Bitcoin mine reddit
This contains 44 links to most of the best quality content that was uploaded to Reddit for this month. One of the most bullish news we had this month was when Venezuela legalized Bitcoin mining. Venezuela has cheap electricity so hopefully their citizens can potentially mine it for next to nothing. In grand total, the company now owns 38, Bitcoin.
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- What To Know About Cryptocurrency and Scams
- Bitcoin: Delusions of money
- Fake Cryptocurrency Mining Apps Trick Victims Into Watching Ads, Paying for Subscription Service
- Crypto mining – PC enthusiast’s worst nightmare or necessary evil
- Hostage-Style Bitcoin Scam Videos Are Spreading Across Instagram
- Bitcoin Reddit Roundup – September 2020
What To Know About Cryptocurrency and Scams
With the establishment of cryptocurrency, the era of a new means of payment has been ushered Crypto Mining in. We started with Bitcoin, which was first described in by the Japanese Satoshi Nakamoto in the Bitcoin white paper. His idea: The establishment of a digital currency. This should be organized decentrally, i. The maximum number of Bitcoins should be limited to a total of 21 million, in order to exclude inflation from the outset. Unlike central banks, however, Bitcoin units are not printed like banknotes, for example, but can only be generated digitally by computing power.
These are then lined up in a linear sequence and linked together via a decentralized peer-to-peer network. The check number in turn contains the individual hash values of the current transaction as well as the hash values of the respective previous transaction. Thanks to this procedure, manipulation of the transactions is impossible, since a subsequent change within the chain would not only stand out, but is not even mathematically possible. If only one value were to be manipulated, the subsequent value would also deviate from the actual sequence.
Simply explained, there are two different possibilities to mine cryptocurrency. These are private crypto mining from home and crypto mining via the cloud. The two possibilities will be examined in more detail below:. The foundation stone for every type of crypto mining is the so-called eWallet, which is used to store the cryptocurrencies generated during mining e.
Bitcoins, Moneros and Co. In addition, private Bitcoin Mining requires a special program that can execute the hash function for mining. This can be installed and set up quite easily by any PC owner. Although it is still possible to run Crypto Mining from home with the CPU of your own computer, it is not recommended nowadays for economic reasons.
But even this is not always profitable compared to crypto mining via the cloud. If you want to save yourself the trouble of operating Crypto Mining from home, you can rent hash services from a cloud mining provider. Meanwhile there are countless different providers, some of which operate entire mining farms. The contracts can be concluded for different crypto currencies via the website of the respective provider. The costs of the contracts depend on the rented service. Thus the providers remain independent of the value of the cryptocurrencies.
Crypto Mining is an extremely complex, resource-intensive — and therefore expensive — process. While in the early days of Bitcoin and Co. This ensures that from a certain point in time it is twice as time-consuming to generate a unit of a crypto currency.
This measure is necessary because otherwise inflation would occur. Conversely, this means that more and more computing power is required to generate the unit of a cryptocurrency.
The power consumption and the wear and tear on the hardware are increasing rapidly. Resourceful Crypto Miners soon began looking for new ways to mine crypto currencies more profitably. Completely new possibilities quickly established themselves: One is the mining of cryptocurrencies in countries with very low energy prices, such as Iceland, Venezuela or Georgia. Entire industries have already developed in these countries, some of which are now a problem for the stability of the national power supply.
Iceland has already experienced an energy shortage due to the rapid increase in crypto mining activities. The consequences: A significant shortage of the sought after commodity and increasingly expensive production An almost free, but also illegal method is the generation of cryptocurrencies with the help of a botnet. The aim here is to make as many computers as possible part of such a network and have them mine crypto currencies in a network. How the criminal miners succeed in this is described below.
However, the legal situation is anything but clear. Some of them even use the full CPU power, such as the Crypto Mining program that was included on the website of Portuguese football star Cristiano Ronaldo. But this method has a decisive disadvantage for Coinhive users: Cryptocurrencies are only mined as long as someone is actually actively on the website. If they leave the site, the crypto mining process is aborted. Crypto mining using malware is a completely different matter.
This method uses malware specially designed for mining cryptocurrencies. The cybercriminals use different ways to smuggle it onto the computers of their victims. The most popular method of distribution is via infected websites. But pirated software is also suitable as a hiding place for a crypto mining dropper. If a user calls up an infected download website, the malware is loaded onto the computer unnoticed via a drive-by download and begins to dig up a selected crypto currency for the hackers.
Since the maximum computing power of the devices is to be used to the full, the cyber criminals must proceed with caution in order not to be discovered while digging. Because if the device is always running at percent computing power, it can hardly be operated by its owner.
In most cases, the user will then take countermeasures. As a result, Crypto Mining Malware usually uses only about two thirds of the computing power. Crypto Mining Malware has even been detected that is able to bypass antivirus programs. However, many independently infected devices do not yet give cybercriminals much use. The important thing is that they can bundle their power to mine crypto currency.
A bot network is the ideal tool for this. Some of these networks comprise several thousand computers, and the profits that cybercriminals make are correspondingly high. On the one hand, it is important to understand how cyber criminals proceed in illegal crypto mining and what tools they use.
The right security awareness can lay the foundation for effective prevention. As a supplement, an anti-virus program should be installed on the computer, which is always kept up to date — this naturally also applies to all other programs and the operating system.
If you want to download software from the Internet, you should only do this via trustworthy sources such as heise. Renowned download portals also offer software for download that wants to install additional software during the installation process. It cannot be ruled out that this may contain additional malware such as crypto mining droppers. Furthermore, spam e-mails may also contain links that lead to websites contaminated with Crypto Mining Droppers.
As it can be difficult to distinguish well-done spam e-mails from normal e-mails, it is recommended that companies in particular use a managed spam filter service.
Increased attention is also advised when surfing the web. Since dubious, malware-infected pages are of course only rarely recognized as such, the use of a web filter is also recommended.
This reliably warns the user of potentially harmful content before calling up the page. This provides protection not only against Crypto Mining Malware but also against all other harmful content.
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Price and product request Onboarding Contact Form Call us now. Crypto Mining: Definition and Function Explained What danger does Crypto Mining pose to companies and how can you protect yourself against them? Table of Contents. How Does Cryptocurrency work?
Difficulties with the Generation of Cryptocurrencies Simply explained, there are two different possibilities to mine cryptocurrency. Private Bitcoin Mining The foundation stone for every type of crypto mining is the so-called eWallet, which is used to store the cryptocurrencies generated during mining e.
Bitcoin: Delusions of money
For much of the year, the cryptocurrency has been less profitable to mine than ever. Read more: How Bitcoin Mining Works. Coming into , miners were producing approximately 90 exahashes a second or 83,,,,,, cryptographic numbers a second in an effort to generate new blocks. And ASIC financing could largely be to blame.
Fake Cryptocurrency Mining Apps Trick Victims Into Watching Ads, Paying for Subscription Service
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Crypto mining – PC enthusiast’s worst nightmare or necessary evil
Jasmine Technology Solution stock has more than tripled since the plan was announced in late July, although the cryptocurrency project has yet to generate significant earnings for the firm. Jasmine Technology is just one of many Thai firms diversifying into the digital-asset arena. Consumer-appliance maker AJ Advance Technology this month announced its inaugural investment in Bitcoin mining. Siam Commercial Bank and Kasikornbank have also taken stakes in cryptocurrency start-ups. Enthusiasm for crypto products, especially among young investors, has driven trading in locally licensed exchanges to a series of new record highs - prompting regulators to propose tighter rules.
Hostage-Style Bitcoin Scam Videos Are Spreading Across Instagram
Jack Dorsey on Thursday announced that his digital payments firm Block is building a system to make it easier for people to mine bitcoin. Dorsey said in a tweet that Block, formerly known as Square, is "officially building an open bitcoin mining system," following through on an idea floated publicly late last year. In November, Twitter co-founder Dorsey announced his departure from the social media platform, allowing him to concentrate on his digital payments firm as it expands into cryptocurrency. Block changed its name from Square late last year to denote a broader mission that includes blockchain and economic empowerment. Hardware and software teams at Block will openly collaborate with the cryptocurrency community outside the San Francisco-based company, aiming to create a mining system that could be used by anyone, according to Dorsey's tweets. Block hardware general manager Thomas Templeton said on Twitter that the project's aim was: "To make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining.
Bitcoin Reddit Roundup – September 2020
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The European Union should ban the energy-intensive system used to mine Bitcoin, one of the bloc's leading financial regulators has said. Bitcoin now consumes 0. Bitcoin and Ether, the two largest cryptocurrencies, are minted via the proof of work system, which financially incentivises miners to use ever more computing power - and therefore electricity - to validate blockchain transactions and earn the tokens. In the interview published on Wednesday, the Swedish regulator emphasised that he was not calling for a blanket ban on cryptocurrencies, but rather that he was trying to promote a "discussion about shifting the industry to a more efficient technology".
This op-ed was originally published by The New York Times. Bitcoin, the original cryptocurrency, has been on a wild ride since its creation in Then it fell to half that value in just a few weeks. Are cryptocurrencies the wave of the future and should you be using and investing in them? Bitcoin was created by a person or group that remains unidentified to this day as a way to conduct transactions without the intervention of a trusted third party, such as a central bank or financial institution.
HiveOS users : many of you complained that your hashrate on LHR cards is fluctuating too much compared to the Windows version. The reason is HiveOS sets "hashrate-avr": 30 for T-Rex causing it to report seconds average hashrate as opposed to 1-minute average default. A temporary solution would be to edit your flight sheet and manually add "hashrate-avr": 60 to the "Extra config arguments" field.