Darryn Pollock

Monero Blocks Bitmain’s Attempts to Monopolize its Mining With ASIC

After threatening to combat Bitmain’s latest Monero ASIC miner, Monero has gone ahead with an update which will maintain the ASIC resistance
Monero Blocks Bitmain’s Attempts to Monopolize its Mining With ASIC

In a battle of cat and mouse, Monero has fired the latest shot at Bitmain after the ASIC mining hardware producer announced it would be releasing their new ASIC-powered Antminer X3 designed to mine Monero.

Monero has gone through with threats they laid out that were designed to prevent the new device from being effective.

The new Monero update, called Lithium Luna, is scheduled for April and the release document for the update states that it “slightly changes the proof-of-work algorithm to prevent DoS attacks by ASICs.”

Following through

When the Antminer X3 was added to the Bitmain site, there was an immediate reaction from the author of the Lithium Luna post, Monero lead Dev, Riccardo Spagni. He took to Twitter stating that “this WILL NOT work on Monero.”

It had always been their mandate to fight against any sort of ASIC take over when it came to mining, and back in February, in their blog, they posted as such. Essentially, it stated that they would actively counter any sort of ASIC mining equipment, and have now followed through with this latest update.

Steadfast in their charge

Monero is a cryptocurrency that prides itself on their privacy as well as their ASIC resistance, so much so that despite there being a potential for security risks, the update will go ahead in order to stop Bitmain’s mining influence.

Mining With ASIC

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Darryn Pollock

Cryptocurrency Mining IPOs Breaking New Ground, But is This a Good Move?

With Bitmain recently putting forward its IPO in Hong Kong, other mining companies are looking to do the same, but what’s the story behind it all?
Cryptocurrency Mining IPOs Breaking New Ground, But is This a Good Move?

This week, Bitmain, one of the biggest producers of cryptocurrency mining hardware, filed an application in its attempt to go public on the Hong Kong Stock Exchange (HKEX). It is a bold move for a cryptocurrency-based enterprise, but it is not the only move by such a company.

In May, Canaan Creative, another major mining hardware maker from China, also filed an application in Hong Kong to go public, and Ebang, followed suit in June. There has been an uptick in these companies looking to be valued in the public space.

The question is, does launching an IPO make sense for a company, that exists in such a volatile space? It is especially pertinent when you consider that mining popularity is based almost solely on the price of cryptocurrencies, and, currently, the market is looking extremely bearish.

Aiming for billions

There is no doubting the power and the potential that mining hardware companies have. Bitmain made between $3 and $4 bln in profits in 2017, when cryptocurrencies and their mining was at its peak. Thus, the desire to go public makes a lot of sense.

However, the growth of these companies are not regulated by normal market factors, once growth has been achieved, it is not guaranteed to keep going up. In fact, as it stands currently, there has been a big downturn in the market which drives interest in mining equipment.

This is no secret, and in fact, Bitmain even warned its potential IPO investors of such an occurrence.

"If the market price of cryptocurrencies suddenly falls ... demand for our mining hardware and cryptocurrency mining services will also drop rapidly," Bitmain warned. Other factors to be wary of is that the HKEX is also in its own bearish rut, having dropped as much as 20 percent.

Still, the hope from Bitmain, and the others, in the HKEX is that they will be able to raise billions despite the current market situation.

Mining and its negative correlation to price

However, to be fair to those looking at mining IPOs, the expected correlation between mining and Bitcoin price does not seem to be there. Bitcoin mining has actually increased despite the falling price of the cryptocurrency.

Mining and its negative correlation to price

So, even with the price of cryptocurrencies slipping, there is still an uptick in the hashrate of Bitcoin, indicating that mining is still steadily growing. The reasoning behind this may have to do more with a look at the future, rather than right now.

Many people have pushed the boundaries of mining, and even with low prices, are able to survive, hopeful that once established in mining, when/if the prices go up again, they will be in a good position to profit.

Can it last?

With this kind of information behind them, investors for the IPOs should be quiet keen to get involved, however, in the long run, there are contrasting views.

"Cryptocurrencies will likely fall out of favor" without greater mainstream adoption in the near future, Benjamin Quinlan, founder of Hong Kong-based financial services consulting firm Quinlan & Associates predicted. “They will find it extremely difficult to survive when the cryptocurrency market, as a whole, withers away," he said.

But on the other hand, many are still hopeful that the digital currency can stage a recovery as financial exchanges and big companies start to take it more seriously.

"As you see more adoption of just people being comfortable with it, it feels like it's going to go up," Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, said.

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Katya Michaels

Crypto Canal: Women in Blockchain Put Amsterdam on the Map

BTC.com, Bitmain Technologies’ digital platform, hosts a Women in Blockchain event in Amsterdam
Crypto Canal: Women in Blockchain Put Amsterdam on the Map

One of the distinguishing traits of the crypto community is its truly global scope. The principles of decentralization and a low barrier to entry are what make Blockchain such a great tool for promoting transparency, accountability and democratic participation. Given enough awareness, initiative and an internet connection, any place in the world can become a hub of Blockchain activity.

Europe boasts quite a few crypto hotspots, including London, Berlin and, of course, Malta. The Netherlands has a vibrant entrepreneurial culture and are consistently rated as having one of the highest qualities of life in the world, so it’s not surprising to see more public crypto events in Amsterdam. The city is also home to one of the global offices of Bitmain Technologies.

BTC.com, the digital platform founded by Bitmain to provide services for Bitcoin users, miners and developers recently hosted Bitcoin Fundamentalks: Women in Blockchain Special in Amsterdam. The event featured an expert panel, assistance with the BTC.com wallet installation and a Bitcoin Cash drop. U.Today spoke to the panelists about the Netherlands’ crypto community and the way Blockchain is changing the entrepreneurial landscape for women everywhere.

The event’s speakers included: Nikol Daru– Marketing Manager of BTC.com and participant of #CryptoCanal initiative; Jana Petkanic– Blockchain consultant and co-founder of Blockchain Talks; Marieke de Ruyter de Wildt– founder of Blockchain food systems company The Fork; Berit Fuss – Blockchain consultant and speaker; Valeria Ferrari– PhD candidate at the Institute for Information Law of the University of Amsterdam working in the Blockchain&Society Policy Research Lab; and Eleonore Blanc– Content and Community Manager of BTC.com.

Blockchain in the Netherlands

U.Today: How would you compare the level of Blockchain and crypto adoption in the Netherlands to the rest of the world?

Nikol Daru: The Netherlands is a global leader in technological innovation and development, reflected in the active and vibrant Dutch cryptocurrency community. There are also many well-known crypto companies located in Amsterdam, that's why we use the term #Crypto Canal.

Valeria Ferrari: The interest is high within the public– big and small firms are not hesitating to invest in Blockchain expertise and implementation. Being a country that is responsive to new opportunities for economic and societal growth, the government of the Netherlands is promoting the industry and exploring the adoption of Blockchain for administrative purposes.

Berit Fuss: I am seriously impressed by the amount of organizations in the Netherlands that are exploring the technology. We also have a government that has a very proactive attitude towards Blockchain technology, something that you only see in a few other places in the world.

Jana Petkanic: Emerging economies have a real need for Blockchain, due to highly corrupted governance entities. However, R&D is more advanced in developed economies, so I think we shall be spreading the knowledge to those poorly facilitated regions.

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Welcoming women

UT: How has Blockchain changed the circumstances for women entrepreneurs in your experience?

Berit Fuss: I am not sure a lot has really changed, but all the developments and attention surrounding Blockchain technology have created a bigger stage for women who are also entrepreneurs to shine. I think that in a field as new as Blockchain technology, where there are few experts, it might be easier to claim a spot and get attention for the great work you (as a woman) are doing than in an established male-dominated scenario.

Valeria Ferrari: As a technology that has profound implications on the way information, wealth and thus power are managed and distributed among the members of a community, Blockchain inspires the disruption of established financial and business models, which are the heritage of centuries of white-male-dominated economies. In the Blockchain space, women contribute in defining how Blockchain can beneficially change some areas and aspects of an economy, but the number of women in this industry is still low– I hope to see a growing number of initiatives fostered by feminine-thinking.

Jana Petkanic: Blockchain itself hasn't changed anything, but I envision more women entering this industry in the future because Blockchain naturally reinforces principles of fairness, democracy and common good– features that women are more attentive and sensitive towards.

Nikol Daru: I don't think that Blockchain has specifically changed the overarching position of women to start or scale their own companies. But because of its open protocol, Blockchain is blind to gender-bias and allows any entrepreneur to kickstart their project given the possibility of crowdfunding via ICOs.

UT: What are some of the most important takeaways from the Bitcoin Fundamentalks: Women in Blockchain special?

Nikol Daru: We had a huge amount of interest, the event filled up in less than two days, and the turnout was great. The talk attracted over 100 women, and they said they felt invited here in a way they wouldn’t have at a regular Blockchain event.

Marieke de Ruyter de Wildt: We were very surprised that some women apparently feel more welcomed by having “women” in the title of an event.

Valeria Ferrari: The presence of so many ladies at this event was surprising for those who regularly attend crypto-related events in Amsterdam. In my opinion, this highlights that women are interested in the topic, but scared away from regular meetups by other circumstances such as fear of not being informed enough or encountering a closed community.

Berit Fuss: Many attendees said that they needed that little nudge of a women’s event to actually attend a tech-focused meetup. It was interesting to see that there were so many beginners on the topic, but a lot of these women had really interesting profiles. Lawyers, creatives, designers, UX-ers, entrepreneurs– these are all people we need to not only mature the pure tech itself but to create applications and experiences that people will be able to use.

Valeria Ferrari: It was amazing to see how everyone was interested in discovering not only how cryptocurrencies work but also how Blockchain could be used in their domain of expertise. 

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Stepping out of the Blockchain bubble

UT: What kind of initiatives would you like to see more of in the crypto community, both in Amsterdam and globally?

Nikol Daru: There is a large and critical population that is being underserved by the current meetup landscape: beginners. We need more knowledge bootcamps and meetups with a focus on practical learning. With the Fundamentalks series, we aim to bring everyone up to speed, so they can have a foundation from which to develop a critical understanding of the space. There is a serious need for content that helps people orientate themselves within this chaotic and fast-paced industry.

Marieke de Ruyter de Wildt: There's currently an overdose of free/sponsored (hence biased) content. We hope the sector will mature this year with high-quality content supply and an informed demand, not just gold diggers seeking for easy return.

Valeria Ferrari: I believe that the Blockchain community should step out of its bubble, and interact more with other tech hubs in Amsterdam and in the rest of the world. For instance, I would like to see the young, vibrant startup environment of Amsterdam joining forces with the crypto community to create approachable, mainstream Blockchain-based solutions in fields such as the art and the food industry.

Jana Petkanic: We need more involved parties outside the community- cryptocurrencies will concern everyone in the near future, and I would appreciate if the mainstream media and public institutions showed a real interest in promoting non-biased information about this field.

Berit Fuss: We need to keep adding people with a variety of expertise to our Blockchain/crypto family in order to make applications practically usable. We need to create more tools for developers to build better applications. We need to keep bridging the gap between large organizations, governments and startups.

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Technology by people, for people

UT: Do you find that people who are new to the industry find it difficult to place their trust and business in the hands of new technology? How can they be convinced?

Berit Fuss: One of the early things I usually talk about with any person or organization I work with is that any technology is created by people and used by people. There is not some magic wand that will solve the world’s problems. This also means that people quickly understand that they have a role to play, whether that is to contribute, to collaborate or to voice their needs as a user. For me, it is not so much convincing people to put their faith fully in technology but letting people see the possibilities of technological development, and help them figure out how they can contribute and benefit.

Marieke de Ruyter de Wildt: The fact that technology needs to be demystified is nothing new and not Blockchain specific. Of course, the majority of people are tech-illiterate, hence also Blockchain-illiterate and require initial guidance.

Valeria Ferrari: Companies work for the logic of profit and this will not be disrupted by technology. What the technology does is allow us to think about new models of managing value and information, cutting costs in some domains, improving transparency in others, and potentially mitigating the capitalistic and secretive accumulation of data by tech-giants and finance firms. These kinds of improvements, however, can only be fostered if the awareness of people about existing problems is strong enough to force businesses to change.

Jana Petkanic: My greatest interest is not to convince, but to inspire. I believe everyone will understand the potential of Blockchain at the right moment.

Nikol Daru: I have no doubt that global adoption will happen because of people who are passionate about crypto and share their interest with others. Our community is very social and most people learn about crypto from a friend. We hope that people who attend our events will continue the butterfly effect and share their new knowledge with their friends.

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Bitmain Brings in $3 Billion

5 year old Bitmain may have made more in profit than 24 year old computer chip maker Nvidia.
Bitmain Brings in $3 Billion

Bernstein analysts estimate that hardware creator and mining company Bitmain earned more than publicly listed computer chip company Nvidia ($NVDA) did in 2017. Bernstein’s analysts estimated that Bitmain made $3 to $4 bln in operating profit in 2017 while Nvidia’s profit in 2017 was estimated to be $3 bln. What analysts found impressive was that Bitmain was able to achieve these numbers after only five years of operation, Nvidia on the other hand, has been in business for 24 years.

Bitmain is a Beijing based hardware and mining company founded by Micree Zhan and Jihan Wu. Bitmain’s most notable product is the Antminer, a cryptocurrency mining rig that sells anywhere from $200 to $2,400 on the Bitmain website. Bernstein analysts estimated that Bitmain has 70-80 percent of the market share for cryptocurrency mining rigs. In addition to creating mining hardware and mining rigs, Bitmain operates a number of mining pools, the most notable being AntPool with a 15.1 percent share of the entire hashrate.

It is estimated that Bitmain made most of their $3 bln profit from selling ASIC chips and mining rigs. The other portion of Bitmain’s profit comes from the company collecting management fees from their mining pools, renting out mining power through cloud services, and through their own mining operations. That being said, 2017 was a great year to be involved in cryptocurrency mining. During the California gold rush, they say the people who made the most money were the ones who sold the shovels. What chip and rig creators are essentially doing in the cryptocurrency industry is selling the shovels. The first day of 2017, the price of Bitcoin was $979.5 (coinmarketcap.com), and at the end of the year, Bitcoin was worth $13,096 – an increase of over $12,116.5 equivalent to over 1,200 percent.  As the price of Bitcoin increased, Bitmain’s mining equipment increased in price. As Bitcoin approached a high of 19,994 on Dec. 17, 2017, the price of the Bitmain AntMiner s9 crawled toward $5,000.

Bitmain plans to open mining farms in Canada and Switzerland in the future. Bitmain also plans to expand their services to other cryptocurrencies like Ethereum and Monero.

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Five Best Bitcoin Mining Hardware 2018

📚 Wikicoin
The five top Bitcoin mining hardware solutions
Five Best Bitcoin Mining Hardware 2018

As we know, Bitcoin was the first cryptocurrency to appear on the horizon of cryptocurrencies. At least, it appeared to be the most popular coin, the ‘father’ of all other altcoins. Being a decentralized currency, it cannot be controlled by any person, government, bank or company. Instead, it belongs to the community and can be used for making digital payments. This is why so many people today are hunting for the precious coins– the gold rush of the 21st century has infected the entire world.

Some couple of years ago, obtaining bitcoins was a no-brainer– it could be mined on a simple PC or smartphone. Today, this is a much more challenging task that cannot be completed without special Bitcoin mining hardware. But devices differ, and some are more powerful and reliable than others. To help you make an informed decision, we have prepared the list of top Bitcoin mining hardware.

What is mining?

Before we start observing the best hardware for Bitcoin mining, let’s figure out what this process involves. When Bitcoin transactions are performed, they are recorded in a public network called the ‘Blockchain.’ What miners do is verify these transactions by using their computing power from mining hardware. For every recorded transaction, miners are rewarded with cryptocurrency. Therefore, mining is a simple method of earning cryptocurrency: all you need is to install hardware and maintain proper cooling and power supply. You don’t have to know how things work, or how to transact BTC.

There’s one problem, though: Bitcoin reward is given to the miner who solves a mathematical computation first. Remember we mentioned that Bitcoin mining was much easier than today? This is due to the fact that the calculations required for the transaction record are getting more and more complicated. A usual computer won’t be able to perform calculations as fast as required, so without the best Bitcoin mining hardware, you won’t be a lucky owner of coins.

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How to choose Bitcoin hardware?

You can’t just buy the first device you see– the choice should be well-thought. Let’s observe the basic Bitcoin mining hardware requirements to make the right decision.

  1. Hash Rate. This is the number of calculations that the hardware can perform in one second. Hash Rate is a crucial aspect for hardware: the higher it is, the more chances you have to solve complex mathematical computations and get BTC reward.

  2. Energy Consumption. Now when you know that your mining efforts can be made in vain, if other miners appear to be faster, energy costs start seeming a problem. You need to take these costs into consideration. Of course, the more powerful hardware you buy, the more energy expenses you should expect. However, some solutions are more cost-efficient than others. Check the electricity consumption rating in watts and determine whether mining revenue compensates your electricity bills.

  3. Price. If you want to make a fortune on Bitcoins, cheap Bitcoin mining hardware won’t help you with that. Get ready to invest heavily, but don’t worry: worthy mining devices pay off quite soon.

Now it’s time to observe the best hardware options.

The Dragonmint T16

When it comes to Bitcoin mining hardware, ASIC solutions are unbeatable. Dragonmint T16 from Halong Mining is exceptional because it’s the first device to achieve the hash rate of 16 TH/s. Think it consumes too much energy? In fact, needs 1600 W power supply, but consumes only 0.075J/GH against 0.098J/GH in Bitmain’s Antminer S9.

Thanks to ASICBOOST algorithm implemented in Dragonmint T16, the efficiency can be boosted by 20 percent. Taking into consideration both its hash rate and energy consumption level, it is 30 percent more efficient than its minor competitors.

Dragonmint T16 mining hardware

Bitmain Antminer S5

Although it’s not the latest version of the famous Bitcoin mining hardware from a globally acknowledged company Bitmain, Antminer S5 is still being used. The required power supply is 115 Volts only, and it generates about 560 Watts– as you see, power needs and consumption are pretty low. That’s what makes Antminer S5 suitable for desktop computers– they can easily accommodate it.

This device can produce around one GH/s for every 0.51 watts consumed, which is much higher compared to S3, the previous version. The model has a reduced weight due to the fact it’s made of lightweight materials and is opened from top to bottom. Installation and setting up don’t require much time and skills.

Antminer S5 mining hardware

Bitmain Antminer S7

If the previous device could be called the best Bitcoin mining hardware 2016, this is a newer version that is more efficient, and yet comes for a reasonable price. Antminer S7 can provide you with a hash rate of 4.73 TH/s and maximum power consumption at the level of 1300 W.

At the same time, one device may not be enough to generate profit considering the difficulty of modern computations. In order to get maximum from your Antminer S7, you can either buy several units or optimize one. Note that professional miners highly recommend using Bitmain APW3 1600W Antminer power supply.

Antminer S7 mining hardware

Bitmain Antminer S9

When it comes to the best Bitcoin mining hardware 2017, nothing can outperform Antminer S9– the latest version of the famous hardware solution. Although it is pretty expensive, the hash rate is enormous– 14 TH/s, which is more than enough for efficient mining.

This ASIC requires 1350 W power supply, and to reach maximum energy efficiency, you should use  Antminer APW-12 1600 Watt. All that makes Antminer S9 twice as efficient as Antminer S7. With this model, you can make around $1,900 annually per chip. To maximize your revenue, you can join a mining pool, and get several of these mining monsters.

Antminer S9 mining hardware

AvalonMiner 741

Another great Bitcoin mining hardware 2017 solution is provided by Canaan company. AvalonMiner 741 provides a decent level of hash rate- 7.3 TH/s and features a splendid cooling system that makes 88 chips function as a single unit. Besides, it supports 24/7 running of the miner.

The overall efficiency of the unit is 0.16 J/GH, which is way higher compared to other devices from this price range.

AvalonMiner 741 mining hardware

Miner comparison

Now let’s perform a detailed Bitcoin mining hardware comparison:

 

Dragonmint T16

Antminer S5

Antminer S7

Antminer S9

AvalonMiner 741

Hash rate

16 TH/s

1 GH/s

4.73 TH/s

14 TH/s

7.3 TH/s

Power consumption

1600 W

590 W

1300 W

1350 W

1150 W

Efficiency

0.075J/GH

0.51 J/GH

0.098 J/GH

0.098J/GH

0.16 J/GH

Price

$2,700

Not produced anymore – you can buy a second-hand one

$200

$624

$900

Weight

19 pounds

7.5 pounds

7.5 pounds

10.14 pounds

10.58 pounds

All in all, the newest versions of mining hardware are always worth investments– they are paid off better. However, if you want the best mining equipment, be ready that it may take a bite of your wallet. Dragonmint T16 and Antminer S9 are the most highly recommended solutions, but if you’re not ready to pay a fortune, try combining several cheaper miners– it should work.

Together with the ASICs, you’ll need:

  • fans

  • cooling system

  • power supply devices

  • frame

Choice of mining hardware is crucial for the overall success of the process. Invest once, and soon you’ll be a lucky owner of Bitcoin and altcoins- the minimum effort will be required on your side.  Good luck!

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How Long Does it Take to Mine a Bitcoin?

📚 Wikicoin
After reading this article, you will know how long it takes to mine one BTC with different hardware
How Long Does it Take to Mine a Bitcoin?

After the Bitcoin craze, which took over the world in December 2017, many people got interested in crypto mining as a potential source of income. However, the harsh truth is that Bitcoin mining got extremely competitive these days, so the overwhelming majority of newbies feel like they’ve already missed the boat. In 2011, the extremely low difficulty rate would allow you to mine one BTC per day with your ordinary PC, but now you have to use specifically designed ASIC mining chips. The question is, how long does it take to mine a Bitcoin in 2018?     

What is hash rate? 

How long does it take to mine a Bitcoin block? Before we find out about this, it is important to understand what Bitcoin’s hash rate is. A hash is a cryptographic puzzle that miners have to solve. Consequently, the hash rate measures the speed at which a specific machine operates and solves mathematical problems. Bitcoin’s cumulative hashing rate increases almost every single day due to the monopoly of large mining farms. 
 

Mining difficulty 


In June 2018, it was reported that Bitcoin’s hashing rate skyrocketed by five exahash over the course of two weeks. Remarkably enough, it took the whole network over more than eight years to reach a similar milestone. The sudden spike in mining difficulty doesn’t necessarily mean that a lot of miners join the industry in droves and create a bigger competition– it rather indicates that ASIC chips become more advanced. The same happened during the transition from CPU mining to GPU mining. Thus, huge ASIC manufacturers (Bitmain, in particularly) effectively establish a monopoly. Here are the most popular producers of ASIC hardware:

  • Bitmain
  • Halong
  • Avalon
  • Pangolin.

Over the last 30 days, BTC’s mining difficulty has increased by 1.99 percent. This change seems insignificant, but the difficulty drastically growth when every 2016th block is mined (which happens every month or two). The data, which shows how long it takes to mine a Bitcoin in 2016 and how long it takes to mine a Bitcoin in 2017, is not really relevant anymore since now it is significantly more difficult to mine BTC.

image

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The speed of mining 


New BTC are mined almost every 10 minutes, but you have to actually earn a part of the block reward by contributing your hashing power to the network that a necessary for solving a block. As of now, the block reward is set at 12.5 BTC.

By the way, the actual block time is not determined– it often takes less than 10 minutes to mine a single block. This is only an average timeframe that is set as a target for miners.     

image    

The fastest type of mining

  
How long does it take to mine a block of Bitcoin alone without powerful AISC chips? More than eternity. You may run your hardware for decades without mining a single block. Furthermore, it will never be very unprofitable power-cost wise. Those who are interested how long it takes to mine a Bitcoin with GTX 1080 may be disappointed as well since GPU mining hasn’t been profitable for years unless you run a large farm with plenty of mining rigs.  

If you want to mine effectively, you have to join any mining pool of your choice. The obvious downside is that you have to split the reward for solving a complex mathematical problem with other pool members (the more computing power you contribute, the bigger part of the reward you get). In a mining pool, you will need to contribute about four percent of the cumulative processing power, which is required to mine a block, in order to earn one BTC. How long it takes to mine a Bitcoin in a pool? There is no clear answer to this question, because the exact duration depends on what kind of pool you choose and what equipment you use. Here’s a table which shows popular mining pools and their fees. 
 

Mining pool 

Fee

Antpool

1%

BTC

3%

Slush Pool

2%

BW

1%


Of course, you can engage in solo mining as well, but you need top-notch mining hardware for that. For example, Antminer S9 will set you back $2100. How long does it take to mine a Bitcoin with ASIC? Considering that this miner has a hashing rate of about 13.0TH/s, you would be able to mine 0.02 BTC per month (167.28 USD). Hence, it would take about 50 months to mine a single Bitcoin with one of the most advanced mining chips on the market, but this is a very vague predictions if you take into account the constantly rising mining difficulty. 
 

The cost of mining one Bitcoin 


Once we’ve figured out how long it actually takes to mine one Bitcoin, let’s find out how much it actually costs to mine one BTC. In fact, the price of mining drastically differs from country to country due to different electricity rates. For example, mining one Bitcoin in Venezuela will set you back $531 while (this country has the cheapest electricity). At the same time, South Korea, a thriving crypto hub, is considered to be the most expensive country for mining Bitcoin where a single BTC will cost more than $26,000. 

In the US, the average price of mining rangers from $4,000 to $6,000 (depending on the state), but the cost will obviously go up due to a constantly increasing mining difficulty.

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