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Urlacher Unveiled Mining With Loki Kit

Urlacher Unveiled: Home Mining with Loki Kit. The Loki Kit by Pivotal Pleb Tech has made it easier for crypto miners to get creative and run various configurations of Bitmain S19 ASIC miners on 120V power, meaning home mining for these devices was made possible in US and other countries using this voltage.

There are number of products already available using Loki and single S19 mining boards to make a good space heater for the winter such as the BitChimney Space Heater and StealthMiner, but now there is a new interesting option available as well called The Urlacher.

The device is named after LuxOS engineer David Urlacher who first built this configuration, and is a triple hashboard Loki Rig with fully functional Antminer S19k pro that runs on 120V power at lower hashrate. We are working on a review of the BitChimney Space Heater already as we have ordered a unit a while ago and it has arrived, so we are already playing around with it.

The Urlacher is interesting due to the fact that it runs a regular S19k Pro miner with all of its mining boards at lower operating frequency to achieve high hashrate and high efficiency for home mining and it comes as an easier modification that can be quickly applied. No need to disassemble the whole miner to take out hashing boards or to build custom cases and it is easier to return the miner back to its original form that will hash at full speed with the regular non-120V power supply.

You can get the complete miner with the modification or just the modification kit to apply to your own miner if you have one, or you can build one yourself with just a Loki Kit, a Bitmain APW3++ PSU and some other accessories to connect and make everything work.

The Urlacher does 56 TH/s at 1200 Watts of power usage with 53 dB noise level, though you can play with settings to achieve different results as long as you fit in the total power capabilities of the power supply.

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Bambu Lab X1-Carbon Combo 3D Printer

The Bambu Labs X1 Carbon Combo offers a variety of advanced features including built-in camera monitoring, dual auto bed leveling and multi-color/material printing capabilities.

Key Features:

  • Prints material up to 300°C
  • 256 x 256 x 256mm build volume
  • AI inspected first layer
  • Up to 16 multi-color printing

What to Expect from the X1-Carbon Combo 3D Printer

  • Core XY with 20000 mm/s² acceleration
  • Up to 16 multi-color printing
  • Dual auto bed leveling
  • 7μm lidar resolution
  • Spaghetti failure detection
  • AI inspected first layer
  • Full advanced features of X1 3D printers

Designed for Speed

CoreXYWelded Chassis

32 mm3/sFlow

20 m/s2Acceleration

500 mm/sVelocity

Advanced materials empower advanced projects

Bambu Lab X1 Carbon, equipped with extra cooling and a hardened nozzle and carburized drive gear, unlocks a wider selection of materials, including PA, PC, PET, and TPU, and specializes in carbon fiber and glass fiber reinforced polymers.


Colors & Beyond

With Bambu Lab Automatic Material System (AMS), you can now enjoy printing freely in multiple colors and materials. Each AMS unit supports up to 4 colors. Purchase additional AMS units for more colors.


AI-Powered Evolution

Dual automated bed leveling for doubly guaranteed prints.


AI inspected first layer

Tired of waiting out that first layer? The lidar sensor can check your first layer so that you can get back to doing…anything else..


Spaghetti detection

Our AI keeps an eye out for Spaghetti monsters, so that you can sleep easy in the knowledge that your printer is safe from this scourge.


Tech Specs

Build Volume (WxDxH)

256 x 256 x 256 mm3

Nozzle

0.4 mm Hardened Steel Included

Hotend

All-Metal

Max Hot End Temperature

300 °C

Filament Diameter

1.75 mm

Supported Filament

PLA, PETG, TPU, ABS, ASA, PVA, PET
Ideal for PA, PC, Carbon/ Glass Fiber Reinforced Polymer
RGB 24-bit color

Build Plate Surface

Bambu Cool Plate, Bambu Engineering Plate Included

Max Build Plate Temperature

110°C@220V, 120°C@110V

Max Print Volume

256 x 256 x 256 mm

Max Speed of Tool Head

500 mm/s

Max Acceleration of Tool Head

20 m/s2

Physical Dimensions

389 x 389 x 457 mm3, Package size 480 x 480 x 590 mm3,
Net weight 14.13 kg, Gross weight(AMS included) 22.3 kg

Electrical Requirements

100-240 VAC, 50/60 H, 1000W@220V, 350W@110V

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Goldshell KD5 Antminer

Goldshell KD5 is manufactured By Goldshell And it’s mining Kadena algorithm which running maximum hashrate of 24.5Th/s for a power consumption of only 3000W.

Goldshell KD5 Miner is here, and it has some promising statistics in terms of profitability. The KD5 Kadena miner uses the Kadena Algorithm and comes with a maximum hash rate of 18 TH/s. The miner has a maximum power consumption of 2250W, and Kadena is the top coin to mine. With all the hype the miner comes with, miners expect it to deliver profit. And it does so as the highly anticipated miner does not disappoint

KD5 Kadena miner is a miner that has the same looks as other Goldshell units. With Kadena being a profitable coin, users expect to get value for their money.

It weighs 8500g and comes in a size of 200x264x290mm. The miner uses the Ethernet interface, which is a globally accepted platform. The voltage of 176V-264V is the manufacturer’s preference.

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What Is A Bitcoin ATM ?

A Bitcoin ATM is an automated teller machine that allows users to conduct Bitcoin transactions. The biggest advantage of Bitcoin ATMs is that users can buy Bitcoin with cash. In some cases, users can sell Bitcoin for cash. Bitcoin ATMs are also called BTMs. Using a Bitcoin ATM is more expensive than using a regular ATM and works differently. Bitcoin ATMs don’t work the same as regular ATMs because they are connected to a Bitcoin exchange instead of a bank. Users usually pay at least $5 to use a Bitcoin ATM.

What is a Bitcoin ATM?

How to buy Bitcoin with a Bitcoin ATM

You buy Bitcoin with a Bitcoin ATM  by scanning a QR code that contacts your Bitcoin wallet with the Bitcoin ATM. Sometimes you also have to scan your ID card. After you have scanned the QR code you deposit money into the machine and indicate how much Bitcoin you want to have deposited to your wallet. The Bitcoin ATM will show you the current exchange rate and the fees it charges you. If you accept the rate you confirm the transaction and the machine will do the rest. Once the transaction is processed you will receive a receipt with all the transaction information.

How to sell Bitcoin with a Bitcoin ATM

You sell Bitcoin with a Bitcoin ATM by selecting the Withdraw Cash function of the Bitcoin ATM. You then scan your debit card and will receive a QR code. To proceed with the transaction you fill in how much Bitcoin you want to sell. You then send this amount of Bitcoin to the wallet address that corresponds to the QR code. Now you wait for the transaction to process. After that, you will receive the money on your debit card. Sometimes it is possible to withdraw this amount in cash. 

Reasons to Use a Bitcoin ATM

The reasons for using a Bitcoin ATM are convenience, security, privacy, and trust. These four reasons are the most important aspects of any currency. 

  • Bitcoin ATMs are convenient because users can buy or sell Bitcoin fast. With some Bitcoin ATMs, users can even create a wallet directly. 
  • Bitcoin ATMs allow users to buy and sell Bitcoin anonymously because Bitcoin ATMs do not check users’ identities. They also have no KYC or AML guidelines to follow. KYC stands for Know Your Customer and AML stands for anti-money laundering. Most Bitcoin exchanges do have KYC and AML procedures in place. These procedures mean that exchanges have to identify customers.
  • Bitcoin ATMs are secure because they don’t save any customer data. The Bitcoin transactions are also completed fast and most of the time there is no cash involved. 
  • The trustworthiness of Bitcoin ATMs is guaranteed by the level of security and privacy they offer. Users can see the exchange rate and fees on the screen and choose to accept or decline them. 

The usage of Bitcoin ATMs also makes cryptocurrency viable as a real payment method. Although Bitcoin ATMs are easy to use, doing larger cryptocurrency transactions is easier to do on your PC or smartphone. 

Conclusion

More and more people are using Bitcoin as payment nowadays. As a consequence Bitcoin transactions are rising. Bitcoin ATMs facilitate a small part of these transactions. In the future, we will see more Bitcoin ATMs across the globe. After reading this article you know how to use Bitcoin ATMs and how they work.  

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Whatsminer M60s Review

MicroBT is gearing up to introduce its WhatsMiner M60 series to the market. The company has formalized plans to launch this new product line, which is expected to have significant implications on the cryptocurrency mining industry.

The announcement came recently, indicating that the unveiling will occur at the Blockchain Life 2023 event, a notable platform in the tech sphere. This event, scheduled for October 24th in Dubai, is known for bringing together industry experts and enthusiasts to discuss and witness the latest advancements in blockchain technology.

This launch is particularly significant as it showcases not just one, but three new product lines, showcasing MicroBT‘s ambitious strides in the mining sector.

According to the details revealed, the new models in the WhatsMiner M60 series are set to feature an impressive efficiency ratio of 1X J/TH. This indicates a focus on enhancing performance and efficiency, factors that are considered critical in the competitive crypto mining sector. Industry watchers are anticipating shifts in crypto mining dynamics as a result, with a possible increase in innovation and competition.

In conclusion, the launch of the WhatsMiner M60 series is a clear indicator of MicroBT’s ongoing efforts to innovate and potentially influence the trajectory of the crypto mining industry. Stakeholders and tech enthusiasts are advised to keep an eye on the developments during the Blockchain Life 2023 event in Dubai, where more details about this product line will be revealed.

Model Whatsminer M60 from MicroBT mining SHA-256 algorithm with a maximum hashrate of 186Th/s for a power consumption of 3441W.

The latest evolution in Bitcoin mining is here with MicroBT’s brand new high-performance Bitcoin miner.

The MicroBT WhatsMiner M60 is an ultra-low-voltage energy-efficient air-cooling Bitcoin mining hardware powered by 3nm processor from semiconductor manufacturing giant Samsung.

WhatsMiner M60 series has the most advanced thermal architecture ever in the WhatsMiner series to enable the system to run at higher power for a sustained time, which means MicroBT found a way of staying power and reduced downtime.

SPECIFICATIONS

ManufacturerMicroBT
Model Whatsminer M60
ReleaseOctober 2023
Size425 x 125 x 225mm
Chip Size3nm
Noise Level75db
Fan(s)2
Voltage12V
InterfaceEthernet
Temperature5 – 45

Warranty
When ordering mining rig, you agree that it is customized for most optimal mining. Mining rig parts comes with 180 days factory warranty.

TERMS OF SALE

  • Please provide payment proof within 24 hours of your order being placed
  • A unit can only be reserved once payment has been received, not when an order is placed online
  • All sales are final, no refunds will be granted

Shipping :

  • Typical dispatch time within 7 working days
  • Full customer support before and after purchase

Europe express delivery 1-3 days , economy shipping 3-6 days. US and Asia shipping 2-5 days to deliver to your door.

All items shipped with DHL.

Bitcoin Cold Storage

Unlike paper money, there are more than a few options available for keeping your bitcoin secure.

Whether you’re trading cryptocurrencies on a daily basis or you’re a long-term bitcoin investor, cold storage can be a useful tool for keeping your crypto safe.

Understanding the Basics of the Bitcoin Wallet

bitcoin wallet

In order to get a handle on what cold storage actually is, it’s important to review the fundamentals of the “bitcoin wallet.” In the same way that you can use a traditional wallet to store your paper currency, you can use a bitcoin wallet to store your bitcoin in digital form.

In other words, you can think of your bitcoin wallet as your personal bitcoin mailing address.

bitcoin mailing address

This might sound like having a bank account, but it’s actually quite different.

Instead of needing to trust a third party to keep your cryptocurrency secure, you can use a bitcoin wallet as your sole gateway to the decentralized network. There’s no need to ask a branch manager for permissions when you want to transfer bitcoin, there aren’t any annoying forms to fill out, and transfers happen within minutes.

Bitcoin wallets can be used to:

  • Pay for items with bitcoin by transferring your payment to merchants who accept cryptocurrency.
  • Receive bitcoin deposits from customers, friends, or relatives.
  • Maintain your financial privacy by making anonymous purchases.

What is Bitcoin cold storage?

cold storage

As you can see, bitcoin wallets are incredibly useful. All of this begs the question, however, of how many different types of bitcoin wallets there actually are.

Generally speaking, Bitcoin wallets come in two main types:

Hot wallets

The phrase “hot wallet” refers to any bitcoin wallet that requires the internet to function properly. Hot wallets derive their name from the fact that they need electricity to work. If the power goes out, then so does your hot wallet.

For example the popular mobile wallet BRD is an example of a hot wallet.brd wallet on an iphoneBRD is a widely used mobile “hot” wallet

Cold wallets

Not only do cold wallets work without an active internet connection, but many cold wallets don’t even need a computer. Cold wallets have several similarities to traditional physical wallets, but they also have a few differences.

For example, the Ledger Nano X and Nano S are the most popular cold wallets on the market.ledger nano x and nano stitans of the hardware wallet field

Is “Cold Storage” Different Than Using A Cold Wallet?

In general, “cold storage” refers to any bitcoin storage storage device that does not require an internet connection. A cold storage device can be a physical box, a piece of paper, a hardware wallet or a list of numbers and letters that you keep in your head.

“Hot storage,” are bitcoin storage devices that require an internet connection.

The Major Differences Between Cold Storage And Hot Storage

hot vs cold storage

In contrast to hot storage, cold storage provides:

  • Increased security protections
  • A reliable way to keep your bitcoin offline
  • An easy way to transport your bitcoin between your various wallets

What are the different types of bitcoin cold storage wallets?

When it comes to choosing a cold storage wallet that can help keep your bitcoin secure, the most popular choices tend to be:

Hardware wallets

Hardware wallets include USB sticks and other digital storage devices that you can use offline. Typically the private key to coins is never exposed to the internet because the device itself is air gapped.

COMPARISON

ledger nano x folded

Ledger Nano X

  • SCREEN:
  • RELEASED: 2019
  • PRICE: $150

ledger nano s illustration

Ledger Nano S

  • SCREEN:
  • RELEASED: 2016
  • PRICE: $59

trezor model T

TREZOR T

  • SCREEN:
  • RELEASED: 2018
  • PRICE: $320

Trezor One

TREZOR One

  • SCREEN:
  • RELEASED: 2013
  • PRICE: $119

Steel Backups

The steel wallet is a piece of nearly indestructible stainless steel that you can use to carry your bitcoin private keys or backups in by etching or tiling them into the steel. This makes it an excellent choice if you’re concerned about losing paper or live in an area with lots of flooding, fires or earthquakes.

Steel wallets are interesting because they can act as both a “paper wallet” or as a backup for any kind of Bitcoin wallet in case yours is lost, stolen, or destroyed. Almost any crypto holder can benefit from one of these steel wallets regardless of how they choose to store their coins.

Best Crypto & Bitcoin Hardware Wallets

This guide will help you to find the best hardware Bitcoin or crypto wallet for YOU!

Hint:

There’s no “one size fits all” hardware wallet. Wallets come on different platforms with different features.

If you want the best possible, keep reading.

What is a Bitcoin & Cryptocurrency Wallet?

A Bitcoin/cryptocurrency wallet is the first step to using Bitcoin or crypto.

Why?

A “wallet” is basically the equivalent of a bank account. It allows you to receive bitcoins and other coins, store them, and then send them to others.

You can think of a wallet as your personal interface to the Bitcoin network, similar to how your online bank account is an interface to the regular monetary system.

Wallets contain private keys; secret codes that allow you to spend your coins.

In reality, it’s not coins that need to be stored and secured, but the private keys that give you access to them.

In short:

A crypto or Bitcoin wallet is simply an app, website, or device that manages private keys for you.nano x pairing with ledger live on mobile deviceLedger Live makes it easy to send and receive Bitcoins to your Ledger Nano X

This guide will show you how to create a wallet and pick the best one.

Types of Bitcoin Wallets

There are a few different types of Bitcoin wallets used today, and each of them come with their own tradeoffs between security and convenience:

We’ll cover this in full detail in chapter two (up next), but put simply there are wallets for holding your everyday spending money (hot wallets) and there are wallets for your long term savings (cold wallets). There are even several types of both hot and cold wallets.

An Exchange is Not a Wallet

Again, we will cover this is more detail in Chapter five below, but its worth stating here as well that your Bitcoin “bank” or exchange accounts that do hold Bitcoin are NOT wallets.
coinbase is not a walletCoinbase app does not let you hold you own keys, therefore it is not a wallet.

If that is confusing, don’t worry – it will all make sense by the time we are done here.

This is not to say that bitcoin banks are inherently bad.

It is simply important to remember that whoever controls the private keys controls the bitcoin attached to those keys. A misunderstanding of this point has led to hundreds of millions of US dollars being lost in the past, so it’s important to understand this key difference in how Bitcoin private keys can be stored.

For now, just know that private keys are what you need to protect if you want to keep your bitcoin safe from hackers, user error, and other possible issues.

ypes of Bitcoin & Crypto Wallets

types of bitcoin wallets

Now let’s discuss the types of wallets and why you might want to use one kind over another.

By the end of this chapter, you should have a good idea of which wallet is right for you.

Hardware Wallets

bitcoin hardware walletThe Ledger Nano S is one example of a hardware wallet.

A hardware wallet is a physical electronic device, built for the sole purpose of securing crypto coins.

The core innovation is that the hardware wallet must be connected to your computer, phone, or tablet before coins may be spent.

The two most popular and best Bitcoin and cryptocurrency hardware wallets are:

Hardware wallets are a good choice if you’re serious about security, convenience, and reliable Bitcoin & crypto storage.

Hardware wallets keep private keys separate from vulnerable, internet-connected devices.

Your all-important private keys are maintained in a secure offline environment on the hardware wallet, fully protected even should the device be plugged into a malware-infected computer.malware ghost on motherboardMalware should be no match for your hardware wallet.

As bitcoins and cryptocurrencies are digital, cyber-criminals could, potentially, target your computer’s “software wallet” and steal them by accessing your private key.

Generating and storing private keys offline using a hardware wallet ensures that hackers have no way to reach your coins.

Hackers would have to steal the hardware wallet itself, but even then, it can be protected with a PIN code.

Don’t worry about your hardware wallet getting stolen, lost or damaged either; so long as you create a secret backup code, you can always retrieve your coins.

Think of a hardware wallet like your own underground steel vault. If you own a significant amount of bitcoin or crypto, you should strongly consider getting one!

Why are hardware wallets good?

  • Easiest way to securely store bitcoins and other coins
  • Easy to backup and secure
  • Less margin for error; setup is easy even for less technical users
  • Multiple hardware wallets can be used together for extra security

Why are hardware wallets bad?

  • They’re not free!
  • They can be challenging for new users to understand

Hot Wallets

Hot wallets are wallets that run on internet connected devices like a computer, mobile phone, or tablet.

Private keys are secret codes. Because hot wallets generate your private keys on an internet connected device, these private keys can’t be considered 100% secure.

Think of a hot wallet like your wallet today: you use it to store some cash, but not your life savings. Hot wallets are great if you make frequent payments, but not a good choice for the secure storage of bitcoins.

Why are hot wallets good?

  • Easiest way to store small amounts of bitcoin and crypto
  • Convenient; spending and receiving payments is easy and fast
  • Some hot wallets allow access to funds across multiple devices

Why are hot wallets bad?

  • Not safe for the secure storage of large amounts of bitcoins and crypto
  • You might forget about the application being installed on your phone

Which Wallet is Best for You?

Why are you using Bitcoin & Crypto?

Investing or saving? Then a hardware wallet will keep your coins safe.

Otherwise, a software wallet will send and receive bitcoins & crypto just fine. Best of all, software wallets are free.blockstream green wallet iOSBlockstream Green is one of the most secure mobile wallets out there.

Each wallet has pros and cons, and different wallets are built to solve different problems.

Some wallets may be geared towards security, while some wallets may be more focused on ease-of-use.

Your specific needs should determine the wallet you use, as there is no “best bitcoin wallet”.

Below, we’ve listed wallets you can buy or download. We suggest using the wallets listed or doing research before buying or downloading any wallet.

Each day, new Bitcoin scam wallets are added to the Google Play Store and Apple app store that are designed to steal peoples’ bitcoins.

We only list wallets that have published and open-sourced their code.

Sanctions On Russia

 UK introduces new sanctions against Russia including ban on ships and fresh financial measures

  • Russian ships banned from UK ports, following fresh wave of sanctions
  • further UK individuals and entities are restricted from undertaking financial transactions with the Russian Central Bank
  • Russia’s state-owned sovereign wealth fund and its chief executive have been sanctioned

Russian ships have been banned from UK ports, following a fresh raft of UK sanctions against Russia today.

The ban includes any vessels owned or operated by anyone connected to Russia and authorities will also gain new powers to detain Russian vessels.

Additional economic measures, introduced by the Foreign Secretary today, including against the Russian Central Bank and the state’s sovereign wealth fund, also mean the majority of Russia’s financial system is now covered by UK sanctions.

The new measures prohibit UK individuals and entities from providing financial services to the Central Bank of the Russian Federation, as well as the Ministry of Finance and National Wealth Fund.

Foreign Secretary Liz Truss said:

We said Putin and those around him would pay the price for their unprovoked and illegal invasion of Ukraine, and we are being true to our word.

The ban on Russian ships from UK ports, and new economic sanctions against key Russian financial institutions including its central bank, in close coordination with our allies, will degrade Russia’s economy and help make sure Putin loses.

We stand with Ukraine, its people and its democracy, and will continue to support them diplomatically, economically, politically and defensively.

Secretary of State for Transport Grant Shapps said:

Putin and his allies must feel the full consequences of their vicious and illegal invasion of Ukraine.

That’s why from today, I’m instructing all UK ports to turn away any vessel that is flagged, registered, owned, or operated by Russia.

By banning Russian ships from our ports, we are further isolating Russia and crushing its economic capabilities, starving Putin’s war machine.

The UK has worked in close partnership with the United States and European Union on the sanctions introduced today to prevent the Russian Central Bank from using its foreign reserves in ways that allow it to lessen the financial impact.

In addition, Sberbank, Russia’s largest bank, which accounts for 35% of the financial sector, has been prohibited from clearing sterling payments through the UK’s financial system. The UK has already sanctioned Russia’s second largest bank, VTB, as well as 8 other financial institutions.

The Russian Direct Investment Fund – the country’s sovereign wealth fund – and its chief executive, Kirill Dmitriev, have also been sanctioned today, with their assets frozen and a travel ban in place for Dmitriev. RDIF funds projects of strategic significance to Russia. This sanction will stop UK individuals or companies dealing with RDIF.Tags: Russia Ukraine warUk Sanctions On Russia

Bitcoin Mining in China

chinese flag

China was the undisputed world leader in Bitcoin mining until July 2021, when the Chinese government banned all mining operations in the country.

Chinese mining pools had control more than 60% of the Bitcoin network’s collective hashrate.

Not only did China manufacture most of the world’s mining equipment, but massive mining farms were located there to take advantage of extremely cheap electricity prices.

Estimated Hashing Power by Country

Here was the estimated mining hash power breakdown by country in July 2021 according to University of Cambridge Centre for Alternative Finance:China – 65%USA – 7%Russia – 7%Kazakhstan – 6%Malaysia – 4%Iran – 4%Canada – 1%Germany – 0.6%Norway – 0.5%

Other interesting stats are:

  • The UK has a very small share of mining (0.1% GB, and 0.03%)
  • The EU countries only own about 3.5% of all mining hash rate

As you can see, China was dominating Bitcoin mining by a very wide margin.

But why?

In this article, we are going to explain why China is such a mining powerhouse in Bitcoin and other cryptocurrencies. The answers may surprise you.

Chapter 1

Cheap Electricity

Electricity cost is the most important factor for a profitable mining operation. As mining difficulty increases, the least efficient miners are forced to shut down first.

Electricity in China is extremely cheap compared to most other countries. Chinese electricity in industrial regions is either supplied by hydro-electric facilities or subsidized by the state.

China’s cheap electricity keeps Chinese miners at peak efficiency and allows them to outlast their foreign competitors.cost of electricity by country

A very large portion (if not the majority) of Bitcoin’s energy comes from China, and most notably in “green” powered areas like Sichuan and Xinjiang where renewable sources like hydroelectric, solar, and geothermal are common.chinese mining mapMap showing percentage of total Bitcoin mining in each provincemining provinces in chinaHere is an alternative view of that data if you aren’t familiar with China’s geography

In many cases, the energy produced by these wind farms and dams is higher than the local grid can take. This means that they are producing energy that would otherwise not be used by anyone since the local grid, which takes energy and distributes it across distances, cannot hold it.

Take Sichuan, for example:

Total hydropower reached more than 75 GW in 2017, greater than the total in most Asian countries. It was also more than double the capacity of the province’s power grid, meaning lots of wasted power.David StanwayDavid Stanway, ReutersOne of Sichuan’s many hydroelectric dams

What is Bitcoin Mining and How Does it Work?

best bitcoin wallet

Bitcoin mining seems crazy!

Computers mining for virtual coins? Is Bitcoin mining just free money?

Well, it’s much, much more than that!

If you want the full explanation on Bitcoin mining, keep reading…Jordan Tuwiner 

Chapters

shovel and pickaxe icon

CHAPTER 1. What is Bitcoin mining?

bitcoin shield icon

CHAPTER 2. How Does Mining Work?

digital pickaxe

CHAPTER 3. How to Mine Bitcoins

digital bitcoin icon

CHAPTER 4. What is Mining Hardware?

bitcoin network icon

CHAPTER 5. What are Mining Pools?

bitcoin mining asic icon

CHAPTER 6. Inside the Mining Industry

Chapter 1

What is Bitcoin Mining?

best bitcoin wallet

Bitcoin mining is the backbone of the Bitcoin network.

Miners provide security and confirm Bitcoin transactions.

Without Bitcoin miners, the network would be attacked and dysfunctional.

Bitcoin mining is done by specialized computers.

The role of miners is to secure the network and to process every Bitcoin transaction.

Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).

For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

Chapter 2

How Does Bitcoin Mining Work?

best bitcoin wallet

What is Bitcoin mining actually doing?

Miners are securing the network and confirming Bitcoin transactions.

Miners are paid rewards for their service every 10 minutes in the form of new bitcoins.

What is Bitcoin Mining Actually Doing?

What is the point of Bitcoin mining? This is something we’re asked everyday!

There are many aspects and functions of Bitcoin mining and we’ll go over them here. They are:

  1. Issuance of new bitcoins
  2. Confirming transactions
  3. Security

Mining Is Used to Issue new Bitcoins

Traditional currencies–like the dollar or euro–are issued by central banks. The central bank can issue new units of money at any time based on what they think will improve the economy.

Bitcoin is different.

With Bitcoin, miners are rewarded new bitcoins every 10 minutes.

The issuance rate is set in the code, so miners cannot cheat the system or create bitcoins out of thin air. They have to use their computing power to generate the new bitcoins.

Miners Confirm Transactions

Miners include transactions sent on the Bitcoin network in their blocks.

A transaction can only be considered secure and complete once it is included in a block.

Why?

Because only a when a transaction has been included in a block is it officially embedded into Bitcoin’s blockchain.

More confirmations are better for larger payments. Here is a visual so you have a better idea:0Payments with 0 confirmations can still be reversed! Wait for at least one.1One confirmation is enough for small Bitcoin payments less than $1,000.3Enough for payments $1,000 – $10,000. Most exchanges require 3 confirmations for deposits.6Enough for large payments between $10,000 – $1,000,000. Six is standard for most transactions to be considered secure.

Why Does Bitcoin Need Miners?

In short, miners secure the Bitcoin network.

They do this by making it difficult to attack, alter or stop the network.

The more miners that mine, the more secure the network.

The only way to reverse Bitcoin transactions is to have more than 51% of the network hash power. Distributed hash power spread among many different miners keeps Bitcoin secure and safe.

Chapter 3

How to Mine Bitcoins

best bitcoin wallet

Actually want to try mining bitcoins?

Well, you can do it. However, it’s not profitable for most people as mining is a highly specialized industry.

Most Bitcoin mining is done in large warehouses where there is cheap electricity.

To be real:

Most people should NOT mine bitcoins today.

Most Bitcoin mining is specialized and the warehouses look something like this:inside of a mining farmSource ieee.org

That’s who you’re up against! It’s simply too expensive and you are unlikely to turn a profit.

However:

For hobby mining, we’ll show you some steps you can take to get started mining bitcoins right now.

Step #1: Get Bitcoin Wallet

When earning bitcoins from mining, they go directly into a Bitcoin wallet.

You can’t mine without a wallet.

COMPARISON

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Ledger Nano X

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Ledger Nano S

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TREZOR T

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Trezor One

TREZOR One

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  • PRICE: $119

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If you aren’t sure which one to buy, our best bitcoin wallets guide will help you select a wallet.

Step #2: Find a Bitcoin Exchange

When earning bitcoins from mining, you may need to sell the coins to pay for power costs. You may also need to buy coins on exchanges.

Step #3: Get Bitcoin Mining Hardware

You won’t be able to mine without an ASIC miner.Whatsminer ASIC

ASIC miners are specialized computers that were built for the sole purpose of mining bitcoins.

Don’t even try mining bitcoins on your home desktop or laptop computer! You will earn less than one penny per year and will waste money on electricity.

Step #4: Select a Mining Pool

Once you get your mining hardware, you need to select a mining pool.

We recommend Slush Pool, as it is the oldest and has the best User Interface to make it easy to use. Check it out:
Slush Pool User InterfaceSlush Pool User Interface makes it easy to get started FAST

Without a mining pool, you would only receive a mining payout if you found a block on your own. This is called solo mining.

We don’t recommend this because your hardware’s hash rate is very unlikely to be anywhere near enough to find a block solo mining.

How do mining pools help?

By joining a mining pool you share your hash rate with the pool. Once the pool finds a block you get a payout based on the percent of hash rate contributed to the pool.

If you contributed 1% of the pools hashrate, you’d get .125 bitcoins out of the current 12.5 bitcoin block reward.

Step #5: Get Bitcoin Mining Software

Bitcoin mining software is how you actually hook your mining hardware into your desired mining pool.

You need to use the software to point your hash rate at the pool.
braiins osBraiins is one of the more popular mining softwares on the market.

Also in the software you tell the pool which Bitcoin address payouts should be sent to.

If you don’t have a Bitcoin wallet or address learn how to get one here.

There is mining software available for Mac, Windows, and Linux.

Step #6: Is Bitcoin Mining Legal in your Country? Make Sure!

This won’t be much of an issue in MOST countries.

Consult local counsel for further assistance in determining whether Bitcoin mining is legal and the tax implications of doing the activity.

Like other business, you can usually write off your expenses that made your operation profitable, like electricity and hardware costs.

Step #7: Is Bitcoin Mining Profitable for You?

Do you understand what you need to do to start?

You should run some calculations and see if Bitcoin mining will actually be profitable for you.

You can use a Bitcoin mining calculator to get a rough idea.mining profitability calculatorOur mining profitability calculator will help you figure out if mining will be worth it

I say rough idea because many factors related to your mining profitability are constantly changing.

A doubling in the Bitcoin price could increase your profits by two.

But:

It could also make mining that much more competitive so your profits remain the same.

How to Mine Bitcoins on Android or iOS

Here’s what’s funny:

You actually CAN mine bitcoins on any Android device.

Using mining software for Android you can mine bitcoins or any other coin.

What’s not so fun?

You’ll likely make less than one penny PER YEAR!

Why?

Android phones simply are not powerful enough to match the mining hardware used by serious operations.

So, it might be cool to setup a miner on your Android phone to see how it works. But don’t expect to make any money.

Do expect to waste a lot of your phone’s battery!

Chapter 4

What is Bitcoin Mining Hardware

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Bitcoin mining hardware (ASICs) are high specialized computers used to mine bitcoins.

The ASIC industry has become complex and competitive.

Mining hardware is now only located where there is cheap electricity.

When Satoshi released Bitcoin, he intended it to be mined on computer CPUs.

However:

Enterprising coders soon discovered they could get more hashing power from graphic cards and wrote mining software to allow this.

GPU Mining

GPU mining is when you mine for Bitcoins (or any cryptocurrency) using a graphics card.

If you were to open your desktop computer right now, you’d likely see a piece of hardware that looks like the one below:

gpu mining

GPU mining was one of the earliest forms of mining, but is no longer profitable due to the introduction of ASIC miners.

GPUs were surpassed in turn by ASICs.

ASIC Miner

ASIC stands for “Application Specific Integrated Circuit”. In plain English, that just means it is a chip designed to do one very specific kind of calculation. In the case of a Bitcoin ASIC miner, the chip in the miner is designed to solve problems using the SHA256 hashing algorithm.

Here is what an ASIC looks like:
ASIC mining

You can learn more about ASIC Miners on our mining hardware page.

Nowadays all serious Bitcoin mining is performed on ASICs, usually in thermally-regulated data-centers with access to low-cost electricity.

Economies of scale have thus led to the concentration of mining power into fewer hands than originally intended.

Chapter 5

What Are Bitcoin Mining Pools?

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Mining pools allow small miners to receive more frequent mining payouts.

By joining with other miners in a group, a pool allows miners to find blocks more frequently.

But, there are some problems with mining pools as we’ll discuss.

As with GPU and ASIC mining, Satoshi apparently failed to anticipate the emergence of mining pools.

Pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining power.

The pie chart below displays the current distribution of total mining power by pools:
mining pool hash power distribution

While pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.

Inside the Bitcoin Mining Industry

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The mining industry has come a long way since the early days of graphics card mining.

Today there are very professional industrial mining operations. Let’s take a look at how they work.

What does a mining farm look like?

Let’s take a look inside a real Bitcoin mining farm in Washington state.

Mining farms look very similar to a data center. They contain rows of hardware with powerful fans to keep the miners from over heating.

Mining farms are typically very industrial looking – they aren’t flashy or sleek. Usually, its just a warehouse with great temperature control.
mining farm

Bitcoin mining farms exclusively use ASIC miners to mine various coins. Many of these farms are minting several Bitcoins per day.

How much do crypto mining farms make?

How much a mining farm makes depends on many factors:

  • The price it pays for electricity
  • How old its mining hardware is
  • The scale of its operation
  • The price of Bitcoin when the miner sells it
  • The level of difficulty when the Bitcoin is mined

By far, the biggest factor affecting how much money a mining farm makes is how much it pays for electricity. Nearly all mining farms are using the same hardware.

Since the reward for finding a block is fixed, and the difficulty is adjusted based on total processing power working on finding blocks at any given time, then electricity is the only cost that is variable. If you can find cheaper power than other miners, you can afford to either increase the size of your mining operation, or spend less on your mining for the same output.

How much electricity do mining farms use?

As previously mentioned, mining farms use a lot of electricity. How much they consume depends on how big their operation is. However the latest Bitmain ASIC miner consumes about 1350 watts.

In total, it is estimated that all mining farms will use about 127 Terawatt hours of electricity in the year 2021. That is roughly the equivalent to the yearly energy consumption of Norway.
bitcoin energy use 2021

Where are mining farms located?

Mining farms are located all over the world. We don’t know where every mining farm in the world is, but we have some educated guesses.

Most of the mining has been and still is located in China.

Why is so much Mining happening in China? Samson Mow of Blockstream and former CTO of BTCC mining pool explains.

The main advantages of mining in China are faster setup times and lower initial CapEx which, along with closer proximity to where ASICs are assembled, have driven industry growth theresamson mowSamson Mow CSO, Blockstream

Bonus Chapter 1

Colocation Mining

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In this bonus chapter, we will learn about colocation bitcoin mining and its differences from cloudmining.

If you were interested in cloud mining, but are worried about falling victim to a scam, then this is the closest thing to it.

What is Colocation Mining?

Colocation mining is a business arrangement between a bitcoin mining management company and a customer.

The management company establishes a location to mine the bitcoins at and strikes a deal with a power company to get favorable prices on electricity.
compass mining hardware purchaseCompass Mining, a colocation company, offers many options on where you can host your miners.

The management company also has relationships with ASIC producers in order to get favorable prices on mining ASICs.

Finally, the management company employs workers to make sure the ASICs run smoothely while keeping the location safe from theives.

Something very unique about colocation miners is that the management company may not own any of the ASICs itself.

Who owns the miners?

Well, you, the customer, do.

You contact the management company running the colocation mine, and purchase ASICs through them. The management company acts as a kind of ASIC broker.
compass mining hardware purchaseThe hardware purchase page on Compass Mining’s Website

Once you have purchased your ASICs, the management company receives them at their mining location and installs them for you

How Does the Colocation Company Make Money?

The colocation management company makes money in several ways. Each management company is different, but they all make money using one or more of the following ways:

  1. They charge you a monthly hosting fee for maintaining the miners and keeping them safe in their mine.
  2. They make a commission for arranging the sale of the ASICs to you.
  3. They take a cut of the mining profits from all the miners in the mine.
  4. They add a surcharge onto the electricity that your ASICs consume in their mine.
  5. ASIC repair services in case your miners ever needs to be repaired.

So to summarize: in a colocation mining operation, you own, control, and monitor your own ASICs. The colocation mine custodies them and lets you know if there are any issues with them. They also keep them safe by securing and maintaining the mining site.

So now you may be wondering, how is this different from cloud mining?

First, we need to define what Cloud Mining is.

What is Cloud Mining?

Cloud mining is a business arrangement where a miner owns all of the ASICs in his mine.

He offers to sell some of his hashing power to you, the customer and you get any bitcoin mined using that hashing power.

In a cloud mining arrangement, you do not own anything.

You are effectively renting the hashing power from the miner in exchange for potential profits in bitcoin.

The Big Problem with Cloud Mining

There’s just one problem with this arrangement.

Since you do not own the ASICs, you have no control over what they mine, when they mine, how they mine, etc.

And because of this, cloud mining attracts lots of scammers.
compass mining hardware purchaseAn old screenshot of Hash Ocean’s website promising free bitcoin rewards for life for early sign ups. They ended up being a scam.

In most cases, in a cloud mining operation…there are no miners.

They don’t exist. At all.

The only reason you ever make money is because someone else signed up and paid the cloud miner money to get started.

which means that cloud mining operations are almost always ponzi scams. New customers pay off the old ones until there are no new people to sign up.

At that point, the founders run away with as much money as they can.
hashocean scam headlineMining City, another famous cloud miner, was running a ponzi scheme where the founders ran away with the money.

And since no one actually owns any ASICs (including the cloud miner himself), there are no assets to liquidate to pay back the victims.

It’s all fictitious.

How is Colocation Mining different from Cloud Mining?

Aside from the fact that one of these models is typically legitimate and the other is typically a scam, there are some other differences even if you assume the cloud miner is running an honest operation.

First, in colocation mining, you own the ASICs. In cloud mining, you don’t.

Second, because you own the ASICs in colocation mining, you get to decide which coins you want to mine and how you want to mine them. In cloud mining, you just pay money to a miner and hope you get more back than you put in. It’s up to him to decide how and what to mine.

Is Colocation Mining a Good Alternative to Cloud Mining

If you want to mine, but don’t think you have enough money or experience to start your own mining farm, then colocation can be a great way to start mining.

It allows you to leverage the bargaining power on electricity and ASICs of a big mining operation without having to put up millions of dollars to start mining. In exchange for this, you pay a small fee and don’t need lots of expertise to get going.

You can get started with colocation mining right now by setting up an account over at compass mining.

They make it super simple to get started, and you’ll be mining in no time! Just pick a piece of hardware below (subject to availability) and you’ll be sent to Compass’s site.

MinerHash PowerPrice*
antminer s19Antminer S1995.0 TH/s$10k-12k
antminer s19 ProAntminer S19 Pro110.0 TH/s$15k-17k
whatsminer m30s+WhatsMiner M30S+100.0 TH/s$8,500

*BuyBitcoinWorldwide.com averages prices from various online sources. Actual prices may vary depending on seller.

Important Bitcoin Mining Terms

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In this bonus chapter, we will learn about some of the most common terms associated with bitcoin mining.

If you are thinking about mining at any level, understanding what these terms means will be crucial for you to get started.

Miner

Anyone who mines Bitcoins (or any other cryptocurrency).

Block Reward

The block reward is a fixed amount of Bitcoins that get rewarded to the miner or mining pool that finds a given block.

Mining Pool

A collection of individual miners who ‘pool’ their efforts or hashing power together and share the block reward. Miners create pools because it increases their chances of earning a block reward.

learn more about mining pools.

Block Reward Halving

Approximately every 4 years, the block reward gets cut in half. The first block reward ever mined was in 2008 and it it was for 50 Bitcoins. That block reward lasted for four years, where in 2012, the first reward halving occurred and it dropped to 25 Bitcoins.

In 2016, a second halving occurred where the reward was reduced to 12.5 Bitcoins. And as of the time of this writing, we are on the cusp of the third halving (ETA May 11th), where the reward will be cut down to 6.25 Bitcoins. You can find the most up to date estimation of exactly when the next halving will occur on our bitcoin block reward halving clock.
bitcoin halving clock countdown

Hashing Power (or Hash Rate)

How many calculations (hashes) a miner can perform per second.

Or it can refer to the total amount of hashing done on a chain by all miners put together – also known as “Net Hash”.

You can learn more about Hash Rate by reading our article about it.

Difficulty

Measured in Trillions, mining difficulty refers to how hard it is to find a block. The current level of difficulty on the Bitcoin blockchain is the primary reason why it is not profitable to mine for most people.

Difficulty Adjustment

Bitcoin was designed to produce block reliably every 10 minutes. Because total hashing power (or Net Hash) is constantly changing, the difficulty of finding a block needs to adjust proportional to the amount of total hashing power on the network.

In very simple terms, if you have four miners on the network, all with equal hashing power, and two stop mining, blocks would happen ever 20 minutes instead of every ten. Therefore, the difficulty of finding blocks also needs to cut in half, so that blocks can continue to be found every 10 minutes.

Difficulty adjustments happen every 2,016 blocks. This should mean that if a new block is added every 10 minutes, then a difficulty adjustment would occur every two weeks. The 10 minute block rule is just a goal though. Some blocks are added after more than 10 minutes. Some are added after less. Its a law of averages and a lot if left up to chance. That doesn’t mean that for the most part, blocks are added reliably every 10 minutes.

Kilowatt Hour

A measurement of energy consumption per hour. Most ASIC miners will tell you how much energy they consume using this metric.

Is Bitcoin Mining a Waste of Electricity?

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The media constantly says Bitcoin mining is a waste of electricity.

But, there are some problems with their theories as we’ll discuss.

Isn’t Mining a Waste of Electricity?

Certain orthodox economists have criticized mining as wasteful.

It must be kept in mind however that this electricity is expended on useful work:

Enabling a monetary network worth billions (and potentially trillions) of dollars!

Compared to the carbon emissions from just the cars of PayPal’s employees as they commute to work, Bitcoin’s environmental impact is negligible.

As Bitcoin could easily replace PayPal, credit card companies, banks and the bureaucrats who regulate them all, it begs the question:

Isn’t traditional finance a waste?

Not just of electricity, but of money, time and human resources!

Mining Difficulty

If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware?

Issuance is regulated by Difficulty, an algorithm which adjusts the difficulty of the Proof of Work problem in accordance with how quickly blocks are solved within a certain time frame (roughly every 2 weeks or 2016 blocks).

Difficulty rises and falls with deployed hashing power to keep the average time between blocks at around 10 minutes.

For most of Bitcoin’s history, the average block time has been about 9.7 minutes. Because the price is always rising, mining power does come onto the network at a fast speed which creates faster blocks. However, for most of 2019 the block time has been around 10 minutes. This is because Bitcoin’s price has remained steady for most of 2019.

Block Reward Halving

Satoshi designed Bitcoin such that the block reward, which miners automatically receive for solving a block, is halved every 210,000 blocks (or roughly 4 years).

As Bitcoin’s price has risen substantially (and is expected to keep rising over time), mining remains a profitable endeavor despite the falling block reward… at least for those miners on the bleeding edge of mining hardware with access to low-cost electricity.

Honest Miner Majority Secures the Network

To successfully attack the Bitcoin network by creating blocks with a falsified transaction record, a dishonest miner would require the majority of mining power so as to maintain the longest chain.

This is known as a 51% attack and it allows an attacker to spend the same coins multiple times and to blockade the transactions of other users at will.

To achieve it, an attacker needs to own mining hardware than all other honest miners.

This imposes a high monetary cost on any such attack.

At this stage of Bitcoin’s development, it’s likely that only major corporations or states would be able to meet this expense… although it’s unclear what net benefit, if any, such actors would gain from degrading or destroying Bitcoin.

Mining Centralization

Pools and specialized hardware has unfortunately led to a centralization trend in Bitcoin mining.

Bitcoin developer Greg Maxwell has stated that, to Bitcoin’s likely detriment, a handful of entities control the vast majority of hashing power.

It is also widely-known that at least 50% of mining hardware is located within China.

However, it’s may be argued that it’s contrary to the long-term economic interests of any miner to attempt such an attack.

The resultant fall in Bitcoin’s credibility would dramatically reduce its exchange rate, undermining the value of the miner’s hardware investment and their held coins.

As the community could then decide to reject the dishonest chain and revert to the last honest block, a 51% attack probably offers a poor risk-reward ratio to miners.

Bitcoin mining is certainly not perfect but possible improvements are always being suggested and considered.

How Does Bitcoin Mining Work?

This simplified illustration is helpful to explanation:bitcoin network mining 1

1) Spending

Let’s say the Green user wants to buy some goods from the Red user. Green sends 1 bitcoin to Red.bitcoin network mining 2

2) Announcement

Green’s wallet announces a 1 bitcoin payment to Red’s wallet. This information, known as transaction (and sometimes abbreviated as “ tx”) is broadcast to as many Full Nodes as connect with Green’s wallet – typically 8. A full node is a special, transaction-relaying wallet which maintains a current copy of the entire blockchain.bitcoin network mining 3

3) Propagation

Full Nodes then check Green’s spend against other pending transactions. If there are no conflicts (e.g. Green didn’t try to cheat by sending the exact same coins to Red and a third user), full nodes broadcast the transaction across the Bitcoin network. At this point, the transaction has not yet entered the Blockchain. Red would be taking a big risk by sending any goods to Green before the transaction is confirmed. So how do transactions get confirmed? This is where Miners enter the picture.bitcoin network mining 4

4) Processing by Miners

Miners, like full nodes, maintain a complete copy of the blockchain and monitor the network for newly-announced transactions. Green’s transaction may in fact reach a miner directly, without being relayed through a full node. In either case, a miner then performs work in an attempt to fit all new, valid transactions into the current block.

Miners race each other to complete the work, which is to “package” the current block so that it’s acceptable to the rest of the network. Acceptable blocks include a solution to a Proof of Work computational problem, known as ahash . The more computing power a miner controls, the higher their hashrate and the greater their odds of solving the current block.

But why do miners invest in expensive computing hardware and race each other to solve blocks? Because, as a reward for verifying and recording everyone’s transactions, miners receive a substantial Bitcoin reward for every solved block!

And what is a hash? Well, try entering all the characters in the above paragraph, from “But” to “block!” into this hashing utility. If you pasted correctly – as a string hash with no spaces after the exclamation mark – the SHA-256 algorithm used in Bitcoin should produce:

“6afc21238f2d33e24e168195888721dd5ace05d76196671d6739789af92201ed.”

If the characters are altered even slightly, the result won’t match. So, a hash is a way to verify any amount of data is accurate. To solve a block, miners modify non-transaction data in the current block such that their hash result begins with a certain number (according to the current Difficulty, covered below) of zeroes. If you manually modify the string until you get a 0… result, you’ll soon see why this is considered “Proof of Work!”bitcoin network mining 5

5) Blockchain Confirmation

The first miner to solve the block containing Green’s payment to Red announces the newly-solved block to the network. If other full nodes agree the block is valid, the new block is added to the blockchain and the entire process begins afresh. Once recorded in the blockchain, Green’s payment goes from pending to confirmed status.

Red may now consider sending the goods to Green. However, the more new blocks are layered atop the one containing Green’s payment, the harder to reverse that transaction becomes. For significant sums of money, it’s recommended to wait for at least 6 confirmations. Given new blocks are produced on average every ten minutes; the wait shouldn’t take much longer than an hour.bitcoin network mining 6

The Longest Valid Chain

You may have heard that Bitcoin transactions are irreversible, so why is it advised to await several confirmations? The answer is somewhat complex and requires a solid understanding of the above mining process:

Let’s imagine two miners, A in China and B in Iceland, who solve the current block at roughly the same time. A’s block (A1) propagates through the internet from Beijing, reaching nodes in the East. B’s block (B1) is first to reach nodes in the West. There are now two competing versions of the blockchain!

Which blockchain prevails? Quite simply, the longest valid chain becomes the official version of events. So, let’s say the next miner to solve a block adds it to B’s chain, creating B2. If B2 propagates across the entire network before A2 is found, then B’s chain is the clear winner. A loses his mining reward and fees, which only exist on the invalidated A -chain.

Going back to the example of Green’s payment to Red, let’s say this transaction was included by A but rejected by B, who demands a higher fee than was included by Green. If B’s chain wins then Green’s transaction won’t appear in the B chain – it will be as if the funds never left Green’s wallet.

Although such blockchain splits are rare, they’re a credible risk. The more confirmations have passed, the safer a transaction is considered. This is why what is known as ‘0-conf’ or “0 confirmations” on the Bitcoin Cash blockchain is so dangerous.