Bitcoin Mining – Where the Profitable Future Lies



The Times – January 3, 2009

Bitcoin Genesis Block
Mined 03 January 2009

Cypherpunks Write Code

CODE IS LAW
THE SOONER HUMANKIND ACCEPTS IT,
THE SOONER IT CAN BUILD AROUND IT

Yeah.. I wonder Why ๐Ÿ˜‚


Bitcoin made easy

How a Bitcoin transaction works

A humble Miner


How Bitcoin Mining Works

Mining Difficulty

Bitcoin Halving

Bitcoin Previous Halvings

Pools

Bitcoin Wallets

Bitcoin Stakeholders

Bitcoin Facts

Power to the People

Totalitarian Governments can kiss my 256-bit key

Bitcoin – People’s Money

Bitcoin cannot be Shut Down


The power of the long tail…



Central Bank’s 3 Strategies

F**k them, Enough !!!



Upcoming Smart Contracts Networks

Bitcoin Yearly Candles

Bitcoin Price History – Log Scale

Bitcoin Mining Ecosystem Map

Defi Ecosystem in Ethereum

DeFi Stack: Product& Application View

Syscoin Ecosystem


Syscoin

BSC Ecosystem

Popular Cryptocurrency

Crpto Ecosystem

Public Companies that own Bitcoin

Top Banks investing in Crypto

Bitcoin Inflation vs. Time

When you’re Ready…



Choose Wisely

Make bitcoin thrive, let fiat become humus…



Veritas non Auctoritas
Facit Legem

Most people misunderstand what bitcoin miners actually do, and as a result they don’t fully grasp the level of security provided by bitcoin’s hashrate.

In this article, we’ll explain proof of work in a non-technical way so that youโ€™ll be able to counter the misinformation about supercomputers and quantum computers attacking the Bitcoin network in the future. 

Simply put, mining is a lottery to create new blocks in the Bitcoin blockchain. There are two main purposes for mining:

  1. To permanently add transactions to the blockchain without the permission of any entity.
  2. To fairly distribute the 21 million bitcoin supply by rewarding new coins to miners who spend real world resources (i.e. electricity) to secure the network.

To understand what is actually happening in this lottery system, let’s look at a simple analogy where every Bitcoin hash is equivalent to a dice roll.


Luck, Gambling, and SHA-256


Imagine that miners in the Bitcoin Network are all individuals gambling at a casino. In this example, each of these gamblers have a 1000 sided dice. They roll their die as quickly as possible, trying to get a number less than 10. Statistically, this may take a very long time, but as more gamblers join the game, the time it takes to hit a number less than 10 gets reduced. In short, more gamblers equals quicker rounds.

Once somebody successfully rolls a number less than 10, all gamblers at the table can look down and verify the number. This lucky gambler takes the prize money and the next round begins.

Ultimately, the process of mining bitcoin is very similar. All miners on the network are using Application Specific Integrated Circuits (ASICs), which are specialized computers designed to compute hashes as quickly as possible.

To โ€œcompute a hashโ€ simply means plugging any random input into a mathematical function and producing an output.

More hashes per second (i.e. higher hashrate) is equivalent to more dice rolls per second, and thus a greater probability of success.

Miners propose a potential Bitcoin block of transactions, and use this for an input. The block is plugged into the SHA256 hash function which yields a fixed-sized output, known as a hash. A single hash can be computed in less than a millisecond, as it involves no complex math.

If the hash value is lower than the Bitcoin Network difficulty, then the miner who proposed the block wins. If not, then the miner continues trying by computing more hashes.

The successful minerโ€™s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the โ€œnext roundโ€ begins.


Sources :

https://wikipedia.com/

https://braiins.com/

https://blockdata.com/

https://coin98analytics.com/

https://scoopwhoop.com/

https://stakingrewards.com/

https://syscoin.org/

https://galaxydigitalresearch.com/

https://surveycrest.com/

The Times

The Economist

"Internet of Money" - Andreas Antonopoulus

Hal Finney Quotes

Timothy C. May Quote

Free Spirit Digital Art

!ยฐ! If I forgot someone, sorry ! Do tell and I'll add you as a source of inspiration on the list !!! Thanks for understanding !!!


Questions, opinions, critics and requests always welcomed and as time allows will be accomodated !!! ๐Ÿค“ ๐Ÿ™‚ ๐Ÿ˜‰


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Bitcoin (BTC) :

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LiteCoin(LTC) :

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Ethereum(ETH) :

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EthereumClassic(ETC) :

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Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d


BinanceCoin(BNB) :

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BitcoinCash (BCH)

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Bitcoin SV (BSV)

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ZCash(ZEC) :

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Dash(DASH) :

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Shiba(SHIB) :

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Tron(TRX) :

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Stellar(XLM) :

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A world where anything is possible…
The choice is yours People !!!


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The other 6 Billion

Totalitarian Governments..

Totalitarianismย is aย form of governmentย andย political systemย that prohibits all opposition parties, outlaws individual opposition to theย stateย and its claims, and exercises an extremely high degree of control and regulation over public and private life.

It is regarded as the most extreme and complete form ofย authoritarianism.

In totalitarian states,ย political powerย is often held byย autocrats, such asย  dictatorsย  andย absolute monarchs, who employ all-encompassing campaigns in whichย propagandaย is broadcast by state-controlledย mass mediaย in order to control the citizenry.

It remains a useful word but the old 1950s theory was considered to be outdated by the 1980s,and is defunct among scholars.

The proposed concept gained prominent influence in Western anti-communist andย McCarthyistย political discourse during theย Cold Warย era as a tool to convert pre-World War IIanti-fascismย into post-warย anti-communism.


Leaders who have been described as totalitarian rulers, from left to right and top to bottom in picture, includeย Joseph Stalin, formerย General Secretary of the Communist Party of the Soviet Union;ย Adolf Hitler, formerย Fรผhrerย ofย Nazi Germany;ย Augusto Pinochet, formerย Presidentย ofย Chile;ย Mao Zedong, formerย Chairman of the Communist Party of China;ย Benito Mussolini, formerย Duceย ofย Fascist Italy; andย Kim Il-sung, theย Eternal President of the Republicย ofย North Korea

As aย political ideologyย in itself, totalitarianism is a distinctly modernistย  phenomenon, and it has very complex historical roots. Philosopherย Karl Popperย traced its roots toย Plato,ย Georg Wilhelm Friedrich Hegel‘s conception of theย state, and the political philosophy ofย Karl Marx, although Popper’s conception of totalitarianism has been criticized in academia, and remains highly controversial.

Other philosophers and historians such asย Theodor W. Adornoย andย Max Horkheimerย trace the origin of totalitarian doctrines to theย Age of Enlightenment, especially to theย anthropocentristย idea that:

“Man has become the master of the world, a master unbound by any links to nature, society, and history.”

In the 20th century, the idea of absolute state power was first developed byย Italian Fascists, and concurrently in Germany by a jurist andย Naziย academic namedย Carl Schmittย during theย Weimar Republicย in the 1920s.

Benito Mussolini, the founder of Italian Fascism, defined fascism as such: “Everything within the state, nothing outside the state, nothing against the state.”

Schmitt used the termย Totalstaatย (lit.โ€‰’Total state’) in his influential 1927 work titledย The Concept of the Political, which described the legal basis of an all-powerful state.

Totalitarian regimes are different from otherย authoritarianย regimes, as the latter denotes a state in which the single power holder, usually an individual dictator, a committee, aย military junta, or an otherwise small group of political elites, monopolizes political power.

A totalitarian regime may attempt to control virtually all aspects of social life, including the economy, the education system, arts, science, and the private lives and morals of citizens through the use of an elaborate ideology. It can also mobilize the whole population in pursuit of its goals.

Definition

Totalitarian regimes are often characterized by extremeย political repression, to a greater extent than those of authoritarian regimes, under an undemocratic government, widespreadย personality cultismย around the person or the group which is in power, absoluteย control over the economy, large-scaleย censorshipย andย mass surveillanceย systems, limited or non-existentย freedom of movementย (the freedom to leave the country), and the widespread usage ofย state terrorism.

Other aspects of a totalitarian regime include the extensive use ofย internment camps, an omnipresentย secret police, practices ofย religious persecutionย orย racism, the imposition ofย theocraticย rule orย state atheism, the common use ofย death penaltiesย andย show trials, fraudulent elections (if they took place), the possible possession ofย weapons of mass destruction, a potential for state-sponsoredย mass murdersย andย genocides, and the possibility of engaging in aย war, orย colonialismย against other countries, which is often followed byย annexationย of their territories.

Historianย Robert Conquestย describes a totalitarian state as a state which recognizes no limit on its authority in any sphere of public or private life and extends that authority to whatever length it considers feasible.

Totalitarianism is contrasted withย authoritarianism. According to Radu Cinpoes, an authoritarian state is “only concerned with political power, and as long as it is not contested it gives society a certain degree of liberty.”

Cinpoes writes that authoritarianism “does not attempt to change the world and human nature.”

In contrast,ย Richard Pipesย stated that the officially proclaimedย ideologyย “penetrating into the deepest reaches of societal structure, and the totalitarian government seeks to completely control the thoughts and actions of its citizens.”

Carl Joachim Friedrichย wrote that “[a] totalist ideology, a party reinforced by aย secret police, and monopolistic control of industrial mass society are the three features of totalitarian regimes that distinguish them from other autocracies.”



Visualization of the AES round function

Advanced Encryption Standard

Theย Advanced Encryption Standardย (AES), also known by its original nameย Rijndaelย (Dutch pronunciation:ย [หˆrษ›indaหl]), is a specification for theย encryptionย of electronic data established by the U.S.ย National Institute of Standards and Technologyย (NIST) in 2001.

AES is a variant of the Rijndaelย block cipher developed by twoย  Belgianย  cryptographers, Vincent Rijmenย andย Joan Daemen, who submitted a proposalto NIST during theย AES selection process.

Rijndael is a family of ciphers with different key and block sizes. For AES, NIST selected three members of the Rijndael family, each with a block size of 128 bits, but three different key lengths: 128, 192 and 256 bits.

AES has been adopted by theย U.S. government. It supersedes theย Data Encryption Standardย (DES), which was published in 1977.

The algorithm described by AES is aย symmetric-key algorithm, meaning the same key is used for both encrypting and decrypting the data.

In the United States, AES was announced by the NIST as U.S.ย FIPSย PUB 197 (FIPS 197) on November 26, 2001.

This announcement followed a five-year standardization process in which fifteen competing designs were presented and evaluated, before the Rijndael cipher was selected as the most suitable.

AES is included in theย ISO/IECย 18033-3ย  standard. AES became effective as a U.S. federal government standard on May 26, 2002, after approval by the U.S.ย Secretary of Commerce.

AES is available in many different encryption packages, and is the first (and only) publicly accessibleย cipherย approved by the U.S.ย National Security Agencyย (NSA) forย top secretย information when used in an NSA approved cryptographic module.



Andreas M. Antonopoulosย (born 1972 in London) is a British-Greek Bitcoinย advocate, tech entrepreneur, and author.

He is a host on theย Speaking of Bitcoinย podcastย (formerly calledย Let’s Talk Bitcoin!) and a teaching fellow for theย M.Sc.ย Digital Currencies at theย University of Nicosia.

Antonopoulos was born in 1972 in London, UK, and moved to Athens, Greece during theย Greek Junta.

He spent his childhood there, and at the age of 17 returned to the UK.

Antonopoulos obtained his degrees inย Computer scienceย and Data Communications, Networks and Distributed Systems fromย University College London.

Books


All Credit goes to Andreas M. Antonopoulos


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Bitcoin/Crypto Wallet types

Choose the wallet that better suits You

You may choose a wallet based on what best suits your needs. we will explore various
types of wallets and clients:

โ€ข Web
โ€ข Desktop
โ€ข Mobile
โ€ข Hardware
โ€ข Paper (Not Secure Anymore)

Wallets and clients can be chosen based on a number of criteria:

  • How much bitcoin is being used / stored
  • IT proficiency (beginner vs. expert)
  • Type of device
  • Occasional use vs. everyday use
  • Security and privacy concerns
  • Cryptocurrencies being used
  • Type and complexity of transactions

Find the wallet thatโ€™s right for you:


https://bitcoin.org/en/choose-your-wallet

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Bitcoin – The People’s Money


Power to the People

Not by Force but by Free Will

The Choice is always Yours

Arise…

Choose Wisely…

People do not understand the Monetary System

Privacy is not Secrecy.

Veritas

Bitcoin cannot be ShutDown

Power of the long tail

CypherPunks Write Code

bitcoin Genesis Block





BitHouse with ๐Ÿ’š


โ€œI Am Satoshi Nakamotoโ€ โ€“ How One Programmer Changed the World

In this post, I will tell you why Satoshi Nakamoto is an inspirational developer to me and why he should be so for all other developers. I will explain how using code, Satoshi was able to solve some of the most pressing problems of our time and how by creating the first decentralized currency, he has made the world a better place, and we as developers should strive to do the same.

โ€œI Am Satoshi Nakamotoโ€ โ€“ How One Programmer Changed the World

The War for a Free Internet

The War for a Free Internet

David Vorick

Feb 14

” I came of age on the Internet. By the age of 13, I had more friends whose faces I would never see than I had peers in the classroom. Most of them wonโ€™t realize today who I am even if they are reading this now. Most of them didnโ€™t realize I was decades their junior.

When my father was growing up, his freedom was his bicycle. It gave him access to friends, to a job, freedom from his parents, and ultimately space to carve out a personality that he could call his own. He wanted nothing more than to pass these gifts along to me, and it was often to his dismay and frustration that I never found the same joy in my bike that he had found in his.

I was too young to realize it at the time, but I had received the same gifts as my father.

Where my fatherโ€™s freedom was his bicycle, my freedom was my keyboard.

A denizen of dozens of forums and hundreds of websites, countless hours each weekend contributed elements to my personality that raised me to be someone beyond anything I could have become in my hometown alone.

As middle school became high school, my online hours began to exceed my offline hours. By my sophomore year of college I was spending more than 80 hours per week on the Internet.

The Internet has become the keystone of modern society, a fact that has not been overlooked by our corporate giants.

As the 2010โ€™s progressed, the Internet became a massive land grab. A hundred thousand independently operated forums became one front page of the Internet.

Personal cards, handwritten letters, and cozy phonecalls turned into a single wall that wished you โ€œHappy Birthdayโ€ 1,000 times on what was often not even the right day.

What used to be an endless exploration of hand curated forums and webpages turned into a bottomless pit of AI generated filth carefully crafted by teams of PhDs with the sole intention of getting you to stare at your phone for just a little bit longer.

The modern Internet has been absolutely steamrolled by the likes of Google, Facebook, and Amazon.

As these platforms have festered, theyโ€™ve made it clear that weโ€™re here to play by their rules.

They decide which of our friends we get updates from.

They decide how large a nose ring can be before a content creator gets demonetized and loses their livelihood.

An uncomfortable percentage of our time is spent under the tyranny of whatever logic was implemented in the pursuit of higher profits next quarter.

Somewhere underneath it all, real people are living every day, taking what breaths they can between the inescapable deluge of content spawning from a clinical addiction to their devices.

The next wave of teenagers are coming of age in this environment and they are suffocating. Suicide rates are up almost 50% since 2007 for people under the age of 24.

The modern Internet is making us miserable.

Our overlords have captured our souls by bringing us gifts of amazing technology and bundling with those gifts chains and cages that capture our minds and manipulate us to maximize their bottom line.

The time has come to stand up for ourselves, for our health, and for the next generation.

The time has come to start the War for a Free Internet. “

WRITTEN BY

David Vorick

Shared with ๐Ÿ’š by Free Spirit

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    To all my readers from the bottom of my heart I wish you Happy Holiday among family and friends, a jolly Merry Christmas and a Happy New Year and may 2024 bring you all what you strive and work for so hard! Yours truly, Free Spirit with Joy & Love
  • Bitcoin White Paper turn 15
    Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โ€œIโ€™ve been working on a new electronic cash system thatโ€™s fully peer-to-peer, with no trusted third party,โ€ Satoshi Oct. 31, 2008. The white paper was proposing a decentralized system that could facilitate peer-to-peer transactions, which could solve the โ€œdouble spendingโ€ problem often … Continue reading Bitcoin White Paper turn 15
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CoinMarketCap.com is LYING to everyone while profiting from it

CoinMarketCap.com is LYING to everyone while profiting fromย it

CoinMarketCap.com, the Number 1 website in the crypto-currency industry, is showing immenselyย fraudulentย and scam information (on purpose) to its users. As a site that is used frequently for reference points by many news organisations, trading outlets, companies, informational sites and individuals, it would be in the best interest of the community to write about what has been really going on with this โ€œtrusted resourceโ€.

The research indicates that multiple attempts to fix information by many coins on CoinMarketCap.com through contacting them through their support requests or online social media sites such as BitcoinTalk.org, reddit.com and other places has gone unanswered, ignored and/or explicitly overlooked/denied. By explicitly overlooked/denied, after contacting their support with up-to date and obviously correct information, they refuse to update the data. Manyย hundreds of coinsย on CMC are affected very negatively (or positively) by this. A lot of them have given up trying to get CMC to put correct data on their site, and have made sticky posts in their own respective forums as to this issue instead.

It is believed that there is massive insider trading going on with the employees, owners and others involved with CoinMarketCap. The research, including talking to multiple coin creators, shows anomalous buying of coins between times that the coin creators asked CMC to list their coin (through their google form) and between when it actually gets listed on the site. This could mean that CMC insiders know that certain coins will pump, and go on a buying spree to front-run the listing of the coin and the public market sentiment. This can be seen over and over again when analysing the action on coins when being listed.

Pump and dumps are also being actively allowed and managed by the team at CMC without the knowledge of the coin creators or coin communities themselves. This can be seen by the direct manipulation of the circulating supply of some coins. CMC puts the circulating supply as very high at certain points (increasing the market cap), then drops it down to a much lower number later (lowering the market cap). This moves these coins up or down their numbered list causing massive buys and sell offs at the whim of CMC. Luckily this fraud can only be made to happen once or twice with each coin as the public outcry from the coin communities (sometimes) usually puts an end to it one way or other.

There is also evidence of CoinMarketCap effectively โ€œkillingโ€ off coins as it sees fit. How does it โ€œkillโ€ a coin? Well it removes itโ€™s circulating supply to โ€œ?โ€ or a very low number arbitrarily, and keeps it there for a prolonged period. As the coin goes lower and lower in the rankings, daily volume on the coin dies off until such a time that it is zero (even though the teams behind the coins are still active and growing their ecosystems). This leads to exchanges delisting the coin, and the ecosystem being entirely dead after a period of time. There is plenty of evidence of coin communities complaining and coin creators โ€œbeggingโ€ CMC to update their information with no luck. CMC literally decides which coin lives or dies with itโ€™s own agendas. In defence of CMC, some coins do lose their circulating supply due to faults of the coins (the data end-points for circulating supply stop working on the servers provided initially by the coins), but many are brought down even with the objections and outcry of the coin creators and communities behind them.

Also of concern is the possible bribery of CMC officials and other nefarious behaviors that could very obviously be extrapolated from their current actions. What if one coin paid a handsome sum to CMC to make sure a โ€œcompetitorโ€ would have lower market cap? How do you make them have a lower market cap? Easy, refuse to update the circulating supply to what the real numbers are and instead show an arbitrary number of their choosing. This can also be seen on many of the coins listed on CMC. There is ample evidence of coins complaining publicly on many forums yet CMC taking itโ€™s own numbers without any explanation or acknowledgement.

Another area of concern is the outdated/incorrect information of many of the coins listed on CMC. Official coin links being broken or unresponsive, including the main websites, wrong daily volumes (not updated in days or weeks), and hugely different circulating supplies (from those you can officially see on the respective blockchains of the coins themselves) are just some of the additional problems that ring alarm bells with us.

Because of these issues, (and many others including the pseudonymousnature of the founders and team members) we believe it is in the best interest of the entire community to get behind this initiative and make big noise until such a time that CoinMarketCap updates their site to show correct information, or another resource is created/promoted that shows correct and up-to date data on their website. Number 1 can go down to Number 0 very quickly in the space with the right community backlash.

Some may say that these issues may be due to incompetence of the team at CMC or them having limited resources. One of the parts of our analysis will take a much closer look at what kind of income CoinMarketCap really makes. You would be surprised. CMC is one of the most profitable businesses in the entire industry. The user is the product. The ads are the money maker. There are backroom deals, and much more happening beyond the scenes that the public does not know.

Most people here are concerned about centralised mining cartels, hardware producers, banks, governments, regulators and/or core developers being points of issues in this industry. We strongly believe that none of those come even close to comparing to the obvious fraud that has been going on at CoinMarketCap for many years.

The volume of money that is traded on information taken from CMC alone pales every other issue into oblivion. If traders are making buys and sells according to falsified data on CoinMarketCap.com, then they are being manipulated and lied to in one of the biggest frauds in the entire crypto-currency space.

You will be shocked at the level of incompetence, negligence, fraud, and outright lying that CMC perpetuates, but at the lack of information about this so far in this industry. For a community that prides itself on self-regulation through transparency and openness, it should be ashamed at not having blown this massive fraud into the public eye much sooner.

We owe it to the community to make sure resources (especially the Number 1 site in the industry) are not being placed in positions to freely commit fraudon this scale ever again.

This has been a very intense effort in data gathering, reporting and analysis.

Mining Profitability Formula



Yes the profitability changes second to second with the price of bitcoin and  you cant use this information to forecast…


Reward = ((HashRate * Block_Reward) / Current_Difficulty) * (1 – Pool_Fee) * 3600

BTC total daily payout is 6.25 BTC * 6 times per hour * 24hours…on average = 900 BTC mined every day.ย 

That has to be spread out, on average, evenly across then ENTIRE network.ย  Granted, luck is involved, so it isn’t exactly even, but on average, it should be.

If network is running at 17,608,758 TH/s, and every TH gets an even share of the reward, then that would be 1800BTC / 17,608,758 TH/s = .00010222 BTC/(TH/s).


You then take that figure and multiply by number of TH for miner, and then you get daily BTC revenue ; )