Historic Day For Bitcoin Spil Pool Starts Mining

Bitcoin is about to switch for the better – Bitcoin.com’s own mining pool mined its very first block today, running software that permits miners and knots to set their own block sizes.

Very first Block Mined Today

The Bitcoin.com pool mined its very first block, block 430757, on Wednesday September 21, 2016.

This is a significant day ter Bitcoin history, and one for future Bitcoiners to recall. While mining pools have come and gone overheen the years, this is significant because Bitcoin.com uses the Bitcoin Unlimited protocol.

Bitcoin Unlimited is an alternative to the Bitcoin Core protocol most Bitcoin miners use. Unlimited’s key difference is it liquidates transaction block size boundaries from the protocol level and adds it to the wegtransport level. This means those running the software can choose the size they like.

Bitcoin.com proprietor Roger Veraf said:

“ Bitcoin.com is now the primary hub for Bitcoin advocacy, information and news. Wij also want to support Bitcoin’s growth into a worldwide economic force – and that’s exactly what we’re doing by beginning this pool.”

Free Market, Freedom of Choice for Block Sizes

Bitcoin.com aims to solve one of Bitcoin’s chronic problems —, its inability to scale. The existing Bitcoin network can only treat seven transactions vanaf 2nd, a laughably puny number compared to major centralized payment platforms like Mastercard and PayPal.

Spil a result, many users report transaction delays of hours or even days —, unacceptable for business-critical payments.

Proposals for scaling solutions exist, but none are available now or ter the near future. Together with Bitcoin Unlimited and a pool of antsy miners, Bitcoin.com is taking definitive activity.

Transaction block sizes are now hard-coded with a 1MB limit. A sultry debate exists around calls for Bitcoin Core to increase it.

Bitcoin.com CTO Emil Oldenburg said there were no problems with bandwidth or speed on the pool’s very first block:

“This is the very first block mined with the Bitcoin Unlimited client using the eXpedited Blocks relay technology. This block wasgoed mined te the US, but got through the Chinese Firewall te a matter of milliseconds and then sent to the other Chinese pools.”

Bitcoin Unlimited’s block sizes are nimble. If a majority of miners and knots on the entire network run the Unlimited protocol, it creates a free market for blocks, and freedom of choice.

Running different software versions is superb for the Bitcoin network —, just spil the World Broad Web is better with various web browsers, not just Internet Explorer.

All About the Bitcoin.com Pool

Bitcoin.com possessor Roger Verafgelegen originally proposed a Bitcoin.com mining pool te June 2016, calling for partnerships with miners and pool operators. With help from Bitcoin Unlimited developer Andrew Stone, Verafgelegen’s technical team had a basic pool running on the Bitcoin testnet within 24 hours.

Veraf is a well-known advocate for a world where Bitcoin is the vooraanstaande currency. On top of that, he has long said Bitcoin can never scale to that level under current rules.

Basic product management : Don’t kill or cripple version 1 ter favor of an as-yet-unreleased version Two. #Bitcoin pic.twitter.com/bmyLY7ogE6

It’s significant to note that Bitcoin.com’s pool won’t switch how the entire Bitcoin network works by itself. While the fresh pool will showcase the benefits of running Bitcoin Unlimited, a majority of network knots needs to join te before anything switches.

The Bitcoin.com pool will mine only “consensus compatible” blocks (1MB) until that majority is ready. Beyond that, the pool would accept blocks up to 16MB.

Bitcoin.com will not cause a hard fork. The pool will always go after the longest chain, staying with 1MB blocks if this is community overeenstemming. This stays true even if another pool mines a much larger one.

Bitcoin Unlimited: Keeping Satoshi’s Original Ideal

Andrew Stone has said he believes Bitcoin Unlimited is necessary to steer Bitcoin back towards Satoshi Nakamoto’s original ideal.

“Network overeenstemming should determine what bitcoin is or will be te the future – not individual developers and that is why I support Bitcoin Unlimited wholeheartedly.”

Indeed, many involve radical shifts like moving most transactions off the blockchain. This requests rigorous testing to be trustworthy, but is far even from the testing stage.

Thus, Bitcoin Unlimited’s solution is equal parts philosophical and practical. Its development team want to decentralize Bitcoin by taking significant decisions away from the few, and putting it into many palms.

By electing to run a major mining pool on its protocol, Bitcoin.com agrees and wants to lead the way.

To find out more about the Bitcoin.com pool, look here.

Will you join the Bitcoin.com mining pool and help grow Bitcoin into the future? Let us know.

Photos via: Bitcoin Unlimited, Shutterstock

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Bitcoin is one of the most significant inventions te all of human history. For the very first time everzwijn, anyone can send or receive any amount of money with anyone else, anywhere on the planet, conveniently and without limitation. It’s the dawn of a better, more free world.

Still have a question? Ask your own!

There are many options for cryptocurrency mining.

Some algorithms can still be run more or less ',effectively', on CPUs (eg, Cryptonight), others work best on GPUs (Ethereum, Zcash, Vertcoin), and still others are the domain of custom-built ASICs (Bitcoin, Litecoin). But besides having the hardware, there are other steps to take to get began with Mining.

  • Ter the early days of Bitcoin and some other cryptocurrencies, you could effectively solo-mine the algorithms. That meant downloading (or even compiling) the wallet for a particular coin and the keurig mining software. Then configure the mining software to join the cryptocurrency network of your choosing, and dedicate your CPU/GPU/ASIC to the task of running calculations. The hope wasgoed to find a valid block solution before anyone else. Each time a block is found, the calculations restart, so having hardware that can search potential solutions more quickly is beneficial.
  • Thesis days, a lotsbestemming of people forego running the wallet software. It takes up disk space, network bandwidth, and isn',t even required for mining. Just downloading the utter Bitcoin blockchain presently requires overheen 45GB of disk space, and it can take a while to get synced up. There are websites that take care of that part of things, assuming you trust the host.

The brief response to if it is profitable or not would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different response since Bitcoin Mining profitability depends on many different factors. Ter order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

Thesis calculators take into account the different parameters such spil electro-stimulation cost, the cost of your hardware and other variables and give you an estimate of your projected profit.

So now I think you might have got what you looking for, if not feel free to ask mij.

Content Director For Cryptosomniac (Cryptocurrencies)

#1 Cryptocurrency YouTube Channel: https://goo.gl/LqPhJT

Yes, mining is wasgoed very profitable te 2016 and still is ter 2017. Bitcoin has yet to kasstuk its S curve and build up tremendous value via the momentum caused by a high volume of users. Therefore, cloud mining is always a clever option for gaining bitcoin steadily overheen time.

Genesis Mining wasgoed founded ter 2013. It presently possesses mining farms located te Europe, America and Asia but precies locations are not known to the general public due to security reasons.

Genesis Mining is the most translucent cloud mining company and not a scam.

Hashing24 and GM are the only two cloud mining companies wij are even willing to write about. Get bitcoin wallet here .

It is arguably the largest and most popular cloud mining provider for Bitcoin, Ethereum, and other coins.

It has even registered with the SEC for a Bitcoin mining fund. Free bitcoins you can get here.

Some algorithms can still be run more or less ',effectively', on CPUs (eg, Cryptonight), others work best on GPUs (Ethereum, Zcash, Vertcoin), and still others are the domain of custom-built ASICs (Bitcoin, Litecoin). But besides having the hardware, there are other steps to take to get embarked with Mining.

  • Ter the early days of Bitcoin and some other cryptocurrencies, you could effectively solo-mine the algorithms. That meant downloading (or even compiling) the wallet for a particular coin and the keurig mining software. Then configure the mining software to join the cryptocurrency network of your choosing, and dedicate your CPU/GPU/ASIC to the task of running calculations. The hope wasgoed to find a valid block solution before anyone else. Each time a block is found, the calculations restart, so having hardware that can search potential solutions more quickly is beneficial.
  • Thesis days, a loterijlot of people forego running the wallet software. It takes up disk space, network bandwidth, and isn',t even required for mining. Just downloading the utter Bitcoin blockchain presently requires overheen 45GB of disk space, and it can take a while to get synced up. There are websites that take care of that part of things, assuming you trust the host.

The brief reaction to if it is profitable or not would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different reaction since Bitcoin Mining profitability depends on many different factors. Te order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

Thesis calculators take into account the different parameters such spil electric current cost, the cost of your hardware and other variables and give you an estimate of your projected profit.

So now I think you might have got what you looking for, if not feel free to ask mij.

Note that this does not mean Genesis Mining is profitable, but means that Genesis Mining honestly provides the services it offers.

It is significant to note that thesis mining contracts are life time contracts, meaning they do not have a maturity date and spil long spil the contract is profitable you will proceed to mine and receive payouts.

How Does Genesis Mining Work?

Genesis Mining, according to their webstek, is an effortless and safe way to purchase hash power without having to overeenkomst with the elaborate hardware and software set up.

Genesis Mining specializes te building the most efficient and reliable mining equipments that they suggest to their clients for rent. I',ve used their services and they could provide you a gepast amount of bitcoins BUT it is entirely dependent on the amount of hashpower you invest te to. Spil of this day, I could say that you can break-even ter a year',s time and profit from their onwards. They are suggesting a lifetime bitcoin mining contract with your one-time spend. Spil long spil their venture remains profitable, then they',re good. This may switch ter the future.

All you need to do is set up an account with them to begin mining.

After signing up, fund your account via Bitcoin, PayPal, credit card, or wire transfer, and then choose the mining project that’s best for you.

For beginners you can commence with a 100 GH/s (Gold) lifetime Bitcoin mining contract which will cost you $Nineteen. It will help you te understanding how cloud mining works and what the profitability might be.

If that proves to be petite you can attempt the Two,000 GH/s (Platinum) lifetime Bitcoin mining contract and this will cost you $340.

The third and the largest is the Ten,000 GH/s (Diamond) lifetime Bitcoin mining contract which will cost you $1,600.

What Coins Can You Mine?

Genesis mining makes it possible for you to earn different coins but it is dependent on which contract you buy.

Let us now look at different contracts and the different coins you can mine spil of June 2016.

For X11 contracts you can mine the following coins: Bitcoin, Litecoin, Dogecoin, Dash, Peercoin, Startcoin and Namecoin.

For SHA-256 contracts you can mine the following coins: Bitcoin, Litecoin, Dash, Zetacoin and Darkcoin.

Of course it makes no sense buying contracts from Genesis Mining if it’s not profitable.

With that ter mind let us analyze the profitability of the different contracts I mentioned under the previous section i.e. SHA-256 and X11.

The factors that make a contract profitable or not are permanently switching. Each coin’s price, network difficulty, and hash rate switch every day. Read our article on mining profitability to learn more.

SHA-256: You can expect payouts of 0.37mBTC vanaf 1TH/s vanaf day and a cost of 0.25 BTC vanaf 1TH/s so expect to break-even after approximately 670 days.

X11: You can expect payouts of 0.027mBTC vanaf 1MH/s vanaf day and a cost of 13.6mBTC vanaf 1MH/s therefore expect to break-even after approximately 500 days.

It is also significant to keep te mind that for lifetime contracts spil long spil they are profitable, a petite maintenance toverfee is deducted.

How is Genesis Mining Different from Other Cloud Mining Providers?

Spil mentioned earlier, Genesis Mining is the largest and most popular cloud mining provider.

Genesis Mining has made mining an effortless and pleasant practice.

For any miner, a significant investment ter mining hardware is required. If you cloud mine with Genesis Mining you will not have to go through the hassles of setting up hardware or maintenance of mining equipments.

With Genesis Mining recall you are mining online therefore you will not have to overeenkomst with noisy equipments which produce a lotsbestemming of warmth. There are also no mining pool fees.

One factor that truly stands out is the fact that you can determine which coins you want to mine with the purchased hashpower.

This makes it possible for you to split up your total hashpower to different coins.

It is clear that GM aims to provide both the average miner and the big investor. Genesis Mining presently has more than 300,000 members.

There have bot serious concerns of whether Genesis Mining is legit or a scam but after doing research it is fairly clear that it is not a scam, that does not mean Genesis Mining is profitable, but means that Genesis Mining honestly provides the services it offers.

Genesis Mining is fine for cloud miners who want to mine without having to go through the stress of choosing a bitcoin mining pool, hardware, software or setting up a equipment at huis.

Bitcoin mining depends on the computing capacity. There are many online sites that let you buy computing capacities for a one time toverfee (+daily maintenance toverfee). I use Minergate to mine and i’m doing it from Three+ years.

I Sometimes use my CPU/GPU to mine overnight.

Yes, it very much is profitable. But very first, I will address the punt of Ethereum mining not being possible. Ethereum has bot attempting to switch from Proof of Work to Proof of Stake for ages, but it has continually bot delayed. Proof of Stake would make GPU mining worthless, however, the current estimate is anywhere from November of this year to June of next year.

9 RX 470s would be more price efficient than 9 RX 480s spil 470s can have a hash rate of around 28 MH/s to a 480s hash rate of around 30 MH/s. (How to BIOS mod your RX 470 to get 28+ MH/s Sapphire RX 470 Nitro+ OC 4GB Bios Flash / Mod Tutorial (Hynix, Elpida, Samsung, Micron) – 1st Mining Equipment )

So now, to calculations. I personally run a mining equipment with two RX 470s outputting 56.xx MH/s and consuming 350 watts. Some of that power is used by CPU/motherboard/etc, so each card is using about 130 watts and the surplus is using about 90 watts. Some motherboards support up to six graphics cards, (use PCI-e x1 to x16 risers) so you would only need two systems. So 130*9 is 1170 and 90*Two is 180, 1170 + 180 = 1350 watts. With each card outputting 28 MH/s, that would be a total of 252 MH/s.

Assuming you have the nationwide average electro-stimulation cost of $0.12, you would make overheen $1,500 vanaf month using this rekenmachine: Mining Zakjapanner Bitcoin, Ethereum, Litecoin, Dash and Monero

Now wij have to calculate the cost of the entire system. The 9 graphics cards would cost around $1800 and the two motherboards, cpus, ram, and hard drives would cost a total of around $300. That’s for a total of $2100, which you will pay off te about a month and Ten days, well before the switch to Proof of Stake.

$Five,000,000 vanaf month each. Smaller mining consortiums earn toughly $700,000 vanaf month.

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about bitcoin.com

Bitcoin.com is just one domain name used to promote Bitcoin. Bitcoin.com is not an official webstek. Just like nobody wields the email technology, nobody wields the Bitcoin network.

Spil such, nobody can speak with authority ter the name of Bitcoin.

Related movie: HASHFLARE Bitcoin Cloud Mining Review $Ten,000 Month Passive Income


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