Use of Blockchain Technologies in the Field of Labor
https://preview.redd.it/vvyaycga09g41.jpg?width=1275&format=pjpg&auto=webp&s=e26e7f5f125e3a7e068a1a29e05989eb1c33822e The issues of using blockchain technologies, conducting ICOs and the use of cryptocurrencies are relevant not only for the field of law, but also for political, economic, other sciences, and are also of interest to ordinary citizens. Labor law does not remain aloof from the development of technology, as well as globalization processes, which necessitates the conduct of relevant scientific research. For a short time, judicial practice is changing, the approaches of state bodies in matters of cryptocurrency transactions, their theft, seizure, etc. At the same time, electronic technologies are acquiring special significance in the field of labor law. Workflow experiments, discussions about the need to introduce workbooks, electronic sick-lists, and the work of remote workers — information technologies have already found application in all these areas. In addition, at the present time, given the globalization processes, there is a need to increase pay opportunities. It is no accident that in some countries the possibilities of a monetary form of remuneration have expanded by assuming, under certain conditions, remuneration in the currency of other states. Based on this provision, the question arises about the practical feasibility of using cryptocurrency workers as wages, as well as the use of blockchain technologies in the world of work. Blockchain is a technology of distributed databases (registries) based on a constantly renewed chain of records. The name Cryptocurrency, meaning “cryptocurrency”, appeared in Forbes magazine in 2011. However, cryptocurrencies themselves would not have been so widespread without a blockchain system that provides all the necessary elements for circulation. Cryptocurrency is a special kind of electronic means of payment. Strictly speaking, this is a mathematical code. It is called so because of the use of cryptographic elements in the circulation of this digital money, namely, an electronic signature. https://preview.redd.it/7s4qq1s949g41.jpg?width=877&format=pjpg&auto=webp&s=2bdb9dbb0a4bde88e302047c55b7207e1f66d347
The popularity of cryptocurrencies is due to a number of factors that directly affect labor law.
Such electronic money is universal regardless of the place of work, the legal form of the employer or the citizenship of the employee. Cryptocurrencies are not tied to a particular state or bank. This decentralization is one of their main advantages, which encourages many countries to start using cryptographic currencies for international payments and as reserve currencies. Bitcoin operations are increasingly being conducted on global financial markets. In the future, this factor allows creating a single world labor market, where remuneration for labor will be paid in a single form and currency, without linking this money to specific countries and existing systems. This will significantly simplify emerging issues and difficulties in relations associated with employees located abroad. This eliminates the need for multiple transfers of funds and the exchange of one currency for another. From this point of view, I would like to draw attention to the main problems associated with the use of cryptocurrencies in remuneration. One of the most acute problems is associated with tax legislation. Incomes of employees are taxed, while the employer, as a tax agent, performs this function for the employee. A distinctive feature of all operations with cryptocurrencies is their anonymity and lack of control. All operations occur instantly since they are not controlled by anyone and are not delayed for checks. Accordingly, the tax authorities do not know the number of funds received by the employee for the performance of his labor function, cannot personify the taxpayer and his tax burden. Similarly, the employer and employee are able to evade the payment of taxes, which is a violation of the law. It is also important for the legislator to determine which form of labor remuneration should include cryptocurrencies. When assigned to cash, there are fewer problems with the payment and regulation of these funds, since in accordance with the above article, payments, in this case, can be made in full and the employer is not threatened with sanctions for violation of labor legislation. If you equate cryptocurrency payments to a non-monetary form of payment, then the employer has the right to pay in this way no more than 20% of the employee’s total salary per month. However, there is currently a variety of cryptocurrencies, some of which are notable for the instability and difficulty of selling by ordinary users. A wide range of cryptocurrencies at the same time can be both a plus and a minus in the issue of their use as a form of salary. The employer and employee can choose the most convenient currency for them to transfer funds. But such a variety can and can significantly interfere with the development of the institution of cryptocurrency payroll.
It should be noted that in many countries, judicial practice recognizes cryptocurrencies as property.
The largest online resources specializing in the purchase and sale of electronic means of payment, there are about 1,500 types of various cryptocurrencies. And this number will only increase over time, as large companies of completely different industries, often not even related to technology and innovation, create their own cryptocurrencies. Also, the difficulty in paying wages will be the instability of the cryptocurrency rate. Since one of the constituent parts of wages is salary, which means a fixed wage for an employee for performing labor (official) duties of a certain complexity for a calendar month without taking into account compensation, incentive, and social benefits. Accordingly, this component of wages cannot be changed according to the norms of labor legislation. And the cryptocurrency exchange rate for a given period of time is notable for its instability. In this case, it is necessary to specify in the employment contract with the employee the method of calculating his salary. The first way is to fix the number of wages in a specific number of cryptocurrency units, regardless of their value. This method is unlikely and quite complicated for both employers and workers themselves, and for control and tax authorities. A simpler way is to pay a salary in cryptocurrency with reference to a specific amount. It is important to take into account the fact that, regardless of the concept chosen by the employer, the employee can suffer the most, since jumps in the cryptocurrency rate are possible in both cases, and it is the employee’s turnover, sale or personal use of electronic funds that will fall. The position in which the employee will be paid in electronic currency only part of the salary, and the remaining funds will be in the format of the usual money for everyone, will not be completely clear. Therefore, a potential user of cryptocurrency funds and a potential participant in their turnover can, unexpectedly for themselves and all those around them, suffer enormous losses and get rich quite unexpectedly. The issue of using electronic money is of interest to employers in many countries. The development of regulations governing the circulation of cryptocurrency funds between an employer and an employee has begun almost around the world since the rise in the value of popular currencies. Since April 1, 2017, the concept of “virtual currencies” has been introduced into the legislation of Japan, and cryptocurrencies have become a fully legalized means of payment. This event could not but affect the employment relationship. So, at the end of 2018, GMO Corporation planned to transfer about 5 thousand of its employees to the cryptocurrency form of payment. (Bitcoin.com “Japanese Internet Giant GMO Offers to Pay 4 700+ Employees in Bitcoin”). https://preview.redd.it/6a3rakkd49g41.jpg?width=1229&format=pjpg&auto=webp&s=145524c16558a822495912e7cf6756d51ffd7dcd The United States of America, as the state with the largest number of cryptocurrency users, is also actively developing relevant legislation. US authorities have created a favorable atmosphere for the use of cryptocurrencies. This is also confirmed by studies in the field of labor relations and the labor market. According to a recent release from Bitwage, it was revealed that 10.5% of the companies surveyed currently pay employees, at least in part, in bitcoins. Across the country, about 20 thousand employees are registered in this program, who, accordingly, receive wages in cryptocurrency funds (Legal Ramifications of Paying Employees with Cryptocurrency). https://preview.redd.it/c077826i49g41.jpg?width=986&format=pjpg&auto=webp&s=6c5cbd2ede96c15b056afab7ac9ec859eff2801f In order to ensure that the employee and the employer do not hide from taxation when paying wages with cryptocurrencies, some states create entire committees within financial ministries whose main function is to control cash flows and record the tax base of a particular subject of labor relations. One of these countries is Singapore, which in recent years has become the economic center of the world since most projects designed for worldwide use are tested here. Already in 2014, the Monetary Authority of Singapore announced the beginning of the process of legislative regulation of all operations with cryptocurrencies, including those related to labor relations. This body will regulate the process of payment of wages to the employee in this format all stages of the currency movement: from entering the employer company to paying the employee for his own purchases and services, thereby ensuring the security of cryptocurrency transactions and in every possible way helping employees quickly and safely enter the new payment system (Putting Singapore’s Dollar On Blockchain May Prove It’s The Most Crypto-Friendly Place On Earth). https://preview.redd.it/8vzcundl49g41.jpg?width=801&format=pjpg&auto=webp&s=d12e2410fe85254e9aa26e848f2a3e919fdceaf2
In order for cryptocurrencies to become one of the forms of remuneration, it is necessary first of all to solve the main problems that impede the full use of electronic means in labor relations.
The paramount task is the normative consolidation of all aspects related to the circulation of such financial resources. The assignment of electronic means of payment to cash will greatly simplify the mechanism for regulating these relations, as this will avoid introducing a large number of changes to existing legislation. It is logical to solve the problem of taxation after legislative determination and consolidation, using Singaporean experience, creating a specially authorized committee in the Federal Tax Services. This will significantly save energy and money while deciding the whole layer in the use of cryptocurrency funds. The existing mechanisms for accounting for taxable items and calculating the amount of legally established taxes and fees will not differ much from the existing ones. Therefore, from this side, the introduction of cryptocurrencies will not greatly complicate or change the current system. The problem of a large number of different cryptocurrencies and their changing value can be solved in several ways. This may be the choice of one cryptocurrency, not necessarily Bitcoin, from among the existing ones. This decision will not create potential difficulties since a well-chosen currency by specialists at the time of consolidation will already be functioning for a long time, showing the real rate without sharp jumps, which will protect workers from depreciation situations and the inability to use their funds. As for other blockchain technologies, it seems that the principles of smart contracts can be applied to the work of remote workers. There is currently no established definition of smart contracts. In the most general form, you can define a smart contract as a contract with the automatic fulfillment of certain conditions. This automatic system will simplify the control of the employer over the employee. In the case of a remote employee, it is the control by the employer that will be, on the one hand, a motivating factor in compliance with labor discipline, and on the other hand, a way to minimize the risks of the employer when bringing the remote employee to disciplinary liability. The remoteness of the employee from the employer should not become an insurmountable obstacle to the implementation of the above control. Smart contracts will facilitate the interaction of the employee and the employer, simplify the control mechanism. Thus, competent legislative consolidation and integration of blockchain technologies into the existing financial system are not an insoluble issue. If you take this seriously, the problem can be solved in a fairly short time, since examples of successful incorporation of electronic currencies into the economic scheme in some countries are very common.
Therefore, the question of the cryptocurrency form of remuneration is becoming very real and having good prospects in the near future, as well as the use of other blockchain technologies in the world of work.
Bottos chain CEO Li Xiang: The future of data securitization, everyone is Xiaolai Li
A few days ago, the IFIC International Financial Technology Innovation Summit, hosted by People’s Daily People’s Digital, Sanya City Bureau of Commerce, FINWEX, and Guoyin Jinkong, was held in Sanya. At the meeting, Bottos Chain CEO Li Xiang made the theme “The Hope of Machine Civilization”. The speech shows the basic positioning of the Bottos chain “the infrastructure that focuses on artificial intelligence, the application platform that serves data, algorithms and computing power”, and outlines the evolutionary framework of machine civilization to replace industrial civilization. During the meeting, Golden Finance interviewed the Bottos chain CEO Li Xiang. Bottos CEO Li Xiang
Golden Finance: Please introduce the development track of the Bottos chain?
Li Xiang: According to different development periods, we divide the Bottos chain into 1.0, 2.0 and 3.0. From 2017 to 2019, Bottos Chain 1.0 — positioned as an artificial intelligence infrastructure. Our entire team spent a year and a half developing BottosChain from 0 to 1, and open source at the end of May 2018, and officially handed over the community to decentralization in December of the same year. As a self-originating public chain, the Bottos chain BottosChain has its own independent property rights in many key technologies. At present, we have applied for 3 key technology patents, which are very flexible in the whole architecture design. We reserve the interface for the AI empowering blockchain, and at the same time have great advantages in commercial performance, and do everything possible to lower the threshold. From 2019 to 2021, it will be Bottos Chain 2.0 — positioned in the artificial intelligence industry. Our goal is to help 10,000 smart DApps to land, securing massive amounts of user data assets, and letting data, computing power, algorithms and other production materials Fast exchange, spiraling out higher AI wisdom, allowing the industry to achieve a higher premium. From 2022 to 2025, the Bottos chain 3.0 is positioned as a revolution in the AI back-feeding blockchain. Based on the accumulated industrial data and machine intelligence of the Bottos chain 2.0, the Bottos chain will pass the underlying code to the robot to optimize and rewrite. The ultimate goal of the first public chain of artificial intelligence. I believe that by 2025, humans no longer need to work. The machine is not only fully qualified for labor, but also the underlying code of the blockchain. In the future, the Bottos chain platform will be used to divide the value of machines and people. At that time, human intelligence will be You can explore the stars and explore the bigger unknowns.
Golden Finance: What do you think is the biggest value of the blockchain?
Li Xiang: Rather than saying that the blockchain creates new value, it is better to say that the blockchain will not be released from the statistical stock value. For example, each of us is generating massive amounts of data every day. When these data are securitized by the blockchain, everyone is Xiaolai Li. The digital economics of Bottos chain cognition is the use of blockchain technology to redistribute the productivity of the digital economy through data, algorithms, and computational power. The Bottos chain is positioned to carry the evolution of artificial intelligence using blockchain technology, and we must share Data asset securitization will bring huge value dividends. In the era of the Internet, data is centralized, and data obtained from users at no cost has created giant companies such as BAT. In the blockchain era, personal data will truly belong to individuals. Due to the popularity of 5G-promoted ubiquitous Internet of Things, the silent data of tera-sensors will be activated to generate new artificial intelligence, between individuals and individuals outside the BAT client. Obtaining the possibility of peer-to-peer direct sharing of data, we do not need to snatch data from Internet packets, but exchange data directly from the bottom of the sensor through the Internet of Everything. The exchange and superposition of data and data has spawned the spiral evolution of algorithms and computational forces, and then returns the generated value to the individuals of the data source. We can see that the platform built by the Bottos chain carries the closed-loop value of data, algorithms and computing power in the machine civilization. Artificial intelligence is one of the few blockchain fields that can construct an all-digital closed loop. Artificial intelligence is also the only way to bypass Taobao WeChat. This is the value chain of the centralized application, which is the original intention of the Bottos chain to locate artificial intelligence. In the field of artificial intelligence, the main source of value of Keda Xunfei and Shangtang Technology is the free data source provided by millions of users. We can imagine that the market value of the two companies will be divided into millions of users, and the per capita capital will be renewed. Assigning the scene, this is the mission of the Bottos chain.
Golden Finance: How do you see the relationship between artificial intelligence and blockchain now?
Li Xiang: Artificial intelligence is productivity, blockchain is production relations, productivity is that I can destroy you, production relationship is that I can’t directly destroy you, but I can offer the best person to destroy. Productivity creates value, and production relations drive productivity, so they are complementary and can be understood as the poles of Tai Chi. So how many blockchains in the future will have a lot of blockchains to help him achieve value, otherwise he can’t live alone because he didn’t make money. Suppose a developer researches an algorithm, including Bitcoin, which is an algorithm that requires a set of value chains to collaborate and a set of cross-organizational value exchange systems to support. Without a value chain and value mitigation, this algorithm cannot be separated. survive. We have restored this form of bitcoin to countless entrepreneurs, technology workers, man-machine warriors, and data providers, so that they can make new money. Intelligent hardware far exceeds the commercial value of traditional hardware. It comes from its semi-soft and semi-hard features. The soft part can not only capture hard information, perform edge calculation, but also self-purify to rewrite the working mode of hardware. We can simply Understood as a line upgrade on Apple phones. But traditional hardware, it is only hard and not soft, his data is wasted, and he can’t self-evolve. So, the combination of soft and hard is a new life state of the new life, which is the basic unit of machine civilization. Everything in the future is soft and hard, it generates data, and the hardware becomes a living body. This kind of living body will evolve from industrial civilization to machine civilization if it evolves from industrial civilization to machine civilization if it evolves into machines that build machines and machines that write programs (we are writing artificial contracts directly with artificial intelligence).
Golden Finance: What difficulties and challenges did Bottos encounter from its inception to the present, and which pits have been crossed?
Li Xiang: From 2017 to 2019, we have experienced some minor storms. In general, it is a challenge all the way, but in the end, it will turn into a growing nectar. The first is the cognitive challenge. We are a revolutionary platform. Therefore, we advocate the spirit of geeks. Only by breaking through the cognition can we change the world. We believe that the artificial intelligence + blockchain can rewrite human civilization. The future is the age of machine civilization. Everyone is worth the money. It can support countless robots. At the same time, everyone is very profitable because he participates in and shares the feast of machine civilization. This is a huge bonus that the Bottos chain hopes to excavate. Secondly, the technical challenge, blockchain + AI is extremely brain-burning, when black technology encounters black technology, if there is no deep understanding of the two industries, there is no great courage and determination, this double track It is very difficult to do it. Finally, there are challenges in the quality of the team. In the process of project development, there will always be a low point. When there are pressures from all sides, there are new people joining the old people on the road, how the core team keeps the initial heart and the front, I think it is the project. The core factor that can ultimately achieve the goal.
Golden Finance: What is the possible type or industry of DAPP in the future Bottos chain?
Li Xiang: Focusing on data and sensor algorithms, there are many application scenarios, such as travel scenarios, smart home scenarios, car networking scenarios, and then there are a large number of scenarios on the mobile side, or reversed according to value, as long as it can correspond to a billion-dollar The centralized enterprise, we all have the possibility to create a mechanism to take back. At present, artificial intelligence has begun to erupt from visual hearing, such as Keda Xunfei and Shangtang Technology, which have begun to gain a lot of application value. The reason is that the standard of the Turing test is to let the machine have the ability to talk with people. This ability comes first from simulating human perception. The meaning of the sensor is to digitally simulate the five senses of people and generate massive data. So now we see that artificial intelligence breaks through from hearing and vision first, because human sensors and radios are the crystallization of human sensors that are close to a hundred years of development, and the sensors of touch, smell and taste need to evolve gradually. . With five senses, we also need to think about thinking. Google’s man-machine war is the application of thinking. With thinking and driving feedback, Google’s Boston Power Robot is the application that drives feedback. Google is a monument to artificial intelligence, its valuation is more than 800 billion US dollars, and countless Keda Xunfei in the world are catching up with speed. It is conceivable that the Bottos chain stands at a dawn moment when a great era is about to open. We not only hope to remind the birth of countless Google, but also hope that these “new Google” will repay the millions of wealth of Xiaolai Li. If you aren’t already in our group, please join now! https://t.me/bottosofficial Bottos Website | Twitter |Facebook | Telegram
How to make Crypto Mining? In fact, how much bitcoin mining is done; why he deserves a lengthy article on his own. Because Bitcoin is a technology that is so important and one of the key things that makes a great invention is the concept known as Proof-of-Work. In this article, I will rationally address this issue and preserve the mental health of our readers who do not want to think about the technical part of the work, at least for now. https://preview.redd.it/g78lsk4zn5x21.png?width=306&format=png&auto=webp&s=e3e0d1f8546a77e202f75dd8927dd1fb0719e0f2 What is MinedBlock? MinedBlock Limited will be responsible for the smooth operation, repair and expansion of physical assets, as well as fully cover all expenses incurred in excess of the profits. Under no contingency, users and token holders will not cover any costs and damages in the event of any unforeseen circumstances. The main principle of MinedBlock is to provide maximum transparency for all its customers and long-term investors. MinedBlock will fully disclose its plans and intentions, as well as information about progress and profit. All information on expenses and incomes will be published monthly for review and viewing by all users and tokens holders in order to ensure maximum transparency of the entire platform and service of controlled mining. All existing wallet addresses that belong to the company will be posted on the investor's information panel and this will allow all participants to see all the assets of the MinedBlock company at any time. Digital needle search in digital straw stack Dijital There is one thing that I want to draw attention to very briefly before I go to the topic: Bitcoin extraction, ie mining to get some bitcoin, is not the sole purpose of mining. Bitcoin miners, also called Blockchain and BTC is one of the features of the BTC and decentralized account to keep the book, which is why this is what it is and what is the subject of another article also be the subject. For now, let's just think of mining as mak to find / remove bitcoin co Şimd Bitcoin mining is, in fact, very, very, in summary, the search for a number that is characteristic of your computer, and what makes this number so special is that it is difficult to find and difficult to find. Bitcoin mining is getting harder The reason for it to be difficult and difficult is not by chance. This is because the Bitcoin protocol is being designed, a security measure set by Satoshi Nakamoto. This security measure (that is, it is difficult to find) is that everyone can't perform in Bitcoin printing ”(and / or manipulate Blockchain)) according to his head. Actually, think of mining as a game of chance that you play on your computer or, as I wrote above, in a straw stack of numbers, again by searching for numbers. Assume that each of your search moves is proportional to your processing power. In this case, the more CPU power you put into this, the more likely you are to find a needle in the haystack. In the meantime, you can imagine that the digital straw stack in question is gigantic and the needle is tiny. And it is not possible to i start looking from a corner of the haystack asyon and to use the optimization methods in such ways to shorten / increase your chances. This is going to be a bad example, but think that the needle is constantly and randomly displaced. https://preview.redd.it/wydw9xcyn5x21.jpg?width=500&format=pjpg&auto=webp&s=4937ec6e508e4f75985b3e393cc14fc919d8d8f9 MinedBlock mining As A Service. MinedBlock offers the open door for financial specialists to exploit utilizing the assets from a huge scale mining task, mining numerous crypto resources without the need to purchase, design and keep up costly mining hardware. MinedBlock one of a kind way to deal with this movement gives you a completely verified and agreeable token giving you an offer of responsibility for holding organization behind the administration and not only an ‘arbitrary utility token. What is CPU Mining? In the early days of Bitcoin, it was possible to mining with any computer (it is still possible, of course, but not materially profitable because it costs much more than its revenue). Even the official Bitcoin client Bitcoin-QT self-mininge was openly presented to the user. What we call CPU mining, the computer used in the CPU, the power of the central processing unit of the computer, taking advantage of the above-mentioned mathematical operations to do the computer and as a result was to obtain Bitcoin. But soon after, more people became familiar with Bitcoin, and the mining stream became obsolete, which increased the overall processing speed of the network and raised the level of difficulty. But the end of the era of CPU mining was not the only one. There is another factor that causes this Buna What is GPU Mining? Graphics cards are more efficient than processors (CPUs) to solve the mathematical problems required to perform Bitcoin (and some other coins) mining. The reason for this is that the GPUs (Graphics Processing Unit), the processors of the graphics cards, are more efficient in the floating point calculations and the processes required for Bitcoin extraction are intensively used by these calculations. That is to say, in a parable that the GPUs are more effective in the mining process than the CPUs, which will also be understood by those who do not. Çiler If the GPUs are strong and fast mine workers, the CPUs are more qualified, white-collar workers. The CPUs are perhaps more educated and knowledgeable, but GPUs are much more effective for mining. How is MinedBlock Different From Cloud Mining? With a cloud mining service, you usually purchase contracts for a particular hashrate for 5 years. With such an agreement, it will usually take you about 48 months to compensate your costs by leaving 1/5 of the contract requirement to make some profit. What many people don't consider is that you'll probably never make a real profit, unless the network challenge will increase at that time, that is, the price of Bitcoin is not dramatically increased. There are different arrangements out there, for example, cloud mining administrations, yet they aren’t straightforward or financially savvy and MinedBlock means to change that. There have been various mining ICOs directed through 2017/2018 that offered an offer of digging income as an end-result of speculation however that haven’t led their token deal as a controlled Security Token Offering which builds the hazard to speculators. MinedBlock ICO Token: MBTX Token Type: ERC20 Price: 1 MBTX = 0.15 USD Buy with: BTC, Buy with: LTC, Buy with: ETH, Buy with: BCH Market Soft Cap: 1,000,000 USD Market Hard Cap: 30,000,000 USD Website: https://www.minedblock.io/ Whitepaper: https://www.minedblock.io/assets/MinedBlockWhitepaper.pdf Bounty0x Username: arifcakir13
The facts of the crypto economy put mining in a precarious position for 2019. GPU mining is completely dead, and many mining giants are close. So where will the crypto money mining be in 2019? The lost profit margins will likely continue to centralize the mining power in several large-scale operations, and will become increasingly difficult for individuals to acquire the profit mining cryptocurrency, especially Bitcoin. The crypto world enjoyed the centralization of mining power in these years when the BCH was divided by SV and ABC. Indeed, most experts point to this as the catalyst that shakes the market. Decreasing returns for miners are being cooked in Bitcoin, so there is not much to do. Moreover, the logic of capitalism meeting the cryptocurrency means that individual miners have nothing to do to compete. A demographic mining shift likely to occur in 2018 is the supportive legislation for mining, as well as competing for mines for countries with cheap energy costs. What is CPU Mining? In the early days of Bitcoin, it was possible to mining with any computer (it is still possible, of course, but not materially profitable because it costs much more than its revenue). Even the official Bitcoin client Bitcoin-QT self-mining was openly presented to the user. What we call CPU mining, the computer used in the CPU, the power of the central processing unit of the computer, taking advantage of the above-mentioned mathematical operations to do the computer and as a result was to obtain Bitcoin. But soon after, more people became familiar with Bitcoin, and the mining stream became obsolete, which increased the overall processing speed of the network and raised the level of difficulty. But the end of the era of CPU mining was not the only one. There is another factor that causes this Buna What is GPU Mining? Graphics cards are more efficient than processors (CPUs) to solve the mathematical problems required to perform Bitcoin (and some other coins) mining. The reason for this is that the GPUs (Graphics Processing Unit), the processors of the graphics cards, are more efficient in the floating point calculations and the processes required for Bitcoin extraction are intensively used by these calculations. That is to say, in a parable that the GPUs are more effective in the mining process than the CPUs, which will also be understood by those who do not. Çiler If the GPUs are strong and fast mine workers, the CPUs are more qualified, white-collar workers. The CPUs are perhaps more educated and knowledgeable, but GPUs are much more effective for mining. What is MinedBlock? MinedBlock Limited will be responsible for the smooth operation, repair and expansion of physical assets, as well as fully cover all expenses incurred in excess of the profits. Under no contingency, users and token holders will not cover any costs and damages in the event of any unforeseen circumstances. All existing wallet addresses that belong to the company will be posted on the investor's information panel and this will allow all participants to see all the assets of the MinedBlock company at any time. The main principle of MinedBlock is to provide maximum transparency for all its customers and long-term investors. MinedBlock will fully disclose its plans and intentions, as well as information about progress and profit. All information on expenses and incomes will be published monthly for review and viewing by all users and tokens holders in order to ensure maximum transparency of the entire platform and service of controlled mining. Digital needle search in digital straw stack Digital There is one thing that I want to draw attention to very briefly before I go to the topic: Bitcoin extraction, ie mining to get some bitcoin, is not the sole purpose of mining. Bitcoin miners, also called Blockchain and BTC is one of the features of the BTC and decentralized account to keep the book, which is why this is what it is and what is the subject of another article also be the subject. For now, let's just think of the mining as mak to find/remove bitcoin co Şimd Bitcoin mining is, in fact, very, very, in summary, the search for a number that is characteristic of your computer, and what makes this number so special is that it is difficult to find and difficult to find. Bitcoin mining is getting harder The reason for it to be difficult and difficult is not by chance. This is because the Bitcoin protocol is being designed, a security measure set by Satoshi Nakamoto. This security measure (that is, it is difficult to find) is that everyone can't perform in Bitcoin printing ”(and/or manipulate Blockchain)) according to his head. Actually, think of the mining as a game of chance that you play on your computer or, as I wrote above, in a straw stack of numbers, again by searching for numbers. Assume that each of your search moves is proportional to your processing power. In this case, the more CPU power you put into this, the more likely you are to find a needle in the haystack. In the meantime, you can imagine that the digital straw stack in question is gigantic and the needle is tiny. And it is not possible to I start looking from a corner of the haystack asyon and to use the optimization methods in such ways to shorten/increase your chances. This is going to be a bad example, but think that the needle is constantly and randomly displaced. MinedBlock mining As A Service. MinedBlock offers the open door for financial specialists to exploit utilizing the assets from a huge scale mining task, mining numerous crypto resources without the need to purchase, design and keep up costly mining hardware. MinedBlock one of a kind way to deal with this movement gives you a completely verified and agreeable token giving you an offer of responsibility for holding organization behind the administration and not only an ‘arbitrary utility token. How is MinedBlock Different From Cloud Mining? With a cloud mining service, you usually purchase contracts for a particular hashrate for 5 years. With such an agreement, it will usually take you about 48 months to compensate for your costs by leaving 1/5 of the contract requirement to make some profit. What many people don't consider is that you'll probably never make a real profit, unless the network challenge will increase at that time, that is, the price of Bitcoin is not dramatically increased. There are different arrangements out there, for example, cloud mining administrations, yet they aren’t straightforward or financially savvy and MinedBlock means to change that. There have been various mining ICOs directed through 2017/2018 that offered an offer of digging income as an end-result of speculation however that haven’t led their token deal as a controlled Security Token Offering which builds the hazard to speculators. MinedBlock ICO Token: MBTX Token Type: ERC20 Price: 1 MBTX = 0.15 USD Buy with: BTC, Buy with: LTC, Buy with: ETH, Buy with: BCH Market Soft Cap: 1,000,000 USD Market Hard Cap: 30,000,000 USD Website: https://www.minedblock.io/ Whitepaper: https://www.minedblock.io/assets/MinedBlockWhitepaper.pdf Bounty0x Username: arifcakir13
New people please read this. [upvote for visibility please]
I am seeing too many new people come and and getting confused. Litecoin wiki isn't the greatest when it comes to summing up things so I will try to do things as best as I can. I will attempt to explain from what I have learned and answer some questions. Hopefully people smarter than me will also chime in. I will keep this post updated as much as I can. Preface Litecoin is a type to electronic currency. It is just like Bitcoin but it there are differences. Difference explained here. If you are starting to mine now chances are that you have missed the Bitcoin mining train. If you really want your time and processing power to not go to waste you should mine LTC because the access to BTC from there is much easier. Mining. What is it? Let's get this straight. When making any financial commitment to this be prepared to do it with "throw away" money. Mining is all about the hashrate and is measured in KH/s (KiloHash/sec). Unlike the powerful ASICs (Application Specific Integrated Circuit) that are used to mine bitcoins using hashrates in the GH/s and even TH/s, litecoin mining has only been able to achieve at the very best MH/s. I think the highest I've seen is 130 MH/s so far. Which leads us to our next section. Mining Hardware While CPU mining is still a thing it is not as powerful as GPU mining. Your laptop might be able to get 1 a month. However, I encourage you to consult this list first. List of hardware comparison You will find the highest of processors can maybe pull 100 KH/s and if we put this into a litecoin mining calculator it doesn't give us much. Another reason why you don't want to mine with your CPU is pretty simple. You are going to destroy it. So this leaves us with GPUs. Over the past few months (and years) the HD 7950 has been the favourite because it drains less power and has a pretty good hashrate. But recently the introduction of the R9 290 (not the x) has changed the game a bit. People are getting 850 KH/s - 900 KH/s with that card. It's crazy. Should I mine? Honestly given the current difficulty you can make a solid rig for about $1100 with a hashrate of 1700 KH/s which would give you your investment back in about a month and a half. I am sure people out there can create something for much cheaper. Here is a good example of a setup as suggested by dystopiats PCPartPicker part list / Price breakdown by merchant / Benchmarks
Prices include shipping, taxes, and discounts when available.
Generated by PCPartPicker 2013-11-29 00:52 EST-0500
Estimated Hashrate (with GPU overclocking) : 1900 KH/s Hardware Fundamentals CPU - Do you need a powerful CPU? No but make sure it is a decent one. AMD CPUs are cheap to buy right now with tons of power. Feel free to use a Sempron or Celeron depending on what Motherboard you go with. RAM - Try to get at least 4 GB so as to not run into any trouble. Memory is cheap these days. I am saying 4 GB only because of Windoze. If you are plan to run this on Linux you can even get away with less memory. HDD Any good ol 7200 RPM hard drive will do. Make sure it is appropriate. No point in buying a 1TB hard drive. Since, this is a newbie's guide I assumed most won't know how to run linux, but incase you do you can get a USB flash drive and run linux from it thus removing the need for hard drive all toghether. (thanks dystopiats) GPU - Consult the list of hardware of hardware I posted above. Make sure you consider the KH/s/W ratio. To me the 290 is the best option but you can skimp down to 7950 if you like. PSU - THIS IS BLOODY IMPORTANT. Most modern GPUs are power hungry so please make sure you are well within the limits of your power consumption. MOTHERBOARD - Ok, so a pretty popular board right now is Gigabyte GA-990FXA-UD3 and the ASRock 970 Extreme4. Some people are even going for Gigabyte GA-990FXA-UD5 and even the mighty Gigabyte GA-990FXA-UD7 because it has more PCI-E slots. 6 to be exact. However you may not need that much. With risers you can get more shoved into less. PCI-E RISERS - These are called risers. They come in x16 to x16 and x1 to x16 connections. Here is the general rule of thumb. This is very important. Always get a POWERED riser otherwise you will burn a hole in your MoBo. A powered rise as a molex connector so that additional power from PSU can be supplied. When it comes to hardware I've provided the most basic knowledge you need. Also, take a look at cryptobader's website. This is very helpful. Please visit the mining section of Litecoin Forums and the litecoinmining subreddit for more indepth info. Mining Software Now that you have assembled your hardware now you need to get into a pool. But before you do that you need a mining software. There are many different ones but the one that is most popular is cgminer. Download it and make sure you read the README. It is a very robust piece of software. Please read this if you want to know more. (thanks BalzOnYer4Head) Mining Pools Now that your hardware and software is ready. I know nothing about solo mining other than the fact that you have to be very lucky and respectable amount of hashing power to decrypt a block. So it is better to join pools. I have been pool hopping for a bit and really liked give-me-coin previously known to the community as give-me-ltc. They have a nice mobile app and 0% pool fees. This is really a personal preference. Take a look at this list and try some yourself. How do I connect to a pool? Most pools will give you a tutorial on how to but the basics are as follows:
Signup for a pool
Create a worker for your account. Usually one worker per rig (Yes people have multiple rigs) is generally a good idea.
Create a .run file. Open up notepad and type cgminer.exe -o (address_to_the_miningpool:port_number) -u (yourusername.workername) -p (your_worker_password_if_you_made_one). Then File>Save As>runcgminer.run (Make sure the drop down is set to "All Files" and .txt document.) and save in the same folder as cgminer. That's it.
Double click on runcgminer.run (or whatever you named it) and have fun mining.
Mining Profitability This game is not easy. If it was, practically everyone would be doing it. This is strictly a numbers game and there are calculations available that can help you determine your risk on your investments. 4 variables you need to consider when you are starting to mine: Hardware cost: The cost of your physical hardware to run this whole operation. Power: Measured in $/KwH is also known as the operating cost. Difficulty rate: To put it in layman's terms the increase in difficulty is inversely proportional to amount of coin you can mine. The harder the difficulty the harder it is to mine coin. Right now difficulty is rising at about 18% per 3 days. This can and will change since all you miners are soon going to jump on the band wagon. Your sanity: I am not going to tell you to keep calm and chive on because quiet frankly that is stupid. What I will tell you not to get too carried away. You will pull you hair out. Seriously. Next thing you will need is a simple tool. A mining profitability calculator. I have two favourite ones. coinwarz I like this one cause it is simple. The fields are self explanatory. Try it. bitcoinwisdom I like this one because it is a more real life scenario calculator and more complicated one (not really). It also takes increasing difficulty into account. Please note: This is the absolute basic info you need. If you have more questions feel free to ask and or google it! More Below.
“Encrypted databases” will not change the pain points of the art market
https://preview.redd.it/l4rl381vbcz21.png?width=800&format=png&auto=webp&s=6f110bdb7463e35385509801d7e822c8be372b7c After ten years of development, the application of blockchain has entered into every aspect of people’s life from the initial financial field, and the art circle is no exception. In the field of contemporary art, there has been a saying that “art + blockchain will subvert the art industry” and “blockchain will eradicate the persistent disease of fake artworks”. For many years, the problem of trust in the art market has been a sore point hindering the development of the art market and the art industry.Art market is prevailing “grandiose style”, the artwork of high price emerges in endlessly, the actual value of artwork also has specific assessment hard. A few years ago, Wu Guanzhong’s paintings, bought by a collector for 2.3 million yuan, were identified as fakes by Wu himself、A number of artists have found that fakes signed under their names are being sold to the public，The turmoil in the art market is closely linked to the word “integrity”.Therefore, when blockchain is applied to the anti-counterfeiting of contemporary artworks, people’s hopes for the development prospect of the art market are also rekindled. But is “disruption” too biased to describe the relationship between blockchain and the art market? Recently, Christie’s pioneered the inputting of auction information into the blockchain. The most representative work is Picasso’s masterpiece 《Mariner》, which reflects Picasso’s psychological activities during the war. It is not only a part of art history, but also records the history of the 20th century. Christie’s grandly presented the work at the New York Impressionist and Modern Art evening auctions, which attracted great attention in the art field. But many people also ask: can blockchain really solve the problem of integrity in the art market over the years by applying it to the anti-counterfeiting of artworks?
Even if it cannot be completely solved, it will change the status quo where there are many pain points in the art market in the past.
In the application of blockchain in art, there have long been examples abroad. Paddle8, an online art auction company in The US, has launched a blockchain-based art authentication service in partnership with The Native, a Swiss technology company. Paddle8 will offer a digital certificate called P8Pass for each of the thousands of artworks sold over the Internet and encode the information on the bitcoin blockchain. P8Pass is a digital certificate whose data is continuously encoded on the blockchain and linked to digital catalogues, museum catalogue information and specialist literature. Paddle8’s practice has proved successful, leading the way in the art market in introducing blockchain to give it a foothold in the market. It is also recognized by many people around the world. As is known to all, bitcoin is a virtual closed pure digital system. Its birth and circulation are completed in the computer, and all activities are carried out in a specific database. As a component of bitcoin, blockchain is characterized by “decentralization”. What is “decentralization”? In simple terms, a blockchain can be thought of as an “encrypted database.” Encrypted database means that the stored data has important anti-counterfeiting and protection functions. Therefore, blockchain introduces the art market and builds an honest and reliable database for the art market, which we call the art information registration platform. When the artworks related information: copyright, owner, status and so on, once entering the art information registration platform, there will be an exclusive “digital identity card”. Its circulation and ownership are accurately disclosed. In addition, if there is a problem with the artwork, it will be very convenient to solve the problem. https://preview.redd.it/y7bp3knwbcz21.png?width=800&format=png&auto=webp&s=37348d8874646b62ee65de156584156bcb7b272a While serving as an information registration platform for artworks, blockchain also provides a shortcut for the prosperity of the art market. At the same time, when benefiting art buyers and collectors, it also guarantees the circulation of works of contemporary artists.
There is no doubt that it’s extremely disruptive to Increase credibility in the art market.
As the blockchain enters the 3.0 era, it has an unprecedented impact on all walks of life on the existing basis. While promoting the coordinated distribution of material resources and human resources, it also promotes the large-scale collaboration in the fields of science, health and art, providing effective solutions for the pain points existing in all walks of life for many years. In the field of art, blockchain is mainly applied to the information registration of artworks, the circulation and auction of artworks, and the traceability and anti-counterfeiting of artworks and collectibles. And in other areas, blockchain also plays a great role, such as: automated purchasing, smart iot applications, automation of supply chain management, the property right registration, even online games, the Internet has also appeared in the “Mining” function in blockchain, which makes blockchain more close to the life of public, at the same time, increase the public trust for blockchain technology. But every coin has two sides, and the application of blockchain technology in the art market is no exception. Blockchain can ensure that only real data is recorded and stored, but it cannot guarantee that only real data is recorded and stored. That said, we can’t guarantee that every piece of information entered into the art database is true. This is mainly because blockchain has its own defects. One of the features of blockchain is that transaction records are secured through a password, and over time, they are stored in a database. This creates a fixed data, which forms a fixed database. But the database fixed at the same time, the error that occurs cannot be corrected. Therefore, if we simply expect a database to solve the pain points existing in the art market over the years is unrealistic. After all, it is the rational calculation of a computer, and it would be overly optimistic to have it automatically identify false information, or to have a direct security function against non-digital physical entities (i.e., works of art). https://preview.redd.it/wc3cti2ybcz21.png?width=800&format=png&auto=webp&s=95b9672141119c2d3258963c957802a7efc641e2 There will be difficulties along the way. Blockchain applications are springing up across industries. At this time, all industries should fully do their homework before joining the blockchain craze, and the art market is no exception. Whether blockchain application can bring more possibilities to the future of enterprises is worth our serious consideration. But blockchain’s problems in the art market also often mean big opportunities. The blockchain 3.0 era is already in the stage of in-depth development, and blockchain workers are constantly improving for the shortcomings of the current stage of blockchain. Even though the actual effect of blockchain application remains to be seen, the selection and control of trusted information sources will have an impact on the size and development speed of data, but it will be a disruptive change to the reliability and credibility of data. When analyzing the development opportunities of blockchain at the current stage, it is often said that it is difficult for blockchain technology to be implemented in the art market. However, a lot of blockchain landing applications have emerged recently. For example, voice of the future launched a blockchain smart speaker, which is the first in the world to achieve a blockchain landing application combining hardware and software in the music industry. Nanning municipal government will use blockchain and other technologies to promote the construction of smart cities and so on. These applications have been very effective. Therefore, whether the application of blockchain in contemporary art anti-counterfeiting has a subversive effect, the answer must be yes. In the future, the art market will surely develop more vigorously with the help of this technology. Art Dip #art #blockchain #blockchainart
Mining bitcoing gold, how off is the mining profitability calculator?
So, I have been using this calculator, mining to pool.gold. http://www.mycryptobuddy.com/BitcoinGoldMiningCalculator I manage to get about 660 sols on average, which should give me about 0.018 BTG per day. However, in 5 days I have only recieved 0.02 BTG. From my calculations with the calculator it should be closer to 0.09 BTG about now. The calculators difficulty is even set higher than the mining pool is showing. My workers: https://mine.pool.gold/workers/AXSXELb6FidKzcwJwwxWACjDFVWBgXR2tU So questions: 1) Is the difficulty that much higher than it shows? 2) Something else wrong? Thank you for taking your time reading this. Best regards Anders
When economists refer to industrialization, does it mean a move from agricultural to manufacturing economy? Is the growth in services a different term? (24 points, 6 comments)
Do economists actually calculate consumer surplus empirically, or is it more of s theoretical concept? (19 points, 5 comments)
Does employees of a company with a relatively inelastic demand have an incentive not to care too much? (13 points, 9 comments)
why is ceteris paribus important for analyzing/thinking about the world? (12 points, 7 comments)
Is me making more money than I would necessarily require to work( so more than my 'opportunity wage') for a job an economic inefficiency? or is ineffiency in labor markets a wedge between my marginal revenue product and my wage? (11 points, 3 comments)
With a land value tax, since the supply of land is perfectly inelastic(or less elastic than demand), would theory suggest land owners will pay most of the tax? (10 points, 4 comments)
Are policies such as the gov creating jobs that arent necessary(like gas station attendants) an example of the Broken window fallacy? (7 points, 7 comments)
what is meant by value added? (7 points, 3 comments)
Question about planned economies without price mechanism and forced labor (5 points, 2 comments)
Why does inflation necessarily mean wages will be increasing too? (5 points, 3 comments)
Repost for a nice not-so-new pool looking for hashrate !
Hello guys. I'm doing a repost of our old thread regarding Hypernova (https://hypernova.pw) : http://www.reddit.com/litecoinmining/comments/1dcvcv/ann_ltceuusrbpps_hypernova_your_brandnew_mining/ It's been quite 1 month since we announced our opening. We and our fellow users thought it might be a good idea to talk about it again since the pool's maturity increased and features added up to the list (like replacing proportional reward system with CPPSRB) Let me show you the main features ! A nice looking and efficient web interface We'red tired about these copy-paste pools using the mmcFE-litecoin project. We've wanted something beautiful, original and useful. Soak managed to bring you the best web interface he could. Use it on your computer, phone, phablet, android, iphone, ipad, refrigerator, lawn-mower... Starting everything from scratch was our choice - and our pride. Capped Pay Per Share with Recent Backpay Reward System We didn't find something else longer to spell. You may have already seen this reward system currently live on the Bitcoin mining pool Eligius. To be short : it's a system that tries to be close of the classic PPS reward system. The main difference is : the pool pays the miners with the solved blocks funds. The pool doesn't take risks on short/long rounds. When a round's unlucky and the pool can't pay anymore for the work, we shelve your shares for further backpay. As the formula calculating PPS price is based on a ~60% luck assumption (It is the same formula for every classic PPS pool), mathematically we should end up with more frequent lucky (with no shelves) rounds than unlucky. With that system the pool doesn't take the risk of being bankrupt. So what we have there is a nice compromise between PPLNS with high variance and PPS with null variance (which is balanced by higher fees and a risk of bankruptcy for the pool operators). Custom difficulty choosable per worker We heard that a bunch of you doesn't like vardiff or fixed diff pools. That's why we let you the choice. Either you're a tiny cpu miner or a cowboy with GPU farms, you're free to choose your worker difficulty from 8 to 128. Sweet pool efficiency We've worked hard on our infrastructure implementation and Stratum. Our general overall efficiency always have been above 99%. At the time I'm writing these lines it is at 99.47% accepted shares versus 0.53% rejected. We're aware about the latency challenge. That's why we opened 4 nodes around the world to ensure the lowest round trip time : mining.eu.hypernova.pw (Europe, France) mining.usa.hypernova.pw (USA, New York) mining.usa.dallas.hypernova.pw (USA, Dallas) mining.usa.la.hypernova.pw (USA, Los Angeles) A helpful and nice community We're always happy to help you. By mail on [email protected] or on IRC Freenode's channel #hypernova with the pool operators and our fellow miners. Keep in touch with us, we're nice people always trying to crunch our 7950 to the best ! 1% fee Using a nice PPS reward system with a good compromise allows us to lower the fee thus allowing to help us pay for the servers and infrastructure. API with JSON encoded values So you're the cowboy with a farm of 7950 ? Enjoy our API to monitor your rigs ! How to join us ? Give a shot to the website : https://hypernova.pw and create an account. Once you created a worker, point your miner toward your nearest node and shout us your best battle cry at #hypernova on Freenode ! EG (for cgminer) : cgminer -o stratum+tcp://mining.eu.hypernova.pw:3333 -u JohnDoe.myWorker -p 12345 --scrypt ... Help us to spread the word ! We've put online a page especially for that : https://hypernova.pw/spread/ with links to every of our threads and useful buttons for Facebook/TwitteGoogle spreading. Message for those that were with us from the beginning Thank you ! We're happy to see our project moving forward. We wouldn't have been that far without you supporting us. Thank you again and see you in the future. So far, 2130 Litecoins redistributed to our fellow miners. Still counting... ! Hope to see you soon on Hypernova.. And sorry for the noise :)
[modpost] Possible wiki page, something I call "All about miners," covering things from basic terminology to miner config files and overclocking.
What is a miner? A miner is a computer set up to solve cryptographic hashes in the litecoin network. Once a clump of these hashes, or a block, is mined, litecoins pop out! It's like opening a box of chocolates, except you know what you're gonna get :) Miners also handle transaction confirmations, making sure no single coin is double-spent. Setting up your computer to be a miner What kind of computer do I need? Optimally, you'd have a good power supply and a couple decent Radeon/ATI/AMD graphics cards. Because of litecoin's hash algorithm, the gap between mining with graphics cards and processors is less than with most other cryptocurrencies, meaning that mining with some desktop processors may be worth it after electricity costs. Note that mining with laptops is not recommended because of the heat generated by mining, and mining with NVIDIA graphics cards may not be worth the cost. How do I know if litecoin mining will be profitable for me? First, check how fast you'll be mining with your hardware, how many litecoins you'll mine in a day, and how much litecoins are worth. Now, multiply the number of litecoins per day by their worth. Then, find out the power draw of your hardware, and calculate energy cost. Then finish by subtract energy cost from your daily earnings. If your number is positive, you're making that much money per day. If negative, you're losing money. Keep in mind that the worth of litecoins goes up/down, and you have to earn the cost of your hardware before you churn a profit. Mining difficulty also goes up/down, depending on how many people are mining how fast in relation to how many litecoins are supposed to be generated how fast. See the economics(coming soon) post for more info. Okay, I did all that. How do I start? All you have to do is download a program and change some settings (later in the guide), and you're ready to go. If you're comfortable with configurations and the command line, Reaper and cgminer are your best friends. Otherwise, GUIMiner-scrypt is right for you. If you want to mine on your processor, download the "batteries included" miner via this link and setup should be relatively self-explanatory. Do I mine alone? Due to the difficulty of mining, we recommend that you mine with a pool where multiple people mine together. Visit your pool's about or help page for proper miner settings, which we're about to get to in-depth! Under the hood Configuring your miner (aka the hard part) Before we get started, you should become familiar with these terms:
host: Your pools website
port: The internet port your computer uses to connect to your pool
worker: Anything that mines is a worker. Just a way for you and your pool to keep track of what's mining how.
user: In mining programs, the user is the name of your worker, which by default tends to be poolusername.1 or poolusername_1, _2, etc.
pass: Password for your worker, NOT your pool password. This can usually be anything.
None of those will have any affect on how fast you mine. The settings that we'll be focusing on are:
worksize: Exactly what it sounds like
thread-concurrency: Setting that involves computations happening simultaneously
vectors: Involves how memory is used
aggression/intensity: How aggressively your computer mines
threads_per_gpu: How many threads of data to process on a GPU, like threads of a CPU. Anything beyond 1 usually doesn't increase hashrate on modern cards.
device: First GPU is device 0, second is device 1, etc.
If you're using GUIMiner-scrypt, there are default settings for different cards (lower right dropdown). I'm mining on a 7870. Here is what it looks like for me. You can follow along with the rest of this guide to optimize your settings. GUIMiner-scrypt is just a GUI to cgminer and reaper anyways. If you are using a command-line miner, like reaper and cgminer, I recommend you download and isntall Notepad++ or SublimeText if on Linux. Reaper is currently considered to be the best tool for mining. After you unzip your downloaded file, in the folder you'll find reaper.conf. It should look something like this:
As you see, my thread concurrency is slightly different from the default of GUIMiner-scrypt. I found that this concurrency gives me the best hashrate! NOTE: I do not use cgminer to mine litecoin. If you plan on using cgminer, which offers more hardware-controlling settings, in the cgminer folder you will want to create a text file. Then, open that text file w/ Notepad++ or SublimeText, then Save As > cgminer.con > file type > all. This will save the file with the proper name and as the proper type. Note that cgminer does not support high concurrencies. For me, cgminer.conf would look something like:
You saw some settings similar to what we saw in Reaper's litecoin.conf. The other settings have to do with my card's clocks, voltage, and fan. This is covered in the overclocking section right below! Overclocking (aka the risky part) Okay, first off I'm not responsible if you cause damage to your parts. Please research safe overclock settings for your card. Second, don't be afraid. Modern hardware has many safety features in place that help prevent mayhem like me...lol jk this isn't a car insurance add. For your better understanding, become familiar with these terms:
Voltage/vddc: Amount of electrical current supplied to your card
Power Limit: Determines at what temperature your card throttles itself
Core Clock: Speed of your memory's core, similar to CPU core clocks
Memory Clock: Speed of GPU's GRAM, similar to RAM speed
Fan speed (%): Determines the RPM of your fan once your card reaches certain temperatures.
No one setting controls how effectively you mine; what matters most when it comes to clocks is the ratio between your core/memory clocks. Generally, a ratio of 0.7 or below is best. You will need to experiment. If you're using cgminer, you can control card settings from the conf file. However, if you aren't, I recommend using MSI Afterburner as your overclocking tool. You will need to unlock some settings. Using my cgminer settings, MSI Afterburner looks like this. I have found these settings to be the most stable while bringing me a high hashrate. Other people's optimum settings You can check the sidebar for the hardware comparison chart, but it is rarely updated and has huge sways in results. It is a good starting place. The mods of this subreddit will be putting together an updated, more accurate list in the near future. END I hope all things go smoothly for you and that you've learned a lot! Please consider donating LTC to My wallet: LiD41gjLjT5JL2hfVz8X4SRm27T3wQqzjk The writer of the [Consolidated Litecoin Mining Guide] which helped get me started The writer of the [Absolute Beginner's Litecoin Mining Guide] which also helped me get started
Since early 2013, digital currency market though has been low but this has offered new opportunities for the chip manufacturers of this industry. During the last decades of 18th century to the first decades of 19th century owing to the gold rush in the US a large number of the stakeholders and the land speculators become millionaire overnight. The opportunity to mine the gold in the mountains across rivers attracted the miners in flock. Later the management studies disclosed that in the spate of ‘rush for gold’the business with the most lucrative perspective had constantly been ignored---The Ferry. The case studies pointed that whenever the river interdicted the crazy gold miners there was an abrupt rise in ferry business. In 2013 a hit in the Bitcoins (a kind of digital currency), miners, buyers, investors hype have let Bitcoin market reach a remarkable high and set a new trend of money transfer through Bitcoins instead of currencies. Afterwards especially in the last hour of 2013, some incipient security faults of Bitcoin transactions started to surface. Added with the phenomenon of sudden rise and fall of the Bitcoins led to the consequences into the ban on bank-account-to-bank-account transactions of Bitcoins in China. On May 2014, the US Securities and Exchange Commission released a notice that the investment risks in virtual currency are mounting high. The tightening regulatory and unstable market has made a many Bitcoin merchants lose money. However, this collective "heat” has brought new opportunities for the chip suppliers. Redefining Financing Li Feng, the CEO of Gridseed, graduated from Department of electrical engineering, Tsinghua University. Like many young entrepreneurs in IT field, he also beat the path in Internet, mobile, games, animation, hardware, and other fields of this business. For 15 years, Li Feng has gained the experience of product design, marketing, strategic planning and project management etc. that has laid the foundation for his success in the chip industry. At the beginning of 2013, Gridseed team entered the chip design field of the digital currency. "At that time, our main business was to design the mining machine chip for digital currency" Li Feng said. "At the beginning of the establishment, our team didn't imagine the Bitcoin currency market would suddenly be heated to such an extent that within half a year the Bitcoin would catch the eyes of even a layman in China." In January 2013, one Bitcoin was worth 100 RMB, & later in October 2013, the Bitcoin transaction leaped to 8000 Yuan. Being different from the traditional money the central bank, government organizations, and enterprise support or the credit mechanism were not interested to show their pendency through the Bitcoin transactions. Noticeably, the requirement of the network agreement torrent file for the bitcoin transactions is based on the password encryption, and the complex algorithm. The whole process of the transaction involved the professional knowledge of computer. Therefore, from the first few years of the 2013, most of the faithful users of the Bitcoins in China have been the IT professionals and the students. When the bitcoin exchange rose to RMB 8000 it attracted the attention of a many crazy investors and also the elderly people raised the greed to make money in China. Sky is the limit for the bitcoins and it has been impetus to the development of the industry chain. A large number of IT professionals and entrepreneurs have plunged into the Bitcoin market with a madness to dig the ‘gold’. While mining, a bitcoin miner would do calculations through the mining device (computer hardware) to produce bitcoins or do confirm the transactions through Bitcoins. Bitcoin miners would get a currency as a reward for the confirmation of the transactions and also a new bitcoin. “For the high efficiency mining output there is a specific requisite of the mining hardware set up and software support. These devices are considerably expensive.” Li Feng added. Li Feng envisaged the lucrative perspective on doing research and development on the mining chips and founded Gridseed Company. Nevertheless, as a start-up-company the shortage of funds was inevitable and when Li Feng is already engaged in Bitcoin business he acknowledges the fact that the bitcoin niche making is the most difficult part of the financing. In the entire bitcoin production chain; including the research and development, and manufacturing of the mining devices, mining transactions and applications, the most lucrative among these to draw the venture capital have been the transactions and the payment processes. The reason is simple; the chip manufacturing is at the most upstream of the industry, the investment return rate is very low, and when there are those who do not want to pay then the restrictions on the transaction is quite obvious. Time is the most important aspect for a business to grow. Due to the surge in the Bitcoin market since October 2013, Gridseed does not need foreign investment to run independently. In December 2013, Gridseed introduced the GC3355 mining chips and in January 2014, they started using the chip with dual mining capacity for Bitcoins and Leticoins. The unique colorful USB (called, Chrysanthemum) was available in the market. Since then the company has entered into the positive loop. “In one month we have already bought more than one lakh pieces of this device and most of them have been sold to the overseas market. To my amusement some of the big mining industries have already bought more than thousand devices.” Lifeng added. In fact, in this competitive era of digital machine some of late entrants have used a different approach to solve shortage of their fund related problem. “Now there are some of the industrialists who are engaged in pre-sale through the method of ‘procurement production’. Lifeng explained. ‘Procurement production’ is a situation when a customer with a partial or full payment of a piece of device to the seller reserves a piece of device in their name before it is manufactured. But this way the whole risk is imputed on the miners because the degree of the difficulty of the mining of bitcoin is increasingly becoming tougher and therefore if the device were delivered considerably later then the date of manufacturing this would certainly bring loss to the miners. “Keeping the interest of the miners in mind bitcoin mining devices would be traded on stock.” Lifeng convinced the reporter. ‘Biting’ Chip With Internet ‘Taste’ After resolving the funding barrier, Lifeng and team had to face another more difficult barrier. Traditional chip companies could not keep up their pace with that of the industry of the digital currency. For example, the computing capacity of the Internet is increasing by each second and in order to cope up with the Internet industry the bitcoin chips research and development, and the replacement cycle needs to be faster. As a customary, the replacement of a chip was required per year but now we need to update these chips every 3 to 6 months. Ever since the Gridseed was established owing to the shortage of production workers and the sales staff, research and development at Gridseed was not able to reach the customers directly. Once the chip was produced the authorized dealers were contacted immediately for sale, and the mining production company did directly sold it too. This method did not give the chip industry any chance to understand their customers and the need of the end users. This could also be true that the retailers and the distributors did not integrate with the end users and therefore it was hard to control the listing cycle. Li Feng recommended that the pace of the chip industry must go hand in hand with the Internet industry. However the chip industry and the Internet industry are the two sides of a coin. Internet is developing fast rapidly. If an Internet product or an application is left online then that could be modified with each feedback given by the online users. But in case of chips, unlike Internet industry once it is packed and is sold one could not get a chance to upgrade the chips again. To keep the pace and to shorten the replacement period; Gridseed engineers have worked till four O’Clocke in the morning for the entire month during the spring festival. Lifeng though agrees that relying on long working hours is not the long time solution. Last November, Li Feng decided to let the Gridseed take complete control of the production supply chain. In simple terms the Gridseed would have the agency to hardware design, mass production and rapid scale deployment. “The feedback mechanism on the Internet and rapid designing of the chip production, provision of services are the potential enterprise of competence in the future”. He said. The chip production, research and development, packaging and other process have to be taken into account with equal weightage. The time is capital and must be converted into cash. Li Feng introduced that in most cases we need to give three sets of hardware solution but mostly one of them would be used and rest two would go in vain. This simply means the enterprise would face risks since the research and development of the chips though would not bet finished but the later procedures would already be accomplished and leading the wastage of the residual devices. With the due course of time Gridseed has enriched experience and have learned to regulate the production chain and supply the best product to the market. Gridseed already uses its TSMC account and therefore has the authority to operate the chips independently. Each industry has its own pattern of development. Although the digital currency is at its low in the market but with the scrutiny of Chinese state regulatory system and the Internet transaction and up gradation of the payment mode, I believe that the digital currency mining industry through Internet based chip would stand stable and would carry on the path of the development.
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