What Is Necessary for Cryptocurrency Mining in 2018?

Today you cannot download a special programme on your laptop and mine Bitcoins via your device right away. The complexity of calculations necessary to find the algorithm (hash) has increased not only for the world’s first cryptocurrency but also for many other virtual coins. Mining of the leading cryptocurrencies has really become an industry for a short period of time. Today The Coin Shark will share some information on how to join this industry.

Contents:

  1. What is “cryptocurrency mining”?
  2. Types of cryptocurrency mining
  3. Cloud mining
  4. What do you need to start mining

 1. What is “cryptocurrency mining”?

Cryptocurrency mining means finding the determined algorithm that is necessary to create new blocks in a cryptocurrency blockchain while making calculations. Successful mining results in creation of a new block in the blockchain – that’s how digital coins are issued. Miners get a reward for generating new blocks. Mining is the only way of coins’ emission for many cryptocurrencies (for example, Bitcoin, Ethereum, Litecoin, Dash etc.). However, some digital currencies do not have an option of cryptocurrency emission by users (for example, Ripple, Tether, etc.).

2. Types of cryptocurrency mining

Provided the cryptocurrency type, there are different types of equipment used for its mining. Coins with low calculations complexity can be mined using the processing power of a device (computer or laptop). Historically, this type of mining was the first and was called CPU-mining.

Graphic cards are also used for mining. GPU-mining evolved later and its goal was to increase the power of computing operations as the complexity of mining increased. The necessary equipment includes graphic cards connected to  the computer, coolers, input/output means and is called “mining farm”. It is no longer possible to mine Bitcoin with graphic cards, however, many altcoins (including, for instance Ethereum or Bitcoin Cash) can still be mined this way.

ASIC-mining – is a special technology initially created to advance Bitcoin mining. However, these specialized processors also allow mining of other coins (for example, Ethereum, Zcash, Namecoin, Bitcoin Cash, Litecoin, Dogecoin and many others). ASIC – is not a cryptocurrency industry invention. This technology was created at the beginning of the 1980s. Back then a british company Sinclair Research installed ASIC on personal computers to speed graphics performance.

ASIC – is a specialised microcircuit that does only one type of work and that is why it makes it better and quicker than microcircuits aimed at solving several problems simultaneously. ASIC-miners decepher algorithms for a new block creation dozens of times quicker than graphics cards and computer processors.

Users often join mining pools – groups of miners who unite their computing power for finding hash as soon as possible.


3. Cloud mining

Mining equipment is expensive. Besides two graphics cards won’t be enough if you want a guarantee of getting a good reward. Moreover, equipment demands big amounts of electricity (so, electricity expenses increase a lot). Software must be installed and adjusted and devices’ work must be controlled. Besides, cryptocurrency mining equipment is rather noisy, so it won’t probably be a good idea to place them at home, which means you will also have to find a place to put your equipment. Cloud mining aims to help users  avoid all those problems and still let them more or less benefit from cryptocurrency mining.

Cloud mining is basically a rent of cryptocurrency mining equipment and computing facilities owned by companies that operate huge data centers. In a nutshell, it is actually about making investments in the operation of big cryptocurrency mining “factories”.  Cloud mining services are often provided by mining equipment manufacturers. Cryptocurrency mining pools also often provides opportunities for cloud mining. One of the most popular cloud mining services are, for example Hashflare, IQ mining, Genesis mining, etc.

4. What do you need to start mining

If you decided to buy cryptocurrency mining equipment then you can purchase both graphic cards and ASIC-miners online. Then you need to download the necessary programs on your device, set the equipment and finally start mining. You can also join mining pools (Antpool, Slush pool, BTC.Com, viaBTC, f2pool, etc.), to increase the probability of getting a reward. Initially, pools provided Bitcoin mining, but then many other altcoins became available

If you decided not to purchase the equipment and deal with configuration and maintenance, you can choose a service for cloud mining, sign up, determine the amount of capacity that you want to rent, and start cloud mining.

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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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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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Crypto and Bolivar in Venezuela: What is Good Money And What is Bad Money?

According to the news outlets, Venezuela has tumbled into darkness since last week. Such a massive blackout is influencing the country’s economy, to be more specific, its remains. Venezuelan economist, professor Aaron Olmos, shared some thoughts considering crypto and its adoption in the country during his recent interview to Coindesk.

Blackout, Economy, Crypto

Once the wealthiest country in the Latin America now is suffering a devastating blackout which has already caused at least 15 victims. The power plant Guri went down, thus, left millions of Venezuelan without electricity: schools, public transport, airport remain closed since Friday, March 8. The opposition leader, Juan Guaido, plans to announce a “state of alarm” in the National Assembly on March, 11.

Such critical situation is caused by years of power usurpation, corruption, incompetence, and high rates of inflation, which hit 80,000% in 2018. As national currency – Bolivar – became valueless, people started mining and trading crypto, in particular, Bitcoin. In the middle of February, the Bitcoin trading hit all-time high. It has become the only way to feed Venezuelan families. Bitcoin mining requires electricity access. Since the blackout has been continuing for 5 days already, even this way of feeding of taken away.

In 2017, Nicolas Maduro announced creation of national cryptocurrency – Petro. However, no one is quite sure how much it costs, as of 2019, it does not function as currency.

Good Money Vs. Bad Money

The Venezuela’s most famous economist, Aaron Olmos, shared his thoughts on the subject of his country’s current dependency on the US dollar, as well as crypto’s place in Venezuela. He thinks that the current state of economy is a result of poor economic administration, this lead to the fast adoption of crypto, as national currency remains devalued Bolivar.

“We are in a complicated situation because ‘good money’ –  dollars or cryptocurrency – is available, but it is scarce because people tend to keep it, not spend it. On the other hand our ‘bad money,’ the Bolivar, it’s the one used by law.”

The economist also pointed out that large bills are limited, whilst small ones are constantly being issued.

“This creates a distortion in the price of goods and services since the production value is now based in dollars in the internal market,” he explains. “Everybody knows it: the Bolivar is our official currency in circulation, but the actual functional currency is the US dollar.”

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Cryptocurrency Prices Today, March 5: Cryptocurrency Is Slightly Growing

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 added 0.4%. The price at the time of writing is $3754 per coin.

Cryptocurrencies moved to the green zone:

Bitcoin Cash added 2.28%, Bitcoin SV grew by 3.46%, the cost of the coins is $125 and $65 correspondingly;

Ripple gained 1.13% and costs $0.30;

EOS increased by 5.6%, and its price is $3.36;

Litecoin added 2.11%, and its value is $46;

Cardano grew by 3.13%, and its cost is $0.041;

Stellar added 1.27% and costs $0.083;

IOTA increased by 1.69%, and its cost is $0.27;

Dash became more expensive by 1.68%, and its price is $78;

Monero added 0.88% and costs $47.

Over the past 24 hours, Ethereum added 2.9%. The exchange rate of the coin is $128.

The total market capitalization is $127 billion. Bitcoin accounts for 52.1% of the total volume. In monetary terms it is $66 billion.

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Ethereum’s Constantinople Hard Fork: What Should You Know About It?

The Ethereum blockchain update is long-awaited change which was constantly postponed due to the technical reasons, yet, according to the Ethereum News, it went live on February 28. Let us look at the details.

Constantinople Protocol

The Constantinople is the hard fork that must have been released at the beginning of 2019, yet, the date was changed due to the bugs, which were discovered in the protocol’s code. The developer team wanted to present the best blockchain for users, thus, postponed the rolling out.

The Constantinople protocol is a preparation for a change in the structure of the blockchain itself. The update will allow a high number of TPS with low energy consumption. This will be a so-called economic model, which encourages savings with the help of increasing the value of token in circulation. You can see below the detailed structure and its functions.

The upgraded protocol is going to increase the network efficiency in times; it also optimize the gas usage for Smart contracts execution. In addition, it will reduce the block reward from 3 to 2 ETH, as Byzantium did before.

Constantinople Going Live

The upgrade, implemented as “hard fork”, was expected to take place at the same block #7,280,000 on 19:30 UTC on February 28, however, the split happened only at 19:57 UTC. According to the Fork Monitor, website which monitors the blockchain forks, there is no evidence that the Ethereum blockchain splitted so far, as a lot of users still run the old software. The upgrade will bring new rules and regulations to the software, thus, it is incompatible with past versions.

The hard fork did not influence ETH trading. The price of Ethereum remains relatively stable at the time of writing – $137.

Source: CoinMarketCap

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