Wikicoin Katya Michaels

WikiCoin: How Bitcoin Transactions Work

📚 Wikicoin
One of the most touted advantages of Bitcoin is the high security, convenience and immutability of its transactions — but what are the details of this process?
WikiCoin: How Bitcoin Transactions Work

 

Once you bought some Bitcoin and placed it in a wallet, you may wonder how Bitcoin is actually transferred between users. It’s an intricate, but also an ingenious process which makes Blockchain technology so unique.

Cryptographic keys

Somewhat counterintuitively, your digital wallet doesn’t actually hold your coins — rather, it holds your Bitcoin address and a record of all your transactions. The address is an also known as the “public key,” which consists of 34 letters and numbers. The public key corresponds to another, “private key,” consisting of 64 letters and numbers. While the keys are related, and everyone can have access to your public key, there is no way to deduce the private key from the public key.

Digital signatures and validation

Any transaction initiated by a user gets “signed” by putting the private key and transaction details into the software on the user’s computer or mobile device. Then, this signature goes out to the network to be validated. The process of validation makes sure that the user actually has the Bitcoin he or she is trying to transfer, and that this Bitcoin has not been sent to anyone else. Bitcoin Blockchain software uses the generated signature and the public key (open to everyone) to check the public transaction history and validate the transaction — without having to reference the private key.

You can never break the chain

After being validated, the transaction is included in a new “block” along with other transactions. So blocks are bundles of new transaction data, but what makes the entire structure a “chain”? The answer is — each new block includes a “hash” of the previous block. A “hash” is produced by a function that transmutes any set of data into a 64 character string. If there is the slightest change to the original data, the hash becomes a completely different string, impossible to predict based just on the data change itself. Therefore, if someone changes a transaction inside a block on the chain, this will change the block’s hash. To “cover up” the change in the block, all subsequent blocks will need to be altered. The difficulty of this so high, it makes Blockchain transactions nearly hack-proof.

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10 Bitcoin-Friendly Countries That Legalized Cryptocurrency

📚 Wikicoin
Bitcoin’s growing acceptance has created a list of countries that are proving to be early adopters of new technology.
10 Bitcoin-Friendly Countries That Legalized Cryptocurrency

The Blockchain is a massive leap in technology that has left regulators playing catch-up. Much like other technological advancements here, most lawmakers are far behind in terms of defining the legal structure around which Blockchain-enabled solutions can work.

Let us first spend a little time defining the problem lawmakers face.

The lawmakers’ dilemma

Traditionally money is issued by the central bank and it has a strong backing in terms of gold/foreign exchange which keeps its value. The advent of Blockchain technology has made it possible for people to get access to currencies which are not issued by the central bank.

The robust and decentralized nature cryptocurrencies also make it difficult to link it's to an owner as required by regulators. In simple terms, it is difficult to identify criminal transactions.

This is giving lawmakers sleepless nights. While some simply block any use of cryptocurrencies by legislating against it, others noticed the value in Blockchain technology and are supporting it with the proper legal framework.

What is the need for having a cryptocurrency?

In simple terms Bitcoin’s decentralized network allows users to transact directly, peer to peer, without a middleman to manage the exchange of funds. This makes it a very affordable way of transacting as against the legacy banking network.

Bitcoin increases system efficiency and enables the provision of financial services at a drastically lower cost, giving users more power and freedom making it safer, simpler and more robust.

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The Bitcoin network is also a system where data is owned users and not by a company or government putting a lot of control in the hands of the users and taking it away from companies. This is important as more and more cases of data misuse are getting highlighted on a regular basis.

We will focus on which countries accept Bitcoins as a legal mode of transaction in this blog post.

Bitcoin popularity by countries

A cryptocurrency is just one of the ways of transacting in a marketplace. The acceptance of such a system is dependent on many factors including Internet access and societies recognition of digital payment modes against physical currency.

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Many countries have shown willingness to accept the innovative technology that Bitcoin brings with it. There is no standard way of ranking the acceptance of cryptocurrencies, we only highlight the nations (in random order) that allow its use in regular financial transactions and where people have started using it regularly.

The leading countries that have had a pro-Bitcoin structure are:

-      United States of America

-      Canada

-      Australia

-      Select countries of the European Union

A few countries like Belarus have taken the lead in identifying Blockchain technology as a driving force for future innovations and have enacted a law enabling set-up of cryptocurrency-hubs. According to an official press statement,

“Alexander Lukashenko, the President of Belarus, has signed a Decree on the development of the Blockchain-based digital economy, which also implies the official development of cryptocurrency payment acceptance, mining and trading”.

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Moreover, tax privileges will be introduced for transactions with cryptocurrencies.

Taking a deeper look, we can list the following 10 countries as the most Bitcoin-friendly countries as of today:

1.     Estonia

2.     The US

3.     Denmark

4.     Sweden

5.     South Korea

6.     The Netherlands

7.     Finland

8.     Canada

9.     The UK

10.  Australia

All of these countries now have Bitcoin ATMs and even regular businesses in these countries have started accepting Bitcoins as a mode of payment for goods and services. The legal framework is supportive of the new developments and some countries even provide tax breaks for people using cryptocurrencies.

The push for Bitcoin is also supported by government efforts involving reduction of physical cash-based economies.

Many countries are trying to become 100 percent cashless societies. Select countries in the EU have given Bitcoin a value-added tax-exempt status by classifying it as a financial service. This is speeding up the adoption of such robust and decentralized payment methods in these pioneering countries.

Many countries like Denmark, Sweden and the US allow Bitcoin to be used on exchanges and even on the derivatives market. This is leading to cryptocurrencies being more widely accepted in financial institutions and by the public.  

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Countries leading the Bitcoin revolution

The United Nations Sustainable Development Solutions Network publishes an annual report called the “World Happiness Report.”

The report ranks 156 countries across six factors including GDP, life expectancy, social support, generosity, freedom, and corruption. We believe that sustained reduction in factors like corruption can lead to growth in happiness the world over.

Now, what is the link between happiness or corruption and Bitcoin? The traditional systems in the world gave power in the hands of a few centralized. This is also a source of corruption and in turn unhappiness.

Technological advances like Blockchain are making the world decentralized giving people control over their data and thus giving more freedom to the masses. In our humble opinion technological breakthroughs like the Blockchain have the potential for reduced centralized control and cost of doing things making more stuff available and affordable to people and thus grow happiness in the world.  

It is not surprising then that the UN report on happiness and the top 10 countries adopting Bitcoin have a lot in common.  Actually, as many as six countries feature on both the list. These countries are:

-      Finland

-      Denmark

-      The Netherlands

-      Canada

-      Sweden

-      Australia

These countries are defining adoption of technology, they are giving greater control and freedom to their citizens and are mostly corruption free. Thus, the high happiness factor.

The world is still waking up to the possibilities of the Blockchain, regulations have a lot of catching up to do and we are quite sure that technology will continue to move much faster than regulation.

Although Bitcoin is now almost a decade old, countries still do not have explicit systems that restrict, regulate, or ban the cryptocurrency. Most countries are still analyzing ways to properly regulate cryptocurrencies.

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Overall, Bitcoin remains in a grey area as laws are still not there. To top this all off, there is a lot of noise around the value of the currency which is generating speculation and negative interference from regulatory agencies.

We believe this to be a passing phase, as more and more people understand the strengths of Blockchain more countries will come forward and accept cryptocurrencies as a legal and required mode of transactions in their marketplace.

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10 Crypto Trading Mistakes: How to Trade Cryptocurrency Profitably

📚 Wikicoin
With these 10 crypto trading tips, you will trade cryptocurrency profitably without loss
10 Crypto Trading Mistakes: How to Trade Cryptocurrency Profitably

Any fool can learn from his mistakes, only a wise man learns from the mistakes of others. These are the paraphrased words of Otto Von Bismarсk, and it is particularly apt when it comes to trading cryptocurrency for profit. The problem of how to trade cryptocurrency to be profitable did not just evolve. It has been a plague for years since the inception of Bitcoin.

Since the Bitcoin bubble in 2016, cryptocurrency has been the hottest trend on the Internet and even though it can be a volatile asset, many people still fail drastically because of lack of knowledge of cryptocurrency trading tips.

You have to learn how to make money with Bitcoin and other altcoins and avoid cryptocurrency trading mistakes. Without wasting much of your time, here are trading tips to follow.

It is easy to make mistakes when you are new to the game

Don’t buy coins based on unfounded tips

This is one of the most common crypto trading mistakes people make. Even outside cryptocurrency, sometimes people hear news about a company’s stock or on a particular job market and they allow what they hear get to them.

How can you avoid this crypto trading mistake?

  1.     By refusing to believe what self-acclaimed experts reveal

  2.     By saying no to relatives and cronies who insist that you’re wasting your time.

  3.     Turn off the TV and refuse any other propaganda being peddled by the media.

Does this mean that you should totally ignore any piece of information you receive? No. You might even be doing yourself more harm that way. However, you can always try to research more on anyone which catches your fancy. For example, you should know to discern what a salesperson says and what the founder of a tech startup says.

Research well before buying cheap stocks

Sometimes, you might feel that cheap stocks are not lucrative enough to be classified as scams. Imagine what will happen if 10,000 people send 0.1 BTC each to just one person? Crazy right? Even though it might not be an outright scam, several cryptocurrencies will never improve in value. In essence, you should have a critical eye for these cryptocurrency trading mistakes so as not to fall into the same traps.

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Don’t rush into diversifying

Many cryptocurrency experts nowadays are pained that there was no way to know these crypto trading tips when they should have known. If you want to know how to make money with Bitcoin, you shouldn’t bother yourself with altcoin trading tips, at least not yet. Try to focus at the start and keep a very centralized portfolio.

Run away from pump and dumps

You might become puzzled and start to question when crypto trading tips began to involve athleticism and races. You must have heard about the pump and dump activities which involve purchasing less-popular coins with very low volumes and then dumping it just to cause loss as people begin to notice the coins’ success.

This puts you in a quandary. How can you identify P&Ds and differentiate them from normal cryptocurrencies which are just enjoying an upward spiral on their own? Tough luck. However, the safest crypto trading tip is to carry out research and then follow your gut.

Double-check coins before sending to an address

Many times people out of impatience or genuine misfortune will send coins to the wrong wallet address when trading crypto. There are even many ways in which this can occur.

  1.     You send Bitcoin to a Bitcoin Cash wallet. Perhaps Ethereum to an Ethereum Classic wallet.

  2.     You send the correct funds to a different person’s wallet.

  3.     You send the wrong amount of funds to the right person’s wallet.

Either way, this might seem like one of those very obvious crypto trading tips but you should try to adhere to it. The loss you might incur might be catastrophic.

Avoid overtrading

If you have followed some of the Bitcoin trading tips or altcoin trading tips above, congratulations. Now that you have made significant gains this is even better. How can you leverage on this and keep the momentum? You begin to trade excessively. Bad move! For example, if you try to sell your coins immediately quickly you see improvement of like 20 percent, you can be tempted to sell and reinvest. The problem with this business model is that you are prone to misjudgment based on the volatility of the market.

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Do not trade emotionally

They didn’t lie when they asked you not to mix business with pleasure or emotions. This is one of the pillars of altcoin trading tips and you can find yourself in a terrible place if you choose to ignore this. It is very normal that one relatively unknown tip will just spike and losing out on this will cause you to aggressively invest in others. You might just end up losing all your assets this way.

Take time off trading

This appears counterintuitive, right? In conventional business, you are expected to put in more hours and then you’ll be promoted and your salary package will increase. Unfortunately, crypto trading tips are not conventional. How to trade cryptocurrency does not involve ways which are made known to everybody. Sometimes, you need to take time off the market, track your losses, celebrate your wins and come back stronger and wiser.

Start off with the right exchange

We have more and more altcoins in the market. And people no longer looking for how to make money with Bitcoin alone, they want other altcoin trading tips. Here’s one- begin your crypto trading career only with one of the several established digital currencies. When you do this, you are sure that the safety of your profits is guaranteed.

Don’t compound your losses

Here’s normal human intellect, you invest in a business and it begins to fail. Rather than getting away from the business as soon as possible, you stick with it and try to ensure that you get away with a least some money. Consider the time and effort you already invested apart from the money you would’ve lost by the end of the day. Don’t let pride get to you; it can instantly decimate your hard-earned savings in no time.

On a final note, it is not so easy to accomplish, although it is entirely worth it. Follow these cryptocurrency trading tips with all seriousness and you’re on your way to self-sufficiency as a result of cryptocurrency.

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10 Reasons Why You Should Avoid Investing in Bitcoin and Other Cryptocurrencies

📚 Wikicoin
Volatility, scams, legality: those are just a few issues that face investors in Bitcoin and altcoins. Remember, invest only what you can afford to lose.
10 Reasons Why You Should Avoid Investing in Bitcoin and Other Cryptocurrencies

Bitcoin and other altcoins have been making big headlines over the past few years, laced with stories about incredible gains and devastating losses. It’s the losses that are a hard pill to swallow. Many people ask, is Ethereum a good investment or Bitcoin? Let’s look at the top 10 reasons why you should not invest in Bitcoin and other cryptos. Remember, only invest what you can afford to lose.  

1. Volatility

Bitcoin and altcoins are very volatile, meaning that you could lose your shirt and your trousers if you buy high and sell low. In December 2017, Bitcoin hit its highest price at about $20,000. Fast forward to April 2018, when one Bitcoin is worth about $6,700, a 66.5 percent decrease in value. If you bought in the hype of December 2017, you would be out about $14,000 and for many people, that’s big money.

2. Security

In many countries of the world, banks are backed by the government. In the US the FDIC will ensure your bank account up to $250,000. Many exchanges do not insure your funds in crypto. If they are hacked and your proceeds are lost, you just lost all your money, unless the exchange can reimburse affected users.

3. Value or lack thereof

Bitcoin and cryptos are not backed by anything except belief. But then again, fiat currencies are backed only by the belief in the government that controls it, but at least cash is accepted everywhere. Crytpo derives its so-called wealth from mathematic formulae that are only understood by few.

4. Legality

Crypto is still very new, especially to governments. They are not sure how to regulate it or how to tax it. In some countries, there is a call to have it banned. Imagine being vested heavily in crypto and then finding out it is banned. How can you get your money back? Will you face fines and penalties for owning it? It’s not safe to own in a country that is about to place a ban on crypto.

5. Environmentally unfriendly

The power required to run mining rigs draws so much electricity, that it has become an environmental issue, that consumes valuable resources, pollutes the earth and even disrupts time. In China, Bitcoin mining is estimated to use up to four gigawatts of electricity, equivalent to three nuclear reactors' production levels.

6. Scams

Nothing is worse than being scammed out of your hard-earned cash. Scams and Ponzi schemes abound on the Internet with fake exchanges, fake ICOs, and other ways to steal your money. Whatever seems like an amazing way to double, triple, or quadruple your money in a short time, it probably is. You might also face long withdrawal periods to get your gains out of a rigged system. These are all part of Bitcoin investment scams and should be avoided.

7. No understanding of what crypto is

Many people ask if they should invest in Ether because it is not Bitcoin. Yes, it has a different function other than a store of value, but what makes it different is that it has smart contracts which are fuel and executed by “gas” another sub-set currency of Ethereum. Confused yet? As the old adage goes, don’t invest in something you don’t understand. “Can I invest in Ethereum?” you might ask, and sure you can, but don’t do it unless you understand it. More about Ethereum.

8. Decentralization: who do you trust?

Would you give your money to some guy on the street, who is touting a Bitcoin investment plan? I doubt it. Then why would you place your money into a system that has no central authority to regulate the inner workings of your investment and where your money is going? Could a state-backed cryptocurrency be the answer?

9. Anonymous or not

While Bitcoin is supposed to be anonymous, wallets are transparent. For some types of sales, especially in real estate, your funds need to be verified, it is a bit tricky to do with Bitcoin. Also, the US government is working with a firm to try to identify the individuals who may owe capital gains taxes on sales of Bitcoin. If the government can find you, then the promise of anonymity is false. Better not to get caught up in this trap.

10. Use on the dark web

The dark web is a place where all sorts of online crime take place, such as selling drugs, information, human trafficking, etc. Since Bitcoin is an incorruptible ledger system, that coin could be traced back to illegal dealings and might connect you to a crime: dirty money in other words.

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EOS Price Prediction- How Much Will EOS Cost in 2018-25?

📚 Wikicoin
Finance-savvy investors started putting a heavy focus on EOS. Let’s find out what experts think about it.
EOS Price Prediction- How Much Will EOS Cost in 2018-25?

 

EOS is becoming a popular currency among investors. Is it worth buying, and what’s EOS price prediction for the following years? Find out how much EOS coin may cost in 2018, 2020 and further on.

Although Bitcoin is still dominating the cryptocurrency market, there are a large number of new promising coins appearing. One of them is EOS cryptocurrency– the token introduced by EOS.io infrastructure for decentralized applications. Finance-savvy investors started putting a heavy focus on this coin, and some already started buying thousands of coins inspired by optimistic price prediction for EOS. Let’s find out what experts think about it.

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What is EOS?

Being a relatively new cryptocurrency, EOS hasn’t turned into a buzzword yet, so we should shed some light on what is it, and where this asset came from.

EOS.io is a Blockchain-based infrastructure for development and hosting of decentralized applications that has rocked the boat of traditional similar ecosystems: it solves the problems of transaction processing speed and is more technologically advanced than Ethereum and Bitcoin Blockchains.

No one knows what EOS stands for (“Ethereum on Steroids”,“Endless Online Scaling”, and some other versions exist). The tokens are issued by EOS.io project that’s controlled and developed by block.one company. The amount of emitted tokens is 1 bln, and they CANNOT be mined– you can obtain the currency by making investments.

What makes EOS special? The Block One platform leverages smart contracts that allow executing maximum 50,000 transactions for every second! This is much higher than the majority of existing Blockchains. With the help of scaling, Block One solves the problem of slow Blockchain-based transactions which makes this platform superior.

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EOS price prediction 2018

Initially, EOS tokens issued for sale in 2017 cost less than $1. By the end of 2017, its price has grown, and EOS 2018 price prediction seems to be justified: in January of this year, it has reached $13.063 according to the website’s records.

In May 2018, EOS cost is about $12– not asignificant fluctuation. Experts claim that the best tactics are to make long-term investments for at least a year. Why?

According to EOS coin price prediction 2018 from professional traders, in December of this calendar year, it will reach about $37. Therefore, your current investment can pay off three-fold. Every $100 you invest can turn into $300, which isn’t bad.

EOS price prediction 2020

Say, the EOS platform developed by block.one is thriving in 2019 (there’s no tendency that it may lose authority). What will be a realistic EOS price prediction for the following years?

  • The overall market cap of the company can go up by four times.

  • If Bitcoin and Ethereum slightly lose their dominance (for instance, their rate decreases by 15 percent), EOS can reach top-3 with $70 bln market cap, which means one EOS will reach $70.

Even according to the most pessimistic forecasts, EOS will reach at least $20 in 2019 and about $30 in 2020.

For EOS price to grow, several things should happen. First, well-developed governments like US and China should establish regulations for new currencies to enter the market.

Secondly, EOS community and communities of other altcoins should grow considerably to hinder the monopoly of Bitcoin and Ethereum on the market.

According to TradingBeasts community, EOS cryptocurrency price prediction 2020 is from $37 in January to $51 in December. These numbers seem to be close to reality.

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EOS price prediction 2025

All that sounds good, but let’s go further. Remember we mentioned that EOS is good for long-term investments?

Let’s make simple calculations: every $100 spent will give you 7.655 EOS now. In 2022, the price of currency can start from $60-80 in January, and your investment can turn into some $900 or higher. Five-year forecast is around $143.

Therefore, in 2025, EOS price can reach minimum $200. Your investments made now can pay off considerably– the appreciation gained by the platform is considerable.

Year

EOS price prediction (average)

2018

$22

2019

$31

2020

$46

2022

$70

2025

$140-200

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What the cost depends on?

Crypto experts claim it can soon be in the Top-3 cryptocurrencies along with Bitcoin and NEO. Why EOS has such a huge potential? If you look at the EOS platform developed by Block One, it is highly scalable and versatile: companies can easily use it as the foundation for various applications. With parallel execution, running decentralized applications becomes simple. With EOS features and power, companies will need less IT maintenance. Today, this is one of the most cost-efficient ways to organize online infrastructure.

There’s the whole gamut of factors that influence EOS future price prediction.

  1. The value and a market cap of other major cryptocurrencies (Bitcoin, Ethereum, NEO, and others).

  2. Development of EOS Blockchain (which is expected to grow at the exponential rate).

  3. Implementation of cryptocurrencies by governments.

Since EOS offers a superb Blockchain architecture and, which is important, doesn’t charge any fee for transactions, this platform would be interesting for millions of users all over the world. Therefore, the chances it will be a leading coin are very high.

Bottom line

Starting from the price launch prediction EOS has justified the forecasts made by leading cryptocurrency experts, and the tendency remains the same.

The Block One company came up with a truly revolutionary product that can change the future of online enterprise infrastructure. Of course, just like any other Blockchain-based infrastructure, this one isn’t perfect, but the creators are dealing with issues efficiently.

If you want to invest into crypto for a long run, pay attention to EOS: it is truly worth it. Many stakeholders are inspired by positive forecasts concerning the coin pricing, and there are simply no reasons for it to crash. Besides, EOS has enough potential and power to withstand competition with other major cryptocurrencies.

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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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