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6 Most Weird Techniques Used For Bitcoin Mining So Far

6 Most Weird Techniques Used For Bitcoin Mining So Far

This news comes from https://www.livebitcoinnews.com
Bitcoin continues hitting the news for a variety of reasons. It is the most popular cryptocurrency and with increasing acceptance across industries, more people want to enjoy a piece of the pie.By the end of 2018, the global value of Bitcoin reached 66 billion U.S. dollars.
One of the greatest offshoots of Bitcoin’s growth is Bitcoin mining. It is essential for the survival of the cryptocurrency as it deals with creating new bitcoins. It is one of the most popular activities with techies seeking to cash in on the Bitcoin craze. The idea of mining cryptocurrency might sound farfetched, but the investments going into this activity are enormous.
Success as a Bitcoin Miner
The hardware and software required for Bitcoin mining are expensive and this has seen investors injecting millions of dollars into their projects. Miners require specialized computers and software to get the job done. There’s also the high cost of electricity and bandwidth which makes it difficult for everyone to join the fray.
How does Bitcoin mining work? If you want to succeed in Bitcoin mining, you need dedicated processing power, a lot of energy supply, cutting-edge ASIC mining hardware, and a lot of time. In a slow global economy, Bitcoin mining remains a viable income-generating activity. You enjoy insulation from inflation and you don’t have to worry about capital controls.
As the interest around Bitcoin continues, it is interesting to note some of the most brazen techniques Bitcoin miners have tried so far.
1.Using the Apollo Guidance Computer (AGC)
The creation of the Apollo Guidance Computer (AGC) was solely to guide U.S rockets to the moon. It was one of the earliest computers made and it was huge and slow. With computing power in high demand for Bitcoin mining, a restoration team consisting of Ken Shirriff, Carl Claunch, Marc Verdiell and Mike Stewart tried reviving the AGCA for this task. The AGC team was however disappointed by the results. At a hash rate of 10.3 seconds per Bitcoin hash, the team discovered it would take billions of years to mine a Bitcoin block.
2.Mobile Data Mining With Waste Gas
The idea is to install Bitcoin data-mining centers at oil rigs which has a need to vent gas. The data center developers argue that this would generate more revenue than selling fuel. It is also an easier way to reduce carbon print. The Ohmm® mining data center is an alluring proposition and one most miners would pick up.
3.Nuclear Reactors
A report on Forbes says Bitcoin miners harnessing power in a nuclear reactor compromised one of these sensitive installations in Ukraine. Nuclear reactors produce excess energy due to their sheer size. Using this exceeds energy on a profitable venture such as mining bitcoins is a great idea but only with a clear framework.
4.Mosque Data Mining
Bitcoin miners will go to any lengths to find the energy to power their supercomputers. A mosque is an unlikely palace for such an activity but due to a government subsidy of free electricity, Iranian Bitcoin miners now work from these holy places. A government crackdown has not managed to kill the practice.
5.Cryptojackers
While most online hackers want to steal your identity or harm you, crypto-jackers are a different breed. These are hackers interested in the computing power of your network. These computer geeks are so suave that some even hacked the Tesla company cloud and tapped computing power for Bitcoin mining.
6.Leveraging Bitcoin Mining Byproducts
Bitcoin mining systems generate a lot of heat and creative miners now use this to do other things. Some innovative miners heat their homes using this byproduct while others use the same for rum making among other tasks.
submitted by Moustache_Group to BitcoinMining [link] [comments]

TIL that it is theoretically possible to mine new Bitcoins by hand with pencil and paper. Technology is a little bit faster, though - about a quintillion times.

This is the best tl;dr I could make, original reduced by 91%. (I'm a bot)
The idea is that Bitcoin miners group a bunch of Bitcoin transactions into a block, then repeatedly perform a cryptographic operation called hashing zillions of times until someone finds a special extremely rare hash value.
The SHA-256 hash algorithm used by Bitcoin The SHA-256 hash algorithm takes input blocks of 512 bits, combines the data cryptographically, and generates a 256-bit output.
Manual mining The video below shows how the SHA-256 hashing steps described above can be performed with pencil and paper.
At this rate, hashing a full Bitcoin block would take 1.49 days, for a hash rate of 0.67 hashes per day.
In comparison, current Bitcoin mining hardware does several terahashes per second, about a quintillion times faster than my manual hashing.
Thus, mining can reuse the result of hashing the first 512 bits, and hashing a Bitcoin block typically only requires 128 rounds.
Summary Source | FAQ | Feedback | Top keywords: hash#1 mine#2 block#3 Bitcoin#4 bit#5
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NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Proposal to add the bitcoin symbol to Unicode | Ken Shirriff | Sep 05 2015

Ken Shirriff on Sep 05 2015:
Use of the bitcoin symbol in text is inconvenient, because the bitcoin
symbol isn't in the Unicode standard. To fix this, I've written a proposal
to have the common B-with-vertical-bars bitcoin symbol added to Unicode.
I've successfully proposed a new character for Unicode before, so I'm
familiar with the process and think this has a good chance of succeeding.
The proposal is at http://righto.com/bitcoin-unicode.pdf
I received a suggestion to run this proposal by the bitcoin-dev group, so I
hope this email is appropriate here. Endorsement by Bitcoin developers will
help the Unicode Committee realize the importance of adding this symbol, so
please let me know if you support this proposal.
Thanks,
Ken
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Newbie question about mining algorithm

I have been reading up on bitcoin mining, but haven't found a really indepth explanation of mining, except for the great blog posts by Ken Shirriff. After reading that, I still had a question about the mining algorithm.
From a high level is the following correct?
1) Get all the new transactions that haven't been mined into a block yet 2) Get every combination of nonce, and try hashing it 3) When every combination of nonce is attempted and no hash is found, then add the newest transaction into the block and try again. 4) Keep adding new transactions into the block and attempting all combinations of nonces, until a hash is successfully discovered.
Is this a good high-level explanation of basically what bitcoin mining is?
submitted by steve4699 to BitcoinMining [link] [comments]

Mining: what can be changed while trying to reach the target?

Hi. I just read "Bitcoin mining the hard way" by Ken Shirriffs and I have some questions about what can be changed in the coinbase transaction and about the timestamp and new transactions.
submitted by Andrylight to Bitcoin [link] [comments]

BitCoin比特幣 - YouTube Bitcoin - YouTube

The Bitcoin Mining Rig That Already Mooned. Ken Shirriff is a man with a passion, and that passion lies in the restoration of vintage computer hardware. For his latest project, Shirriff got hold of a guidance computer from the Apollo space mission. Then got it working again; the only working example, according to him. Ken Shirriff has done Bitcoin mining with an Apollo Guidance Computer, a punch card IBM, an old Xerox computer, and even by hand. Search for: Latest News. Trending Bitcoin News and Market Sentiment, We... Trending Bitcoin News and Market Sentiment, We... Trending Bitcoin News and Market Sentiment, We... News. Team. Partners. Sponsored. Write For Us. Submit Article / News Tip; Submit Sponsored ... A 35 kg block with ferrite ring storage – nevertheless, the hobbyist Ken Shirriff has been able to configure the restored Nasa AGC to mine Bitcoin. That cost a lot of effort and manual adjustment of the Sha-256 algorithm, said the developer. Computer historians got an Apollo Guidance Computer from NASA from the 60s up and running. On the collector’s item from a private range, the developer ... Der Youtuber Ken Shirriff hat eine Runde des Algorithmus händisch berechnet und dafür 16:45 Minuten gebraucht. Für die Berechnung eines Bitcoin Hashes sind 128 Runden vonnöten, das sind rund 36 Stunden Kopfakrobatik. Ken Shirriff hat somit eine Hashrate von 0,000007716 Hashes/Sekunde. Das gesamte Bitcoinnetzwerk berechnet momentan rund 65 ... Technically it worked, though as Ken Shirriff concluded, “One round of the algorithm takes 16 minutes, 45 seconds which works out to a hash rate of 0.67 hashes per day.” The Apollo Guidance ...

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BitCoin比特幣 - YouTube

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