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Home Cryptocurrency Mining | Coinbase CTO Says Coinmine is the Future

Coinbase’s CTO, Balaji Srinivasan, has just announced his thoughts of the future of home cryptocurrency mining. Bitcoin mining and crypto mining in general are a huge industry, which exploded last year when digital currency interest hit mainstream. A new startup is trying to take another stab at popularizing at-home cryptocurrency mining, a business model that has not been successful in the past.

Home Cryptocurrency Mining: Coinmine

Srinivasan told CoinDesk that he is placing his bets on this new at-home crypto mining startup, Coinmine.

Srinivasan said:

“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit—or at least mine a decent amount of some crypto—via a decentralized home mining device like Coinmine.”

Back in 2015, Coinbase’s CTO founded 21.co, a startup with ambitious plans to embed Bitcoin miners in everyday devices such as laptops and cell phones. With his experience in the space, Srinivasan backed Coinmine in its angel round.

Coinmine One

Coinmine just announced pre-orders for its first home miner on Wednesday.

The home cryptocurrency miner currently up for pre-order looks very similar to a home DVR system or even an Xbox One. The product will be called Coinmine One and retails for $799. Shipping for these products will begin in mid-December.

>> Bitcoin Hits the Lowest Level of the Year Thus Far—Entire Market Down

Coinmine’s system is built to run two tokens: proof-of-work and proof-of-stake. Proof-of-stake tokens will only be enabled with updates that will be released in 2019. The networks that will be staking first are casper, dfinity, tezos, filecoin, spankchain, cosmos, foam, and polkadot.

When plugged in, users will automatically be placed into mining pools. The product will be very plug-and-play but also cedes a significant amount of control. Coinmine will take a 5 percent cut of users’ mining earnings.

Featured Image: Depositphotos/© IgorVetushko

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Teachers Mine for Ethereum | Busted for Using School’s Power

Teachers Mine for Ethereum: Mining for cryptocurrency comes with its controversy. Energy consumption is already the most eyebrow-raising aspect. So what about using the local school’s computers to mine for Ethereum… during school time? Oh, and you’re the principal of the school.

This is exactly what happened in Hunan Province, China.

Teachers Mine for Ethereum: What Happened?

According to Hong Kong news outlet HK01, two Puman Middle School principals were caught using the school’s power to mine Ethereum.

The school’s general manager noticed the computers’ fans were louder than normal and this raised questions. This was even during the holiday period. The IT network had slowed greatly, and energy consumption doubled between July and November.

The two principals in question are Lei Hua and vice principal Wang Zhipeng. The pair had installed $7,000 worth of computers (nine computers) and were using the school’s power to mine Ethereum. Hua had initially set up the rigs at his home, but he soon discovered the high cost that mining requires. Shocked at the energy bill, he then installed the computers in a school dormitory.

Teachers Mine for Ethereum, Stealing Power

Installing the computers in the school meant he effectively stole $2,163 worth of power—the amount required to mine.

Since the incident, the principal has lost his position at the school, and the vice principal has been given a strict warning.

>> Square’s Bitcoin (BTC) Profits Jump $500,000 in Q3

Mining Cryptocurrencies

Mining for cryptocurrencies is a notoriously expensive feat and has become a massive business in recent years. If you want to make a serious profit in mining for Bitcoin, for example, you need machines that can run in the thousands.

The more energy that is burned, the faster your computer can compute the complex mathematical equations, meaning you are more likely to ‘win’ Bitcoin.

To put it in perspective, mining for one block on the Bitcoin network reportedly costs the same amount of energy as powering a small house in a year.

Featured Image: Depositphotos/© ArturVerkhovetskiy

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Crypto Mining | Iceland Moving onto Greener Pastures

At the beginning of 2018, Iceland made headlines because of its heavy involvement in crypto mining. Because the country is an ideal climate for mining, Iceland is home to one of the world’s largest crypto farms.

But now things are changing; Iceland is shifting its focus. To what? Blockchain technology.

Iceland Crypto Mining No More?

Iceland has rapidly become a leader in cryptocurrency mining, but that doesn’t mean it has been all sunshine and rainbows. Back in March, reports circulated that Iceland was going to use more energy for crypto mining than it would to power its homes this year.

Icelandics worried that energy would deplete trying to accomplish this, but that there were no plans to stop. 

Now there might be. Red Herring reported yesterday, September 23rd, that, in simple terms, Iceland crypto mining is getting the boot; further, the Iceland crypto industry is going to start focusing on “pure blockchain businesses.” 

Surprise?

A lot of people said blockchain would one day surpass crypto, and that seems to be happening. At least, in Iceland it is. According to Halldór Jörgensson, the chairman of the Borealis Data Center, there is an ongoing shift towards blockchain and away from crypto mining happening in the country.

Jörgensson even said the craze around crypto farming (particularly Bitcoin mining) has died down. He said it’s “not as crazy” as it was in 2017.

>> Juventus Football Club will Launch Its Own “Fan Token”

Others Disagree

Even though people in the crypto industry have been optimistic about the potentials of blockchain, the technology has come into a negative light recently. 

On September 17th, Jack Ma said that blockchain is going to end up being “useless” if it doesn’t help the environment.

To Each Their Own

Will blockchain surpass crypto? It’s unclear. Regardless, I’m glad to hear that Iceland crypto mining is slowing down. It’s good that the Nordic island nation managed to become so successful in it, but it could have caused problems. Especially in the future, if it kept up at the rate that it was approaching. 

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Bitmain Adds Ethereum Mining Pool

Bitmain Adds Ethereum Mining Pool: The world’s largest Bitcoin mining pool is cheating on Bitcoin. Bitmain’s BTC.com is expanding to add an Ethereum mining pool which will initially support both Ethereum and Ethereum classic. 

Users will now be able to switch their hashing power from one pool to another, in light of whats happening in the market.

Bitmain Adds Ethereum Mining Pool

The announcement was made earlier today from BTC.com, which has earned its place as the largest Bitcoin mining pool in the world, having mined 21% of all Bitcoin blocks last year.

Bitmain Project Director Zhong Zhuang

According to Bitmain project director Zhong Zhuang, the decision was made to “help Ethereum scale its mining infrastructure.”

He furthered that the firm will “expand Ethereum’s network by relaying … rewards through our system,” — a reward system where participants earn crypto for participating in the pool.

Mining Options

The new pools will offer GPU and CPU mining options as a reactionary measure to help deal with falling prices across the crypto market this year. This is despite the fact that Bitmain released it’s own Ethereum Asics miner — the Antminer E3 — earlier this year. 

>>China’s Ban on Crypto Continues — Guangzhou District Hit

Zhuang said:

“GPU miners are versatile, still profitable and are not easily replaced in a bear market. It’s common for miners to split investment into both. Also, there are already ASIC miners for Ethereum and Ethereum Classic which are easier to set up and are dedicated to ethash mining. This will save us from supporting a huge list of GPU coins simultaneously.”

Bitmain Future

If this mining pool for Ethereum is effective, then BTC.com may launch more mining pools in the future with a focus on the top ten coins. BTC.com, however, is choosey; any coin being added must stand up to par in terms of quality of its network, code, roadmap, and volume of trading.

What are your thoughts? Will BTC.com soon become the world’s leader for Ethereum mining also?

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Cryptocurrency Mining Regulation | Is It Time To Talk About It?

Regulating cryptocurrencies has been a hot topic for years now. While some believe regulation would be hypocritical to an ethos whereby users govern their own network and money, is there anything to be said for regulating aspects of cryptocurrency…say a cryptocurrency mining regulation for example?

Cryptocurrency Mining Regulation – Here’s Why It’s Important

No matter how you look at it, cryptocurrency mining has become a mega business. No longer the lay-mans game, if you want to compete in mining for Bitcoin, you need serious rigs that run in the thousands.

The key to mining successfully is pretty straight-forward; the more energy you burn, the faster your computer can compute the complex mathematical equations, and this means you are more likely to “win” Bitcoin.

Bitcoin is becoming harder to mine as there is fewer Bitcoin left to be mined. As a result, the energy necessary for an operation to mine an entire block and receive a dozen Bitcoins has reportedly been the same as powering a small house.

What Does This Mean?

Because of the price value of each Bitcoin (today it is worth $6,417), the costs of mining are considered justified as the coin value still outweighs the expenditure in using such huge quantities of energy. However, to put this in perspective, back in January the Credit Suisse ran a report that claimed that nearly 80% of miners’ winnings, go back into funding electricity consumption.

So let’s look at the math to really realize this amount of energy expenditure.

Let’s Do Math

If I have received 12 Bitcoins from a successful mining venture, then — based on BTC’s current value — that equals $77,004. 80% of that figure goes back into the cost of running my operation and that equals $61,603.20.

Just think of how many homes you could power with $61,603.20 every year? And this is just one entire block mined.

>>EOS, Litecoin (LTC), & Tron (TRX) Fall

Keep in mind, an average Bitcoin block is mined every ten minutes.

Other studies have made similar claims too, with the American Journal of Energy Academics Joule predicting that by the end of 2018, Bitcoin network’s power consumption may account for 0.5% of the global total.

So should we be regulating crypto mining similarily to transportation emissions? Is there really a difference?

Featured Image: Deposit Photos/IgorVetushko

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