Category: #Reality

Research Quotes

“If we knew what it was we were doing, it would not be called research, would it?”

Albert Einstein

“The element of chance in basic research is overrated.

Chance is a lady who smiles only upon those few who know how to make her smile.”

Hans Selye

“Oersted would never have made his great discovery of the action of galvanic currents on magnets had he stopped in his researches to consider in what manner they could possibly be turned to practical account; and so we would not now be able to boast of the wonders done by the electric telegraphs.

Indeed, no great law in Natural Philosophy has ever been discovered for its practical implications, but the instances are innumerable of investigations apparently quite useless in this narrow sense of the word which have led to the most valuable results.”

Lord Kelvin

“The way to do research is to attack the facts at the point of greatest astonishment.”

Celia Green

“The library is not, as some would have it, a place for the retiring of disposition or faint of heart.

It is not an ivory tower or a quiet room in a sanitarium facing away from the afternoon sun.

It is, rather, a command center, a power base.

A board room, a war room.

An Oval Office for all who preside over their own destinies.

One does not retreat from the world here; one prepares to join it at an advantage.”

Eric Burns, “The Joy of Books”

“I think that the thing I most want you to remember is that research is a ceremony.

And so is life.

Everything that we do shares in the ongoing creation of our universe.”

Shawn Wilson

“Like most arts, the link between the mind and the pen can chain you like an enslaved workaholic.

Even on an intended vacation you suddenly have this killer urge to record whatever the vacation may teach.”

Criss Jami, “Healology”

“What we find changes who we become.”

Peter Morville

The time will come when diligent research over long periods will bring to light things which now lie hidden.

A single lifetime, even though entirely devoted to the sky, would not be enough for the investigation of so vast a subject…

And so this knowledge will be unfolded only through long successive ages.

There will come a time when our descendants will be amazed that we did not know things that are so plain to them…

Many discoveries are reserved for ages still to come, when memory of us will have been effaced.”

Seneca, “Natural Questions”

Nothing can illustrate these observations more forcibly, than a recollection of the happy conjuncture of times and circumstances, under which our Republic assumed its rank among the Nations;

The foundation of our Empire was not laid in the gloomy age of Ignorance and Superstition, but at an Epoch when the rights of mankind were better understood and more clearly defined, than at any former period, the researches of the human mind, after social happiness, have been carried to a great extent, the Treasures of knowledge, acquired by the labours of Philosophers, Sages and Legislatures, through a long succession of years, are laid open for our use, and their collected wisdom may be happily applied in the Establishment of our forms of Government; the free cultivation of Letters, the unbounded extension of Commerce, the progressive refinement of Manners, the growing liberality of sentiment… have had a meliorating influence on mankind and increased the blessings of Society.

At this auspicious period, the United States came into existence as a Nation, and if their Citizens should not be completely free and happy, the fault will be entirely their own.

[Circular to the States, 8 June 1783 –
Writings 26:484–89]
George Washington, “Writings”

“The effort to understand the universe is one of the very few things that lifts human life a little above the level of farce, and gives it some of the grace of tragedy.”

Steven Weinberg

“Do research.

Feed your talent.

Research not only wins the war on cliche, it’s the key to victory over fear and it’s cousin, depression.”

Robert McKee

“Science is simply common sense at its best, that is, rigidly accurate in observation, and merciless to fallacy in logic.”

Thomas Huxley

“Cutting off fundamental, curiosity-driven science is like eating the seed corn.

We may have a little more to eat next winter but what will we plant so we and our children will have enough to get through the winters to come?”

Carl Sagan, “The Demon-Haunted World:
Science as a Candle in the Dark”

“Science is simply common sense at its best, that is, rigidly accurate in observation, and merciless to fallacy          in logic.”

Thomas Huxley

“The measure of greatness in a scientific idea is the extent to which it stimulates thought and opens up new lines of research.”

Paul Dirac

“An expert is one who knows more and more about less and less until he knows absolutely everything about nothing.”

Nicholas Butler

“Who’s to say what a ‘literary life’ is?

As long as you are writing often, and writing well, you don’t need to be hanging-out in libraries all the time.

Nightclubs are great literary research centers.

So is Ibiza!”

Roman Payne, “Cities & Countries”

Introspection is a form of self-management.

You reflect.

You decide.

You change.

You allow yourself to grow.”

Raoul Davis Jr.,
“Firestarters: How Innovators, Instigators, and Initiators Can Inspire You to Ignite Your Own Life”

“Shall we educate ourselves in what is known, and then casting away all we have acquired, turn to ignorance for aid to guide us among the unknown?”

Michael Faraday

“People who “go by the book“, need to research who wrote it.:

Carlos Wallace

“A good researcher is the one who reduces the distance between Imagination and Reality.”

P.S. Jagadeesh Kumar

“Part of research is testing the final product.”

Steven Magee

“Research is about making many connections that lead to discovery.”

Steven Magee

“RESEARCH IS NOT ABOUT WHAT YOU CAN PROVE, RESEARCH IS ALL ABOUT WHAT OTHERS FAILED TO PROVE, THE LAW OF RESEARCH.”

P.S. Jagadeesh Kumar

“Research always has a price.”

Silvia Moreno-Garcia

“Every seeker of truth is a progressive person.”

Aniekee Tochukwu Ezekiel

“In academia, the model that we are taught; that we are told in most fields – not the arts, and not the experimental sciences either – but many, many fields, [the model] is:

– You have an idea,

– You accumulate everything that anyone has ever written about that idea,

– You become familiar with what everyone has already said about it,

– And from there, you cobble together the pieces: the evidence either for or against your [idea], or you just review what they’ve done and you create something that’s a little bit new.

Over in science space I call this “Brick in the Wall Science”.

It’s valuable that some people are doing Brick in the Wall Science but you will always have the same foundation of the house that you started with with Brick in the Wall Science, and it’s possible the foundation of the house you started with is not the foundation that you want or that is true. […]

[With Brick in the Wall Science] you can’t have revolutionary ideas.

You can’t have paradigm shifts.”

“Research is formalized curiosity.

It is poking and prying with a purpose.”

Zora Neale Hurston

Research must continue to be the centerpiece of intellectual life, and our commitment to research must grow, because our problems are growing.

Ernest L. Boyer

“Somewhere, something incredible is waiting to be known.”

Carl Sagan

The time will come when diligent research over long periods will bring to light things which now lie hidden. A single lifetime, even though entirely devoted to the sky, would not be enough for the investigation of so vast a subject… And so this knowledge will be unfolded only through long successive ages. There will come a time when our descendants will be amazed that we did not know things that are so plain to them… Many discoveries are reserved for ages still to come, when memory of us will have been effaced.

Seneca, “Natural Questions”

With 💚

CBDC’s Tyranny Is Coming

How & Why You should Prepare

Or Not !!!
For the Future Generation‘s sake…

Here are just a few examples of what that sort of total control may look like:

Government in total control

The government could not only withhold money whenever they deemed fit but they could also devalue the currency.

Lack of privacy

The government will be aware of all of your financial information, what you owe and to whom, what you are spending money on, and what assets you have.

The end of personal security

No longer can you “hide” savings under your mattress. The government will always know how much you have and will have access to it.

Tracking of purchases

The government will be able to track everything you purchase—and potentially stop you from buying it. Let’s say it is something the political party in charge disagrees with, such as legalized marijuana. They can track you and prevent you from purchasing it again.

Tracking pornography purchases, abortion payments, tax evasion, and more…

While you may not think this is a bad idea, what if it goes a step further? What if they think you need to eat less red meat?

Hacking and data breaches

My head spins just thinking of all the ways a CBDC could be attacked by hackers or cyber terrorists.

Educate Yourselves folks :

https://news.bitcoin.com/why-the-rise-of-the-cbdc-is-bad-for-your-privacy

https://edwardsnowden.substack.com/p/cbdcs

https://www.themainewire.com/2022/11/cbdc-bitcoin

https://www.dallasnews.com/opinion/2022/11/06/a-central-bank-cryptocurrency-the-us-should-reject-it

https://www.nasdaq.com/articles/bitcoin-policy-institute-calls-on-u.s.-to-reject-its-central-bank-digital-currency

https://fee.org/articles/why-a-digital-dollar-is-a-really-bad-idea

https://theconversation.com/central-bank-digital-currencies-could-mean-the-end-of-democracy-187505

https://www.adamseconomics.com/post/the-potential-orwellian-horror-of-central-bank-digital-currencies

https://www.coindesk.com/layer2/2022/10/14/against-cbdcs-and-the-politicization-of-money

https://mises.org/wire/digital-currency-fed-moves-toward-monetary-totalitarianism

https://www.cato.org/blog/update-two-thirds-commenters-concerned-about-cbdc

https://www.coincenter.org/without-privacy-do-we-really-want-a-digital-dollar

https://bitcoinmagazine.com/culture/digital-dollar-threat-civil-liberties

https://www.newsweek.com/cbdcs-will-end-american-freedom-opinion-1673676

https://beincrypto.com/problem-cbdcs-surrendering-total-surveillance-control

https://www.cato.org/working-paper/central-bank-digital-currency-assessing-risks-dispelling-myths

https://www.cato.org/briefing-paper/central-bank-digital-currency

https://www.dallasnews.com/opinion/2022/11/06/a-central-bank-cryptocurrency-the-us-should-reject-it

https://www.theepochtimes.com/central-bank-digital-currency-tyranny-is-coming-how-to-prepare_5054210.html

https://cointelegraph.com/news/us-senator-ted-cruz-tries-again-with-new-bill-to-block-cbdc

https://tokenhell.com/congressmen-voice-concerns-over-the-features-of-the-us-cbdc

https://www.forbes.com/sites/norbertmichel/2022/04/12/central-bank-digital-currencies-are-about-control–they-should-be-stopped

https://www.forbes.com/sites/norbertmichel/2022/12/15/the-federal-reserve-should-drop-fednow-and-any-plans-to-launch-a-cbdc

https://pomp.substack.com/p/central-bank-digital-currencies-will

https://hackernoon.com/cbdcs-the-folly-of-digital-fiat

https://www.btcpolicy.org/articles/why-the-u-s-should-reject-central-bank-digital-currencies

Cbdc Initiatives

Running bitcoin – Hal Finney

Wonder In Peace Bright Mind

Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney.

This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and is raising funds and awareness to help defeat ALS, which ultimately claimed his life in 2014.

You are challenged to run (or walk, roll, or hike) the equivalent of a half marathon — cumulatively or all at once — by the end of January 10, 2023.

From wherever you are, spread the word about Bitcoin, participate in a healthy activity, feel good about doing your part to defeat ALS, and start the year off right

Hal Finney, one of the earliest bitcoin contributors, died eight years ago from complications of nervous system disease amyotrophic lateral sclerosis (ALS).

His spouse, Fran Finney, is now organizing a half marathon to raise funds for ALS research via bitcoin.

The “Running Bitcoin Challenge” is set to take place between Jan. 1 and Jan. 10. The timing of the occasion leads up to the anniversary of Hal Finney’s “Running bitcoin” tweet, in which Finney famously disclosed he was deploying a Bitcoin node.

There is no set location — participants can choose to join anywhere they wish. Players are encouraged to either run, walk, roll or hike the equivalent of a half marathon (Hal’s favorite distance) either in one go or over the entire 10-day period.

Donors contributing at least $100 will receive an official shirt with the half marathon’s logo, while the event’s top 25 fundraisers will get a Hal Finney collectible signed by his wife.

As of Wednesday morning, the event has already managed to secure nearly $10,000 in bitcoin donations.

An advocate of cryptography and digital privacy, Finney was the recipient of the first-ever bitcoin transfer from the network’s pseudonymous creator Satoshi Nakamoto.

The bitcoin community often suspected Finney was Nakamoto, a claim he consistently denied. He reportedly found out about his condition in 2009 and decided to move away from the project.

Hal’s name is high in the Bitcoin pantheon as one of the first people to voice support for Satoshi Nakamoto’s invention and for being the first person to receive a Bitcoin transaction from Satoshi.

He was, for a time, considered one of the top contenders on the list of potential Satoshis himself (many in blockchain who reject Dr. Craig Wright’s statements still falsely believe Finney to be Bitcoin’s real creator).

Hal, who referred to himself as a “cypherpunk,” was a cryptographic activist who went from developing video games to working on the Pretty Good Privacy (PGP) project in the 1990s. He described his PGP work as “dedicated to the goal of making Big Brother obsolete.”

PGP creator Phil Zimmerman hired Hal as his first employee when PGP became PGP Corporation in the early 2000s. He described Hal as a “gregarious man” who loved skiing and long-distance running.

Despite gradual paralysis that eventually forced him to stop working, Hal continued to code software and follow the Bitcoin project.

Almost as famous as his 2009 tweet is his “Bitcoin and me” post on BitcoinTalk.org in March 2013, the last he’d ever make.

It’s a long post, and Hal was “essentially paralyzed” at the time, using an eye tracker to type. Forum stats show the post has been read over 278,000 times.

“When Satoshi announced the first release of the software, I grabbed it right away,” he wrote. “I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction when Satoshi sent ten coins to me as a test.

I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.”

Hal himself always denied being Satoshi Nakamoto, adding later that he’d sold most of the Bitcoins he mined (at pre-2014 prices) to pay for his treatments. He also mentioned putting some in a safe deposit box for his children.

“And, of course, the price gyrations of bitcoins are entertaining to me.

I have skin in the game.

But I came by my bitcoins through luck, with little credit to me.

I lived through the crash of 2011.

So I’ve seen it before.

Easy come, easy go.”

Hal Finney
www.runningbitcoin.us
Admiration and great Respect
With 🧡

Bitcoin’s Store of Value

To any intelligent observer, it has been apparent that bitcoin’s primary use has emerged to be store of value/investment.

Yes, bitcoin’s decentralized/permissionless solution to creating an immutable cryptographically secured database brings a vast array of different potential revolutionary applications not seen since the advent of the internet but again, the primary use has emerged to be store of value/investment.

bitcoin has been so good at this store of value thing that it has become detrimentally  successful – enter the (well-funded) hacks and puppets…attacks from the outside and from within – some of which via spread of (FUD) tangent ideas with coders, media, investors, and within bitcoin community to maybe start an idea of even ‘slight’ change.

First, please realize no other tool in modern-day finance has been so successful at being an effective savings mechanism which unlike traditional ‘savings accounts’ this bitcoin actually keeps up in value for you to be able to afford higher cost of rent, education, healthcare, vacations, etc. (due to its beautiful combination of scarcity, a ceiling of 21mill coins, immutable, permissionless->not controlled/influenced, secure, and being established/developed).

This effective savings tool of bitcoin is made accessible to the 99% of us and cuts to the core of exposing the flaw of the central bank fiat system with its funny-money creation out of thin air paper/credit-currencies benefiting the privileged institutions and then last to benefit would be the rest of us.

It can also expose flaws of fraudulent funneling of extra paper-currencies created by central banks…now think, even those privy to any fraudulent funneling of funny-money will see what’s going on and understand something like bitcoin as an alternative being effectively immune to these games that even these bad-actors themselves would buy bitcoin! Bitcoin changes the paradigm of central-bank funny-money (Bitcoin is the anti-funny-money warrior: open & mechanism)….and it has taken off….and will catch the attention of the central banks who by definition, have nearly unlimited systemic resources and influence (think governments, telecoms ISP providers, hardware/chip manufacturers, software developers, search engines, exchange conartists).

Even if a hard-fork doesn’t happen anytime in the next couple of years, it’s the threat that an attack on this pure beautiful store of value system to something even slightly different that can actually gain a noticeable percentage raises the question…is it possible that someday that the groups influencing bitcoin (those controlling mining or those involved with coding development, or the rest buy/transacting in bitcoin) would (either out of ignorance/misunderstanding or out of vested-interest to undermine bitcoin) start demanding (even slight) changes that may contradict the store-of-value that bitcoin is???

That is the big question that if the answer starts looking like yes…then value would plummet as bitcoin no longer be seen as a store of value but would eventually turn into another app coin (i.e. Ethereum) that can do many amazing things but not the one store-value amazing thing that it has done these past few years. the price would be zero-bound (compared to what we’ve been accustomed to with bitcoin today).

If the answer to that question is no (that you reading this, this community, software coders, mining operators, investors, everyday folk, work to stay educated on the above and act to keep the integrity of this bitcoin system)…then even a $50 billion market cap would still be seen as trivial in the financial assets arena where one bitcoin can easily go above $5,000 USD. But really, as the years pack on and integrity remains intact, the price would be infinity-bound. 

Beware of Scams !!!

Beware !!!

Just as the crypto industry is expanding and getting local adoption from individuals, co-operations, organisations and few countries  the same rate at which we have crypto enthusiast increasing in number which i see so worrisome and also a call for major concern.

Reason been that as more people get involved in the crypto business the more scammers are likely to increase their technique and the more scammers get recruited.

To avoid walking on scammers path, requires to be well informed of every new technique they can ever deploy against their potential victim.

To stay off scammers path users must:

  • Avoid phishing links.
  • Make sure to pay attention to the spelling of the website, as well as their URL as this can reveal whether it is a phishing site or not.
  • Never invest in a project without a well structured community
  • Pay close attention to the engagement within the community for suspicious activities
  • Ensure you assets are off CEX
  • Be more smart and less greedy
  • Don’t jump into a project/coin only based on the hype from advertisers (especially twitter)
  • Avoid any “too good to be true” investment
  • Avoid send me 1$ and I’ll send back 2$ scams, no matter how reputable is the account calling for that
  • Protect your coins (keep your coins on your wallet, use hardware wallet where possible, never give out wallet’s seed, keep backup seed offline)
  • Don’t be greedy and/or illiterate.
  • Be sure to feed yourself with necessary knowledge, if you want to invest.
  • Knowledge from experience is good but you can also take legitimate one from other people.
  • Not everything that is being offered to you is true. Do not be deceived.
  • Be careful who you are trusting.
  • Always be skeptical !!!
  • Enable Two-factor authentication for all your accounts.
  • Using of firewalls.
  • Installing an up to date anti virus software.
  • Use strong passwords and yet easily accessible ones for your convenience.
  • Stay away from malicious links or attachments you come across on the web.
  • Make sure your private keys are well stored and in hard wallet
  • Make sure your passwords are not vulnerable online to attacks i.e don’t store passwords online or any website
  • Whenever a stranger message you first for a business or an investment, it is a Red flag.
  • Someone who doesn’t know you would want you to make big money, another Red flag.
  • Whenever they introduce a” business opportunity” to you and then hasten you in order make you take a hasty decision it’s not  genuine, they are trying their best to make you take a fast decision without telling your loved ones and friends who will discourage you.
  • It is safer to  assume anyone you don’t know, communicating with you is a scammer until it is proven otherwise.
  • Read the whitepaper and research well of the company where you are going to invest because many scams are done by this method.
  • Check whether it is genuine or fake.
  • Scammers are constantly upgrading their scam methods and anyone can be the next target.
  • Loss doesn’t just happen due to an internal or intentional mistake, and when it does happen everyone has a similar sense of remorse and risks that are absolute consequences.
  • You’ll be fooled many times by those scammers that have maintained a well structured fake community.
  • They can hire those PRs and people talking inside their community to make it look like they’re a legit community.
  • As for their workers, they’ll just tell that they need engagement but the purpose of it, they’re not talking about it because that’s what the main purpose it.
  • And that’s to make it look genuine that they have real people inside the community. But in reality, it’s all fake people that they’ve hired just to make discussions all over their place.
  • It’s safe to say as well that it’s not just the crypto industry that is not safe for newbies, everything that talks about money is not safe for everyone.
  • Crypto is the latest thing and in the last 5 years it become so successful that scammers make this as their paradise as there are a lot of naive investors in the market.
  • Do your investigations, and don’t listen to influencers and believe them.
  • Think that this is your hard earn money so you need to be careful where you are going to invest it.
  • Don’t be Greedy.
  • Don’t jump on it like a hungry cow.
  • Don’t trust the sweet words they offer you. Most of them are too good to be true but they will always sound inviting to invest with.
  • Make a wall to not fully support them unless they have proven themselves worthy of that kind of respect.
  • Always be in doubt. That will be the shield that will protect you from being scammed.
  • Must simply assume that our coins are never really safe despite our best efforts, so it is important to always be on alert and protect our coins to the best of our ability.
  • Improve the security of your coins by an important margin by buying a hardware wallet, since they are very secure devices and they are relatively cheap, instead of risking storing our coins in our computers or at an exchange.
  • Always good to know how to make technical and fundamental analysis so that you can get specific information what is the situation of the projects you want to invest
  • Many projects are delivering a good testament, but they always ended into a scam , so we need to be smart enough and have a lot of preparation before investing or trading

Controlled Supply

Bitcoin

“A fixed money supply, or a supply altered only in accord with objective and calculable criteria, is a necessary condition to a meaningful just price of money.”

Fr. Bernard W. Dempsey, S.J. (1903-1960)

In a centralized economy, currency is issued by a central bank at a rate that is supposed to match the growth of the amount of goods that are exchanged so that these goods can be traded with stable prices. The monetary base is controlled by a central bank. In the United States, the Fed increases the monetary base by issuing currency, increasing the amount banks have on reserve or by a process called Quantitative Easing.

In a fully decentralized monetary system, there is no central authority that regulates the monetary base. Instead, currency is created by the nodes of a peer-to-peer network.

The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate. Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.

Currency with Finite Supply

Block reward halving
Controlled supply

Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.)

The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence will not exceed slightly less than 21 million.

Speculated justifications for the unintuitive value “21 million” are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants.

Cumulated bitcoin supply

This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners.

Motivation Formula

Motivation = (Expectancy X Value) / (Impulsiveness X Delay)
  • Expectancy : How likely you feel you’ll succeed
  • Value : What you’ll gain from succeeding
  • Impulsiveness : Your natural inclination to put things off
  • Delay : How much time you have to complete the task

Add it up, and the result is your current level of motivation. 

The less confident you are, the less exciting the outcome, the longer you have to get it done … the more likely you are to put it off.

First Time/Small Miner

First time/Small miner reference
for getting started.

If you want to start mining here is what you need… and what you need to know.

This is written for home miners/small farms, but can be used as a guideline for most operations. Use this as a reference for what you need to research, or what questions you need to ask before jumping in.

What you need to mine can be broken down into the following categories:

  • Hardware
  • Electricity
  • Location
  • Internet connection
  • Information

Mining BITCOIN is done exclusively with dedicated BITCOIN mining hardware based on ASICs: https://en.wikipedia.org/wiki/Application-specific_integrated_circuit .

You CAN NOT meaningfully mine bitcoin today with CPU, GPU or even FPGAs. Bitcoin difficulty adapts to match the amount of mining done on the network and has reached levels trillions of times too high to mine meaningfully with PCs, laptops, tablets, phones, webpages, javascript, GPUs, and even generalised SHA hardware.

Even if you combined all the computers in the world, including all known supercomputer, you would not even approach 0.1% of the bitcoin hashrate today.

There isn’t any point attempting to mine bitcoin with CPU or GPU even in the interests of learning as it shares almost nothing with how bitcoin is mined with ASICs and will not teach you anything.

Hardware

Asic Miner:

Here is a list of the companies currently manufacturing Miners for public purchase.

Each one has their Pro’s and Con’s it is up to you to do your research and decide what is best for you.

A few points to consider while researching are :

  • efficiency
  • reliability
  • warranty period/policy
  • power draw

Each company has a different way of handling warranty repairs, depending on your situation and the policy repairs can become cost prohibitive. I will touch more on efficiency and power draw in the electricity section.

• Current list of competitive hardware

Power supply: You will need to purchase a power supply to run your miners. You will find ATX and Server grade PSU’s, the latter being preferred for mining BTC. 

When it comes to selecting a PSU purchase something with a capacity 25% higher than your miner is rated to draw. This will have you operating within the 80% rule.(explained further in the electricity section)

EX. Miner draws 1000 PSU should be able to provide 1250W.

** Many current generation miners are now being manufactured with Integrated PSU. Again do your research to see if your unit comes with or without. Generally you will still need to source a power cable.**

Auxilliaries – Avalon miners require an external controller, 1 per 20 miners. You may have to run additional fans for intake and exhaust depending on your location.

PSU’s can be purchased large enough to run 2 Miners; or the opposite 1 Miner fed by 2 PSU’s. Ensure the PSU you have selected will have the correct amount of PCI-E connectors required to operate your miner(s)

You can also find a large supply of used miners and PSU’s. Again it’s up to you to do your research as these often are a no return transaction.

Electricity

Follow all local codes and regulations

This is the number 1 factor in whether mining is right for you. As discussed with Miners being a 24/7 machine drawing power those costs will make it cost prohibitive for some people to mine. You need to be aware of what your costs/kWh are and run the numbers.

This will be done in a profitability calculator. This is just an example of 1 there are many out there.

( Miner usage in kW ) * ( Hours run per day ) 24 * ( Cost/kWh ) = Cost per Day to Operate

( Ideally less than the FIAT value of BTC mined )

The second part to the electrical requirements of mining is the available service; written for North America.

You will need to figure out the amperage you can spare, what circuits and receptacles you have in place, are you setting up on 220V or 110V. You will need to make sure that you have the right cord end for your PSU to match the receptacle, picking the wrong one can cost you a few days of mining if it has to be shipped.

If you can try and set up on a 220V circuit for 2 reasons :

– You will pull half the amps, and it is more efficient.

– Doing so requires 2 breaker spaces in your panel. Breaker sizing will depend on how many miners you plan to run. Here is the formula for calculating amps.

Watts / Voltage = Amps

Here is where you will bring the 80% rule back into play by sizing the continuous miner load to 80% of the breaker rating. 12 Amps on a 15 Amp breaker, 16 Amps max on a 20 Amp breaker, 24 Amps on a 30 amp breaker.

If/when you increase the amount of miners you are running you may want to look into PDU’s, as opposed to more receptacles. 

Location

This is something that is often overlooked to the headache and frustration of many would be miners. These machines are loud and hot .
You essentially have an electric heater that also uses an industrial fan to keep it from melting itself. This space will need to have the electrical requirements as discussed previously.

So make sure you have a space that is well ventilated with a plan to exhaust heat, and bring in fresh dust free air. I say this as using AC to cool the room will eat into your profits and may even make mining unprofitable.

The noise issue is a consideration you can sort out depending on whats available. (garage, basement, remote building)

Both of these issues can be handled with hosting, which is further explained in the information section.

Internet connection

Some miner setups have the option to use wifi. It is advisable to use a wired connection where available. This will provide a more stable connection and ensure you are submitting the expected amount of shares which is directly related to your payouts.

Please note that mining uses a negligible amount of bandwidth, and will not affect your other internet usage.

Information

You can use this information in this post as a good baseline to get you going. In addition to this you will want to research network difficulty; this readjusts every 2016 blocks to maintain a 10 minute block time on average. While this can go down it generally increases.

Solo or Pool?

You can solo mine but this is essentially a lottery even as a large scale miner. Should you chose this you can check this out as a starting point.

solo.ckpool.org 1% fee solo mining USA/DE 250 blocks solved!

Odds are most of you will join a pool. I will only say that it is in your best interest to mine at a pool that pays transaction fees (miner rewards). Then you will want to consider the fees associated with the pool.

When it comes to these pools you want them to be large enough that they are getting at least 1 block every Difficulty adjustment period. Larger pools will offer smaller rewards paid out more frequently, and vice versa.

Once you’ve seen…