crypto_botResponds with the USD price of one bitcoin from an average of six of the top bitcoin exchanges (BTC-E, Bitstamp, Bitfinex, Coinbase, Kraken, Cryptsy).
crypto_bot tickerResponds with the USD price of one bitcoin at seven exchanges (all of the ones listed above, plus LocalBitcoins). Also lists the average at the bottom.
crypto_bot [exchange]Responds with the USD price of one bitcoin from [exchange] (any of the seven listed above).
crypto_bot [litecoin|ltc|dogecoin|doge]Responds with the USD price of one litecoin, or the price of 1 doge and 1,000 doge.
crypto_bot litecoin|ltc [exchange]Responds with the USD price of one litecoin from BTC-E, Bitfinex, Kraken, or Cryptsy.
crypto_bot [currency]Responds with the price of one bitcoin in the specified currency. Available currencies (symbols): JPY, CNY, SGD, HKD, CAD, NZD, AUD, CLP, GBP, DKK, SEK, ISK, CHF, BRL, EUR, RUB, PLN, THB, KRW, TWD.
crypto_bot [about|info] [arg]Responds with a short description about [arg], as well as a link to an external site (Wikipedia, bitcoin.it, and some others) for more information. You can list multiple arguments and get a description for each. Available arguments: bitcoin, block chain, transaction, address, genesis, satoshi, mining, confirmation, coinbase, gox, cold wallet, hot wallet.
crypto_bot legalResponds with a chart about the legality of bitcoin in 40 countries, copied straight from Wikipedia.
crypto_bot [explain transaction delay|explain tx delay]Responds with an explanation of why transactions may take longer to confirm (the bot specifically discusses spam-transaction attacks in this command).
crypto_bot difficultyResponds with the current difficulty of the bitcoin network.
crypto_bot [height|number of blocks]Responds with the current height of the block chain.
crypto_bot retargetResponds with what block the difficulty will recalculate at, as well as how many blocks until the network reaches that block.
crypto_bot [unconfirmed transactions|unconfirmed tx]Responds with the current number of unconfirmed transactions.
crypto_bot [new address|generate address]Responds with a newly-generated public and private key. This is mainly to provide an explanation of what both look like, and contains a clear warning to not use or send bitcoins to the address.
crypto_bot blockinfo [height]Responds with information about block #[height], including its hash, time discovered, and number of transactions.
crypto_bot [address]Responds with information about [address], including its balance and number of transactions.
crypto_bot [transaction_id]Responds with information about [transaction_id], including what block it was included in, its size, and its inputs and outputs.
crypto_bot calc <# miningspeed> [#][w] [#][kwh] [#][difficulty] [hc$#] [$#] [#%]Responds with calculations and information about how a miner would do with the above data (mining calculator). The only required field is mining speed. Order of the arguments does not matter. Everything other than hashrate defaults to the following if not given: w (watts): 0, kwh ($kilowatt cost/hour): 0, difficulty: current network difficulty, hc$ (hardware cost): $0, $: current bitcoin price in usd (according to Coinbase), % (pool fee): 0. The calculator does not account for nor allow for input of the increase/decrease of difficulty over time, though I may add this feature soon. Working hashing speeds: h/s, kh/s, mh/s, gh/s, th/s, ph/s.
crypto_bot number of btc <$amount to convert> [bp$bitcoin price]Responds with the number of bitcoins you could buy with <$amount to convert>. If the comment specifies a [bp$bitcoin price], it calculates it with that exchange rate. Otherwise, it uses the rate from Coinbase.
SignMessage! "Signs a message in the bitcoin block chain in a transaction using OP_RETURN. The message must be less than 40 characters.
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot!
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.Alex Evans, a cryptoeconomics researcher who recently joined Placeholder, posted his 13-page Decred Network Analysis.
"I own DECRED because I saw a YouTube video with DECRED Jesus and after seeing it I was sold."May targeted advertising report released. Reach @timhebel for full version.
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 1 2, video, video (from 32 min))
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)
submitted by turtlecane to Bitcoin [link] [comments]
The Bitcoin mining hash rate had been exponentially increasing on average since the genesis block in 2009, from MH/s, to GH/s, to TH/s, to PH/s, to EH/s, and it reached an all-time record high of 62 EH/s on 26 August 2018. Since this peak was reached, the Bitcoin mining hash rate gradually plateaued and has now decreased. The chart of Bitcoin mining hash rate actually looks quite similar to a peak oil chart except on a much faster time-scale, as can be seen in the comparison between Bitcoin’s hash rate over the course of 2 years from Blockchain.com and North Sea oil production from an article in The Oil Drum: Europe by Euan Mearns. As explained below, the dynamics between peak oil and peak Bitcoin mining are similar, with the key difference that Bitcoin mining is decentralized and oil is not.
Geologist M. King Hubbert is the founder of the peak oil theory, which states that there is a point when the maximum extraction rate of petroleum is reached, after which a terminal decline in production ensues. The peak rate of extraction of Bitcoin of course occurred during the period after the genesis block and before the first block halving, when the block reward was at its maximum of 50 Bitcoins. However, this is not the peak rate of mining profitability, since Bitcoin increased in price by orders of magnitude through the year 2017. The peak rate of Bitcoin mining profits undoubtedly was simultaneous with Bitcoin’s all-time record high of USD 20,000 in December 2017.
The reason the peak hash rate did not coincide with the peak rate of Bitcoin mining profits is because the rally happened so quickly that mining operations were not able to add rigs fast enough, so there was a lag effect. Even for mining operations with large amounts of capital it can take months to obtain the amount of mining equipment that they want, and for other mining operations it took even longer because they had to obtain investors, buy land, build infrastructure, and only then could they install the rigs and begin hashing.
The Bitcoin mining hash rate chart implicitly indicates that 30 EH/s of Bitcoin mining equipment has been taken offline due to lack of profitability, which represents tens of billions of USD of wasted rigs. This suggests that Bitcoin miners were caught by surprise by the decline in Bitcoin’s price from USD 20,000 to less than USD 4,000 as of 4 December 2018.
Coming back to the peak oil comparison, the current Bitcoin mining scene is like a rapid version of peak oil, combined with lack of coordination. Oil mining is a centralized and coordinated activity, where the oil is prospected, land is leased out and then an appropriate number of wells are drilled. With oil mining, companies cannot drill as many wells as they want, or drill wells on someone else’s lease, since this is all closely controlled by contractual agreements. Bitcoin mining is decentralized, and no one has a lease or contract to only mine with a certain amount of hash rate. Anyone in the world can run as much Bitcoin mining rigs as they can afford. The effect is that people all around the world are sticking their straws into the Bitcoin mining network all at the same time, and they sucked it dry. Essentially, so many people started up new mining operations at once without coordination, that the Bitcoin mining hash rate went way past its equilibrium, which hurt everyone involved. This is akin to if oil drilling was a decentralized process, and anyone who wanted to drill for oil could drill in the same field. The oil field would be sucked dry really quick, and then most of the drills would be shut down due to lack of profits.
There is hope for Bitcoin miners however. The price of Bitcoin simply has to rally, and all of the disenfranchised miners could restart their rigs, and then it would be back to the races and new rigs could begin being added. However, due to the decentralization of Bitcoin mining, the network hash rate will likely periodically rise past its equilibrium point, leading to catastrophic conditions for miners like we are experiencing today at points in the future. The only thing that could prevent the scenario we are experiencing today is a Bitcoin rally that lasts forever, which is obviously not possible.
James McAvity tweeted that Bitcoin mining is still profitable in the current environment, and does some simple linear calculations to prove this point. He also argues that miners are forced to keep mining due to business agreements, choose to HODL in expectation of a rally, and continue mining in expectation of a downward difficulty adjustment as other miners go offline.
Some of what McAvity says is true, but the reality is that Bitcoin mining is a highly non-linear system, and calculating the support level for mining is somewhat pointless, since it is different for every miner. Bitcoin mining profitability depends on Bitcoin’s price, the Bitcoin network hash rate which is directly correlated to mining difficulty, and the technological efficiency of Bitcoin mining rigs. These 3 factors are related in a non-linear and ever-changing way.
Instead of trudging away at trying to develop a set of equations that determine mining hash rate behavior, one could simply look at the Bitcoin mining hash rate chart at the beginning of this article to understand what is going on. Bitcoin mining profitability is different for each individual miner, and the hash rate has trended downwards as individual miners have made the decision to shut down rigs. Clearly there was a fundamental mining profitability support level in the USD 6,000-7,000 range, since that is where Bitcoin’s price was when mining peaked and plateaued. There are clearly numerous miners who became unprofitable on the descent from that level to less than USD 4,000 today, and now approximately 50% of the Bitcoin mining equipment that exists cannot profitably mine. The decrease in Bitcoin’s mining difficulty of 15% on 3 December 2018 could help bring some of those miners back online, at least if the price stays at current levels around USD 4,000, but this will not change the overall trend.
When it comes down to it, Bitcoin’s price is in control of Bitcoin mining profitability, and if the price goes up we could see a reversal of the hash rate downtrend and eventually a 2nd peak in Bitcoin’s network hash rate. However, if price continues to go down, the Bitcoin mining hash rate chart will follow a similar pattern to peak oil charts. The reality will likely be a combination of both. Bitcoin bear markets tend to last years, and get more severe, but eventually the rally comes and then Bitcoin exceeds its all-time record high. This would lead to a steady decrease in Bitcoin’s mining hash rate like the peak oil chart, followed by a rapid re-engagement of old mining rigs that have been taken offline, and then the addition of new generation Bitcoin mining rigs once the equilibrium hash rate exceeds 60 EH/s.
energy consumption of the bitcoin network, which is responsible for verifying transactions made with the cryptocurrency, is 30.14TWh a yearWhere does it come from
Digiconomist is a platform that provides in-depth analysis, opinions and discussions with regard to Bitcoin and other cryptocurrencies. The goal of Digiconomist is to cover any relevant financial, economic or regulatory cryptocurrency-related topic.Additionally a quick look at the website shows a few things: 1. The website only talks about ETH and BTC 2. Outside of the blog posts it almost only talks about energy consumption (there is an ETH obituaries) 3. Blog posts started in march 2014 4. The domain was registered the 2014-07-03 5. No address, no country, no name, no foundation, no agency... Who are they?
Bitcoin's current estimated annual electricity consumption* (TWh) 32.53So let's dive into the methodology on a step by step process, first of all, a further detailed methodology is shown here
Since the marginal product of mining is equal to the number of Bitcoins received per unit of mining effort, it would thus be expected that miners will either add more hashrate if the resulting revenue exceeds associated electricity costs, or reduce the hashrate once electricity costs start exceeding the revenue per hash. This also means that it is expected that the total network of Bitcoin miners is always mining at the calculate-able break-even efficiency. The break-even efficiency for Bitcoin mining can simply be calculated as:In layman terms, this means that they assume that the number of miners is always the exact amount for break even. This is a fair assumption. The formula that follows it make no sense without the context it came with in that working paper. A quick look at this document shows concerning mathematical mistakes... I have tried for far too long, I cannot reproduce any of their numbers...
W per GH/s=(price∙BTC/day)/(price per kWh ∙ 24hrday)
The New School is a private non-profit research university centered in Manhattan, New York City, USA, located mostly in Greenwich Village. It was founded in 1919 as an institution dedicated to academic freedom and intellectual inquiry, serving as a home for progressive thinkers.The real estimation
|CPU||AMD Sempron 145 2.8GHz Single-Core Processor||$36.01 @ Amazon|
|Motherboard||ASRock 970 EXTREME4 ATX AM3+ Motherboard||$99.48 @ OutletPC|
|Memory||Crucial Ballistix Tactical Tracer 4GB (1 x 4GB) DDR3-1866 Memory||$59.99 @ Newegg|
|Video Card||Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire)||$245.38 @ Newegg|
|Video Card||Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire)||$245.38 @ Newegg|
|Video Card||Sapphire Radeon HD 7950 3GB Video Card (3-Way CrossFire)||$245.38 @ Newegg|
|Power Supply||SeaSonic Platinum 860W 80+ Platinum Certified Fully-Modular ATX Power Supply||$146.98 @ SuperBiiz|
|Prices include shipping, taxes, and discounts when available.||$1078.60|
|Generated by PCPartPicker 2013-11-29 00:52 EST-0500|
difficultyThen I inserted:
current conversion rate
electricity cost (I think mine is actually less than .15/kWh, but might as well guess high)
hash rate = 600 GH/sAnd it calculates a HUGE profitability. A first year Net profit of 35593.69 USD.
power consumption = 750W (I'm guessing I could run it on something with a power supply this size.
Time Frame = 12 months
Cost of mining hardware = 2196 (how much the card costs... I have plenty of spare computers to place the card in).
The company's solutions for Bitcoin mining offer the highest level of Technology and Infrastructure in the Cloud. Cryptocurrency mining is a process by which new coins are introduced into the existing circulating supply, as well as a process used to secure the network the coin operates on. The Bitcoin is the currency in no countries. The Ghanaian Cedi is the currency in Ghana (GH, GHA). The symbol for BTC can be written BTC. The Ghanaian Cedi is divided into 100 pesewas. The exchange rate for the Bitcoin was last updated on July 18, 2020 from coinmarketcap.com. Bitcoin Mining Calculator – VBit Technologies GH/s. Black Diamond. Disclaimer: Mining metrics are calculated based on current network hash rate and using a BTC - USD exchange rate based on user inputted price. These figures vary based on the total network hash rate and on the BTC to USD conversion rate. Bitcoin. Bitcoin is a digital, cryptographic, peer-to-peer currency. The money supply is increased automatically by the network by rewarding newly minted bitcoins to users who contribute the computing power necessary to solve the difficult cryptographic problems required to produce the global transaction log. Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners. Updated in 2020, the newest version of the Bitcoin profit calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware.
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