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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

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 And miners become outdated after six to nine month.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 7

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.

Bitmain manufacturer

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.

EditionsStartTops outProduce bitcoin
Silver edition64GH/s384GH/s0.2 up to 0.85 bitcoin per day
Gold edition128GH/s768GH/sSame as above
Platinum edition256GH/s1.536 TH/sSame 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.

Specifications

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

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.

 

 

KnCMiner Neptune

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.

Good luck!

 

 

 

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Cryptocurrency Market Rebounds: The Market Valuation Has Surpassed $400 Billion

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Finally, the cryptocurrency market has surpassed $400 billion in valuation after such a long correction and since 10th February, the market has been recovering really fast; however, it’s still not ready to instigate strong rallies.

Speedy Recovery:

At this time, all cryptocurrencies in the market have the market valuation of $418 billion as a whole, and the price of Ethereum has leaped over $840, whereas the price of bitcoin has hit $8,525. The price of native cryptocurrency of the Ethereum network “Ether” fell to $820 recently and is now following the same trend as bitcoin over the past few weeks.

Generally, we can say that the whole market has been following the trend of major cryptocurrencies, which includes both Bitcoin and Ethereum because in times of extreme instability, the cryptocurrencies that have huge market caps tend to work as stand-by currencies of the market.

In the past corrections, the cryptocurrency market recovered really fast because the casual investors and newcomers still had hope that the market would recover within a short period of time. This correction was quite different from the previous ones and the media also reported many stories that focused only on the investors who lost their money, rather than the positive developments within the cryptocurrency sector. South Korea continued to show sanguinity throughout 2017 however, it was still hit with a bear market recently due to the negative press.

As the cryptocurrency market has got negative press all around it, even with the fervent approach of regulators, as it’s been seen in US CFTC (Commodities and Futures Trading Commission) and US SEC (Securities and Exchange Commission) congress hearing, few more weeks will be still required for the market to recuperate and the major cryptocurrencies like Ripple, Ethereum, and Bitcoin to regain their absolute thresholds at $10,000, $1,000, $1 individually.

Market Will Soon Bounce Back:

According to the CEO of Pantera Capital, Dan Morehead, within few weeks, the cryptocurrency market could start assembling. He added, he’s certainly aware that it’s a very speculative market and is volatile on the downside for the past 52 days. He thinks that in a couple of weeks, everything will get back to normal and the price of bitcoin will start to grow back once again.

Morehead highlighted that bitcoin is still “under-owned” by the retail traders and if the institutional investors adopt the asset class, the market could grow really quickly.

 

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What Are Some Bitcoin Scams and How to Avoid Them?

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Scams have been part of human history. Ever since the beginning of currency, people have been trying to defraud each other. And with the advancement of technology, the scamming tricks have also become more raveled.

When it comes to currency related scams, Bitcoin tops the list. The currency is relatively new but holds incredibly high value in the market. Moreover, generating personal bitcoins is extraordinarily hard. So, the scammers use different techniques to steal hard-earned coins of other users. (Want to earn some bitcoins, here is everything you need to know about how to earn Bitcoin fast and easy).

Here are the most common scams that the bitcoin users should be aware of.

Scenario #1 – Wallet Scams:

If you are a bitcoin user, you would know that a Bitcoin wallet address serves the same purpose as a traditional bank account. The difference is that it is used to store bitcoins – and not the fiat money.

Since Bitcoin is all about anonymous transactions and the anonymity is gained through bitcoin wallets, the scammers hit this feature particularly by developing fake wallets.

Then they try to sell these wallets to users with a promise of 100% anonymity. The program initially seems to be working fine. But to your surprise, the trickster behind the scenes has been transferring coins from your wallet to his own without giving away a single hint.

So, being a Bitcoin user, it essential to acquire a wallet from trustworthy sources.

Scenario #2 – Scam Through Ponzi Scheme:

One of the most common Bitcoin scams. In Ponzi scheme, the con artist promises high-interest rates on deposits you make.

People who join the scheme early are paid out using the money of those coming in later. This goes on until the point where there are no more new entries.

Once the entries stop, the payments also stop and users start realizing the losses.

Scenario #3 – Bitcoin Exchange Scams:

Bitcoin scam exchanges sell the cryptocurrency at current market rates. Most of the exchanges working out there are genuine and possess now security threats to users. However, a small portion of exchanges does not work that way. Their sole purpose is to steal the digital currency and fill their own pockets.

Such exchanges charge extremely low fees when a customer is looking for credit card processing. However, after the card is processed, all the money is gone and the user is left with no bitcoins.

So, don’t always go with the cheaper options.

Read our guide on what are the biggest Bitcoin exchanges in the world to trade safely.

Scenario #4 – Phishing Scams:

The scam involves users receiving fake emails – stating that they have been awarded or have won bitcoins. But to receive the reward, they are asked to reach their wallets through the link given in the email.

DO NOT CLICK THAT LINK – or you will end up losing all your coins.

Conclusion:

These are some common scams that go around in Bitcoin world. All it takes is a bit of common sense to realize true intentions of someone you are dealing with. And if you are just starting your bitcoin venture, it’s necessary that you are aware of these bitcoin scams and know how to tackle with the tricky situations that may arise during a transaction.

Tags: Bitcoin wallet scam

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Litcoin Price Drops by 4% as LitePay’s debit card launch Delays

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The price of Litecoin has seen a decline after LitePay’s debit card launch, which was scrubbed at the last minute and delayed indefinitely.

Litecoin Price Drops By 4%:

The cryptocurrency market has sustained to shake off the crash that it has experienced this weekend, and most of the large-cap cryptocurrencies have seen strong gains against the US dollar.

The cryptocurrency market index has increased by almost 7%, while Litecoin has seen a decline in its price by almost 4%. At this very moment, the price of Litecoin is $212, which shows that this cryptocurrency has seen a single-day decline of 4% and has the market cap of $11.7 billion. The huge chunk of Litecoin trading volume is focused on OKEx, which accounts for more than 31% of all LTC volume. Especially, KRW pairs, which frequently spike on altcoin recovery, contain a comparatively small amount of Litecoin trading at this time.

The current decline in the price of Litecoin appears to be related to the planned launch of LitePay (fintech startup), which was planned to take place on 26th February, but was partially postponed at the last minute and delayed indeterminately.

According to a report, LitePay is intended to offer a solution based on LTC payments that will make it quite simple for traders to accept Litecoin. This service will also issue a debit card, which will be LTC-funded, letting the users to circuitously spend their coins at almost any business.

The statement that LitePay would be launched on 26th February, led to a momentous Litecoin price rally. Though, the company also sent an email to its users just ahead of the planned launch, notifying them that an essential factor of the firm’s business model which is the “LTC-funded debit card” had been postponed indeterminately due to the antagonistic activities by card issuers towards crypto communities.

It is also said by LitPay, that it will open trader’s registration as planned, however, the indeterminate delay on the debit card service of it, caught lots of users by unexpectedly and have likely contributed to the bad performance of Litcoin today.

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