Is the bitcoin mining being really profitable? Some of this technology users say yes, it is profitable. Whereas, bitcoin mining is a difficult task while you are competing against Chinese miners. As the year 2016 was the best for mining described by the stakeholders. While mining of the bitcoin become difficult after a second halving event. Whereas, reward on mining of one block decline from 25 to 12.5 BTC.
You need more efficient mining hardware if you want to compete and continue with bitcoin mining process. Few of the mining hardware are given below,
Ant miner S5
This is the cheapest miner often known as the entry-level miner. Users of this device are fully satisfied with it. But the block reward is decreasing now. You are not able to generate 0.05 coins in revenues. In addition, to get full BTC, miners have to operate one year and eight months.
Ant miner S7
You have the ability to produce 0.15 bitcoin with ant miner S7 to become a leader. While, If the currency value continually growing up, it will be the very good investment. This device is better for the early adopter of the technology. Whereas, it is not enough strong to produce a large number of bitcoin.
Avalon 6 is same as s5 and s7 with little changes. While the users of this technology are fully satisfied with it. Miners mostly select s7 instead of Avalon 6 because of it is $100 more expensive than s7. This software has the capacity to earn 0.12 bitcoin per month.
Ant miner R4
This mining machine is specially designed to mine bitcoin at home as a hobby. It has the ability to compete with s7. In addition, the upside of this hardware is cooling machine. Furthermore, it is quite compared to the other bitcoin miners. You can break even with this device within a year. Whereas, it involves the risky investments. And miners become outdated after six to nine month. ROI only produce in case of currency values continually increases.
Avalon introduce the most recent mining device Avalon 7 or 721. It is quite cheap as compared to the modern mining hardware devices. In addition, with entry-level mining, miners can break even within two years.
Ant miner S9
It is basically a cream of the crop. In addition, with the capacity to mine 3 or 4 times more BTC, it is five-time expensive. This device uses electricity more efficiently because it provides the profit at a short time period.
Accordingly, this device is new in the market is the most sophisticated rig. Antminer has the capacity to mine 0.5 coin monthly in which extra expenses are not included. Whereas, with the greater hashing power Antminer S9 work efficiently.
A top maker of the Application Specific Integrated Circuit hardware (ASIC) Bitmain is easily available for the public in a market. S9 is the latest model in the market. Whereas, its chip is smaller than the others mining hardware but is more efficient in working.
Accordingly, miners will be able to break even within the year.
Upcoming mining hardware
Following are some mining hardware with efficient mining capacity.
Fast- hash one
Fast- hash one series is including silver edition, gold edition, platinum edition means three model machine is in one setup. Machines come with the same module. And has a capacity to up-grated up to six.
|Editions||Start||Tops out||Produce bitcoin|
|Silver edition||64GH/s||384GH/s||0.2 up to 0.85 bitcoin per day|
|Gold edition||128GH/s||768GH/s||Same as above|
|Platinum edition||256GH/s||1.536 TH/s||Same as above|
Gold and platinum editions support up to six expansion cases. Whereas, silver does not support this sort of cases. These miners are available for pre-order and each extension contains 16 modules.
The price of this fast-hash one is $2499- $5999.
CoinTerra and TerraMiner IV
CoinTerra and TerraMiner IV is bitcoin mining machine. Which is drove by CoinTerra’s own in-house ASIC chips, Goldstrike I. In addition, TerraMiner with 4U power supply is built on 28nm process.
This miner contains 4 ASIC chips with the hash rate of 500 GH/s. Accordingly, CoinTerra IV has the total hash rate of 2TH/s. Furthermore, a price of $ 5999, CoinTerra translate to just over 1.1 bitcoin per day.
Hashfast sierra is an efficient performance mining machine. It is basically built into 4U mountable case with two seansonic power supplies. Sierra has the hash rate of 1.2 TH/s means 0.66 bitcoin per day. This miner does not have an on-boarder controller. So, you have to connect through a USB. This main control is everything that will run CGminer, a mining software. Hashfast sierra with a cost of $6300 is available.
Black arrow Prospero X-3
Black arrow X-3 is presented by 20 black arrow minion ASIC chips. The ASIC built on 28 nm processor and are in-house design. The 20 Minion ASIC chips in the Prospero X-3 give it a hash rate of 2TH/s, good for about 1.1 Bitcoins per day as of the time of writing. The Prospero X-3 has been designed with up to 20% under- and overclocks in mind. It also supports the lightweight Stratum mining protocol.
The Prospero X-3 is available for pre-order and is scheduled to be available at the end of February 2014.
The price of this mining hardware is $6999.
This miner is quite possibly the granddaddy of all Bitcoin mining machines. Whereas, it is basically four modular 20nm ASIC boards, designed so that the machine will continue mining even if one (or more) of the boards fails. Accordingly, it follows up from their previous miner, the Jupiter, which was built on a 28nm process.
The Neptune has a minimum hashing speed of 3TH/s, which translates to about 1.66 Bitcoins a day. This is a vast improvement on the Jupiter, which was only able to mine 0.6 Bitcoins a day. KnCMiner also mentions that they have the right to increase the speeds as it nears shipment, so the Neptune might end up being even faster once it gets into miners’ hands.
The KnCMiner Neptune is currently available for pre-order and is scheduled to begin shipping in Q1/Q2 of 2014, limited to 1200 units.
The price of this mining machine is $12,995.
On 5th March, it’s been reported that a patent has been filed by PayPal in order to speed up cryptocurrency transactions by eradicating the confirmation period of payments. However, it’s been claimed by many Bitcoin experts that this is already possible through the current technologies in the cryptocurrency industry.
Basically, the main purpose of PayPal patent is to improve the whole procedure of settling cryptocurrency payments between both buyers and traders on retail or e-commerce platforms. To avert each transaction from being broadcasted to the public Blockchain, users’ secondary wallets will let the unique private keys of both buyers and sellers to be transferred privately.
The PayPal patent read;
“In order to be sure that the Bitcoin transaction will ultimately result in a transfer of Bitcoins to the payee, the payee must wait until the mining process confirms the transaction before transferring goods and/or services to the payer. In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages.”
What’s Peter Todd’s Response?
According to a Bitcoin developer, Peter Todd, PayPal is attempting to patent a technology that is already present in the cryptocurrency industry. In 2016, Opendime was created by a former Bitcoin marketplace “Coinkite”, and is a hardware Bitcoin wallet with multi-signature bank-grade security. It lets users transfer Bitcoin with inner private keys, allowing them to utilize Bitcoin like fiat money, such as the US dollar. However, compared to Ledger and Trezor, Opendime structurally differs from other hardware wallets as it cannot be reused. Opendime is basically a USB stick as it can only be used once and has to be destroyed to use the funds that are stored inside, which allows it to be used as cash.
PayPal’s technology encourages its users to transfer the whole wallet or private key linked with a predefined amount of a cryptocurrency and the procedure of transferring bitcoin payments through Opendime, which is just like PayPal.
The patent explains:
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
Is It Really Possible for PayPal’s Technology to Improve Cryptocurrency Payments?
PayPal’s technology could let the cryptocurrency payments to be processed between both buyers and traders quickly by eradicating hefty transaction fees only if it’s executed at large commercial scale.
Yeogieottae, which is a major hotel booking platform in South Korea has recently partnered with the country’s largest cryptocurrency exchange, Bithumb, to allow cryptocurrency payments. Even in Japan, the biggest sellers have started to accept Bitcoin payments for a while.
However, on the other hand, a problem could occur while transferring private keys if the settlement occurs in a centralized manner. PayPal patent clearly explained that for carrying out the process of settling payment, it could depend on a payment service provider device as it could lead to a centralized system, managing the transfer of private keys.
Owen Williams revealed the findings of GDPR last week, which disclosed that PayPal shared complex financial information of its consumers with over 600 entities. The centralization of cryptocurrency payments and private keys could direct to susceptibilities and data selling if this technology by PayPal’s can exploit non-custodial wallets and allow both users and traders to endure in full control of their private keys during the whole process.
According to a report, Eric Piscini — a former leader of Global Blockchain and a partner at Deloitte has left the company. Piscini is going to join the blockchain startup, Citizens Reserve in order to transfer supply chain networks to a blockchain.
Piscini is the one who helped in building a global blockchain practice. The startup that he is going to join is at its early-stage, and it is currently raising $300 million. This startup is a shared database, which is designed to work on all levels of a supply chain.
New Cryptocurrency — ZERV
A new cryptocurrency, ZERV has been developed within the project, using the ERC20 token. According to a report, the cryptocurrency will be used by the group members for accessing the blockchain — it will allow them to implement virtually instant borderless transactions.
- The cryptocurrency, ZERV, is also considered as a utility token.
- It allows users to exchange services within the platforms.
- This digital currency comprises a third element — it sets it apart from other ECR20 tokens.
- The reserve assets are intended to fund the token a certain value of $0.01.
- Reportedly, 100 billion tokens will be issued to the value of $1 billion.
So, let’s enlighten you about the platform — it is based on the public Ethereum blockchain with smart contracts that consist of self-executing code — which could be implemented by using multiple private blockchain solutions. However, the contracts will be limited for a long period of time and it is expected that the transactions of cryptocurrency will be conducted any time soon.
According to Piscini:
“We are building the Ethereum of supply chain… The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce.”
Reports also show that 85% of the funds that were involved in the token presale will be utilized in purchasing assets that will sponsor the tokens. Out of the total funds, 30% that were raised after the round gets closed will be issued to the users through a mechanism that is designed to stimulate and encourage the creation of the new supply chain services on its platform. It is expected that the Citizens Reserve will be launched in July 2018, however, Piscini didn’t disclose the names of the related group members, as he said that Citizen Reserve is going to work with three organizations — these organizations are providing software to the defense industry supply chain at this time — in a centralized manner.
The decision of blockchain leader, Piscini, is amid an exodus of top executives from the financial companies and traditional tech to cryptocurrency and blockchain. David Marcus left Facebook and Paypal as he was appointed to the exchange Coinbase – as a board of directors.
The co-founder of Coinbase, Brian Armstrong said, the knowledge of Marcus for both mobile space and payments is the main thing that would help as a guide for the platform to go forward. The CFO of Commonwealth Bank of Australia has also quitted to join Block.one, which is an EOS token developer.
A question that is asked by everybody is “Where can I get free bitcoins from?” The answer is free bitcoin faucet. It obviously won’t make you rich overnight, but it’ still free!
As the name suggests, Bitcoin faucets are like taps with dripping bitcoins, instead of water. Just like a drop of water takes time to accumulate before dripping from the faucet, users have to wait a certain time limit before they could collect their coins.
What are Bitcoin faucets?
Bitcoin faucets are reward systems that are programmed to distribute small fractions of bitcoins for visitors to claim. There is a time interval that a visitor must wait between every batch of bitcoins released.
Purpose of Bitcoin faucets
- To introduce users to bitcoin: Faucets are a great way to introduce new people to the bitcoin network. Most faucets provide information to users and giving them a practical experience on how they can earn bitcoins is a beneficial way to promote digital currency and attract new users.
- To achieve maximum traffic: It is not that difficult to get traffic on websites that give out free money, faucets are usually high traffic websites.
- To make money: Adding additional content to the website, or including some unique attraction for users is the only way to generate an income for a Bitcoin faucet. There are many of these sites around nowadays so it’s a very competitive market.
Why Bitcoin Faucets?
There are rewards placed to attract visitors to the faucet’s webpage. These sites usually contain advertisements and advertisers pay these faucet owners to display their ads on the websites. Advertising costs are calculated on Cost per Thousand Impression (CPM) basis. Which means if the site gets more visitors and they spend a long time on the site, then the owner gets more money from the ads.
Faucets also play an important role in the bitcoin ecosystem. It encourages more people to understand and adopt bitcoin.
How to use bitcoin faucets?
Once you’re on the faucet webpage, you just need to enter your wallet address or the email address linked with your Xapo wallet.
A timer will start to measure the time you spend on the site. Each ad is viewable after a certain period of time. The interval is usually of 30 minutes.
In order to claim your reward, you’d have to solve a mathematical question or prove that you’re a human by filling in a Captcha, and that’s it!
Typically, faucets have a minimum time interval between claims by each visitor in order to prevent one from claiming all the available bitcoins from faucet’s wallet.
This duration varies from 5 minutes to 24 hours, depending upon the faucet.
Here are a few best Bitcoin faucets for you to explore from:
- Moon Bitcoin
- Bitcoin Aliens
You can visit and explore these sites. It might be worth your while to study and recognize the techniques they use in order to make money from their faucets.
You will find hundreds of bitcoin faucets to choose from, go ahead, explore and earn a few satoshis while you’re at it. (1 Satoshi = 0.00000001 BTC)
Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.
Surprisingly, the web wallet options are thin compared to the iPhone or Android options.
Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.
To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coins protection against these attacks.
GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.
SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android and Windows Phone users.
These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.