What is EOT mining?

One of the most fascinating things about EOT and cryptocurrency is the concept of mining.     When most people think of mining, we envisage men in hard hats going underground and digging up gold. EOT mining is a bit different but it does involve work. In this case the work involved is solving a complicated algorithm or mathematical puzzle.     Let’s take one step back. When an EOT transaction is initiated, this transaction needs to be confirmed as true and then needs to be added to the EOT…

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How to solve the Bitcoin and Blockchain energy problem

If blockchain technology is going to live up to its promise then engineers need to solve one big problem: Bitcoin mining consumes way too much energy…     The original blockchain, which underlies bitcoin, runs on an algorithm that could eat up more energy than Argentina this year, Morgan Stanley estimated.   Current mining costs in the US is on average over $ 3,000 per Bitcoin and in South Korea, the cost is a staggering $ 26,000.   Innovators from top institutions such as M.I.T. and Cornell University and large…

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Secret Chinese Bitcoin mine makes Billions

Secretive Chinese start-up called Bitmain dominates the Bitcoin “mining” industry land as reported by CNBC Is likely to make as much as chipmaker Nvidia did last year.     Estimates of gross margin of 75 percent and operating margin of 65 percent, analysts calculate that Bitmain made $3 billion to $4 billion in operating profit in 2017. It is estimated that  Nvidia’s operating profit was $3 billion during the same period.   “But Bitmain achieved this in merely four years, while it took Nvidia 24 years to get here,” the Bernstein…

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Growing Demand for Cryptocurrency Mining and “printing money”

Cryptocurrency mining continues to attract new miners as the value of cryptocurrency rises and the opportunity to “print your own money” takes hold.     GPU mining rigs are built and operated specifically for mining or it could be a computer that fills other needs such as a gaming system and is used to mine only on a part-time basis.  GPU mining is certainly proving very popular as GPU manufacturers report on ever increasing demand for graphics cards.   According to Jensen Huang, founder and chief executive officer of Nvidia,…

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Iceland “overheating” from Bitcoin mining

Bitcoin mining is a hot topic in this cold country as it is reported by the BBC that Bitcoin energy use in Iceland set to overtake homes.   A spokesperson for Icelandic energy firm HS Orka has said that Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources and that electricity use at Bitcoin mining data centers is likely to exceed that of all Iceland’s homes, according to Johann Snorri Sigurbergsson in 2018. He told the BBC: “If all these projects are realised, we…

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NHS and other government websites hacked for Bitcoin mining

You can be mining Bitcoin when visiting the NHS or other government websites. It was reported the Guardian, late on Sunday that thousands of websites, including those belonging to NHS services, the Student Loans Company and several English councils, have been infected by malware that forces the computers of a visitor to the site to mine cryptocurrency while using the site.     The website of the UK’s data protection watchdog, the Information Commissioner’s Office, was taken down to deal with the issue after it was reportedly infected by the…

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How to Bitcoin #6 – Mining Bitcoin

NEW ZEALAND – Guest Writer –The sixth in the series of “How to Bitcoin” articles introducing you to Bitcoin and what you can do with the cryptocurrency.  Here is an overview of how BTC is electronically processed, we call it mining.   Electronically Processing BTC Mining   As mentioned in the introduction, BTC is processed by computing power and recorded in a public ledger (Blockchain) with the help of a network of computers. The processing of BTC transactions is termed ‘mining’. BTC mining rewards people with computer power by generating…

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How to Bitcoin #3 – Bitcoin Trading

NEW ZEALAND – Guest Writer –The third in the series of “How to Bitcoin” articles introducing you to Bitcoin and what you can do with the cryptocurrency.  Here is an overview of the buying and selling aspect of Bitcoin, trading.     BTC can be traded on Exchanges (online companies regulated/non-regulated and are located all over the world) to buy other alt-coins. Exchanges may also trade commodities and currencies. Some large BTC Exchanges that mostly trade against the US dollar are Bitstamp, Coinbase, and Bitfinex. Click here to view the…

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How to Bitcoin #2 – How is Bitcoin Processed

NEW ZEALAND – Guest Writer –The second in the series of “How to Bitcoin” articles introducing you to Bitcoin and what you can do with the cryptocurrency.  Some hints and tips are provided, including some links to websites in order to guide you in your endeavour to understand Bitcoin, the “Internet of Money”.   How is Bitcoin Processed?   BTC is processed by computing power where a network of user-computers becomes a financial public ledger that will process the use of BTC. This is a network of computers and is…

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Forbes Journalist Predicts Bitcoin Crash below $ 1000!

In a recent article Chuck Jones, a Forbes contributor, cited his reasons why Bitcoin could fall to below $ 1000.     Here are the reasons listed in the article:   Regulation could have the biggest impact South Korea Japan China U.S. regulation There is no “value” to it Volatility can create nervousness A shakeout is coming ICOs (Initial Coin Offerings) Hacking theft of CCs FOMO or Fear of missing out Bitcoin mining scams Becomes too associated with criminals and rogue states Third parties changing their minds Bitcoin & Blockchain…

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