How To Build A Cheap Mining Rig - Crypto Miner Tips

[UK] Cheapest possible BITCOIN mining rig

What will you be doing with this PC? Be as specific as possible.
Bitcoin mining
What is your maximum budget before rebates/shipping/taxes?
Nothing set in stone, cheap as possible though, maybe £2/300
When do you plan on building/buying the PC?
Soon as
What, exactly, do you need included in the budget? OS, peripherals, wifi, in addition to the tower.
Hardware, maybe a case
Which country will you be purchasing the parts in? If you're in US, do you have a Microcenter?
UK
If reusing any parts (including peripherals), what parts will you be reusing? Brands and models are appreciated.
Reusing monitor and such. Maybe have a few cases lying around depending on what needs going in it
Will you be overclocking? If yes, are you interested in overclocking right away, or down the line? CPU and/or GPU?
Maybe, not sure
If there's any specific features you want/need from the rig, please list them.
Quiet, low power consumption
Do you have any specific case preferences such as a window or LEDs, or do you have a preference for low-noise components?
Low noise definitely a plus.
Do you already have a legit and reusable/transferable OS key/license? If yes, what OS?
Win7, but I'm sure Linux would work for this wouldn't it?
submitted by Bizley to buildapcforme [link] [comments]

Trying to decide weather or not to get a Z11, S19 or S9. Opinions wanted.

Edit I ment type Z11 S17 or A9 (freaking autocorrect)
I'm looking to buy a profitable ASIC with a $2000 budget. And I'm looking for you reddits knowledge and experience to make sure I'm going down the right path.
So far I'm leaning on purchasing a Antminer Z11. The price is reasonable and the profitability looks good.
Another choice is the infosillicon A9. They are probably the cheapest miner that turns a profit, and the low wattage consumption is attractive so I don't have to upscale my electrical right away. If I chose the A9 I would buy 2 or more.
Third choice is the s17. It's more expensive and less profitable but it mines bitcoin. And I wonder if there's any unforeseen advantage of mining bitcoin should it moon shot.
GPU's I have a GPU rig running right now, and I plan on adding to it, but really want to dive deeper into ASIC mining right now.
Thoughts?
submitted by ThatCoupleYou to cryptomining [link] [comments]

[USA-OH] [H] Desktop - i9 7920X, GTX 1080Ti, 64GB DDR4, 1TB SSD [W] Local Cash

Hi people, I have a computer that I built a few years back and would like to get rid of. This computer has never been used to play any games, mine bitcoin, etc. My brother used it as an office PC.
Okay so here is the full part list, along with what I could find each part for at the cheapest...
CPU: i9-7920X Skylake 2.9GHz 12-core - $600
GPU: GTX 1080TI (ROG-STRIX-GTX1080TI-011G-GAMING) - $600
Motherboard: ASUS TUF X299 Mark 1 - $350
Memory: Vengeance LPX 4x16GB 2666MHz DDR4 RAM - $220
Storage: Samsung 960 EVO 1TB M.2 - $200
AIO: Thermaltake FLOE RIING - $160
WiFi: Asus PCE-AC558T - $35
Case: CORSAIR CRYSTAL 570X RGB ATX CASE - $150
PSU: EVGA 850 G3 - $140
OS: W10 Pro
I'm asking for the combination of all these prices, and sell the whole computer as one (I don't want to part out right now). So $2455 for the rig. I'm not going to add in the cost of windows. If my prices are nuts please let me know.
Your sweet proof
I don't have a CPU-Z because I didn't know that was a requirement before I reset windows. I hope the UEFI picture makes up for it.
submitted by Tanilazation to hardwareswap [link] [comments]

Mining profitability gaining momentum

Mining profitability gaining momentum
We are back!
For the last 2 years there was not much to shill in mining mining was on the life support. And the profits constantly got decreasing. Start of 2020 Bitcoin and Altcoins are showing great performance in price action. This price action has also increased mining profits in some coins for more then 100% since december 2019. It might be to early to say that “we are back” , as crypto can be so unpredictable. But there is a lot of signs that we have now oversold a lot and value of crypto market is increasing steadily. We might see this pattern continue for good bit of times as BTC halving is coming up in 3 month. Let’s get in straight in. I will choose 3 hardware devices which in my opinion would be the best choice and we will see how profitable they are.
If you are new to mining and you want to know which devices to choose, choose from top market cap coins latest equipment. This will be your safest bet, as the mining profits are much more stable on bigger cap coins then on smaller cap coins. If you are small miner and don’t have large electric bills, you can choose smaller cap coins. They might go up in price lot faster then bigger cap coins in bull market, but be aware they they might dump lot faster. It is high risk high reward type of mining.
If you are really serious about mining, you need to look at cheapest power source possible which would be in 0.05c a kw/h range. It is not 2017 and mining from home wont be profitable at 0.30c a kw/h. Industrial power is possible to achieve 0.05 in many places in the world. If it is not possible in your country , look for the country where it is possible. So all profit calculations done for 0.05c a kw/h
Top mining profitability websites :
  • https://www.asicminervalue.com/ It is great website to see newest ASIC miners and their profitability. Usually the new upcoming mining machines gets listed here. So come and checkout this page every few days/weeks this page if you are serious about mining.

https://preview.redd.it/aut9qgz76df41.png?width=1206&format=png&auto=webp&s=b85486b8b0171c91301c6fa9827bc3795a4ea2b7
  • https://whattomine.com/ Is the best known for GPU/CPU mining profitability. You can choose what ever hardware to use and it will give you the best and most profitable coins to mine. It is very simple to use it. It does have Also asic miner profitability check, but for asics i do prefer asicminervalue,com

https://preview.redd.it/y0xr3dr86df41.png?width=1182&format=png&auto=webp&s=439e7cb67f8becc86f4d97c128504636922939e9
The top and 3 most profitable Crypto currencies to mine in February 2020 , for some people miner pick could be different. The prices changes if you are buying new/used , depending in which part of the world are you. This is my recommended , brand new purchase in Europe.
  • Bitcoin – Most suitable Antminer S17+ . It is one of the efficient Bitcoin miner currently publicly available, alternatives would be M20s miner and Avalon miner 1166. Antminer S17 efficiency is 73TH/s @ 3000watts . Current profitability after you have paid your electric bill is 7.82 usd in 24hours , with ROI achievable in 6-7month. It does seems great, but crypto doesn’t stand still. And has plenty of risks.

https://preview.redd.it/msokirj96df41.png?width=891&format=png&auto=webp&s=7552b4aff2c0df4c25d9a72ecc25dfb4c2510f43
  • Ethereum – Best miner to use is RX5700 graphic cards mining rig. I know there is an ASIC miner available A10, but most of you who are in mining will agree with me, that it is complete junk. It is only slightly more efficient then RX5700 gpu rig in terms of price per hash and watt per hash . But it is 10x more riskier investment in mining rig then buying GPU mining rig. So the efficiency of 12xgpu RX5700 mining rig is 640 mh/s @ 1700watts. Current profitability after you have paid your electric bill is 7.62 usd in 24hours , with ROI achievable in about 20-22 month. Ethereum is one of the underdogs which could perform quite well in 2020 and might reduce your ROI much more faster.

https://preview.redd.it/ajx9eyfc6df41.png?width=894&format=png&auto=webp&s=30442d846a9d70ea3eaac6eaf7c2bdbe476384e4
  • DASH – Lately has been released most efficient DASH miner STU-U6. Asic miners are very risky investment, but sometimes they might be very profitable. The beauty of this miner is that it is quite new model and it is mining profitably DASH , even that DASH is still over 90%down from its all time highs. This miner performance is 420GH/s u/2100 watts. Current profitability after you have paid your electric bill is 8.11 usd in 24hours , with ROI achievable in about 5-6 month.

https://preview.redd.it/l80xnwbd6df41.png?width=902&format=png&auto=webp&s=5620ecf7af742cdcae0ae7010cf910d9131ae801
These would be my to pick miners for start of 2020. There is big risks in any on these miners as no high reward investment is guaranteed anywhere. I’ll have more detailed explanation of the risks of each of these miners in my next post.
Any miner suggestion, what would be your best choice and why?

Video here - https://www.youtube.com/watch?v=QvVYQFJEmnQ&t
submitted by mineshop to gpumining [link] [comments]

Zigmabit fastest and most efficient crypto miners 🔴 SCAM 🔴

Zigmabit fastest and most efficient crypto miners 🔴 SCAM 🔴
https://preview.redd.it/wk4gh9rm3cb41.jpg?width=1280&format=pjpg&auto=webp&s=db173c6ddb6d51581b6e1f638c0a0465df8f5020
We are not even in a bull market yet. Usually these things happen when there is a lot of hype. ZigmaBit is scammer company with fake mining rigs to basically scam you. Their selling website is https://zigmabit.com/ , please don't even click the link. We do not want to give them any traffic, just watch the video down below.
They have listed 3 miners on their website:
  • ZigBit 2.0
  • ZigBit 3.0
  • ZigBit 5.0

https://preview.redd.it/406xtn2l3cb41.jpg?width=1676&format=pjpg&auto=webp&s=4933fa05a303be6ece49fa37c4e8845fa8636605
Which of course doesn't exist. They recommend that these miners will make some crazy gains, which of course will not happen. As these miners are fake. Seeing the specification makes me think these guys know very little about crypto currency mining. So for example the specification they are advertising on ZigBit 5.0 is :
  • Bitcoin-2000 TH/s
  • Litecoin-300 GH/s
  • Ethereum-75 GH/s
  • Dash-50 TH/s
  • Power Consumption-2400W
  • Power Socket 110V-240V
Now you understand what im talking about, seriously 2000 TH/s mining Bitcoin at 2400w (where the latest Antminer S17 is 72Th/s), or mining ETH and the profit is so big that it will cover the miner cost faster then month. And another thing, they using the same hardware to mine multiple currencies which every one of them needs different hardware. Worst thing is that people will loose money, and most likely some of them already did. People think they will get rich after buying this miner, which they will never receive. Their fake products look so bad, their cheapest version ZiBit 2.0 looks like an ATX power supply.

https://preview.redd.it/sj7oslyl3cb41.jpg?width=1606&format=pjpg&auto=webp&s=470d5ceb04049cb3b617eb3fa1294e414def0b90
Few things to also note is :
  • They have support chat on their website. I did send them a message and got response after about 20 minutes. So they told me that they only accept crypto currency, and the products are shipped from United Kingdom. My last line of the chat was "im coming for you you'll be in jail soon ".
  • When you google miner name, there is few websites coming up describing how great is their product. This most likely is owned websites for this scammer or this is purchased content posts.
  • Last thing is that i tired to do checkout on one miner, there is btc address which has already received 7btc. Im not sure if this is some people got already scammed or this is fake volume, hope this is fake volume https://www.blockchain.com/btc/address/1C4RSshoK9veR4jCNStqF32QARS5oGnmzw . Hope none is scammed.
Sad to see that there is such kind of people who makes money on scamming others. Man karma is there , i believe it will come for you sooner or later.
video - https://www.youtube.com/watch?v=j4Bc7\_hNk4o&feature=youtu.be
submitted by mineshop to gpumining [link] [comments]

Noob Question: Regardless of the power consumption issue, how exactly does one mine BTC & how much could you make in let's say 30 days?

Correct me if I'm wrong. (Which I probably am) I feel like I'm missing something here but how does the mining process go? I'm assuming it's more complex than this, but I'm guessing it's something along the lines of:
-Install mining software. -Run software. -Leave computer on for long periods of time. -Software does its thing. -?? -Obtain some minuscule amount of Bitcoin.
Also is the only issue that you have to keep the computer running so it sucks up the electric?
-Does it also use the shit out of the internet? -Do you need a super legit computer, or would a nice gaming computer suffice? -Any long term effects on the computer itself that I'm overlooking? -How much (or little) BTC can one expect to gain in whatever, 30 days time. -Also can you minimize the software and have it run in the tray or do you have to babysit it? Ex: Click a button, or type a captcha every so often. (I understand this isn't adding friends on myspace. But yeah)
submitted by devonthed00d to Bitcoin [link] [comments]

400 Watt Solar System for Shed

400 Watt Solar System for Shed
Literally my first Reddit post so please bear with me :)

I wanted to build an of grid solar system for me shed. I've built other systems before but this is the first time building one this big on my own. I'm not a professional electrician so please use this information at your own risk. Generally I try to over-engineer my electrical designs to make up for my incompetence. Some of the design choices may seem odd but have reasoning behind it that may not be apparent at first. A lot of the materials I used were already on hand and were either free or cheap. If you think I should have done things differently, I'd be happy hear from you but please be nice!

TLDR, Basic Specs...
(4) 100 Watt Renogy Monocrystalline Solar Panels
(6) 225AH 6V Lead Acid Golf Cart Batteries (series and parallel for 675AH 12V)
(20 ft) 2 AWG Copper Cables
(1) 1800 Watt DC/AC Inverter
(1) 60A MPPT Solar Charge Controller

I've built a mostly complete parts list here with Google Sheets. https://docs.google.com/spreadsheets/d/1ntLIxUjBPDQZN__vHUV0RzNPnzy4xBO7PRnIbkUv170/edit?usp=sharing

This is the circuit design I came up with, this should be simple enough to follow along with basic circuit design understanding. Again, I'm not a professional electrician.
Nifty circuit design
For the rest of this project overview, I figured it would be most logical to work from the top down.
I installed these brackets from Renogy. This was one of the most time consuming steps. I probably should have increased the pitch on these for optimal sunshine.
Positioning the (4) 100 watt solar panels.
I decided to run wires for each solar panel rather than wiring them in series. To save money, I bought the cheapest glands I could find, these did not come with screws or sealant. I ran 10 AWG wire through the glands and sealed the roof entry with black roofing caulk. Then applied the roofing caulk to the plastic body and screwed it down. I installed standard MC4 solar panel connectors, these are crimped and soldered.

I decided to have the glands positioned underneath the panels to provide optimal protection from the elements and a cleaner look. Having another set of MC4 connectors here also makes it easy to change panels or reconfigure my setup later on.
https://preview.redd.it/yfsnsqdv8jk41.jpg?width=4032&format=pjpg&auto=webp&s=0d38b842ca94495d81292756954bee6a05c50a3f
The wires from the roof drop in like this. I used simple cable tacks to secure them. I split the positive and negative wires to run along separate boards.
Working off of my initial circuit design, I worked up the placement of the components on the main power panel. Solar would come in on the top and the batteries would be connected to the bottom.
These busbars were some of the most expensive components but worked very nicely for my application.
I ran ground wires along the backside to ground the components and mounting bolts. These connect to the MPPT controller, inverter, and later on a grounding rod.
The main power panel is installed on the wall. The positive solar power leads run to a 35 Amp breaker before continuing to the 60 Amp MPPT charge controller.
MPPT up close.
At the base of this system are six 6 Volt lead acid batteries. I wired the batteries in series creating three 12 Volt battery banks and then wired them in parallel on the main power panel busbars.
I used 2 AWG copper wire and crimped on lugs for for the batteries and inverter leads.
System overview...
I can now easily power my iMac, power my soldering iron, charge my drill batteries, charge my lawn mower battery, and power my LED lighting.
Pretty!
Bonus!
If you ever wanted to know if I can mine bitcoins on this rig, the answer is not really. This lasted for about 12 minutes before low voltage shutoff on the inverter. The 2 AWG leads going to the inverter got warm!
Antminer S9
submitted by Legodude522 to u/Legodude522 [link] [comments]

5 Best (and Cheapest) Bitcoin Mining Software in 2020

5 Best (and Cheapest) Bitcoin Mining Software in 2020
Most new Bitcoin miners seem to think only about mining hardware without giving much thought as to what type of Bitcoin mining software to use. The mining software is an essential component as it's the main mechanism that controls the mining rig.https://remitano.com/forum/post/291-5-best-and-cheapest-bitcoin-mining-software-in-2020
https://preview.redd.it/t4k5rtmm81g41.jpg?width=1000&format=pjpg&auto=webp&s=efcdfb1a8cf1f5bc5619eabbea95e88e42eb5b29
submitted by mhndra to remitano [link] [comments]

My mining story.

First time I heard about bitcoin in 2017. My friends from the Bay Area told me to read about it. I started with googling and watching YouTube videos. It was interesting and I bought a couple of books and divided to crypto history.
From the very first moment I felt that this technology is promising and I was excited about it. While I was looking for ways to buy bitcoin, the price was climbing up every week. So, I decided to research more until the end of the year and not to rush.
After I read about mining, I was thinking about how to set up my own rig. I found a local guy who promised to help, but there wasn’t any single GPU on the market. To get 6 for set up you had to wait for a month and pay too much. Antminers at that time cost more than $4500 per unit from resellers.
It was really crazy times. So I didn’t find an adequate way to enter the market and decided to wait. While waiting I watched dozens of YouTube videos on mining and read a lot of articles. Till the moment I first bought my miners I was consuming knowledge.
And finally, in May 2018, I bought my first 20 ASICs. I immediately launched them at my friend's place. In the beginning, there was a problem with the hash rate, as we were still learning how to set up proper internet and power supply. In practice, we were intensively improving the facility, as we wanted to get maximum out of mining.
After a month and a half we decided to expand and made bulk order directly to Bitmain. Prices dropped nearly 35%, so we thought it was a good idea to buy more, as we gained experience with facility management. At the same time, my friends asked me whether I can host and manage miners for them if they buy some. I said yes, but offered a fee for hosting.
That’s how my hosting business started. And it grew rapidly since that time. As not only my friends were interested, but later I met a lot of international miners, who came to my country in search of cheap electricity. I started to think globally and understood the existing problem on the market. As prices of crypto declined significantly, in many places mining became unprofitable. That caused the migration of mining equipment to cheaper places.
Expansion of hosting forced me to rent a separate facility and connect 2 MW from power plant directly. That was made to decrease electricity price and operational costs, which in turns resulted in even cheaper rates for hosting. Sometimes my international potential clients cannot believe how can I provide such cheap hosting fee. Even here some people in comments say it is a scam. But the reality is that the level of life is so low, that this cheap electricity is really expensive for locals. Not everybody lives and gains salaries like in EU or USA.
The biggest challenge for crypto mining now is finding ways to make it more efficient and decentralized. Many companies building huge mining farms in locations without gaining access to the cheapest electricity. Big companies gaining more strength which lead to more centralized mining. I prefer having a lot of different miners all over the world, instead of, for example, Bitmain controlling 40-50% of hash power.
In the end, we all must contribute and try to improve the beauty of crypto.
submitted by shaborli to BitcoinMining [link] [comments]

Can you guys review my rig before I pull the trigger?

Type Item Price
CPU AMD Sempron 145 2.8GHz Single-Core Processor $35.98 @ Outlet PC
Motherboard ASRock 970 EXTREME4 ATX AM3+ Motherboard $84.99 @ Newegg
Memory A-Data XPG Gaming Series 8GB (2 x 4GB) DDR3-1600 Memory $52.99 @ Newegg
Storage A-Data Premier Pro SP600 32GB 2.5" Solid State Disk $39.99 @ Newegg
Video Card Sapphire Radeon HD 7850 1GB Video Card $174.99 @ Newegg
Video Card Sapphire Radeon HD 7850 1GB Video Card $174.99 @ Newegg
Video Card Sapphire Radeon HD 7850 1GB Video Card $174.99 @ Newegg
Video Card Sapphire Radeon HD 7850 1GB Video Card $174.99 @ Newegg
Power Supply OCZ Z Series Gold 1000W 80 PLUS Gold Certified ATX12V / EPS12V Power Supply $169.99 @ Newegg
A few questions...
The motherboard has 5 PCIe slots. Will it be able to handle 5 GPUs (with powered risers of course...)?
Can you undervolt these cards? If so, how? I'm keeping the SSD just incase I need to run windows to undervolt...
Also, I'm not sure which power supply to get. I know I only need 850watts with 4 cards, but if I expand to 5 cards in the future, I'll require around 1050watts. I figured the 1200watt Raidmax should be more than enough. But I wasn't sure if it was better to get a super high quality 850watt PSU that can only handle 4 cards, or get an ok 1200watt PSU that can handle 4-5 cards. Thoughts? Feel free to make a recommendation.
edit: updated power supply. would the Cooler Master PSU be able to handle 4-5 GPUs (7850's)? no
edit2: changed power supply to OCZ Z Series.
Thanks for your help everyone!
submitted by easyrandomguy to litecoinmining [link] [comments]

ethtrader Glossary of Terms

I recently introduced a friend to our humble, little subreddit and they quickly pointed out that the language spoken here did not appear to be English. I suppose we do toss around a fair amount of acronyms, memes, and slang. I put together a quick glossary of terms for them and figured I should post it here in case any other new ethtraders can benefit from it:

Trading Related:

Crypto-currency related, but not really specific to Ethereum:

Terms more specific to Ethereum

Memes:

Any mistakes I made? Any terms you would add?
submitted by Basoosh to ethtrader [link] [comments]

PowerSwitch is First decentralized tool used to switch to the cheapest energy supplier.

PowerSwitch is a new Proof-of-Stake blockchain cryptocurrency, where rewards are sent to coin holders having a masternode or people simply staking coins in their wallet.
Unlike in Proof-of-work coins like Bitcoin, PowerSwitch cannot be mined in ASICs farms, only coins holders can create more coins. It has a significant influence on exchange price, avoiding miners to plummet coin price. Coins are sold by people invested in PowerSwitch blockchain at fair prices.
We are currently working on a live Proof of concept. It is a smartplug that you plug into your electric, water or domestic gas terminal. It monitors your energy usage, searches the cheapest energy tariffs and switch suppliers quickly through our blockchain. In the long run, PowerSwitch token are also meant to be accepted as a payment token for your power bills.
PowerSwitch Masternodes
PowerSwitch Masternodes are computers that are constantly connected to the PowerSwitch Network and perform certain tasks allowing PWS to achieve faster and more private transactions. To run the PowerSwitch Masternode one is required to have 5000 PWS in their balance, as collateral, and fulfil other requirements imposed by the protocol. For their dedicated service PowerSwitch Masternodes are rewarded with 80% of network rewards. PowerSwitch Masternodes form a backbone that is a part of a technological mix which powers services and apps of a wider ecosystem.
Eco-Friendly
Pure PoS, no Intensive mining.
Unlike many other coins, PowerSwitch coins are not mined through costly proof-of-work mining rigs. It does not consume large amount of electricity and is eco-friendly.
Obfuscation / Coin Mixing
PowerSwitch features Obfuscation, based on CoinJoin but with various improvements over the original, and done via coin mixing in a decentralized fashion facilitated by the network of masternodes. This provides an additional layer of privacy in transactions. While not perfectly anonymous, Obfuscation via node mixing it is far better than the standard bitcoin transaction. For example, all Bitcoin transactions are transparent. For PowerSwitch, a nefarious actor would need to control 50% of the operating masternodes to have less than 0.5% chance of de- anonymizing a single transaction that was mixed with 8 rounds of Obfuscation. This important feature provides a high-level of anonymity for PWS users that elect to obfuscate their transactions.
SwiftTX
SwiftTX provides masternodes with locking and consensus authority for transactions. When a transaction is submitted to the network, a group of masternodes will validate the transaction. If those masternodes reach consensus on the transaction’s validity it will be locked for later introduction into the blockchain, greatly increasing transaction speed compared to conventional systems (like Bitcoin’s 10 minute block times with multiple confirmations). SwiftTX makes it possible for multiple transactions to take place before a block on the network is mined with the same inputs. This system is based on Dash’s InstantSend.
Sporks
The PowerSwitch network employs the multi-phased fork mechanism known as “sporking”. This will enable the network to implement new features while minimizing the chances of an unintended network fork during rollout. Spork changes are deployable via the network and can be turned on and off as necessary without requiring node software updates. This feature is extremely useful and allows the network to react quickly to security vulnerabilities.
TOR & IPV6
PowerSwitch Masternodes system allows the user to run their full node or masternode from either an onion address or an IPV6 address. We are working to add full TOR nodes to both strengthen the TOR network itself, and the PowerSwitch user experience operating in TOR only mode. A unique feature of TOR masternode support is being able to operate your masternode as a TOR hidden service. TOR nodes enable users with stable internet connections to operate masternodes out of their home network without the privacy implications of revealing their location or the dangers of exposing their home network to the potential for attack or compromise.
submitted by laxinchili to BinanceExchange [link] [comments]

Console gaming is hardly different from PC gaming, and much of what people say about PC gaming to put it above console gaming is often wrong.

I’m not sure about you, but for the past few years, I’ve been hearing people go on and on about PCs "superiority" to the console market. People cite various reasons why they believe gaming on a PC is “objectively” better than console gaming, often for reasons related to power, costs, ease-of-use, and freedom.
…Only problem: much of what they say is wrong.
There are many misconceptions being thrown about PC gaming vs Console gaming, that I believe need to be addressed. This isn’t about “PC gamers being wrong,” or “consoles being the best,” absolutely not. I just want to cut through some of the stuff people use to put down console gaming, and show that console gaming is incredibly similar to PC gaming. I mean, yes, this is someone who mainly games on console, but I also am getting a new PC that I will game on as well, not to mention the 30 PC games I already own and play. I’m not particularly partial to one over the other.
Now I will mainly be focusing on the PlayStation side of the consoles, because I know it best, but much of what I say will apply to Xbox as well. Just because I don’t point out many specific Xbox examples, doesn’t mean that they aren’t out there.

“PCs can use TVs and monitors.”

This one isn’t so much of a misconception as it is the implication of one, and overall just… confusing. This is in some articles and the pcmasterrace “why choose a PC” section, where they’re practically implying that consoles can’t do this. I mean, yes, as long as the ports of your PC match up with your screen(s) inputs, you could plug a PC into either… but you could do the same with a console, again, as long as the ports match up.
I’m guessing the idea here is that gaming monitors often use Displayport, as do most dedicated GPUs, and consoles are generally restricted to HDMI… But even so, monitors often have HDMI ports. In fact, PC Magazine has just released their list of the best gaming monitors of 2017, and every single one of them has an HDMI port. A PS4 can be plugged into these just as easily as a GTX 1080.
I mean, even if the monitoTV doesn’t have HDMI or AV to connect with your console, just use an adaptor. If you have a PC with ports that doesn’t match your monitoTV… use an adapter. I don’t know what the point of this argument is, but it’s made a worrying amount of times.

“On PC, you have a wide range of controller options, but on console you’re stuck with the standard controller."

Are you on PlayStation and wish you could use a specific type of controller that suits your favorite kind of gameplay? Despite what some may believe, you have just as many options as PC.
Want to play fighting games with a classic arcade-style board, featuring the buttons and joystick? Here you go!
Want to get serious about racing and get something more accurate and immersive than a controller? Got you covered.
Absolutely crazy about flying games and, like the racers, want something better than a controller? Enjoy!
Want Wii-style motion controls? Been around since the PS3. If you prefer the form factor of the Xbox One controller but you own a PS4, Hori’s got you covered. And of course, if keyboard and mouse it what keeps you on PC, there’s a PlayStation compatible solution for that. Want to use the keyboard and mouse that you already own? Where there’s a will, there’s a way.
Of course, these aren’t isolated examples, there are plenty of options for each of these kind of controllers. You don’t have to be on PC to enjoy alternate controllers.

“On PC you could use Steam Link to play anywhere in your house and share games with others.”

PS4 Remote play app on PC/Mac, PSTV, and PS Vita.
PS Family Sharing.
Using the same PSN account on multiple PS4s/Xbox Ones and PS3s/360s, or using multiple accounts on the same console.
In fact, if multiple users are on the same PS4, only one has to buy the game for both users to play it on that one PS4. On top of that, only one of them has to have PS Plus for both to play online (if the one with PS Plus registers the PS4 as their main system).
PS4 Share Play; if two people on separate PS4s want to play a game together that only one of them owns, they can join a Party and the owner of the game can have their friend play with them in the game.
Need I say more?

“Gaming is more expensive on console.”

Part one, the Software
This is one that I find… genuinely surprising. There’s been a few times I’ve mentioned that part of the reason I chose a PS4 is for budget gaming, only to told that “games are cheaper on Steam.” To be fair, there are a few games on PSN/XBL that are more expensive than they are on Steam, so I can see how someone could believe this… but apparently they forgot about disks.
Dirt Rally, a hardcore racing sim game that’s… still $60 on all 3 platforms digitally… even though its successor is out.
So does this mean you have to pay full retail for this racing experience? Nope, because disk prices.
Just Cause 3, an insane open-world experience that could essentially be summed up as “break stuff, screw physics.” And it’s a good example of where the Steam price is lower than PSN and XBL:
Not by much, but still cheaper on Steam, so cheaper on PC… Until you look at the disk prices.
See my point? Often times the game is cheaper on console because of the disk alternative that’s available for practically every console-available game. Even when the game is brand new.
Dirt 4 - Remember that Dirt Rally successor I mentioned?
Yes, you could either buy this relatively new game digitally for $60, or just pick up the disk for a discounted price. And again, this is for a game that came out 2 months ago, and even it’s predecessor’s digital cost is locked at $60. Of course, I’m not going to ignore the fact that Dirt 4 is currently (as of writing this) discounted on Steam, but on PSN it also happens to be discounted for about the same amount.
Part 2: the Subscription
Now… let’s not ignore the elephant in the room: PS Plus and Xbox Gold. Now these would be ignorable, if they weren’t required for online play (on the PlayStation side, it’s only required for PS4, but still). So yes, it’s still something that will be included in the cost of your PS4 or Xbox One/360, assuming you play online. Bummer, right?
Here’s the thing, although that’s the case, although you have to factor in this $60 cost with your console, you can make it balance out, at worst, and make it work out for you as a budget gamer, at best. As nice as it would be to not have to deal with the price if you don’t want to, it’s not like it’s a problem if you use it correctly.
Imagine going to a new restaurant. This restaurant has some meals that you can’t get anywhere else, and fair prices compared to competitors. Only problem: you have to pay a membership fee to have the sides. Now you can have the main course, sit down and enjoy your steak or pasta, but if you want to have a side to have a full meal, you have to pay an annual fee.
Sounds shitty, right? But here’s the thing: not only does this membership allow you to have sides with your meal, but it also allows you to eat two meals for free every month, and also gives you exclusive discounts for other meals, drinks, and desserts.
Let’s look at PS Plus for a minute: for $60 per year, you get:
  • 2 free PS4 games, every month
  • 2 free PS3 games, every month
  • 1 PS4/PS3 and Vita compatible game, and 1 Vita-only game, every month
  • Exclusive/Extended discounts, especially during the weekly/seasonal sales (though you don’t need PS Plus to get sales, PS Plus members get to enjoy the best sales)
  • access to online multiplayer
So yes, you’re paying extra because of that membership, but what you get with that deal pays for it and then some. In fact, let’s ignore the discounts for a minute: you get 24 free PS4 games, 24 free PS3 games, and 12 Vita only + 12 Vita compatible games, up to 72 free games every year. Even if you only one of these consoles, that’s still 24 free games a year. Sure, maybe you get games for the month that you don’t like, then just wait until next month.
In fact, let’s look at Just Cause 3 again. It was free for PS Plus members in August, which is a pretty big deal. Why is this significant? Because it’s, again, a $60 digital game. That means with this one download, you’ve balanced out your $60 annual fee. Meaning? Every free game after that is money saved, every discount after that is money saved. And this is a trend: every year, PS Plus will release a game that balances out the entire service cost, then another 23 more that will only add icing to that budget cake. Though, you could just count games as paying off PS Plus until you hit $60 in savings, but still.
All in all, PS Plus, and Xbox Gold which offers similar options, saves you money. On top of that, again, you don't need to have these to get discounts, but with these memberships, you get more discounts.
Now, I’ve seen a few Steam games go up for free for a week, but what about being free for an entire month? Not to mention that; even if you want to talk about Steam Summer Sales, what about the PSN summer sale, or again, disc sale discounts? Now a lot of research and math would be needed to see if every console gamer would save money compared to every Steam gamer for the same games, but at the very least? The costs will balance out, at worst.
Part 3, the Systems
  • Xbox and PS2: $299
  • Xbox 360 and PS3: $299 and $499, respectively
  • Xbox One and PS4: $499 and $399, respectively.
Rounded up a few dollars, that’s $1,000 - $1,300 in day-one consoles, just to keep up with the games! Crazy right? So called budget systems, such a rip-off.
Well, keep in mind that the generations here aren’t short.
The 6th generation, from the launch of the PS2 to the launch of the next generation consoles, lasted 5 years, 6 years based on the launch of the PS3 (though you could say it was 9 or 14, since the Xbox wasn’t discontinued until 2009, and the PS2 was supported all the way to 2014, a year after the PS4 was released). The 7th gen lasted 7 - 8 years, again depending on whether you count the launch of the Xbox 360 to PS3. The 8th gen so far has lasted 4 years. That’s 17 years that the console money is spread over. If you had a Netflix subscription for it’s original $8 monthly plan for that amount of time, that would be over $1,600 total.
And let’s be fair here, just like you could upgrade your PC hardware whenever you wanted, you didn’t have to get a console from launch. Let’s look at PlayStation again for example: In 2002, only two years after its release, the PS2 retail price was cut from $300 to $200. The PS3 Slim, released 3 years after the original, was $300, $100-$200 lower than the retail cost. The PS4? You could’ve either gotten the Uncharted bundle for $350, or one of the PS4 Slim bundles for $250. This all brings it down to $750 - $850, which again, is spread over a decade and a half. This isn’t even counting used consoles, sales, or the further price cuts that I didn’t mention.
Even if that still sounds like a lot of money to you, even if you’re laughing at the thought of buying new systems every several years, because your PC “is never obsolete,” tell me: how many parts have you changed out in your PC over the years? How many GPUs have you been through? CPUs? Motherboards? RAM sticks, monitors, keyboards, mice, CPU coolers, hard drives— that adds up. You don’t need to replace your entire system to spend a lot of money on hardware.
Even if you weren’t upgrading for the sake of upgrading, I’d be amazed if the hardware you’ve been pushing by gaming would last for about 1/3 of that 17 year period. Computer parts aren’t designed to last forever, and really won’t when you’re pushing them with intensive gaming for hours upon hours. Generally speaking, your components might last you 6-8 years, if you’ve got the high-end stuff. But let’s assume you bought a system 17 years ago that was a beast for it’s time, something so powerful, that even if it’s parts have degraded over time, it’s still going strong. Problem is: you will have to upgrade something eventually.
Even if you’ve managed to get this far into the gaming realm with the same 17 year old hardware, I’m betting you didn’t do it with a 17 year Operating System. How much did Windows 7 cost you? Or 8.1? Or 10? Oh, and don’t think you can skirt the cost by getting a pre-built system, the cost of Windows is embedded into the cost of the machine (why else would Microsoft allow their OS to go on so many machines).
Sure, Windows 10 was a free upgrade for a year, but that’s only half of it’s lifetime— You can’t get it for free now, and not for the past year. On top of that, the free period was an upgrade; you had to pay for 7 or 8 first anyway.
Point is, as much as one would like to say that they didn’t need to buy a new system every so often for the sake of gaming, that doesn’t mean they haven’t been paying for hardware, and even if they’ve only been PC gaming recently, you’ll be spending money on hardware soon enough.

“PC is leading the VR—“

Let me stop you right there.
If you add together the total number of Oculus Rifts and HTC Vives sold to this day, and threw in another 100,000 just for the sake of it, that number would still be under the number of PSVR headsets sold.
Why could this possibly be? Well, for a simple reason: affordability. The systems needed to run the PC headsets costs $800+, and the headsets are $500 - $600, when discounted. PSVR on the other hand costs $450 for the full bundle (headset, camera, and move controllers, with a demo disc thrown in), and can be played on either a $250 - $300 console, or a $400 console, the latter recommended. Even if you want to say that the Vive and Rift are more refined, a full PSVR set, system and all, could cost just over $100 more than a Vive headset alone.
If anything, PC isn’t leading the VR gaming market, the PS4 is. It’s the system bringing VR to the most consumers, showing them what the future of gaming could look like. Not to mention that as the PlayStation line grows more powerful (4.2 TFLOP PS4 Pro, 10 TFLOP “PS5…”), it won’t be long until the PlayStation line can use the same VR games as PC.
Either way, this shows that there is a console equivalent to the PC VR options. Sure, there are some games you'd only be able to play on PC, but there are also some games you'd only be able to play on PSVR.
…Though to be fair, if we’re talking about VR in general, these headsets don’t even hold a candle to, surprisingly, Gear VR.

“If it wasn’t for consoles holding devs back, then they would be able to make higher quality games.”

This one is based on the idea that because of how “low spec” consoles are, that when a developer has to take them in mind, then they can’t design the game to be nearly as good as it would be otherwise. I mean, have you ever seen the minimum specs for games on Steam?
GTA V
  • CPU: Intel Core 2 Quad CPU Q6600 @ 2.40GHz (4 CPUs) / AMD Phenom 9850 Quad-Core Processor (4 CPUs) @ 2.5GHz
  • Memory: 4 GB RAM
  • GPU: NVIDIA 9800 GT 1GB / AMD HD 4870 1GB (DX 10, 10.1, 11)
Just Cause 3
  • CPU: Intel Core i5-2500k, 3.3GHz / AMD Phenom II X6 1075T 3GHz
  • Memory: 8 GB RAM
  • GPU: NVIDIA GeForce GTX 670 (2GB) / AMD Radeon HD 7870 (2GB)
Fallout 4
  • CPU: Intel Core i5-2300 2.8 GHz/AMD Phenom II X4 945 3.0 GHz or equivalent
  • Memory: 8 GB RAM
  • GPU: NVIDIA GTX 550 Ti 2GB/AMD Radeon HD 7870 2GB or equivalent
Overwatch
  • CPU: Intel Core i3 or AMD Phenom™ X3 8650
  • Memory: 4 GB RAM
  • GPU: NVIDIA® GeForce® GTX 460, ATI Radeon™ HD 4850, or Intel® HD Graphics 4400
Witcher 3
  • Processor: Intel CPU Core i5-2500K 3.3GHz / AMD CPU Phenom II X4 940
  • Memory: 6 GB RAM
  • Graphics: Nvidia GPU GeForce GTX 660 / AMD GPU Radeon HD 7870
Actually, bump up all the memory requirements to 8 GBs, and those are some decent specs, relatively speaking. And keep in mind these are the minimum specs to even open the games. It’s almost as if the devs didn’t worry about console specs when making a PC version of the game, because this version of the game isn’t on console. Or maybe even that the consoles aren’t holding the games back that much because they’re not that weak. Just a hypothesis.
But I mean, the devs are still ooobviously having to take weak consoles into mind right? They could make their games sooo much more powerful if they were PC only, right? Right?
No. Not even close.
iRacing
  • CPU: Intel Core i3, i5, i7 or better or AMD Bulldozer or better
  • Memory: 8 GB RAM
  • GPU: NVidia GeForce 2xx series or better, 1GB+ dedicated video memory / AMD 5xxx series or better, 1GB+ dedicated video memory
Playerunknown’s Battlegrounds
  • CPU: Intel Core i3-4340 / AMD FX-6300
  • Memory: 6 GB RAM
  • GPU: nVidia GeForce GTX 660 2GB / AMD Radeon HD 7850 2GB
These are PC only games. That’s right, no consoles to hold them back, they don’t have to worry about whether an Xbox One could handle it. Yet, they don’t require anything more than the Multiplatform games.
Subnautica
  • CPU: Intel Haswell 2 cores / 4 threads @ 2.5Ghz or equivalent
  • Memory: 4GB
  • GPU: Intel HD 4600 or equivalent - This includes most GPUs scoring greater than 950pts in the 3DMark Fire Strike benchmark
Rust
  • CPU: 2 ghz
  • Memory: 8 GB RAM
  • DirectX: Version 11 (they don’t even list a GPU)
So what’s the deal? Theoretically, if developers don’t have to worry about console specs, then why aren’t they going all-out and making games that no console could even dream of supporting?
Low-end PCs.
What, did you think people only game on Steam if they spent at least $500 on gaming hardware? Not all PC gamers have gaming-PC specs, and if devs close their games out to players who don’t have the strongest of PCs, then they’d be losing out on a pretty sizable chunk of their potential buyers.
Saying “devs having to deal with consoles is holding gaming back” is like saying “racing teams having to deal with Ford is holding GT racing back.” A: racing teams don’t have to deal with Ford if they don’t want to, which is probably why many of them don’t, and B: even though Ford doesn’t make the fastest cars overall, they still manage to make cars that are awesome on their own, they don’t even need to be compared to anything else to know that they make good cars.
I want to go back to that previous point though, developers having to deal with low-end PCs, because it’s integral to the next point:

“PCs are more powerful, gaming on PC provides a better experience.”

This one isn’t so much of a misconception as it is… misleading.
Did you know that according to the Steam Hardware & Software Survey (July 2017) , the percentage of Steam gamers who use a GPU that's less powerful than that of a PS4 Slim’s GPU is well over 50%? Things get dismal when compared to the PS4 Pro (Or Xbox One X). On top of that, the percentage of PC gamers who own a Nvidia 10 series card is about 20% (about 15% for the 1060, 1080 and 1070 owners).
Now to be fair, the large majority of gamers have CPUs with considerably high clock speeds, which is the main factor in CPU gaming performance. But, the number of Steam gamers with as much RAM or more than a PS4 or Xbox One is less than 50%, which can really bottleneck what those CPUs can handle.
These numbers are hardly better than they were in 2013, all things considered. Sure, a PS3/360 weeps in the face of even a $400 PC, but in this day in age, consoles have definitely caught up.
Sure, we could mention the fact that even 1% of Steam accounts represents over 1 million accounts, but that doesn’t really matter compared to the 10s of millions of 8th gen consoles sold; looking at it that way, sure the number of Nvidia 10 series owners is over 20 million, but that ignores the fact that there are over 5 times more 8th gen consoles sold than that.
Basically, even though PCs run on a spectrum, saying they're more powerful “on average” is actually wrong. Sure, they have the potential for being more powerful, but most of the time, people aren’t willing to pay the premium to reach those extra bits of performance.
Now why is this important? What matters are the people who spent the premium cost for premium parts, right? Because of the previous point: PCs don’t have some ubiquitous quality over the consoles, developers will always have to keep low-end PCs in mind, because not even half of all PC players can afford the good stuff, and you have to look at the top quarter of Steam players before you get to PS4-Pro-level specs. If every Steam player were to get a PS4 Pro, it would be an upgrade for over 60% of them, and 70% of them would be getting an upgrade with the Xbox One X.
Sure, you could still make the argument that when you pay more for PC parts, you get a better experience than you could with a console. We can argue all day about budget PCs, but a console can’t match up to a $1,000 PC build. It’s the same as paying more for car parts, in the end you get a better car. However, there is a certain problem with that…

“You pay a little more for a PC, you get much more quality.”

The idea here is that the more you pay for PC parts, the performance increases at a faster rate than the price does. Problem: that’s not how technology works. Paying twice as much doesn’t get you twice the quality the majority of the time.
For example, let’s look at graphics cards, specifically the GeForce 10 series cards, starting with the GTX 1050.
  • 1.8 TFLOP
  • 1.35 GHz base clock
  • 2 GB VRAM
  • $110
This is our reference, our basis of comparison. Any percentages will be based on the 1050’s specs.
Now let’s look at the GTX 1050 Ti, the 1050’s older brother.
  • 2.1 TFLOP
  • 1.29 GHz base clock
  • 4 GB VRAM
  • $140 retail
This is pretty good. You only increase the price by about 27%, and you get an 11% increase in floating point speed and a 100% increase (double) in VRAM. Sure you get a slightly lower base clock, but the rest definitely makes up for it. In fact, according to GPU boss, the Ti managed 66 fps, or a 22% increase in frame rate for Battlefield 4, and a 54% increase in mHash/second in bitcoin mining. The cost increase is worth it, for the most part.
But let’s get to the real meat of it; what happens when we double our budget? Surely we should see a massive increase performance, I bet some of you are willing to bet that twice the cost means more than twice the performance.
The closest price comparison for double the cost is the GTX 1060 (3 GB), so let’s get a look at that.
  • 3.0 TFLOP
  • 1.5 GHz base clock
  • 3 GB VRAM
  • $200 retail
Well… not substantial, I’d say. About a 50% increase in floating point speed, an 11% increase in base clock speed, and a 1GB decrease in VRAM. For [almost] doubling the price, you don’t get much.
Well surely raw specs don’t tell the full story, right? Well, let’s look at some real wold comparisons. Once again, according to GPU Boss, there’s a 138% increase in hashes/second for bitcoin mining, and at 99 fps, an 83% frame rate increase in Battlefield 4. Well, then, raw specs does not tell the whole story!
Here’s another one, the 1060’s big brother… or, well, slightly-more-developed twin.
  • 3.9 TFLOP
  • 1.5 GHz base clock
  • 6 GB VRAM
  • $250 retail
Seems reasonable, another $50 for a decent jump in power and double the memory! But, as we’ve learned, we shouldn’t look at the specs for the full story.
I did do a GPU Boss comparison, but for the BF4 frame rate, I had to look at Tom’s Hardware (sorry miners, GPU boss didn’t cover the mHash/sec spec either). What’s the verdict? Well, pretty good, I’d say. With 97 FPS, a 79% increase over the 1050— wait. 97? That seems too low… I mean, the 3GB version got 99.
Well, let’s see what Tech Power Up has to say...
94.3 fps. 74% increase. Huh.
Alright alright, maybe that was just a dud. We can gloss over that I guess. Ok, one more, but let’s go for the big fish: the GTX 1080.
  • 9.0 TFLOP
  • 1.6 GHz base clock
  • 8 GB VRAM
  • $500 retail
That jump in floating point speed definitely has to be something, and 4 times the VRAM? Sure it’s 5 times the price, but as we saw, raw power doesn’t always tell the full story. GPU Boss returns to give us the run down, how do these cards compare in the real world?
Well… a 222% (over three-fold) increase in mHash speed, and a 218% increase in FPS for Battlefield 4. That’s right, for 5 times the cost, you get 3 times the performance. Truly, the raw specs don’t tell the full story.
You increase the cost by 27%, you increase frame rate in our example game by 22%. You increase the cost by 83%, you increase the frame rate by 83%. Sounds good, but if you increase the cost by 129%, and you get a 79% (-50% cost/power increase) increase in frame rate. You increase it by 358%, and you increase the frame rate by 218% (-140% cost/power increase). That’s not paying “more for much more power,” that’s a steep drop-off after the third cheapest option.
In fact, did you know that you have to get to the 1060 (6GB) before you could compare the GTX line to a PS4 Pro? Not to mention that at $250, the price of a 1060 (6GB) you could get an entire PS4 Slim bundle, or that you have to get to the 1070 before you beat the Xbox One X.
On another note, let’s look at a PS4 Slim…
  • 1.84 TFLOP
  • 800 MHz base clock
  • 8 GB VRAM
  • $300 retail
…Versus a PS4 Pro.
  • 4.2 TFLOP
  • 911 MHz base clock
  • 8 GB VRAM
  • $400 retail
128% increase in floating point speed, 13% increase in clock speed, for a 25% difference in cost. Unfortunately there is no Battlefield 4 comparison to make, but in BF1, the frame rate is doubled (30 fps to 60) and the textures are taken to 11. For what that looks like, I’ll leave it up to this bloke. Not to even mention that you can even get the texture buffs in 4K. Just like how you get a decent increase in performance based on price for the lower-cost GPUs, the same applies here.
It’s even worse when you look at the CPU for a gaming PC. The more money you spend, again, the less of a benefit you get per dollar. Hardware Unboxed covers this in a video comparing different levels of Intel CPUs. One thing to note is that the highest i7 option (6700K) in this video was almost always within 10 FPS (though for a few games, 15 FPS) of a certain CPU in that list for just about all of the games.
…That CPU was the lowest i3 (6100) option. The lowest i3 was $117 and the highest i7 was $339, a 189% price difference for what was, on average, a 30% or less difference in frame rate. Even the lowest Pentium option (G4400, $63) was often able to keep up with the i7.
The CPU and GPU are usually the most expensive and power-consuming parts of a build, which is why I focused on them (other than the fact that they’re the two most important parts of a gaming PC, outside of RAM). With both, this “pay more to get much more performance” idea is pretty much the inverse of the truth.

“The console giants are bad for game developers, Steam doesn't treat developers as bad as Microsoft or especially Sony.”

Now one thing you might’ve heard is that the PS3 was incredibly difficult for developers to make games for, which for some, fueled the idea that console hardware is difficult too develop on compared to PC… but this ignores a very basic idea that we’ve already touched on: if the devs don’t want to make the game compatible with a system, they don’t have to. In fact, this is why Left 4 Dead and other Valve games aren’t on PS3, because they didn’t want to work with it’s hardware, calling it “too complex.” This didn’t stop the game from selling well over 10 million units worldwide. If anything, this was a problem for the PS3, not the dev team.
This also ignores that games like LittleBigPlanet, Grand Theft Auto IV, and Metal Gear Solid 4 all came out in the same year as Left 4 Dead (2008) on PS3. Apparently, plenty of other dev teams didn’t have much of a problem with the PS3’s hardware, or at the very least, they got used to it soon enough.
On top of that, when developing the 8th gen consoles, both Sony and Microsoft sought to use CPUs that were easier for developers, which included making decisions that considered apps for the consoles’ usage for more than gaming. On top of that, using their single-chip proprietary CPUs is cheaper and more energy efficient than buying pre-made CPUs and boards, which is far better of a reason for using them than some conspiracy about Sony and MS trying to make devs' lives harder.
Now, console exclusives are apparently a point of contention: it’s often said that exclusive can cause developers to go bankrupt. However, exclusivity doesn’t have to be a bad thing for the developer. For example, when Media Molecule had to pitch their game to a publisher (Sony, coincidentally), they didn’t end up being tied into something detrimental to them.
Their initial funding lasted for 6 months. From then, Sony offered additional funding, in exchange for Console Exclusivity. This may sound concerning to some, but the game ended up going on to sell almost 6 million units worldwide and launched Media Molecule into the gaming limelight. Sony later bought the development studio, but 1: this was in 2010, two years after LittleBigPlanet’s release, and 2: Media Molecule seem pretty happy about it to this day. If anything, signing up with Sony was one of the best things they could’ve done, in their opinion.
Does this sound like a company that has it out for developers? There are plenty of examples that people will use to put Valve in a good light, but even Sony is comparatively good to developers.

“There are more PC gamers.”

The total number of active PC gamers on Steam has surpassed 120 million, which is impressive, especially considering that this number is double that of 2013’s figure (65 million). But the number of monthly active users on Xbox Live and PSN? About 120 million (1, 2) total. EDIT: You could argue that this isn't an apples-to-apples comparison, sure, so if you want to, say, compare the monthly number of Steam users to console? Steam has about half of what consoles do, at 67 million.
Now, back to the 65 million total user figure for Steam, the best I could find for reference for PlayStation's number was an article giving the number of registered PSN accounts in 2013, 150 million. In a similar 4-year period (2009 - 2013), the number of registered PSN accounts didn’t double, it sextupled, or increased by 6 fold. Considering how the PS4 is already at 2/3 of the number of sales the PS3 had, even though it’s currently 3 years younger than its predecessor, I’m sure this trend is at least generally consistent.
For example, let’s look at DOOM 2016, an awesome faced-paced shooting title with graphics galore… Of course, on a single platform, it sold best on PC/Steam. 2.36 million Steam sales, 2.05 million PS4 sales, 1.01 million Xbox One sales.
But keep in mind… when you add the consoles sales together, you get over 3 million sales on the 8th gen systems. Meaning: this game was best sold on console. In fact, the Steam sales have only recently surpassed the PS4 sales. By the way VG charts only shows sales for physical copies of the games, so the number of PS4 and Xbox sales, when digital sales are included, are even higher than 3 million.
This isn’t uncommon, by the way.
Even with the games were the PC sales are higher than either of the consoles, there generally are more console sales total. But, to be fair, this isn’t anything new. The number of PC gamers hasn’t dominated the market, the percentages have always been about this much. PC can end up being the largest single platform for games, but consoles usually sell more copies total.
EDIT: There were other examples but... Reddit has a 40,000-character limit.

"Modding is only on PC."

Xbox One is already working on it, and Bethesda is helping with that.
PS4 isn't far behind either. You could argue that these are what would be the beta stages of modding, but that just means modding on consoles will only grow.

What’s the Point?

This isn’t to say that there’s anything wrong with PC gaming, and this isn’t to exalt consoles. I’m not here to be the hipster defending the little guy, nor to be the one to try to put down someone/thing out of spite. This is about showing that PCs and consoles are overall pretty similar because there isn’t much dividing them, and that there isn’t anything wrong with being a console gamer. There isn’t some chasm separating consoles and PCs, at the end of the day they’re both computers that are (generally) designed for gaming. This about unity as gamers, to try to show that there shouldn’t be a massive divide just because of the computer system you game on. I want gamers to be in an environment where specs don't separate us; whether you got a $250 PS4 Slim or just built a $2,500 gaming PC, we’re here to game and should be able to have healthy interactions regardless of your platform.
I’m well aware that this isn’t going to fix… much, but this needs to be said: there isn’t a huge divide between the PC and consoles, they’re far more similar than people think. There are upsides and downsides that one has that the other doesn’t on both sides. There’s so much more I could touch on, like how you could use SSDs or 3.5 inch hard drives with both, or that even though PC part prices go down over time, so do consoles, but I just wanted to touch on the main points people try to use to needlessly separate the two kinds of systems (looking at you PCMR) and correct them, to get the point across.
I thank anyone who takes the time to read all of this, and especially anyone who doesn’t take what I say out of context. I also want to note that, again, this isn’tanti-PC gamer.” If it were up to me, everyone would be a hybrid gamer.
Cheers.
submitted by WhyyyCantWeBeFriends to unpopularopinion [link] [comments]

The environmental impacts of Bitcoin mining.

China is currently the world’s largest polluter. Certain provinces are so polluted with smog that you have to wear a mask to breathe properly.
Sad Fact: It’s so bad that a company is selling over 10,000 canned fresh air monthly at $24 each.
China is aggressively trying to change this public perception, but with so much bitcoin mining in China, it certainly doesn’t help its case, because 60% of China’s electricity comes from coal-burning plants. Mining rigs are used to mine bitcoins and they require powerful hardware and consumes electricity like no tomorrow.
There’s the famous saying, “With great power, comes great electricity bills.”
In fact, in a single day, the electricity used for bitcoin mining in China is enough to power the average American household for over 5 million years.
Unfortunately, this problem is only going to get worse. Bitcoin was designed with a cap of 21 million coins, and the more coins mined, the harder and more electricity it consumes to mine.
Because electricity makes up about 70% of the cost of mining, miners want the cheapest electricity. And that place is Sichuan, where it has over 1400 rivers and 3200 hydro plants that produce cheap hydropower at just $0.01 per kWh compared to about $0.12 in US or $0.16 in Singapore.
In fact, bitcoin mining is about 80% powered by renewable energy, which is about 4 times more than the global average of about 20%, making bitcoin mining much cleaner than most industries.
However, hydropower is seasonal, the wet season generates 3 times more electricity than the dry season.
Since mining rigs do not turn off, during the dry season when hydropower is not sufficient, coal-based electricity is used instead.
The carbon emission factor of electricity in Sichuan, therefore, ranges from 265 to 579 gCO2/kWh depending on the season.
Much higher compared to Sweden with a carbon emission factor of 13 gCO2/kWh, but it’s because Sweden’s electricity is fuelled mostly by nuclear and hydroelectric power.
The electricity cost of mining 1 bitcoin in China is about $3172, one of the lowest in the world.
But as the price of bitcoin crashed, known as the crypto winter, it was crucial to use the latest and most efficient mining rigs in order to be profitable. However, regularly upgrading causes a lot of e-waste which is an environmental concern.
A report finds that “the annualized e-waste generation of mining rigs would amount to 10,948 metric tons.” That is about 20% of the e-waste generated by a country like Singapore.
Places like Iceland and Canada have massive amounts of clean renewable energy in the form of hydropower or geothermal. In fact, a bitcoin mined in China emits 4 times the CO2 than a Canadian-mined bitcoin.
Hopefully, in the near future, there could be a practical solution that is secure, fast, and energy efficient to use, and we can all start enjoying greater benefits.
More information: https://medium.com/coinshares/beware-of-lazy-research-c828c900b7d5 https://digiconomist.net/bitcoin-energy-consumption
Here's also a video I made about the environmental impacts: https://www.youtube.com/watch?v=tMREvfmM7PM
submitted by Thoughtmosphere to environment [link] [comments]

Game Theory of mining cost in relation to BTC price

I've heard some speculation that the BTC price bottom is directly related to the cost of mining. I'm unsure if I believe this, and I also understand that the cost of mining is different in different countries around the world. IE: it is very cheap for Venezuelans to mine due to electricity costs being so cheap.
If the mining cost is lower than the BTC price, game theory states that miners would shut off their rigs. Or does it state that they would mine, but not sell, thus creating this price floor?
It seems unlikely that everyone would turn off their miners, but is it possible? If the price of BTC went below even the cheapest costs in the world, would anyone mine anymore? I suspect people who are already running full nodes and/or people with a large amount of bitcoin would continue to mine because they want the network to remain secure.
I welcome any insight and thoughts on what the game theory is in this situation (low prices)
submitted by MonoTheMonkey to BitcoinBeginners [link] [comments]

Cryptocurrency Terms And Definitions - Common Crypto Words To Know

The blockchain community is not left out when it comes to the use of jargon and phrases. The use of words that look strange to those who are not involved in crypto is totally inevitable. It’s definitely going to be difficult for anyone not in this space to understand words like “ERC20, ICO or gas. So in order to help such people out, we have made a list of the most common cryptocurrency terms and definitions. Please sit back and enjoy your ride.

Cryptocurrency Terms And Definitions
One can categorize these terms into various parts. First of all, we will deal with general cryptocurrency terms and definitions.

Blockchain
Blockchains are distributed ledgers which are secured by cryptography. Everyone has access to read the information on every blockchain which means they are essentially public databases but the data update can only be done by the data owners. In the case of blockchains, data doesn’t remain on a single centralized server, they are copied across hundreds of thousands of computers worldwide. Projects such as Ethereum, Vechain, EOS etc. fall under this class of technology.
Mining: The means of trying to ‘solve’ the next available block. One needs huge amounts of computer processing power to carry this out effectively. There is always a reward for doing this.
Mining rig: A specially designed computer that processes proof-of-work blockchains such as Ethereum. They consist of multiple high-end graphic processors (GPUs) so as to maximize their processing power.
Node: This is a computer that has a copy of the blockchain and is working to keep it in a good shape.
PoW: The full meaning of this is Proof-of-work. The Ethereum network currently makes use of this algorithm.
PoS: Its full meaning is Proof-of-stake. It is the proposed future algorithm for Ethereum. Those that own ETH will be able to lock up all or a portion of their ether for a given amount of time in order to ‘vote’ and generate network consensus instead of mining in its current form. Stakeholders will get rewards in form of ETH by doing so.
Fork: This takes places when a certain blockchain splits into two different chains. This usually happens in the crypto space when new ‘governance rules’ are infused into the blockchain’s code.
Software wallet: A crypto-currency storage that exists purely on a computer as software files. You can generate these kinds of wallets for free from diverse sources. MyEtherWallet (MEW) is one of the most popular sources around.
Hardware wallet: A device that one can securely keep cryptocurrency. People often say that these wallets are the most secure way to store cryptocurrency. Examples of the most common hardware wallet models around are Ledger Nano S and Trezor.
Cold storage: This is a way of moving your cryptocurrency from an online wallet to an offline one, as a means of safekeeping them from hack. There are a lot of ways to carry this out. Some methods that are commonly used include:
· Using a hardware wallet to store your cryptocurrency.
· By printing out the QR code of a software wallet and keeping it somewhere which is safe.
· You can also move the files of a software wallet onto an external storage device such as USB drive and keeping it somewhere safe.

Trading Related Cryptocurrency Terms And Definitions
Exchange: These are websites where people trade (buy and sell) their cryptocurrencies. Some of the popular crypto exchanges we have around include Binance, Poloniex, Bittrex etc.
Market order / market buy / market sell: A sale or purchase which is made on an exchange at the current price. A market buy acquires the cheapest Bitcoin available on the order book while a market sell fills up the most high-priced buy order on the books.
Limit order / limit buy / limit sell: These are orders which are placed by traders to buy or sell a cryptocurrency when the price reaches a certain amount. They are pretty much like ‘for-sale’ signs you see on goods.
Sell wall / buy wall: Cryptocurrency traders are able to see the current limit buy and sell points using a depth chart. The chart’s graphical representation is very much like a wall.
FIAT: Refer to a government-issued currency. An example is the US dollar.
Whale: A person who owns huge amounts of cryptocurrency.
Margin trading: This is an act of increasing the intensity of a trade by using your existing coins. It is very risky for an inexperienced trader to partake in this. Stay safe!!
Going long: This is a margin trade that gives profit if the price goes up.
Going short: It is a margin trade that gives profit if the price goes down.
Bullish: Being optimistic that the price of cryptocurrency is going to increase.
Bearish: This is an expectation that the price of cryptocurrency is going to decrease.
ATH: This simply means All-Time-High. This is the highest point that has been reached by a particular coin or token. Take for instance, Bitcoin’s ATH is about $20,000 and this was achieved around December 2017 and January 2018.
Altcoin: A word used to qualify other cryptocurrencies which is not Bitcoin. Examples of altcoins are Ripple, NEO, EOS, Vechain, Electroneum etc.
Tokens: These are ‘currency’ of projects which are hosted on the ethereum network. They raise money by issuing their own tokens to the general public. Tokens have a significant use in the project's ecosystem. Examples of tokens are Enjin Coin (ENJ), Zilliqa (ZIL), OmiseGO (OMG), Augur (REP) etc.
ICO: The full meaning is Initial Coin Offering. This is synonymous to an IPO in the non-crypto world. Startups give out their own token in exchange for Bitcoin or ether.
Shilling / pumping: An act of advertising another cryptocurrency. It is mostly done in a way that tricks as many people as possible into believing that a coin or token will get to a higher price in the future.
Market Cap: This is the total value of a cryptocurrency. To calculate this, one has to multiply the total supply of coins by the current market price. You can get a run-down of several cryptocurrency projects on Coinmarketcap.
Stable coin: This is a cryptocurrency which has an extremely low volatility. You can use a stable coin to trade against the overall crypto market.
Arbitrage: A situation where a trader takes advantage of a difference in the price of the same coin / token on two different exchanges.
FOMO: Simply means Fear Of Missing Out. That overwhelming feeling that one needs to get on board when there is a massive rise in the price of a commodity. This is also applicable in the crypto space.
FUD: Fear, Uncertainty, and Doubt. It is a baseless negativity which is spread intentionally by someone or a group of people who want the price of cryptocurrency to decrease.
FUDster: A person who spreads FUD.
Pump And Dump: This happens when an altcoin gets a ton of attention, leading to a massive increase in price, and likewise followed by a big price crash of that altcoin.
ROI: Return on Investment. The percentage profit a trader makes on an initial investment (i.e. A 100% ROI simply indicates that a trader doubled his money).
TA: Trend Analysis or Technical Analysis. A way of examining current coin charts so as to make predictions for the next market movement.

Next, we will be moving on to crytocurrency terms and definitions that are ethereum related.
Dapp: Decentralized Application. It is an application that uses a decentralized peer-to-peer network like Ethereum smart contract as its back-end code.
Bagholder: A person who still holds on to a particular altcoin despite having a pump and dump crash.
Smart contract: This is a code that is deployed onto the Ethereum blockchain, it often helps with the direct interaction of how money flows from one point to another.
The Flippening: A future event showing the capacity of Ethereum’s market cap (or some other cryptocurrency) surpassing Bitcoin’s market cap, making Ethereum the most ‘valuable’ crypto-currency.
Gas: It is a measurement of the amount of processing needed by the ethereum network to execute a transaction. More complex transactions like deploying a smart contract onto the network requires more gas than sending ether from one wallet to another which is obviously a simpler operation.
Gas price: This is the amount of ether an initiator of a transaction is willing to spend for each gas unit on a transaction. The higher the gas price, then the faster the processing of the transaction.
Wei: It is the smallest denomination of ether.
Gwei: This is a denomination of ether (ETH). Gwei is the unit for measuring gas prices. 1 Ether = 1,000,000,000 Gwei (109).
MEW: MyEtherWallet is a site where users can generate ethereum wallets for free.

We also have a handful of cryptocurrency terms and definitions that are memes. See some of them below;
Hodl: People use this word when signifying that a person is keeping his coins / tokens for a long period of time. A couple of years back, someone on a Bitcoin forum made a post with a typo HODL in place of HOLD. Ever since then, this term has become one of the most popularly used term in crypto.
Mooning: In crypto, this term comes to play when the price of cryptocurrencies move up astronomically.
Lambo: This is highly synonymous with crypto. You can't leave out this word when discussing about cryptocurrency terms and definitions. This is the car we’re all goona buy when crypto makes us rich.
This is gentlemen: People use this phrase when pointing out positive things that are currently taking place in the cryptosphere.

Now that you are conversant with some of the commonly used cryptocurrency terms and definitions, you can now go out there and showcase your new crypto vocabulary to the world.
submitted by Satonova19 to u/Satonova19 [link] [comments]

How I was scammed of 42.5 BTC last night.

(TL:DR - Escrow scam. Forums. DON'T DO IT!!!)
Morning Redditors,
This is the story of how I gave away over £12,000 of Bitcoins last night to a conman. I hope that it is a good read, up there with other true crime stories like The Hatton Garden Heist or Making of a Murderer but I can't promise crowbars let alone a murder. The real purpose of this story is to make sure no one else ends up being scammed like I did.
Two days ago I watched with my brother the escalation of Ethereum up into the night sky, a twinkling $2 star. We discussed making an investment in Eth as our mining operation at 126 MH/s didn't instill the same sense of excitement from the rising Eth price. What if we had not spent £900 on the rig but simply invested it at 90 cents. We'd surely be laughing now. Not watching tears puddle.
Now it isn't straight forward buying Eth, first you have to get some Bitcoin and then use that on an exchange site to get Eth. Being a tight arse I spent a long time googling how to get hold of Eth in the cheapest possible way without buying it for $2.2 or more. That's when...
Scanning the https://forum.ethereum.org/categories/sale I spotted a guy who wanted to sell over 32,000 Eth. The dream was to be able to afford vanilla latte's whenever I went out. A mere 1000 Eth would be plenty...
Exhibit 1 This is the post I clicked on and private messaged the guy..
"I'll offer you 4.5 BTC for 1000 ETH". That's about $1.8 per ETH.
"I can sell you more 10k ETH for 42,5 btc if you want to buy." About $1.7 per ETH.
"Hmmm. I'm interested, but want to know a bit more. How would this transfer work? How do I know I won't get scammed :) Sorry. Thanks" Slap myself so hard it cuts my quivering lip
"It's ok and i respect yours question . We can use any escrow , also i have 15600 ETH and i will sell them all.Ok, escrow is ok for me."
"Ok. I've never used an escrow before, do you know a particular one that is good?"
"https://webchat.freenode.net/ channel #ethereum DEV is Animazing , join here pls"
Exhibit 2
OK so it should be like on a submarine when the alarms go mental, all the internal cogs firing warnings. Yeah I obviously had a few doubts but the guy was so convincing and confident.. bloody con men.
-------- PART 2 --------
This is not easy to write. I'd prefer to simply forget and move on and not go on any holidays for a while.
You may have noticed how my initial 1000 ETH request turned into 10,000 ETH! Just like that. Hey, why not? We could sell it on almost immediately for more. OK. That's most of my savings but imagine the reward. And so easy. Easy money. If it looks to good... blah blah. bullshit.
So we're doing escrow. ESCROW. Someone mentioned that once somewhere, it's that safe way of transferring money via a middle mediator who makes sure both sides give him the money before he passes it on. Everyone is happy. And safe. I googled escrow naturally as I didn't know much about it. Still don't. But the fact is there wasn't an obviously site that jumped out and said "I look safe and modern, do escrow with me!". So I kindly asked the conman to recommend somewhere and he directed me to the chatrooms of Ethereum.
Fucking hell. Anyway on we go.
--- NEW SCENE: https://webchat.freenode.net/ #ethereum ---
The guy StrongEth has the name 'Navigator' now. He directs me to a private chat room with a guy called @'Animazing. I have no idea who this is. I am reprimanded by @'Animazing for my ignorance. He is an Ethereum dev and forum moderator. Oops, I don't want to ruin the deal. I apologise for my ignorance. Navigator also apologises on my behalf and then tells me not to worry in our own private chatroom.
[19:07] <@Animazing> i/m Moderator [19:07] <@Animazing> and who are you ? [19:08] <+lifeofplum> I'm just a guy who wants to buy some eth [19:08] <+lifeofplum> Ok but I don't see what stops you running with our coins? [19:08] <@Animazing> Then go search who i'm [19:08] <@Animazing> before you say anything [19:09] <+Navigator> sorry man [19:09] <+Navigator> He don't know, he is new [19:09] <@Animazing> I don't care Navigator who is who [19:09] <+Navigator> i know [19:10] <@Animazing> He need to checked before he cross in Ethereum community [19:11] <@Animazing> http://pgp.cs.uu.nl/paths/85BE4B0C/to/695506FD.html [19:11] <@Animazing> ifeofplum [19:11] <@Animazing> http://pgp.cs.uu.nl/paths/85BE4B0C/to/695506FD.html [19:11] <@Animazing> FIRST READ [19:11] <+lifeofplum> look i'm going to need to do a bit of research, this is just going a bit too quick sorry [19:12] <@Animazing> https://redditjs.comanimazing [19:17] <@Animazing> So guys
To be honest I had no idea what these pgp images showed. But they looked legit to me.. Me. Who knows nothing about escrow or pgp. Dick head. Exhibit 3 - PGP link
My next quest was to get hold of 42.5 BTC. No easy task. Especially when you are not verified on any of the main sites. After a couple of hours deliberating and coming up with nothing I tell Navigator it is no good, maybe we can try again tomorrow. I was going to play a boardgame downstairs (Castles of Burgundy) so was quite happy to leave it there. Navigator says "try LocalBitcoins". The price was £293.46 per BTC and I would deal with a individual seller. Hmmm. I wasn't too sure about this. But I thought it seemed alright and could be done quickly so I went ahead. Doing it in two installments of 20 BTC and then 22.5 BTC .. to be safe!!!! Ha. Well it went perfectly well.
That was maybe another point where I got further sucked into his web. Now I had trusted one random guy on the internet and it had gone well. Why would I doubt Navigator? Eh?
The excitement was beginning to build. Imagine 10,000 ETH. Imagine when the price climbs higher. This is my moment. At the time I remember thinking.. "look back on this date as one of those days when your life changed". Oh god. The writing was on the wall in front of my face.
!!!ATTENTION: people have been impersonating Ethereum staff. Please note: we will NEVER advise you on an investment, ask for private keys etc. Be careful !!!
I even brought this up with Navigator..
"Yeah you have to be careful". We can trust @'Animazing though 100%."
Fuck a doodle do. Animazing gave me his bitcoin address. I send the 42.5 BTC to that address. He tells me to be patient, it can take up to 20 minutes to reach him. We wait 16 minutes exactly until it is confirmed.
[22:53] <@Animazing> i POST BTC address [22:53] <@Animazing> 1AA3DK4ru2musrEuduyg4dSofCieZteUAW [22:53] <+lifeofplum> ok [22:54] Ok 42,5 btc for 10000 ETH [22:54] <+lifeofplum> Right [22:54] <+lifeofplum> Sending now [22:54] <@Animazing> Ok [22:54] <+lifeofplum> Sent [22:55] <@Animazing> Ok [22:56] <@Animazing> waiting to confirmation [22:58] <+lifeofplum> how long does this normally take for transfer? [22:58] <@Animazing> still unconfirmed [22:58] <@Animazing> 20 min [22:59] <+lifeofplum> ok [23:12] <+lifeofplum> 1 confirmation i think [23:12] <@Animazing> yes , still waiting [23:18] <+lifeofplum> I see "3 confirmations" for the transaction in my wallet now [23:19] <@Animazing> wait pls [23:22] <@Animazing> 2 confirmation [23:22] <@Animazing> in the wallet [23:22] <@Animazing> just wait 1 more [23:32] == `Animazing [[email protected]/web/cgi-irc/kiwiirc.com/ip.195.242.222.166] has quit [Quit: http://www.kiwiirc.com/ - A hand crafted IRC client] [23:32] == Navigator [[email protected]/web/freenode/ip.195.242.222.166] has quit [Quit: Page closed]
Hold on. Why did they both leave at exactly the same time? Stay calm, it's ok. Maybe the chatroom went down. But I was still here, other people too - enquiring about how to get their mining rig running in Geth. That black hole of doubt started sucking me in. Little by little until I was overcome. This cannot be. No way. There must be an explanation.
@Animazing was still in the forum but when I tried messaging him I was told he way away. Hmm. Why had he suddenly disappeared? Surely everything would be OK - if he were a main dev of Ethereum he couldn't run away. THINK.
Navigator had sent that pgp image and there was an email address for one Jeffrey Wilcke. I googled him, he was definitely a real person. Everything would be fine. I could hunt him down in Amsterdam on my bicycle if need be. So I emailed him. No reply.
Found Animazing on Reddit - "Where are you? We were in the middle of escrow."
Found Ethereum on Facebook - Private message "Do you know Animazing? I need to speak to him asap."
What to do? Had I really just lost £12,748? Cycling through the stages of grief.
Denial. Anger. Bargaining. Depression...
Surely someone would know Animazing in the chatrooms. I spammed everyone. You know when you exert yourself or find yourself really panicked and high on adrenaline, and you just don't care about anything - no inhibitions. Well now I was at this point. Someone needed to tell me something. Finally some guy called kopykat seemed a bit wise to the situation..
"What was his name exactly?" he asked.
"Animazing"
"Can you copy and paste it?"
"@'Animazing"
"Well that isn't Animazing. Do you see the '? It's a fake account. An impersonator."
The final torpedo had hit. The submarine was going to rest on the bed, the people resigned to be entombed for eternity among the fishes. ANGER. HOW COULD I BE SO STUPID?
PART 3 - Today. 25th January. After the night before.
An awful night of anxiety, there was no cold side to the pillow anymore. At around 9am I received an email from an Ethereum developer - the real Animazing - who I had Facebooked last night:
"I'm afraid you got scammed. I have never done nor will I ever do an escrow."
Bargaining. It can't have been for nothing. As I rolled sweaty in the night head spinning like the stars above I thought about how this could possibly be a positive thing in my life. I would sell my story and make my money back! HA. Nope, that would mean everyone would know how much a fool I am. I don't want to be a fool to the world. I can keep that to myself.
Maybe this is my way in to a job at Ethereum? Some people do actually have to pay for internships these days. Nope, it is time to be realistic and go and chop some wood. It won't know what hit it.
The final stage of grief hit me late this morning: Acceptance.
submitted by Plum8 to ethtrader [link] [comments]

[Discussion] My own personal guide to used hardware alternatives.

Hi there. My name is Jeff. I've been building systems for the better part of 15 years and try my best to contribute here actively. After being involved in this little community for a few years now, I'm noticing a serious lack of discussion about buying used components, and I feel like it's time to shed a little light on the subject for those looking to build on a (seriously) tight budget.
As Linus said in his scrapyard wars video, buying new on $300 isn't practical, and if you posed the challenge to him on a random day, buying used is almost certainly the path he'd choose. As someone who's been "scrapyarding" as a hobby for the better part of 10 years, I figured I'd take some time to share some of what I've learned for the modern audience.
Let's begin with a simple rundown of modern "budget" choices, and I'll tell you what I'd do instead.
CPU
The G3258 and Athlon 860k are the sub-$100 CPUs of choice, and both work just fine. I have built with both in the past, and each carries their own set of advantages.
Used Alternatives: You can go in a couple of directions here; if you happen to have an LGA 1366 motherboard lying around, you can get an i7 920 or better for under $50, and they still hold up reasonably well. Being that LGA 1366 boards are not typically cheap when purchased used, my favourite option is the Phenom II x4 Black Edition series, each of which compare favourably to modern budget options, and will even overclock on some incredibly dated, dirt cheap AM2+ boards. In my experience, eBay prices on these get a little too high for my taste, but I've been able to nab several on Kijiji locally in Toronto for under $50 as well.
GPU
The R7 260x and GTX 750 ti are often cited as budget options for most builders, with the latter serving a very specific role in systems where power draw might be a concern. While there exists no option that can complete with the low consumption of the 750 ti (or even the single 6-pin connector goodness of the 260x), its performance can easily be matched (and exceeded) for less money.
Used Alternatives: The bitcoin mining craze from a few years back led to the Radeon 7950 and 7970 being blacklisted on the used market, and I think the fears about burned-out cards are a little overblown. Here in Toronto, you can easily grab a 7950 for the price of a 260x, but I don't pay anywhere near that for my builds. At most, a Windforce will cost me $125, as where I recently picked up some non-boost edition PowerColor versions for a mere $83 each (bought 3 for $250).
EDIT: Forgot to mention something important - avoid the reference 7950 and 7970. They were employed to a far greater degree in mining rigs because of their rear-only exhaust, and if you see a bunch of them from the same seller listed at once, they're likely old mining cards. Only pick them up if they're incredibly cheap.
Want to go even cheaper? The Radeon 6950 (with the shader unlock, preferably) or even the 6970 will rival the performance of the 260x, and shouldn't cost Canadians more than $50-$60. I personally have 2 in my possession right now, and have gone through at least a dozen in the last 6 months.
In general, one should always avoid Nvidia when buying used, because they are far too popular and overvalued for their performance as they age. I still see GTX 660s selling for $150, which is absolutely absurd.
Motherboards
Motherboards on the used market are weird, and this can largely be attributed to the fact that they're hard to transport and don't handle well over time. As such, people don't really sell boards on their own that often, and you'll likely have more luck finding a combo of some kind (or even a ready-to-go tin-can with no graphics card) for less per part than you will finding a given board on its own.
Used Alternatives: The boards I'd recommend depend entirely on the CPU you've chosen. Being that I'm a fan of the Phenom II x4 series, AM2+ boards are going to be dirt cheap, but DDR2 RAM is actually fucking expensive, so you'd likely be better off going with AM3. I've even seen some used AM3+ boards (The 970 ASRock Extreme3, in particular) for as low as $40, so it wouldn't hurt to look.
On the Intel side, you're actually at a significant disadvantage. Much like Nvidia cards, Intel boards (and CPUs) actually retain their value and don't often come cheap. For me, LGA 1156 is the price/performance sweet spot, granted I can find an i7 8XX to go with it. Even still, they're going to run you a fair bit more than an AMD board, and likely aren't worth it by comparison.
RAM
Ram is ram. DDR2 is pricy as fuck due to an obvious market shortage of the stuff, so the AM2+ board option might not be best by comparison. DDR3 ram, however, is ubiquitous, and I always die a little inside when people building on a "budget" choose to buy new at all. If I'm being honest, I can get DDR3 ram from e-waste recycling companies for as low as $10 per 4GB stick, at 1333MHz, and not once have I ever had a bad stick of the stuff. Even for people going the route of the G3258 (which only supports 1333MHz), this is the clear winner.
Is value RAM ugly as sin? Sure it is. It is just as good as that fancy Ripjaws shit you've got in your current build? You betcha.
Storage
Hard Drives are actually a tricky game, as they are the single most volatile component in any budget build, easily succumbing to wear and tear from age and daily use. As such (and some might find this hard to believe) I actively avoid HDDs when building value systems for people and opt for cheap SSDs instead. As always, check the date on a drive if you're really insistent on buying one, and considering how cheap a WD blue is new, don't pull the trigger on one unless it's for less than $30/TB.
SSDs are obviously (akin to RAM) highly resilient and are nearly guaranteed to work when purchased used. The average SSD pulled from an old laptop or an office off-lease desktop, will have no more than 100GB of writes on it, which leaves 99% of its life for you to exploit. While there exists no specific recommendation for which brand to buy, just be sure you're getting a relatively good drive with SATA III capability. 120/128GB variants of these sorts should cost you no more than $50 in my native Canada, and I've even gotten lucky on some larger sizes too. Recently I picked up 4 256GB Samsung 840 Pros for $75 each (I came), just days after I bought a Crucial MX100 of the same size for $85.
Monitors
Monitors are fun to buy, because the recent shifts in display technology have rendered a lot of recent-but-obsolete models nearly valueless. For example, remember when 16:10 was a thing? I actually still like 1680x1050 monitors, but the rest of the world seems to disagree, so I've been able to pick up 23" variants for as little as $40. Being that the slightly lower resolution actually eases the strain on your VRAM a bit, it's a nice fit for a lot of budget cards that might not have a full 2GB available, like some variants of the 6950. 1600x900 monitors are often just as cheap and come with the same inherent benefit of being obsolete despite being almost as good as its bigger 1080p cousin.
Keyboards and Mice
If you're on a budget, we can't even have this discussion. As much as I like mechanical keyboards and high-precision gaming mice, people building used $300 systems aren't going to allot any of their budget buying them. That said, wired USB keyboards and mice are virtually free (search your local goodwill or value village for some), and if you have to pay money, buy a wireless combo for $20 new from some little shit store in a suburb somewhere.
Cases
Cases on their own sell for about half of their original retail price, give or take based on the condition. I normally just get them as a part of a tin-can bundle and make use of them if they aren't too dirty, but when building for someone else, I'd often just prefer to buy a new budget case in the $40 range.
PSUs
I saved this topic for last, because it's by far the most difficult category to master. First off, you really need to do your research and understand how PSUs work before delving into these guys, as the cost associated is almost entirely dependent on how resilient the underlying platform has been proven to be. Generally speaking, reading reviews on JonnyGuru and HardOCP is a great start, but none of them account for units that are several years old.
As a general rule of thumb, I use the EVGA 500W W1 as a reference point, and build my value tree around that. In other words, if a new EVGA 500W (a passable, proven budget unit) is cheaper than a used 500W variant of a better brand, why would I bother buying used? Sure, that 520W Seasonic S12II puts the EVGA to shame in terms of voltage regulation and ripple suppression, but can I really make the same claims of a unit that's 5 years into its life? Wouldn't I just be safer buying new? These are all factors you have to consider.
For me, the threshold lies around 50% in terms of cost savings vs. risk. In other words, if you can find a used quality unit for less than half the price of the cheapest quality unit available at a given time, buy it.
Anyhow I think that covers everything. And as a closing note, remember to be safe. Meet potential sellers (and buyers) in public, well-lit places, and try your best to avoid entering someone's home without some protections in place. Also, the more info you get about the person (address, phone number, etc) the less likely it is that a person will be trying to scam you. People who purposely conceal their identity do so for a reason.
Also, feel free to ask me anything about my own experiences buying and selling used. I've been doing it as a hobby for a long, long time and have sold many value builds to people who can't otherwise afford PCs. I'm happy to impart any wisdom I might've gained over the years.
Edit: CPU Coolers! Forgot those. Air coolers are a safe bet. They're slabs of copper and aluminum with fans strapped to them. Buy with confidence, and seek one out for $10-$15 if you plan to overclock. AIO water cooling is not so safe. Those things are typically only good for 2-3 years, and you have no idea how much longer a pump has before it gives. Budget builders likely aren't water-cooling anyhow, right?
Edit 2: Just to be clear, when I said I'd been doing this for a long time, I should clarify that a) I once owned a game store and sold systems out of there and b) I currently resell systems out of my house to raise money for charity builds. I really don't want people to get the impression I'm trying to sell anything.
submitted by Oafah to buildapc [link] [comments]

Does proof of stake turn into proof of work anyway?

So over on a terrible SA thread on why you should totally run a firetrap mining rig, ardent cynical buttcoiner QuarkJets brought up this blog post from 2015:
http://www.truthcoin.info/blog/pow-cheapest/
tl;dr all PoS turns into PoW anyway, because if you can affect your chances of mining minting coins at all with applied resources, you will spend up to $50 in resources to make $50 of coins - for the same reason the cost of mining $50 in PoW approaches $50.
i.e., even if the wasted resources aren't as glaringly obvious as they are in PoW, that much resources are still gonna be wasted as long as there's slight advantage - no matter how you slice it, no matter what fancy bells and whistles you put on how resources can be visibly spent.
The paper is a bit ravingly Bitcoin maximalist and econ 101 (the same logic is used to assert that you shouldn't limit spending on political advertising), but the key point strikes me as worth thinking about.
Note this applies even if all coins are pre-minted and the miners forgers are paid only transaction fees.
The only PoS that wouldn't turn into a PoW by stealth would be if it were actually impossible (or at least unfeasible) to apply resources to get the chance to write the next block. And that rapidly becomes the let's-take-turns consensus models common in permissioned blockchains.
To address the only coin with any real interest that's considering PoS, I couldn't see where the Ethereum PoS FAQ addresses this, but perhaps I missed it: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
So have I missed something startlingly obvious? QuarkJets mentioned this had been known for years, though a paper or two would be good.
submitted by dgerard to Buttcoin [link] [comments]

Questions post! (Newbie miner) Also potential build included at bottom.

Important note: I have tried searching for most of these questions, and as for earnings, the only things I can find are people from 2014-2015 saying that GPU mining is dead, and on the other topics, it's all very vague or overly complex answers which my brain can't wrap itself around.
So hopefully this post won't be totally trampled, as I will probably ask some really stupid question. Bear in mind, I recently discovered bitcoin mining about 10 days ago. Since then I've had some good replies from a miner on another subreddit, and he assures me that GPU mining is now back in action. This is ofcourse dependent on power prices, but with my 0.04$ kW/h, I was all good.
At first I didn't wanna go all-in with this, but seeing Bitcoin rise in prices, and being personally very sure that it'll keep rising, I'm more intrigued to up the ante.
I'll also try and update this post as it goes along with "yes/no" answers, as/if they get answered.
So, here we go!
First off, I wanted to ask questions in regards to Bitcoin mining and GPU mining. Personal opinions are of course welcome.
  1. Is GPU mining still viable? I've already been told by one person that it is, but would like to hear other people's opinion.
  2. Will Bitcoin mining become harder and less profitable in the near (2-3 years) future? The reason I ask this, is because I've read that only the chinese with the best ASIC's can keep earning money today, and for them, it also becomes harder every day, and they earn less and less. Hopefully this isn't true.
  3. As the price of Bitcoin goes up (if it does), will NiceHash mining become more and more profitable?
In this next section, I wanna dive a bit more into NiceHash, and what it is exactly.
From what I've read, it basically rents out your hashing power, so you're not really mining, despite the program being called "miner".
  1. Is there something I missed there, or is that correct? Are you just renting out your hashing power?
  2. If the above is right, does NiceHash always rent out your hashing power to whatever is most profitable?
  3. What exactly is Lbry, Lyra2REv2, Pascal, Equihash etc.? Are they pools? Algorithms?
  4. Say I go to the profibility calculator, and I see that Lyra2REv2 is the most profitable for my GPU, at 39.5%. Does this then mean that I should pick only that in my NiceHash algorithm settings? Or should I pick the ones who are at 29.8% (Lbry) and 23.8% (Equihash) aswell? Does that increase my gains?
  5. If the last one above was correct, would it then be best to check the calculator daily, and only select the algorithm that earns the most based on %?
  6. Is the NiceHash profitability calculator correct, or is it just very rough estimates? Can I really earn 1220$ worth in Bitcoin over 1 year on my GTX 1080ti? (disregarding Bitcoin price changes ofcourse)
Now I'd like to delve more into my own calculations, what I have per today, and what I would like to try out. I'm very glad if you could point out some huge flaws in my plan, and crush my dreams. I would appreciate that a lot more than just letting me try it and loosing tons of capital. Obviously, if there's a question of just risking it, I'll take this decision myself. But helpful input is always welcome!
My GPU, daily profit, power cost etc.
  • GTX 1080ti FE
  • Daily profit: 5-8$
  • Power cost: 0.04$ (I live in Norway)
  • Environment: Humid, cold, lot of wind
  • Living area: Above ground "basement"
So I don't know if all of the above matters, but that's at least something to go by. From what I can understand, these are good conditions. Correct me if I'm wrong.
I was curious as to what I could earn if I built a proper dedicated rig for pure GPU mining. So I went to a popular website we use called Komplett.no and checked out some prices. Here's what I got. Bear in mind that these are all new parts with at least 2 year warranty and 5 year customer warranty.
  • Mobo: ASUS Prime Z270-P, Socket-1151 (146$)
Picked this MOBO as you could have up to 8 (?) GPU's connected to it with some nifty connectors.
  • CPU: Intel Celeron G3930 Kaby Lake (60$)
Just found whatever CPU that was cheapest.
  • RAM: Crucial DDR4 2133MHz 4GB x2 = 8gb (85$)
Cheapest I could find for the MOBO.
  • SSD: Kingston A400 120GB 2.5" SSD (70$)
Also the cheapest. Could probably find something even cheaper on our "craigslist" but I guess it's best to have a new warranty.
  • PSU: Corsair AX1200, 1200W PSU (403$)
From what I understand, AX is platinum rated, and I assume this would be best if I'm going to maybe implement more than 2 graphics cards in the future? Or would it be best to buy 2 cheaper gold ones and connect them together? And do you get significant profit increases if you go up in rating? Or is too small to even bother?
  • GPU: 980GTX x2 on our "craigslists" (475$ for both)
This is probably where I'll have the hardest time deciding. I could go for 1080's, pay more, and earn more. If this was the case, I would also be able to buy them new with a warranty on them. The decrease in value would also not be as big as with 980's. But is it worth it? I can get 1080's used for around 595$, and probably around 540$ if I haggle a little bit.
Total: 1239$ for the 980 SLI build. According to the profitability calculator, this will earn me 2440$ per year before taxes, electricity bills etc. Biggest question is then: Is this total bogus, or is it roughly correct if Bitcoin stays at the price it is today/rises?
So that's all I have up until now! I haven't seen any post this long on this subreddit yet, so if this is considered "spam" or "2much" please feel free to delete it and toss me a warning. I'm just very excited about GPU mining, and instead of posting questions every day and so forth, I'd rather just ask everything in one post :)
Thanks for reading, and have a nice day!
submitted by Tex-- to NiceHash [link] [comments]

ECOCRYPTO

ECOCRYPTO
ECOCRYPTO
FOR GREEN CRYPTOCURRENCY MINING
FUTURE OF CRYPTOCURRENCY
DEPENDS ON ECOLOGICAL MINING
"CRYPTOCURRENCY DEPENDS ON ECOLOGICAL MINING"
Donate BTC to support awareness enquiry:
1EaSG3WmY5fRXedhy9tbbJK3tGftKp4sAZ
Sourcece: https://cryptobriefing.com/green-crypto-mining-38bn-future/
· Home
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· Green Crypto Mining Will Define The Industry’s $38bn Future
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ANALYSIS

Green Crypto Mining Will Define The Industry’s $38bn Future

Energy usage will drop by design thanks to these critical industry developments.

📷By Nick Hall On Aug 10, 2018
1,779
1
In March this year, the sky officially fell in for Bitcoin miners. With the slump in prices and the extraordinary energy consumption it takes to mine the coins, Fortune revealed that mining a Bitcoin cost as much as buying one. Green crypto mining wasn’t even on the radar for most people until earlier this year.
That was back in March and they were the good times. Morgan Stanley revealed in April that Bitcoin miners would lose money if Bitcoin slipped below $8,600, even with low electricity figures factored in.
A recent study by Coinshare showed that the numbers attributed to the Bitcoin mining industry have been grossly exaggerated and the energy consumption is approximately 50% of the claimed 70TWh. But the numbers are still too high in terms of the financial outlay and the environmental impact of mining cryptocurrency.
Mining doesn’t begin and end with Bitcoin – and although the consensus is (mostly) set in stone, the way we create the energy needed to extract the next part of the puzzle isn’t. Which is why green crypto mining is the ONLY solution to the diminishing returns issue: more cost, for less reward, will eventually lead to an abandonment of the mine, just as it did for gold miners in California in 1848-49.
We’re not looking for one single solution either. We need four separate ones:
  1. A lighter consensus algorithm
  2. Cloud-based cryptocurrency mining.
  3. Renewable, cheaper energy sources to support physical ‘mines’.
  4. Brutal consolidation in the mining industry.

What is cryptocurrency mining?

The Proof-of-Work (PoW) protocol was popularized by shadowy Bitcoin founder Satoshi Nakamoto, building on earlier work by a variety of computer scientists including Hal Finney, and it’s a two-stage process to validate transactions and keep a flow of Bitcoins entering the market. Blocks of data are parsed off and, with Bitcoin, they contain about 1MB. Each block is then locked and coded.
Miners then compete to solve the puzzle and provide the 64-digit hexadecimal key code that it then has to match with a corresponding ‘nonce’, numbers used only once, to claim the reward for unlocking the block and mine Bitcoins. There’s a small fee for validating the transactions, but the Bitcoin miners are really like the old gold miners and they’re after the big paydays.

Why is Bitcoin mining expensive?

In the old days, Bitcoin mining was easy. Back in 2009, a standard desktop computer could mine up to 200 Bitcoin a day. But speed is everything and Bitcoin mining turned into an arms race as Bitcoin soared and the well-funded miners went to war.
Companies like Bitmain, Bitfury and Vogogo spotted a gap in the market and brought professionalism to the Bitcoin mining industry. The Wild West days fell by the wayside and suddenly a standard computer chip would take 98 years to mine one coin, as the super fast rigs of the new breed simply stomped the casual miner into the dust.
The cryptocurrency mining industry even caused the great computer graphics card drought of 2017-2018 as demand for GPUs literally outstripped supply. Used cards were even selling above sticker price and the shelves in-store were stripped bare, but the big guns were already spending tens of millions of dollars to put these home brew operations out of business.
These aren’t computers anymore, they are mission control centers and the power it takes to keep them running is a serious issue for the company’s bottom line and the environmental lobby.
So the industry is looking for a number of different green crypto mining solutions, that will gel together in some haphazard way to form the future of the cryptocurrency market.
The main obstacles are:

1. A greener algorithm

It may be hard to visualize the blockchain itself, but we don’t need to. Technology almost always gets lighter, smaller and slimmer. The same needs to happen to block production.
Blockchain is middleware and it needs to be slimmed down, without sacrificing security or functionality. That’s an ongoing evolutionary process, as it was with smartphones, and the blockchain we’re using in 20 years will likely have little in common with today’s code.
Proof-of-Stake consensus algorithms have been pitched as one way of reducing crypto’s carbon footprint. Instead of competing for block rewards, producers would take turns, weighted by the size of their stake in the network.
Staking is unlikely to catch on in the Bitcoin community, but it has many supporters with Ethereum as well as other cryptocurrencies.. That would make the whole validation process more efficient and cheap.

2. Cloud-based cryptocurrency mining

There are mining firms that are still investing millions of dollars in physical equipment and taking on all the sunk costs, when the Cloud is simply taking over the world of advanced computing.
Cloud-based cryptocurrency mining companies are already selling packages to the general public and the Cloud offers increased security, speed and essentially a small slice of the world’s computing power, rather than the machines you buy, install and power up. It also potentially offers AI integration that could leave the traditional cryptocurrency miners hopelessly panning for gold in a dead river.
The Cloud has made self-driving cars and robots a reality. It can certainly ramp up the speed of calculations and leave even a multi-million dollar mining rig trailing in its wake.
The switch to Cloud-based mining is good news for the environment, too, as the power demands would move to localities with the cheapest energy. Without these wild spikes in energy consumption and without these concentrated mines, the main complaints about the industry will simply cease to be an issue.

3. Renewable, cheap energy for grand-scale mines

Cloud-based cryptocurrency mining looks like the obvious solution, but it’s the final cost that determines the methodology when it comes to crypto mining and there is more than one way to do this.
Technically, the likes of Elon Musk could turn the arid sub-Saharan scrubland into the biggest and most prosperous cryptocurrency mine in the world with a vast array of solar panels and Tesla PowerPack batteries to keep it running through the night.
Cheap land and free energy means that hardware would be the only major cost to consider in this instance. Alternatively, a State-sponsored mining firm in a smaller nation could easily co-opt hydroelectric or solar providers to work with them to reduce energy costs. Even the ones that use grid power can select the world’s cheapest nations and bulk buy energy in blocks.
Potentially, then, we could still have the grand-scale mines that bring economy of scale and environmentally-friendly energy production to the world of cryptocurrency mining.

4. Brutal consolidation

It does not matter how the industry develops, or if Cloud computing or giant mines are the future, the days of the home cryptocurrency miner are numbered.
Just like the mom and pop mines of the goldrush days gave way to corporate giants with drilling and excavation machinery that made the old pick and shovel look slightly ridiculous, the same will happen in cryptocurrency mining.
Competition will continue to grow, the margins will likely drop even further and the flagrant energy use of today’s cryptocurrency miners simply won’t be an option. Miners that don’t streamline their operations and adopt some form of green crypto mining process will simply run at a loss until they go out of business.
Bil Tai is the Chairman of Hul 8, the North American arm of Bitfury Group and one of the biggest suppliers of cryptocurrency mining equipment of the world. Even he expects just 5-10 giant mining companies to survive the impending cull.
“It’s totally different this year,” he told Bloomberg. “The bitcoin mining industry was this mysterious, dark, cottage industry. It’s about to grow up and scale institutionally.”
There’s a dark side to these tech giants emerging, as they will technically have the power to exert an influence on a coin’s value, not just its creation. That is a problem the industry will have to examine at some point. This simple danger, though, is not enough to turn back the tide of progress.
So, we can expect to see a handful of mining companies dominate the industry as they make the best use of the available technology.

Conclusion: Green Crypto Mining Isn’t An Option: It’s The Only Option

One way or another, the environmental issues that dog the cryptocurrency mining industry are set to disappear.
It will be the free market that drives down that energy usage, rather than regulations and sanctions. The days of the home crypto miner are simply coming to an end, though, as the industry matures and large companies descend and fight for dominance in what could become a $38 billion a year industry by 2025.
That comes with its own set of tradeoffs, especially for philosophical hardliners. Like it or not, a leaner, greener cryptocurrency mining process is just around the corner, and big business is going to create it.
ECOCRYPTO
FOR GREEN CRYPTOCURRENCY MINING
FUTURE OF CRYPTOCURRENCY
DEPENDS ON ECOLOGICAL MINING
"CRYPTOCURRENCY DEPENDS ON ECOLOGICAL MINING"
Donate BTC to support awareness enquiry:
1EaSG3WmY5fRXedhy9tbbJK3tGftKp4sAZ
submitted by yakutami01 to btcgreen [link] [comments]

Bitcoin Mining: Everything you need to know

Bitcoin mining is a term that everyone in the cryptocurrency and even many outsiders are familiar with. This is a process performed by high-powered computers (also known as nodes), which solve complicated computational math problems.
While distinct, there are certain similarities between bitcoin mining and actual mining for precious metals such as gold, for example. Both processes are carried out with the intention to earn a reward.
Furthermore, bitcoins actually exist in the bitcoin protocol but they haven’t been brought out yet – just as gold exists in the ground but it hasn’t been mined yet.
But the aim of bitcoin mining is, however, twofold. For once, when the above-mentioned high-powered computer or any other type of mining hardware, for that matter, successfully solves the complex math problem on the network of Bitcoin, they produce a new bitcoin.
On the other hand, by solving the computational math problems, bitcoin miners are actually making the payment network a secure through the proof-of-work consensus algorithm.

WHY IS BITCOIN MINING NECESSARY?

In order to break down bitcoin mining, there are a few important considerations that need to be taken into account.
Consumers tend to trust different types of printed fiat currencies because they are backed by central banks. In the US, for instance, this is the Federal Reserve. This is even true for digital payments made with fiat currencies.
Bitcoin, however, is not regulated by any central authority. It can be said that it is ‘backed’ by the computing power, which secures the network. This vast network of computers and mining hardware records transactions and make sure that they are accurate.
Unlike central authorities, however, bitcoin miners are spread throughout the entire world and record the transactional information on a public ledger available to anyone. This ledger can be viewed using a block explorer and there are many different websites that provide this service.
In other words, bitcoin mining is necessary for two different reasons – first, it is needed to create new bitcoin and second, it’s needed to confirm the transactional information. So, in theory, if you don’t want to buy Bitcoin, you can earn it through mining. Whether or not that’s efficient for you as an individual miner, however, is a different story.

HOW DOES BITCOIN MINING WORK?

In order for a bitcoin miner to get block rewards, there are two conditions which need to be met. First, the miner needs to confirm a certain amount of transactions and second, which is the trickiest part, solve a complex computational math problem.
Put simply, if that’s at all possible, each miner is competing with all of the others to come up with a 64-digit hexadecimal number which is referred to as a “hash” which is less than or equal to the hash which is targeted. In other words, the computer will be spitting out different hashes at a certain rate per second guessing all of the possible 64-digit numbers until they reach the correct solution.
Therefore, computational power is essential – the more powerful your mining equipment, the larger hash rate per second you’d be able to achieve. This is why the Bitcoin mining hardware is particularly important. Naturally, the cost of mining would be based on a the operation costs such as electricity, internet connection, hardware maintenance, and so forth.
This is the main reason for which back in 2013 bitcoin miners started to use machines which were specifically designed for mining cryptocurrencies. These are called Application-Specific Integrated Circuits or ASIC mining, for short. ASIC mining devices can cost a serious amount of money but are more efficient than traditional computers.
There are a few important things to be considered when it comes to BTC mining. These are some of its pillar components, so to speak.
  1. Blocks
One of the things to be aware of in the world of Bitcoin mining is blocks. Transaction data is recorded in files which are called blocks. Think of it as a page from your city’s recordbook. Blocks are organized into a chain in chronological order – hence, blockchain. New transactions, as they are being confirmed by miners, go into new blocks, with each new block is being added to the end of the chain. This is why blockchain is also referred to as records of blocks.
  1. Block Rewards
Is Bitcoin mining profitable? This is probably the most commonly asked question. Unfortunately, there is no one answer. Block rewards are what miners compete for. Other cryptocurrencies such as Bitcoin Cash, for instance, also have their own block rewards which differ from those of Bitcoin.
At inception, every single bitcoin block reward was worth 50 BTC. However, the protocol works in a way where the block reward is being halved after 210,000 blocks have been discovered. This takes roughly around four years to complete. As of July 9th, 2016, the reward for discovering one block is 12.5 BTC.
So is Bitcoin mining profitable? It depends. One would have to calculate the current block reward based on the current prices and compare that to the cost of mining, which varies from miner to miner.
It’s worth noting that the reward for successful Bitcoin miners will drop once again in May 2020 and it will decrease to 6.25 BTC per block from the current 12.5.
  1. Hash Rate
To put it in the most basic terms, hash rate represents the speed at which bitcoin mining hardware can guess the correct hash. Therefore, the faster your hash rate is the higher the chances of discovering the new block you have. BTC mining has become highly competitive and, as such, you need to consider getting powerful bitcoin mining hardware. Individual miners, can, on the other hand, take advantage of cloud mining or mine a coin with lower difficulty, but more on that later.
  1. Difficulty
The difficulty of bitcoin mining is adjusted frequently in order to maintain an average time of about 10 minutes to process a block. The rate is recalculated every 2,016 blocks.
In case you wonder why ten minutes – it’s because bitcoin developers have decided that this is the time needed for a steady and diminishing flow of producing new coins.

WHAT IS A MINING POOL

When it comes to cryptocurrency mining, a mining pool is the combined resources by miners who are sharing their overall computational power over a network in order to split the reward equally based on the amount of work that they have contributed to discovering a new block.
A “share” would be awarded to each member of the mining pool who manages to present a valid partial proof of his work. Mining pools became popular as the difficulty of bitcoin mining increased over time and when it became apparent that individual miners could no longer compete with bigger pools and large-scale mining operations.

WHAT IS CLOUD MINING

Cloud mining, on the other hand, is what allows individual miners to participate in the process without having to purchase particularly expensive bitcoin mining hardware.
If you want to take part in BTC mining but you don’t want to spend the time and resources to get powerful machines, you can use shared processing power provided by remote data centers. The only thing you’d need is a home computer. Generally, there are three types of cloud mining that you can take advantage of. These include:
  1. Hosted Mining
You can lease a mining machine which is hosted by the provider.
  1. Virtual Hosted Mining
This is a method which would require you to create a virtual private server and after that install your own mining software.
  1. Lease Hash Power
Cloud mining also allows you to lease a certain amount of hash power without having the best bitcoin mining hardware. This is likely to be the most popular method of all. Most of the providers offer comprehensive calculators that you can take advantage of to determine the current profitability based on the resources you are ready to spend.
However, it’s important to pay special attention when it comes to cloud mining as there are fraudulent service providers. It’s crucial to make proper and in-depth due-diligence, especially if you intend to lease hash power. One of the largest cloud Bitcoin mining companies out there is Genesis Mining.

ENERGY CONSUMPTION: THINGS TO BE AWARE OF

Mining bitcoin is intentionally designed to be energy intensive. The computational power needed to solve the abovementioned complex math problems requires a lot of electricity to power up the specialized mining hardware.
On the flipside, it requires even more resources to attack the network than to defend it, making Bitcoin the most secure blockchain today.
In fact, there is an entire pseudo-environmentalist brigade which aims to have the regular user believe that Bitcoin mining would somehow be the death of the planet. A lot of their arguments revolve around the fact that large data centers used for carrying out the math computations use tremendous amount of electricity. However, Bitcoinist recently outlined three reasons for which this rhetoric is complete nonsense.
According to clean energy researcher Katrina Kelly-Pitou, the entire debate on the overall electricity consumption by bitcoin mining facilities is headed in the wrong direction. The research outlines that electricity consumption can increase while, at the same time, have minimal impact on the environment. This is because those facilities gradually begin to use more efficient, sources of energy which are renewable. Not only does this make mining more profitable, but it also lowers the impact on the environment. The researcher also outlined that banks use three times more electricity than Bitcoin’s network.
What is more, a brand new report concluded that 80 percent of Bitcoin mining is running on renewable energy. This is unsurprising since miners are naturally incentivized to seek the cheapest and cleanest sources of energy, many of which are renewables such as hydroelectricity (e.g. Iceland).
If you’re worried about Bitcoin consuming too much energy, you might want to think twice about lighting up the Christmas lights this year. That’s right – the lights that American consumers alone use to decorate their homes for the occasion make up a gigantic 6.63 billion kilowatt hours of electricity consumption every single year. That’s more than the entire national energy consumptions of a lot of the developing countries every year. For example, both Ethiopia and El Salvador used less electricity per year.
However, if you decide to set up a mining rig in your garage, you can most definitely expect a more expensive electricity bill next month.

BEST BITCOIN MINING HARDWARE: THINGS TO CONSIDER

There are a few key parameters to look out for when it comes to choosing the best bitcoin mining hardware. These include:
Naturally, you want to be aware of how much electricity does your miner consume. The lower this number, the better.
As we explained above, the hash rate is essential for bitcoin mining. The larger this number is, the better the machine is, generally.
This measurement accounts for the efficiency of your machine. If this particular number is low, it means that the machine will consume less power for the same amount of work done by the machine.
There is a range of different devices produced by some of the largest companies in the field such as Bitmain Technologies, Canaan Creative, Halong Mining, Innosilicon Technology, and others of the kind.

WHAT ELSE CAN YOU MINE?

Bitcoin is not the only cryptocurrency which can be mined. It’s worth noting, though, that if you are using a specialized cryptocurrency mining hardware you’d have to check the compatible digital currencies, as some of the devices would only allow you to mine selected cryptocurrencies. However, apart from Bitcoin, other popular choices include Bitcoin Cash, Monero, Dogecoin, Litecoin, and so forth.

CONCLUSION

If you managed to make it thus far, you should have a general understanding of the main principles behind bitcoin mining and why it is essential to its network.
At the same time, bitcoin mining represents an alternative method to acquire the digital currency. Of course, if you don’t feel like investing time and efforts into it, let alone designating specialized bitcoin mining hardware, you can always check our detailed guide on to how to buy cryptocurrencies.
We’ve gone in depth on how to buy Bitcoin with Paypal, credit card, debit card, and even with cash. We’ve also covered some of the most popular platforms where you can buy Bitcoin.
Once you’ve done that, you can hop to our comprehensive guide to Bitcoin wallets and determine whether you want a web-based one or an offline, hardware solution instead.
submitted by SwitchKanun to hashflareinfo [link] [comments]

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Cheap Mining Operation on NiceHash Day 18 Update bitcoin ...

Mining Rig Build (Easy) Start to Finish with Tips - Duration: 42:54. ... Ultimate BITCOIN Trading Strategy for HUGE consistent GAINS - Duration: 36:08. Moocharoo 7,708 views. 36:08 . How much can ... Just want to show you guys my 2 mining systems that actually pays my rent. Luckly my rent isn't a lot :P *****... What are the BEST BITCOIN MINING RIGS in 2020?! Let's review the best Bitcoin miners and their profitability. Bitmain just released the Antminer S19 and S19 ... This video will show you how to build a mining rig with a strict budget. I have tried to do a build where I keep the costs down to help people who might not ... Parts: GT 1030: http://amzn.to/2EYCpgC 4GB Sodimm DDR4: http://amzn.to/2owGPkt PSU: https://www.parallelminer.com/?wpam_id=40 SanDisk Ultra Flair 16GB: http:...

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