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 | submitted by turtlecane to Bitcoin [link] [comments] https://preview.redd.it/7qe13wsg3yz11.jpg?width=600&format=pjpg&auto=webp&s=cdb3cb372c118e1bde3b75332739ab61ca868e21 http://genesisblocknews.com/bitcoin-mining-hash-rate-plummets-to-35-eh-s-increasing-centralization-of-bitcoin-mining/ The Bitcoin mining hash rate had been exponentially increasing from 2009 through August 2018, from MH/s, to GH/s, to TH/s, to PH/s, and now EH/s. The all-time record high for Bitcoin’s mining hash rate was 62 EH/s on 26 August 2018. After that point the trend broke, and Bitcoin’s mining hash rate plateaued. This was due to a combination of two factors. First, the Bitcoin bear market brought Bitcoin’s price down from USD 20,000 to about USD 6,500, making mining much less profitable. Second, Bitcoin’s mining difficulty had been rapidly rising despite the bear market, as all the new hash power came online. The end result was there was no more room to profitably add hashing power to the Bitcoin network. It was thought that Bitcoin’s support level was solidly at USD 5,800, but that paradigm broke when Bitcoin Cash forked, the Securities and Exchange Commission began to launch catastrophic civil penalties against initial coin offerings (ICOs), and the launch of physical Bitcoin futures on Bakkt was delayed. This trifecta of extremely bad news within 1 week has brought Bitcoin’s price down to USD 4,400. This unexpected crash in Bitcoin’s price has been destructive for the mining industry. Many mining farms were right at the break even point, or perhaps even losing some money, but expecting Bitcoin to go up in the near future so they kept mining. Now Bitcoin’s hash rate has plummeted to 35 EH/s, implicitly indicating about 25 EH/s of Bitcoin mining rigs have been taken offline since they are no longer profitable due to electricity costs. This represents billions of USD of Bitcoin mining equipment going to complete waste, since Bitcoin mining rigs have no real use besides mining Bitcoin. The events unfolding in the Bitcoin mining space could spell doom for mining rig manufacturers. Now the market for rigs is completely over-saturated, and any demand for rigs has probably dried up. Mining rig manufacturers could perhaps rectify this by rapidly developing cutting-edge technology, like what Bitmain did when they recently released 7 nm rigs. Speaking of Bitmain, no matter how good their technology is, unless Bitcoin’s price rises soon they are going to experience their lowest sales numbers in history. There is a chance this will throttle their attempt at an initial public offering (IPO) on the Hong Kong Stock Exchange, and if that IPO falls apart that will send more shockwaves through the crypto space. On a final note, Bitcoin mining supersites that cost hundreds of millions of USD have been popping up across the globe recently, and these have been forcing personal miners out of business, since the supersites are far more cost effective per unit of hash rate. The crash in Bitcoin’s mining hash rate we are seeing right now could very possibly be individual miners collectively shutting down their rigs, leaving just the supersites. This could drastically increase the centralization of the Bitcoin mining network, and therefore increase the centralization of Bitcoin itself. GenesisBlockNews believes it is a dangerous trend for Bitcoin’s hash rate to increasingly be in the control of a select few corporations. |
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NiceHash is the leading cryptocurrency platform for mining and trading. Sell or buy computing power, trade most popular cryprocurrencies and support the digital ledger technology revolution. What is a Bitcoin Hash? Bitcoin’s blockchain uses SHA-256 (Secure Hash Algorithm). In 2001, SHA-256 was developed by the National Security Agency (NSA) in the USA. Bitcoin’s proof of work algorithm is based on SHA-256. Using this, Bitcoin miners solve computationally difficult math problems to add blocks into the blockchain. An upward adjustment in Bitcoin mining difficulty is typically linked to an likewise increase in network hashing power—the amount of computing power on the network. Indeed, on August 15, Bitcoin's hash rate hit its own record high of 136 exahashes per second (EH/s). There are some important factors to look at when determining which Bitcoin mining ASIC to buy: Hash rate – How many hashes per second can the Bitcoin miner make? More hashes cost more, which is why efficiency is crucial. Efficiency – You’ll want to buy the most efficient bitcoin mining hardware possible. Right now, this is the Halong ... Cloud (or remote) mining – is the process of using hardware power to mine cryptocurrency (such as Bitcoin or Litecoin) remotely. This mining model came to existence due to the fact that the increasing difficulty of mining has made it unprofitable for mining enthusiasts to mine Bitcoins at home.
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Learn how to Brute-Force your Bitcoin core wallet using Hashcat. Get the Bitcoin2John.py script here: https://github.com/magnumripper/JohnTheRipper/blob/blee... This video goes over my 7 day 1 week Bitcoin Mining experiment. I let my computer Mine for Bitcoin for a week straight, to see how much money I could generat... A brief and simple introduction to the hash function and how blockchain solutions use it for proof of work (mining) and data integrity (Merkle Trees). Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as th... This video illustrates the concepts of Hashing, Encryption, Blockchain and Bitcoin Mining by the use of straightforward Python code. It is from a free Webina...