buy cryptocurrency mining equipment | my miner shop

buy cryptocurrency mining equipment | my miner shop

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bitcoin mining is turning a new york lake into a 'hot tub,' says a resident. here's how

bitcoin mining is turning a new york lake into a 'hot tub,' says a resident. here's how

Summer on Seneca Lake, the largest of the Finger Lakes in upstate New York, is usually a time of boating, fishing, swimming and wine tasting. But for many residents of this bucolic region, there's a new activity this season protesting a gas-fired power plant that they say is polluting the air and heating the lake.

The facility on the shores of Seneca Lake is owned by the private equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of the fossil-fuel energy not to keep the lights on in surrounding towns but for the energy-intensive "mining" of bitcoins.

Bitcoin is a cryptocurrency a digital form of money with no actual bills or coins. "Mining" it, a way of earning it, requires massive high-performance computers. The computers earn small rewards of bitcoin by verifying transactions in the currency that occur on the internet around the world. The math required to verify the transactions and earn bitcoins gets more complex all the time and demands more and more computer power. At Greenidge, the computers operate 24/7, burning through an astounding amount of real energy, and producing real pollution, while collecting virtual currency.

An estimate from the University of Cambridge says global bitcoin miners use more energy in a year than Chile. When the energy comes from fossil fuels, the process can add significantly to carbon emissions. The Greenidge plant houses at least 8,000 computers and is looking to install more, meaning it will have to burn even more natural gas to produce more energy.

Private equity firms like Atlas buy companies, often using debt, and hope to sell them later at a profit. They are secretive operations with investments that can be hard to track. The number of such firms has grown significantly in recent years, and they oversee $5 trillion for pension funds, insurance companies, university endowments and wealthy people.

In the past 10 years, private equity firms have poured almost $2 trillion into energy investments, according to Preqin, a private equity database. About $1.2 trillion has gone into conventional energy investments, such as refineries, pipelines and fossil-fuel plants, compared to $732 billion in renewables like solar and wind power, Preqin said.

As investor criticism prompts some public companies to dump fossil fuel assets, private equity firms are ready buyers. In 2019, for example, powerhouse Kohlberg, Kravis & Roberts, or KKR, acquired a majority stake in the troubled Coastal GasLink Pipeline project, a 400-mile fracking gas pipeline in British Columbia that has drawn citations from a regulator and protests from First Nations people whose land it crosses.

In a report last fall, the Environmental Assessment Office, a provincial agency, said the project failed to comply on 16 of 17 items inspected. As a result, Coastal GasLink was ordered to hire an independent auditor to monitor its work to prevent site runoff that can pollute streams and harm fish.

Because private equity firms expect to hold their investments for only a few years, they often keep alive fossil-fuel operations that would otherwise be mothballed, said Tyson Slocum, director of the energy program at Public Citizen, a nonprofit consumer advocacy group. "Private equity thinks it can squeeze a couple more years out of them," Slocum said. "And they are often immune from investor pressures."

In 2016, for instance, the private equity firm ArcLight Capital Partners of Boston bought into Limetree Bay, an oil refinery and storage facility in St. Croix in the U.S. Virgin Islands. The operation had gone bankrupt after a series of toxic spills, but it reopened in February. Just three months later, it was shuttered after it unleashed petroleum rain on nearby neighborhoods.

ArcLight, which has invested $23 billion since it was founded in 2001, gave up operational control of Limetree Bay early last year, a person briefed on the matter said, and it exited in a restructuring in April, just before the accident.

Because private equity firms are secretive, their investors may not know what they own or the risks, said Alyssa Giachino of the Private Equity Stakeholder Project, a nonprofit organization that examines the industry's impact on communities. She said pension funds and their beneficiaries may end up with more fossil fuel exposure than they realize and may not have a full appreciation of the risks. They include heavy impacts on communities of color, risks of litigation and environmental penalties and long-term climate effects, she said.

KKR is a huge energy investor on behalf of endowments, public pensions and other institutional investors. Like many of its private equity brethren, KKR has deployed far more money in conventional energy assets like the Coastal GasLink Pipeline than in renewables.

From 2010 to 2020, KKR invested $13.4 billion in conventional energy assets, compared to $4.9 billion in renewables, according to a recent estimate by Giachino. KKR didn't dispute those figures in emails.

KKR's spokeswoman said the firm is "committed to investing in a stable energy transition, one that supports a shift to a clean energy future while recognizing the ongoing importance of supplying the conventional energy needed for well-being and economic growth around the world today." The company said it communicates its investment approach, progress and goals transparently to stakeholders. KKR recently added a team focused on energy transition investments in North America.

Private equity investors sometimes "leave behind messes for someone else to clean up," said Clark Williams-Derry, energy analyst at the Institute for Energy Economics and Financial Analysis. "The real trouble happens when the private equity firm comes in and is just trying to strip mine the company and the workers for whatever they're worth," he said.

Not so Greenidge, the Atlas-owned operator of the Seneca Lake power plant, said Jeff Kirt, its CEO. "The environmental impact of the plant has never been better than it is right now," he said. The lakeshore facility is operating within its federal and state environmental permits, he said, and it has created 31 jobs, a company-commissioned report shows.

Williams-Derry said cryptocurrency's potential profits add to the appeal of buying low-cost and carbon-intensive power plants. While natural gas-fired plants like Greenidge's in New York aren't as problematic as those that use coal, they still generate damaging greenhouse gases, he said.

Kirt said that after Greenidge took over the plant, it sought ways to earn higher returns on its surplus energy. It struck gold with bitcoin mining. During the 12 months that ended Feb. 28, it mined 1,186 bitcoins at a cost of about $2,869 each, the company said. Bitcoin, which gyrates feverishly, currently trades at around $34,000.

Greenidge's owner, the private equity firm Atlas, is on a roll. It recently raised $3 billion from investors, doubling its assets to $6 billion. Atlas owns stakes in 23 companies; two are power generators Greenidge in New York and Granite Shore Power in New Hampshire.

Atlas bought the 150-acre coal-fired Greenidge plant in 2014, three years after it had closed. Converted to natural gas, the almost 80-year-old plant began operations in 2017, generating energy to the grid only at times of high demand.

In 2019, Greenidge began using the plant to power bitcoin mining and increased its output. It still supplies surplus power to the local electrical grid, but a lot of the power it generates is now used for bitcoin mining. And it has plans for expansion at Greenidge and elsewhere, company documents show. Last week, Greenidge announced a new bitcoin mining operation at a retired printing plant Atlas owns in Spartanburg, South Carolina.

In March, Greenidge said its Bitcoin mining capacity of 19 megawatts should reach 45 megawatts by December and may ramp to 500 megawatts by 2025 as it replicates its model elsewhere. Larger gas-fired plants in the U.S. have capacities of 1,500 to 3,500 megawatts.

Also in March, Greenidge announced a merger with Support.com, a struggling tech support company whose shares trade on the Nasdaq exchange. The deal, which is expected to close in the third quarter of this year, will give Atlas control of the merged company and access to public investor money. Andrew Bursky, founder of Atlas, owns half to three-quarters of Atlas, a regulatory filing shows. Neither Atlas nor Bursky would comment for this article.

"These crypto operations are looking for anywhere that has relatively cheap power in a relatively cool climate," said Yvonne Taylor, vice president of Seneca Lake Guardian, a nonprofit conservation advocacy. "It's a horrible business model for all of New York state, the United States and for the planet."

Greenidge, which disputes that view, said last month that its operations would soon be carbon neutral. It is buying credits that offset the plant's emissions from an array of U.S. greenhouse gas reduction projects.

Judith Enck, a former regional administrator for the Environmental Protection Agency who is a senior fellow and visiting faculty member at Bennington College in Vermont, has doubts. "Carbon offsets is not a particularly effective way to reach greenhouse gas reduction goals," she said in an email, "and there is no system in place to regulate it in New York."

One reason bitcoin mining is seen as a threat to the environment, critics say, is that new operators of power plants may continue to use permits issued years earlier without undergoing in-depth environmental assessments.

So far, legal challenges to the Greenidge operation have failed. Greenidge's air permit is up for renewal in September, said Mandy DeRoche, deputy managing attorney in the coal program at Earth Justice, a nonprofit environmental advocacy group.

Still, emissions from the plant are rocketing. At the end of last year, even though it was operating at only 13 percent capacity, the plant's carbon dioxide equivalent emissions totaled 243,103 tons, up from 28,301 tons in January, according to regulatory documents Earth Justice received under an open records request. Before it began mining bitcoins, the plant generated carbon emissions of 119,304 tons in 2018 and 39,406 tons in 2019, federal documents show.

On June 5, residents staged a protest against the plant at a nearby Department of Environmental Conservation office in Avon. If regulators don't rein in the Greenidge plant, they say, 30 other power plants in New York could be converted to bitcoin mining, imperiling the state's emission-reduction goals.

"New York had established a goal in law of reducing greenhouse gas emissions by 40 percent by 2030," Enck said. "The state will not reach that goal if the Greenidge Bitcoin mining operation continues."

"DEC will ensure a comprehensive and transparent review of its proposed air permit renewals with a particular focus on the potential climate change impacts and consistency with the nation-leading emissions limits established in the state's Climate Leadership and Community Protection Act. As the greenhouse gas emissions associated with this type of facility may be precedential and have broader implications beyond New York's borders, DEC will consult with the U.S. EPA, the state's Climate Action Council, and others as we thoroughly evaluate the complex issues involved."

Water usage by Greenidge is another problem, residents said. The current permit allows Greenidge to take in 139 million gallons of water and discharge 135 million gallons daily, at temperatures as high as 108 degrees Fahrenheit in the summer and 86 degrees in winter, documents show. Rising water temperatures can stress fish and promote toxic algae blooms, the EPA says.

A full thermal study hasn't been produced and won't be until 2023, but residents protesting the plant say the lake is warmer with Greenidge operating. Greenidge recently published average discharged water temperatures from March 1 to April 17, during the trout spawning season; they were around 46 degrees to 54 degrees, with differences between inflow and outflow of 5 degrees to 7.5 degrees. From June 7 to July 6, Greenidge said, water temperatures recorded at a buoy about 10 miles north of the Greenidge plant and at a depty of three-and-a-half feet have averaged 67.3 degrees. The low of 61 degrees occurred on June 7 and the high of 73 was recorded on July 1.

Over longer periods, temperatures have spiked, however. NBC News reviewed a February email from the DEC to a resident stating that since 2017, the plant's daily maximum discharge temperatures have been 98 degrees in the summer and 70 degrees in winter.

Not everyone wants Greenidge gone. The Dresden Fire Department welcomed the company's $25,000 donation for a jaws-of-life machine, and the school district was grateful for a $20,000 gift to develop education and enrichment programs.

Gwen Chamberlain, a former local newspaper editor, is one of three members of a community advisory board working with Greenidge to advance the region's economy. "The tax base is growing, and that's helping the school, the county and the town tremendously," Chamberlain said. "Their employment has always been good, solid jobs for local workers."

Peter Mantius, a former journalist who writes about environmental politics in the region, said the payments, while greater than zero, are far less than what the plant once generated, thanks to a favorable tax assessment arrangement.

"The amount they paid instead of regular real estate taxes to the town and local schools and county when you add those together, it's a fraction, maybe a quarter, of what the old owner paid," Mantius said.

Water investigators track down wasteful homeowners and public turf torn up to conserve scarce water supplies Urban sprawl spreads across the desert and, increasing water demands as drought continues to worsen in Henderson, Nevada, adjacent to Las Vegas. Photograph: David McNew/Getty Images Investigator Perry Kaye jammed the brakes of his government-issued vehicle to survey the offense. Uh oh this doesnt look too good. Lets take a peek, he said, exiting the car to handle what has become one o

An earthquake with a preliminary magnitude of 6.0 rattled the California-Nevada border Thursday afternoon, with people reporting feeling the shaking hundreds of miles away, according to the U.S. Geological Survey.

Commuters forced to wade through filthy water Mayoral favourite Eric Adams says: This cannot be New York A person wades through the flood water near the 157th St metro station in New York City on Thursday. Photograph: Stephen Smith/Reuters Commuters having to wade through waist-deep water on subway concourses, rain cascading directly onto train platforms, desperate motorists rescued by police from their inundated cars the battering New York City has taken from tropical storm Elsa has rais

The age-old concept of rainwater collection is growing in popularity in a region hit by droughts and heatwaves Jamiah Hargins at the Asante Microfarm in Los Angeles. Photograph: Valrie Macon/AFP/Getty Images The American west has a sprawling network of dams, reservoirs and pipelines that brings a supply of water to its cities and farms. But overexploitation and a two-decade dry spell have put a severe strain on the resources, with reserves dwindling to historic lows in some areas. The situation

Flames threatening campgrounds and cabins prompted evacuations and closed off a swath of Northern California forest as the state prepared for another weekend of dry, scorching weather and the continuing threat of wildfires. (July 9)

bitcoin mining has transformed a new york lake into a gigantic 'hot tub'

bitcoin mining has transformed a new york lake into a gigantic 'hot tub'

Beyond the hype of billionaires tweeting in a Bitcoin frenzy is the environmental toll of the mining process, with insufficient data available on how it affects the environment at large scales. It's almost like interest in making money from bitcoin is greater than learning what bitcoin mining is making of the planet. But local events could place it into conflict with climate concerns.

Residents living near Seneca Lake in upstate New York say it has become "so warm you feel like you're in a hot tub", presumably from the heat of a crypto plant nearby, according to an initial NBC News report. The body of water, which is the largest of the Finger Lakes, serves as the coolant for roughly 8,000 bitcoin-mining computers humming away inside the Greenidge power plant.

Greenidge strongly disputedNBC's coverage of the purported effects of its Bitcoin mining on Seneca Lake. "The average daily temperature of the water leaving Greenidge from March 1st through April 17th of this year was 49.6 degrees with just a 6.8 degrees average difference between intake and outflow, well below our permits. They have had zero impact on Seneca Lake," said a spokesperson in an email to IE. "The lake contains 3.81 cubic miles of water, which is 4.2 trillion gallons. 135 million gallons of discharge per day is 0.003% of the total lake's volume. Publicly available data clearly demonstrates the lake temps have been stable for years."

It takes vast amounts of power to mine Bitcoin, and to keep the computing system operating at full speed, Greenidge is processing roughly 139 million gallons of water per day, with 135 million gallons deposited into Seneca Lake at high temperatures, sometimes reaching 108 degrees in the summer, and 86 during the winter, according to official permit documents.

However, Greenidge has no intentions of downsizing its Bitcoin mining operations. According to company CEO Jeff Kirt, "the environmental impact of the plant has never been better than it is right now," he said in the NBC News report. He added that Greenidge buys carbon offsets to negate its impact on the environment, but no public data supports this claim, and it seems the Bitcoin mining operations are having verifiable effects on the surrounding climate. In other words, the checks and balances of carbon offsets aren't mapping onto the real-world changes local residents have noticed happening to Seneca Lake.

Bitcoin mining power plants are operating in a logistical gray area, where permits are granted to firms who may not be required to back up their claims of ecological salience. A watchdog organization called Earth Justice has said Greenidge's carbon dioxide and nitrous oxide emissions both rose by a factor of nearly 10 from January to December 2020, according to anInput report. The organization is taking action to drive the state of New York to reject the company's next permit renewal application, which is coming up in September.

In theory, Greenidge's Bitcoin mining operations could effect the climate to a degree that might keep the state of New York from reaching its emissions goals, according to Judith Enck, a former EPA administrator, reports Input. Whether or not this claim holds up, Greenidge aims to increase the scale of its mining equipment soon, regardless of the perceived impact ofBitcoin mining effortson Seneca Lake. And its operating permits will probably be renewed again. But even outside of Bitcoin mining, it's becoming surprisingly easy for companies in nascent industries or markets that incur a heavy toll on the environment to dodge regulatory oversight in gray areas, sometimes while maintaining a brand of totalizing commitment to carbon-neutral goals. It's bizarre, but it's also probably not going to stop soon.

everything you need to know about bitcoin mining

everything you need to know about bitcoin mining

With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.

Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. What is Bitcoin Mining? Visualize and Download High-Resolution Infographic What is the Blockchain? Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. What is Proof of Work? A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. What is Bitcoin Mining? Visualize and Download High-Resolution Infographic What is the Blockchain? Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. What is Proof of Work? A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. What is Proof of Work? A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. What is Proof of Work? A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. What is Proof of Work? A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. What is Proof of Work? A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work. What is Bitcoin Mining Difficulty? The Computationally-Difficult Problem Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information. The Bitcoin Network Difficulty Metric The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. The Block Reward When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

7 reasons bitcoin mining is profitable and worth it (2021)

7 reasons bitcoin mining is profitable and worth it (2021)

If youre motivated to learn, and you want to get a semi-passive income of bitcoin, then there are a few basics to get your head round, before working out if its even possible for you to profit from bitcoin mining.

This process repeats approximately every 10 minutes for every mining machine on the network. The difficulty of the puzzle (Network Difficulty) adjusts every 2016 blocks (~14 days) to ensure that on average one machine will solve the puzzle in a 10 minute period.

Mining hardware is specialized computers, created solely for the purpose of mining bitcoins. The more powerful your hardware isand the more energy efficientthe more profitable it will be to mine bitcoins.

In other words, the more miners (and therefore computing power) mining bitcoin and hoping for a reward, the harder it becomes to solve the puzzle. It is a computational arms race, where the individuals or organizations with the most computing power (hashrate) will be able to mine the most bitcoin.

To try and put this into perspective, lets look at how much revenue 1 TH of power can earn mining bitcoin. As the global hashrate is usually growing the revenue per TH for each miner is usually falling, - and the revenue chart for 1 TH/s looks like this:

Regardless of whether the impact is overblown by the media, its a fact that the underlying cost of mining is the energy consumed. The revenue from mining has to outweigh those costs, plus the original investment into mining hardware, in order to be profitable.

In 2020, one modern Bitcoin mining machine (commonly known as an ASIC), like the Whatsminer M20S, generates around $8 in Bitcoin revenue every day. If you compare this to the revenue of mining a different crypto currency, like Ethereum, which is mined with graphics cards, you can see that the revenue from Bitcoin mining is twice that of mining with the same amount GPUs you could buy for one ASIC. Thirteen AMD RX graphics cards cost around the same as one Whatsminer M20s.

This graph shows you the daily revenue of mining Bitcoin. It does not take into account the daily electricity costs of running a mining machine. Your baseline costs will be the difference between mining profitably or losing money. GPU mining for Ethereum is more efficient than mining with Bitcoin with an ASIC machine

Of course, while profiting on Bitcoin mining isnt certain, paying taxes on your mining rewards is. Every miner needs to know the relevant tax laws for Bitcoin mining in his area, which is why it is so important to use a crypto tax software that helps you keep track of everything and make sure you are still making enough money after you account for taxes.

First of all, Bitcoin mining has a lot of variables. This is why buying bitcoin on an exchange can be a simpler way to make a profit. However, when done efficiently it is possible to end up with more bitcoin from mining than from simply hodling.

One of the most important variables for miners is the price of Bitcoin itself. If, like most people, you are paying for your mining hardware, and your electricity,- in dollars, then you will need to earn enough bitcoin from mining to cover your ongoing costs; and make back your original investment into the machine itself.

The price of hardware varies from manufacturer to manufacturer and depends largely on how low the energy use is for the machine vs the amount of computing power it produces. The more computing power, the more bitcoin you will mine. The lower the energy consumption the lower your monthly costs.

Profitability is determined by the machines price per TH, how many watts the machine uses per TH, and your hosting costs. Longevity is determined by the production quality of the machine. It makes no sense to buy cheaper or seemingly more efficient machines if they break down after a few months of running.

If the hosting cost is low enough, it often makes sense to prioritize the price per TH over watts per TH, as your lower operational expenses (OpEx) will make up for the loss in your machines efficiency - and vice versa if your hosting costs are high.

One useful way to think about hardware is to consider what price BTC would have to fall to in order for the machines to stop being profitable. You want your machine to stay profitable for several years in order for you to earn more bitcoin from mining than you could have got by simply buying the cryptocurrency itself.

The following table shows that the majority of the most modern machines could remain profitable at a bitcoin price between $5000 and $6000. Some machines could handle a drop below $5k, if they are being run with electricity that costs under $0.05 kWh.

Unfortunately most older machines are now no longer profitable even in China. The Bitmain S9 has been operational since 2016 and interestingly enough they are still being used in Venezuela and Iran where electricity is so cheap that it outweighs the risk of confiscation. There may, eventually, be more reputable sources of sub 2 cents electricity as the access to solar and wind improves in North America.

For the individual miner, the only hope of competing with operations that have access to such cheap electricity is to send your machines to those farms themselves. Not many farms offer this as a service though.

Electricity prices vary from country to country. Many countries also charge a lower price for industrial electricity in order to encourage economic growth. This means that a mining farm in Russia will pay half as much for the electricity you would mining at home in the USA. In places like Germany, well as you can see from the chart, thats another story

In practical terms. Running a Whatsminer M20S for one month will cost around $110 a month if your electricity is $0.045 kWh in somewhere like China, Russia or Kazakhstan. You can see from the table below that you would make $45 a month in May 2020 with those electricity prices.

These days, every miner needs to mine through a mining pool. Whether you are mining with one machine, or several thousand, the network of Bitcoin mining machines is so large that your chances of regularly finding a block (and therefore earning the block reward and transaction fees) is very low.

If the Bitcoin Network Hashrate is 100 EH/s (100,000,000 TH/s), a WhatsMiner M20S ASIC miner with 68 TH/s, has approximately a 1 in 1,470,588 chance of mining a Bitcoin block. With one block per 10 mins they may have to wait 16 years to mine that one block.

F2Pools payout method is called PPS+. PPS+ pools take the risk away from miners, as they pay out block rewards and transaction fees to miners regardless of whether the pool itself successfully mines each block. Typically, PPS+ pools pay the miners at the end of each day.

Choosing the right mining pool is very important, as you will receive your mined bitcoin sent from the pool payouts every day. Its important to choose a pool that is reliable, transparent and offers the right suite of tools and services to help you optimize your mining operation.

An often overlooked facet of mining profitability is the fees one pays to sell the Bitcoin one mines. If you are a small time miner, you may have to sell your coins on a retail exchange like kraken or Binance. Sometimes your fees are low but sometimes your fees are high - it really just depends on the fee structure of the exchange and the state of the orderbook at the moment.

However, if you are a professional miner like F2 or Bitmain, you likely have really advantageous deals with OTC desks to sell your coins at little to no fees - depending on the state of the market. Some miners are even paid above spot price for their coins. Either way, professional mining operations deal with Bitcoin at a large scale and so they have more leverage to get deals that are good for them, and this doesnt just apply to electricity purchases.

Unless you have access to very cheap electricity, and modern mining hardware then mining isnt the most efficient way to stack sats. Buying bitcoin with a debit card is the simplest way, but we also recommend using a payment network like Skrill or Interac e-Transfer or use a bank transfer such as SEPA when available.

Its common knowledge that it has become very difficult for individual miners to get access to the best machines and the cheapest electricity rates. Bitcoin farms that operate at scale use these advantages to maximize their returns.

Bitcoin mining is starting to resemble similar industries as more money flows in and people start to suit up. With increased leverage, margins are lower across the whole sector. Soon, large scale miners will be able to hedge their operations with financial tooling to lock in profits, whilst bringing in USD denominated investments like loans or for equity.

If you have put in the effort to learn about mining, and you have found a location with low cost electricity for your machines, then you still need to consider where to store the bitcoin that you mine.

No, and in the case of Bitcoin, it almost never was. Unless you were one of the very first people to mine Bitcoin, CPU mining has never been profitable. There was a time where one could profitably mine Bitcoin with GPUs, but againtoday, you really must have an ASIC and a deal with a power company to make any money mining Bitcoin in 2020.

The situation may improve in the future once ASIC mining hardware innovation reaches the point of diminishing returns. That, coupled with cheap, hopefully sustainable power solutions that retail customers can access in some shape or form, may once again make Bitcoin mining profitable to small individual miners around the world.

Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisers, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.

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bitcoin mining 101: how to build a cryptomining rig | zdnet

bitcoin mining 101: how to build a cryptomining rig | zdnet

By Adrian Kingsley-Hughes for Hardware 2.0 | February 24, 2021 -- 20:30 GMT (04:30 SGT) | Topic: Hardware

I'm old enough to remember being given a couple of bitcoins when they were worth next to nothing. Needless to say, I don't have them anymore. Now, with bitcoin and other cryptocurrency prices skyrocketing again, there's renewed interest in cryptomining, which is a way to accumulate cryptocurrency without having to pay for it.

In the most basic terms, you are using a computer (or computers) to solve cryptographic equations and record that data to a blockchain. Taking this a bit deeper, miners verify the hashes of unconfirmed blocks and receive a reward for every hash that is verified. The process is computationally intensive, requiring state-of-the-art hardware if you are planning on making much headway with mining. Mining, as it was back in the days of the gold rush, is not for the faint of heart.

OK, the "rig" is essentially a customized PC. It has all the common elements of a PC: CPU, motherboard, RAM, and storage. Where things deviate from the norm is when it comes to the graphics cards. It's the GPU that's doing that hard work when it comes to mining cryptocurrency, and not the CPU. You're going to need quite a powerful GPU for mining, and likely you are going to be buying more than one. A lot more.

In fact, you can think of a mining rig as a relatively cheap PC with one or more high-performance GPUs attached. You need to connect multiple graphics cards to a single system, which means you also need a motherboard to handle that. You'll also be looking at more than one power supply unit (PSU) if you're planning to push things to the extremes.

OK, let's start with the motherboard. The Asus B250 Mining Expert is a beast of a motherboard, capable of having 19 graphics cards connected to it. That's a lot. The board isn't new -- it was released in 2017 -- and it is finickity when it comes to setting up (it needs a specific layout of AMD and Nvidia graphics cards),

Asus has published recommend GPU layouts for 19-, 13-, and 11-card for this board, and while other layouts might work, I recommend staying with what the manufacturer suggests, as veering away from this is a recipe for a serious -- not to mention expensive -- headaches.

There's no real point in overspending on a CPU for a mining rig since it's the GPU's that are doing the hard work. This quad-core Core i5 is perfect for this setup and works great with the motherboard chosen above.

Depending on how many graphics cards you have installed, you may need multiple PSUs. It's tempting to find the cheapest possible, but since they are going to be pushed hard, I recommend paying a little more.

Even if you've built a PC in the past, I bet you've not had to fit in PCI-E risers. This is where a bitcoin mining rig differs from a regular PC in that you can't have all the graphics cards directly attached to the motherboard, so these risers allow you to connect them indirectly.

You're going to need one of these for every card you connect (other than the card that goes into the x16 PCI-e slot). This six-pack of powered risers are great and provide stable power to your graphics cards.

This is a great card and everything you're looking for in a mining rig. Loads of potential for overclocking, stable, and great cooling. Another nice side benefit is that it's quite an efficient card, which means lower power consumption and reduced mining costs.

Another example of you get what you pay for: A high-performance graphics card that offers power, performance, and a nice level of efficiency. Again, the price is eye-watering, which really is the biggest downside.

By Adrian Kingsley-Hughes for Hardware 2.0 | February 24, 2021 -- 20:30 GMT (04:30 SGT) | Topic: Hardware

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the rise of specialized mining equipment on bitcoin - coindesk

the rise of specialized mining equipment on bitcoin - coindesk

Mining equipment is a fundamental feature of the success of the bitcoin network because these machines determine whether or not it is profitable for miners to do what they do that is, process the calculations needed to embed blocks of transactions on the blockchain.

While somewhat overlooked, the history of bitcoin mining equipment is also a key explanation for why the activity of mining has evolved over the years into a multi-billion dollar industry. The mining industry continues to evolve today, though there are signs to suggest its development is slowing down.

On Jan. 3, 2009, pseudonymous creator Satoshi Nakamoto mined the first bitcoin block. As the only miner on the bitcoin network at the time, Nakamoto didnt need specialized equipment to launch the bitcoin blockchain. He was able to create bitcoin blocks using an average personal computer.

Computers used to browse the internet, launch Microsoft Word and a number of other countless applications all contain what is called a central processing unit (CPU). These devices control how commands on a computer are processed and executed. Due to the lack of miner competition in bitcoins early days, the computational energy required to create new blocks and earn mining rewards could be easily processed on CPU devices.

On May 22, 2010, computer programmer Laszlo Hanyecz paid 10,000 BTC for two Papa Johns pizzas. The pizzas were worth around $25. According to cryptocurrency data provider Coin Metrics, bitcoin market price then appreciated in July to around 8 cents. By the time the bitcoin price reached 10 cents in October 2010, the first mining device leveraging graphics processing units (GPUs) was developed.

Unlike CPUs, GPU devices are optimized to perform a narrow range of computational tasks. Originally built for gaming applications, GPUs excel at computing simple mathematical operations in parallel, rather than one at a time, in order to generate thousands of time-sensitive image pixels. These devices can also be re-programmed to compute other mathematical operations such as the ones required to mine new bitcoin.

The innovation of GPU mining, that is mining bitcoin on a GPU device, made producing bitcoin blocks and earning block rewards on average roughly six times more efficient according to analysis done by CEO of mining consultancy firm Navier, Josh Metnick. For these efficiency gains, an average GPU device costs only twice as much as the average CPU device.

According to Metnicks calculations, FPGAs are able to compute the mathematical operations required to mine bitcoin twice as fast as the highest grade GPU. However, these devices are more labor-intensive to build. FPGAs require configuration on both a software and hardware level, meaning the devices must be programmed to run customized code, as well as architected to run that code efficiently. It is the ability to adjust hardware components on an FPGA that makes these types of devices better optimized for bitcoin mining than a GPU.

The third major innovation to bitcoin mining likely required the largest amount of dedicated resources, time and development to achieve. Rather than repurposing the software and hardware parameters of existing machines, efforts to create an entirely new machine that would only mine bitcoin finally paid off. In 2013, a China-based computer hardware manufacturer called Canaan Creative released the first set of application-specific integrated circuits (ASICs) for bitcoin mining.

These devices, unlike CPUs, GPUs and FPGAs, were designed at their outset to mine bitcoin. This meant that all hardware and software components of these ASIC devices came pre-designed and optimized to compute strictly those calculations necessary to create new bitcoin blocks. The efficiency gains from ASICs could not be matched by any of the more general purpose devices that preceded it.

While Canaan Creative was the first bitcoin ASIC manufacturer, others such as Bitmain and MicroBT also came up with new versions of ASIC bitcoin mining devices with increasingly advanced hardware. One of the most noticeable developments in ASIC mining technology since 2013 has been a steady reduction in chip size. The size of ASIC chips which started off at a size of 130nm in 2013 has shrunk considerably to be as small as 7nm in the latest hardware models.

The significance of chip size comes back to mining efficiency. The wider the surface of an ASIC chip, the larger its communication channels and therefore the more electricity required to transmit data on its surface. According to Metnicks calculations, an ASIC bitcoin mining device today is 100 billion times the speed of the average CPU back in 2009.

Rakesh Kumar, associate professor of Electrical and Computer Engineering at the University of Illinois, believes a strong motivating factor of mining hardware evolution over the years since bitcoins creation has been the rising dollar value of bitcoin, which made mining an increasingly lucrative activity. The higher the market value of block rewards, the higher the payoff for innovations in mining technology that boost miner profit margins while decreasing operating costs.

Since 2015, chip size reduction in ASIC bitcoin mining devices has been slower and less dramatic than in 2013 and 2014. Whats more, since the first bitcoin ASIC miner there has not been a new technology to leapfrog mining efficiency gains in the same way GPU mining had for CPU mining or FPGA mining had for GPU mining.

Without a radical new ground-breaking technology, bitcoin miners will soon stop competing primarily on the basis of hardware and equipment as was the case for the past decade. Should bitcoin mining hardware become commoditized where efficiency gains of one model differ minutely from a newer model, miners will be forced to consider other areas in which to gain a competitive advantage. These could fall under innovations in energy sourcing, financial planning, or even product diversification.

While the evolution of bitcoin mining hardware has historically been the source of large miner efficiency gains, this may not be the case in the future, especially as technological innovations on the basis of hardware become fewer and farther between. Competition for bitcoin mining rewards will continue to spur technological evolution. However, it is unclear what the next major leap in mining technology will look like.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

financing mining decentralization %%page%% %%sep%% %%sitename%% - bitcoin magazine: bitcoin news, articles, charts, and guides

financing mining decentralization %%page%% %%sep%% %%sitename%% - bitcoin magazine: bitcoin news, articles, charts, and guides

This year, there has been a concerted effort among Bitcoin mining pools and facilities based in North America to contribute a higher proportion of the Bitcoin networks overall hash rate from the continent, providing critical decentralization to this system. But this has not been without its challenges. The Bitcoin mining environment is one with high costs and a challenging supply chain.

To help buoy these North American entrants, Bitcoin-focused companies are playing a role typically filled by mainstream financial institutions like banks, carving out a new niche in providing financial advice and services to the fledgling North American mining industry.

Despite the steady increase in the price of bitcoin this year, miners are not necessarily benefiting, as intense competition forces the difficulty rate higher and the race for block rewards becomes more intense.

Ethan Vera, cofounder of the globally-distributed mining pool Luxor, told Bitcoin Magazine. When the price is up, you make less bitcoin as a reward. So, if you are mining on a bitcoin-denominated basis or have hedged only your bitcoin price, the risk profile is actually higher."

Many mining companies need new equipment or need to upgrade to newer models of ASICs, like Bitmains Antminer S19 pro or MicroBTs Whatsminer M30S++, in order to be competitive in this landscape. But theres a shortage of this updated mining equipment.

Bulk preorders for the most powerful bitcoin mining hardware from major manufacturers are already queued up until May next year, suggesting an increasing level of institutionalized demand for such equipment, The Blockrecently reported. The overall supply shortage follow bitcoins price jump since Q3 this year, and is due to both an increase in institutionalized demand for bitcoin mining equipment and the limited wafer capacity from Bitmains and MicroBTs silicon providers.

There are disadvantages to letting everybody know what youre doing, but its also a benefit, Merrick Okamoto, CEO of mining company Marathon, told the audience at a recent mining conference. It gives us unique access to capital markets. Weve done two financings in the last year.

A number of companies in the cryptocurrency space are positioning themselves to offer financial services to mining companies looking for a foothold in the industry, providing capital for new equipment, advising on best investments and timing and helping them to manage risk.

For instance, DCG Foundry, a subsidiary of cryptocurrency-focused venture capital company Digital Currency Group, was founded in 2019 to provide capital and intelligence to North American digital asset businesses. The company currently offers three services for the mining ecosystem: equipment financing and procurement, mining and staking and consulting and advisory services.

Ryan Porter, of Bitcoin-focused financial services firm BitOoda, is a Financial Industry Regulatory Authority- (FINRA) registered securities and derivatives broker. He explained to Bitcoin Magazine that mining operations have approached him looking for a variety of financial services, including raising capital to buy mining equipment and signing long-term contracts with power providers.

These companies are still largely shut out from the banks, Porter said. If they want to raise debt financing to purchase equipment or build out their site, that capital now is coming from private equity or family offices or through the use of financial products like our hash power contract. Where firms like ours are helpful is taking these mining companies from idea, to site selection, to construction, power advisory, financing, equipment procurement and then, when they are operational, the financial optimization of the facility.

As more groups move forward with the goal of contributing to one of Bitcoins most critical industries from North America, fundamental financial services offered by these bitcoin-focused groups and others appear to be a key aspect of strengthening mining decentralization.

asic miner sales and repair service - zeus mining

asic miner sales and repair service - zeus mining

2016 in Hong Kong in order to expand overseas markets and make the best service to our customers Zeus Mining HongKong International Co., Ltd. founded. in China mainland, we have another name: Chongqing YuanJi Technology Co., Ltd. Our business involves international trade(export and import), Digital product transaction, asic miner sales, antminer repair kit and tool, antminer parts, hash board fix, installation, cooling system modifications, cryptocurrency mining farm build, asic miner hosting, etc. We are committed to the global miners business. Provides efficient and accurate asic miner maintenance, asic miner hosting repair and sale. our members came from related industries such as blockchain, finance, cryptocurrency mining farm operation and maintenance man, large-scale mining farm owner, etc. and has worked in this industry for many years we have extensive industry experience. Since its establishment, we have been committed to providing more convenient, professional and efficient services to multinational customers around the world. also won the trust of most users and hopes to contribute to the blockchain promotion and practical application. Since its inception, since provided related the services to 19,625 international friends in more than 31 countries. This is still increasing.we are china bitcoin mining company, Bitcoin mining equipment wholesaler, China Bitcoin Mining Device manufacturer, can provide china bitcoin miner export, we can provide any type of Bitcoin hardware for wholesale.

With more and more people understanding and using digital cryptocurrency, we firmly believe that the growth of the cryptocurrency will be visible in the future and will actively participate in this growing industry. The growth of the team is also a good testimony to our digital cryptocurrency. We also have the confidence and ability to establish more business contacts. All this is just to serve you better.

a controversial bitcoin mining operation has made a new york lake 'so warm you feel like you're in a hot tub'

a controversial bitcoin mining operation has made a new york lake 'so warm you feel like you're in a hot tub'

Local residents have blamed bitcoin mining for heating up the largest of the Finger Lakes in upstate New York, with one saying it's "so warm you feel like you're in a hot tub," according to a report by NBC News.

Their complaints centre on a gas-fired power plant that's being used to power at least 8,000 bitcoin mining computers. The plant draws water from Seneca Lake for cooling, then discharges the warmed water back into the lake.

The power plant, operated by Greenidge Generation, which is being closely monitored by the Department of Environmental Conservation, is allowed to suck in 139 million gallons of water and discharge 135 million gallons daily. The discharged water can be as hot as 108 degrees in the summer and 86 degrees in winter, per permit documents viewed by NBC News.

Water quality measurements from a buoy at the north end of Seneca Lake show that the average surface water temperature over the past seven days was 70.3 degrees. The Greenidge plant is about 11 miles south of the buoy, close to the city of Dresden.

Dale Irwin, CEO of Greenidge, said: "The water we are permitted to use to power homes and businesses in New York, and operate our fully carbon neutral bitcoin operation, is a minuscule fraction of the total water in Seneca Lake. The temperature data shows the lake is not 'a hot tub,' and Greenidge is having no impact whatsoever on the lake. It remains a gem for all of us in the Finger Lakes to enjoy."

Read more: Riot Blockchain's CEO and 2 top crypto experts break down the impact of China's bitcoin mining ban on investors and miners - and detail 3 reasons why they remain bullish on the digital asset

But this is leading to a huge spike in emissions. Regulatory documents viewed by environmental campaign group Earth Justice show that its carbon dioxide equivalent emissions and nitrous oxide emissions each grew nearly tenfold between January and December 2020 as it ramped up bitcoin mining.

Greenidge CEO Jeff Kirt told NBC News that "the environmental impact of the plant has never been better than it is right now," and that the facility was operating within its environmental permits. Greenidge said that it would make its operations carbon neutral by buying credits to offset its emissions.

Kirt told CNBC News that the plant has created 31 jobs. It has also donated $25,000 to the Dresden Fire Department and $20,000 to the school district, the outlet reported, and paid $272,000 to local authorities in lieu of real property taxes last year, according to an economic study commissioned by Greenidge.

But Peter Mantius, who writes a blog about local environmental politics, said that Greenidge pays "a fraction, maybe a quarter" of what the old owner paid because of a favorable tax assessment arrangement.

Water investigators track down wasteful homeowners and public turf torn up to conserve scarce water supplies Urban sprawl spreads across the desert and, increasing water demands as drought continues to worsen in Henderson, Nevada, adjacent to Las Vegas. Photograph: David McNew/Getty Images Investigator Perry Kaye jammed the brakes of his government-issued vehicle to survey the offense. Uh oh this doesnt look too good. Lets take a peek, he said, exiting the car to handle what has become one o

An earthquake with a preliminary magnitude of 6.0 rattled the California-Nevada border Thursday afternoon, with people reporting feeling the shaking hundreds of miles away, according to the U.S. Geological Survey.

The age-old concept of rainwater collection is growing in popularity in a region hit by droughts and heatwaves Jamiah Hargins at the Asante Microfarm in Los Angeles. Photograph: Valrie Macon/AFP/Getty Images The American west has a sprawling network of dams, reservoirs and pipelines that brings a supply of water to its cities and farms. But overexploitation and a two-decade dry spell have put a severe strain on the resources, with reserves dwindling to historic lows in some areas. The situation

Commuters forced to wade through filthy water Mayoral favourite Eric Adams says: This cannot be New York A person wades through the flood water near the 157th St metro station in New York City on Thursday. Photograph: Stephen Smith/Reuters Commuters having to wade through waist-deep water on subway concourses, rain cascading directly onto train platforms, desperate motorists rescued by police from their inundated cars the battering New York City has taken from tropical storm Elsa has rais

Flames threatening campgrounds and cabins prompted evacuations and closed off a swath of Northern California forest as the state prepared for another weekend of dry, scorching weather and the continuing threat of wildfires. (July 9)

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