Category Bitcoin

Bitcoin hardware comparison

AntMiner S5

The AntMiner S5 is the entry level Bitcoin miners who aren’t ready to fork out more than a few hundred rands/dollars. Most users who have bought the device are quite pleased with the results. In terms of today’s mining difficulty and decreasing block reward, in my opinion it is an outdated service as you would not make more than 0.05 BTC. In actual fact you’ll need to run it for about a year and 8 months to get 1 full Bitcoin. Other customers complained about the device being too noisy but unfortunately that’s how most miners are, loud and hot.

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Ledger Wallet protects your bitcoins

Avalon 6

Avalon 6’s great contenders are both the S5 and S7 AntMiners. From the limited amount of reviews that can be found online most are of the opinion that the Avalon 6 is not as loud as its contenders and the hash rate is pretty reasonable. At the current price tag I see no reason to choose it over its competitors, it costs a 100 rands/dollars more than the S7 which has more superior results.

With the Avalon 6 you can generate a revenue of around 0.12BTC a month, which is hardly something you can write home about.

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Bitcoin hardware

CPU

In the beginning, mining with a CPU was the only way to mine bitcoins and was done using the original Satoshi client. In the quest to further secure the network and earn more bitcoins, miners innovated on many fronts and for years now, CPU mining has been relatively futile. You might mine for decades using your laptop without earning a single coin.

GPU

About a year and a half after the network started, it was discovered that high end graphics cards were much more efficient at bitcoin mining and the landscape changed. CPU bitcoin mining gave way to the GPU (Graphical Processing Unit). The massively parallel nature of some GPUs allowed for a 50x to 100x increase in bitcoin mining power while using far less power per unit of work.

While any modern GPU can be used to mine, the AMD line of GPU architecture turned out to be far superior to the nVidia architecture for mining bitcoins and the ATI Radeon HD 5870 turned out to be the most cost effective choice at the time.

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Cloud mining

Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of mining allows users to mine bitcoins or alternative cryptocurrencies without having to manage their own hardware. A large number of experts in Bitcoin do not recommend mining in general because of how competitive it has become and the fact that effective Bitcoin mining equipment has become very expensive. Also a lot of cloud mining companies are just scams waiting to rip you off. Genesis Mining is one of the legit companies with positive reviews but it is really not worth the investment in my opinion.

  • Genesis Mining – This is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup...
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Where to earn Satoshis and how to make Bitcoins

Faucet Rotators

A faucet rotator is a repository of faucets, in other words its a directory that lists paying faucets. When you reach your withdrawal limit and withdraw your earnings are all grouped in the rotator from the you can then withdraw them into your wallet. The best faucet rotators currently are:

There are faucet rotators that have instant withdrawals and are specific for certain wallets. The following are for Xapo:

Faucets

Faucets is where you make most of your Satoshis which ultimately become a Bitcoin. The following is a compilation of faucets where you can earn you Satoshis. Most of them need you to enter you Bitcoin wallet address (refer to “Bitcoin wallets” post), solve a captcha and claim. You also earn through referrals.

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Bitcoin Wallets

Where do you keep your earned Bitcoins?

You need a wallet to store, send and receive Bitcoins. There are different kinds of bitcoin wallets available and I have reviewed the following:

1. Trezor
The Trezor hardware wallet is targeted at bitcoiners who wish to maintain a substantial stash of coins, but do not want to rely on third-party bitcoin storage services or impractical forms of cold storage. Developed by Czech startup SatoshiLabs, the $99 device is essentially a USB dongle designed to add an extra authentication layer to all outbound bitcoin transactions.

By virtue of its design, Trezor can be used to sign transactions on ‘unsafe’ computers and is impervious to keyloggers and many other vectors of attack, so even if your host PC is compromised, the attacker has no way of getting your private key. Apart from Bitcoins you can also store the following cryptocurrencies – Ethereum, Litecoin, DASH and Zcash.

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2. Ledger Nano S

Ledgerwallet the company behind ”Ledger Nano S” Cryptocurrency Wallet have released two other Hardware wallets in the past, Ledger Nano and Ledger HW.1. Unlike the previous models the Ledger Nano S features a small built-in screen from which Users can directly gather important information, via the device reducing the risk of computer malware threat since it embeds a secure OLED display that allows an individual to double-check and confirm each transaction with a single tap on its side buttons.

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What is Bitcoin?

Bitcoin

Making more money than we can spend is everyone’s dream but making money, enough money and in your own terms without a 9 to 5 job is the ultimate dream. Everyone would like the freedom to choose his/her own work hours while earning enough money to sustain a comfortable lifestyle. The internet has opened a lot of possibilities for this to be a reality. I have been on this fact finding journey since 2008 and have earned a few dollars/rands here and there but haven’t reached that stage of financial security one desires from internet based earnings. I get very excited though by the endless earning possibilities I have seen which sometimes make me feel like a kid let loose in a candy store.

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What is Bitcoin mining?

Bitcoin mining is more like a gigantic lottery where individuals compete with their mining hardware against everyone on the network to earn bitcoins. Efficient  Bitcoin mining hardware will attempt more tries per second to win this lottery while the Bitcoin network adjusts itself roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. Transactions are secured in Bitcoin mining and recorded in Bitcon’s public ledger, the block chain. By conducting a random lottery where electricity and specialised equipment are the price of admission, the cost of interupting the Bitcoin network escalates with the amount of hashing power that is being used by mining participants.

Video courtesy of: www.BitcoinMining.com

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