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





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…






Need help for better content !!!

Q & A

Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world !

Hope you are all well and safe in these troubled times we live on this beautiful planet of ours !

I come before you, to ask for your opinion and what you would like to see explained in my posts !?! Just let me know and I will try my best to accomodate your requests !

Thank you for your time !








The Laws are Unjust

As we’ve seen over the many years that this rag has been written (and beyond) companies who are able to fund whole teams dedicated to data security have been wholly ineffective at storing that data safely.

With the passage of this new law EU officials are actively putting citizens in harm’s way by irresponsibly trying to force bitcoin users to collect and store each other’s data. This is if you believe that is the actual intention behind this move.

In reality, this move likely serves as a pure intimidation tactic to coerce people to use trusted third parties when transacting with bitcoin.

A heavy handed shove into easily controlled vectors. If too many users are in control of their own private keys, run their own nodes, and are up to date on best privacy practices when transacting it is much harder to stop bitcoin.

And make no mistake, these people want to stop bitcoin at all costs.

They do not want you to be free.

They are quickly losing their grasp of control on the populace and they are moving as quickly as possible to clamp down in an attempt to retain control.

You are not meant to have privacy in their eyes. You are inherently a criminal in their eyes. These people think you are disgusting cattle who needs to be led at every turn.

It does not have to be this way. You do not have to succumb to the madness of these people. All it takes are a few decisions.


Speak up!

Act!

Disobey!


There is a silent majority out there who knows this type of attempted control is inherently wrong.


It is anti-human!

It is evil!


This silent majority needs to begin developing the courage to speak up.

Call out the abject insanity of allowing unelected institutions like the Financial Action Task Force write freedom restricting guidelines that get adopted by governments like the EU.

Learn how to run your own node, how to produce your own private/public key pairs, and how to destroy chain analysis heuristics with privacy best practices.


Make the tyrant’s job as hard as possible!

Disobey!


Stand up and defend freedom in the Digital Age by actively defying their unjust laws.


“If a law is unjust, a man is not only right to disobey it, he obligated to do so.”


It is your duty as an individual to disobey these incredibly invasive and tyrannical “laws”.

If you don’t disobey your progeny may not have the opportunity to. The time to counter punch is right now. Get on it.


Source: https://tftc.io/








19 Million bitcoin in Circulation



Source: https://coinpayments.com/






The monetary properties of Bitcoin


bitcoin vs gold

bitcoin vs fiat

Bitcoin is a monetary good — a new form of money. As Bitcoin is a money, it must be compared to other monies to consider the comparative advantages of Bitcoin and from that consider further the probabilities of Bitcoin winning ground or not in the competition between monies.

Brief summarization of the monetary properties

Summarization of the monetary properties of Bitcoin compared to precious metals and fiat currencies

As the exhibit above showcases, Bitcoin offers many different distinct and compelling competitive advantages to the alternatives.

These include, but are not limited to:

1. Bitcoin is the first asset in the human history to provide any holder a very sure case of unseizability and censorship- and judgment-resistance for their funds.

Unseizability: With precious metals and fiat currencies, the custodianship is mostly in the hands of trusted custodians that is subject to any intervention by a government or authority.

Bitcoin, with self-custody being orders of magnitude easier than with precious metals and fiat currencies, and access to the corresponding private key of funds being the sole way to access and move funds, no one can seize your bitcoins.

Censorship- and judgment resistance: With precious metals and fiat currencies, the payment clearing for small value transactions can with not much hassle be somewhat censorship resistant if the involved parties are willing to transact in the physical units of precious metals and fiat currencies and to self-custody the funds going forward.

However, with non-small value transactions it is exceedingly inconvenient and costly for transactions of precious metals and fiat currencies to happen in the offline, with physical units and self-custody going forward, leaving the centralized intermediaries as the only option and these are subject to any intervention by a government or authority.

Bitcoin, with the payment clearing involving no centralized intermediaries but instead a decentralized and distributed setup requiring no AML/KYC, the result is that of a the payment clearing process being permissionless, allowing anyone with cryptographic access to funds to move them at their will.

2. Bitcoin provides an inherently apolitical global monetary unit. It is truly border-less, with no recognition of any jurisdictional rules and laws, allowing the jurisdiction of a counterpart in any transaction to be of no relevance.

◦ Fiat currencies are highly political and precious metals are less political than fiat currencies, but still much more political than Bitcoin.

◦ Bitcoin is truly border-less: any bitcoin funds can be accessed anywhere on the planet by having access to information that can even be stored inside a human brain and reliably retrieved at small effort — and, crucially, with no intermediary and no permission required the bitcoin funds can be moved to anywhere in the world with final settlement in the next block.

3. Bitcoin provides scarcity and salability through time characteristics vastly superior to any other monetary options, including fiat currencies and precious metals.

◦ The non-discretionary monetary policy of the bitcoin networking allowing for the asymptotic money supply* of 21 million BTC is built into the literal definition of the protocol. This is a drastic contrast to the arbitrary scarcity of fiat currencies governed by politics.

The scarcity of precious metals is much better than fiat currencies, but Bitcoin with the strictly fixed money supply outperforms any precious metal.

Bitcoin provides any holder a reassurance stronger than any other asset in the world that their ownership stake in the total quantity of Bitcoin on the market will never diluted.

One BTC of 21 million will always be one BTC of 21 million.

◦ Bitcoins are infinitely durable, impossible to counterfeit or dilute, can be stored at no cost and at no degradation.


* By inventing Bitcoin, Satoshi Nakamoto created the first example of a digital good (in this case, monetary good) that is impossible to reproduce ad infinitum, thereby creating the first instance of human history of digital scarcity.

Less talked about it, but perhaps more important, Satoshi Nakamoto with Bitcoin also created the first example of a good being absolute scarce.

Previously, any consideration of scarcity of a good was relative. Any physical good is never absolutely scarce, onlyrelatively scarce when compared to other goods — simply because any limit on a physical goods is a function of the time and human effort put towards producing the good.

Bitcoin, with the asymptotic monetary supply built into the protocol, is therefore the first example of absolute scarcity in a liquid commodity and good that cannot have its fixed quantity of supply increased.


People’s Money

Power to the People

The seed has been planted
Make it Thrive !!!

Choose

Veritas non Auctoritas …

Choose Wisely




Knowledge is…


Knowledge is Power !!!


WRONG !!!

Knowledge is Power
When Applied !!!


Apollo BTC – A Bitcoin ASIC Miner and Desktop Class Computer running a Full Node

Introducing the FutureBit Apollo BTC

Six CPU Cores. 44 ASIC Cores. 1TB NVMe Based SSD Drive. Quiet. Less than 200 Watts of Power. Made in the USA. This is what the Future of Bitcoin looks like. 

FutureBit Apollo BTC is the world’s first vertically integrated platform bringing the full power of Bitcoin and it’s mining infrastructure in a small, quiet, easy to use desktop device designed for everyday people. 

We have iterated and learned much from our first Apollo product. We realized early on that we focused too much on the mining aspect, and not enough on the software, applications, and services that run Bitcoin. Too many of these services have moved to online centralized websites, and many users have given up on running the core software that powers Bitcoin. 

This must change, as Bitcoin will not continue to be the free, un-censorable, decentralized system it is today if only a few control the mining that powers it, and the nodes that control it. 

At the heart of the new Apollo BTC product is a revamped SBC (Single Board Computer), that is as powerful as any consumer grade desktop system and can run almost any Bitcoin Application natively on the device 24/7. Take it out of the Box, plug it in, power it on, and you are already running a full Bitcoin node without needing to do anything.

Install a wallet of your choice, use any hardware wallet, run BTCPayServer, run a block explorer, run a Lightning Node. All of this is possible with our six core ARM based CPU with 4GB of RAM, and a 1TB NVMe drive that can easily store a FULL non pruned Bitcoin Node. It can power through a Full Node Sync in under 48 hours, which is a record for a device of its class! This is almost an order of magnitude faster than any Raspberry Pi 4 based Node. 

On top of this we have taken our 6 years of experience building ASIC mining devices, and engineered the only American Made TeraHash range Bitcoin mining device that can be silent on your desk, mine Bitcoin in the background 24/7, and only use the power of one light bulb to do it. 

We did this with our optimized PCB design that has carefully placed all 44 hash cores underneath our custom cold-forged aluminum induction heatsink, which draws up to 200 Watts of heat away from the device with our new nearly silent 25mm fan. This results in the Apollo BTC in Turbo Mode being just as quiet as the Apollo LTC in Eco Mode!

Like our previous products, we are super proud that we can continue manufacturing the Apollo BTC in the USA, and are now the only USA based company that delivers Bitcoin ASIC products with a supply chain whole owned in the western hemisphere (no more reliance on Chinese based ASICS, and their willingness to only sell to large farms and the highest bidder). 

OPTIONS

Full Apollo Package: This is our Full Package option that comes with everything you need in the box. The Apollo BTC Unit with our latest controller built in, and our 200W Power supply with power cable. 

Full Apollo Package NO Power Supply: We are also offering the Full Package with no power supply for people that want the plug-n-play experience but have spare 12v ATX power supply. 

Standard: This option is ONLY the Apollo ASIC Miner, with no controller or power supply. Our new hashboard has a micro USB port, and can be used as a USB device. The Full Apollo Node can control multiple standard units through its USB ports. We wanted to give our customers an option to expand their hash power in a cost effective way. If you already have a Raspberry Pi, or Linux/Windows Desktop Computer and a power supply with two PCIE power ports you can also control our Standard unit in this way with our stand alone miner software (please note this setup will be for more advanced users, and the software will be command line based on launch). 

Standard + Power Supply: Same as our Standard unit above, but comes with our 200W Power supply. This is a plug and play solution if you already have a Full Apollo Package. Take it out of the box, plug in the power supply, plug in the micro USB cable to the back of your Full Apollo BTC and it will automatically recognize the second hashboard and start mining! 

  • Compact All-In-One Desktop Bitcoin System (4x6x4in) that mines Bitcoin and any SHA256 based crypto (Bitcoin Cash etc). 
  • Powerful 6 ARM Core CPU with 4GB of LPDDR4 RAM and 1TB NVMe SSD (NOT included in the Standard or Standard + package). 
  • Comes Pre-Installed with a Bitcoin node, and you can install almost any Bitcoin Application
  • Very wide range of operation modes with preset ECO (quiet) mode, BALANCED, and TURBO mode. 
  • 2-3.8 TH/s of SHA256 performance per miner (+/- 5%)
  • 125 Watts in ECO mode, and 200 Watts in TURBO * +/- 10%
  • Can be used as a full Desktop computer with a monitor keyboard and mouse (not included), or through our Web UI
  • Connect almost any peripheral with our USB 3.0 ports, USB C port, HDMI, AC Wifi, and Bluetooth 
  • Clocks and Power is fully customizable by user with easy to use interface
  • Hashboard now monitors both voltage and power draw for accurate measurements*
  • Custom designed cold forged hexagonal pin heatsink with leading thermal performance for the quietest ASIC miner in operation!
  • 1k-5k RPM Quiet Dual Ball Bearing Fan with automatic thermal management with onboard temperature sensor
  • Controlled via local connection on a web browser similar to antminers. You can simply set it up via smartphone browser. No crazy driver installs, hard to use miner software or scripts needed.
  • Two Six Pin PCIE power connectors for wide-range of power draw
  • Custom Designed all Aluminum case
  • Ships with our own custom built 200W 94% efficient PSU and is ready to run out of the box! (Does NOT come with Standard package). 

 Requirements:

  • Router with an Ethernet cable for initial setup OR Monitor with keyboard and mouse
  • At least a 250 watt 12v power supply with two 6 Pin PCIE connector is required (unless you order our packages that come with our power supply). This is the same connector used by all modern GPUs. Please note even standard units NEED a power supply, they cant be powered through the USB port on the full package unit. 

As I am the owner of two of these beauties, that I have on my office as you saw in the photo above, I took the liberty to make Free-Publicity for the FutureBit Apollo Btc Miner.


Kudos to jstefanop


Source:

https://www.futurebit.io/





With 💚

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 😂


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 you’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 “compute a hash” 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 miner’s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the “next round” 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

!°! 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 !!! 🤓 🙂 😉


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