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ASIC MANUFACTURERS
ASIC MINERS MANUFACTURERS 2021
๐น๏ธ http://www.baikalminer.com/
๐น๏ธ https://bitfury.com/
๐น๏ธ https://bitmain.com/
๐น๏ธ http://www.bolonminer.com/
๐น๏ธ https://canaan.io/
๐น๏ธ http://miner.ebang.com.cn/
๐น๏ธ http://www.fusionsilicon.com/
๐น๏ธ https://www.goldshell.com/
๐น๏ธ https://ibelink.co/
๐น๏ธ https://www.innosilicon.com/
๐น๏ธ https://www.microbt.com/
๐น๏ธ https://obelisk.tech/
๐น๏ธ https://www.pandaminer.com/
๐น๏ธ https://www.spondoolies-tech.com/
๐น๏ธ https://strongu.com.cn/
๐น๏ธ http://ipollo.com/
To be updated in the future!
๐น๏ธ๐น๏ธ๐น๏ธ
Made with ๐ by Free Spirit
ย โ & ๐
Asic Miners Vendors List
ASIC MINERS VENDORS LIST – 2021
https://51asic.ru/ Russian
https://akminer.com/ Chinese
https://www.antminerdistribution.com/ – Holland
https://asicmarketplace.com/ – Hong Kong
https://asicminermarket.com/ – China
https://bitcoinmerch.com/ – USA
https://www.bitmart.co.za/ – Zanzibar
https://blokforge.com/ – USA
https://bt-miners.com/ – USA
https://casaminers.com/en – Italy
https://coinminer.com/ – USA
https://coinminingcentral.com/ – England
https://cryptosupply.de/ – Germany
https://www.cryptouniverse.at/
https://www.cryptominerbros.com/
Vires In Numeris
Vires In Numeris
” It isnโt obvious that the world had to work this way.
But somehow the universe smiles on encryption.โ
Julian Assange
Nobody yet knows for sure if the universeโs smile is genuine or not.
It is possible that our assumption of mathematical asymmetries is wrong and we find that P actually equals NP, or we find surprisingly quick solutions to specific problems which we currently assume to be hard.
If that should be the case, cryptography as we know it will cease to exist, and the implications would most likely change the world beyond recognition.
โVires in Numerisโ
=
โStrength in Numbersโ
epii
Vires in numeris is not only a catchy motto used by bitcoiners.
The realization that there is an unfathomable strength to be found in numbers is a profound one.
Understanding this, and the inversion of existing power balances which it enables changed my view of the world and the future which lies ahead of us.
One direct result of this is the fact that you donโt have to ask anyone for permission to participate in Bitcoin.
There is no page to sign up, no company in charge, no government agency to send application forms to.
Simply generate a large number and you are pretty much good to go.
The central authority of account creation is mathematics.
And God only knows who is in charge of that.
Bitcoin is built upon our best understanding of reality.
While there are still many open problems in physics, computer science, and mathematics, we are pretty sure about some things.
That there is an asymmetry between finding solutions and validating the correctness of these solutions is one such thing.
That computation needs energy is another one.
In other words: finding a needle in a haystack is harder than checking if the pointy thing in your hand is indeed a needle or not.
And finding the needle takes work.
The vastness of Bitcoinโs address space is truly mind-boggling.
The number of private keys even more so. It is fascinating how much of our modern world boils down to the improbability of finding a needle in an unfathomably large haystack.
I am now more aware of this fact than ever.
Bitcoin taught me that there is strength in numbers.
Shared with ๐ by Free Spiritโ & ๐
Root problem – Satoshi Nakamoto
Speculative Attack
Speculative Attack
Pierre Rochard
July 4, 2014
Introduction
Bitcoin naysayers1 wring their hands over how Bitcoin can’t go mainstream. They gleefully worry that Bitcoin will not make it across the innovation chasm:
- It’s too complicated
- It doesn’t have the right governance structure2
- The security is too hard to get right
- Existing and upcoming fiat payment systems are or will be superior
- It’s too volatile
- The government will ban it
- It won’t scale
The response from the Bitcoin community is to either endlessly argue over the above points3 or to find their inner Bitcoin Jonah4 with platitudes like:
- Bitcoin the currency doesn’t matter, it’s the block chain technology that matters
- It would be better if the block chain technology were used by banks and governments
- Bitcoin should continue to be a niche system for the bit-curious, it’s just an experiment
- Fiat and Bitcoin will live side-by-side, happily ever after
- Bitcoin is the Myspace of ‘virtual currency’
The above sophisms are each worth their own article, if just to analyze the psycho-social archetypes of the relevant parrots.
A few of the criticisms mentioned earlier are correct, yet they are complete non sequiturs. Bitcoin will not be eagerly adopted by the mainstream, it will be forced upon them. Forced, as in “compelled by economic reality“.
People will be forced to pay with bitcoins, not because of ‘the technology’, but because no one will accept their worthless fiat for payments.
Contrary to popular belief, good money drives out bad. This “driving out” has started as a small fiat bleed.
It will rapidly escalate into Class IV hemorrhaging due to speculative attacks on weak fiat currencies. The end result will be hyperbitcoinization, i.e. “your money is no good here”.
Thiers’ Law: Good Money Drives Out Bad
Historically, it has been good, strong currencies that have driven out bad, weak currencies.
Over the span of several millennia, strong currencies have dominated and driven out weak in international competition.
The Persian daric, the Greek tetradrachma, the Macedonian stater, and the Roman denarius did not become dominant currencies of the ancient world because they were “bad” or “weak.”
The florins, ducats and sequins of the Italian city-states did not become the “dollars of the Middle Ages” because they were bad coins; they were among the best coins ever made.
The pound sterling in the 19th century and the dollar in the 20th century did not become the dominant currencies of their time because they were weak.
Consistency, stability and high quality have been the attributes of great currencies that have won the competition for use as international money.
Robert Mundell, “Uses and Abuses of Gresham’s Law in the History of Money”
Bitcoins are not just good money, they are the best money.5
The Bitcoin network has the best monetary policy6 and the best brand.7
We should therefore expect that bitcoins will drive out bad, weak currencies.8
By what process will bitcoins become the dominant currency? Which fiat currencies will be the first to disappear?
These are the interesting questions of the day, as the necessary premises for these questions are already established truths.9
1. Fiat Bleed
Bitcoin’s current trend is to increase in value on an exponential trend line as new users arrive in waves.
The good money is “slowly” driving out the bad.
Two factors drive this:
- Reduction in information asymmetry โ people are learning about Bitcoin and coming to the realization that bitcoins are indeed the best money. Possible overlapping motives:
- ADHD โ compulsive novelty fetichism induced by our post-war consumer culture and/or innate biological processes
- FOMO โ fear of missing out, see Regret Theory and ingroups, aka avarice and status-seeking
- PISD โ post-internet stress disorder, aka “disruption”, “next big thing”, “internet of money”
- Increasing liquidity โ buying bitcoins is more convenient and has fewer fees attached today than a year ago. One can reasonably predict that this will also be the case a year from now. Why? Because selling bitcoins is a profitable and competitive business. Why? Because people want bitcoins, see above.
Due to group psychology, these newcomers arrive in waves.
The waves have a destabilizing effect on the exchange rate: speculators are unsure of the amplitude or wavelength of adoption, and amateurish punters let their excitement as well as subsequent fear overwhelm them.
Regardless, once the tide has pulled back and the weak hands have folded, the price is a few times higher than before the wave.
This ‘slow’ bleed is the current adoption model, and commentators generally assume one of the following:
- Slow bleed never occurred, it’s a fiction based on misleading data
- Slow bleed has stopped, the above motives only affect lolbertarians and angry teens
- The process will taper off now, as all the super tech-savvy people are already getting on board
My own prediction is that slow bleed has been accelerating and is only the first step.
The second step will be speculative attacks that use bitcoins as a platform.
The third and final step will be hyperbitcoinization.
2. Currency Crises
It might make sense just to get some in case it catches on.
If enough people think the same way, that becomes a self fulfilling prophecy.
” Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine. “
Satoshi Nakamoto, 1/17/2009
Slow bleed leads to currency crisis as the expected value of bitcoins solidifies in people’s minds.
At first they are conservative, they invest “what they can afford to lose”.
After 12-18 months, their small stash of bitcoins has dramatically increased in value.
They see no reason why this long term trend should reverse: the fundamentals have improved and yet adoption remains low.
Their confidence increases. They buy more bitcoins. They rationalize: “well, it’s only [1-5%] of my investments”. They see the price crash a few times, due to bubbles bursting or just garden-variety panic sales โ it entices them to buy more, “a bargain”. Bitcoin grows on the asset side of their balance sheet.
On the liability side of the Bitcoiner’s balance sheet there are mortgages, student loans, car loans, credit cards, etc.
Everyone admonishes people to not borrow in order to buy bitcoins.
The reality is that money is fungible: if you buy bitcoins instead of paying down your mortgage’s principal, you are a leveraged bitcoin investor.
Almost everyone is a leveraged bitcoin investor, because it makes economic sense (within reason).
The cost of borrowing (annualized interest rates ranging from 0% to 25%) is lower than the expected return of owning bitcoins.
How leveraged someone’s balance sheet is depends on the ratio between assets and liabilities.
The appeal of leveraging up increases if people believe that fiat-denominated liabilities are going to decrease in real terms, i.e. if they expect inflation to be greater than the interest rate they pay.
At that point it becomes a no-brainer to borrow the weak local currency using whatever collateral a bank will accept, invest in a strong foreign currency, and pay back the loan later with realized gains.
In this process, banks create more weak currency, amplifying the problem.
The effect of people, businesses, or financial institutions borrowing their local currency to buy bitcoins is that the bitcoin price in that currency would go up relative to other currencies.
To illustrate, let’s say that middle-class Indians trickle into bitcoin. Thousands of buyers turns into hundreds of thousands of buyers.
They borrow Indian Rupees using whatever unencumbered collateral they have โ homes, businesses, gold jewelry, etc.
They use these Rupees to buy bitcoins. The price of bitcoins in Indian Rupees goes up, a premium develops relative to other currency pairs.
A bitcoin in India might be worth $600, while in the U.S. it trades at $500. Traders would buy bitcoins in the U.S. and sell them in India to net a $100 gain. They would then sell their Indian Rupees for dollars. This would weaken the Indian Rupee, causing import inflation and losses for foreign investors.
The Indian central bank would have to either increase interest rates to break the cycle, impose capital controls, or spend their foreign currency reserves trying to prop up the Rupee’s exchange rate.
Only raising interest rates would be a sustainable solution, though it would throw the country into a recession.
There’s a huge problem with the Indian central bank raising interest rates: bitcoin’s historical return is ~500% per year.
Even if investors expected future return is 1/10th of that, the central bank would have to increase interest rates to unconscionable levels to break the attack.
The result is evident: everyone would flee the Rupee and adopt bitcoins, due to economic duress rather than technological enlightenment.
This example is purely illustrative, it could happen in a small country at first, or it could happen simultaneously around the world.
Who leverages their balance sheet and how is impossible to predict, and it will be impossible to stop when the dam cracks.
Which countries are most vulnerable to a currency crisis?
Business Insider provides a helpful list here.
Bitcoins will have to reach certain threshold of liquidity, indicated by a solid exchange in every financial center and a real money supply โ i.e. market cap โ of at least $50 billion, before they can be used as an instrument in a speculative attack. This will either coincide with or cause a currency crisis.
3. Hyperbitcoinization
A speculative attack that seems isolated to one or a few weak currencies, but causes the purchasing power of bitcoins to go up dramatically, will rapidly turn into a contagion.
For example, the Swiss will see the price of bitcoins go up ten fold, and then a hundred fold.
At the margin they will buy bitcoins simply because they want to speculate on their value, not due to an inherent problem with the Swiss Franc.
The reflexivity here entails that the reduction in demand for Swiss Francs would actually cause higher than expected inflation and thus an inherent problem with the Swiss Franc.
The feedback loop between fiat inflation and bitcoin deflation will throw the world into full hyperbitcoinization, explained by Daniel here.
Conclusion
Bitcoin will become mainstream.
The Bitcoin skeptics don’t understand this due to their biases and lack of financial knowledge.
First, they are in as strong an echo chamber as Bitcoin skeptics.10
They rabidly search for evidence that confirms their view of Bitcoin.
Second, they misunderstand how strong currencies like bitcoin overtake weak currencies like the dollar: it is through speculative attacks and currency crises caused by investors, not through the careful evaluation of tech journalists and ‘mainstream consumers’.
To honor these soon to be extinct skeptics, the Nakamoto Institute has launchedย A Tribute to Bold Assertions.
- No, seriously, there are people on the Internet spending a non-trivial amount of time writing about a currency they think is going to fail yet continues to succeed beyond anyone’s expectations. I get schadenfreude from their lack of schadenfreude. Granted, a few of them are being paid to write controversial click bait and/or just concern trolling โ both activities that I respect and understand.
- This is generally stated by people who are in the ‘out-group’ and fantasize about being in the ‘in-group’ through politics/pedigree rather than economic/meritocratic processes. Demographically, they probably overlap with fans of The Secret. Economically, they are without exception bezzlers.
- Bitcoin has entered its Eternal September, where every person new to Bitcoin thinks they have a unique understanding of Bitcoin and everyone ought to hear about it. There’s an endless flood of newbies ‘concerned’ about such and such ‘problem’ with Bitcoin. The Bitcoin community does these arrivistes a real disservice by taking them seriously instead of just telling them ‘read more’.
- The opposite of Bitcoin Jesus. Bitcoin Jonah is a defeatist, self-sabotaging, and timid ‘man’ who is on a permanent quest to confirm Bitcoin’s weakness.
- Bitcoin is the Best Unit of Account by Daniel Krawisz
- The Bitcoin Central Bankโs Perfect Monetary Policy by Pierre Rochard
- Bitcoin Has No Image Problem by Daniel Krawisz
- Hyperbitcoinization by Daniel Krawisz
- If you disagree then either you have not been learning or you have not been engaging in the debate, go back to square one.
- ‘I live in a rather special world. I only know one person who voted for Nixon. Where they are I don’t know. They’re outside my ken. But sometimes when I’m in a theater I can feel them.’ – Pauline Kael
Source:
Bitcoin’s Shroud of Subtlety and Allure
Bitcoin’s Shroud of Subtlety and Allure
Daniel Krawisz
June 29, 2014
Attacks on Bitcoin
A successful attack on Bitcoin means attacking Bitcoinโs value.
There might well be a bug that could be exploited to put the network out of commission temporarily, but would soon be fixed and then the network would be up and running shortly thereafter.
To destroy Bitcoin permanently means to end the profit opportunities available with it, and that means either a malicious hashing attack on the network that makes mining impossible or such a malevolent policy against Bitcoin trade that even the black market abandons it.
Both of these require spending resources in proportion to the profits that Bitcoin enables.
In this article, I will discuss three reasons why such an attack is unlikely to succeed: antifragility, subtlety, and attacker defection.
The interplay of these three defenses makes Bitcoin into a kind of wave that rewards those who ride it and drowns those who resist it.
The first of these, antifragility, is exemplified in the fact that malicious hashing is impossible up to a certain fraction of the network.
Below the point that selfish mining becomes possible1ย additional hashes per second are almost certainly beneficial because they increase the security of the network.
Any potential attacker, therefore, must weigh in the possibility that he may end up benefiting the network instead of destroying it.
A similar risk accompanies a legal attack on Bitcoin. Bitcoin can adapt to half-hearted attacks. It would move deeper into the black market where it would become permanently strengthened.
Furthermore, a legal attack could be easily corrupted into one that brings as many bitcoins as possible to the government agents instead of one that destroys it (seeย below).
Bitcoinโs Subtlety
Bitcoin adoption happens one person at a time, and this is true for potential attackers as well as the rest of us.
It takes an entrepreneurial mindset to be able to imagine what Bitcoin could become, given how comparatively small it is now.
It takes time and meditation for people to take Bitcoin seriously because most of its value is in the future.
By the time this happens, Bitcoin has become much more expensive than when they first learned of it.
Thus, Bitcoin is protected from attackers by being initially beyond their understanding.
When Bitcoin was very small, it was very stealthy and was completely unknown to the establishment.
Now they laugh at it, just as it has begun to grow bold.
Of course, we donโt know who really dismisses it and who is deliberately trying to draw attention away from it.
Bitcoinโs Allure
Furthermore, potential attackers are at a disadvantage for another reason.
Bitcoin tends to oppose organizations rather than people.
Even someone who stands to lose from Bitcoin by not reacting to it, such as a banker or government agent, stands to gain a great deal by buying now.
Only the very wealthiest people might reasonably expect to be worse off attempting to buy up as much as possible now than if it were gone. (This could happen if their attempt to buy caused the price to rise too fast relative to their ability to acquire additional bitcoins, to the point that they ultimately had less influence over the future Bitcoin economy than they have over the economy of today.)
Thus, the agency problem with Bitcoin affects bitcoin competitors as well as Bitcoin holders.
Nearly any government agent who begins to see bitcoin as a potential threat must also simultaneously see it as an opportunity.
He, too, can invest in Bitcoin. And why shouldnโt he?
Bitcoin may be a threat to his livelihood, but it may well be making him an offer he canโt refuse.
How can an organization that stands to lose by the adoption of Bitcoin provide its members with a better opportunity for staying loyal than Bitcoin provides for defection?
Even those who might resist the temptation to defect would have to think about the defection of his fellows.
How quickly is adoption happening? Is there time to mount an attack before Bitcoin becomes too powerful? How easily could the resources for such an attack be amassed, given both the ignorance and treachery of the other agents.
If such an attack would be unlikely to succeed, then buying now would be the only intelligent action.
Regardless of whether he liked Bitcoin, it would be futile to continue pursuing a doomed cause.
Potential Bitcoin attackers are in aย Prisonerโs Dilemma.
In the same way that the people cannot easily rebel against the king owing to a lack of coordination on their part, governments cannot rebel against Bitcoin for the same reason.
The government puts the people in a Prisonerโs Dilemma against one another, and Bitcoin does the same to government agents.
Bitcoin is likeย Invasion of the Body Snatchers.
Bitcoin attracts inside men to act as covert saboteurs. There have long been predictions from both bitcoiners and naysayers of impending government attacks, but I think there is a possibility that Bitcoin could win without suffering much resistance.
Moreover, although I said above only that any legal bitcoin attackย couldย be perverted, the considerations discussed in this section tend to make such diffusion very likely.
Bitcoin defends itself by being obscure, but once it has attracted someoneโs attention, its best interest is for that person to understand the logic presented here. For then he will also understand that his best course is to deny Bitcoinโs threat to his superiors and quietly to become its willing slave.
- Right now Bitcoin Core does not follow the proper strategy to protect against selfish mining even at very low hashing rates, but the fix would be extremely easy to implement and would make selfish mining impossible up to 25% of the hash rate. โฉ
Source:
https://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/
What is Hashrate ?
Hashrate
Hashrate (Hash per second, h/s) is an SI-derived unit representing the number of double SHA-256 computations performed in one second in the bitcoin network for cryptocurrency mining.
Hashrate is also called as hashing power. It is usually symbolized as h/s (with an appropriate SI prefix).
What is hashing power or hash rate?
The hash rate is the primary measure of a Bitcoin miner‘s performance.
In 2014, a miner’s performance was generally measured in Ghash/s, or billions of hashes per second.
The hash/second unit is also part of a common measure of a Bitcoin miner’s electric efficiency in the term watts /Ghash/s, denoted as W/Ghash/s. As 1 watt is equal to 1 joule/s, this measure can also be expressed as J/Ghash, or joules per 1 billion hashes.
Bitcoin network hash rate
The hash/s is also used in calculations of the Bitcoin network’s overall hash rate. Because each miner or mining pool only relays a solved block to the network, the overall hash rate of the network is calculated based on the time between blocks.
While not an accurate measure of network hash rate at any given instance in time, measurements over longer periods can be considered indicative and similar calculations are used in Bitcoin’s difficulty adjustment.
In January 2015, the network hash rate was around 300 Phash/s, or 300 quadrillion hashes per second.
If you compare a bitcoin mining device to one that is designed to mine, for example, Ethereum, you will notice a very large apparent difference in hash rates.
This is because there are many different algorithms that cryptocurrencies use. They all require different amounts of memory and computing power in order to be mined.
To put it simply, bitcoin and its SHA256 algorithm is considered by today standards to be relatively easy to compute. As a result, a mining device that is still relevant today would need to produce hashes in the terahash range and up.
If we were to compare this to Ethereum, youโll find that most modern Ethereum mining devices (typically GPUโs) operate in the megahash range.
At first glance, you may think that the bitcoin mining device is significantly more powerful or more productive.
While itโs true that it produces more hashes (of the SHA256 variety), this is because bitcoin hashes are easier to produce computationally.
As a consequence, the network difficulty is significantly higher for bitcoin.
To make things even more confusing, some cryptocurrencies intentionally chose algorithms that can only be mined using a basic CPU.
As a result, mining devices for this network that can produce hundreds of hashes per second are considered to be high and very competitive.
So what does all this mean?
Basically, it means that looking at the hash rate alone doesnโt necessarily tell you the effectiveness of the miner.
You also need to understand the network difficulty, and what the norm is for most mining devices for that particular cryptocurrency.
How can I calculate how many hashes I generate per second?
Your problem breaks down nicely into 3 separate tasks:
- Sharing a single count variable across threads
- Benchmarking thread completion time
- Calculating hashes p/sec
- Sharing a single count variable across threads
Now that we know that not all hashes are the same we need to know how to calculate the estimated profitability of a miner based on its hash rate.
For this, will need to use a mining profitability calculators, they are available in the Internet.
public static class GlobalCounter
{
public static int Value { get; private set; }
public static void Increment()
{
Value = GetNextValue(Value);
}
private static int GetNextValue(int curValue)
{
return Interlocked.Increment(ref curValue);
}
public static void Reset()
{
Value = 0;
}
}
Before you spin off the threads call GlobalCounter.
Reset and then in each thread (after each successful hash) you would call GlobalCounter.
Increment – using Interlocked.X performs atomic operations of Value in a thread-safe manner, it’s also much faster than lock.
Benchmarking thread completion time
var sw = Stopwatch.StartNew();
Parallel.ForEach(someCollection, someValue =>
{
// generate hash
GlobalCounter.Increment();
});
sw.Stop();
Parallel.ForEach will block until all threads have finished
Calculating hashes per second
...
sw.Stop();
var hashesPerSecond = GlobalCounter.Value / sw.Elapsed.Seconds;
How is the hash rate measured?
Hash rate is a unit measured in hashes per second or h/s and here are some usual denominations used to refer it.
Hash rate denominations:
- 1 kH/s is 1,000 (one thousand) hashes per second;
- 1 MH/s is 1,000,000 (one million) hashes per second;
- 1 GH/s is 1,000,000,000 (one billion) hashes per second;
- 1 TH/s is 1,000,000,000,000 (one trillion) hashes per second;
- 1 PH/s is 1,000,000,000,000,000 (one quadrillion) hashes per second;
- 1 EH/s is 1,000,000,000,000,000,000 (one quintillion) hashes per second.
Common Hash rate Conversions:
- 1 MH/s = 1,000 kH/s;
- 1 GH/s = 1,000 MH/s = 1,000,000 kH/s;
- 1 TH/s = 1,000 GH/s = 1,000,000 MH/s = 1,000,000,000 kH/s.
Shared with ๐ by Free Spirit
โ & ๐
- International payment using the radio wavesIn a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves
- Happy New Year !!!!Happy New Year!May the coming year be full of grand adventures , peace, prosperity and opportunities.Dream big and make the most of 2024!
- Discipline QuotesMy inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes
- Merry Christmass and A Happpy New Year to allTo 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 … Continue reading Merry Christmass and A Happpy New Year to all
- Bitcoin White Paper turn 15Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15
Hoist the Waffels…
Hey Ho, Hoist the Waffels…
The TSMC and his men stoled the mighty chip out of it's bed,
And bound it on it's pcb plate.
The hasrate be ours, and by the hashrate powers,
It's where we'll roam!
Yo Ho... All you miners,
Hoist the waffels high!
Heave ho, traders and profets,
Never shall We die !
Some miners have perished and some are alive,
Others hold the hashrate high...
With the keys to their wallets...
And a pool's fee to pay,
We lay to Crypto's Creed !
Yo, ho hash together,
Hoist the waffels high!
Heave, ho, traders and profets,
Never shall We die !
Yo, Ho hash together,
Hoist the Waffels high!
The hashrate be ours,
Never shall we die !
Source of Inspiration :
“Hoist the Colours” by Hans Zimmer
- International payment using the radio waves
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves - Happy New Year !!!!Happy New Year!May the coming year be full of grand adventures , peace, prosperity and opportunities.Dream big and make the most of 2024!
- Discipline Quotes
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes - Merry Christmass and A Happpy New Year to all
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 … Continue reading Merry Christmass and A Happpy New Year to all - Bitcoin White Paper turn 15
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15
Hal Finney
” Bitcoin and me (Hal Finney)
March 19, 2013, 08:40:02 PM
Last edit: March 25, 2013, 08:37:28 PM by Hal
#1
I thought I’d write about the last four years, an eventful time for Bitcoin and me.
For those who don’t know me, I’m Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement.
At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities.
Fast forward to late 2008 and the announcement of Bitcoin.
I’ve noticed that cryptographic graybeards (I was in my mid 50’s) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it.
When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction.
I was more positive. I had long been interested in cryptographic payment schemes.
Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin.
I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating.
When Satoshi announced the first release of the software, I grabbed it right away.
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.
Today, Satoshi’s true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere.
I’ve had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.
After a few days, bitcoin was running pretty stably, so I left it running.
Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.
I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me.
In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning.
It’s one of those glass half full half empty things.
The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value.
I dusted off my old wallet, and was relieved to discover that my bitcoins were still there.
As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they’ll be worth something to my heirs.
Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I’d lost a lot of weight and taken up distance running. I’d run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That’s when everything went wrong.
My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover.
In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig’s disease, after the famous baseball player who got it.
ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years.
My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression.
Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair’s position using my eyes.
It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It’s very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals.
Currently I’m working on something Mike Hearn suggested, using the security features of modern processors, designed to support “Trusted Computing”, to harden Bitcoin wallets. It’s almost ready to release. I just have to do the documentation.
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.
That’s my story. I’m pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest.
My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they’re safe enough. I’m comfortable with my legacy.
[edited slightly] “
Hash rate denominations
Mining capability is measured in the number of attempts to find a block a miner can perform.
Each attempt consists of creating a unique block candidate, and creating a digest of the block candidate by means of theย SHA-256d, a cryptographic hashing function.
Or, in short, aย hash. Since this is a continuous effort, we speak ofย hashes per second or [H/s].
Hash rate denominations
1 kH/s is 1,000 (one thousand) hashes per second
1 MH/s is 1,000,000 (one million) hashes per second.
1 GH/s is 1,000,000,000 (one billion) hashes per second.
1 TH/s is 1,000,000,000,000 (one trillion) hashes per second.
1 PH/s is 1,000,000,000,000,000 (one quadrillion) hashes per second.
1 EH/s is 1,000,000,000,000,000,000 (one quintillion) hashes per second.
1 ZH/s is 1,000,000,000,000,000,000,000 (one sextillion) hashes per second.
Conversions
1 MH/s = 1,000 kH/s
1 GH/s = 1,000 MH/s = 1,000,000 kH/s
1 TH/s = 1,000 GH/s = 1,000,000 MH/s = 1,000,000,000 kH/s
and so forth
SI unit prefixes
The denomination of hash rates follows theย International System of Units (SI).
Hereby, the prefixesย kilo,ย mega,ย giga,ย tera,ย peta,ย exa, andย zetta each translate to an increase by a factor of one thousand.
Please note, that the symbol for kilo is a lower-case “k”. As “K” is the symbol for kelvin, the unit of thermodynamic temperature.
Inconsistency of kilobyte, megabyte, and gigabyte
The computer industry’s use of kilobyte, megabyte, and gigabyte is inconsistent with the SI.
The Joint Electron Device Engineering Council (JEDEC) has redefined the prefixes kilo, mega and giga in relation with bit and byte as powers of 1024 instead of 1000.
Higher prefixes were not redefined by JEDEC.
In order to avoid this inconsistency, the International Electrotechnical Commission (IEC) has proposed theย binary prefixย which usesย kibi[Ki],ย mebiย [Mi], andย gibiย [Gi] for 1024ยน, 1024ยฒ, and 1024ยณ respectively.
More detailed info :
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At BitHouse LLC, our Clientโs best interest always come first and foremost, and everything we do is guided by our high values and professional ethics.
Services
Cryptocurrency Consulting
General cryptocurrency advice, reviews and due diligence on tokens, blockchain projects, general investment advice and trading strategy.
Security and putting processes in place to backup your crypto.
Cryptocurrency Mining & Staking
Setup and advice on Cryptocurrency mining rigs. Mining does not just include Bitcoin, there are numerous other options to mine, including other tokens, rigs that provide processing power and storage.
Masternodes
Nodes are a great way to generate cryptocurrency, similar to mining just without the expensive hardware.
Setting up and running a node is not straight forward, we can help.
Proof of Stake / Staking Wallets
Just like mining, storing your cryptocurrency in a wallet that is connected to the blockchain can generate you more crypto of that same token.
If you own POS coins and arenโt staking you are missing out on ROI.
“Better a diamond with a flaw than a pebble without.”
Diamond with a flaw
Confucius
“Try not to become a man of success. Rather become a man of value.”
Man of Value
Albert Einstein
“If you don’t know what you want, you’ll never find it.
If you don’t know what you deserve, you’ll always settle for less.
You will wander aimlessly, uncomfortably numb in your comfort zone, wondering how life has ended up here.
Life starts now, live, love, laugh and let your light shine!”
Let your light shine
Rob Liano
“A person’s worth is measured by the worth of what he values.”
Values
Marcus Aurelius, “Meditations”
“Mathematics expresses values that reflect the cosmos, including orderliness, balance, harmony, logic, and abstract beauty.”
Mathematics
Deepak Chopra
“Every job from the heart is, ultimately, of equal value.
The nurse injects the syringe; the writer slides the pen; the farmer plows the dirt; the comedian draws the laughter.
Monetary income is the perfect deceiver of a man’s true worth.”
Job from the Heart
Criss Jami, “Killosophy”
“A person that does not value your time will not value your advice.”
Orrin Woodward
Value your time
“Once you embrace your value, talents and strengths, it neutralizes when others think less of you.”
Rob Liano
Embrace your Values
“Bad times have a scientific value. These are occasions a good learner would not miss.”
Ralph Waldo Emerson
Bad times
“I say no wealth is worth my life.”
Homer, “The Iliad”
Life
“But what’s worth more than gold?
Practically everything.
You, for example.
Gold is heavy.
Your weight in gold is not very much gold at all.
Aren’t you worth more than that?”
Terry Pratchett, “Making Money”
You are worth more than gold
“Knowledge is like money: To be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.”
Louis L’Amour, “Education of a Wandering Man”
Knowledge
“ร, Sunlight! The most precious gold to be found on Earth.”
Roman Payne
Sunlight
“Knowledge is like money: To be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.”
Louis L’Amour, “Education of a Wandering Man”
Knowledge
“If life โ the craving for which is the very essence of our being โ were possessed of any positive intrinsic value, there would be no such thing as boredom at all: mere existence would satisfy us in itself, and we should want for nothing.”
Arthur Schopenhauer, “The Vanity of Existence”
Existence
“Our sole purpose on this earth is to add value to others.
It doesnโt make sense to just exist in people’s lives or to be a drain on them, does it?”
Rob Liano
Sole purpose
“Value judgments are destructive to our proper business, which is curiosity and awareness.”
John Cage
Curiosity & Awareness
“We set no special value on the possession of a virtue until we percieve that it is entirely lacking in our adversary.”
Friedrich Nietzsche, “Human, All Too Human: A Book for Free Spirits”
Virtue
“Maybe you had to come close to losing something before you could remember its value.
Maybe we enjoy the last minute struggle as it slips through our hands.”
Suraj Sani
Struggle
“Always remember that the minority dictates the prices, and the majority governs the value.”
Naved Abdali
Minority vs. Majority
“It is impossible to say whether an asset class valuation is cheap or expensive in isolation.
The valuation of an asset is relative to the valuations of all other assets.”
Naved Abdali
Valuation of an Asset
“Market quotes change every second, but business evolves steadily.
You have ample time to evaluate a business to buy or not to buy.
There is no rush.”
Naved Abdali
Evaluate
“The number one reason people lose money in investing is because they buy assets without giving any thought whatsoever to the fair value.”
Naved Abdali
Fair Value
“If investors do not know or never attempt to know the fair value, they can pay any price.
More often, the price they pay is far greater than the actual value.”
Naved Abdali
Actual Value
“Watching every tick up and every tick down is just wasting your valuable time.
Do yourself a favor, and pick up a book or two about investing each month.”
Naved Abdali
Pick up a book
“An ounce of gold will always be an ounce of gold regardless of the length of possession.
The short-term value will go up or down, but gold prices will follow the general inflation rate in the long run.”
Naved Abdali
General Inflation Rate
“A Collectibleโs value is primarily based on the emotions and the perception of potential buyers.”
Naved Abdali
Emotions & Perception
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