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How To Set Up A Bitcoin Miner – A Guide For Beginners

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How To Set Up A Bitcoin Miner

Bitcoin mining is done through a hardware called bitcoin miner. The hardware can be divided into three main categories, each more expensive and powerful than other.

Here, we have explained each category and described how to set up a Bitcoin miner.

While setting up a bitcoin miner, the first thing you will need to do is to choose the hardware, and there are two main things to particularly think about: hash rate and energy consumption.

Hash Rate:

Hash rate is the number of calculations per second performed by the miner to crack the mathematical problems in Bitcoin mining setup.

They are measured in Megahashes (MH/sec), Gigahashes(GH/sec), and Terahashes (TH/sec) per second.

The higher your hash rate, the easier it is to solve a transaction block.

Energy Consumption:

Mining equipment is unfathomably powerful and chews up a gigantic amount of electricity, which, ultimately results in higher costs.

While searching for the equipment, make sure its energy consumption is in watts. You need to ensure that you don’t wind up spending the majority of your cash on electricity bills to mine coins that won’t be worth what you paid.

In case you need to work out how many hashes you are getting for each watt of electricity, divide the hash tally by the number of watts consumed.

For instance, a device with 500 GH/sec that takes 400 watts of electricity, then you’re getting 1.25 GH/sec per watt.

You can also use several online electricity price calculators to figure out the value in traditional currency.

Types of Mining Hardware:

Bitcoin Mining pc comes in three major categories, GPU/CPU, FPGA, and ASIC.

GPU/CPU:

The least powerful consuming machine to mine Bitcoin is your very own regular PC. Theoretically, you can use a regular PC for mining purpose, but its processing is so slow, there is no point in using it.

To enhance the processing power i.e. hash rate, add a graphics hardware to your PC. The hardware features graphical processing units (GPUs).

GPUs are intended for overwhelming mathematical lifting which is utilized as a part of computing all the complex polygons required in the top of the line computer games.

This ability makes them great at the SHA hashing mathematics which is essential for solving transaction blocks.

FPGA Mining:

FPGA (Field Programmable Gate Array) empowers a mining equipment producer to purchase the chips in volume, and afterward customize them for Bitcoin mining before placing them into their own particular gear.

Due to the fact that they are customized for mining, they offer enhanced performance as compared to CPUs and GPUs.

ASIC Bitcoin Miners:

Application Specific Integrated Circuit (ASIC) is where all the action takes place. ASICs are particularly manufactured perform only one task: mine bitcoins at mind-squashing speeds, with lower power consumption.

Because ASICs are designed specifically for high-speed mining, they are expensive and time-consuming to produce. However, the speeds are unbelievably fast.

The current units can reach the hash rates between 5-500 Gigahashes/sec, and the future units are promised to go even higher.

All Set? Join a Pool:

When you have Bitcoin mining set up, your next stride is to join a mining pool. Bitcoin miners put their assets and share their hashing power in these pools. Once the mining completes, the individuals from a pool get a reward which is then split among all the members, based on the number of hashes shared by an individual.

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Different ways to buy bitcoin

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Buying bitcoin is simple. As simple as signing up for a mobile app. The first step to buying bitcoin is signing up for a bitcoin wallet on sites like blochchain.info by filling up a form with essential details. once you have the wallet, there are different ways through which you can fill it up with bitcoins. Here we are going to fill you in on the 4 most common ways to buying bitcoin.

Buying Locally:

Follow these simple steps to buy bitcoin locally:

  • Find a seller in your area who sell bitcoin for cash
  • Select the desired amount of coins
  • Place the order and receive seller’s account number
  • Deposit your cash in seller’s account
  • Upload the receipt as a proof of trade
  • Receive bitcoins in your wallet

Buy Bitcoin Online:

The best way to buy bitcoin instantly is to buy bitcoin with credit card or debit card. SpectroCoin is one of the reliable coins that accept credit / debit card payments for bitcoins.

But there’s a catch. SpectroCoin only offers $50 worth of bitcoins to its new customers. However, as they grow into reliable customers, the limit is stretched out to $200 and then $500 by the following few days.

Buying With PayPal:

Although PayPal doesn’t facilitate the direct Bitcoin purchase, there is a way around for those looking to buy bitcoin with PayPal:

  • Visit Virvox
  • Deposit money with PayPal to your account
  • Buy SLL on the exchange
  • Buy bitcoins with your SLL
  • Withdraw your bitcoins

These are few of the quickest ways to buy bitcoins. Good luck with your purchase.

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Will Bitcoin Become World’s ‘Single Currency’?

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Due to a number of reasons cryptocurrencies are becoming intensely popular form of internet money. The main reason for that can be no other than the fact that unlike conventional currency cryptocurrencies are safe, anonymous and completely decentralized. Moreover, their flow totally depends upon the market demand. Due to the Blockchain technology and the so much complicated code system, it is also impossible to counterfeit them.

bitcoin single currency

Views of Twitter CEO about the Future of Bitcoin

In an interview with The Times, Jack Dorsey, the CEO Twitter presented his views that there are chances that Bitcoin will become world’s single currency in the future. When asked for the time frame, Dorsey said that it may take further ten years. He further exclaimed that no matter how much time may take, but a day will come when the world will ultimately have a single currency, and the name of that currency will probably be Bitcoin according to him.

Role of ‘Square’ in Promoting Bitcoin

Jack Dorsey is also the CEO of world famous payment service Square, with this regard he has a keen eye for online transactions and the internet money flowing from one place to another. Jack Dorsey is personally very much interested in the rise of Bitcoin. According to one of his previous statements, his company Square will try its best to focus on options to interact with Bitcoin via their Cash App. Jack Dorsey believes that it will become a “transformation technology” for the internet technology.

Level of Jack Dorsey’s Trust in Bitcoin

Being a personal investor of Bitcoin, Dorsey believes that time will soon come when cryptocurrency especially fractions of Bitcoin would be used for buying simple things like coffee and other everyday purchase. Not only Bitcoin, Dorsey has also invested in ‘’Lightning Labs’’, which is working hard day and night to make the use of bitcoin much more faster and easier. Last week, Lightning Labs, released its first Bitcoin ready LN implementation. Due to this implementation free and frequent Bitcoin transaction has come closer to reality.

When asked about the scaling issues faced by Bitcoin right now, making it “slow and costly,” Dorsey answered that though it is a fact right now but with the passage of time new solutions will resolve that problem too. He further explained that when more and more people would have an easy access to Bitcoin, things would start to improve gradually.

The acceptance of Bitcoin by companies like Square, has probably led to future investment opportunities in it, further fueling its journey to become a single currency worldwide.

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ICO Regulation: Japanese Research Group Releases Guidelines

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According to a Bloomberg report, a list of strategies for the regulation of ICO (Initial Coin Offering) has been released by the a research group at Tama University, in Japan. The list also explains strategies to fully legalize the ICOs.

dubai ico

Guidelines for ICO Regulation

The list of guidelines includes regulations for:

  • Tracking project development
  • AML (Anti-Money Laundering)
  • Identifying investors
  • Protecting the debt holders and current detachment

The Financial Services Agency of Japan will be cautious on the proposal, as it could be ultimately made into the law just within few years’ time, Bloomberg reported.

The paper creates issuance rules, for example; defining and revealing methods following the development of white papers, and disclosing the possible impacts on debt holders, shareholders, and token investors. In addition to that, the paper specifies particular trading rules, including:

  • Verification of customer’s identity
  • Suitability (Know Your Customer)
  • The allowance of industry’s wide-minimum standards on the listing of tokens.
  • The restriction of biased trade practices such as insider trading.

Regulations will be Applied to Three Types of ICOs

While acknowledging that it is quite hard at this time to classify the whole legal ICO, as many are impending, the unidentified types might be still present. According to the paper, the rules will be applied to only three types of ICO:

  • A large company type for in-house.
  • A venture company type.
  • An ecosystem type of joint exertions with numerous firms or government entities.

In the report, ICOs are clearly identified as securities and have the same position as the US SEC (Securities and Exchange Commission).

According to a researcher, Kenji Marashima:

“ICOs are groundbreaking technology, so if we can implement good principles and rules, they have the potential to become a new way to raise funding.”

One mentor of the study group is Takuya Hirai. He is a member of the leading Liberal Democratic Party, as well as, one of the planners of a regulation legalizing crypto-exchanges in Japan. Other members of the group are:

  • Yuzo Kano, who is the head of bitFlyer Inc., which is the largest Bitcoin exchange in Japan.
  • Mitsubishi UFJ Mizuho Financial Group Inc.
  • Financial Group Inc.
  • Sumitomo Mitsui Financial Group Inc.

The publication of these ICO-friendly guidelines is set against the positions of South Korea and China, as last year, both of these countries banned ICOs.

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3 Reasons To Invest and 3 Reasons Not To invest in Bitcoin

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Owning Bitcoin is the new cool! Those who own Bitcoin have 125% more chance of stealing your girl! Had you bought Bitcoin a couple years ago, you’d be a millionaire by now! This and many other things you’ll get to hear during a Bitcoin discussion. Despite all its cool features, Bitcoin is not a currency that comes from heaven and has its pros and cons.

In this post, we are going to discuss three reasons to buy and three reasons not buy Bitcoin investment.

Get, set, go!

3 Reasons To Buy Bitcoin:

Increased Attention From Major Investors:

Ever since Bitcoin was created, its biggest boosters have been computer geeks. However, the trend is starting to shift as the major investors and financial industry has turned its eye to Bitcoin. A growing number of investors and entrepreneurs have recently joined Bitcoin as they consider it a legitimate asset class such as commodities, bonds, and stocks.

The Number Of Bitcoins Is Limited:

Bitcoin is limited. Yes, it is not your traditional currency which exists in billions or trillions – it’s limited in nature and only 21 million of it will ever come into this world. This is the very reason why Bitcoin is so valuable and has a single BTC being traded at $3456.00 at the time of writing. To your surprise, it’s expected to go even higher.

Some Term Bitcoin As The New Gold:

Those who own and invest in gold do so because it’s an asset whose price is not determined by government. Regardless of the fact that a country is ravaged by war or its improvident national bank keeps on printing excessive cash, the value of gold will remain. Bitcoin has a whole lot of similar qualities. It exists on a decentralized computer network that rises above national fringes, and there is no Federal Reserve-like authority that can downgrade it.

3 Reasons Not Buy Bitcoin:

Core Users Of Bitcoin Are Still Fringe Figures:

Because of obstacles like high transaction fees, slow transaction confirmation, and restrictions on payments through credit/debit cards, Bitcoin’s primary use remains what it has always been: buying drugs and other illicit activities.

The ordinary consumer is still not using it as a payment method, and this is the main reason why Bitcoin is far too less useful than gold in the real world.

Bitcoin Is Highly Volatile:

Bitcoin is highly volatile and has experienced some spectacular crashes over the years. In 2013, for instance, the currency went on to hit $1100 only to fall back to $700 a few months later, and then to $200 in 2015.

While Bitcoin is currently over $3000/BTC, there is no guarantee that it won’t tumble back t0 $2000 or below.

Bitcoin Only Exists On Computers:

This may sound obvious but, Bitcoin is the most intangible form of money in the history of money. It’s basically just a piece of code stored somewhere on the internet and there is no authority in the world you can ask to honor it.

 

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