

A cryptocurrency miner would not mint out hard coins for you. You need to integrate it with a mining software to help you mine your digital currency. EasyMiner has a very user friendly graphical user interface (GUI) and can be used by almost everyone with little to no technical knowledge. It is very user intuitive. If one wishes to use a terminal based mining software, CGMiner and BFGMiner are two very good options.

Since mining requires a lot of energy, it is a costly process. It is always recommended to mine cryptocurrencies on a large scale. Not just this, undergoing the mining process individually, one needs to spend a lot of hours simply waiting for the block of transactions to pull through and then getting their virtual currency as a reward. To overcome this excess expenditure of time, services like mining pools are available. In a mining pool, all the participating members pool together their computing power to save time. Every time a transaction pulls through on the network, all participating members of the pool receive a reward. Of course, the fraction of reward received depends upon how much computing power one contributed in the shared network.

 

Obtain a Bitcoin wallet and start mining

Before one actually starts mining, one requires a place to hold their coins. Several web based wallets and mobile applications based wallets are available to choose from to secure your digital currency. Airbitz, Blockchain, Freewallet, Jaxx, My Celium Wallet, Coinbase, Circle, Blockchain, Strongcoin, Xapo are a few of the most widely used wallets. Miners can explore all these options and choose one that best fits their requirements. Once you have everything in place, follow simple instructions inside the users manual of your miner and start mining!

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Top 10 cryptocurrency mining companies

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Here are the top 10 cryptocurrency mining companies

Some of the most popular and reliable cryptocurrency and bitcoin mining companies throughout the world

As the invention of cryptocurrency has given rise to a number of domains,  cryptocurrency mining industry is one of them. Mining cost a lot of electricity to the miners where the miners solve complex mathematical problems in order to add a particular block to the blockchain and hence receive the block reward in the form of cryptocurrency. As the number of miners increases, trying to crack the code, the difficulty of the complex algorithm increases.

A number of miners join together in order to create a mining pool. This collaboration acts as an advantage to the miners as the total number of miners doesn’t increase with respect to the blockchain but a whole set of miners act as a single miner and hence the difficulty of the complex algorithms is not increased as the number of miners are increased in the mining pool. In other words, in a mining pool the set of miners share the work among themselves and also the block reward is shared among them.

 

Below are some of the top 10 cryptocurrency mining companies:

 

  1. Genesis Mining.

Founded in the year 2014, it is regarding as one of the top Bitcoin mining companies around the world. It is well known for its transparency and best customer service. The integrity and reliability which the company provides to its users are just unmatchable. Spondoolies tech, an Israel based company which is specialized in manufacturing all kinds of cryptocurrency mining equipment works in collaboration with this cloud mining company by providing it with mining rigs. All of their mining equipment is being placed in the locations which have geographically suitable for mining. Surplus and cheap electricity and low temperatures in a location are best suited for mining. They provide a wide range of offers from 50GH/s to 15,000GH/s.

 

  1. Hashix.

The Bitcoin and Ethereum cloud mining company are considered to be very simple and user-friendly. The new users, as well as the experts, can use this service easily in order to gain some profits. The company provides a very unique way of buying a hash power to the user without even really worrying about the hardware and software requirements required for the mining. The whole mining installation is done by a set of highly experienced experts in the cryptocurrency as well as financial sector and hence the company is highly reliable. Once the user registers for hash power in the company the withdrawal of the profits can be done periodically. The minimum payout is 0.002 for Bitcoin and 0.03 for Ethereum. In short, the Lithuania based company is the best place for investment.

 

  1. Bits2u Inversiones S.A.C.

it is one of the most legal cloud mining service providing company in Peru, with approvals as well as registrations from SUNAT and SUNARP. Along with registrations with the financial authorities of the country, the company even has RUC and a DUNS numbers. It is one of the first fully automated online systems which intends in providing a number of investment options to its users in order to increase the return on Investments. It even offers 10% referral bonus to its customers. They strictly make sure that their customers are satisfied with their service.

 

  1. Bitforx.

This particular cloud mining service is considered to be one of the safest around the world and is located in the industrial zone of Kutaisi, Georgia. A large spectrum of Bitcoin mining hash powers is available here with an aim of providing the cryptocurrency community, the accessibility to mine Bitcoins.

 

  1. NuVoo Mining.

The Canada based cloud mining services provide cloud mining, Dedicated miner, and Colocation Miner services. It even offers a live customer support in French and English languages.

 

  1. IQ Mining.

The mining company acquires its hash power from some of the large data centers spread throughout the world. This is intelligently done in order to reduce the cost of electricity that is required to mine cryptocurrencies.

 

  1. Hashing24.

The company aims at providing Bitcoin mining contracts to the new customers who are experiencing Bitcoin mining for the first time.

 

  1. IronVault.

This company can be considered as a one-stop shop for all the professional cryptocurrency mining solutions. It even provides its services to the customers who are very new to the blockchain technology as well as the cryptocurrencies.

 

  1. BitFury.

The company mainly deals with the manufacturing and development of the hardware equipment required for mining but recently opened up its own Bitcoin mining data center in Georgia.

 

  1. CoinMiner.

Covering cryptocurrency mining along with equipment required for it, the company helps individuals and businesses to set up mining sale e-commerce.

 

The cryptocurrency revolution has undoubtedly proven to be very useful as well as better than the traditional fiat currencies we had. If we look at the traditional Fiat currencies, the amount of energy spent in order to create the currency is very negligible, in other words it is same as the amount of energy required to manufacture a piece of paper but in the cryptocurrency domain the huge amount of electricity is consumed for the creation of cryptocurrencies and hence they have some intrinsic value and are inflation proof.

Many countries across the world have embraced this technology and are taking advantage out of it by fastening the whole Financial tedious process which took a lot of time. Many governments are even focused on the research and development in the field of Blockchain Technology, in order to further explore its potentials to solve other problems.

 

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Will India ban bitcoin and cryptocurrencies? Zebpay tweets about withdrawal closure

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Zebpay, India's leading Bitcoin exchange tweeted that the local ruppe withdrawals

With the recent announcement of the Reserve Bank of India (RBI) about not accepting Bitcoin or any other form of digital currency as a legal form of payment, quite an uproar was registered in the Indian digital currency market and the fintech sphere in general. People had thought that Bitcoin altogether had been banned and that holding, trading, buying, selling etc is now a criminal offense in India. However, that is not the case. RBI has simply called for not accepting it as a legal form of payment anywhere in India, and digital currency investors and enthusiasts are still active on the digital currency platform with mining, buying, selling, trading and holding their Bitcoins and other virtual coins. However, RBI’s announcement has definitely caused a certain unrest in this sphere with people having started doubting the future scope of their virtual tokens.

 

A tweet by Zebpay – India’s Bitcoin Exchange

Yesterday, Zebpay, India’s leading Bitcoin exchange tweeted that the local ruppe withdrawals could come to a halt, which created a panic in the market and Bitcoin traded as low as Rs 2,90,000 (in Indian local currency) per Bitcoin in India.

 

Is India cracking down Virtual Currencies?

Moreover, with news coming every passing day about some country or the other cracking down hard on virtual currencies, and passing strict regulations on them or banning them completely, people are wondering if India would be the next country in line to do so. Such a ban would result in people losing a lot of their money and that is of course not a good thing. Big countries like Switzerland and Japan are very positive when it comes to Bitcoin, digital currencies and also the blockchain technology but on the other hand, there are also other several big countries like Thailand and China which have completely banned them. This has caused a lot of confusion amongst people and has mislead people to not know what to make of India’s current position in this matter.

 

RBI after Bitcoin Scams and Frauds

RBI has also issued several warnings to people so that they can save themselves from falling prey to scams and frauds. With such steps being taken by the RBI, I believe it is unlikely that India would ban Bitcoins and other digital currencies. There has already been several statements by eminent Indian personalities who have spoken highly of the blockchain technology and wish to make more research in this space. With them mention of digital currencies in the country’s national budget, this is quite possibly a step in the right direction, and there seems to be a bright future for Bitcoins and other digital currencies in the long haul, if not in the coming years.

 

Misleading news about Bitcoin Ban

The misleading spread of news saying that Bitcoins along with other digital currencies has been banned in India could be attributed to the fact that there is still not much awareness regarding this subject matter in India and Indians are still quite clueless about them. There is an urgent need for Indians to be educated about the basics, working and technicalities of this decentralized platform and the blockchain technology if one expects to make bitcoins and other digital currencies popular in India. People are intrigued by the entire concept of virtual currencies and the excitement attracts them towards it but the problem is that they do not understand it enough to make any right decisions for themselves.

Even so, the trading volumes of India’s digital currencies has been on the rise which indicates a growing interest of Indians in this digital market.

 

PayTM and KYC

The underlying blockchain technology of Bitcoins and other digital currencies is what has prevented the government from banning it earlier before. They wish to research further in this domain and do not want to ban the currency altogether since they want to learn further and maybe make more advancements in this sphere. However, they would soon be placing several regulations in place to control the unregulated nature of the platform. Also, they might soon call for a more stronger KYC plan in action for these platforms just like they did for services like Paytm, so that they can recognize the investors in this domain and work on preventing crimes like tax evasion.

 

Blockchain and Bitcoin

Moreover, the blockchain technology has already intrigued many enthusiasts and academics all over the world and with the Indian government setting up a team to investigate into the details of this brilliant technology, it seems highly unlikely that there would be an impending ban on these virtual currencies. The current stand of the government in respect to these digital currencies is very open minded and under such circumstances, it would be a complete shocker if a ban is placed. With no such future scenarios seeming likely, a ban is quite possibly not in the picture, and since it always takes Indians a little more extra time to get used to something new and be accepting of it,  bitcoin and digital currencies would witness a bright future in the long haul.

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Binance completes its 1 year, here are 15 things you should know

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Below are some of the key features of Binance which makes it's so reliabl

15 characteristics of Binance that makes it so convenient for the customers

The exponential increase in the value of Bitcoin in the previous year opened the eyes of investors as well as the traders as they realized the potential of the cryptocurrencies and the Blockchain Technology which can be used to transform many fields. Bitcoin was not the perfect cryptocurrency, it had certain drawbacks and hence to overcome them, a number of other cryptocurrencies were created.

However, the number of cryptocurrencies available now is a lot more than required. This has put the investors in a state of confusion as to which particular cryptocurrency to choose from in order to get best returns. Making best profits require less transaction fee and a lot of service capabilities provided by the medium through which we perform the trading, which is the cryptocurrency exchanges.

Binance was actually initiated in the year 2017. It has almost been one year since its initiation and the exchange has reached the pinnacles of success.

 

Below are some of the key features of Binance which makes it’s so reliable:

 

  1. The word Binance is actually a portmanteau of Binary and Finance.

 

  1. Binance has proven to be one of the best among all the other cryptocurrency exchanges. With its initial coin offering done in July 2017 as an ERC20 token BNB, the exchange managed to raise almost $15 million.

 

  1. It was after this particular exchange that the other cryptocurrency exchanges started to incorporate the ICO

 

  1. Originally, the cryptocurrency exchange was founded in China but due to the regulations in the country, in September 2017 it had to move its servers from China to Japan.

 

  1. The founder of the exchange, Changpeng Zhao is well known for creating some systems which are even now used on the Tokyo Stock Exchange. This experience might be the reasons for the success of Binance.

 

  1. The cryptocurrency exchange covers a large spectrum of Altcoins with over more than hundred cryptocurrencies available to trade.

 

  1. The cryptocurrency trading fees are also very less in the industry. It is only 0.1%.

 

  1. There is an added advantage of using the binance coin, BNB for the transactions where the users can get 50% discount on their fee.

 

  1. There is no transaction fee as well as a limit for deposits. Anyhow there is a transaction fee as well as certain amount of limit for the withdrawal of Bitcoin.

 

  1. If the user needs to withdraw more than two Bitcoins then extra verification procedures must be followed by providing various identification proof such as a passport.

 

  1. The cryptocurrency exchange can be considered as a launchpad for various coins. This is evident as, as soon as the ICO for a coin is ended, it is available on this particular cryptocurrency exchange.

 

  1. The exchange incorporates a two-factor verification model where are unique code is sent to the customer’s mobile phones whenever a login attempt is done.

 

  1. The cryptocurrency exchange has the capability of processing over 1.4 million transactions per second. Hence the buyers and sellers consider this exchange as a preferred option over the other exchanges which has low trading volumes.

 

  1. The only biggest disadvantage of this exchange is that it doesn’t accept the Fiat currencies. Other cryptocurrency exchanges accept Fiat currencies in the form of credit card, debit card or Paypal payments. This is the main reason why the beginners cannot start directly with Binance.

 

  1. It even provides an advanced option for experienced cryptocurrency users. The advanced option displays detailed statistics about the price movements of a number of cryptocurrencies which cannot be understood by novices.

The exchange’s consistent updations with the regulations as well as technology are the crucial factor for its success. The CEO, Changpeng Zhao is well known in the cryptocurrency world for his expertise in the field. Also, BNB is experiencing an upward movement when the whole market is facing a downfall. According to reports, the exchange is all set to include EURO trading pairs along with doubling the referral commission rewards which would again add to its customer base.

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