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My personal experience with Innosilicon A10 Pro (6G) 500Mh ASIC ethash miner

EDIT : This is about the 5G version, not the 6G.
Hello,
Since there is not much consumers tests online about the Innosilicon A10 (Ethmaster) Pro (5G) at 500Mh, I decided to share my personal experience through an "anonymous" account.
I bought it around April 2020, arrived in May but for personal reasons I was only able to turn it on this summer :(
The A10 costs me 3242 € + 70 € power supply (Innosilicon 1400W Power Supply) + shipping. I will not reveal where I bought it because this is not an ad, but it was through an european ASIC miner reseller.
I know Ethereum 2.0 is coming and I'm aware this is a gamble. I would not advise you to buy it now, especially knowing Eth 2.0 is really coming now, DeFi is pushing at the gates and I heard rumors there is a 750Mh version coming up.
So, it is my first ASIC miner, I did some ZEC mining with a 4 x 1080Ti mining rig two years go.
EDIT : EthToDoge pointed out in the comments that the A10 isn't an ASIC technically speaking
The A10 is basically a box crammed full of laptop GPUs and some custom firmware and made to look like the Bitcoin ASICS. [Check out the comments for more information]
The A10 mining chains reboots itself every 9 hours on average. When the A10 reboots, it goes into an autotuning mode which can take up to 2 hours, but usually around 1h. When in autotuning, it starts at 0Mh and goes to it's full speed after the autotuning, not mining much during this phase because the autotuning mode causes a lot of invalid shares, up to 20% and going down to 3% when tuning is completed.
The chains temperature are around 63°C, I don't know if this is the reason of the reboot. I'll try later on to get a better air flow. I fixed the temperature issue I had by placing in a better ventilated location, temperature is now around 53°C but that didn't fixed the reboot issue.
miner web interface, you can see the hashrate drop due to the random reboot
Performance settings
I tried balanced and factory modes, and I didn't saw much differences in the reported speed. In a near future I'll have a try with the performance mode but I will monitor the power consumption when trying since the A10 warns me to pay attention to that when I want to enable performance mode in the web interface. The performance mode consumes around 10% to 15% more electricity than the factory mode, without noticing any difference in the hashrate or stability. I didn't had proper tools to measure the power consumption, my A10 was plugged in an UPS and it's load went from 43% usage to 55% so I'm assuming the difference is the extra power consumption.
Changing performance settings causes the miner to go into autotuning.
Autoupdate
The firmware check is working, but I didn't manage to use the autoupdate. I had no problem to manually download the firmware and upload it, so not really a problem.
My device:
Type A10L
Controller Version g1
Build Date 15th of July 2020 06:13 AM
Platform Version a10l_20200715_061347

EDIT : I upgraded to the new firmware a10l_20200901_053652 but that didn't fixed the reboot issue.

Hashrate
I did some monitoring of the A10, here is how it looks

This is in factory mode on Ethermine (updated on Sept 24th) :
Average hashrate of 455Mh/s while running on ethermine
Hashrate of all chains + total hashrate

This is in balanced mode on Ethermine (updated on Sept 25th) :
Average hashrate of 449Mh/s while running on ethermine
Hashrate of all chains + total hashrate

This is in factory mode on Nanopool (updated on Sept 29th) :
Average hashrate of 502Mh/s while running on Nanopool (note that the double reboot in the middle of the graphic was caused by the change of ETH epoch, otherwise the average hashrate is around 512Mh/s.
Hashrate of all chains + total hashrate
As sweeperAA pointed out, the mining pool really matters.

Quick links :
https://whattomine.com/miners/122-innosilicon-a10-pro-500mh
submitted by xananymous to EtherMining [link] [comments]

GPU or Asic mining

Ok, A little backround. I know hardware and networking. I can build just about any config of a computer. I understand overclocking and undervolting. I can invest around 2,700 for initial investment.
So do I buy hardware to build a GPU miner with at least 6 cards or more? Probably RX580 as they are cheap and I have one in my rig. More on that later.
Or do I a Asic miner like this I understand a GPU miner is multiple coins and not Bitcoin, and Asic is nothing but Bitcoin.
I've done the math on the Asic miner and the ROI in about 3 months with a net gain of about ~10,000 USD a year @ .13 cents per Watt.
I've had a hard time finding a solid or semi way of calculating the earnings for a GPU miner. Not only because it is many coins or dedicated to one coin, but there our other variables involved. However I have more control of the hardware if it fails.
I dipped my toe into mining with my own rig that has a RX580 fatboy and a AMD Phenom ii x4 955 black edition. I overclocked the GPU and undervolted the CPU to reduce heat since it was hitting 62 cel.
The GPU gets 12.5 sol/s and the CPU was getting ~322 h/s. All this added up to ~170 watts and a net of .00218322 BTC/Month. This was all done using Cudo as it was easy to find and setup just to test. This was just a test to see how it would work. I wouldn't use Cudo to full scale as it is a pool and the transfer to a Wallet is pretty steep in relationship to earns. I understand that in a pool you get your share based upon how much of the "work" you did to get find block.
So do I build or buy? With that much computation power do I need to join a pool? What software is best for pool or alone? I am comfortable with CLI as long as it's well documented, but would like a remote GUI.
Also what is the best wallet with the best fees for transactions. Currently using uphold since I use Brave.
I think I covered as much as I could, if you have any questions let me know. Any advice would be great. If I should post this else where let me know please or I could just cross post it.
TIA. Be safe, stay safe!
Edit: Words and BTC earning was WAY off then I first typed this.
submitted by P_Munky to bitcoinhardware [link] [comments]

How can I utilize free electricity and an empty room for mining?

A family member of mine owns a medium size company and they have what is basically a fixed contract when it comes to electricity which they don’t nearly cap, so he accepted that i use an empty room for whatever i need completely free and see what i can do with it.
I have a feeling i can make a lot happen with what i have here and it’s a good opportunity for me but i’m not exactly sure how to go at it.
The room is airconditioned with a big airconditioner but i need to know what else i’ll need and how i can make the miners less noisy inside the room (and is humidity a problem, i’m in a country in africa and it goes up to 42c in summer outside?)
I’ve been in shambles whether to go for a GPU rig or ASICs but asics seem like they’re definitely the better option so far.
I don’t wanna cheap out and buy things like antminers s9 but i also only have about $10-15k to work with and i wanna make the best out of them. Should i preorder Z15s? Should i go for some s17s? I’ve made some calculations and i think up to 25000 watts should be alright
How long should i expect an ASICs lifetime to be? How do i maintain so that i can make the most out of it? Is repairing them an option? (Is it as easy as changing the fans, the psu, hashingboards or control boards?)
How should i arrange the miners or position them, keep them cool and dry (will the ac and some fans be enough?) and take precaution incase one starts smoking or so?
And last but not least.. is this even a good idea? Do you guys think i will be able to ROI or with the amount of questions I have I might aswell find another hobby?
submitted by Perfcad to Bitcoin [link] [comments]

RX5700 GPU mining rig vs ASIC miner A10 for Ethereum mining !?

RX5700 GPU mining rig vs ASIC miner A10 for Ethereum mining !?
https://preview.redd.it/9txedwr1wy251.jpg?width=1920&format=pjpg&auto=webp&s=e91116819600b605ffca6ce830fdd582d3965466
I want to clear out the air about Ethereum mining. The GPU mining vs Asic mining, is Ethereum now Asic mining Algorithm. Can RX5700 most efficient Graphic cards for ETH mining Compete with Asic miner A10.
For the last day i have been working on some stats and ROI for 2 types of investment for 12xGPU RX5700 MineBox 12 mining rig and Innosilicon A10 ETH ASIC miner. My goal was to let the data speak about it self and then make a decision what is better investment for ethereum mining GPU or ASIC. Im compering 2 most efficient miners :
  1. ASIC miner Innosilicon A10 , costs 3000usd(specs. 500mh/s at 860w)
  2. GPU miner MineBox12 , cost 4487euro ( specs 700mh/s at 1800w)
Miner price is about the average would it cost to you 12xGPU mining rig might cost you 100-300 cheaper if you would build one yourself. Innosilicon A10 would cost you lot more if you would like to import it out of China. Price would be closer to 3500euro + you would need to buy power-supply for it.
I have created google spreadsheet and inserted the GPU data and performance by the current currencies price and mining profitability. Included also my thoughts about advantages and disadvantages using GPU or Asic miner:

https://preview.redd.it/mojtvv7yvy251.jpg?width=1234&format=pjpg&auto=webp&s=f3384599287ea15a4b6f92ffb973a4019330bdca
Opinion based on mining profit data. We can see that MineBox 12 ROI if electric price is free or very cheap is faster then ASIC miner A10. And even at 0.10c a kw/h at current Ethereum price there is only 80day difference on Equipment payback time. But the biggest thing is for example when your miners are paid back your investment. You still are available to resell your MineBox 12 hardware for other use case or just mine different coins. Where with Innosilicon A10 you can throw it into bin as soon as ETHASH coins are not profitable to mine. This is the biggest downside of Asic miners. So to answer your question is ETH asic mining coin. My answer would be Yes ASIC miners are slightly more profitable , BUT they are not worth the risk you are getting by buying one. Also you can see clearly that GPU miners has lot more advantages then Asic miners. The difference on ETH miners are not so noticeable then like it was Bitcoin GPU vs ASIC mining. There is still profit to be made with GPUs mining ETH. If ETH switches to new POW ProgPOW , again another benefit for GPU rigs as the same GPUs are quite efficient mining ProgPow. Buying and Asic miner there is to much risk, saying from experience. Have lost a lot of money, my last adventure bought 5xAntminer S17 back in November and 4 of them hashing boards stopped working after 1st week. Not counting the previous purchases Antminer D3 etc..
Let me guys know what you think about this, would your rather use ASIC miner for mining ETH of GPU miner?
video : https://www.youtube.com/watch?v=YgVl7pDkkwg&feature=youtu.be
submitted by mineshop to gpumining [link] [comments]

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
Spread the love
submitted by EpicCashFrodo to epiccash [link] [comments]

Why is the RandomX algorithm being hyped to the moon?

TL;DR: don't assume the average return from mining RandomX will be higher than the current CryptonightR algorithm. Hold back your excitement for now.
I think we all need to bring something to our attention. Over the last month, there have been so many topics and comments here on MoneroMining about the new 'RandomX' algorithm. This algorithm is supposed to be launched a couple of months from now.
There are many questions like "is this a good hashrate for my CPU"? "What's your power usage on RandomX"? "How can I tune my CPU for RandomX"? "How would the algorithm perform on this hardware"? I think these are great constructive comments that are at the heart of what miners stand for. We miners love optimizing our rigs and educating ourselves on technological trends.
But I've noticed many questions such as "what parts should I buy for a RandomX mining rig"? "Is an AMD Ryzen 9 3900x a good investment"? "What parts will give me the most profit when RandomX launches"? Many of these questions are asked with very little research.
I think there's a gold fever brewing behind some of these comments. The kind of motives that have bankrupted many miners in the past bubbles.
As we have seen in 2014 and 2018, anybody who enters the crypto industry with an 'I want easy profit' attitude almost always goes bankrupt. They buy coins or hardware at the peak of the bubble. Sometimes they get lucky and sell their coins or rigs right before the crash (only to get burned in a future bubble later). But most of the time, these new users lose most of their investment.
As a veteran miner, a lot of alarm bells ring in my head when I read these kinds of RandomX hype posts.
I have no reason to think CPU mining will be more profitable on RandomX than on the current CryptonightR.
In the GPU mining community, I have the feeling that there's a lot of resentment over the 2018 crypto recession and the whole 'ASIC miner invasion'. I think people here are feeling burned over their losses last year and the evil ASIC takeover, and want an opportunity for the little guy to start mining again. So we're falsely seeing the RandomX ray of hope as a floodlight, and getting overexcited.
And in general, the ordinary person cannot make a significant, steady profit in the crypto mining industry. The guy who wrote that thread is very rich and even 100 GTX 1080 Ti's cost nothing to him. The reason he became wealthy is because he avoided get-rich-quick gimmicks back in the day (like the dotcom sites) and focused on learning technology for the future. Mining will not make you rich, and especially not RandomX coin tossing.
If you love RandomX, build your rig now, keep benchmarking and undervolting and have fun at it. But if you just want profit, wait until RandomX is up and running. And consider all the risks involved with a new algorithm and commercial mining in general.
So I hope we can all reconsider whether we're excited about RandomX for the right reasons. Let's try to avoid jumping to conclusions about profitability and hold off on the Newegg 'checkout' button. Even though 12 cores at 70 watts sounds awesome. Happy mining!
submitted by Hammereditor to MoneroMining [link] [comments]

Help a beginner?

So I recently got into bitcoin and I wanted to know what hardware should I start with? I want to make sure I can break even with my electric bill at most by the end of the month. And after that, I would like to know of a good mining pool (or group? I don't know the official term.) Thanks in advance for anyone that decides to help!
submitted by NetherFall to BitcoinMining [link] [comments]

I literally have tens of thousands of dollars in top-shelf hardware, looking to repurpose some before selling on eBay to build a NAS system, possibly a dedicated firewall device as well. o_O

Q1) What will you be doing with this PC? Be as specific as possible, and include specific games or programs you will be using.**

A1) This will be a dedicated NAS system for my home network. As such, I'm looking to have it:

- Host ##TB's of 720, 1080 & up resolution Movies and TV Shows I'm about to begin ripping from a MASSIVE DVD & Blueray collection I have.

- My kids are big on Minecraft. I understand it's possible to host your own "worlds" (or whatever they call the maps you can build) on your own "server". I think it would be pretty neat to offer them (& their friends - if can be done 'safely/securely') their own partition on one of my NAS HDD's.

- I also have accounts with a couple diff VPN companies... I understand it's possible (?) to sync said VPN's with a NAS, this might be a more relative topic on the next point/purpose...

- I'd like to be able to remotely link to this NAS for when I travel overseas and want to stream at my temp location from my house/this NAS.
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Q2) What is your maximum budget before rebates/shipping/taxes?**

* A2) Here's where I make matters more complicated than most others would... I've been an advocate for Bitcoin and crypto-currencies in general since 2013. I invested in a small mining outfit back in 2014 (strictly Bitcoin/ASIC's). One of my buddies is the President of a large-scale mining operation (foreign and domestic) and he convinced me to dabble in the GPU mining-space. I made my first hardware purchase in Q4, 2017 and launched a small-scale GPU-Farm in my house since then. I had the rigs mining up until Q3 of 2018 (not cost-efficient to keep on, especially living in SoFlo) and since then, the hardware's been collecting dust (& pissing off my family members since they lost access to 3X rooms in the house - I won't let anyone go near my gear). One of my New Years Resolutions for 2019 was to clear out the house of all my mining equipment so that's all about to go up on eBay. So "budget" is relative to whatever I "MUST" spend if I can't repurpose any of the parts I already have on hand for this build... (Anyone having something I "need" and is looking to barter for one of the items I'll list later on in here, LMK).
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Q3) When do you plan on building/buying the PC? Note: beyond a week or two from today means any build you receive will be out of date when you want to buy.**

A3) IMMEDIATELY! :)
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Q4) What, exactly, do you need included in the budget? (ToweOS/monitokeyboard/mouse/etc\)**

A4) Well I had a half-assed idea approximately 1 year ago that it might be wise to build a bunch of 'gaming rigs' to sell on eBay with my intended repurposed mining hardware so I went on a shopping spree for like 6 months. That said; I've got a plethora of various other components that aren't even unboxed yet. 90% of the items I've purchased for this additional project were items that were marked down via MIR (mail-in-rebates) & what-not...
AFAIK, there are only 3X items I absolutely do not have which I 'MUST' find. Those would be - 1) Motherboard which accepts "ECC RAM". 2) CPU for said MOBO. 3) Said "ECC RAM".\* 
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Q5) Which country (and state/province) will you be purchasing the parts in? If you're in US, do you have access to a Microcenter location?**

A5) I'm located in Southwest Florida. No Microcenter's here. Best Buy is pretty much my only option although I am a member of Newegg, Amazon & Costco if that makes any difference?
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Q6) If reusing any parts (including monitor(s)/keyboard/mouse/etc), what parts will you be reusing? Brands and models are appreciated.**

A6) In an attempt to better clean up this Q&A, I'm going to list the items I have on-hand at the end of this questionnaire in-case passers-by feel like this might be a TLDR.* (Scroll to the bottom & you'll see what I mean).
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Q7) Will you be overclocking? If yes, are you interested in overclocking right away, or down the line? CPU and/or GPU?**

A7) I don't think that's necessary for my intended purpose although - I'm not against it if that helps & FWIW, I'm pretty skilled @ this task already (it's not rocket science).
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Q8) Are there any specific features or items you want/need in the build? (ex: SSD, large amount of storage or a RAID setup, CUDA or OpenCL support, etc)**

A8) As stated in A4; ECC RAM is non-negotiable... RAID seems like a logical application here as well.

- This will predominantly be receiving commands from MacOS computers. I don't think that matters really but figured it couldn't hurt to let you guys know.\*

- I'd also be quite fond of implementing "PFSENSE" (or something of that caliber) applied to this system so I could give my Netgear Nighthawks less stress in that arena, plus my limited understanding of PFSENSE is that it's ability to act as a firewall runs circles around anything that comes with consumer-grade Wi-Fi routers (like my Nighthawks). Just the same, I'm open to building a second rig just for the firewall.\*

- Another desirable feature would be that it draws as little electricity from the wall as possible. (I'm EXTREMELY skilled in this arena. I have "Kill-A-Watts" to test/gauge on, as well as an intimate understanding of the differences between Silver, Gold, Platinum and Titanium rated PSU's. As well as having already measured each of the PSU's I have on-hand and taken note of the 'target TDP draw' ("Peak Power Efficiency Draw") each one offers when primed with X amount of GPU's when I used them for their original purpose.\*

- Last, but not least, sound (as in noise created from the rig). I'd like to prop this device up on my entertainment center in the living room. I've (almost) all of the top-shelf consumer grade products one could dream of regarding fans and other thermal-related artifacts.

- Almost forgot; this will be hosting to devices on the KODI platform (unless you guys have better alternative suggestions?)
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Q9) Do you have any specific case preferences (Size like ITX/microATX/mid-towefull-tower, styles, colors, window or not, LED lighting, etc), or a particular color theme preference for the components?**

A9) Definitely! Desired theme would be WHITE. If that doesn't work for whatever reason, black or gray would suffice. Regarding "Case Size". Nah, that's not too important although I don't foresee a mini-ITX build making sense if I'm going to be cramming double digit amounts of TB in the system, Internal HDD's sounds better than a bunch of externals plugged in all the USB ports.
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Q10) Do you need a copy of Windows included in the budget? If you do need one included, do you have a preference?**

A10) I don't know. If I do need a copy of Windows, I don't have one so that's something I'll have to consider I guess. I doubt that's a necessity though.
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**Extra info or particulars:*\*

AND NOW TO THE FUN-STUFF... Here's a list of everything (PARTS PARTS PARTS) I have on-hand and ready to deploy into the wild &/or negotiate a trade/barter with:

CASES -
Corsair Carbide Series Air 540 Arctic White (Model# Crypto-Currency-9011048-WW) - (Probably my top pick for this build).
Cooler Master HAF XB EVO (This is probably my top 1st or 2nd pick for this build, the thing is a monster!).
Cooler Master Elite 130 - Mini ITX - Black
Cooler Master MasterBox 5 MID-Tower - Black & White
Raidmax Sigma-TWS - ATX - White
MasterBox Lite 5 - ATX - Black w/ diff. Colored accent attachments (included with purchase)
NZXT S340 Elite Matte White Steel/Tempered Glass Edition
EVGA DG-76 Alpine White - Mid Tower w/ window
EVGA DG-73 Black - Mid Tower w/ window (I have like 3 of these)

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CPU's -
***7TH GEN OR BELOW INTEL's ("Code Name Class mentioned next to each one)**\*
Pentium G4400 (Skylake @54W TDP) - Intel ARK states is "ECC CAPABLE"
Celeron G3930 (Kaby Lake @ 51W TDP) - Intel ARK states is "ECC CAPABLE" :)
i5 6402P (Skylake @65W TDP) - Intel ARK states is "NOT ECC CAPABLE" :(
i5 6600k (Skylake @ 91W TDP) - Intel ARK states is "NOT ECC CAPABLE" :(
i7 6700 (Skylake @ 65W TDP) - Intel ARK states is "NOT ECC CAPABLE" :(
i7 7700k (Kaby Lake @ 95W TDP) - Intel ARK states is "NOT ECC CAPABLE" :(


***8TH GEN INTEL's **\*
i3-8350K (Coffee Lake @91W TDP) - Intel ARK states is "ECC FRIENDLY" :)
I5-8600K (Coffee Lake @95W TDP) - Intel ARK states is "NOT ECC CAPABLE" :(


***AMD RYZEN's **\*
Ryzen 3 2200G
Ryzen 5 1600
Ryzen 7 1700X

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MOTHERBOARDS -

***7TH GEN AND BELOW INTEL BASED MOBO'S - **\*
MSI Z170A-SLI
ASUS PRIME Z270-A
ASUS PRIME Z270-P
ASUS PRIME Z270-K
EVGA Z270 Stinger
GIGABYTE GA-Z270XP-SLI
MSI B150M ARCTIC
MSI B250M MICRO ATX (PRO OPT. BOOST EDITION)

***8TH GEN INTEL BASED MOBO'S - **\*
EVGA Z370 FTW
GIGABYTE Z370XP SLI (Rev. 1.0)
MSI Z370 SLI PLUS


***AMD RYZEN BASED MOBO'S - **\*
ASUS ROG STRIX B350-F GAMING
MSI B350 TOMAHAWK
MSI X370 GAMING PRO
ASROCK AB350M PRO4
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RAM -

Way too many to list, nothing but 4 & 8GB DDR4 sticks and unfortunately, none are ECC so it's not even worth mentioning/listing these unless someone reading this is willing to barter. At which time I'd be obliged to send an itemized list or see if I have what they're/you're specifically looking for.\*
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THERMAL APPLICATIONS/FANS -
JUST FANS -
BeQuiet -
Pure Wings 2 (80mm)
Pure Wings 2 (120mm)
Pure Wings 2 (140mm)
Silent Wings 3 PWM (120mm)

NOCTUA -
PoopBrown - NF-A20 PWM (200mm) Specifically for the BIG "CoolerMaster HAF XB EVO" Case
GREY - NF-P12 Redux - 1700RPM (120mm) PWM
Corsair -
Air Series AF120LED (120mm)

CPU COOLING SYSTEMS -
NOCTUA -
NT-HH 1.4ml Thermal Compound
NH-D15 6 Heatpipe system (this thing is the tits)

EVGA (Extremely crappy coding in the software here, I'm like 99.99% these will be problematic if I were to try and use in any OS outside of Windows, because they barely ever work in the intended Windows as it is).
CLC 240 (240mm Water-cooled system
CRYORIG -
Cryorig C7 Cu (Low-Profile Copper Edition*)

A few other oversized CPU cooling systems I forget off the top of my head but a CPU cooler is a CPU cooler after comparing to the previous 3 models I mentioned.
I almost exclusively am using these amazing "Innovation Cooling Graphite Thermal Pads" as an alternative to thermal paste for my CPU's. They're not cheap but they literally last forever.

NZXT - Sentry Mesh Fan Controller
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POWER SUPPLIES (PSU's) -
BeQuiet 550W Straight Power 11 (GOLD)

EVGA -
750P2 (750W, Platinum)
850P2 (850W, Platinum)
750T2 (750W, TITANIUM - yeah baby, yeah)

ROSEWILL -
Quark 750W Platinum
Quark 650W Platinum

SEASONIC -
Focus 750W Platinum
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STORAGE -
HGST Ultrastar 3TB - 64mb Cache - 7200RPM Sata III (3.5)
4X Samsung 860 EVO 500GB SSD's
2X Team Group L5 LITE 3D 2.5" SSD's 480GB
2X WD 10TB Essential EXT (I'm cool with shucking)
+ 6X various other external HDD's (from 4-8TB) - (Seagate, WD & G-Drives)
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Other accessories worth mentioning -
PCI-E to 4X USB hub-adapter (I have a dozen or so of these - might not be sufficient enough &/or needed but again, 'worth mentioning' in case I somehow ever run out of SATA & USB ports and have extra external USB HDD's. Although, I'm sure there would be better suited components if I get to that point that probably won't cost all that much).
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Needless to say, I have at least 1X of everything mentioned above. In most all cases, I have multiples of these items but obviously won't be needing 2X CPU's, Cases, etc...

Naturally, I have GPU's. Specifically;

At least 1X of every. Single. NVIDIA GTX 1070 TI (Yes, I have every variation of the 1070 ti made by MSI, EVGA and Zotac. The only brand I don't have is the Gigabyte line. My partners have terrible experience with those so I didn't even bother. I'm clearly not going to be needing a GPU for this build but again, I'm cool with discussing the idea of a barter if anyone reading this is in the market for one.

I also have some GTX 1080 TI's but those are already spoken for, sorry.

It's my understanding that select CPU's I have on this list are ECC Friendly and AFAIK, only 1 of my MOBO's claims to be ECC Friendly (The ASROCK AB350M PRO4), but for the life of me, I can't find any corresponding forums that confirm this and/or direct me to a listing where I can buy compatible RAM. Just the same, if I go w/ the ASROCK MOBO, that means I'd be using one of the Ryzens. Those are DEF. power hungry little buggers. Not a deal-breaker, just hoping to find something a little more conservative in terms of TDP.


In closing, I don't really need someone to hold my hand with the build part as much as figuring out which motherboard, CPU and RAM to get. Then I'm DEFINITELY going to need some guidance on what OS is best for my desired purpose. If building 2X Rigs makes sense, I'm totally open to that as well...
Rig 1 = EPIC NAS SYSTEM
Rig 2 = EPIC PFSENSE (or the like) DEDICATED FIREWALL

Oh, I almost forgot... The current routers I'm using are...
1X Netgear Nighthawk 6900P (Modem + Router)
1X Netgear Nighthawk X6S (AC 4000 I believe - Router dedicated towards my personal devices - no IoT &/or Guests allowed on this one)
1X TP-Link Archer C5 (Router). Total overkill after implementing the Nighthawks but this old beast somehow has the best range, plus it has 2X USB ports so for now, it's dedicated towards my IoT devices.
---- I also have a few other Wi-Fi routers (Apple Airport Extreme & some inferior Netgear's but I can only allocate so many WiFi Routers to so many WiFi channels w/out pissing off my neighbors) On that note, I have managed to convince my neighbors to let me in their house/WiFi configuration so we all have our hardware locked on specific, non-competing frequencies/channels so everyone's happy. :)


Please spare me the insults as I insulted myself throughout this entire venture. Part of why I did this was because when I was a kid, I used to fantasize about building a 'DREAM PC' but could never afford such. To compensate for this deficiency, I would actually print out the latest and greatest hardware components on a word document, print the lists up & tape to wall (for motivation). I was C++ certified at the age of 14 and built my first PC when I was 7. At the age of 15 I abandoned all hope in the sector and moved on to other aspirations. This entire ordeal was largely based off me finally fulfilling a childhood fantasy. On that note = mission accomplished. Now if I'm actually able to fulfill my desires on this post, I'm definitely going to feel less shitty about blowing so much money on all this stuff over the last couple years.

TIA for assisting in any way possible. Gotta love the internets!


THE END.
:)

EDIT/UPDATE (5 hours after OP) - My inbox is being inundated with various people asking for prices and other reasonable questions about my hardware being up for sale. Not to be redundant but rather to expound on my previous remarks about 'being interested in a bartetrade' with any of you here...

I did say I was going to sell my gear on eBay in the near future, I also said I wanted to trade/barter for anything relative to helping me accomplish my OP's mission(s). I'm not desperate for the $$$ but I'm also not one of those people that likes to rip other people off. That said; I value my time and money invested in this hardware and I'm only willing to unload it all once I've established I have ZERO need for any of it here in my home first. Hence my writing this lengthy thread in an attempt to repurpose at least a grand or two I've already spent.

One of the most commonly asked questions I anticipate receiving from interested bodies is going to be "How hard were you on your hardware?" Contrary to what anyone else would have probably done in my scenario which is say they were light on it whether they were or weren't, I documented my handling of the hardware, and have no problem sharing such documentation with verified, interested buyers (WHEN THE TIME COMES) to offer you guys peace of mind.

I have photo's and video's of the venture from A-Z. I am also obliged to provide (redacted) electricity bill statements where you can correlate my photo's (power draw on each rig), and also accurately deduct the excess power my house consumed with our other household appliances. Even taking into consideration how much (more) I spent in electricity from keeping my house at a constant, cool 70-72F year-round (via my Nest thermostat). Even without the rigs, I keep my AC @ 70 when I'm home and for the last 1.5-2 years, I just so happened to spend 85% of my time here at my house. When I would travel, I'd keep it at 72 for my wife & kids.
Additionally; I had each GPU 'custom' oveunderclocke'd (MSI Afterburner for all GPU's but the EVGA's).*
I doubt everyone reading this is aware so this is for those that don't.... EVGA had the brilliant idea of implementing what they call "ICX technology" in their latest NVIDIA GTX GPU's. The short(est) explanation of this "feature" goes as follows:

EVGA GPU's w/ "ICX 9 & above" have EXTRA HEAT/THERMAL SENSORS. Unlike every other GTX 1070 ti on the market, the one's with this feature actually have each of 2/2 on-board fans connected to individual thermal sensors. Which means - if you were to use the MSI Afterburner program on one of these EVGA's and create a custom fan curve for it, you'd only be able to get 1/2 of the fans to function the way intended. The other fan simply would not engage as the MSI Afterburner software wasn't designed/coded to recognize/ communicate with an added sensor (let alone sensor'S). This, in-turn, would likely result in whoever's using it the unintended way having a GPU defect on them within the first few months I'd imagine... Perhaps if they had the TDP power settings dumbed down as much as I did (60-63%), they might get a year or two out of it since it wouldn't run as near as hot, but I doubt any longer than that since cutting off 50% of the cooling system on one of these can't be ignored too long, surely capacitors would start to blow and who knows what else...
(Warning = RANT) Another interesting side-note about the EVGA's and their "Precision-X" OveUnderclocking software is that it's designed to only recognize 4X GPU's on a single system. For miners, that's just not cool. My favorite builds had 8X and for the motherboards that weren't capable of maintaining stable sessions on 8, I set up with 6X. Only my EVGA Rigs had 3 or 4X GPU's dedicated to a single motherboard. Furthermore, and as stated in an earlier paragraph, (& this is just my opinion) = EVGA SOFTWARE SUCKS! Precision X wasn't friendly with every motherboard/CPU I threw at it and their extension software for the CLC Close-Loop-Cooling/ CPU water-coolers simply didn't work on anything, even integrating into their own Precision-X software. The amount of time it took me to finally find compatible matches with that stuff was beyond maddening. (END RANT).
Which leads me to my other comments on the matter. That's what I had every single 1070 ti set at for TDP = 60-63%. Dropping the power load that much allowed me to bring down (on average) each 1070 ti to a constant 110-115W (mind you, this is only possible w/ "Titanium" rated PSU's, Platinum comes pretty damn close to the Titanium though) while mining Ethereum and was still able to maintain a bottom of 30 MH/s and a ceiling of 32 MH/s. Increasing the TDP to 80, 90, 100% or more only increased my hashrates (yields) negligibly, like 35-36 MH/s TOPS, which also meant each one was not only pulling 160-180W+ (Vs. the aforementioned 115'ish range), it also meant my rigs were creating a significantly greater amount of heat! Fortunately for the GPU's and my own personal habits, I live in South Florida where it's hot as balls typically, last winter was nothing like this one. Increasing my yields by 10-15% didn't justify increasing the heat production in my house by >30%, nor the added electricity costs from subjecting my AC handlers to that much of an extra work-load. For anyone reading this that doesn't know/understand what I'm talking about - after spending no less than 2-3 hours with each. and. every. one. I didn't play with the settings on just one and universally apply the settings to the rest. I found the 'prime' settings and documented them with a label-maker and notepad. Here's the math in a more transparent manner:

*** I NEVER LET MY GPU's BREACH 61C, EVER. Only my 8X GPU rigs saw 60-61 & it was the ones I had in the center of the build (naturally). I have REALLY high power fans (used on BTC ASIC MINERS) that were sucking air from those GPU's which was the only way I was able to obtain such stellar results while mining with them. **\*
Mining at "acceptable" heat temps (not acceptable to me, but most of the internet would disagree = 70C) and overclocking accordingly brings in X amount of yields per unit. =
'Tweaking' (underclocking) the GPU's to my parameters reduced my yield per unit from -10-15%, but it SAVED me well over 30-35% in direct electricity consumption, and an unknown amount of passive electricity consumption via creating approximately 20%+ less heat for my AC handler to combat.

I say all this extra stuff not just for anyone interested in mining with their GPU's, but really to answer (in-depth) the apparent questions you people are asking me in PM's. Something else that should help justify my claims of being so conservative should be the fact I only have/used "Platinum and Titanium" rated PSU's. Heat production, power efficiency and longevity of the hardware were ALWAYS my top priority.* . I truly thought Crypto would continue to gain and/or recover and bounce back faster than it did. If this project had maintained positive income for 12 months+, I'd have expanded one of our sites to also cater to GPU mining on a gnarly scale.

Once I have my NAS (& possibly 2nd rig for the firewall) successfully built, I'll be willing/able to entertain selling you guys some/all of the remaining hardware prior to launching on eBay. If there's something you're specifically looking for that I listed having, feel free to PM me with that/those specific item(s). Don't count on an immediate response but what you can count on is me honoring my word in offering whoever asks first right of refusal when the time comes for me to sell this stuff. Fortunately for me, PM's are time-stamped so that's how I'll gauge everyone's place in line. I hope this extra edit answers most of the questions you guys wanted to have answered and if not, sorry I guess. I'll do my best to bring light to anything I've missed out on after I realize whatever that error was/is. The only way anyone is getting first dibs on my hardware otherwise is if they either offer compelling insight into my original questions, or have something I need to trade w/.

THE END (Round#2)


submitted by Im-Ne-wHere to buildapcforme [link] [comments]

Buy a hella gaming rig (w/ mining capabilities) or invest in an ASIC for graduation? Price limit ~$3000

I know what sub I'm in, but any suggestions? The no brainer seems to be to buy an ASIC and mine on that 'till I have enough to buy a good gaming rig, but how long would it take me to amount to that much money? And, what ASICs would you guys suggest? I've been looking at GAWminers because they seem to be the best price/hash ratio, but I'm still not sure. And, should I definitely get a scrypt or just grab a bitcoin one? Thanks!
submitted by BanjoChaos to dogemining [link] [comments]

Debt Free! I paid off my Medical school loans! Bitcoin changed my life!

I started mining around 2012. Started mining on GPUs to build out an amazing gaming rig and just kept upgrading the rigs. I just kept getting more, GPUs and my home started looking like a server.
Even got one of the first Butterfly ASICs (mined a few bitcoins realized I would net more bitcoins selling it on Ebay and buying in). Slowly I stopped mining as my GPUs stopped getting a profit and my overclocked gpus slowly burnt themselves out.
Then I just hodl. Just didn't pay attention, checked out, and said I wouldn't do anything until it changed my life.
Fam, this last month it changed my life. I said I would sell at 10K to pay off loans, then it shot up to 18 before I knew it. This is amazing, I sold not even 10% of my hodlings and am now debt free.
Again, I am drawing the sell line in the sand. Not until it changes my life again. This time the line is to buy a house, when I can do that with Bitcoin I will have to part with a little bit more. Excited for that day!
submitted by WittgensteinianInk to Bitcoin [link] [comments]

An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
submitted by Swissprivatebanker to Bitcoin [link] [comments]

The Problem with PoW

The Problem with PoW
Miners have always had it rough..
"Frustrated Miners"

The Problem with PoW
(and what is being done to solve it)

Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency.
In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin.
Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases.

Hashrates and Hardware Types

While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners.
When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm.
This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time.
Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon.

2 Guys 1 ASIC

One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption.
Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix.
When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete.
This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control.

Implications of Centralization

This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors).
This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things.
The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions.

The Rise of FPGAs

With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending.
A perfect real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called VerusCoin and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network.
Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements.
Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes.

All is not lost thanks to.. um.. Technology?

Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”
In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution.
Digging a bit deeper it turns out the Verus development team are no rookies. The lead developer Michael F Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date. A brief description of what makes VerusCoin special quoted from a community member-
"Verus has a unique and new consensus algorithm called Proof of Power which is a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0. VerusHash 2.0 is designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, which is also one defense against the centralizing potential of botnets. Unlike past efforts to equalize hardware hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain even more power relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is not a "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well"

If other projects can learn from this and adopt a similar approach or continue to innovate with new ideas, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing present an overall unprecedented level of decentralization not yet seen in cryptocurrency.
Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term.

In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, cryptocurrency is here to stay and the projects that are doing something to solve the current problems in the proof of work consensus mechanism will be the ones that lead us toward our collective vision of a better world- not just for the world of crypto but for each and every one of us.
submitted by Godballz to CryptoCurrency [link] [comments]

Profitable Crypto Mining: ASIC vs GPU, Which One Is Better?

Profitable Crypto Mining: ASIC vs GPU, Which One Is Better?
If you’re new to mining you probably have multiple questions running through your head right now. Good news is that it gets easier with time, assuming that you do your homework and research, and we will try to help you out.
One of the common questions is whether one should choose GPU or ASIC mining and we definitely have some advice on that topic.
When we’re considering classic POW mining we can quickly rule out CPU hardware for not being efficient and FPGA hardware because of its high costs. This leaves you with ASIC and GPU to choose from.

https://preview.redd.it/igev3y4v8pv31.png?width=1920&format=png&auto=webp&s=2a0c9271fc36252181d086e74101d13875619c80

Buying Mining Equipment

Let’s get things straight — you won’t be able to buy ASIC devices in any of you local electronic shops, even in the biggest ones. There are two ways you can get this hardware: buying it online which shouldn’t be a problem these days unless that’s the newest model you’re after. Second option is to find a local company that sells ASIC equipment.
Also, you can try to purchase the equipment directly from the manufacture company, however, mind the huge customs and delivery fees if the company is located abroad.
It is highly recommended to test ASICs before buying them to make sure the equipment works properly.
GPU or graphics cards and other equipment that you will need to build your very own mining farm can be easily purchased at a regular computer store. The only problem you may have is getting the right set of hardware, so make sure to come prepared.
When buying a used (second-hand) graphics card don’t forget to test it.
What’s better?
If you’re not into hardware and have no clue how to set up a farm by yourself buying ASIC equipment would be a better option as you won’t need to build anything yourself.

Warranty Policy

In general, an official warranty policy for ASIC hardware is up to 180 days since the equipment was shipped to the buyer. When the seller is confident about the quality of their equipment, they can offer their personal 1 month warranty.
When you’re buying computer hardware in most of the cases you are getting full 2 year warranty policy including exchange or repairments of the equipment.
What’s better?
Warranty policy is especially important when you have no chance to check the equipment yourself or when you’re buying large inventory of it. Also, if you plan to go with overclocking, you will probably need a decent warranty as well.
We need to add that when you’re using the equipment accordingly and conduct regular maintenance both ASIC and GPU can work past the warranty period.

Setting Up Process

With ASICs it’s simple: you plug and connect it, pick a pool to join and start mining right away.
With GPU, it’s a little complicated. First, you need to build your farm. You will need a framework, motherboard with installed CPU and cooling, storage unit, power supply, risers and video cards. If you have no experience with assembling computer hardware you’re gonna need to save some time and prepare to put extra effort. Once your rig is ready you will have to install OS and optimize it which is usually even harder than setting up a rig. But luckily we’ve got a solution for that. CoinFly can do the work for you and help you with setting up and optimizing your equipment.
What’s better?
Although ASICs are very easy, you shouldn’t quickly give up on GPU mining. If assembling computer hardware is not a big problem for you, CoinFly will help you with setting it up.

Maintenance

ASIC equipment won’t give you too much trouble: it’s safe, stable, and doesn’t require any special knowledge. Maintenance includes cleaning off dust and oiling the fans.
When dealing with rigs, you will have to work a little harder and study the basics about at least graphics cards’ temperatures and operational frequency. A stable workflow depends heavily on the software and as it has a tendency to fail, it could become a problem. Unless you’re using CoinFly — our system will notify you in case of emergency so you can tune your equipment online.
What’s better?
Once again, when it comes to maintaining ASICs are almost trouble-free. GPU rigs are a bit tricky but when using the right tools like CoinFly to monitor their work, it can serve you just fine.

The Noise

ASICs are loud: when you’re in a room with a working ASIC you’re gonna need to shout, so people can hear you.
GPU farms have no such problem. Some of them are almost silent and that doesn’t affect the cooling process at all.
What’s better?
Maybe the level of noise your equipment makes was not the first issue on your list but we recommend you to consider it. ASICs are suitable only for the commercial and industrial premises.

Mining

ASICs can work with only one algorithm and mine one or several types of cryptocurrencies and are perfect for mining Bitcoin and its forks.
GPU rigs are universal: you can mine a huge variety of coins if you set your miner right.
What’s better?
If you want to mine Bitcoin, you gotta go with ASIC. But think again if that’s what you’re really after. After all, you can choose mining any altcoin that you’d like with your GPU rig and then simply exchange it to BTC. And if you’re lucky enough to mine a coin that will do good ASICs do not give you that choice, however, their mining capability is higher.

Relevance of the Equipment

ASICs are quickly getting out of date as the new models come along. Back in the day, the new versions used to come out every half a year and they were 10 times more efficient. In general, you need to change your ASIC hardware every year.
GPU equipment can perfectly serve you for 2 to 3 years and if you wish to sell the graphics card afterwards that wouldn’t be a problem either.
What’s better?
In terms of relevance, it’s probably reasonable to go with the GPU.

Return on Investment

In the long run, the profitableness of ASICs is higher but because the new models are being released quite frequently you cannot expect huge profits. It is always important to do your research and get the most relevant equipment.
GPU hardware will take its time to pay you back but it also depends if you manage to find the right coin to mine that will eventually increase your profits.
What’s better?
ASIC mining is definitely a good option for those who don’t want to constantly monitor the crypto market.
But in the case that you’re interested in what’s happening in the crypto space and you also have time to do your own research, the GPU farm would the better choice. If you’re not willing to spend your efforts on that, CoinFly Autopilot mode will help you mine the most profitable coin on the market automatically.

Conclusion

ASICs are great for people who can provide a non-residential space for mining and not willing to spend too much time and effort for setting up the equipment and stay updated with the latest trends in the crypto industry.
GPU rigs are suitable for mining at home and won’t scare away all the crypto and computer enthusiasts. If you’re just starting your mining journey but not sure how to do it, we recommend to register on CoinFly. From setting up your hardware to tuning it online and picking the best coin to mine at the moment — we’ve got you covered!
submitted by coinfly to CoinFly [link] [comments]

First newegg, now iBuypower gets in on the mining craze...

First newegg, now iBuypower gets in on the mining craze... submitted by web_runner to litecoin [link] [comments]

Flashback Friday: When I though I was going to be rich :-)

I was going through my crypto archive and here a picture when time were not just better but unbelievably profitable for a hobby miner (and made me spend a bit too much money on hardware).

This was on 24 January 2018, and I was pulling 0,0026 BTC per day (back then it was 23ish EUR with the EUBTC rate) on 10 low-middle grade GPUs. This was without any kind of OC (I was going full blast, it was just so profitable, lol).
2 * rx570 + 8 Nvidia (3 * 1050ti + 5 1060 6Go).
Now I have 2 more GPUs, finely tuned OC, and I would get around 0,5mBTC/Day (below electricity cost in my region).
https://i.redd.it/ikgdsawsysk11.jpg
I guess when something is too good to be true, it's too good to be true. But I was drawn into it. I was always curious about Bitcoin when BTC was 200 euro but back then it wasn't profitable anyway already because of FPGA and ASIC and I wasn't really clear where to buy BTC that wouldn't scam me of my money. BTC went to 600 euro and I though things have peaked already so I was fuck it I'm too late for the party. I admit FOMO brought me in with the Bullrun end 2017.

Now, we are in september, back in DecembeJanuary I projected that I should BE my initial investment in July and start printing money by then. Right now, I'm something like <30% BE it and the value of my stack is still going down since I've HODL all of my BTC and never sold.

Nowadays, my rig is off because electricity is too expensive to make it run (Western Europe problem I know) so I can't even continue to progress to my BE even when electricity is cheaper at night. Tried mining ETH directly but the difficulty is ridiculous, the value took a nose dive, payout are unpredictably because of pool luck and pplns scheme, tried mining RVN but came late to the party pool luck and payement are even worse on RVN than on ETH.
- I would make more RVN mining ETH and buying RVN with ETH.
- I would also make more ETH mining on Nicehash and purchasing ETH with BTC.
But then, I would be trading so what's the point of mining.

I think I'll go deeper the rabbit hole and start mining speculative low diff coins if I can find a good project, but every project I hear from seems to already being past that point so I can't build a bag :-(

I'm happy I haven't got overboard with the spending and I'm glad I've learn many thing in this space along the way. So glad I didn't pull the trigger on a couple of Titan XP, I seriously considered it back when it was still profitable. But being in profit seems to be a concept that I'll probably never reach. So I'll guess "I'm in it for the tech" like so many people can say.

I guess this post will have the merit to warn potential adventurers to reconsider spending any amount of money they are not ready to be parted from.

If however you have "free electricity" I still wish you good luck because at a large scale you still won't BE the initial investment if you want to build today, and at a small scale, you won't make a buck anyway and just provide cheap hashrate to NH buyers.


submitted by Spykwak to NiceHash [link] [comments]

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