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As the price of ether has declined over the past month, e-commerce websites like eBay have seen an increase in users seeking to sell graphics processing units (GPU) used in ethereum mining.
The native cryptocurrency on the ethereum blockchain, ether had recorded strong gains in 2017, rising from just under $10 on January 1, to a high of more than $400 on June 12. However, as excitement for the emerging technology cools, and the economics of the network evolve, prices have dropped, declining to a low of $133 over the last weekend.
While the price has dipped alongside cryptocurrencies, an unexpected side effect unique to ether is that the market now seems flooded with used GPUs for ethereum mining.
The search term “ethereum mining rig,” for example, shows 260 entries on eBay – a
Bitcoin mining has grown into a vast economy over the past few years as large ASIC-powered mining farms process transactions for the $32 billion dollar market. In the early days, people could mine bitcoins using their central processing units (CPU) and they still can, but the undertaking is extremely inefficient. However, a few people still mess around mining bitcoins using older computers and retro devices merely for the fun of it and for experimentation purposes.
The bitcoin mining ecosystem is a competitive environment of pools processing transactions while simultaneously securing the network. Miners run special software and use application-specific integrated circuitry (ASIC) to mine bitcoins these days, using chips far more efficient than your standard CPU. Currently, older com
Bitcoin miners at large have missed the first BIP 148 “deadline” to prevent a “split” in Bitcoin’s blockchain.
As Bitcoin’s scaling dispute appears to be heading for a climax, the next couple of weeks could prove pivotal. One scaling solution in particular,Bitcoin Improvement Proposal 148 (“BIP 148”), is scheduled to trigger activation of Segregated Witness (SegWit) on August 1, 00:00 UTC. As a User Activated Soft Fork (UASF), all users that run a BIP 148 node will then start rejecting any and all blocks that do not signal support for SegWit by the “deadline” — or, perhaps more accurately, “ultimatum” — set by BIP 148 users.
BIP 148 and SegWit are backward-compatible protocol upgrades, which means that non-upgraded nodes will still accept SegWit-signaling and SegWit-utilizing blo
Controversial bitcoin scaling proposal Segwit2x’s testnet forked yesterday, creating two different and incompatible testnets.
Nodes running older bitcoin software continued on as they normally would. But nodes running the new Segwit2x code stalled at block 27070, meaning mining pools running the new software were not mining blocks.
Overall, the nodes were stalled for over 20 hours as a result of the issue.
While there wasn’t any real money on the line, the community was abuzz with the news, some dismissing the controversial scaling proposal for perceived lingering issues, while others defended the misstep as only a small stumbling block that wouldn’t happen during a live deployment.
The Bigger Picture of the Hardfork
Some developers argue the fork is a symptom of a larger tr
Bitcoin mining is an intriguing subject that can sometimes be overwhelming to understand at first without some research. One particular subject concerning the topic of mining is empty blocks, and people often wonder why mining pools mine them.
Revisiting the Empty Block Discussion
Mining pools are groups of bitcoin miners that work together to find and verify blocks roughly every ten minutes. Most of the time blocks are filled with transactions that are waiting to be confirmed as soon as the miner finds a specific block. Miners are rewarded 12.5 BTC and all the fees associated with the particular block they find. In the early days, blocks were not that full because bitcoin wasn’t as popular as it is today. Lately blocks have been full, often to the maximum size of 1 MB.
We have seen multiple discussions regarding Bitcoin and scaling as of late. Not too long ago, Bitcoin Unlimited tried to make a name for itself. However, interest in the project started fading away a bit shortly after. It now appears the hashrate for Bitcoin Unlimited + Classic was around 54% last night. That is, in theory, enough to fork off the Bitcoin blockchain if they wanted to do so.
According to NodeCounter, things are looking quite good for Bitcoin Unlimited + Classic. Yesterday evening, the network showed around 54% hashrate support for these solutions. It appears that number has already shrunk near 41% again.
The recent stats indicate 41.7% of the total network hashrate is now favoring both solutions combined. That is a bit more in line with the numbers we have seen
The” Digital Gold” is in the process of displacing the actual gold from its coveted position as an investment instrument and a store of value. Bitcoin and more recently Ethereum have become the investors’ favorite following their stellar performance.
Thanks to the rapid growth of both cryptocurrencies this year, the digital currency market is witnessing a massive influx of funds. According to investment experts, the growth of cryptocurrency market is coming at the expense of gold. The shifting trend is further contributing to the meteoric rise of the cryptocurrency market as a whole.
A leading business magazine quotes Tom Lee, the managing partner and head of research at Fundstrat Global Advisors saying,
“Cryptocurrencies are cannibalizing demand for gold. Bitcoin is arguably be
Roque Solis never imagined the bitcoin mining equipment he bought in February would have already paid for itself. And on top of that, made him money.
Solis is the president of SoliSYSTEMS Corp, a company that developed an EMV smart card for electronic benefit transfer for the federal assistance program, Women, Infants, and Children (WIC). While attending several conferences last year, Solis was unable to ignore bitcoin. So, he decided to experiment with the technology via mining to get a better handle on whether the technology could be used within his company.
Solis bought a Bitmain Antminer S9 on eBay for $2,400.
As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet.
When I bought the miner, the price per bitcoin w
On July 7th the mining pool BTC.com mined a block that contained a transaction with an 80 BTC fee attached. BTC.com believes the fee was an accident as the transaction fee should have been around 2 BTC and the pool is looking to give the sender a refund.
BTC.Com Finds an 80 BTC Fee and Offers to Pay the User Back
The China-based mining pool BTC.com was surprised to find a transaction in a block they mined tethered to an 80 BTC fee ($200,000 USD). The accidental fee is a large one, but this type of incident has happened many times over the years. The mining pool says they are not interested in keeping the money and would like to pay the user back if they can verify it was their transaction.
“Recently, BTC.com mined a block containing a transaction that carried a staggering 80BTC fe