The terms “Bitcoin mining” is used to describe the processing and confirmation of Bitcoin payments on the network. In Bitcoin mining, the information is distributed, validated and stored on blockchain – a digital ledger which is used to store the transactions made in cryptocurrency such as bitcoins.
The transaction process of Bitcoin is different from traditional transfers as there are no third parties – merchant accounts, issuing bank, acquiring bank – involved.
Who Can Participate In Bitcoin Mining?
Almost everyone with a regular PC can participate in Bitcoin mining. All you have to do is to run a specialized software and you are good to go. The Bitcoin mining software are compatible with all PCs and operating systems. In addition to running on regular PCs, some companies have developed specialized Bitcoin mining machines that can build blocks and process transactions in a quick and efficient manner.
Find out what our beginner’s guide has to say about how bitcoin works.
How Does Bitcoin Mining Work?
In Bitcoin mining, the participants are given mathematical problems and asked to assemble a block of outstanding transactions by solving those problems. In exchange, the miners get rewards for all of the transactions they process and receive fees for successfully validating those transactions.
In addition to those fees, the miners also receive an additional reward for each block they mine from the bitcoin blockchain.The reward was previously 25 bitcoins but it has now been decreased to 12.5 bitcoins (equivalent to $7,000) which are still pretty high.
Because the reward is so high, the completion of mining is also incredibly tough. Thousands of miners from all across the world compete to assemble the block as quickly as possible.
Here’s a fun fact for you: “The total power of competing for Bitcoin computers is 1000 times higher than the top 500 supercomputers in the world.”
Is Bitcoin Mining Harmful for PCs?
A few years back, Bitcoin mining was not so mainstream and no dedicated hardware was built to support it. Moreover, the miners of past used to overuse their systems which often caused damages to PCs. However, the technology has advanced and various manufacturers are developing computers that are specifically designed to support Bitcoin mining; which has made the process safer than ever.
What Are The Benefits Of Bitcoin Mining?
There are several benefits of Bitcoin mining. The ones that top the list are:
- Bitcoin mining is like creating money from nothing.
- There is some cool hardware involved such as ASICs, FPGAs, and GPUs and Bitcoin mining gives you the opportunity to play around with them.
- You compete with others which ultimately helps you create an efficient mining system
- Bitcoin mining is considered to be less risky because the coins never devalue. in fact, the more people use this currency, the more it appreciates in worth.
- Bitcoin mining is not a waste of time. It’s actually a hobby that pays something back.
These are some of the facts, benefits, and details of how Bitcoin mining works. The process is quite intriguing and if you are trying to make some extra cash, becoming a Bitcoin miner is never a bad option.
It’s really simple to use a Bitcoin mining calculator. There are only two main instructions that you need to follow:
- Enter the hash rate
- Click to mining revenue
Do these and you will have your desired calculations with an accurate result while using a Bitcoin calculator. However, there is one important thing to remember while performing calculations: The revenue will be in USD, based on current exchange rate. The exchange rate varies from time to time and so does the revenue difficulty.
Some other points to remember are:
You Have to Calculate Profitability:
Bitcoin mining has secured the bitcoin world. Without miners, you would not be able to do any transaction happily. In that sense, miners pay for their services and mine the blocks. If miner successfully mined a block, there is a reward on each block in the form of Bitcoin.
Easily run a profitable mining farm.
While going to purchase bitcoin mining hardware you must look the at metrics called hash rate. If a hash rate is high, it means your miner is more powerful. To calculate the amount of hash power per month, you can use the mining calculator. However, it may be costly for a new mining farm.
Just like you want to earn more, the hardware will become more expensive. Antminer S7 mines $200 bitcoins per month and costs $629. And this is just the hardware cost. The costs of electricity and equipment are not included.
For profitable mining operation with low W/GH with good hash, power is the better option for your profitability. Antminer S7 is also considered the most efficient miner with 0.25 W/GH.
During the mining process, the miners emit large amounts of heat, so you will need cooling fans and power supplies to keep the temperature under control.
Mining operation completely depends on electricity. 60% of Bitcoin network’s hashing power is located in China because of cheap electricity.
Miners in cold areas are more profitable because there is no extra need for cooling fans. It removes the heating cost and keeps the houses warm during winter.
Hash Power and Difficulties:
It is difficult to know about the difficulty months in advance. Network and hash power are external factors and vary from time to time.
Instead of stressing out, concentrate and give complete attention to understanding the more efficient idea of mining technology and the hash rate.
Block Reward and Price:
Bitcoin price is a factor you can’t control. Price fluctuation is important so keep yourself up to date and prepared for these fluctuations.
On the other hand, the reward is a predictable factor. It started from 50 bitcoins per block, then 25 BTC per block, and in July 2016, it was halved to 12.5 bitcoins per block. The reward takes place every four years. This means the halving will be taking place in 2020.
Use of bitcoin profit calculator keeps you updated with hardware and electricity costs. This will give you the better idea how to decrease the possibilities of mining difficulty and Bitcoin price.
Wishing you good luck!
ICO marketing campaigns are taking over the world. If you want to be successful in this zone, you must have to present your product offering as a ‘must-have investment.’
- Over 1,500 cryptocurrencies are operating across 10,000 markets.
- The strategies for ICO marketing should fuse dynamic marketing, traditional ICO and marketing tactics campaigns to make a successful plan.
- The collaboration that is present within successful ICO marketing plans hinges upon the association amid numerous methods.
Quality Grade Content
- ICO marketing guidance isn’t much different, as the high-quality content is crucial.
- This starts with a perfectly constructed white paper.
- The white paper’s content should provide vibrant and clear instructions regarding how the token sale is going to be advantageous to investors.
Campaigns Based on Research
- Market research is the keystone on which all successful and effectual campaigns are built.
- Actually, methodical research will regulate if there’s a need for a new cryptocurrency in the market.
- Flawed and weak research leads to failed consequences.
- The ICO marketing companies should distinguish demographics from target markets, as well as an all-inclusive understanding of the crypto-community is also needed.
- The most effectual means to market a cryptocurrency is through Telegram, which is a popular messaging app.
- Telegram is a cloud-based messaging service which is run by a non-profit firm and is available for; iOS systems, Linux, Android, Windows NT, Windows Phone, Mac OS, and Android.
- You can find other ICO marketing solutions as well like; social media sites, cryptocurrency forums which are highly ranked and other cryptocurrency informational platforms, like Bitcointalk.
- Altogether, these marketing networks provide the finest possible attempt for a successful ICO.
- Also, it’s essential to include traditional social media choices in the combination, as these can inflate the sway of the marketing campaign.
Resources Available to the ICO Marketing Team
ICOs (Initial Coin Offerings) are amid the most popular investment opportunities in the market.
- Initial Coin Offerings (ICOs) with the blockchain tech uses a token-based model.
- New cryptocurrencies that appear on the scene are expected to inflate at an exponential rate, which makes it more imperative to have the correct ICO marketing plan for the token-based business model.
- ICO marketing companies comprehend the nuances and details of this unstable
- Marketing activity should be focused on accomplishing the needs of all investors and trigger others who have just a little interest in the ICO token
Role of PPC
- PPC is known as ‘Pay Per Click’.
- It targets users based on certain analytical data so that it can reach an extensive audience that any other token-website could do alone.
- PPC can immensely influence on adoption, sales, and ROI by redirecting attention from the crypto media network to the ICO pre-launch site.
- It has got the ability to make leads and changes, allowing PPC marketing to endure a foremost and a leading tool in any ICO-marketing-package.
- PPC is helpful for every stage of a crypto-development.
- The ICO campaigns can successfully channel focus directly to the website of the company.
- Efficiently managed PPC campaigns are expected to lead to successful results.
- Facebook has banned cryptocurrency PPC ads. Plus, Google is also looking forward to ban all crypto-related PPC ads from June 2018.
- Likewise, Twitter has also enforced a ban on all crypto-related ads, which will start soon.
- The main reason behind this ban is to protect gullible folks who have no knowledge about the volatility of the market and to save them from making costly mistakes.
- ICO marketing specialists use ‘Pay Per Click’ procedure in crypto media networks as this time-tested method attract well-versed crypto enthusiasts, investors, and traders.
Email Marketing Campaigns
- Email marketing is immensely helpful for a well-structured ICO campaign.
- At this time, multiple email marketing options are available for ICO marketing including, self-service campaigns and managed email campaigns.
Self-Service Email Marketing Campaigns
- Self-service email marketing campaigns let ICO companies pick their favourite email listing and then generate their custom-made message.
ICO marketing manager
- An ICO marketing manager can project the HTML-creative and then succumb it.
- Email marketing campaign’s cost differs according to the offering’s quality, the number of emails, and the budget of the company that are expected to be sent via the campaign.
Channels Used for Cryptocurrency Resources
- BitcoinTalk is considered as the leading portal to the crypto world.
- For a successful ICO marketing campaign, it must exploit the power of these platforms.
- BitcoinTalk has drawn the attention of the crypto community in a huge way and its effect has spread everywhere through the ecosystem.
For the ICO marketing campaign, publicity is always better and to get the well-known word out there, social media marketing across powerful crypto-oriented platforms, (BitcoinTalk, Facebook, Twitter, Instagram, and Pinterest) is essential.
Each system of payments or transaction needs security. As, we have so many issues like accounts hacking, snatching, robberies etc. Unfortunately, no one has the ability to control it. Everyone needs the transparent and proper way of transactions. And, security expert’s recent study shows that voting machines are also vulnerable to hacking.
Consequently, don’t worry about the weaknesses. A company trying to replace recent proprietary machines with new secure and open-source voting machine. Whereas, the technology behind the voting machine will be blockchain.
The blockchain is a distributed ledger. Instead of the company have the central database, everyone has a charge to set up a new code on the network and have the copy of it. For example. a bank with the database of withdrawals and deposits. And, as a customer, you have to believe that bank has tracked your cash correctly. In addition, now imagine that a number of customers do the same job with your funds to maintain honesty of ledger. This is what bitcoin currency works with complete security of funds.
Now, this technology has the ability to maintain a voting system. Advocate-tested blockchain based election by Liberal Alliance in Denmark and in European pirate party. Now, blockchain technology is going to introduce a secure and an actual voting machine. Who keep the record of the votes by using blockchain technology.
How it works
Now, the question is how this technology will do. Voters will register themselves as they do before. On the day of elections, people have to come and fill out a ballot with three QR codes at its bottom. Codes are;
- a unique cryptographic number which is basically a blockchain address.
- ballet ID
- last one for the election ID
The ‘vote unit’ will be sent to the candidates on the scanning of the votes. candidates will receive a unique address, is also called a wallet. which is how the machine knowing where to send votes.
Where you can see the candidate’s address. Accordingly, you can have the complete check that how many votes each candidate has, using the blockchain explorer that pull up the information about each ledger.
A team of blockchain technologies shows a machine look like fax machine connected to screen. While the machine disconnects from the internet to keep nasty factors from operating the votes before it connects to the internet they coming in and burn the ballots to the DVD.
Here, the point arises is, how to configure the blockchain. There are more possibilities to use the same blockchain bitcoin. Whereas, blockchain technologies crop. Introduce new VoteUnit, who works in the same way. In addition, with one change that is no transaction fees for each transfer.
Security o the machines
Senior computer scientist Jeremy Epstein explains,” Blockchainoter will never be able to know”. Young admitted it but his team uses several safeguards.
In addition, young says, “The open source code combined with the paper, DVD, and blockchain audit trails may not completely eliminate fraud in the voting process, but it will be a step in the right direction. Especially compared to the 10-15-year-old, buggy electronic voting machines we use today”.
Steve Borelli software developer pointed that current voting machines manufacture by banking and security company Diebold has a large number of issues. Without any external inspection. Borelli explains Anyone who knows Python can look at every nook and cranny of the code.”
The broken parts of the machine can easily replace because parts are easily available. Whereas, when machines have been discontinued some parts are difficult to replace. Developers add the term Paper trail to the machines. Hacking may go hidden if there will not be the paper trail for voters. In addition, because of paper trail voters can be up to date with elections process and its difficulties. If DVD’s data and blockchains will not match then the paper ballots can be used for verification.
Borelli explains, “if you enter a vote into an electronic touch screen first, and then it spits out a result, then it’s vulnerable to manipulation before it reaches the physical paper form.’’
Blockchain technologies crop. believes that this machine would provide secure and transparent way of voting. Borelli says we are going to embarrass Diebold.