Roque Solis, president of the SoliSYSTEMS corp, never fictionalized that bitcoin mining equipment he credited in February would have already paid for itself and made money as well. SoliSYSTEMS Corp is a company which developed an EMV smart cards for electronic advantage transfer for the federal backing program.
Solis was powerless to ignore bitcoin by attending a number of conferences. So, he decided to do experiment new technology via mining. He wants to get the better handle on the technology, whether this technology has the ability to use in this company or not?
Then, Solis bought a Bitmain Antminer S9 for $2,400.
As a result, he mined 1.01BTC worth $2,584 in Bitcoin wallet, on this weekend. Solis said, “When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually, it’s been about five months.”
This gain indicates that individual hobby mining is not profitable anymore. Distinct miners don’t have the capacity to compete with the companies in mining bitcoins. with the $600 below price, electricity and pool fees, a person needs 500 days to break even on miner investment.
Furthermore, the rise in awareness about the mining pool, the price is also getting higher. Solis’s experience shows that hobby miner can break even within few months.
According to the Solis, money’s amount is increased on daily basis with miner’s jump from $7 to $16 freshly.
According to the Sean Walsh, rising price of the bitcoins motivates the investing behavior of the miners. It is a key process which supports the whole network by safeguarding its ledger. Walsh said, “There are a lot of metrics that actually matter, like the number of people that own at least one bitcoin, but nobody cares about that. It’s just price. It’s the one score that wakes people up, and when The Wall Street Journal and other financial publications write about bitcoin.”
While Google trend shows the similar stories of bitcoin and bitcoin mining. Price factor of the bitcoin is not only the reason of increasing interest hobby mining. According to the Walsh experience, bitcoin transaction fees were stable from last few years, those fees have seen an uptick.
Walsh said, “This has to do with the block size debate, because the network is a bit congested, and people are having to pay more to get their transactions confirmed.”
In past, 100 bitcoins were per day transaction fees. Then this fee reaches to 350 bitcoins a day.
And, by 1,800 bitcoins shaped daily, 350 bitcoins are near to 20% of that. This is a blunt difference, a year ago when 60 bitcoins were paid in fees and 3600 produced on daily basis.
Walsh said. “that’s a huge boot.”
He added, “I don’t know that [increasing transaction fees] are affecting people’s interest in getting into mining. People may not realize why it’s more lucrative to mine bitcoins now, but when they run the numbers, the payback period looks better than it used to.”
He added, “It’s very important for people entering bitcoin mining that they really understand how to calculate their revenue and expenses. They need to make sure their cost basis and operating costs are very low.”
Like, if a junior miner overspends on accommodating servers, then there’s a modification, they are over-leverage.
Bitcoin’s value was down about 20% over the last weeks of June. Walsh said, “normal respiration of an asset class.” So far, others are not experienced in investing process and might be unaware of these fluctuations in bitcoin’s price.
According to the Solis, “it’s all about learning through experience”. The Antminer S9 is running in Solis’s company’s server room and in the presence of the groups of servers, he is unable to identify how much electricity is used by the miners. Solis says, “It is noisy, though,” and “Compared to the other servers, it’s very noisy.”
It is a machine with two particular boards with fans that rotate at 54,00 – 7000 per minute revolution. Solis is not the only one person who interesting in bitcoin hobby mining.
After such a tenacious week of downward slides, the cryptocurrency market, and the price of bitcoin are once again firmly growing. The price of bitcoin is currently trading above the $8,000 mark.
Over the last 24 hours, bitcoin has leaped by 10%. Bitcoin dropped to a low of $6,000 early on Tuesday and now finally we’re seeing a subsequent recovery in the value of the world’s first cryptocurrency at $8,114 right now. It is also said that the Bitcoin price could be set to bounce back to its $10,000 mark this year.
On Tuesday, the US Senate hearing raised the possibility of cryptocurrency regulations and this rise has become a subject of discussion for many. As it was publicly broadcasted, so it’s been a part discussion, since Jay Clayton, who’s a chairman of SEC (Securities and Exchange), and J. Christopher Giancarlo, who’s a chairman of CFTC (Commodities Futures Trading Commission) testified on their intent to emphasis supervisory efforts on Initial Coin Offering (ICOs) and regulations of cryptocurrency exchanges at federal level, as they were completely opposing the current state-level laws.
Aptly, the testimony is seen as a progress by the cryptocurrency community, as it won’t detriment the cryptocurrency markets. However, the remarks that were offered at the hearing eventually demonstrated quite emboldening in a way that regulatory analysis wouldn’t deter the blockchain technology or the development of other cryptocurrencies.
Chairman of CFTC Christopher Giancarlo took another step to enlighten the committee by highlighting the complex nature of the blockchain technology and said, that it’s really important to remember that there’d be no blockchain if there was no Bitcoin!
The combined market cap is currently trading at $382 billion, after it hit a low of $275 billion on Tuesday, and the cryptocurrency market is also showing a lot of intervals with substantial double-digit gains as the cryptocurrency market cap dropped below the $400 billion mark recently, and even bitcoin itself fell below $6,000, before its price started to bounce back. The cryptocurrency market made a strong comeback, as US regulators specified that they’ll take a vigilant approach to cryptocurrency regulations.
Right now, some experts predict that the price of bitcoin will hit $50,000 soon and the markets could also hit $1 trillion this year. CEO of Outlier Ventures Jamie Burke, noted that such amazing price upsurges, that the cryptocurrency market had seen last year could be surpassed this year. He said he believes that the market is expected to hit a trillion-dollar mark after February.
What An ICO Truly Means???
How to luanch a successful ICO: Initial coin offers the newly emerged concept of crowdfunding in blockchain and cryptocurrency. Basically, it is an event, when a digital company releases its own cryptocurrency. The company usually release a number of crypto-tokens. As a result, users get their crypto token’s share and the company gets its fund to develop more products.
ICO Direct Marketing Guidance – Are ICO Campaigns Suitable For The Business???
For a business setup, it needs a proper homework and campaigns session also. Some business owners consider that ICO is an important tool for any startup. With advertisement process, it allows to raise your money and registering IPO with agencies.
Whereas, in the case of the digital world, ICO ideology is getting more achievements. There are few standards which play an important role to accomplish the actual requirements of a successful campaign. Here, the first requirement is to generate the value of the cryptocurrency for users.
ICO market depends upon two pillars such as authentication and transparency of a transaction or dealing. Due to this, owner of the project will not able to get an extra reward on contributors’ amount.
So, before conducting a crowd sale token campaign keeps authentication and transparency sessions to minimize the risk of detrimental.
Can I Conduct An ICO Campaign?
ICO has the ability to create a profitable campaign. ICO crypto-token can be easily integrated into any business model. This is the fundamental problem that a token comes under massive speculative pressure and end up with the level of heavy demand.
In the same way, your plan is to decentralize your token and increase the value of it, it’s a part of the business feel free to read on. On the other hand, there are much better ways such as plain old crowdfunding or VC funding.
What Should I Focus On Before Launching?
ICO campaign owner always has the teamwork with goals and potential. They make their effort to attain three answers to the question. As a result, they get the profitable campaign.
- Who is working on the campaign which includes market reputation, communication level, ICO direct marketing and definition of your product?
- Explain project’s goal clearly.
- And, what you have for the contributors in your product.
How To Pull The Team In ICO?
You’ll need an experienced and hard-working team during ICO campaign. Avoid the hiring of unaware team members. A professional team with their face and portfolio on the social media platform, easily available to any potential contributor.
How To Communicate With The Audience?
Simply take a white paper. In addition, write down the technical aspects of the project, problems, and their solutions, targeted areas, a proper channel. Make it sure that your goals are well-defined and have real worth.
How To Protect The Investors’ Interests?
Offer the premiums like discounts to the early investors. For investors, interest introduces escrow wallet for the contribution. And, make it sure to the investors that investments are refunding in case of failure.
Most Important Factors Of ICO
A campaign depends on the two factors,
- Your timing
- Your communication
These two factors directly create strong effects on a campaign.
Ethereum’s price made the headlines on Tuesday as news of it hitting a new all-time high circulated the web. On the other hand, Bitcoin’s market share dropped below 50 percent for the first time in over a month.
From $19,130 on Monday to $18,191 on Tuesday morning, bitcoin’s price declined by nearly $1000. A 5 percent decline was observed within 24 hours which reduced bitcoin’s market cap to $304.7 billion. While the reason is still unsure, it is observed that the global average bitcoin price has hit $20,000 in several instances unlike the BTC/USD in major exchanges such as Bitfinex and Bitstamp.
Ethereum Takes the Crypto-Verse by A Storm:
As for Ethereum, it had been hovering around $300 for quite some time while Bitcoin was surging. But, the cryptocurrency took December by a storm and ripped the charts by surpassing $800, first touching at $882 then finally settling at $824. Showing a 24-hour gain of 12 percent, with a market cap of $79.5 billion.
Bitcoin Cash Following Closely Behind at $2,500:
Ethereum was not the only altcoin to shine at bitcoin’s fall-out, bitcoin cash price showed an impressive rally of 21 percent. Enabling the altcoin market to rise by $25 million and making their combined valuation to touchdown at $300 billion for the very first time.
By Tuesday morning, bitcoin cash’s price had settled down to $2292 and a $38.7 billion market cap.
In addition, Ripple and Litecoin were also one of the lucky altcoins to benefit from bitcoin’s expense by experiencing an increase of four percent and seven percent respectively. Ripple’s market share now lying at $30.5 billion and Litecoin’s at $18.7 billion.
Surprisingly, besides Bitcoin, the rest of these altcoins had experienced a great rally on Tuesday. While none of them have actually been successful enough to throw off the biggest cryptocurrency, they’re set out to be great competitors.
Late 19th century, a majority of the people did not use the internet. Whereas, next 20th century comes with new technologies, innovations. Which totally change the nature of the environment. As barter system introduce the transactions process. Afterward, leather money uses for transactions, which later turn to metal, then gold asserts itself in trading. In addition, with the passage of time transaction process introduce paper money.
Finally, technology introduces the digital money for the transaction in all over the world. Which is most flexible and convenient. while, In the general discussion of the technology, blockchain is at the top of the list. Now, the question is, what is blockchain? how does it work? And many more discussion will be available in this article.
What is blockchain?
The blockchain is a technology to verify and record the digital made transactions. It is directly underlying technology to the bitcoin. This technology has the ability to transfer, inform and secure the money. Basically, it is a term which describes the distributed network database technology underwrite once and read the only system. Here, we can observe the one thing,
Bitcoin = blockchain
Ethereum = blockchain
Other crypto-currencies = blockchain
Smart contrast = blockchain
Distributed ledger technology = blockchain
Blockchain technology has the four major components. Are given below;
- Privacy: System provides the complete security to its followers regarding their transactions and its recordings.
- Smart contracts: This system is enabled to add in and being able to execute on individual chain codes.
- Establish consensus: If you have a strong distributed ledger then participants and a network will agree to the transactions happen. Which need to be a means of establishing consensus between two or more parties.
- Control: A database which easily shares by different organizations. Whereas, no one authority has full control over it. Which differentiate it from other traditional database platforms. Where multiple people are using this database, there is always one party to write read and connect it to others.
Why blockchain seeks the other’s attentions???
People who don’t like traditional transactions system and bored up because of a time-taking process of payments. Accordingly, interested to adopt a new, secure and fast system of transactions. They tend toward the blockchain technology.
Founder and CEO of multichain Dr. Gideon Greenspan say, “People are interested in Bitcoin because of, first of all, it’s technologically interesting. It’s a combination of ideas that’s may have been used before but the way they’re put together and the end result is smart and unique. The second reason is because it enables censorship free digital finance: That is a goal that has never been achieved before. The idea that you can transact digitally with who you want, without there being any central place that can be pressured or switched off is new. The third is the endless speculation in the price, as it goes up and down. It’s an endless story in itself which keeps people interested”. In addition, “People are interested in private and permission blockchain because they offer the possibility of making certain types of IT systems more efficient. This effects IT systems of multiple organizations where companies need to communicate with each other.
Basically, it is a recode of what you have. As blockchain is completely different from traditional database technology. in addition, with no central storage and no central administrator of a ledger.
Accordingly, it is an asset and can share across the world. However, this technology id so-called blockchain. people create it and tend to digital cash of the bitcoin. Bitcoin and other cryptocurrencies are accumulating in blocks. And, then by using the cryptographic signature, the blocks are add to the chain.
Benefits of blockchain
- Secure way of transactions and crystal clear process.
- Miners authorize the transactions. Transactions become immutable and secure from hacking.
- blockchain technology minimizes the existence of the third party in transactions.
- decentralization of the technology.
Whereas, Banks and other organizations are going to invest in this space. Following are some banks and other FIs on the blockchain.
In addition, some of the use cases and non-financial use cases of blockchain are as follows,