Čvn 12

5 Companies Set to Profit From The Cryptocurrency Gold Rush

· June 12, 2017 · 12:00 pm

Nvidia, AMD, Intel and Micron as makers of hardware mining tools, such as GPUs and ASIC-based mining solutions, are tapped to profit the most from the new internet gold rush.


Heigh-Ho, Heigh-Ho, It’s Off To Work We Go

As the price of Bitcoin rises it has the knock-on effect of causing a rise in the rest of the cryptocurrency market with most other altcoins also seeing sizeable gains in value. These coins can be “mined” with a graphics card and are usually exchanged for Bitcoin, turning a good profit for miners.

Heigh Ho Heigh Ho Its Off to Work We Go

Specialty online mining pools such as multipool.us pool together the hashing power of individual miners and automatically choose the most profitable altcoin to mine, switching to other coins as the price dictates. In the past, electricity costs could negate actual profit from GPU mining, but with the overall rise in value of the cryptocurrency market as a whole, the situation has once again changed.

In a Gold Rush Sell Shovels

AMD has been in the news recently because their high-end gaming cards are sold out due to their mining ability. The company has seen big stock gains this year, rising in tandem with Bitcoin as their graphics cards are the most efficient when it comes to mining protocols. This has caused anger and controversy among gamers, AMD GPUs’ key market. The unavailability of the best cards has driven up prices, sending potential customers to their rivals, Nvidia, who have also been seeing gains this year.

GPU manufacturers aren’t the only ones benefiting from the current boom either. ASIC manufacturers such as Bitmain, who sell Antminers, have been seeing increased attention. ASICs are specialist circuits optimized for performing a single function, in this case, mining Bitcoin.

Other beneficiaries include memory chip manufacturer Micron Technology Inc., whose share prices have increased by nearly 50% this year. Intel is jumping on the bandwagon as well, maneuvering to compete with AMD with their own currently integrated graphics solutions.

Have you started up your mining rigs again? Are there other companies set to profit from the new gold rush? Let us know in the comments below.


Images courtesy of Wikimedia Commons, Google Finance, AdobeStock

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Dub 06

ASICBOOST: Bitmain to Respond ‘Soon’ to Exploit Accusations

· April 6, 2017 · 5:00 am

Bitmain CEO Jihan Wu has vowed to respond ‘soon’ to accusations the miner is exploiting a Bitcoin vulnerability to manipulate mining.


Bitmain, Vulnerability Outing ‘Huge SegWit Confidence Boost’

A “covert” use of so-called ASICBOOST technology was circulated to the Core mailing list by contributor Greg Maxwell Wednesday. This would allow “a major manufacturer” to unfairly profit from centralization.

While Bitmain was not named by Maxwell, community sources subsequently confirmed the company’s involvement.

Maxwell wrote:

Exploitation of this vulnerability could result in payoff of as much as $100 million USD per year at the time this was written (Assuming at 50% hash-power miner was gaining a 30% power advantage and that mining was otherwise at profit equilibrium).  This could have a phenomenal centralizing effect by pushing mining out of profitability for all other participants, and the income from secretly using this optimization could be abused to significantly distort the Bitcoin ecosystem in order to preserve the advantage.

The Core developer also proposed solutions to prevent the attack becoming a major problem, in a move praised by Tone Vays as “a huge confidence boost” for the SegWit supporters.

Wu: Bitmain Statement ‘Soon’

Wu meanwhile stated Bitmain would provide a statement “soon.”

Previously, suspicion had already fallen on the Bitcoin Unlimited supporter, with community members noting he had deleted tweets about ASICBOOST. They added Wu’s BU support could be linked to the Bitmain operation.

While ASICBOOST was originally invented by Sergio Lerner among others, who also contributes to SegWit concepts, Maxwell stated that none of the technology’s creators were “aware” of the exploit.

“Reverse engineering of a mining ASIC from a major [manufacturer] has revealed that it contains an undocumented, undisclosed ability to make use of this attack. (The parties claiming to hold a patent on this technique were completely unaware of this use.),” he continued.

On the above basis the potential for covert exploitation of this vulnerability and the resulting inequality in the mining process and interference with useful improvements presents a clear and present danger to the Bitcoin system which requires a response.

In Summer 2016, KnCMiner declared bankruptcy over the Bitcoin block reward halving causing them unsustainable overheads.

The firm had previously been taken to court in its native Sweden by customers complaining over delays and defects with its products.

The startup had meanwhile raised over $32 million in investment.

What do you think about Greg Maxwell’s post? Let us know in the comments below!


Images courtesy of Twitter, Shutterstock

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Úno 23

21 Inc. Details Payment Capabilities for its Hardware

Source: bitcoin

21

In an announcement posted to the company’s blog on Medium, 21 Inc. revealed details about the 21 Bitcoin Computer’s unique ability to facilitate micropayments between users. Updates to the group’s main consumer facing product, released in November 2015 and available for $400, now open unchartered possibilities for integration and usage of micropayments for Bitcoin fanatics, entrepreneurs and developers alike.

Also read: What’s Causing Bitcoin’s Current Bullish Run?

21 Inc. and Micropayments

The post reads:

“Today we’re announcing the release of software and libraries to allow high frequency Bitcoin-based microtransactions between any pair of 21 Bitcoin Computers, without any change to the Bitcoin block size. And soon, you’ll be able to download a free client that makes this work between any pair of devices.”

Through providing a simple command line plugin, developers will now be able to enable micropayments more naturally and easily in applications. These will not rely on any third party, either. Instead, they will trust the open source and decentralized network that is the Bitcoin blockchain. 21 Inc. is angling their hardware to provide infrastructure for micropayments that will enable the next wave of Internet commerce, interaction, tipping, and financing for business and consumers alike.

Business applications could range from supply chain and inventory tracking to international or local trade.  On the consumer side, 21 Inc. is positioning itself to be at the center of micropayments use within applications as well as in the real world, with possibilities ranging from the Internet of Things to social networking plugins to directly rewarding users for sharing content or producing valuable content.

By leveraging two features of the Bitcoin source code known as nSequence and Locktime, both of which were initially imagined by Satoshi Nakamoto, 21 Inc. will enable secure and sustainable forms of micropayments through the smart phones of individuals. An analogy outlining this in their Medium post states:

“How does this technology work? A good analogy is the idea of a bar tab. When you go to a bar, you typically put down a credit card to open a tab, enjoy your food and drinks, and then close out the tab at the end of the night. This means just two “transactions” (opening and closing the tab) even if there were many rounds of food and drink for your party. Reducing the transaction overhead is more convenient for both you and the busy bartender, as you don’t need to pull out your card and they don’t need to pay credit card fees for every pour of every drink.”

This will even be self-fueling through using the local 21 Bitcoin Computer client to mine bitcoin and provide support on the back-end. In a nod towards the lightning network, 21 Inc. is using their own “deposit transaction” channels which are economically feasible through the mining technology the 21 Bitcoin Computer provides.

Applications such as Zapchain (a rewards based social network) and ChangeTip (a integrated set of tools for social media centered micropayments tipping) are the early leaders in the micropayments consumer space. The tools 21 Inc. is providing, however, will be profoundly impactful for the next generation of developers.   Gaming is another impactful area for micropayments, and Minecraft’s Bitcoin plugins and initiatives such as FreeMyVunk will likely benefit from this news.

Overall, this is a surprising yet hopeful move for 21 Inc. The organization lead the single largest round of Bitcoin or Blockchain related investment, with reports claiming the group had raised over $116 million in funding in March 2015. Recent changes and advancements for firms such as Digital Asset Holdings and the Hyperledger Project also signal that investments from 2015 are coming into fruition in 2016.

What do you think about the future of both 21 Inc. and micropayments?   What technical challenges are there towards seeing this into a reality? Will consumers or developer want to utilize these quickly? Share your thoughts below!

The post 21 Inc. Details Payment Capabilities for its Hardware appeared first on Bitcoinist.net.

21 Inc. Details Payment Capabilities for its Hardware

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Úno 15

Bitcoinist Weekly News Re-Hash: Valve Accepting Bitcoin, Antonin Scalia Dead

Source: bitcoin

news

Green candles dominated the charts for most of the week, as the bitcoin price climbed upwards towards $400. We finally broke that barrier late in the week, reaching $403.20 as it came to a close, making for a total gain of 7.22%. The week was also marked with some rather significant news. To name a few stories that broke this week: Valve may be accepting bitcoin in the near future, Coinbase adopted Bitcoin Classic, and Supreme Court Justice Antonin Scalia was found dead in a hotel room at age 79.

Also read: AirTM Currency Conversion Success Hinges on Bitcoin Integration

Daily Bitcoin Price Action

  • February 8:$376.04
  • February 9: $370.23
  • February 10: $374.51
  • February 11: $377.49
  • February 12: $378.89
  • February 13: $387.48
  • February 14 Open: $394.45
  • February 14 Close: $403.20

Total Change: +7.22%

Weekly News Roundup

Avalon 6 RPi and EVGA PSU

Monday, February 8, 2016 opened with the bitcoin price at $376.04. The first day of our week had a fairly downward trend in terms of market activity, with only a few green candles breaking through the overwhelming downward pressure. By the end of the 2 PM hour, the price fell from $375 to $371, and continued to fall for the rest of the day, even dipping below $370 right at the close of the day.

In the news, our Editor-in-Chief Scott Fargo published his review of the Avalon 6 ASIC Bitcoin miner. In short, he called the machine “stable and powerful.” You can read the review in full here.

We also reported on Monday that OpenLedger and Emercoin entered a partnership to create “new synergies.” The two projects believe that their combined technologies can create great improvements in the blockchain ecosystem.

Tuesday began at $370.23, several dollars lower than the start of the previous day. After a return to the mid $370s during the morning hours, market activity slowed down and the bitcoin price leveled out, hovering between the mid and low $370s for the rest of the day. Towards the end of the night, the price embarked upon a climb, which continued into Wednesday morning.

On Tuesday, we reported on a large discovery regarding Valve accepting bitcoin. A Reddit user found several lines on Steam’s translation servers that indicate a bitcoin implementation into their game marketplace. It appears as if Steam will use the Bitpay API to process payments when this implementation goes live. This is huge news for Bitcoin, as Steam boasts 125 million users worldwide.

February 10 opened at $374.51, and improvement over the 9th, but still below the price seen at the beginning of the week. The price climb that launched late Tuesday night fizzled out rather quickly, reaching a plateau of $377 around 4 AM. After a jump to $380 at 8 AM, the bitcoin price went sideways for the rest of the day, hovering between $379 and $380.

Thursday the 11th started out with the bitcoin price at $377.49, finally climbing above the week’s opening price. The markets’ sideways trend from Wednesday carried over into the 11th, with the price seeing virtually no change aside from a brief dip in the afternoon.

Meanwhile, in the news, Coinbase CEO Brian Armstrong announced that his company will be switching to Bitcoin Classic, the latest scalability-focused BIP in the ongoing Bitcoin blocksize debate. This was a controversial decision for Coinbase; as one of the leading companies in the ecosystem, Coinbase’s decision to adopt Classic will surely influence many other people’s views on the block size issue.

Market activity on Friday was characterized by slow, drawn out growth. Starting out at $378.89, the bitcoin price crawled upwards throughout the day. After a flat spot during the afternoon, where the price stayed around $383, the markets sent Bitcoin upwards just a little bit further, pushing the price into the high $380s right at the end of the day.

On Friday, we reported on a Bitcoin acceptance story coming from Budapest. The Hungarian city’s Taxi drivers will now be accepting bitcoin through TheCoinPAY, making the taxi service one of the first bitcoin-accepting public services in Hungary.

February 13 opened with the bitcoin price at $387.48. Most of the day was spent flirting with $390 without fully getting over the threshold. However, that barrier was broken in the evening, when the price finally hit $390 at 6PM. After passing the $390 mark, the price took off, hitting the high $390s towards the end of the day.

We reported on a major development in US law and politics Wednesday. Reports surfaced of Supreme Court Justice Antonin Scalia being found dead in a Texas hotel room, where he was on a hunting trip. These reports were confirmed a few hours after they first appeared. Justice Scalia was 79 years old and had served in the Supreme Court for 29 years, making him the longest-service Justice out of all current members.

Sunday, February 14, started at $394.45, a notable increase over the start of the previous day. The bitcoin price broke $400 early in the morning. However, the markets couldn’t sustain $400 very long, and the price quickly dipped into the high $390s. The rest of the morning and afternoon was spent struggling between $399 and $400. Around 7 PM, though, the markets firmly broke the $400 threshold, climbing into the low $400s, even flirting with $410 for a brief period of time. The week closed out at midnight, with the bitcoin price sitting at $403.20, making for a 7.22% gain overall.

What do you think will happen in the Bitcoin world in the coming week? Let us know in the comments below!

The post Bitcoinist Weekly News Re-Hash: Valve Accepting Bitcoin, Antonin Scalia Dead appeared first on Bitcoinist.net.

Bitcoinist Weekly News Re-Hash: Valve Accepting Bitcoin, Antonin Scalia Dead

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Úno 08

Avalon 6 Review: 3.5 TH/s ASIC Bitcoin Miner Is Stable and Powerful

Source: bitcoin

Avalon 6

The Avalon 6 ASIC Bitcoin miner is the latest in Bitcoin hardware from Canaan-Creative/Avalon. Much like the Avalon 4, the new housing makes for a streamlined cooling and setup method. Canaan-Creative, who resurrected the damaged Avalon brand, has worked hard on these next gen ASICs as well as their customer service. This effort has led to the partnership with BlockC.co for distribution. BlockC sent an Avalon 6 for review using their new distribution center in Silicon Valley. Having a US-based distributor allowed for fast shipping and the Avalon 6 (A6) arrived quickly and safely. The specs on the Avalon 6 are very good while keeping a small and quiet form factor. The Avalon 3218 ASIC is a big step over the previous gen. The new efficiency is very welcome with fluctuating bitcoin value and a wide range of power costs around the world.

Also Read: Review: Avalon 4.1, 1 th/s Bitcoin ASIC Miner, Quiet Power

Avalon 6 Bitcoin Miner Specifications

Avalon 6 Main Control Panel

HASHRATE:
3.5TH/s ±5%
POWER EFFICIENCY:
0.29 Watts/GH at the wall averaged 1080 watts total during testing
PSU REQUIREMENTS:
12V DC ±0.2V, 1100 Watts Minimum PSU output (use high-quality cables)
* 1200+ Watts recommended. The system draws approximately 1000 Watts.

Avalon 6 Pool and Worker Setup

PSU INTERFACE:
PCIE-6PIN X 4
ASIC PROCESSOR MODEL:
Avalon A3218 (quantity = 80 chips per miner)
CONTROLLER
Raspberry Pi, Version B or B+ RPi 2
Each RPi can control 50+ miners
COMMUNICATION INTERFACE:
IIC/I2C
WORKING ENVIRONMENT:
0C to 35C, 10% to 80% relative humidity, non-condensing
DIMENSIONS:
354mm x 130mm x 150mm
WEIGHT:
4.3kg

Disclosure: Avalon 6 provided by BlockC.co to review.


The Avalon 6 arrived very fast and secure. The shipping gods were kind this time. BlockC.co shipped the single unit double boxed which made for a nice and secure miner. Being shipped from the US also had the effect of a faster ship time and lower shipping costs. The Avalon 6 like the Avalon 4 uses an RPi (Raspberry Pi) for the controller software. They have a custom control panel, or you can use the most familiar CGminer panel as well.

Avalon A3218 Bitcoin ASIC

Setting up pool and worker info is simply going to the configuration panel. Same for network settings and reaching the advanced settings. The menu layout is easy to use and yet still gives the options more experienced miners need. In the advanced interface, you can get very granular, and access clock speeds settings as well. The Avalon 6 overclocks nicely. The dual panel closed tunnel design leaves some room, so the cooling is robust despite only a single fan.

Frequency settings in the main panel allow for an underclock from 100 to a max of 500 which is the default setting. More advanced users can SSH into the control software and modify the base CGMiner with 3rd party firmware to accept higher freq. (Bitcoinist does not suggest using 3rd party firmware or overclocking do so at your risk). Due to the less dense two board design when the Avalon 6 overclocking it stays cooler allowing for more overhead.

Avalon 6 Large Scale Deployment Made Easy

Deployment with the Avalon 6 is a breeze due to the RPi controller and software. The other big benefit of the RPi control software is that is it can control 40 to 50 miners at once. This ability makes for easier large data center management. Instead of 50 network cables, one for each miner you only need one. This ability cuts down on deployment costs. You connect each miner to the next in this chain even eliminating the need for USB hubs to manage them. Furthering data center management ease is the data center software that Avalon has to manage all the RPi controllers. The software helps you monitor uptime, change settings across the entire data center. Bitcoinist will be reviewing this software and its process shortly.

Avalon 6 Excellent PCB Design

The Avalon 6 power consumption is solid as well. At an advertised 0.29 Watts/GH the Avalon 6 beats many of the current miners on the market available for purchase. The Avalon 6 we tested was only pulling at the wall an average of 1049 watts while performing at 3.56 th/s solidly. The single fan operates in a pull system within the housing. This airflow method allows for a smooth airflow over the heatsinks and boards. The fan control software allows for you to set manually your temp to fan speed threshold and is very effective. On default settings, the fan runs at an average of 2100 rpm at a data center temp of 55 F while putting out 55 dB at 4ft.

Avalon 6 Advanced Status

Updating the Avalon firmware is simple as well. The main Avalon control panel has direct links to the DL site. Customer service is excellent as well with BlockC.co handling much of it with worldwide distribution downtime is minimized in case of failure. Build quality is top notch, and extra attention paid to the board design allow for a robust unit.

The Avalon 6 is a solid step forward from the Avalon 4. With Avalon/Canaan-Creative’s deal with BlockC.co for distribution, they are easier to obtain that the Avalon 4s were. The excellent cooling and power to hash rate ratio while allowing for easy deployment and management makes it a good buy. BitFury and Bitmain will be releasing new miners with next gen chips to the public soon but what you can buy now it is hard to beat the Avalon is shipping now.  Their next gen chip should also be a cut above if they keep going like this. Avalon has come a long way forward since Canaan-Creative has taken over the IP.  That is a good thing for the whole mining industry.

Avalon 6 RPi and EVGA PSU
Avalon 6 Control Panel Selector
Avalon 6 Firmware Update Page
Avalon 6 55 dB at 4 ft
Avalon PCB ASIC Layout
Avalon 6 1049 watts for 3.56 ths
Avalon 6 USB Adapter
Avalon 6 Firmware Update
Avalon 6

What do you think about the Avalon 6?  Let us know in the comments below.


Image Source: Bitcoinist.net

The post Avalon 6 Review: 3.5 TH/s ASIC Bitcoin Miner Is Stable and Powerful appeared first on Bitcoinist.net.

Avalon 6 Review: 3.5 TH/s ASIC Bitcoin Miner Is Stable and Powerful

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