What Services Provide the Best Cloud-Based Mining 552

So you need cloud-based mining, and cloud-based mining, in its turn, requires special service. Due to the growing interest in cryptocurrency and mining, in particular, nowadays there is a large number of services for cloud-based cryptocurrency. However, we, The Coin Shark, will tell you about the 10 best cloud resources in our humble expert opinion.

10th place. NiceHash

This service for cloud mining not only provides an opportunity to mine cryptocurrency, but also sell it. NiceHash can be called the world’s largest cryptocurrency mining market.

9th place. BitMiner

We offer BitMiner for those who do not like to wait. It is a service that makes payments without delays, and also provides the opportunity to mine Bitcoin, Dash, Ethereum, Litecoin, Zcash. The cloud resource was launched in 2015.

8th place. AWS Mining

Service provides transparency of the magnetic process “on the cloud”. Excursions to their own farms without disrupting the security of the servers, in fact, has established confidence in the resource from the side of miners from around the world. We recommend AWS Mining for those who are ready to invest a nice amount of money.

7th place. Minergate

This service earned a place in our rating for the profitable level of the pool, a low threshold for withdrawal and many more features, which affect the rapid gaining of the miners’ trust. Yes, it really is the only service for cloud mining, which is rapidly striving to lead the championship among analog resources.

6th place. Hashing24

This service knows how to meet the needs of the miner. Firstly, it guarantees 100% trouble-free operation of equipment, and, secondly, it provides automatic payments. Hashing24 is recommended for beginners in the field of mining.

5th place. HydroMiner

Who wants to mine cryptocuttency in the hydroelectric power station in the Alps? Sounds like something unreal, doesn’t it? However, the HydroMiner service offers everyone to take advantage of this unique opportunity. For those who still don’t get it, we will explain. The HydroMiner service uses “green” energy for mining, which is more efficient, profitable and original than other services.

4th place. Eobot

The platform has been operating since 2013. It is referral and offers to get hold of a variety of cryptocurrencies. The company-developer is not a manufacturer of mining equipment, but buys from trusted manufacturers. Eobot features free bonuses.

3rd place. Kikohash

Still no one came up with such advantageous conditions for mining as Kikohash did. In a sense, this service is the most profitable, this fact explains its wide popularity among analog solutions. The company has been providing a platform for cloud mining since 2017. It used to belong to the service Dolevik.

Mining inside this service is advantageous because the company sells video cards to users with a good returning policy.

2nd place. Genesis Mining

Not everyone can indicate “transparent management system” as a bullet-point in the list of advantages of their work. This is not about Genesis Mining. The service occupies the first place among the most reliable mining resources of Bitcoin provided an opportunity to track the activities of some mining farms on their official site.

1st place. HashFlare

Service has the highest level of reliability, which is time-tested. At the moment, HashFlare is the only resource-sharing able to ensure the interests of each user with maximum security. The company has been providing an opportunity to earn cryptocurrency on a cloud since 2013, it was also one of the first ones to take the lead in developing the digital currency market.

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What is Volatility and Why Is It So High for Digital Coins? 950

cryptocurrency market volatility

The overwhelming majority of participants in the cryptocurrency market are painfully aware of such a concept as volatility. In this article, we will take a deeper look at this topic, try to understand what factors influence the degree of volatility, and also talk about whether it is dangerous for the digital assets industry and what we should expect in the future. So, let’s talk about everything in order.

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

  1. The concept of assets’ volatility
  2. What factors influence the degree of volatility?
  3. Is it possible to expect a decrease in volatility in the future?
  4. Conclusion

1. The concept of assets’ volatility

First of all, let’s briefly describe what volatility is in general. This term applies not only to the cryptocurrency market; it means the degree of fluctuation in the exchange rate of absolutely any asset (dollar, precious metals, minerals, stocks of individual companies, cryptocurrencies, etc.). It’s just that for certain assets, the degree of “spasmodic nature” of the rate is less, and for some is more.

For example, if we take the most popular digital coin (btc) and its graph for the last month, we will see that the minimum rate was fixed on July 13, 2018 and it was $6145, according to the Coinmarketcap. 

volatility chart early july

While the maximum rate was on July 25, 2018, and it reached the mark of $8404.

volatility chart late july

Thus, we can say that the positive volatility of Bitcoin in July 2018 is about 36%.

2. What factors influence the degree of volatility?

It is clear to all participants of the cryptocurrency community that the volatility of the digital coin market is quite high. The main reason for this is the man’s greatest fear – uncertainty, investors simply cannot foresee what to expect from the industry in the future. Let’s look at the most basic factors that directly affect the spasmodic nature of the courses.

  • Lack of clear legislative base and support of world states

Such giants as the dollar, the pound sterling, the euro, etc. have a huge advantage in comparison with Bitcoin and other coins. This advantage lies in the support of the largest countries in the world. Cryptocurrencies are decentralized, for this reason they are practically impossible to control from a single center (the exception is the capture of 51% of the network capacity).

Also, the lack of regulation and uniform world rules. In each state, digital coins are treated differently. This holds back institutional investors, who can significantly increase capitalization and thereby reduce market volatility.

  • Lack of binding to a physical object that has a certain value

Cryptocurrencies are not tied to anything that can be touched, it causes a certain dissonance in the minds of many people, especially among representatives of the older generation. 

It is worth noting that there are also tokens of certain companies on the cryptocurrency market that are tied to various physical goods. But this phenomenon has no global character.

  • Lack of real value calculation

Such a high level of cryptocurrencies’ volatility can also be explained by the lack of a real market value of such assets. For example, the estimated market value of securities of companies can be calculated by a specific formula (profit, growth, price of goods, etc.). The coins do not have this, they are only in the digital space and their courses fluctuate both for quite adequate, and for not entirely understandable reasons.

  • Human psychology

Euphoria and panic are the two main causes of volatility, which are based purely on psychological factors. In the industry, there are a lot of newcomers (the so-called hamsters), who very often come in and out of the market at not the best time.

  • Market manipulations

The capitalization of the entire digital coin market (as of July 30, 2018) is about $300 billion. If we talk about the capitalization of individual coins, then the figures are much more modest. At the moment, only 19 coins have a total value that exceeds $1 billion. This means that it is not difficult to artificially influence their value (for whales of the market).

3. Is it possible to expect a decrease in volatility in the future?

It is almost impossible to make precise forecasts on this issue. It should be noted that high volatility is absolutely normal for any new type of assets. If you remember that Bitcoin is only 10 years old, and the concept of a cryptocurrency market is slightly more than 5, it becomes obvious that increased volatility in the industry is not a reason for panic.

Many analysts and top traders are confident that with time, when the technology of blockchain and digital coins can reveal their full potential, volatility will decrease.

4. Conclusion

The notion of volatility is not alien to any financial asset in the world. Cryptocurrencies are not yet a formed market, which has to go through many steps on its way to formation. Increased volatility has both disadvantages and advantages. It especially plays into the hands of traders who benefit from the course jumps. In the future, the situation may change, but it is definitely not worth expecting this in the next couple of years.

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Atomic Swap. What It Is and Its Importance for the World of Cryptocurrencies 781

atomic swap

Is the ability to transfer coins that are based on different blockchains without third parties real? In general, yes, it is, but as elsewhere, there are pitfalls and nuances in this issue. Today we will talk about such a development as an atomic swap, we will learn how it works and what prospects it has.

Contents:
(please click the topic to scroll down to it)

  1. What is an atomic swap?
  2. How does it work?
  3. Prospects for the future
  4. Conclusion

1. What is an atomic swap?

Recently, the cryptocurrency community has been discussing a new and truly revolutionary idea that can transform the industry beyond recognition. Atomic swaps make it possible to conduct trading operations between different cryptocurrencies without using the help of third parties.

In order for the parties to not deceive each other, both transactions are synchronized. If one of the participants suddenly decides to refuse to conduct an exchange operation, the funds will return to their holders.

Test atomic swaps are already functioning; if they prove their reliability, then this will have colossal consequences for the entire cryptocurrency industry. This technology can arrange a total restructuring of orders in the market, up to the complete replacement of the familiar cryptocurrency exchanges. With the help of atomic swaps investors can get full access and control over their own assets.

2. How does it work?

To understand this rather difficult process it is necessary to simplify and have a visual picture in the head. So, let’s take two users A and B. User A is the initiator of this imaginary transaction. To begin with, he creates a place where funds will be stored at the time of the swap, we’ll call it the deposit box or the address of the contract. To open it you need several components:

  • secret phrase (generated by user A);
  • electronic signature of user B.

In order for user B not to be able to collect money ahead of time, user A should never transfer a secret phrase-number to him, but hash it in advance. Hash is the encryption of any data; blockchain, in principle, works on its basis.

After that, the user B has the opportunity to view the cell and make sure that there is the required number of coins; then B creates its contract address based on the hash of the A user’s cell. Both of these cells can be opened using the same key. Then there is the final stage of the transaction, when A signs cell of B and redeems the funds bound to the wallet. Secret phrase-number is transferred to B and that one can open the cell in which reserved funds of user A are kept. This completes the transaction.

3. Prospects for the future

As we already mentioned above, based on the technology of atomic swaps, it is possible to create absolutely decentralized exchanges, which will be impossible to crack or compromise. If Charlie Lee and the team are able to solve a number of problems and bottlenecks in this technology, then this will be a real revolution in the cryptocurrency industry. At this point in time, the technology works only with such coins:

  • Litecoin;
  • Decred;
  • Bitcoin;
  • Viacoin;
  • Vertcoin.

It should be noted that the source code of this technology is in the public domain, for this reason, any developer, if desires, can introduce it into his offspring.

4. Conclusion

Atomic swap is a truly revolutionary idea, which excites the minds of many participants in the cryptocurrency market. A successful scenario of this direction will change the industry forever: new services will appear, coins will become more flexible type of assets, and users will have full control over their own funds.

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The Cost of Bitcoins’ Mining Today. What Determines The Mining of BTC? 1637

Well, let’s talk about mining, again? We will talk about what affects its prime cost, we will consider the list of countries where it is the most profitable (and vice versa, absolutely illiquid) to engage in the extraction of digital coins, and also talk a little about the near future of such activities.

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

  1. What is the process of mining digital coins?
  2. What factors influence the price of mining?
  3. Countries where it is the most profitable to engage in the production of cryptocurrency
  4. Forecasts for liquidity of mining for the next couple of years
  5. Conclusion

1. What is the process of mining digital coins?

First of all, let’s take a very brief look at what mining is in general and how it happens? Digital coins are built on the basis of blockchain technology, which implies absolute equality and decentralization. In the Bitcoin network or network of any other coin, there are miners who are responsible for the correctness of its work, and in exchange, the network provides them with a reward in the form of coins. In simple terms, the person who is engaged in mining must provide the network with computing equipment; the more powerful it is, the more coins will be obtained.

2. What factors influence the price of mining?

Like in any other business, in the mining of bitcoin, and of any other coin, there is such a thing as prime cost. The final production price is influenced by several factors:

  • the cost of electricity;
  • the cost of equipment (it can vary significantly depending on the country where to buy, it is the cheapest in China);
  • the cost of repairs.

One should not treat mining as a passive source of income. In order to get the maximum profit from such an enterprise, you must constantly devote time to it. For example, eventually, the complexity of networks of popular coins will inevitably increase. For this reason, it is necessary to upgrade your equipment constantly and most importantly in time. It is also necessary to take into account the fact that video cards or ASIC-miners will work flat out 24/7. For this reason, they will need constant care and timely replacement of components.

3. Countries where it is most profitable to engage in the production of cryptocurrency

It’s not a secret that miners consume just a huge amount of electricity. According to Digiconomist, about 31 terawatt hours are spent annually on bitcoins, which is 0.14% of the total energy consumption of mankind. The prime cost of this amount of electricity costs about one and a half billion dollars.

As you know, electricity in different countries of the world has a completely different cost. It follows that the main item of expenses for mining can vary significantly depending on geography.

In the first quarter of 2018, a study of how the cost of BTC mining differs depending on government tariffs was conducted. The data that was received shocked a little by its magnitude of the difference. So, the most unfavorable country for installing a mining farm is South Korea, on its territory to get one BTC costs as much as $26,170.

In the US, this indicator varies from state to state, but the average cost of producing one bitcoin is $4,758.

In the framework of this study, a total of 115 countries were considered and among them, there are five leaders in which mining of Bitcoin is the cheapest:

  1. Venezuela is the undisputed leader with its indicator of 531 dollars;
  2. Trinidad – $1,190;
  3. Uzbekistan – $1,788;
  4. Ukraine – $1,852;
  5. Myanmar – $1,983.

coin bitcoin mine

4. Forecasts for liquidity of mining for the next couple of years

Although for the last 7 months we have seen a significant decline in investors’ interest in digital coins, mining is still a fairly promising activity. The largest miners in the world still invest hundreds of millions of dollars in building new enterprises. Based on this, we can conclude that the rate of BTC/USD will still reach new horizons.

5. Conclusion

The extraction of digital coins is a multi-billion industry, which in 2017 showed a profit of 7.2 billion dollars. The price of electricity significantly affects the prime cost of mining and it can differ dozens of times in some countries.

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Which Countries is The Cryptocurrency Taxed In? 1087

Cryptocurrency Taxed

The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try to touch on how this situation is in the countries with the leading economy in the world.

USA

It is quite an expected fact that the legislative base in this country is better developed than anywhere on the planet. Since the distant 2014, Bitcoin is considered a property in the United States. On the first day of 2018, the revenue service changed the rules somehow: henceforth no total capital increase is imposed on the tax, but literally every operation is.

If giving specific figures, the payment of taxes on the cryptocurrency in the US is as follows:

  • income tax is from 10% to 37%, such a plug depends directly on the specific income that was received as a result of the growth of the asset;
  • the possession of a cryptocurrency for over 12 months is additionally taxed at 24%, based on a long-term tax.

It is noteworthy that in some states taxes can be paid through the coins themselves.

Russia

In the first quarter of 2018, a rather “raw” bill was submitted to the State Duma, which had not even been considered by the deputies. So, at the moment the taxation of digital assets has not yet been formed in Russia. Another “white spot” of this draft law is the lack of tracking of miners. For this reason, it is not entirely clear how the state will monitor the fulfillment of tax obligations.

Germany

In Germany, the issue of taxation of digital coins was first raised in 2013. Then digital coins in this country were recognized as one of the varieties of financial assets. The profit is subject to an income tax of 25%, but it is paid only if this profit was received within 12 months from the date of purchase of the coins. That is, if you sell assets in more than a year, then this operation will be treated solely as a private transaction.

Japan

From the second quarter of 2017 Bitcoin and other digital coins in the country of the Rising Sun have been regarded as a full legal tender. For this reason, the state does not oblige its citizens to pay taxes for any operations with them.

Singapore

The government drew attention to the issue of taxation of the cryptocurrency from the preliminary filing of one of the market players. The fact is that in 2014 representatives of the company Coin Republic independently sent a request to the tax agency so that the latter settled this issue. If a taxpayer has an investment cryptocurrency portfolio as a secondary income, then, in this case, he is not subject to an additional tax. But if the investment is the main or the only way to earn money, then corporate income tax is applied to profits. A little lifehack: if a company that is registered on the territory of Singapore conducts cryptocurrency transactions through exchanges of other countries, then such transactions are not taxed.

India

In 2017, there were battles in this country about the recognition of cryptocurrency in general. The issue of a complete ban on digital coins was on the agenda. But the bullish trend of last year and the ability of the state to raise additional funds to the treasury played a role. There is no specific legislative base yet, this issue is still under consideration.

Israel

Digital coins have received the status of physical goods in Israel. Any activity (mining or trading on the stock exchange) is considered a business, the profit of which is taxed. If you buy anything for the cryptocurrency, then it is considered as barter. Sales of cryptocurrency are taxed to increase the total capital.

South Korea

This field is a rather complicated situation in this state. The conduct of the ICO is prohibited, and the legislative base on tax issues is only at the stage of discussion.

Australia

In this country, the tax agency collects taxes both on income in digital currency and for each transaction with it. One of the not so pleasant features of Australia was the presence of double taxation in the exchange for fiat and back, but relatively recently it was removed.

Canada

In Canada, digital coins are considered a product. Any acquisitions that have been made through cryptocurrency are barter. The tax is levied only on capital gains.

EU

In general, in the euro-zone, cryptocurrencies are regarded as full-fledged currencies. And there are small branches already within the limits of the separate states of participants.

Conclusion

The governments of the countries listed above quite differently classify such an asset as cryptocurrencies. Each country has its own legislative base, which taxpayers must consider with.

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Stealing Bitcoins. How Does This Happen and How to Protect Yourself? 859

steal bitcoin

In the cryptocurrency industry, unfortunately, quite often there are thefts and deceptions of ordinary investors. For example, last year the NiceHash site, which was engaged in selling and renting its own mining capacities, was hacked and about 60 million dollars were lost from its accounts. It is meaningless to deny, there are many scammers on the market, but it is not entirely correct to say that digital coins are unreliable. Often people, because of their own misunderstanding of how the blockchain and coins, in particular, are arranged, help themselves to steal.

To retain your digital assets, you do not need to be a specialist in cryptography or an advanced financier, just follow the simple rules of security and backup. In this article, we will talk about the popular methods of stealing bitcoins and find out how to protect ourselves from each of them.

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

  1. Fake Wallets
  2. Extortion programs
  3. Phishing
  4. Conclusion

1. Fake Wallets

The theft of bitcoins by this method has recently lost its former popularity, but this does not mean that it should be forgotten, warned means armed. So, fake wallets are fake sites or even entire applications for iOS and Android, whose interface resembles the most popular services (logos, fonts, design, etc.). There have been cases when the application with viruses was moderated even in the Google Play Market.

The scheme here is extremely simple: a person downloads an application or visits a site and, without suspecting anything, passes their login and password into the hands of scammers. The rest is paperwork, they try to clean the trustful user as soon as possible.

In order to protect yourself from such an unpleasant scenario, you should carefully check the services to which you enter your personal data. If the application is in popular app stores (App Store, Play Market) this does not mean that they are genuine. Always look at the address bar of the sites you are visiting. If some service causes even the slightest suspicion, don’t log in it under any circumstances. It is better to spend extra 15 minutes to verify the authenticity of the wallet.

2. Extortion programs

This is the most popular way to steal bitcoins, which has been quite successfully used by hackers recently. Technically, this is not quite theft, since the victim decides whether to pay or not. It’s more like extortion and blackmail. The technique is simple: the victim’s computer is exposed to a virus that blocks her personal files. Malicious software tells the user that his\her files will be deleted after a certain amount of time if he\she does not transfer an unlimited number of bitcoins to the specified wallet.

As a rule, such programs are hunting large companies or state structures that cannot be categorically out of the working process for a long time. Such viruses are designed in such a way that independent treatment is almost impossible; it plays on the nerves of the victims and encourages them to pay the ransom.

But you should not relax, because no one is protected from such an attack and the computers of individuals were also infected. To protect yourself from extortionists, you need to follow a few simple rules:

  • do not go through questionable links;
  • do not open or under any circumstances download files from untrusted sources;
  • acquire a license for a good antivirus program;
  • backup important files to external media on a regular basis.

All this will make you practically inaccessible for hackers, and even if infected, you will not lose your important files.

3. Phishing

This method is somewhat similar to the first one, but it is more thoughtful and is based on social engineering. There are a few variations of how the scammers crank, but usually, their main tool is e-mail. They send people letters which are very similar to official inquiries from popular services with the request to confirm their data. To avoid falling into the bait of scammers, carefully filter incoming messages, look at the sender’s contacts and do not go over questionable links.

4. Conclusion

Scammers do not slumber and constantly come up with new ways of manipulating and deceiving ordinary users. There are also advanced hackers who are able to steal the bitcoins on the exchange. It is impossible to defend against such force majeure; the only thing that can be done is not to store more than 10% of its assets on exchanges.

Best Cryptocurrency Exchanges in 2018

And you can easily protect yourself from all the methods of stealing digital coins mentioned above, if:

  • you carefully refer to the resources you are migrating to;
  • use antivirus software;
  • take care of backing up important files to external media.

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Cryptocurrency Forecasts and Predictions: What to Expect from the Market in the Next Two Years? 656

cryptocurrency forecasts

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

  1. What influences the growth and decline of cryptocurrency prices?
  2. Predictions for 2018. What to expect from the market?
  3. Conclusion

1. What influences the growth and decline of cryptocurrency prices?

Every asset in the world (dollar and Bitcoin as well) is constantly changing in value, they differ only in the level of volatility. All exchanges (not just cryptocurrency ones) conduct trades with various assets, and the main indicator for their price is the ratio of supply and demand. The law of price formation is quite simple: “With each new purchase of an asset its price goes up, and with each sale it goes down.” If people who buy are more numerous than those who sell, it means that the rate will rise and vice versa. There are a lot of reasons for the formation of demand and supply:

  • Behavior of whales (large-scale players) who possess such capital, which makes it possible to turn the market into any desired direction.
  • Panic or euphoria, which are directly related to the fluctuation charts.
  • News background, which, in fact, influences the mood of most investors.
  • Other fundamental reasons of a single nature. For example, the launch of such a revolutionary technology as smart contracts gave the industry a second wind.

At this point in time, there is a direct correlation between the movements of Bitcoin price and the entire market as a whole, it can be seen even on the daily chart. That is, wherever BTC goes, altcoins follow.

2. Predictions for 2018. What to expect from the market?

Even the most professional experts of the industry are afraid to give any accurate forecasts on the development of cryptocurrencies and their value. At this point in time, the market is still too young and prone to excessive volatility, so no one can give an accurate prediction.

You can find a huge number of “real” predictions on the Internet from various kinds of “analysts”, but you should not believe all these articles. If you want to earn money on the cryptocurrency market, you need to learn how to look through tons of information garbage before you get to something valuable.

In this article, we will not be reading tea leaves. We will discuss the forecasts for the development of the top-2 cryptocurrencies. Of course, we could use our imaginaton and write about the growth of some young promising cryptocurrency by 100 times, but maybe next time/

Bitcoin

As the overwhelming majority of analysts believe, Bitcoin will stay at the top of the cryptocurrency hierarchy in the nearest future. This is evidenced by the increased demand for coins both among ordinary investors and among the governments of the world’s largest countries. Also, do not forget about the limited emission of this coin. In total, 21 million pieces will be produced. Due to the specially built algorithm of reducing the reward for the block found and complicating the overall complexity of the network, it is not going to happen soon. At the moment, a bit more than 17 million coins have been mined, and about 4 million are considered lost forever. By simple mathematical calculations we get a number equal to 13 million coins, which is now available in everyday life. On a global scale, it will be absolutely not enough to satisfy the needs of everyobdy, so the coin price will have to grow substantially.

Given that now the market is dominated by a deep correction with elements of depression, talking about significant growth in the nearest future is quite pointless. But if you consider the current situation on the market in a bigger scale, it becomes obvious that this is just another phase which can not last forever. If we analyze the more or less adequate forecasts of analysts and come up with the possible average rate for the end of 2018, this number might be about $14-15k per coin.

Ethereum

This coin is backed up by the revolutionary technology of smart contracts and the platform with the same name, where you can create your own blockchain applications. The vast majority of ICOs are conducted on the Ethereum platform, the total number of startups has exceeded 1000 in the course of the project.

Recently, the ICO market has begun to develop in leaps and bounds, which will certainly affect the cost of Ethereum. But you should not expect the price of ETH to be 20k dollars, like Bitcoin’s. This will be impossible due to the total number of coins, which has already exceeded 100 million pieces. So far, the emission of Ethereum is unlimited, but the developers are thinking about soft fork and the implementation of the new PoS algorithm, which will reduce the inflation of the coin by 20 times.

According to our editorial board, the average rate of Ethereum by the end of 2018 may possibly reach $1300-$1500. Thus, the coin has every chance to become the first in terms of capitalization, shifting the mighty Bitcoin.

3. Conclusion

The fluctuations in the exchange rate of any type of cryptocurrency (and other assets in general) are affected by the supply-demand relationship. These indicators are influenced by many factors (psychology, news background, global events, etc.).

The market has been showing a downward trend for a long time, but if you look at the situation more broadly, you can see that this is just another phase of it. In the global sense, cryptocurrency has all the chances to grow tens and hundreds of times, compared with today’s indicators.

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