How does internet speed affect bitcoin mining
The hashrate of major bitcoin mining pools neared recovery on Monday, days after computing power on the network fell following an internet blackout in Kazakhstan, data from BTC. Hashrate losses of major bitcoin mining pools narrowed, as internet connectivity in Kazakhstan was partially restored on Jan. Data from BTC. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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How does internet speed affect bitcoin mining
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Content:
- Cryptocurrency for Dummies: Bitcoin and Beyond
- Is Bitcoin Mining A Viable Business In Nigeria?
- How Much Internet Bandwidth You Need For Mining?
- Here's how much electricity it takes to mine Bitcoin and why people are worried
- Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown
- Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you
- Ethereum derivatives do bitcoin atms take eth
Cryptocurrency for Dummies: Bitcoin and Beyond
We will also discuss uncle blocks and how their number in pools affects mining profitability. The ping or network speed is often the first thing miners look at when comparing mining pools. They see in their mining program how fast shares are sent to a pool and accepted. Say, for one pool it takes 50 ms milliseconds , while for another — ms.
As a result, miners assume that the former is better than the latter. Are they right or wrong? The interaction between a miner and a pool is quite straightforward.
The pool sends a task to the miner. The miner sends solutions that is, shares to the pool. Ping in a mining pool is the time it takes for a share sent by a miner to reach the pool and get processed.
To process a share means either to accept or to reject it. PING in mining programs measures how fast a mining pool server gets your share, processes it and gets back to you. Say, a miner connects to a pool and starts sending shares. He sees that shares are accepted in 50 ms the ping is 50 ms. Then the miner connects to another pool and sees that shares are accepted in ms. He thinks that the first one is better and chooses to stay there. When you choose a mining pool, you should look at stale shares rather than ping.
Thanks to uncle blocks in the Ethereum network, any stale share, even after ms or ms, can become a block solution. But as an uncle block, it can bring you 1. Many pools misinterpret the concept of a stale share. We handle all shares with care and try to make the most of them. A share comes late? No problem, maybe we can create an uncle block!
When you start mining in a pool, study your share stats. Again, there are other things to consider when you choose a pool, like how you get paid, fees, MEV, etc. In this case, we are talking only about network speed. The first has a ping to the pool of 50 ms, the second — ms. In one hour, the first miner sends shares to the pool. All the shares are valid, and no stale shares are found.
The second miner sends shares to the pool in one hour. Both of them get the same reward. Uncle block is an important difference between Ethereum, as well as other Ethash coins, and all other cryptocurrencies. Block find time in Ethereum is very short: 13 seconds on average. Most cryptocurrencies have a longer block find time. In Bitcoin, a new block is found every 10 minutes. Once someone finds a new block, he should transmit information about it to other network nodes miners as soon as possible.
In Ethereum network mining pools would often find new blocks at the same time and would then compete against each other. Thanks to uncle blocks, a mining pool that finds a block a little later than other pools can be rewarded.
It also happens that two pools find a new block simultaneously, but one of them is connected with a greater number of major mining pools in the network than the other.
In this case, the former gets a full block reward, while the latter gets a reward for an uncle block. Reward for an uncle block is 1. The difference is minimal. It goes without saying that any pool should strive to maintain a good connection with other network nodes to get information about new blocks as fast as possible and send information about blocks found in the pool just as fast. Plus, we cooperate with other mining pools and connect our network nodes directly.
As a result, we send and receive information about new blocks without delays. We also run a special page that shows the stats of network nodes in different mining pools: Ethereum Network Stats. We are confident that good mining pools out of the top ten can buy and set up quality servers. Pools were exchanging information with long delays, and there were a lot of uncle blocks in pools. Definitely yes! The more the better. See for yourself: one pool finds blocks and 5 uncle blocks, the other finds blocks and 10 uncle blocks.
It may even be the contrary. Generally, 2 ETH blocks appear right after the previous block is found. For example, you can look at the 2 ETH block 11 that after just one second follows block 11 There is no way around it.
Again, considering that top pools can afford to buy and set up servers properly, 2 ETH blocks is a completely normal thing. In this case, you can say that the pool is bad. But to be honest, it almost never happens. Is there a way for a pool to solve the node issue?
Yes, there is. A pool can set some sort of a timeout or delay. Say, a pool can hide information about a new block from miners in the first ms after the receipt and keep sending them the old problem. As a result, instead of an empty 2 ETH block, the pool may find an uncle block worth 1. But 2 ETH is definitely better than 1. Join our Telegram community and remember to follow us on Twitter to get all the news as soon as possible.
The 2Miners pool co-founder, businessman, miner. In started mining cryptocurrencies and built many rigs on his own.
As a result, he gained lots of practical knowledge and became interested in sharing it with others. In his articles on 2Miners, he shares useful tips that he tried and tested himself.
For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. October 21, Contents What Is a Share in a Pool? What is Ping in Pools?
Myth or Reality? Uncle Blocks: Yes or No? Mining Pools. December — Work Progress Report Jan 1, Test by 2Miners. Dec 30,
Is Bitcoin Mining A Viable Business In Nigeria?
Accordingly, the questions arise: what Internet speed is needed for mining, can I use mobile Internet for cryptocurrency mining, how much traffic needed for mining how to find out your ping to the pool and how to operate the farm through the Wi-Fi connection. Standard package of most providers currently offer monthly rates at a speed of 50 Mbps and Mbps. We carry out a simple calculation. As in the day of 86 seconds, divide Mbps to 86 seconds. Come out to 0.
How Much Internet Bandwidth You Need For Mining?
February 26, That's why cryptomining can daunt newcomers—rumors about hardware degradation have made them fearful of killing their darlings. Lucky for them, mining doesn't degrade your GPU any more than a lifetime of l33t gaming. If you're totally new to blockchain, get good with our Gamer's Guide to Blockchain and Crypto. If you're not sure you're ready for the rigors of mining, we think the best way to get started is by using Salad , our free app that turns idle PC resources into rewards value for games, gift cards, subscriptions and more. It's the one-click way to profit from your PC. Since the crypto gold rush , miners and gamers have butted heads over their predilection for the most performant GPUs. High demand led to shortages and price gouging, making an expensive hobby even more dear.
Here's how much electricity it takes to mine Bitcoin and why people are worried
Podcast Safety Tips. The value of bitcoin has had its ups and downs since its inception in , but its recent skyrocket in value has created renewed interest in this virtual currency. The rapid growth of this alternate currency has dominated headlines and ignited a cryptocurrency boom that has consumers everywhere wondering how to get a slice of the Bitcoin pie. For those who want to join the craze without trading traditional currencies like U.
Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown
The world has known for months that more than half the world's bitcoin miners would be going dark as China cracked down on mining. Now that it's happened , the bitcoin algorithm has adjusted accordingly to make sure miner productivity doesn't continue to fall off a cliff. That adjustment — which took effect early Saturday morning — also means that way more cash is going to the bitcoin miners who remain online. A bitcoin miner runs a program on a computer to try to solve a puzzle before anyone else does. Solving that puzzle is what completes a block, a process that both creates new bitcoin and updates the digital ledger keeping track of all bitcoin transactions.
Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you
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.
Ethereum derivatives do bitcoin atms take eth
Union Budget The announcement of a heavy tax on crypto income has come as a big disappointment for crypto investors as finance minister Nirmala Sitharaman also gave no relief in case of losses. Finance minister Nirmala Sitharaman in her Budget Speech Tuesday said that 30 per cent tax would be charged on income from the transfer of virtual digital assets. The finance minister said that while computing such income, no deduction with respect to expenditure or allowance shall be incurred, barring the cost of acquisition. She added that the loss from the transfer of cryptos or any digital asset cannot be set off against any other income.
Heidi Samford , Lovely-Frances Domingo. And, while most analysis of the phenomenon focuses on the disruptive impact of cryptocurrency on financial markets, cryptocurrency also negatively impacts the communities and the environment. To maximize profits, cryptocurrency miners seek low cost electricity and permissive policy environments, creating environmental hazards and impacting local consumers without producing any benefit for communities. By the end of , Bitcoin mining farms were projected to consume 0. Most cryptocurrencies are characterized by their decentralized control.
Cryptocurrency fans have counted Tesla boss Elon Musk as among their champions, but this week he rocked their world by questioning the future of the digital assets and singling out carbon emissions from Bitcoin mining for particular criticism. Obtaining Bitcoin price in India is an energy intensive endeavour, and the chart showed the evolution of its power usage, rising constantly from and accelerating sharply in on an annualised basis to hit its current level of terawatt-hours TWh , an all-time high. That's compared to Google's entire energy usage of Indeed, the IEA predicts the situation could worsen: if miners used the most energy intensive equipment, their consumption could rise to TWh. Citing its energy consumption particularly by miners who use coal, Musk on Wednesday said Tesla would no longer accept Bitcoin as a means of payment for its electric cars.
The Bitcoin network is burning a large amount of energy for mining. In this paper, we estimate the lower bound for the global mining energy cost for a period of 10 years from to , taking into account changes in energy costs, improvements in hashing technologies and hashing activity. We estimate energy cost for Bitcoin mining using two methods: Brent Crude oil prices as a global standard and regional industrial electricity prices weighted by the share of hashing activity. Despite a billion-fold increase in hashing activity and a million-fold increase in total energy consumption, we find the cost relative to the volume of transactions has not increased nor decreased since
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