Bitcoin Mining: How Are the Most Popular Coins Mined Today?

How to mine BTС today?

Quite a lot of people really managed to make a fortune out of Bitcoin mining. And many still manage to do so today. In this article, The Coin Shark will tell what mining is, how the most popular cryptocurrency is mined today, when the latest Bitcoin will be mined, what are the prospects of the digital currency mining industry and other things that every crypto-enthusiast is interested in.

Content:
(please, click the topic to scroll down to it)

  1. What is mining?
  2. How is Bitcoin mined?
  3. How many Bitcoins can be mined and what’s the time period for that?
  4. Types of Bitcoin mining
  5. Prospects of Bitcoin mining
  6. Conclusion 

1. What is mining?

Today, even those who are not really familiar with cryptocurrencies have definitely heard something about mining. However, it is not always clear what it actually is.

Mining is a computing operation. In fact, this is a kind of an attempt to solve a complex mathematical problem. The particular “X” that must be found as the result of the calculations is called a hash. If it is successfully found a new block is generated in the cryptocurrency blockchain. A block is a structural unit where the information about cryptocurrency transactions is recorded. It is sometimes not that easy to get all those terms, so let`s take a look at a rather simple example: a block is a kind of a banknote. Any banknote is a legal tender only if it looks in a certain way. It has a special design, watermarks, other security features, particular density, etc. Each banknote must meet certain specified parameters, otherwise, you will not manage to buy something for it and it will be just a piece of paper. The same thing with cryptocurrencies! Transactions are confirmed by being recorded into the blocks, and the blocks must be valid, must have a particular form. To meet this form, to generate a valid block, a hash with required parameters should be found as the result of computing operations. And that is exactly what miners are responsible for!

2. How is Bitcoin mined?

Bitcoin is a Proof-of-Work algorithm-based digital currency, that is why BTC is mineable. Proof of work actually means that transactions are confirmed, and the blocks are generated only if a certain work is done – new coins are issued only when one has managed to find the hash and create a new valid block. Every new block is generated approximately once every ten minutes. The Bitcoin code is written in such a way that, depending on the computing power in the network, the difficulty of the hash varies. In other words, the more powerful the miners are, the more difficult it is for them to find the hash. That is how the system maintains the balance between the available computing power and the complexity of the calculations. It does not matter whether only several personal computers are engaged in Bitcoin mining (as it was in 2009) or huge industrial mining farms (as it is happening today) – it will always take approximately ten minutes to generate every new block.

So, when miners do their calculations successfully and manage to find the hash, they are rewarded. This reward used to be as huge as 50 BTC. However, back then the number of coins was not actually a significant fortune. According to the Bitcoin code, this reward decreases by half every 210 thousand blocks. Since each block of Bitcoin is generated in about 10 minutes, it takes about four years to get 210 thousand blocks. So, every four years the reward is reduced by half. In 2012, there was the first reduction from 50 BTC to 25. The next reduction took place in 2016. Today miners get 12.5 Bitcoins for each generated block.

3. How many Bitcoins can be mined and what’s the time period for that?

It is only possible to mine a total of 21 million BTC. This maximum amount of cryptocurrency is provided by its programming code. First of all, this limitation is designed to prevent inflation and preserve the value of Bitcoin. Actually, those things are usually valuable, that have a limited supply, and if Bitcoin had an unlimited emission, like Ethereum and some other virtual currencies, it would have been potentially subject to inflation. As of mid-October 2018, according to coinmarketcap, the number of BTC coins in circulation reached 17,332,325, which means that only a bit more than 3.5 million coins remain to be mined. It would seem not a big deal – almost all Bitcoins have already been mined! But truth is, it will take more than a century to mine the remaining coins!

So, let’s see how long will it take for miners to get all Bitcoins. To calculate this, we should make several mathematical operations. Of course, these operations are not as complicated as those required to find Bitcoin hash. The computing power of your calculator will be enough! So that is what we have:

The reward is reduced by half every 210 thousand blocks (approximately once every four years). Accordingly, the number of coins issued will decrease every four years. So, 10.5 million BTC was issued during the first “four-year cycle”, when the reward for each block was 50 BTC. Then the number of coins is reduced by half with each cycle. According to this formula, the very last BTC will be mined about the year 2140! Interestingly, in the first seven “four-year cycles”, miners will extract 99% of the coins, and it will take more than a century to get the remaining 1%.

4. Types of Bitcoin mining

About ten years ago, when the first peer-to-peer decentralized payment system with a cryptographically protected digital cash (yep, it’s all about Bitcoin) was launched, there was only one, or perhaps several miners, in the network. Probably it was an ordinary PC or laptop owned by Satoshi Nakamoto – the mysterious Bitcoin developer – and maybe some other PCs owned by those involved in the development of Bitcoin. So initially users were able to mine Bitcoin using their own devices. The computing power of their processors was enough to perform necessary calculations and find Bitcoin hash. This type of mining was called CPU-mining. However, with the growing popularity of Bitcoin, more and more people joined the system, the load and difficulty increased, and eventually, it became clear that even the most powerful PC had not enough power to mine Bitcoin effectively. A casual user with his laptop was left behind. And the reason is that a probability of getting a reward is equal to the ratio of your individual computing power to the power of the entire network. So a new solution was found – users started mining Bitcoins using the computing power of video cards. That new type of mining was called GPU-mining. Several video cards were connected to a computer and the entire powerful device used special software to mine BTC. Today, a number of cryptocurrencies can still be mined using processors or video cards, but this is not working out with Bitcoin. To be able to find Bitcoin has users should make really complex calculations and special high-performance devices are required. These are ASIC-miners – a special equipment with high computing power and price.

Today users who have special equipment for BTC mining combine their computing power in special mining pools. Pools are groups of miners who use their computing power together and jointly perform the operations necessary to obtain Bitcoin hash. The probability of getting a reward is much higher than if users mine the cryptocurrency solely. This reward is then distributed in proportion to the computing power “invested” by each individual miner.

Moreover, cloud mining is also relatively popular. This, in fact, means that a user simply rents computing power from owners of large mining farms, who are often the manufacturers of mining equipment. Despite the fact that today this type of mining is gradually becoming less attractive, it still has its advantages – users do not need to buy equipment, place it, set up, maintain its operation, update hardware, pay for electricity, etc.

5. Prospects of Bitcoin mining

Many believe that the mining era is almost over and there are some reasons for this. After all, as we have already figured out, even the cryptocurrency code itself provides a reduction of the reward. If Bitcoin rate does not increase significantly, nobody will be interested in running expensive mining equipment and earning a couple of thousand satoshi (1 satoshi is 0.00000001 BTC).

Today mining is a fairly centralized industry with and it is rather difficult for beginners to join it. Especially for those who do not have a lot of money. Even owners of huge industrial mining farms experience some problems. For example, some of them realize that the equipment they used in 2017 cannot provide the same profitability in 2018. Today BTC mining is largely controlled by mining pools one hand and owners of huge industrial mining farms on the other and this tendency for mining to become more centralized is likely here to stay.

6. Conclusion

So, Bitcoin mining is not a “gold rush” anymore. The increased difficulty made it way more centralized and way less available for casual users. Today, mining still provides big profit for those who own huge mining farms or at least some high-performance equipment. The Bitcoin rate is far from the historical maximum, but nevertheless, it remains quite significant, and most importantly, according to many experts, has prospects for an even greater increase. However, today it is practically impossible to make money on mining without big preliminary investments. Mining prospects depend on the rate of cryptocurrency, and on the other hand, are also predetermined by the Bitcoin programming code itself. However, this predetermination can be defined differently. Yes, the reward is reduced every four years, so mining can become less appealing in the future. But this reduction can be compensated if Bitcoin price increases. Anyway, today many crypto enthusiasts consider other mining options. Sometimes it is easier to mine other coins, and then, if desired, exchange them for Bitcoin. One thing is clear – the mining industry has been changing, and the time will tell,  what will happen to it in the medium term.

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When Will Finally Growth Happen? Or Fresh Forecasts of Cryptocurrency Analysts

As we all remember, the 2018th year was far from the best in the history of Bitcoin as well as other cryptocurrencies. For the previous year, the first cryptocurrency slipped from $20,000 to $3,200. As of this writing, one BTC coin costs $3,940.

Perceptible revival in the cryptocurrency market has provoked another dose of optimistic statements from analysts. Let’s take a look at what professional traders and cryptocurrency market experts are saying about the immediate prospects for the Bitcoin rate.

Leah Wald

A professional trader, and in the past, World Bank economist Leah Wald, claims that the rate of the main cryptocurrency will fall to a critical level of $1,500, and only after that, new growth can begin, up to $6,500. But the user with the nickname Filb Filb doubts her prediction and claims that BTC has already “found its bottom” and now only the growth up to $6,000 and higher is waiting for us.

Leah Wald is confident in her forecast, so she decided to make a bet with her opponent – in case her prediction turns out to be wrong, she will have to transfer 1 Bitcoin to the user Filb Filb.

Cane IslandCrypto

An analyst from Texas, who is known on Twitter under the nickname Cane IslandCrypto recently published his own vision of the BTC price behavior in the coming years. So, he believes that a long and confident uptrend is waiting for us:

  • until the end of 2019, the BTC course will be $7,800;
  • in 2021 – $28,627;
  • in 2023 – $93,382;
  • in 2026 – $471,532.

He is confident that the bear market is over and only growth is waiting for us in the coming years.

Canaccord Genuity CapitalMarkets

A group of leading analysts of Canadian financial institutions Canaccord Genuity CapitalMarkets has a similar opinion about the rate of the first cryptocurrency. They believe that in two years Bitcoin will return to its peak values and go higher.

To create the own Bitcoin price chart, analysts were guided by historical data for 6 years (from 2011 to 2017). After analyzing the behavior of BTC, they came to the conclusion that at the moment the price of the asset has already “found the bottom”. And in the near future, the BTC course should start its growth.

Conclusion

If we analyze this information, we can conclude that the mood of market participants is beginning to change for the better. So far, the Bitcoin rate shows growing, even though slow: in recent months it has grown from $3,200 to $3,940 and continues to ascend. The nearest psychological mark is at the level of $4,000 – $4,100.

We will closely follow the latest news from the cryptocurrency world. If you always want to stay up to date with the latest events, then follow the updates on our website or subscribe to us on social networks.

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Bitcoin Overcame Psychological $4000 Mark: Rate Chart

The weekend begins well: today on March 16th, 2019, Bitcoin rate broke another psychological mark of 4 thousand dollars.

Half-hour graph from cryptocurrency exchange Bitstamp Source: TradingView

In the graph above we can see that not only Bitcoin has increased, but also trading volume. As expected, almost all the coins followed Bitcoin.

Source: Coinmarketcap

This is exactly how Top-10 cryptocurrencies looks like. Bitcoin Cash showed the maximum growth in the last 24-hours, it managed to grow by 14%, the second place in the growth dynamic takes Litecoin with 6,61%.

What is it – the final verge of a trend or another market manipulation? We will follow developments and provide you with the latest information.

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TOP 5 Most Convenient Applications To Use And Work With Cryptocurrency

Cryptocurrency is one of the most promising and growing industries in our modern world. It is becoming more and more valuable to our society, as well as to the nations’ economies and banking systems, since people prefer more convenient ways of trading and transferring money. We therefore offer you to look at top 5 apps that the most convenient in using and working with crypto.

1. Keymano

Keymano is a top wallet that provides a customer with a myriad of opportunities. It’s very convenient, fast and secure. Managing crypto or fiat money through Keymano wallet is easy. Using Keymano wallet anyone can sell, buy or send crypto on the go. It is user-friendly and straightforward.

Connect Keymano Card and Wallet to get even more functions. This Card allows you to make payments online and in-store. Moreover, the user can withdraw cash at any ATM terminal.

Keymano is a fully-featured product which not only simplifies managing crypto but also creates more ways to use it. With Keymano any transaction (from buying coffee to money exchange) is simple and always available in any part of the whole world. Having Keymano you can:

  • pay with crypto in any part of the world;
  • pay with BTC, ETH, etc;
  • manage multiple currencies in one App;
  • pay online or in-store using Keymano Card.

2. 365Сash

365Cash is a platform that provides services to users in different countries by organizing P2P transfers of digital assets. By the time of publication, the platform overcomes 850,000 cryptocurrency swaps. Such a big number extols this platform over others on the market. The service also possesses the following features:

  • Its own large ecosystem which uses nodes for cryptocurrencies and works automatically.
  • The most favorable rates for customers. The service earns on the difference in sales rates due to a large flow of customers and hedging the risks of cryptocurrency fluctuations.
  • Fully automatic system of receiving and paying funds to customers using the most popular payment system in Russia – Qiwi.
  • In future, it is planned to expand the pool of available cryptocurrencies.

3. Quppy 

Quppy is multicurrency payment system with unique cross-platform applications.The wallet provides users the ability to share crypto assets via different accounts inside one single wallet as far as within a decentralized storage system. By the end of the month, users will be able to withdraw money in euro. The platform also have some interesting features:

  • Sharing all your crypto assets through various accounts on one single platform.
  • Superior security for users based on blockchain technology.
  • Fast cryptocurrency exchange and instant transactions;
  • Multicurrency support including Bitcoin, Bitcoin Cash, Litecoin, etc.
  • Integration of Nexo – a service of the world’s fastest instant credit.

4. Chatex

Chatex is a platform that makes transfers, exchanging or paying for goods much more easier for every customer. Cryptobanking facilitates access to the use of cryptocurrency for those who have never had a cryptocurrency wallet and who do not want to understand difficult passwords, 12 words, etc. The service eliminates the possibility of loss of big passwords or phones, since it allows you to regain access during a personal appearance to the certification center. Unique feature are:

  • The wallet is protected by an additional PIN-code and in exchange transactions between people.
  • Instant internal transfers without commissions. Instant purchase with any VISA/MC.
  • Respond quickly to digital assets management requests from your smartphone.

5. Waves

Waves is revolutionary mobile app which enables users to connect to the network and make transactions. It is a comprehensive, all-in-one app for mobile devices with an absolutely unique feature set that includes a crypto wallet, the Waves DEX, and fiat gateway. The biggest advantages of the platform are:

  • All traffic is encrypted, hence privacy and security are fully provided. Private keys never leave users’ smartphone and are never exposed to the web.
  • Supporting Face ID, Touch ID and Fingerprint scanning.
  • Trading on DEX, with the great tools and charts, it provides access to fiat and crypto gateways, so the customer can deposit, store, trade and withdraw other assets.
  • The customer can send tokens to one’s address book contacts, lease one’s WAVES, receive warnings about suspicious tokens and burn any spam assets he/she doesn’t want.

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Baksman: Fast And Instant Cryptocurrency Exchange

Trading is nothing without buying and selling, the same goes to cryptocurrency. Thousands of crypto related people conduct tens of transactions every day. What do they need most? Of course, it is a fast and instant exchange – Baksman. So, let us dive into the speed and accuracy of the best exchange across the Europe and Asia.

Advantages of the Baksman exchange

Baksman is a crypto platform which provides exchanges in all the most demanded directions, if the customer is not satisfied with the proposed ones, the platform is ready to separately consider other fronts. The Baksman exchange is the official partner of the payment systems, such as PerfectMoney, ADV cash, Payeer, Capitalist. Their capabilities include working in rare directions like ePayments services, banks of Kazakhstan and it is not the limit. The service is constantly improving and upgrading its functionality. The platform is able and is ready to provide individual support for a client.

One of the biggest advantages of Baksman is a non-stop work. The exchanger works 24 hours a day and 7 days a week. The average processing time for transactions takes 5-15 minutes. More importantly, the technical support is always online and ready to answer any questions; the assistance is provided regarding to the functional wallets and other systems. Thus, no matter problem you have met, you can easily find to solve it.

In order to make the customer even more satisfied, the Baksman team has developed an app on the Android and IOS platforms, which can be downloaded and installed on a smartphone.

For EXMO Exchange users, the platform has allocated a separate direction of EXMO codes with the top list of cryptocurrencies. Users do not need to send funds to the network to transfer them and wait for confirmation of the transaction in the network, he/she just should create an Exmo code and transfer it to the service for exchange. It is very convenient and fast.

Comfortable Coin Converter

The platform offers you an extremely convenient calculator estimating how much you get if you spend a particular sum of money or crypto. The service provides options for:

  • 24 crypto coins, like Bitcoin, Ethereum, Litecoin;
  • 20 EPS, including Yandex Money, QIWI Rub;
  • 16 banks, such as Raiffeisenbank, Alfa Bank, Tinkoff.

Stylish design and fast calculating will make your experience of exchanging assets unforgettable.

Referral Program and Discount System

The project offers its partners a referral program which includes two layers giving the opportunity not only receive income, but attract referrals. If the user refers to the first level of referral, he/she will get 0.6% of the turnover, if second level, the income payment will accumulates for 0.2%. All you have to do is to become a partner Baksman and you will get your revenue.

In addition, Baksman has developed a discount system. What is more pleasant, that it is cumulative. Its value is determined by the total amount of operations performed by the participant for the entire time of using the resource.

If you still hesitate, please, follow the link and find more information about this exchange.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

Cryptocurrency Prices Today, March 12: Cryptocurrencies Remain Stable

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, Bitcoin (BTC) remained stable over the past 24 hours and slightly increased in price by 0.04%. The price at the time of writing is $3893 per coin.

For the most part, cryptocurrencies are showing growth:

Bitcoin Cash added 0.6%, Bitcoin SV lost 1.4%, the value of coins is $128 and $65, respectively;

Ripple dropped by 0.4% and costs $0.31;

EOS gained 3%, and its price is $3.71;

Litecoin added 3.2%, and its value is $56;

Cardano increased by 5.7%, and its cost $0.047;

Stellar lost 4.6% and costs $0.10;

IOTA grew by 1.4%, and its value is $0.28;

Dash increased by 4.4%, and its price $84;

Monero added 2% and costs $50.

Over the past 24 hours, Ethereum added just 0.2%. The rate of the coin is $133.

The total market capitalization is $134 billion. Bitcoin accounts for 51.4% of the total volume. In monetary terms, this is $69 billion.

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Top Global Digital Agencies That You Can Entrust Your ICO Business To

We live in an amazing time, when each of us is able to realize any idea or at least try to do it, even if it is ICO. A startup needs a high-quality development and a launch plan, as well as good promo both online and offline. If you are just at the beginning of your long business journey or you are somewhere along the way, but your project is “not working” properly, you should consider collaborating with professionals in this field. Today we will talk about top-5 digital agencies from different parts of the world based on various ratings and case studies.

1. Crowdcreate – #1 developing marketing agency 

According to Forbes, this ICO agency from Los Angeles is one of the leading cryptocurrency service providers. Crowdcreate has helped more than 60 projects raise about $133 million since its was founded in 2014.

What do they do?

  • Organize a fundraiser;
  • Build a community and management;
  • Attract users;
  • Use influencer marketing, i.e. promote projects with the help of popular opinion leaders.

3 reasons to work with Crowdcreate:

  1. They work on popular online platforms such as YouTube, Reddit, Telegram, Twitter and are featured in well-known media outlets: CNBC, Bloomberg, Forbes.
  2. Crowdcreate has a full-fledged marketing team: the client receives all the necessary services in one place;
  3. They have been working since 2014, which means that the team is at least more experienced in the field of cryptocurrency than other agencies on the market.

2. ICO Box – Box solution for conducting ICOs/STOs

According to The Media Shower, the digital agency ICO Box is ranked second in the Best ICO Marketing Agencies rating.

ICO Box began its work quite recently, only in 2017, but quickly became the leading representative of ICO marketing services in the industry. The agency goes beyond just marketing and includes web development, legal and technical advice in the list of services.

What do they do?

  • Provide technical support for the project;
  • Provide legal advice from experts;
  • Attract users;
  • Digital marketing.

3 reasons to work with ICO Box:

  1. The agency collected over $650 million of investments for 100+ of its clients;
  2. ICO Box assists projects in accordance with US regulations;
  3. Services are divided into many basic and additional packages, which allows the client to choose the type of cooperation he/she needs.

3. FoxTail – changing the digital marketing industry

FoxTail Marketing ranks the 4th in the top-10 rating of Bitcoinist for 2018. This is an American digital agency with a list of successful ICO campaigns. FoxTail Marketing also provides lead generation services for medium-sized businesses. Unlike many agencies, it also provides regular marketing services to companies outside the ICO market.

What do they do?

  • Customize search engine optimization;
  • Social networks;
  • Content marketing;
  • Blog management;
  • Paid content promotion;
  • Email management;
  • Conversion optimization;
  • Optimization of sales funnel;
  • B2B lead generation.

3 reasons to work with FoxTail Marketing:

  1. It focuses on social media and content marketing;
  2. It helps to increase traffic conversion without relying solely on SEO;
  3. It works not only with ICO-projects.

4. BoomICO will raise money for your ICO/STO

This company is the representative of Ukraine among the other marketing agencies in our rating. BoomICO does not just “pack” your ICO, but works with the project since the birth of the idea itself.

What do they do?

  • Legal and technical support of STO/ICO

The defining moment in each ICO is the creation of a token with all legal aspects taken into account. Professional lawyers and technical programmers will help you understand this and prepare everything.

  • Roadshow Event Service

Venture investors are still looking for worthwhile projects with original ideas. BoomICO helps your ICO find big players.

  • Marketing with accredited American investors

BoomICO will present your product to more than 8000 accredited investors by contacting them by email or phone.

  • Promotion at ICOPantera

Korean market whales will become more accessible through the ICO review blog #1 in South Korea.

3 reasons to work with BoomICO:

  1. It has successfully conducted more than a dozen ICOs with the total capitalization of $50 million, some of them being Alttex, RAcoin, and Buddy.
  2. The rating of the agency on ICObench is quite high – 33 points.
  3. BoomICO has access to Korean and US markets, which is rare for most marketing agencies.

5. Black Ball – an investment agency

The company Black Ball works with various projects, attracting both cryptocurrency and fiat investments.

The agency prepares projects no matter what stage of development they are at. Black Ball has a lot of experience working with private and institutional investors from different parts of the world, which makes it possible to promote startups quickly and efficiently.

What do they do?

  • Develop a technical document – WP;
  • Make up a business plan;
  • Prepare a presentation;
  • Work on the creation of an adaptive cross-browser site;
  • Develop smart contracts;
  • Create a secure personal account of the investor;
  • Increase project awareness through branding;
  • Make representative videos;
  • Provide legal support.

3 reasons to work with Black Ball:

  1. The ability to get all the elements of “packaging” in one place;
  2. You will be able to replenish the list of the 38 successfully completed projects and 121 million collected investments;
  3. With Black Ball, you can start working at any stage of the development of your project, even if you only have an idea for now.

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