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What is Ethereum Mining?

Mining is a process which involves some computational intensive work which requires a lot of processing time and power. Basically, mining is the act of joining a given peer distributed digital currency network in consensus. Then miners get rewards for providing solutions to challenging mathematical problems. The process of mining is to put the hardware of computer system to use with mining applications.

All related info on digital currency transactions surely embedded in data blocks. Each data block attached internally to many other blocks. This produces the “Blockchain”. All these blocks had better be analyzed as fast as possible to make sure a smooth proceeding of transactions on the platform. The miners come in when the issuers of such digital currencies do not have the capabilities to handle the processing.

Who is a Miner and What is The Purpose of Ethereum Mining?

A miner is an investor which devotes time, computer hardware and space, and also energy to sorting through blocks. At the time when the mining process hit the required harsh, miners will submit the solutions of the mathematical problems to the issuers. After the verification, the issuers of the currency give rewards which are some portions of transactions they helped in verifying. They also give the digital currency in exchange for the miner’s work.  Digital mining must take place to upsurge the circulation of digital currency.

What Are The Basics of Ethereum Mining:

The same thing used for Ethereum. The best way to practice Ethereum is to get it through mining. However, mining Ethereum means much more than increasing the capacity of Ether in circulation. Since, it is also important for securing Ethereum network as it produces, confirms, publishes, and propagate the blocks in the Blockchain.

The process of Ethereum mining is to mine Ether. Mining Ethers uses a lot of electricity. If miners perform mining activities professionally, the more income they can generate through the sale of Ether. There are also Ethereum calculators available which calculate profits.

You can use any personal computer systems to mine Ethereum, required a graphics card(GPU) with a Ram at least of 2 Gb. Central Processing Unit (CPU)mining is just an exercise in frustration. It takes a longer period of time to complete, and the profits are just thanks to the cost. When it comes to mine Ether the GPUs are the best bet as they are standing 200 times faster than CPUs.

 

Tags: bitcoin vs other cryptocurrencies

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A Short Story of Scaling – The Master Mind of Bitcoin Drama

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It’s safe to say that everyone knew consensus was going to be extremely hard.

Dating back to earliest forums and boards, the Bitcoin community has always been pondering on how to expand the Bitcoin network to keep up with the work load and accommodate a larger number of transactions. However, it wasn’t until the year 2014 this idea got the spotlight.

Since then, there has been a heated, non-stop debate which, at best, has showcased the creativity of developers working on the project and, at worst, the damage that a non-stop debate can cause to the scientific pursuit.

Now, the experts look back to major stories in an attempt to recognize what could be a notable milestone that shaped the narrative.

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Bitcoin vs. Ethereum- 2017 Edition

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There are various warriors out there fighting for the cryptocurrency crown, but the lead runners are Bitcoin and Ethereum and both have serious backing. Due to the increase in competition, it is important for investors to understand the similarities and differences between the two.

Bitcoin vs. Ethereum- 2017 Edition

What is Bitcoin

Bitcoin is the first form of digital currency which was created by Satoshi Nakamoto. Since everything is shown on the public ledger, the blockchain, you can be confident that the transaction is legitimate. Bitcoin offers lower transaction fees than traditional online payment mechanisms and has no interference of banks. Also, it is used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also trading digitally at the moment.

What is Ethereum

Ethereum is meant to be much more than a payment system. It is also based on blockchain technology and was introduced to supplement decentralized applications.

It even features smart contracts and the Ethereum Virtual Machine. Firstly, Ethereum’s smart contracts allow contract negotiation and facilitation using an app which provides a decentralized way to verify and enforce them. It is powered by the Ethereum cryptocurrency Ether, which is held in the Ethereum wallet. Their aim is to provide greater security than normal contracts and bring down the associated cost. Also, the Ethereum Virtual Machine helps to create blockchain applications in a much easier and efficient way, enabling people to run any program.

Bitcoin vs. Ethereum:

In Bitcoin blockchain, miners mine to earn bitcoins and two-thirds of all available bitcoins have already been mined. The reward for mining halves about every four years and it’s current value is at 12.5 bitcoins with average block time as 10 minutes. Due to this block time, Bitcoin is suffering from slow transaction speeds thus, vendors and purchasers are choosing to shift.

On the other hand, Ethereum rewards its miners with ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block and unlike Bitcoin, Ethereum’s block time is 12 seconds. Ethereum’s GHOST protocol enables quick block time. The faster the block time, the quicker the confirmations. However, there are also more orphaned blocks. Ethereum gives application developers the opportunity to create all sorts of applications that carry out their own set of operations, which have never been seen before. While smart contracts are set up to be unchanging and trustworthy, they are still ultimately a creation of humans who are capable of error.

Another major difference is the supply of Bitcoin, which is exceedingly low, with just 16.24 million left from 21 million. Whereas, Ethereum has over 89,752,192 coins currently existing. This is an advantage for Ethereum since Bitcoin might be left behind due to its low supply.

Furthermore, both Ethereum and bitcoin use different hashing algorithms. While Bitcoin uses SHA-256 algorithm that produces a number in hexadecimal format, Ethereum uses Ethash algorithm.

Here’s a table representing all the differences between Bitcoin and Ethereum:

 

The future of Bitcoin and Ether

As we glance into the future, it’s hard to get a grip on who exactly is going to be on top of the chain. Over the years, Bitcoin has become more and more popular, there has been a steady increase in volume since the beginning of 2017. It now represents a technological breakthrough that has the potential to change the way the world banks. Now standing on $2209, for the first time in history, surpassing even the price of gold.

However, as high as Bitcoin pushes, it is going to drag Ethereum with it as well, which is now trading at $175. While the future of Ether is more uncertain than the future of Bitcoin, the potential gains are also much greater.

Both digital currencies continue to push all-time highs for almost every available metric and show no or very little signs of slowing down.

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Exceed of $1M in bitcoin transaction within two months

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Overstock.com, 5 march 2017, overstock noticed one thing after acceptance of bitcoin, that is, people want to use bitcoin for their transaction. Chairman of overstock states, “We did not expect to hit this milestone so quickly, “and “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

About overstock

Overstock is American’s largest internet headquarter. On January 9, 2014, bitcoin became the major retailer, who accept the bitcoin as a payment of its goods. First day sales through bitcoin was USD$ 126,000,

4.33% increase in sales. Whereas, per day sales calculates is $3 million per day.

Powerful transactions

In early January, overstock starts its working to process the payment and handle the conversion of bitcoin into U.S dollars. As a result, 4300 customers pay $1M for bitcoin payments. 60% of customer were new on overstock.com

Bitcoin transactions have a long way. Retailer’s financial statement indicates $397.6 million revenue during its fourth quarter. Just because of this news, overstock trading rises up to 4%.

This was basically an experiment, but with the result, overstock is happy with its decision.

Strangely enough, with the support of bitcoin ecosystem, overstock see significant gains with no drawbacks.

 

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Bitcoin Launch futures dragged down prices, Fed paper shows

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Bitcoins

A decentralized cryptocurrency- bitcoin is the most liquid form of currency in the digital world today. Stored in digital wallets existing in clouds, this facilitates the transfer of value without intermediation from banks or central authorities.

Bitcoin future

Validations performed by miners in a group of transactions are awarded coins. The follow a set of cryptographic rules which keeps the system balanced and stable. These transactions are verified in the digital public ledger, blockchains. How to get Bitcoins? To obtain these coins you can either exchange it in monetary value, get transferred or by performing Bitcoin mining. It can be bought or sold for fiat currency. It can also be invested in trading too.

These coins are being accepted for the means of transactions. There are a growing number of retailers who have currently started accepting bitcoins. The commercial usage and recognition are expanding swiftly day by day.

Bitcoin Futures

BTC is the U.S cash settled cash contract based on the reference rates. BRR are the reference rates settled once in a day against US Dollar price of single bitcoin. This rate aggregates the trade flow of calculated window in an hour trading in spot exchanges into the 1 Bitcoin to US dollar price.

A single BTC contract has a value of 5x the value of BRR Index. It is quoted in the amount of US dollar per 1 bitcoin($/Bitcoin). These tick movements are monitored and have a value of $US 25 per BTC feature tick movement.

The minimum quantity threshold of five contracts. BTC Futures expires every last Friday of every month. It follows a quarterly cycle every year in the nearest two months. And the next two months following will not be in the quarterly cycle. For example, if the active contract months are March and December, then January and February will be the nearest two active non-quarterly months. As the December contract expires, the June contract becomes active. And as the January contract expires, the April contract becomes active. This process continues throughout each year.

BTC Futures provides investors with transparency, price discovery and risk management capabilities. Bitcoin is quite a lot big portion of growing digital asset market. This contract allows participants to allow access to Bitcoin market and hedge any direct exposure to Bitcoin pricing.

The Downfall

After climbing the highest peak of its life of nearly up to $20,000, the sudden downfall of the currency is not seen as a complete coincidence. According to the researchers, the Feds at most, this sudden peak and rapid fall is tied directly to the launch of the futures market. But many believe that this trading behavior accompanies the futures markets’ introduction commonly. Trading has been thin from the week prior to the opening of this futures market. The gradual fall is undoubtedly a result of lack of attention or willingness entering the first week of trading.

This digital asset, cryptocurrencies are considered as one of the biggest opportunities of our generation. This currency can be easily and profoundly used for international remittance. The salient feature that it eliminates the middleman in any transaction in financial services has managed to grasp the interest of a lot of companies now.

But how is Bitcoin taking its biggest fall? According to another perspective, this digital currency is worth only as much as anybody else (coin holders) is willing to pay for it. Can the investors and holders trust these bounces? Being so volatile, moving too much too fast makes Bitcoin very unpredictable. The optimists meanwhile are ready to fuel the blockchains with the cryptocurrency. They are not ready to guard down the expectations and faith on this open software anytime soon.

Applications approving the usage of bitcoin exchange and the gradual increase in the practice day by day proves its increasing importance and value in the market. It cannot be denied. But do the billionaires bashing on bitcoin makes it a better thing to buy?

The future of the bitcoin is as volatile and unpredictable as its peak has been. But the future value and prices of the currencies largely also depends on the recognition and investment of any of financial institutions in the currency. And only if they more willing to accept bitcoin as their means of payment and encourage its usage.

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