Tag Archives: mining

Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

                                    Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Throughout the course of 2019, Iran’s government and the country’s energy officials have been creating new guidelines for bitcoin miners setting up data facilities in the oil-rich nation. On Wednesday, Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, described a new price model for mining operations and prices per kilowatt-hour (kWh) will fluctuate during certain months.

Iran’s Energy Ministry Plans to Pay Anyone Who Exposes Illegal Bitcoin Mining Operations

There’s been a lot of reports over the last year detailing how mining operations have migrated to Iran for cheap electricity. After the initial migration, the Iranian government and the country’s power supplier noticed a lot of energy was being used by crypto mining facilities. Following a government announcement about illegal miners, pictures were shared online that showed bitcoin miners housed inside a mosque. On November 13, Iran’s Energy Ministry spokesperson Mostafa Rajabi explained the country’s new guidelines for mining operations during an interview with IRIB News. Rajabi told the press that anyone who identifies illegal bitcoin operations to the government will be rewarded. Rajabi emphasized that people who expose these facilities will be paid 20% of the recovery damage stolen from the electrical grid.

Fluctuating Electrical Prices

Iran’s Energy Ministry will also prohibit mining digital assets after the peak hours of consumption surpass a threshold of 300 hours annually. During the interview, Rajabi also noted how much bitcoin miners would be charged using the average price for the export of electricity in Iran. During some points of the year, miners could be charged $0.08 per kWh (9,650 rials) and during the cold months of the year, miners would only be charged $0.04 per kWh. However, during the summer months when electricity is used the most in Iran, electrical prices could quadruple to $0.16 per kWh, Rajabi noted. Rajabi disclosed that the new mining rules were initiated when Iran’s summer electrical demand jumped by 7%.

Last June, Iranian law enforcement officials reportedly confiscated 1,000 bitcoin miners from two facilities. This was followed by a bill that was ratified two months later stating that cryptocurrency mining in Iran would be considered a legitimate business. During Rajabi’s interview, he told IRIB News that Iran will help operations that create their own power plants with government incentives. Mining operations that utilize renewable energy sources would be also rewarded, Rajabi stressed.

Article Produced By
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

https://news.bitcoin.com/iranian-grid-explains-electrical-costs-will-fluctuate-for-bitcoin-miners/

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China Scraps Plan to Categorize Bitcoin Mining as Industry to Be Eliminated

China Scraps Plan to Categorize Bitcoin Mining as Industry to Be Eliminated

                                  

More than six months after the China National Development and Reform Commission proposed to categorize bitcoin mining as an industry to be phased out from the country,

it appears the agency has now scrapped that plan. The National Development and Reform Commission (NDRC), a top-level economic planning agency under China’s State Council, published a finalized new Catalog for Guiding Industry Restructuring on Wednesday that will take effect from Jan 1, 2020.

In the final version, which will replace the current one published in 2011, the agency has removed bitcoin mining or other virtual currency mining activities from the initially proposed category of industries that should be eliminated from China. Description related to virtual currency or bitcoin mining can’t be found in the finalized catalog. Formally established in 1998, the NDRC is now one of the 26 cabinet-level departments which all together form the State Council of the Chinese central government. The main role of the NDRC focuses on studying and penning economic reform strategies and policies to be executed at local level governments. The NDRC first published its industry reform catalog in 2005, grouping industrial sectors into three types – those the agency advises the country to encourage, restrict or eliminate.

The initial draft of the latest catalog update was released in April this year, which classified “virtual currency mining, such as the production process of bitcoin” under the category to be eliminated. The move was taken at the time by many, including major news outlets, as a signal that China was planning to ban bitcoin mining even though the policy itself does not automatically mean a bitcoin mining ban. The revision of the draft plan comes after a months-long period of public consultation. During a NDRC press conference on Wednesday, officials said since the release of the initial draft, the agency has received over 2,500 suggestions on various issues, most of which were taken into consideration, although the officials did not comment on any particular suggestion related to bitcoin mining.

Article Produced By
Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

https://www.icogeeker.com/china-scraps-plan-to-categorize-bitcoin-mining-as-industry-to-be-eliminated/

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Inmining: evolution of the mining industry

Inmining: evolution of the mining industry

                                 

 

More and more investors are getting involved in the mining industry

and this requires a new look at the economics of mining enterprise. Due to the unique conditions of placement in special economic zone “Alabuga” inmining data center works in the mining market more efficient, affordable and safer. 

Although the mining industry is nine years old, this industry is in the stage of active development and formation. The era of “home mining” has long passed, when with the help of a couple video cards, users were able to extract significant amounts of cryptocurrency. The next stage of development was cloud mining platforms and mining hotels, which gained particular popularity induring 2018. But they also go into the past, showing investors their unreliability and insufficient range of services provided. The mining industry has moved to a new stage – full cycle tokenized mining enterprises, when the investor can fully delegate the purchase, installation and maintenance of equipment, without losing an ability to quickly enter and exit the market and control all processes. An example of such an approach to an organization of mining production is the Inmining project.

Imining is a cryptocurrency mining platform with its own largest data center. The main production site of Inmining is a data center under construction in the SEZ “Alabuga” with a capacity of 10 MW, which will be the largest in Russia. The data center will be equipped with modular containers with computing machines BlockBox AC from the leader of the mining industry Bitfury. Each mobile unit BlockBox AC consists of 176 servers, air-cooled, and the total Hasrat will be 14 peachesa per second. This is one of the most powerful and least expensive solutions available on the global bitcoin mining market. The use of containers allows quick installation and start-up minimizing construction and maintenance costs. 

The most successful special economic zone in Russia  was chosen to host the data center – SEZ “Alabuga”. It has its own railway terminal, which will allow delivery of mining equipment in a short time and is located in a protected fenced area. But the main advantage of SEZ “Alabuga” is the unique conditions for high-tech projects. The territory of SEZ “Alabuga” has 350 MW of supplied capacity 30% of which  are currently free. This will allow the Inmining project to scale production quickly and easily to compensate for the increase in complexity and maintain a sufficient level of profitability. The cost of electricity for Inmining will be 2.5 cents per kWh. For comparison: the price of kilowatt per hour in China, which is considered one of the centers of the world bitcoin mining, in March 2019 was about 8 cents, and the world average cost of electricity ranges around 15 cents per kWh. As a resident of the SEZ “Alabuga”, the company “Blockchain technology”, which manages the data center Inmining, will be exempt from land, property and transport taxes for 10 years, and thanks to the regime of free customs zone in the SEZ “Alabuga” will significantly reduce the cost of importing foreign equipment. 

Inmining operates on the tokenomics business model with elements of gamification. The previous generation of mining projects offered investings in physical assets: for example, remotely purchase equipment and place it in a mining hotel or rent computing power in data centers (the so-called “cloud mining”). In both cases, the investor enters into a fixed price contract for a particular service. Unlike cloud mining and mining hotels Inmining tokenizes its assets and sells utility-tokens INMG. INMG are backed by high-tech equipment from Bitfury and digital asset is here a cryptocurrency, produced in the data center. Given the computing power, electricity costs and the growing complexity of the bitcoin network, each module of the inmining data center will be able to produce about 46 bitcoins in a year after it starts, which is scheduled for early 2020.  

Inmining will monthly buy a small share of INMG on cryptocurrency exchanges, and burn them. This tactic will support the value of the token in the long term, will contribute to the growth of liquidity and trading volume and encourage IMMG holders to long-term storage of tokens, which will also help to maintain the stability of the coin rate.

In addition to the income from the exchange rate of tokens themselves, INMG owners have the right to regularly participate in the lottery, in which 35% of the profits from the extracted bitcoins are played. A distinctive feature of the lottery is its win-win for the participants. To participate in the lottery users freeze their INMG tokens in your wallet Inmining and wait for the end of the game round. The higher the bet, the higher the chance of getting a bigger win. Such a mechanism of gamification in Inmining business model allows interested investors to purchase greater amount of INMG tokens. The lottery is held in a distributed network using blockchain technology and eliminates the risks of fraud and fraud results. 

Tokenization of a mining enterprise is a way to diversify your assets, invest in a growing mining industry with minimal effort and the ability to quickly enter and exit this market. The whole process – from the purchase of equipment, installation, service maintenance-is delegated to the resident company “Blockchain Technology”. 

The primary selling tokens INMG will take place on the world crypto currency exchange Coineal in several rounds. The first public round will be held on September 19-20 2019, the second – October 8-9 2019. During IEO on Coineal there will be INMG tokens for sale. The starting price will be $0.1 and will grow as the tokens are sold. Until September 18, 2019, investors have the opportunity to participate in a private round and purchase INMG tokens at a discount of up to 20%. In total, the private and public rounds of licensee will be distributed 75% or 112,5 million tokens issued by INMG. Issue volume is fixed (150 000 000 INMG). After the initial exchange of offers tokens INMG will be included in the listing Coineal and in the future will also appear on other cryptocurrency exchanges, which will ensure the free circulation of INMG on the secondary market and will become participants of the project and after the completion of the IEO. 85% of funds raised during licensee, will be used for the purchase of equipment and capital costs. 

To enter the mining business seems simple only at first. In practice, those who wish to start making on computing emerging market have to deal with a wide list of components and mining machines, to study cooling characteristics,  choose the jurisdiction of most optimal in terms of electricity prices and regulation for mining, engage in customs, tax, transport issues. Inmining is an efficient and secure way into the mining industry, bringing a necessary liquidity and thane ability to quickly enter and exit assets.

Article Produced By
Dean

Owner, Editor, and lead writer for Cryptorials.Cryptocurrency writer and trader since 2014.

https://cryptorials.io/inmining-evolution-of-the-mining-industry/

 

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Binance Is Still the Top Exchange and Trans-Fee Mining Exchanges Are Gaining Market Share

Binance Is Still the Top Exchange and Trans-Fee Mining Exchanges Are Gaining Market Share

  
 

 Binance, a pure crypto-to-crypto exchange,
has been found to still be on top of the cryptocurrency exchange market, at a time in which exchanges using the controversial trans-fee mining model have been gaining a bigger piece of the pie. According to CryptoCompare’s December 2018 Exchange Review, Binance has managed to maintain its status as the number one crypto exchange in the ecosystem last month. The document shows that, on average, $664 million worth of cryptocurrencies changed hands on the exchange per day, for a total of $20.5 billion traded in December.

Binance was seemingly also the most visited exchange, after receiving 2.2 million visitors. Its users are currently able to trade 166 cryptos on the platform, on a total of 427 trading pairs. Behind Binance came OKEx, which traded $19.2 billion in December. While Binance, by itself, represented little over 10% of the cryptocurrency exchange market, CryptoCompare also found that exchanges using the controversial trans-fee mining model, which has been described as a “disguised ICO” revenue model, as it reimburses users’ trading fees with tokens.

Trans-Fee Mining Exchanges Gain Market Share

According to the report CoinBene, the number one cryptocurrency exchange using the controversial revenue model, traded $10.4 billion in December, followed by ZBG and EXX, which traded $5.13 billion, and $4.58 billion respectively. In total, trans-fee mining exchanges traded $23.2 billion, equivalent to 12% of the global spot trading volume, up from 7% in October. It has in the past been found that these exchanges have unusually thin order books, and a relatively low amount of traffic, taking into account the total trading volume they have. Thin order books mean these exchanges can see large price swings if their order books face large orders.

Order Book Depth Drops on Top Exchanges

Per CryptoCompare’s report, top cryptocurrency exchanges would have to, on average, face a $2.56 million sell order to see bitcoin’s price crash 10%, a figure that has dropped since November, and is lower on trans-fee mining exchanges.

The report reads:

Bitfinex, Kraken and Bitstamp maintained the most stable markets in December, while exchanges CoinBene, Bitforex, IDAX showed thin markets combined with high volumes.

It adds that on Bitfinex, where an average of $68.5 million were traded in December among its top 5 trading pairs, it would take a $9.5 million order to crash the price 10%, while on CoinBene it would take only a $13,600 order. An analysis of the crypto exchanges’ web traffic showed that these exchanges attracted “significantly lower daily visitors than similarly-sized exchanges.” CoinBene, for example, received 48,000 visitors per day, and traded $10.4 billion in December, while exchanges like Bitfinex and HitBTC with “similar high volumes” attracted over 360,000 visitors.

Article Produced By
Francisco Memoria

News Reporter

Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://www.cryptoglobe.com/latest/2019/01/binance-is-still-the-dominant-exchange-and-trans-fee-mining-exchanges-are-gaining-market-share/

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Bitcoin Price ‘Could Go from Bad to Worse’: Bearish Analyst

Bitcoin Price ‘Could Go from Bad to Worse’: Bearish Analyst

   

The most potential use case of bitcoin today is the store of value.

But an analyst thinks otherwise. Stephen Innes, head of Asia Pacific trading at Oanda, a New York-based forex firm, believes that the world’s leading digital currency is due for another drop because it hasn’t provided the world a “significant use-case” yet. The Bitcoin hype, according to Innes, is far ridiculous than the one seen during the Tulip mania bubble.

Since its all-time high at $19,500, bitcoin has plunged more than 80% this year. Since mid-November itself, the digital currency has noted a 48.5% fall owing to specific macroeconomic crypto factors. Just recently, it established a new yearly low near $3,200, which is 83.5% lower than its good days’ peak. “It’s has been a disastrous year for cryptos,” Innes explained, “and by all indication, the current bear market could go from bad to worse with no fundamental or underlying reasons to buy BTC even more so when the only support offered up is a squiggly line on an analyst chart.”

A History Lesson

Either bitcoin cannot be anything. Or, it can be everything.

The digital currency upon its introduction in 2008 posed itself as an alternative payment system that raised its stakes against the popular payment mechanisms. True, bitcoin was much faster, cheaper and totally decentralized than any of its traditional counterparts. But its evolution brought several use cases on the sideways. Sooner, bitcoin was more than a payment mechanism. To some, it was a tradable asset; and to some, it was a currency of underground online marketplaces. The characteristics of bitcoin changed with every user. But, in a larger context, the digital currency remained a multifaceted technology.

Innes is right in pointing out that bitcoin hasn’t offered the world a significant use-case yet, because all succumbed to only one thing: price volatility. Had bitcoin been lesser volatile than it usually is, the digital currency could gain more trust as a payment medium, more so as a store of value. But aren’t we judging it too early, especially when we can always look back at the chapters of other assets that achieved stability only after a considerably long time? Let’s talk about Gold.

In 1971, when the President Nixon government ousted Gold from being the global value standard and replaced it with the US Dollar, the mighty fiat reserve with an infinite supply, the commodity experienced a period of huge volatility. In 1974, the gold bullion rose 73% against the US Dollar but lost 25% of its gains in the very next year. Another instance is rooted in the year 1981 when gold lost 33% of its value after witnessing a 121% pump prior to the fall.

How is bitcoin any different, you decide. The naysayers do not want to define it as a store of value, expecting that it should remain steady to be one. But they shouldn’t forget that older definitions cannot describe the characteristics of newer assets. Bitcoin, for all its technological issues, is still more likely to attain the status of a store of value, given its volatility goes down as people hold it more often than lose it on the first selling sentiment. And, at the same time, its appreciation should slow down after a rapid pump.

That’s how Gold behaved. And that is how bitcoin is acting in its current state. Then again, does Gold have a use case? Only 10% of it was used for industrial purposes. Get more info on this amazing Quora thread.

Article Produced By
CCN
Bitcoin Price News

https://www.ccn.com/bitcoin-price-could-go-from-bad-to-worse-bearish-analyst/

 

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Bitcoin Mining Industry ‘Under Considerable Stress,’ 1.3 Million Devices Switched Off

Bitcoin Mining Industry ‘Under Considerable Stress,’ 1.3 Million Devices Switched Off

   

For much of the year, the bitcoin mining industry appeared to be impervious

to the crypto market downturn, as the flagship cryptocurrency’s hash rate continued to climb even as the BTC price halved — and then halved again. In recent weeks, however, cracks have begun to form in this sector as well.

Bitcoin Hash Rate Drops as Miners Turn off Older Devices

Earlier this month, Bitcoin network difficulty, which adjusts dynamically every 2,016 blocks (a roughly two-week interval) in response to hash rate fluctuations, fell by 15.1 percent — its second-largest drop in history and the greatest since Oct. 2011. Just one period earlier, BTC difficulty declined by 7.4 percent, which was the most significant drop in nearly six years. While this does not, as some bears have suggested, mean that bitcoin has begun a death march, it does demonstrate the extent to which the downturn has begun to put the squeeze on miners with higher costs and thinner profit margins, many of whom had anticipated a crypto market that would look very different heading into 2019.

According to BitMEX Research, the Bitcoin hash rate has declined by more than 31 percent since the beginning of November, which is the equivalent of 1.3 million Antminer S9 miners being switched off completely. CCN previously reported that while miner overhead varies wildly based on the size of the operation, energy costs, and other factors, the market decline had hastened the obsolescence of older miner models such as the Antminer S7, which for most users are now little more than expensive paperweights.

Miner Revenue Falling Faster Than Bitcoin Price

Notably, the recent market sell-off has hurt miners even more than ordinary investors. BitMEX Research estimates that cumulative bitcoin mining revenue has declined to $6 million per day at the start of December from $13 million at the start of November, outpacing the bitcoin price’s already-steep decline.” The reason for this is that because network difficulty adjusts at set intervals rather than in real time, a hash rate drop will reduce the number of found blocks until the beginning of the next difficulty adjustment.

As the report explained:

“In the six-day period ending 3rd December, 21.8% fewer blocks than the expected 144 per day were found, as miners left the network before the difficulty adjusted, and as a result, fewer blocks were found. Therefore in the short term, there was a 21.8% fall in mining incentives on top of the impact of the declining price.”

At this point, BitMEX Research estimates that almost all cryptocurrency miners — regardless of scale and overhead — are operating at a loss, though some may have hedged profits or at least trimmed losses by shorting the bitcoin price throughout the year.

Not a ‘Death Spiral’

According to some analysts, this likely means that Bitcoin has entered the outer ring of a “death spiral,” wherein it endures a vicious cycle of miners turning off their machines before the difficulty can adjust lower, preventing the network from processing blocks at regular, 10-minute intervals and further prolonging the interval between difficulty adjustments. Thankfully, as Andreas Antonopoulos recently explained, these ominous predictions fail to account for the fact that most miners are heavily invested in the cryptocurrency industry and thus operate with a long-term perspective that recognizes they may have to temporarily mine at a loss in pursuit of greater profits in the future.

“Part of the reason that’s unlikely to happen is that miners have a much more long-term perspective, meaning that they have existing investments in equipment and they usually purchase electricity on long-term plans, they don’t pay it by the week,” he said. “And therefore, if they have to wait to become profitable another three months and they have the equipment in place, they’re not turning it off.” Consequently, the mining industry’s current struggles shouldn’t have any long-term impact on Bitcoin itself, though that doesn’t make things any easier for the individual cryptocurrency mining firms that must navigate this increasingly rocky landscape.

Article Produced By
Bitcoin Analysis

https://www.ccn.com/bitcoin-mining-industry-under-considerable-stress-1-3-million-devices-switched-off/

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Bitclub the Amazing Bitcoin mining company that’s 100% legit!

Bitclub the Amazing Bitcoin mining company that's 100% legit!

It took 4 years for BitClub Network to reach over $100,000,000 per month in sales and 300,000 customers. BITCOIN was at a low of $330 in October 2014 and, in December 2017, reached a peak of $19,500. According to many Wall Street analysts and high-level banking, will soon reach $100,000. How many will you have in the next 3 to 5 years? There are two ways to earn BITCOIN with Bitclub Network:

1) Acquire mining pools with the largest leverage in the sector. Turn $3,500 into $150,000.

2) Build a global marketing team of entrepreneurs with mining equipment and be paid daily in BITCOINS.

More than 300 people are already earning $1 million a year and referring others can earn thousands more in the coming years.


CHECK CURRENT GLOBAL BITCOIN LEGALITY HERE (Coin.Dance Site)


You can check the following links below to verify that Bitclub network is the real deal.


Recent blocks Found By BitClub Network

Hashrate Distribution Amongst the Largest Pools

Bitclub Blocks at depth 472167 in the bitcoin blockchain


Active Bitcoin Mining pool BitClub Network

Active Bitcoinity Bitcoin Network Hashrate

Active Bit.com Bitcoin Pool Distribution

Active Bitcoin Ticker Mining Pool Charts

Coin Dance Active Bitcoin Ticker Mining Pool Charts


Ethereum Top 25 Miners by Blocks

Etherchain.org Top Miners over the last 24hrs


https://themerkle.com/bitfury-and-bitclub-mining-pools-upgraded-to-new-bitcoin-core-version/

 

https://themerkle.com/top-6-bitcoin-mining-pools-signalling-segwit/

 

https://themerkle.com/top-6-companies-and-projects-supporting-both-segwit-and-bitcoin-unlimited/

 

https://themerkle.com/unknown-bitcoin-cash-miners-control-almost-97-of-the-networks-hashpower/

 

https://themerkle.com/3-largest-bitcoin-transaction-fees-ever-recorded/

 

https://themerkle.com/bitcoin-cash-mining-difficulty-adjustments-help-the-network-adjust-and-grow/

 

https://themerkle.com/bitfury-signaling-segwit-activation-brings-network-hashrate-support-to-28/

 

https://themerkle.com/bitcoin-cash-price-heads-toward-1000-as-trading-volume-outpaces-bitcoins/


https://www.ccn.com/first-8mb-bitcoin-cash-block-just-mined/

 

https://www.ccn.com/antpool-founder-shares-post-claiming-hardfork-issue-comes-money/

 

https://www.ccn.com/bitcoin-cash-price-makes-push-for-3000-as-wider-market-stumbles/

https://www.ccn.com/user-error-sees-bitcoin-mining-pool-earn-135000-fee/


https://cointelegraph.com/news/bitclub-is-accused-by-bitcoin-unlimited-suppor…

 

https://cointelegraph.com/news/durban-bitcoin-seminar-aims-at-educating-south-afri…

 

https://cointelegraph.com/news/bitcoin-mining-with-zero-fee-btccom-joins-mining-pool-race

 

https://cointelegraph.com/press-releases/saint-petersburg-will-host-a-crypto-industry…

 

https://cointelegraph.com/news/worlds-third-largest-bitcoin-mining-pool-s…

 

https://cointelegraph.com/news/blockchain-experts-mine-zcash-but-be-cautious

 

https://cointelegraph.com/news/watch-out-certain-android-mobile-devices-can-steal-your-bitcoin

 

https://cointelegraph.com/bitcoin-cash-for-beginners/how-to-mine-bitcoin-ca…

 

https://cointelegraph.com/news/malaysian-exchange-coinbit-people-are-looki…


https://www.nasdaq.com/article/the-curious-case-of-bitcoins-moby-dick-spa…

 

https://www.nasdaq.com/article/where-bitcoin-mining-pools-stand-on-segr…

 

https://www.nasdaq.com/article/russias-crypto-winter-shows-sig…

 

https://www.nasdaq.com/article/why-do-some-bitcoin-mining-pools-mine-e…


https://zycrypto.com/why-the-chain-split-might-no-longer-happen-on-august-1st/


https://www.coindesk.com/bitcoin-foundation-donation-mining-pool/

 

https://www.coindesk.com/accidental-136000-bitcoin-mining-pool/

 

https://www.coindesk.com/bitcoins-new-scaling-agreement-reaction/

 

https://media.coindesk.com/uploads/2017/08/shutterstock_240272434.jpg

 

https://www.coindesk.com/bip91-begins-bitcoins-miners-signal-segwit2x-scaling-proposal-early/

 


https://news.bitcoin.com/mining-pool-bitclub-network-mines-first-bitcoin-un…

https://news.bitcoin.com/mining-pool-bitclub-network-mines-first-bitcoin-unlimited-block/

https://news.bitcoin.com/mining-pool-btc-com-80-btc-fee-refund/

https://news.bitcoin.com/bitcoin-cash-flips-mining-profitability-which-may-entice-more-miners/

https://news.bitcoin.com/bitcoin-scaling-countdown-miners-segwit2x-software/

https://news.bitcoin.com/bither-ceo-bitclub-performing-segwit-related-attack-network/

https://news.bitcoin.com/six-months-later-bitcoin-cash-support-continues-to-grow/

https://news.bitcoin.com/bitcoin-cash-8mb-block-479469-clears-over-37000-transactions/

https://news.bitcoin.com/chandler-guo-mining-pool-jump-bitcoin-unlimited/

https://news.bitcoin.com/bitcoin-cash-mining-difficulty-drops-significantly-sp…

https://news.bitcoin.com/calvin-ayre-launching-bitcoin-cash-mining-operations/

https://news.bitcoin.com/blockchain-data-reveals-someone-is-trying-to-slow-down-bitcoin-cash/


https://bitcoinmagazine.com/articles/russias-crypto-winter-shows-signs-thaw-saint-p…

https://bitcoinmagazine.com/articles/curious-case-bitcoins-moby-dick-spam-and-mi…

https://bitcoinmagazine.com/articles/why-do-some-bitcoin-mining-pools-mine-e…

https://bitcoinmagazine.com/articles/alt-convention-conference-invites-blockchain-fintech-bitc..

https://bitcoinmagazine.com/articles/greenaddress-is-first-bitcoin-wallet-to-launch-rep..

https://bitcoinmagazine.com/articles/where-bitcoin-mining-pools-stand-on-segre…


http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7

http://www.businessinsider.com/bitcoin-pools-miners-ranked-2016-6

http://bitcoinist.com/bitclub-network-mines-colossal-fee/

http://bitcoinist.com/bitcoin-unlimited-overtakes-segwit/


There is the dark side of Bitclub too. Accusations the owners are criminals, Accusations that Bitclub is a Ponzi, so we need to address these claims and issues.

Let’s talk about the criminal accusations. There are three owners of the Bitclub DAO (soon to incorporate as of this writing) I know two of them.

  1. Russ Medlan (I know him, shared a drink or two with him, did some development work for him and his friend Corey Citron and know his temperament, his demeanour and social behaviours from the late 90s in San Diego). He was not a criminal; he was a car salesmen type of MLMer and he partied a lot. His run in with the law occurred when he met a woman at a strip club who worked there as a stripper and started dating her. She claimed and carried a fake ID showing she was 18 years old. He got accused of statutory rape by the mother, and despite he believed she was an adult the fact was she was 17 years old. He got arrested and he plea bargained and avoided the felony charge but was classified as a sexual offender. That is it.
     
  2. Joe Frank (I have known of Joe for many years) and met him last year in his home in Southern California. I originally flew out there to pitch investing in my company, to discuss the natures of Bitcoin mining and the market of Bitcoin in general. This is when I discovered he was a founder of Bitclub (I had heard of them) and he spent the good part of the day educating me about the company, it’s visions, his part in it, our friend Russ and I came away from that meeting impressed with what they had built in a little less than 4 years at that time. Joe is a philanthropist, visionary and solid person. He is a brilliant business man and you will find nothing but positive reviews of him in his history.
     
  3. Joby Weeks (I have only heard about Joby never meeting him), surrounded with controversy and at logger heads with Bitcoin Jesus (Roger Ver), nothing new in that regards.

Joby Weeks LinkedIn Account:https://www.linkedin.com/in/jobyweeks/

Excerpts from Networking Times – July/August 2004 Edition (Volume 3, Issue 5)

A remarkable man any age, Joby Weeks at 21 speaks with the wisdom of an elder, attains goals with the tenacity of seasoned CEO, and plays life hard and fast like the youth he is.

Joby took one giant step further from the lineage when, just weeks before starting college (with textbooks purchased, a place to live and student loans applied for), Joby's mom gave him a copy of Rich Dad Poor Dad.Young Joby's entrepreneurial spirit ignited and he walked away from the education his family had expected of him.

At 18, when Joby told his grandfather that he was deferring college to try a network marketing business for a year, his grandfather was so upset, they didn't speak for three months.By the time he was 19, he had earned the distinction of being his company's youngest Presidential Director.

At an age when his friends were out partying, Joby stayed focused on achieving his first financial goal of $10,000 per month.Joby's passion for making a difference in people's lives shows up in his business, his philosophy, and his philanthropy."If you're going to live life, why not make a huge impact?You're going to put the time in any way, so why not build an asset?If I worked a job really hard ten, or 15 years, I can't even sell it when I want to quit.Why not build a business that's going to pay me for the rest of my life, and then give my kids the comfort they deserve?"

Huge success and enterprise notwithstanding, Joby still finds ample time to play.An avid snowboarder, he can be found spending as much as 50 days a year with his buddies, riding the Colorado Rockies.Recently he carried a snowboard to the summit of Mt. Elbrus in Chechnya, the tallest mountain in Europe, and cruised all the way down!

Now Joby is teaching people to do exactly what he did in his MLM company, and now, a few years later, he has utilized a system which is allowing people to do what he did in a tenth of the time.

No criminals here.

Is Bitclub a Ponzi?

What makes a Ponzi a Ponzi and what are the indications. Ponzi’s make promises of a set return on a single or series of investments. The average lifespan of an Internet Bitcoin based Ponzi is never beyond a year.

Red Flags (From SEC.GOV)

  1. Guaranteed returns (Bitclub does not publish or offer, set or guarantee returns) Bitclub makes it clear the volatile nature of the industry, the increasing difficulty of mining set against the cloud funding and continued growth of their data centers (mining facilities)
     
  2. Overly consistent returns (Bitclub returns fluctuates dynamically up and down with the market) Bitclub will suggest assessing historical returns to determine the health and potential of future returns. To understand the cyclical nature of the markets and to compare the business to other mining options before making an educated decision. And to also recognize one person’s results never guarantee another’s results.
     
  3. Unregistered investments (Bitclub does not register because it is not an investment), it is the purchase of machines (hardware you buy and own) that converts electricity into Bitcoin and distributes the product equally among the mining machine owners.
     
  4. Secretive and/or complex strategies (Bitclub is 100% transparent) with mining data centers producing their own revenue directly from mining. Small commissions are paid on new mining purchased shares, but as of today Bitclub holds over $1.5 billion in equipment with 8 data centers and the most recent one about to open in Montana. All data centers are open for tours and there are 1000s of videos of people taking those tours.

    The Bitclub datacentre pools represent as 1 of the top 10 platforms or pools in the world in Bitcoin, Bitcoin cash, Ethereum and Monero.
     

  5. Difficulty receiving payments. (Bitclub has been in business for 4+ years) never has there been any reports of not being paid or payments delayed. In fact, Bitclub has extended the mining contracts from 600 days to 1000 days and made mandatory compounding (rebuying of equipment) optional.
     
  6. Must recruit new distributors to receive payments. (Bitclub’s primary income source is from mining) Yes, Bitclub does pay a small commission on pool shares (mining equipment purchases) but the bulk of revenue comes from mining results.

Bitcoin Ponzi’s have been around for about 4 years. Onecoin (more a pyramid scheme) being the most notorious, not even being a real crypto coin has been running from country to country like a Whac-A-Mole game. Begun in 2016 it has been able to survive from country to country leaving a trail of financial wreckage, government arrests and violations charged against Onecoin and owner Ruja Ignatova. One can easily confirm this being a highly illegal and corrupt operation from the 1000s of negative testimonies and accusations of people who have lost everything, and a list of 100s of countries declaring Onecoin illegal, a criminal operation with many arrests made.

Read more here: https://en.wikipedia.org/wiki/OneCoin

 

The vast majority of these Bitcoin Investment Scams (also known as Bitcoin Lending Programs) never last beyond a year. Like Gladiacoin, Ecoinplus, Jetcoin (Forbes Article), Laser.Online , Bitconnect (Lasted a whole year) and the granddaddy of Bitcoin fraudster Ponzi USI Tech, which has drawn the attention of all the news reporting blogs.

THE MERKLE
USI Tech Withdrawal Issues Leave Cryptocurrency Users Worried

https://themerkle.com/usi-tech-withdrawal-issues-leave-cryptocurrency-users-worried/

Is USI Tech Another Bitcoin MLM Scam?
https://themerkle.com/is-usi-tech-another-bitcoin-mlm-scam/

CCN
Bitcoin Ponzi Scheme Promises Return to North America

https://www.ccn.com/bitcoin-ponzi-scheme-promises-return-north-america/

Scam-Free: Binance CEO Officially Receives Twitter Verification
https://www.ccn.com/binance-ceo-officially-receives-twitter-verification/

COINTELEGRAPH
Texas Regulator Inspects 32 Crypto Promoters, Warns Of ‘Widespread Fraud’

https://cointelegraph.com/news/texas-regulator-inspects-32-crypto-promoters-warns-of-widespread-fraud

COINDESK
Texas Slaps Bitcoin Investment Firm With Cease-and-Desist

https://www.coindesk.com/texas-slaps-bitcoin-investment-firm-cease-desist/

Texas Takes Aim at Overseas ICO with Cease-and-Desist
https://www.coindesk.com/texas-takes-aim-at-overseas-ico-with-cease-and-desist/

BITCOIN.COM NEWS
USI Tech Ordered Not to Mess with Texas

https://news.bitcoin.com/bitconnect-slapped-with-securities-emergency-cease-and-desist-order/

USI Tech and Bitconnect Slapped with Securities Emergency Cease and Desist Order
https://news.bitcoin.com/bitconnect-slapped-with-securities-emergency-cease-and-desist-order/

BTCMANAGER
Texas State Securities Board Investigation Uncovers 32 Illegal Cryptocurrency Schemes

https://btcmanager.com/texas-state-securities-board-investigation-uncovers-32-illegal-cryptocurrency-schemes/

The PONZI Bitcoin lending is alive and thriving. This is the growing list of new Ponzi scams daily.
https://icoreview.site/


Bitclub has also been accused of being a Ponzi scam.

Spurious sites like BehindMLM , Steemit and Kipicommunity with claims like:

KIPICOMMUNITY.ORG
Bitclub Network Ponzi Scheme – Don’t Fall For It. (2016)

http://kipicommunity.org/bitclub-network-review/

The arguments against Bitclub are old (2016) weak and all of the claims have proven to be false as time has marched on 2 years later.

STEEMIT
Criminals behind Bitclub-Network Investment Scam

https://steemit.com/scam/@steeme/criminals-behind-bitclub-network-investment-scam

There is no factual accusations in this article and again it is over 2 years old. If you read it, make sure to read all the comments as well. Use your own best judgment.

BEHINDMLM
BitClub Network abandon US, on the run from regulators?

http://behindmlm.com/companies/bitclub-network/bitclub-network-abandon-us-on-the-run-from-regulators/

ETHAN VANDERBUILT
BitClub Network Scam? Yes It Is In My Opinion!

https://ethanvanderbuilt.com/2018/03/22/bitclub-network-scam-yes-opinion/

99BITCOINS
[Investment Warning] Bitclub Network Review and Analysis

https://99bitcoins.com/anatomy-bitcoin-scam-bitclub-network-analyzed/

All of these critical sites make claims from assumed opinions, fake news, false facts and old information. Do your own research with the facts I have presented here.

In my opinion, Bitclub is not a typical MLM and should be considered a crowd-funded mining operation with a solid ROI for just investing in the Mining offer. One does not need to recruit to make a good profit. The “optional” compounding for greater mining shares has the potential of returning a .05 Bitcoin earning per month to 3 times that in 1000 days to .15 Bitcoins per month into perpetuity when one options to continue the compounding.

By 2020 the vast majority of pundits agree that Bitcoin will be trading for more than $150,000 per coin and with a monthly projected return of .15 per month the expected income would be significant.

Bitclub is a legitimate business model and not a typical Hope and Dreams scheme like most MLM offers.

Written and published by
Thomas Prendergas
t

 

 

 

TP

Bitclub Network output

One of my downline is a finacial engineer and wrote this email to me – very powerful;

 

based on the stats from here:

https://bitcoin.stackexchange.com/questions/12013/how-many-hashes-create-one-bitcoin

it's actually 12.5 blocks per 10 minutes as of 2016, but it gives the equation…plug in info from here:

https://blockchain.info/charts/hash-rate

which is that the global rate is currently 10,000 Peta-Hashes per second and the info from here:

https://bitclubpool.com/index.php?p=stats

they're (BITCLUB) doing 290 Peta-Hashes per second

which is a F*** of a lot – it's three PERCENT of the world's bitcoin mining, accessed through one web portal…

so that means three percent of 12.5 blocks per 10 minutes… do a bit of maths and that means they're mining 43 bitcoins per month.

that's total – assuming USD 10,000 / BTC – 430 thousand US per month and exponentially rising due to the increase in BTC value.

WOW!!!!

ok so the question is, i haven't worked out the amounts yet, what's the total number of shares, by everyone, in this pool?

according to this:

https://en.bitcoin.it/wiki/Mining_hardware_comparison

the top-of-the-line ASIC Miner is the Antminer 89, capable of 14 Tera-Hashes per second.  it's priced at $USD 2500.  soOo… in effect,  i just bought one of those ($3500 into bitclub).

14 TH/sec is 0.014 PH/sec.  so… 1.4e-6 worth of the world's bitcoin mining.  a bit of math…. we're looking at 0.1 bitcoins per month out of that 14 TH/sec Antminer 89.

soOoo…. anything better than a payout of 0.1 bitcoins per month, where 0.1 bitcoins per month is, at current rates assuming 10k US / Bitcoin, is around USD 1000 a month, means we got a f****ing good deal.

that's not taking the MLM effects into account.

TP

Top 10 Mobile Wallets in India

Top 10 Mobile Wallets in India

As shopping patterns continue to evolve, so does the Payment Platform And Payment Gateway Industry that propels the former. Mobile Point Of Sales Machines have of course existed for a long time. Mobile wallet is a new concept in India that has been surpassing credit card usage and is slowly beginning to replace the traditional payment methods.

A mobile wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed – depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in Increasing The Speed Of Transaction, Especially For Ecommerce Companies and all Ecommerce Marketplaces have integrated with such mobile wallets too.

Here are some of the top 10 mobile wallet companies in India and what they offer to their customers.

1. PayTM

PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments.

Launched in 2010, PayTM works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. Apart from making e-commerce transactions, PayTM wallet can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry.

Capitalizing on the scope and growth of India’s education market segment, they recently partnered with premium educational institutions in India to introduce cashless payments for fees, bills and other expenses.

Number of installs: 1,000,000+

2. Momoe

Momoe is a Bengaluru based mobile payments startup that focuses on changing how customers pay while eating out, travel and shop. Using the Momoe app, one can store their credit card details and make mobile payments at various restaurants, grocery stores, apparel, salons and other retail outlets.

The app’s initial foray was into restaurants which attracted many installs due to the ease of payment options. The users were able to see live tabs, split bills and pay directly, without having to wait for a physical bill to arrive. Even though its services are currently available only in Bangalore, due to the growing popularity of the app and investment funds they will soon be expanding their services to six new cities.

Number of installs: 100,000+

3. PayUMoney

PayUMoney, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by PayUMoney enables the user to store cash and pay for various services and transactions.

In order to differentiate themselves from other players, they provide a wide range of benefits that include one-touch check out and discounts / cashback offers on every transaction made. This e-wallet also provides instant refunds on order cancellations and buyer protect to ensure the right purchase and customer satisfaction.

Number of installs: 100,000+

4. Mobikwik

MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces.

Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants.

Number of installs: 10,000,000+

5. Citrus

Citrus Pay is a popular e-wallet app for cash storage, payments and money transfers. Besides tying up with online service providers from varied sectors, they are now collaborating with Woohoo, a gifting and shopping portal to let its customers shop at more than 5000 offline stores listed with them.

Number of installs: 100,000+

6. State Bank Buddy

This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel.

This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.

Number of installs: 100,000+

7. Citi MasterPass

Citi Bank India and MasterCard recently launched ‘Citi MasterPass’, India’s first global digital wallet for faster and secure online shopping.

By using this, Citi Bank Debit And Credit Card Customers become the first in this country to be able to shop at more than 250,000 e-commerce merchants. It ensures faster checkout with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place.

8. ICICI Pockets

Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.

With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.

Number of installs: 1,000,000+

9. HDFC Chillr

Chillr is an instant money transfer app created by HDFC to simplify money transfer and payment process for its customers.

Using this mobile payment app, one can transfer money to anyone in their phone book, thereby cutting out on the hassles of adding a beneficiary. It is currently available only for HDFC Bank customers and can be used to send money, recharge, split bills, request funds or transfer and will soon be able to pay at online & offline stores.

Number of installs: 100,000+

10. LIME

Axis Bank, the third-largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping and banking facilities.

This mobile wallet is available for both account & non-account holders and lets a user add money using his or her credit, debit and net banking details. One can also share the wallet with their loved ones or pool in funds into a shared wallet for a particular purpose (Example: Gifts, vacations, etc.)

Number of installs: 10,000+

Data on digital payments in India

And here are some interesting findings on digital payment adoption from the recent ACI Survey:

 

While these numbers indicate the growing need for secure, faster and efficient payment methods for online marketplace, efforts to make payments to individual or brick & mortar stores is also increasing. Start-ups and huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer.

Thus, the day you will walk around without a physical wallet and pay your local dhobi and kirana store uncle using a mobile wallet is not so far.

Thomas Prendergast
Markethive Inc.

TP