On Thursday, an American technology company, Nvidia has announced its financial results which were remarkable. The company has revenues of $3.2 billion from January to April. But what’s the reason behind this profit?
Well, the value of ether and other cryptos recently soared up and created lots of demand for graphics cards – to mine them. Due to the upsurge in the demand, the price of few high-end graphics got doubled between the mid of 2017 to February 2018. It’s a matter of concern for the GPU makers of major graphics-card, as the most important market for them is eventually the gamers, not the miners.
The idea of graphics-card makers collecting hefty profits from the high prices, due to the mining demand doesn’t seem to be liked by the gamers. However, Nvidia accredited that cryptos have played an important role in boosting the financial outlook of the company.
What does Nvidia’s CFO have to say about it?
CFO of Nvidia, Colette Kress said:
“Cryptocurrency demand was again stronger than expected, but we were able to fulfil most of it with crypto-specific GPUs, which are included in our OEM business at $289 million.”
The $298 million figure is around 10% of the revenue of Nvidia and it seems like it lessens the cryptocurrency influence on the bottom line of Nvidia. If a customer buys a graphics card at retail, Nvidia won’t be able to know if it’s being used for mining, gaming or something else. The same story goes for the main graphics-card of a rival, AMD, which released first-quarter results a few weeks ago. According to AMD, the sales related to cryptocurrency accounted for almost 10% of total revenue, which could be again understating its influence on the profits of AMD.
It has been observed that the value of cryptocurrencies has been falling for the past few months. Also, the value of GPUs has also gotten a lot cheaper than it was before. AMD didn’t provide any specific projection for revenues related to blockchain in the second quarter, however, the spokesman of the company suggested that the rest of the year 2018, is going to be significantly below the first quarter sales.
If the price of cryptocurrencies still keeps dropping, it will end up in the form of awful results for the GPU makers. But if the price of cryptocurrencies falls really low, it’s clear that we won’t only see miners halting to buy new GPUs but, we would also see them selling the graphic-cards that they already had on the secondary market. The resulting graphics card surplus could exhort the value of graphics-card below MSRP — MSRP would be good news for gamers though it might be bad news for the companies that are trying to sell new GPUs.
The president of AMD, Lisa Su said that she wasn’t really anxious about the scenario.
“There are multiple currencies being used — People who are mining do go from one currency to another depending on what’s happening.”
She also added that customers can buy graphics-cards for both purposes; gaming and mining. They will be able to hold onto the graphics-card for the gaming purposes — in the case of mining becoming unprofitable. On the other hand, this analysis seems to be debatable. There’s no doubt that there are profusions of cryptos, but at the same time, there are some of them which are economically significant.
Ethereum’s ether is the most important and significant GPU-mineable so far, and the prices of cryptocurrency are strongly linked to it. So, if the value of ether drops, there’s a possibility that the value of other cryptocurrencies might also fall with it. There are many people who want to buy graphics-card for various applications, and there are a lot of those as well that have many of them (graphics-card). These individuals might hold onto one or two cards for the gaming purpose, however, if the price of cryptocurrencies falls quite low, lots of those cards will end up in the used GPU market. This will also make it hard for both AMD and Nvidia in selling their new cards.
What if you could earn bitcoins every 30 minutes with the least amount of effort? That is the point of BitMaker. It’s a form of advertising where the viewer of the ad also gets paid in the process.
BitMaker is a Bitcoin-powered mobile application developed by Seattle-based blockchain adtech and payments company CakeCodes.
First of all, you need to download the BitMaker app from Google Play Store. Then sign up and create an account along with a Bitcoin wallet, in case you don’t already have one.
BitMaker sends bitcoins directly to your wallet. You must update your wallet address each time you receive a bitcoin payment.
How does it work?
Users just have to try out other mobile applications or fill out forms of free trials for various products and services. Users are rewarded with in-app tokens called “Blocks”. These blocks can be converted to bitcoin or ether once it reaches a certain threshold.
When you open the app, you’ll be presented with a percentage that will slowly increase. When it reaches 100%, you earn 500 Satoshi. Since you get paid this amount every 30 minutes, you earn 24,000 Satoshi every day.
As you can see in the above screenshot, there is a timer. The counter begins at 30:00 and when it reaches 00:00, an ad is displayed after which you get paid.
Fortunately, the app has both “day” and “night” modes. In the day mode, the ad has an audio whereas at night they’re just silent videos.
How does BitMaker pay you?
If you keep earning enough Satoshi and meet the withdrawal threshold, BitMaker will pay you every Saturday. Withdrawing your rewards is very easy, all you need to do is update your Bitcoin Wallet address then click on “Withdraw”. You will get your rewards deposited to your Bitcoin Wallet the following Saturday.
The weekly reward for Satoshi changes every week since they are in line with the Bitcoin trade prices. You can earn more Satoshi by completing offers which offer more number of free bitcoins.
Since its launch in September 2014, BitMaker now reports it surpasses 250,000 active monthly users across 187 countries.
According to the BitMaker website, the app has paid out over 215 bitcoins and 34 ethers up to this point. This amounts to over $275,000 worth of payouts at current exchange rates.
On April 30th, CakeCodes is launching an equity crowdfunding campaign for BitMaker on Wefunder. CakeCodes intends to use the money from the Wefunder campaign to increase user growth, fast track development for an iOS app and add new features to the existing Android app.
“Nearly $600 billion is spent on global advertising, and yet many ads are simply ineffective,” said Simon Yu, CEO of CakeCodes. “Advertisements are everywhere and people automatically tune them out. We wanted to combat this by giving consumers the option to opt in and get paid for their time used on trying a new product. With Bitmaker, end-users get paid, businesses only pay upon engagement, and customer acquisition costs are dramatically decreased. Everyone wins. What we’ve done is create a simple, fun way for consumers to be rewarded for trying cool new products.”
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,
Non-financial use cases
Bitcoin is a digital currency that has taken the market by storm over the past few years. However, there is still a long way to go before the banks, government and business corporations worldwide start accepting as an authentic form of payment.
But this has not stopped the individuals to try their luck with BTC as the number of people looking to take a dive into Bitcoin world is increasing significantly. But since the majority of the lot consists of beginners, they lack the proper knowledge as to how to earn/generate bitcoins.
A process called “Bitcoin Mining” is what bitcoin miners all around the world use to generate bitcoins. Bitcoin Mining can be little tricky if you are a beginner. However, by keeping some basic steps in mind, it can be as easy as ABC.
In this article, you will learn about:
- How does Bitcoin mining work?
- How to start mining bitcoins?
- Best Bitcoin mining software?
- Join mining pools
- Getting a bitcoin wallet
How Does Bitcoin Mining Work?
Bitcoin mining is used to generate bitcoins and is completely legal. The speed at which a user earns bitcoins is measured in hashes per second.
How to Start Bitcoins Mining?
The first step is to acquire a bitcoin mining hardware. In the early days of cryptocurrency, it was possible to mine coins using regular PC. But it longer works that way.
Over the years, several custom Bitcoin ASIC chips have been developed that provide 100x more computing power as compared to your traditional system.
Mining with anything less efficient will only result in lower bitcoin generation and higher electricity bills.
Best Bitcoin Mining Software?
There are several mining programs but CGminer and BFGminer lead the pack. CGminer is an open-source, cross-platform for OS X, Windows, and Linux and is developed in C.
BFGminer is also an open-source, cross-platform for Mac, Widows, Linux and includes support for OpenWrt-capable routers.
If you prefer user-friendly GUI, EasyMiner could be the most suitable option for you as it’s a simple, click and go Linux/Android/windows program.
Join Mining Pools:
After setting up everything, your next step should be to join a Bitcoin mining pool. These pools are groups of miners working together to solve a block. Once the block is solved, the pool will receive a reward which is then split equally among its members.
Getting a Bitcoin Wallet:
Bitcoin wallet works the same way as a traditional bank account does for paper money. They are used to send, receive and store bitcoins. A Bitcoin wallet address is protected by security key which is only known by the owner.
However, the fact that whole Bitcoin transaction process is based on services that work online makes bitcoin wallets vulnerable to security threats.
The best way to protect your wallet is by enabling two-factor authentication or keeping it on an offline computer so it’s immune to all kinds of attacks.
These are some steps to go through while taking a dive into bitcoin mining. In a nutshell, all you need is mining software, join a mining pool and set up a bitcoin wallet to store coins.
Good luck with the venture.