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What is a Mining Pool and Are They Profitable in 2018? (Analyzing Their Risks)

Source : What is a Mining Pool and Are They Profitable in 2018? (Analyzing Their Risks) The news has been filled with headlines regarding cryptocurrency mining facilities taking over dilapidated warehouses. There have also been many reports of mining hardware being seized at borders and being stolen from mining facilities. With the significant costs involved with starting your own mining setup and the inherent risks is it worth it? When compared to the standard returns in financial markets cryptocurrency mining is 100 percent worth it if the risks can be balanced or stomached. How are Cryptocurrencies Created Cryptocurrencies can be created in two ways. They can be pre-mined, which occurs when the developers and founders have generated all the coins at the beginning of the project. Following the creation of the tokens, they are distributed to the population via an airdrop or token sale. An example of a pre-mined token would be Ripple (XRP). All the XRP tokens were pre-mined in advance to be sold on the open market, to banks, financial institutions and many others to aid in the seamless transfer of funds across the world on the blockchain. If a crypto is pre-mined, there will be a set number of total coins in existence from the beginning of the project. The alternative to pre-mined coins is a cryptocurrency that requires mining. This is not the standard type of mining you think of with huge tractors pulling tons of boulders up the side of a rickety cliff. This mining involves highly advanced computer systems using ASICs and GPUs to create new coins. The processing power of these expensive computers is diverted to solving highly advanced math problems while simultaneously ensuring the blockchain remains intact. When the ASICs and GPUs have been functioning for a long enough period, they are rewarded in cryptocurrency for their solving mathematical problems and supporting the blockchain. Mined currencies have an inherent value attached to the value of electricity and computing power that goes into each generated coin. Pre-mined currencies are more reliant on the utility of the coin and what its underlying purpose is. Similarly, to pre-mined currencies, there will also be a preset “total” number of coins to be released, but the main difference between the two groups is that pre-mined currencies released them all at once. Mined cryptos are released as they are mined. Bitcoin is the most famous mined crypto with 16.8 million having been mined thus far. The total supply is 21 million. Therefore, there will only be 4.2 million more BTCs ever mined. As the process of mining moves further along it becomes more difficult to discover each additional BTC creating a world of both scarcity and deflation. The normal purchasing power of fiat currencies is driven down over time (inflation), with no pegged value to gold/silver and continuous printing while the structure of mined currencies ensure the price continues to be driven up. How Does the Mining Process Work? There are two main functions that occur in cryptocurrency …

Plus…What is a Mining Pool and Are They Profitable in 2018? (Analyzing Their Risks)

Is Proof-of-Work a Major Problem for Bitcoin’s Future?

Source : Is Proof-of-Work a Major Problem for Bitcoin’s Future? Bitcoin is a very energy-inefficient project as of right now. The proof-of-work aspect has been discussed many times over. It seems community members are now advocating to change this algorithm altogether. With mining centralization becoming a real problem, such a change is not necessarily a bad thing. The Proof-of-Work Situation Generating new Bitcoins requires dedicated hardware. This hardware is expensive and consumes a lot of energy. As such, we regularly see reports of how inefficient and wasteful Bitcoin mining really is. These discussions always cause friction among community members as well. Changing this situation will not happen overnight, though. After all, the Bitcoin network is secure thanks to proof-of work. Without this solution in place, the network is open to hackers and other attacks. At the same time, the mining aspect of Bitcoin is not decentralized by any means. Unlike what some people think, a lot of the mining activity is centralized in many ways. In terms of hardware manufacturers, there is only one company that matters. Bitmain makes a healthy profit due to Bitcoin’s proof-of-work algorithm. It is expected the company made over $3bn in operating profits throughout 2017. That is quite a steep amount, but not entirely unexpected. The Chinese company has a monopoly on the market as of right now. Changing the Way Bitcoin Works Bringing more decentralization to Bitcoin is not easy. As long as the reliance on proof-of-work remains in place, centralization will remain a pressing threat. As the network becomes “bigger’, finding a solution becomes even more difficult. If this trend continues, China will control Bitcoin in every way one can imagine. It controls the hashrate, the mining hardware production, and most mining pools as well. Not an ideal situation for a decentralized currency whatsoever. The bigger question is what we can do from here on out. A recent Medium blog post by Cobra, co-owner of bitcoin.org and BitcoinTalk,  touches upon all of the aforementioned problems and more. Switching from Proof-of-work to something else is not a logical evolution. However, sticking with the current PoW-oriented Bitcoin could eventually cause more problems, friction, and centralization. Bitcoin Core developers will have to come up with a creative solution to effectively counter these problems. Whether or not Bitcoin can survive without proof-of-work remains a big question. It is true miners can be seen as a “problem” in many different ways. They are the ones determining the future of Bitcoin by supporting or rejecting scaling solutions. The regular user has absolutely no say in the current Bitcoin ecosystem, unfortunately. Bringing power back to the people is not straightforward. A new hard fork is not necessarily the answer either. Something has to change sooner rather than later. How that change will be enforced, remains to be determined. The post Is Proof-of-Work a Major Problem for Bitcoin’s Future? appeared first on NewsBTC.

lolMiner-mnx for Mining MinexCoin (MNX) or any Oher Equihash 96/5 Coin

Source : lolMiner-mnx for Mining MinexCoin (MNX) or any Oher Equihash 96/5 Coin lolMiner-mnx is a new miner for Mining MinexCoin (MNX) or any other coin that uses the Equihash 96/5 algorithm. Do note that the this is not the same algorithm used by ZCash (ZEC), there it is Equihash 200/9, so this miner is not compatible for mining traditional Equihash coins. The lolMiner-mnx is a closed source OpenCL miner being developed from scratch, so it is not based on existing opensource code. Currently it is available as 64-bit binary releases for both Linux and Windows, although it uses OpenCL it should compatible with pretty much any GPU including Intel and Nvidia and not only AMD. The miner still needs some work, especially on Nvidia GPUs where by default it is pretty heavy on the CPU load and memory usage as well. It is recommended that Nvidia users add the parameter –enable-nv-hotfix in order to reduce the CPU load a bit, but still running the miner on the main GPU may make the system a bit unresponsive even with that parameter. Still if you are interested in mining MNX (even with the high hashrate and low block reward at the moment) or any other Equihash 96/5 coin you might want to check the lolMiner-mnx out. Linux users can also use the Optiminer/Equihash miner as a solution for mining different variations of the Equihash algorithm (Equihash 200/9, Equihash 192/7, Equihash 96/5). A Windows version is supposed to come out at some point, but it is still not available for the moment. – For more information and to check out the lolMiner-mnx miner for Equihash 96/5…

HashChain: Cryptocurrency Mining Using Blockchain Technology?

Source : HashChain: Cryptocurrency Mining Using Blockchain Technology? HashChain Technology aims at creating one of the biggest blockchain companies in the world. The company focuses on cryptocurrency mining, targeting 26,500 mining rigs. HashChain Proof Of Concept The company already has 100 dash rigs deployed, 770 purchased with January 2018 delivery. So why HashChain? HashChain has close ties with dash—the cryptocurrency of the future, which is moving quickly towards mass adoption. Besides, dash is eliminating ‘technoid’ barriers and will soon be as simple to use as PayPal. HashChain is committed to developing the Dash community. HashChain advisory board member is advisor to Dash. Finally, yet importantly, HashChain has a Dash Master Node license. Understanding Blockchain The blockchain is a decentralized digital ledger that hosts records of every historical coin transaction. When a user broadcasts a transaction into the cryptocurrency network, miners use high-performance computers known as ‘rigs’ to confirm the transaction and group it with others into a transaction block and proceed to solve the proof-of-work cryptographic puzzle that links the new block to the blockchain. Miners are responsible for confirming transactions on the blockchain and are critical to the continuing functioning and security of the digital currency network. In the end, miners get their reward in the form of a fraction of the cryptocurrencies of the confirmed transaction. How Does Mining Work? Public and enterprise blockchains are secure by design and are the continuously growing ledger on which all decentralized cryptocurrency and applications are built. Miners use high-end computers to solve mathematical equations to verify transactions on the blockchain. Mining computers collect hundreds of pending transactions also called a block and turn them into a mathematical puzzle. The miner who finds the solution first gets a reward. Currently, the blockchain technology has invaded nearly every sector including healthcare, transport, insurance, and more. A Look Into The Future HashChain focuses on building its own mining capacity through its highly efficient data centers, targeting 40MW by 2019. In addition, HashChain seeks to pursue a number of strategic initiatives: By using cash available and mining proceeds, they intend to expand their mining capacity aggressively and acquire more rigs. This step will see the company growing to 40 MW or approximately 26,500 cryptocurrency mining rigs by the end of the first quarter 2019. It seeks to achieve a level of mining success that is connected to difficulty and hash rates. To achieve that, the company focuses on diversification and the mining of alternative currencies. They aim to create an exclusive storefront for users to buy their digital currencies directly from HashChain. They also seek to develop software to optimize their mining activity by maximizing yield-related to quantity and value of the currency mined. They seek to improve HashChain’s proprietary ASICS & GPU Monitoring software to monitor all aspects of mining. This will help improve mining efficiency. They also plan to develop their own mining pool to provide cost savings and brand recognition. Besides, they aim to form strategic alliances that will lead to further improvements in …

Plus…HashChain: Cryptocurrency Mining Using Blockchain Technology?

Vega 56 & 64, 41-44MH/s Ethereum Mining On Low Power!

Source : Vega 56 & 64, 41-44MH/s Ethereum Mining On Low Power! [youtube https://www.youtube.com/watch?v=DSGSelbuho0?wmode=transparent&rel=0&autohide=0&showinfo=0&fs=1enablejsapi=0&w=640&h=390]Today i show you how i found out to get AMD Vega 56 and 64 Graphics cards to run 41 or 44Mh/s on Ethereum while using way less power than they did before by accident! (It is an easyer way than using regedit and overdrivn) What i did is installing the latest AMD Adrenalin 18.2.2 Drivers for being able to play Star Citizen. Then suddenly i saw that my MSI Afterburner 4.2.2 had unlocked the Voltage control of the AMD Graphics cards. I set My AMD Vega 64’s to (-200mv/852 Core/1100 Memory/80% Fan speed) and accomplished 43.7Mh/s @ (165 Watts Total gpu power). I set My AMD Vega 56’s to (-200mv/852 Core/945 Memory/80% Fan speed) and accomplished 41.5Mh/s @ (150 Watts Total gpu power). Get AMD Vega 56 & 64 on Amazon (They are quite expensive now): (They are about 3.6 Watts/Mh/s with these settings)http://mining.buriedone.com/VEGA56http://mining.buriedone.com/VEGA64 Buy Complete rigs at:https://www.buriedone.com/rig-builds.html You could buy your parts from amazon using the following links: Buy anything using the following links: Amazon.COM: https://goo.gl/NVLgoZ Amazon.CO.UK: https://goo.gl/tpZ6GH Amazon.DE: https://goo.gl/Xm9AZe Amazon.CA: https://goo.gl/zttej1 Amazon.FR: https://goo.gl/stzcSn Buy your graphics cards with Hashrate Benchmarks NOW!https://www.buriedone.com/hashrates.html Facebook: https://www.facebook.com/pages/BuriedOne Twitter: https://twitter.com/BuriedOne Send me your Mining Rig photos on Instagram!: https://www.instagram.com/buriedone_blockchain/ Join our Discord at the BuriedONE Blockchain Community if you seek help! Discord: discord.me/buriedone

What Is Viacoin?

Source : What Is Viacoin? Even though Bitcoin is still the world’s leading cryptocurrency to date, it is not the only currency people should be paying attention to. Thousands of altcoins exist as of right now, yet only a select few will achieve their goals in the future. Viacoin is not your average altcoin, as it has some interesting features that make it stand out. What is Viacoin Exactly? While most people know Viacoin as just another cryptocurrency with a Scrypt mining algorithm, there is a lot more to this project than meets the eye. It is also one of the early adopters of Scrypt merged mining, which means one can mine Viacoin alongside other supported currencies without losing hashrate. Under the hood, the Viacoin project has some very interesting features to take note of. It’s also 25 times faster than Bitcoin in terms of transaction speed. The Things That Make Viacoin Tick When looking at the bigger picture, one has to admit Viacoin offers more services than 99% of the other tokens out there. First of all, it has locktime support, which means Viacoin-based micropayments and payment channels are certainly possible. This is achieved without external solutions such as Bitcoin’s Lightning Network, even though Viacoin is compatible with such implementations as well. Similar to Bitcoin, Viacoin will have SegWit support at some point in order to improve scaling and address malleability issues. One of the features people tend to overlook quite often is how Viacoin offers a clearinghouse protocol. This decentralized settlement and meta transaction protocol is rather unique in the world of cryptocurrency. It’s surprising other currencies never explored such a feature. Additionally, Viacoin offers a blockchain notary service, known as proof-of-publication. While blockchain-based notary services are nothing unique these days, Viacoin was one of the first currencies to natively support such a feature. Right now, there are virtually no native blockchain notary service providers other than external companies and projects. All of the aforementioned features are just part of what makes Viacoin tick, as there’s also increased Tor support, Styx implementation for anonymous atomic payments, and so much more. The Viacoin Cryptocurrency The Viacoin cryptocurrency – known as VIA – is a Scrypt currency which embraces proof-of-work, similar to Litecoin. It can be merged mined with Litecoin, which lets users support both blockchains at the same time through one mining pool. Miners will also receive part of the block rewards from both blockchains without having to split up their hashpower. F2Pool and Suprnova are two of the mining pools supporting merged mining as of right now. The Road Ahead According to the most recent roadmap, there’s still a lot to come for Viacoin. Hardware wallet support through Trezor is almost finished, and the Lightning Network Daemon should be completed soon. Rootstock smart contracts and the Styx integration should be finalized at some point this year. The VIA currency will also be supported by ATM manufacturer General Bytes later this year. Furthermore, we will see Schnorr signatures, colored coins, new exchange listings, and a …

Plus…What Is Viacoin?

Bitcoin Usage Falls to Its Lowest in Months

Source : Bitcoin Usage Falls to Its Lowest in Months Technology There’s never a bad time to be sending and receiving bitcoin, but right now is especially good. Fees are at the lowest in 18 months, with the average transaction value now under a dollar. This contrasts starkly with the latter quarter of last year, when rising fees peaked at $34. There’s a primary reason why fees have been dropping since then: with bitcoin too expensive to send, people simply stopped using it as currency.Also read: How to Calculate Bitcoin Transaction Fees When You’re in a HurryBitcoin Fees Take a TumbleIt’s not just the USD/BTC market that oscillates: bitcoin’s fee market follows suit. Due to various factors ranging from network usage to Segwit adoption and hashrate, fees can rise and fall significantly. Throughout 2017, that trajectory was largely an upward one, culminating, in December, with fees becoming infeasible. Transaction fees have been mercifully declining since then, hitting an 18-month low as of February 21, but given that daily transaction volume has halved in the same period, that’s not surprising. A standard six-block transaction can now be pushed through for as little as 15 cents. Bitinfocharts calculates a median fee of 52 cents, versus just over 1 cent for bitcoin cash.This reduction in transaction fees will not be felt by all bitcoin users however. Anyone withdrawing from an exchange will still be hit with standard fees. Binance and Kucoin, for example, set a flat rate of 0.001 BTC, or around $10.60 at current prices. As Binance CEO Changpeng Zhao pointed out in a recent tweet, though, exchanges have a case for charging above the base rate for the service they’re supplying. Whether they can justify charging upwards of $10 a time is a matter for debate though.Why the Low Fees?High transaction fees arguably helped push the “store of value” meme that was popularized on r/bitcoin last year. Saddled with a cryptocurrency that was too expensive to send in small amounts, there was little choice but to hodl and wait for BTC to appreciate in value. Soaring fees were one of the triggers for a number of businesses to stop accepting bitcoin including Stripe and, ironically, the North American Bitcoin Conference. Steam also stopped accepting bitcoin in December, citing “high fees and volatility”. Frustrating as fees have been for users of the bitcoin network, some good has come of this predicament.Users and exchanges have scrambled to seek out ways of making transactions more efficient, with fixes including batching transactions together and adopting Segwit. Exorbitant fees also spurred quicker trials of the Lightning Network, though its adoption is still too low to have affected current bitcoin fees. Evidence suggests that the biggest driver in fee reduction was not technical, but sociological: on December 17, almost half a million bitcoin transactions were sent. That figure now averages under 200,000 a day.With fees now at the lowest they’ve been in 18 months, it will be interesting to see whether retailers such as Valve will resume support for …

Plus…Bitcoin Usage Falls to Its Lowest in Months

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