2020 is a huge year for Bitcoin mining. Huge changes to the mining ecosystem – changes that will spark another “gold rush” for mining. This will be spearheaded by two factors – the release of new more efficient mining hardware known as ASICs and Bitcoin halvening. The release of new hardware will give new players a bigger advantage in mining due to the efficiency factor – new ASICs generate more hashpower with less power. (https://www.sliderrevolution.com) We’re already seeing large funds like Fidelity Investments building large mega-watt mining facilities in North America and other continents. You can hare about the North America mining explosion in this podcast. This marks the return of mining as a major investment opportunity this year.
Table of Contents
Cryptocurrency Mining is a $6 Billion+ USD per year industry
Sizes of Exchange, Mining, DeFi and ICO industries respectively
One well-kept secret of the mining industry is the huge profits being generated by cryptocurrency miners (Bitcoin, Ethereum, DASH and Monero mining). Let’s start off with an industry Fact – every day $19,000,000+ USD dollars worth of cryptocurrencies are being produced by miners across the world. This means a total of $6.8 Billion dollars will be mined in 2020 alone. The biggest currency being mined is Bitcoin – with a 1,800 bitcoin being produced per day totalling to a value of $15,833,340 USD. To put everything into perspective, the ICOs only raised a total of $371 Million in 2019 according to icodata.io. Mining is currently the second largest industry behind exchanges (source: Bloomberg).
Miners upgrading and replacing older hardware (often confused with “miner capitulation”)
Ironically the miners have perpetuated myths such
as “mining is not profitable” or “the bitcoin mining death spiral” to deter
new players coming into this profitable space. Many reports in 2019 have
featured erroneous calculations that Bitcoin mining is not profitable. This is
because researchers have incorrectly assumed that miners are getting
expensive commercial electricity costs of $0.07-12 cents per kilo-watt
hour. This is far from the truth – mining operations receive considerable
discounts as they purchase low priority power (meaning they will get cut off
grid in the event of a surge in power usage). The actual figure is in the range
of $0.01 – $0.03 per kw/h. This means miners are generating large amounts of
profit. It is the biggest industry in the blockchain space, and yet it is
surrounded by both mystery and false information.
New
Hardware (ASICs) is game changing
New high efficiency Bitcoin mining hardware is coming in 2020 will be a huge game changer. Bitmain will be releasing the new Antminer s19 based on the 7nm manufacturing process. Competing ASIC manufactures are also making new chips, with Innosilicon and Canaan hot on the heels. This die shrink increase the hashpower of chips whilst reducing power consumption at the same time. These two factors mean these new units will be more efficient – the biggest factor contributing to Bitcoin mining profitability.
Hashr8 – New MiningOS
New Hashr8 OS
New operating systems dedicated for mining cryptocurrencies such as Hashr8 are also being launched this year. These OSes will make it easier for commercial, enthusiast and retail miners to improve mining efficiency and management. This is a huge positive trend for the industry as a whole as it makes professional tools mainstream and accessible to the general public. This will level the playing field and reduce the gap between large-scale miners.
DASH mining is the process of generating new cryptocurrency using specialized mining machines known as “ASICs”. This guide teaches you the basics of DASH mining and how to set up your ASIC. DASH miners are specialized machines designed to solve the “X11” hash function used to protect the DASH network. When a miner finds a hashed result that meets the network difficulty requirements, it is submitted to the DASH network. Once verified, the miner will be rewarded in DASH cryptocurrency, thus generating an income for the mienrs. In order to mine DASH, you’ll need to get an ASIC. It’s no longer possible to mine DASH using CPU or GPU (unlike Monero or Ethereum mining).
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What is DASH
DASH (also known as Xcoin, Darkcoin) is a form of digital currency that is not controlled by any government or individual entity. DASH is based on Bitcoin technology, with some major differences between:
Anonymous transactions – DASH transactions are anonymous, so it is impossible to trace the source of DASH funds. This offers significant privacy benefits for DASH users.
Instant confirmation – Masternodes instantly confirm DASH transactions, whilst Bitcoin transactions take 10-30 minutes to confirm.
Low fees – DASH transaction fees are significantly less than Bitcoins or any other bank for that matter.
X11 Algorithm – DASH mining uses a different algorithm called X11.
How Profitable is DASH mining
Daily Revenue from mining rewards differ everyday – this is because mining difficulty changes and hence the daily reward. Revenue is dependent on the power of the Graphics Processor Unit (GPU) involved, with higher Hashrates being faster and more profitable
Network difficulty- Think of it this way, every day the same wage gets paid to all the DASH miners in the world.
The value of DASH– The current USD value of DASH is important for those seeking profits in fiat currency (USD) or even Bitcoin (BTC).
What is X11?
X11 is a chained hashing algorithm that uses 11 different hashing algorithms to secure the network (hence the “11”). The algorithms Blake, BMW, Groestl, JH, Keccak, Skein, Luffa, Cubehash, Shavite, Simd and Echo are used in sequence, repeated one after another until the very last function. This will give a final hash value which is then submitted to the blockchain if it meets the difficulty requirement. X11 is designed by Evan Duffield to improve the security of the blockchain. The reasoning is that if one of the algorithms are compromised, there are 10 others to continue to protect the network.
The second reason X11 was designed is to make it harder to create mining ASICs (although we know that this is now possible). For a period of 2 years, it was possible to mine DASH using a conventional computer via CPU and GPU mining. However, this is no longer the case as chip makers have found ways to create high specialized X11 ASICs.
DASH Pool Mining
There are two main ways to mine DASH – solo mining or pool mining.
Pool Mining (working together)
Work with others to mine and share rewards
Get paid per share, on a hourly or daily basis
Less random / dependent on luck
Pools take some fees (0.5-3% depending on pool)
Solo Mining
You mine the entire block reward (3.11 DASH per block) – no pool fees
Random Chance and probability – you can go days or months without rewards
Not viable if Hashrate is low – single GPU will take years to mine a block
Generally speaking, pool mining is the preferred method for most miners. This is because it provides a reliable stream of daily income, rather than large random bursts. Thus it allows miners to better calculate their profits and losses.
List of top DASH mining Pools
There are 2 factors to consider when picking a DASH mining pool – the location of the pool and it’s market share. The top priority would be location – the closer the pool is to you geographically the better. This is because sometimes due to network latency, shares that are mined could be “stale” – as new blocks are created rendering older blocks obsolete. It’s also important to know that Chinese servers are behind the Great Firewall of China, meaning that connections could periodically break. This means that choosing a server with low latency and close geographical location would give the highest yield.
The second factor is the market share of the pool. The larger the market share, the more consistent the rewards. This is because blocks are continuously mined by the pool, and hence they can pay out at a consistent rate. This reduces the impact of the randomness of block creation.
We recommend finding a pool close to your location with a high market share.
In 2020, DASH Cloud mining contracts are not profitable. This is because mining has become more competitive with lower margins – forcing miners to reduce costs. Cloud mining is hit the hardest because of they have large overheads like advertising spends and legal costs. In our latest research, we found that cloud mining providers were charging 184% for the same hashrate than home-made solutions.
What else can I mine with X11?
When you purchase a DASH miner, you’re limited to mining the X11 algorithm. X11 algorithm can mine coins such as Smartcoin, Pura, and Hatch. Admittedly, there are not many other good coins to mine using X11 ASICs, with DASH being the most valuable of the bunch. This is unlike other algorithms such as SHA-256 which is used in Bitcoin mining, Bitcoin cash and BitcoinSV.
Masternodes vs. Mining
There are two was to make a passive income on the DASH network – mining and masternodes. Like miners, masternodes also generate a DASH reward every time a block is created on the DASH network. The reward distribution is as follows:
45% – Miners reward
45% – Masternode reward
10% – DASH treasure (DASH DAO – Decentralized Autonomous Organisation)
As you can see, masternode node holders get equal amounts of rewards as miners. In order to become a masternode, a total of 1000 DASH must be staked by the node holder. At the current price of $60 per DASH, this means a total of $60,000 must be staked in order to gain masternode rewards.
The function of masternodes is to provide additional layer 2 services to the network. This includes sending pre-approved transactions (InstantSend), improving security of the network (Chainlocks) and privacy features (PrivateSend). The 1000 DASH required by the masternode serves as collateral to ensure good behavior. If the funds are moved or spent, the associated masternode will go offline and stop receiving rewards.
The biggest factor in deciding whether to mine DASH or getting a DASH masternode is the financial commitment factor. The advantage of a masternode is that the 1000 staked DASH can be fully returned at the end of operation, whilst mining equipment will become obsolete over time. In addition, masternode holders are given the right to vote in the DASH treasury which gives funding to future developments. The disadvantage of masternodes is the high initial investment, which cannot be less than 1000 DASH.
Cryptocurrency Mining can be tough to get started with – but there are always mining expert’s who are willing to lend a hand and share their wealth of experience. One such person is Alex Hillman, he runs cryptocurrency mining farm with over 300 GPUs. We asked detailed questions about how he got started, his mining setup and what advice he would give to beginners getting started with mining.
Miner Bio: Alex Hillman
Alex Hillman (@SpillyGuy) comes from a computer and programming background. He currently mines at 3 different locations, including dedicated warehouses and research labs. He mines with more than 300 GPUs, often times on multiple cryptocurrencies at the same time.
Can you tell us about your mining operation (Where/ How many people are involved / Power usage)
Cryptocurrency mine (GPU Farm)
When the technology started taking off I knew it was something I wanted to be involved in with my computer and programming back ground. We currently run well over 300 gpus at 3 locations including dedicated warehouses and research labs.
What type of setup – solo or pool mining do you use
We tri or quad mine all of our gpu miners. Often we mine coins like Ethereum or Raven while dual mining something like LBRY or DECRED on the GPU extra memory. We accomplish this most cases with Claymore Miner. On the CPU we use a xmr-stak style miner to mine coins like Loki, Monero or Sumocoin. Last you can mine on pools that create extra tokens and with the fpga cards we do this as well.
We mine on large pools like ethermine with a private
workgroup of about 50 clients and friends to increase profits and luck factor.
Do you use ASICs ?
No we strongly disagree with the logistical cycle and ethics of building single use products like this that have such a short life span.
Mining is Loud and Hot – have you ever been driven crazy by the noise or Danced around naked when setting up gear?
I often jam while building but we try to do all of our
thoughtful work away from the computers. But yes I have danced naked in the
mines many times.
What do you think is the biggest challenge when it comes to mining
Having enough power to grow
Do you ever dabble in speculative mining – if so what new coins are you into
Yes spec mining can be wildy profitable. At the start we
mined sumocoin about several hundred a week at 0.07 cents. We sold those coins
at 14.00usd so it paid for our first dedicated miners.
What happens when hardware breaks ? who repairs them?
Spencer my business partner is the expert on trouble shooting most often its a software driver issue or a hardware issue like usb or risers going bad.
What is the most controversial thing to happen to you?
We helped attack the EOS and ADA blockchain with our GPU network in a effort to prove their lacking security.
What advice would you give to a someone who wants to start out mining
Start simple with a single computer at home. Use a gaming or work computer toss a good video card like a Nvidia 1070Ti or Nvidia 1080ti in it and start speculative mining first.
Nvidia or AMD – which team are you on?
Nvidia produces coins at a more efficent power rate and with
far less loss and heat. Its really not a question amd is cheap and quick while
Nvidia is the better option over time
Cloud Mining – in your opinion are they legit or scam
All a scam…. why would I rent you my money tree for any
money less than it makes me. The business model is flawed from the start.
Remote hosting is a thing but in most cases if someone is trying to rent you
cloud mining they are hedging out their own risk by making you take it all.
Live Planet VR is a camera from the future – it records using 16 individual lenses for a full Virtual Reality experience. It’s an all-in-one camera solution that directly records 360° stereoscopic Virtual Reality video. The device itself looks crazy – it has 16 cameras directly on the rig, it almost feels excessive. What’s special about the device is that the video directly records to a stereoscopic VR video file that’s ready to upload – without the need to manually “stitch” the files together. This is a huge contrast to other 360° camera systems such as the insta360 one that requires lengthy post-rendering to create usable files. In this review we’ll look at the functionality, quality and publishing platform LivePlanet.
VR Camera Review
Live Planet VR camera closeup
The VR camera consists of the main camera module (housing 16 cameras) and external battery. The camera directly records to the desired 360° view or to 180° with selectable angle. Video recorded is stereoscopic – separate video data corresponding two what our 2 eyes would see. Having stereoscopic video is what makes Live Planet VR different other systems, as only this type of video will give a true VR experience.
Camera Setup
The VR camera can be directly mounted onto tripods via the 1/4″ screw on the bottom of the device. The external battery (Juicebox V-Mount Battery) can be mounted using a V-clamp which comes with the set. Whilst I found having an external battery to be quite a hassle (especially if you really need to capture something fast!), this type of setup is standard in professional filmography. Access to the camera is over wifi on a smartphone with the LivePlanet VR app. The app has a live preview of the two angles the camera sees along with recording settings (4K or 6K video, video profile).
As control of the camera relies heavily on the smartphone, we found that some occasional connection issues that caused minor nuisance when recording. Sometimes the app doesn’t find the camera even after connection to the camera’s wifi-hotspot. We found that manually disconnecting the phone’s mobile data connection improves connection reliability.
USB – OTG is needed for external audio input. There is no on-board audio
Audio needs to be connected separately via USB type-A connection. This is the weakest part of the system. I was recommended a Zoom H5 over an USB connection, adapted with an USB OTG cable. (https://theownerbuildernetwork.co/)
Setup: 3.5/5
Camera Quality
Camera performs well in well-lit conditions, such as outdoors filming or in brightly lit studios. This makes sense as the 16 on-board cameras are a-kin to camera modules found on most smartphones. The onboard computer makes reasonable determinations of the lighting condition – with light, medium and dark options for exposure. Color temperature can be manually adjusted (which is great for filming long events). In terms of quality, we found the 4K video to be soft in some situations, with occasional video artefacts.
Low-light is when the camera starts showing weaknesses. Images start getting soft and grainy.
Camera Quality: 4.5/5
Live Planet Video Platform
LivePlant VR Studio Dashboard
LivePlanet VR offers direct VR publishing and viewing, fully catering to the camera’s capabilities. Camera content can be uploaded directly from the camera and even streamed lived for major events. We found that upload times are reasonable and equivalent to other major content platforms like YouTube.
Live Planet offers both VR viewing (via the app) or browser based mono-scopic videos. We found this to be a huge plus as many of our viewers don’t have VR headsets. One problem we found was that the playback quality can be choppy at times, depending on where the video is viewed from. This could improve with time.
Publishing Platform: 4/5
Verdict: Huge leaps for VR video creation
Live Planet VR camera marks a huge leap for VR content creation. It allows for the easy creation of stereoscopic VR, sometime that is normally hard to access. Publishing is streamlined with the Live Planet VR platform.
We found that sometimes the video quality could be soft and lacking in sharpness, especially in low light scenarios. The lack of 3.5mm or XLR inputs makes audio on this camera hard to setup. We found the USB OTC dongle + Zoom H5 combo the longest to setup (especially if the cable connection isn’t stable).
ThunderCore (TT) is a high-performance smart contract platform which allows for the running of decentralized applications (Dapps) and Decentralized Finance (DeFi). Thundercore promises low fees and compatibility with any app written for the popular Ethereum Platform. The underlying currency on Thundercore Network is TT, which is used as a transfer of value and for related gas fees on the platform.
Thundercore attempts to Solve Scalability, allowing For Under One Second Confirmations. In the last couple of years, many blockchain projects have been working on scaling and improving network speeds. Until recently, it seemed nearly impossible to scale blockchains with big projects like Ethereum failing to do so. ThunderCore seems to have cracked it and may be on track to beating giants like Ethereum in scaling their platform.
What is the aim of ThunderCore?
ThunderCore aims to be a high-performance blockchain that enables mass adoption of dApps. It promises comparatively lesser transaction fees (low gas cost), compatibility, security and speed.
Currently, transactions on the blockchain are very slow. This is because of the “Blockchain Trilemma” a term coined by Vitalik Buterin, the founder of Ethereum.
Solving the Blockchain Trilemma
Vitalik Buterin proposed that a Blockchain can only have a maximum of 2 of these properties
According to the “Blockchain Trilemma“, a blockchain has three major features: decentralization, scalability and security.
However, the blockchain trilemma proposes that it is very hard for a project to have all three features to a satisfactory condition. A network that is decentralized and has a tough security would not be scalable. Similarly, a blockchain that is decentralized and scalable will have little security etc.
Buterin believes at a fundamental level, a blockchain network can only achieve two of the three features at any time. The blockchain trilemma could be the source of scalability issues on most cryptocurrency blockchains. Most crypto projects cannot handle high numbers of transactions while ensuring network decentralization and security.
However, ThunderCore has found a solution for this problem.
How does ThunderCore solve the Blockchain Trilemma?
Many projects have tried and failed to continue their emphasis on decentralization and security while incorporating scalability. ThunderCore, however attempts to do this in a unique way. They do this by creating a Fast Path and a Slow Path. The Fast Path is for optimistic conditions. Whilst the Slow Path is for worst-case situations.
What is the Fast Path and the Slow Path?
The Fast Path is like a highway, allowing for instant confirmations on the network. However, if anything goes wrong on the Fast Path, ThunderCore users can resort to a Slow Path. The Slow Path is similar to a network of smaller roads. It isn’t very fast, but it will be reliable.
For the Fast Path, ThunderCore facilitates fast and easy confirmation by 2 ways. The “Committee”, which is executed by a committee of stakeholders. And the “Accelerator” to linearize transactions and data.
ThunderCore uses Ethereum as the Slow Path as it is one of the most stable networks in the industry. The slow path will take over when the network condition is bad and /or if there is an attack. It also acts as a check to see if the Accelerator is working.
How to Stake Thundercore?
Thundercore cannot be mined as a way to generate new TT or gain passive income, hence there is no thundercore mining. Instead to passively generate Thundercore, TT is staked by locking up TT in a particular wallet. The amount of rewards depends on the lockup duration, which can be 7 days, 30 days, 3 months, 6 months or 1 year. Staking Thundercore is easy, you can do this using the mobile wallet and joining a staking pool.
Thundercore Staking Rewards over time
What is the ThunderCore (TT) used for?
The ThunderCore (also known was ThunderToken or TT) is the native cryptocurrency of the ThunderCore network. Analogous to ETH on the Ethereum network, ThunderToken is used for paying gas fees and value transfers.
The team comprises of engineers, scientists and entrepreneurs. They previously worked in publishing academic papers relating to Bitcoin and smart contracts. They are also the founding members of the Initiative for Cryptocurrency and Contracts (IC3).
The first Thunder release will be fully EVM (Ethereum Virtual Machine) compatible. Thus, allowing for direct migration of dApps.
ThunderCore has already deployed its pre-release main-net. Therefore, developers can already start building on ThunderCore. Users can also start deploying smart contracts.
How do I connect to the ThunderCore Mainnet?
You can directly connect to Thundercore by changing the RPC settings on Metamask or changing the server on MyEtherWallet.
Get ThunderToken (TT): You can get tokens from the Metamask browser extension. Click on the drop down menu and select “custom RPC”. Go to “new network section” and select “advanced option”.
The TT symbol will appear on your Metamask. You can get 50 free tokens on the ThunderCore website by copying and pasting your Metamask TT address onto the appropriate field. You can also use this process to purchase tokens;
ThunderCore is compatible with the Ethereum network;
The network has a faster transaction speed compared to Ethereum;
ERC20 smart contracts can be deployed on this network;
The team are working on new features that would allow dApp interaction without gas;
ThunderCore allows users and developers to utilize existing tools such as Metamask and Truffle etc.; and
Developers can use familiar programming languages (e.g. Solidity) while carrying out smart contracts on the network.
Cons
There is currently only one “Accelerator” on this network. This raises questions over how much power will be centralized. (Note the accelerator cannot freeze accounts or pause transactions indefinitely as this would lead to a re-election)
Huobi has released the Token metrics of ThunderToken (TT):
Total Raised: $50M USD Angel round: $0.01 USD/token (2 years lock- till March 2020) Seed round: $0.02 USD/token (1 year lock – till Apr-May 2019) Final round: $0.10 USD/token(20% released on Feb 28, 40% to be released on May 28, 40% on Aug 28) Huobi Lite round: $0.015 USD/token, only $500,000 USD worth of tokens sold
What we can deduce from this is that ThunderCore valuation dropped from the final Private sale time – from $0.1 to $0.15. Admittedly, the Huobi Lite tokens could also be considered to be sold at a discount to encourage more players to get in. There is controversy over the Huobi Lite sale of TT, as the token price was much lower than the Final Round – upsetting a lot of the initial investors and supporters (such as ThunderFans).
ThunderCore Hub (Games and Thundercore Giveaways)
ThunderCore Hub is a wallet and Dapp hub for mobile phones
Currently ThunderCore Hub is doing a 150 TT giveaway to test out their new Android app. To quality, visit the ThunderCore Hub website and install the beta APK, register for an account and play dApp games to get the free TT.
Conclusion
ThunderCore is different because it scales both transactions and smart contracts. This could mean that blockchains can have thousands of transactions per second without compromising on security and decentralization.
Update (May 1 2019): Mainnet RCP address and Team members & Linkedin Profiles Update (May 10 2019): Added listing information on Huobi Update (May 14 2019): Added ThunderCore Hub and TT Giveaway
Epic Cash is a privacy focused cryptocurrency designed function like cash in the digital age. It’s got in-built privacy features using Mimblewimble technology (Epic Cash is a fork of GRIN – no traceable addresses, CoinJoin and IP-shielding). What makes Epic Cash different is that it can be mined using any of the 3 of the hottest mining algorithms – RandomX, ProgPoW and Cuckoo. This means both CPU and GPU miners can mine Epic Cash. In this tutorial we’ll cover the basics to get started and tips on solo-mining (if that’s you’re thing)
In order to mine Epic cash, you’ll need a modern Graphics Processor (GPU) or CPU that is fast enough to mine at a profitable rate. Generally speaking, hardware that is manufactured after 2018 is usually efficient enough to EPIC at a reasonable rate. Here is a list of the latest GPUs and their hashrate.
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Epic Cash Mining Guide (Easy)
The easiest way to mine Epic Cash is via a mining-pool (easy to set-up, predictable payments)
Icemining Dashboard showing EPIC payouts and earnings
For this setup, I’ll be using the Icemining Pool. To get started,
Download the Epic Cash mining client on either Windows or Linux: https://epic.tech/mining/ (download epic-miner).
Unzip the contents of the file
Edit the file epic-miner.toml (Linux – /etc/epic-miner.toml, Windows (same folder as epic-miner.exe)
Configuring Epic-miner
Add the following information to connect to the mining pool (replace USERNAME and PASSWORD with you’re desired information, keep this information safe as it’ll be required for withdrawal)
# listening epic stratum server url
stratum_server_addr = "epic.icemining.ca:4000"
# login for the stratum server (if required)
stratum_server_login = "USERNAME"
# password for the stratum server (if required)
stratum_server_password = "PASSWORD"
Now you’re good to start mining by running epic-miner (epic-miner.exe on windows, epic-miner on linux)
At this point you can log onto the mining dashboard at https://icemining.ca/?address= to check if your miner is successfully connected and mining. You can optimise your mining efficiency by following this guide.
Payouts
To receive payouts from the pool, you’ll need to have a working epic-wallet. This is because unlike traditional cryptocurrencies, epic doesn’t have an “receive address”. Follow the setup guide to start your epic-wallet. To get the payouts, select “other listener” and enter your ip followed by the mining password.
Unlike Bitcoin transactions where there are cryptocurrency addresses, Epic Cash withdraw requires that your epic-node is online and accessible. This is a major advantage of MimbleWimble transactions where there are no addresses, and hence less methods to invade a user’s privacy.
How do you view balance on epic cash?
You can view your epic cash wallet balance by typing the command “epic-wallet info” (Linux) or on Windows, open epic-wallet folder and run epic-wallet-info. Make sure Epic-wallet and Epic server are both running to view the balance.
RandomX CPU mining
RandomX is a new cryptocurrency mining algorithm designed improve the distribution of mined cryptocurrencies more evenly to a broader base of users. The idea is that everyone with a computer has a CPU, and hence an algorithm that favors the CPU will be more inclusive. Random is is designed to only function on CPUs, with strong resistance to both GPU and ASIC mining. This is achieved by making use of functions only available on modern day CPUs, such as virtualization. RandomX has already been audited and is currently deployed on Epic Cash and will be deployed on Monero.
FAQ
Whats your profit / earnings: I mined with CPU only (Intel Core i7 3700) and earned about 1.1 EPIC per day at 960 hps (1st October 2019). You can find out more benchmarks at epic benchmarks.
Whats better – Solo Mining or Pool Mining: I’ve mining both solo and with the icemining pool. Pool mining was the best ways to start as I was able to find out my 24-h yield and move test send with smaller amounts of EPIC. Later one I migrated to solo-mining as I can minimize downtime as I ran my own wallet and node.
Binance Token (BNB) is a cryptocurrency created by cryptocurrency exchange Binance. It’s main function is as a form of value transfer on Binance Chain, trading pair on Binance DEX and as a utility token on Binance exchange.
Learn more about BNB and Binance as well with our video- What is Binance (BNB) in a nutshell.
What is Binance Coin (BNB)?
History
BNB was launched through an Initial Coin Offering (ICO) on 14th July 2017 as an ERC-20 token before the Exchange was launched.
A total of 15 Million USD dollars were raised during the event.
Investors were compensated with BNB tokens during the ICO. At the time, each token was exchanging hands at US$0.10. The token’s price has since tremendously appreciated and is now one of the top 10 cryptocurrencies with the highest market capitalisation according to CoinMarketCap.
The token initially ran on the Ethereum network but was later swapped 1:1 with BEP2 BNB tokens. This is so the tokens can instead run on their own Binance Chain.
Uses for BNB on Binance Exchange
BNB has several functions on Binance
1. Exchange Fees: Binance tokens can be used to reduce trading fees. Currently, Binance has a 0.1% trade fee and 50% of this fee can be paid in BNB. You are eligible for a 25% discount when paying for trading fees using the token.
2. GAS: Binance will eventually feature advanced features that require GAS. The tokens can be used as GAS to power these advanced features.
3. Binance Launchpad: BNB is used to participating in the Binance Launchpad. This is an Initial Exchange Offering platform where cryptocurrency projects will publicly issue tokens on the exchange to participants.
4. Binance DEX: The Binance DEX (Decentralised Exchange) runs on the Exchange’s Binance Chain.
5. Staking: Binance eventually wants to develop a decentralised exchange. The tokens will be used on the Exchange to stake transactions.
1. Paying for goods and services: The token can also be used to pay for goods and services at different establishments. For instance, Binance invested in TravelbyBit to enable users to pay for services at entire Brisbane Airport. TravelbyBit is an Australian startup that enables establishments to accept cryptocurrencies for goods or services. (https://woodlees.com) Currently, the startup has over 150 establishments.
2. Accessing loans and cash: Holders of the Binance exchange token can withdraw cash from crypto ATMs. Additionally, they can access loans on the Nexo platform.
3. Accessing services on social media platforms: For example, it can act as a gift token on Uplive, a live streaming platform.
4. Trading and holding: The token can be traded just as a normal altcoin. Additionally, some people hold and speculate on the token in the hopes of profiting when the price appreciates.
The age of YouTube has brought a new medium of communication and sharing – we can now share out thoughts and insights in 4K videos real time. I want to share my passion of making videos with you and reveal some of my secrets and tricks to get good quality videos produced on time. One of the big reasons why the Boxmining Channel grew was because I was able to get coverage of important events on time and share insights with the community.
I don’t have a big space to record my videos, so I try to make the best of it. I primarily use the Logitech Brio (it’s cheap and always ready to go, especially when we need to cover emergency events). For wider shots I have the Sony a7III which is connected to the computer via the camlink 4k – so I can switch cameras during live shows.
The rest of the stuff makes look like an Elgato shill, but the whole ecosystem system is pretty amazing. The Elgato Stream Deck is for switch between scenes and controlling the lighting.
This sound setup has to be honest a nightmare to get working well. I love the way the Shure SM7B sounds, especially since it’s directional and cuts out the noise from the nearby fans and air-conditioner unit. The only problem with the SM7B is that it’s very quiet requires a very good pre-amp. With help from Cameron (CryptoDaily), I got the Sound Devices Mix Pre-6. The preamps on the Mix Pre-6 is good enough to use the SM7B without a cloudlifter.
The Vlog setup is what I use when I’m travelling between conferences, meetups and even vacations. This is great for videos on the go or with motion in the background. Personally I don’t like carrying a lot bulky video equipment – nothing is worse than carrying a heavy tripod and camera case.
Osmo Pocket ($299) with audio 3.5mm audio adapter
Rode – VideoMic Pro+ ($299)
The main choice here is to use the Osmo Pocket as my main video camera. As a handheld Gimbal, the Osmo Pocket makes walking and talking scenes much more watchable. It’s also small enough to fit into my pocket most of the time. Unfortunately, the built in sound is pretty bad, so the audio adapter highly recommended.
Conference Setup
This setup is my go to setup for conferences and event coverage, mainly due to the versatility and low light performance. The Sony a7III performs extremely well in low light conditions, making it perfect for dimly lit rooms or conference venues.
The Sony a7III really shines – with a large battery and excellent video capabilities. When paired with the 24-70mm lens, the results look good (although it’s VERY heavy to carry).
Ethereum has been described as a revolutionary breakthrough- with claims that it may one day change how banking, gaming and even social media is operated. Since it was proposed in late 2013, Ethereum grew from an idea proposed by 21 year old college dropout to a platform that is now worth $20 Billion USD market capital. What is all this hype about – is Ethereum truly a groundbreaking network potentially worth trillions of dollars? In this article we’ll discuss the basics of Ethereum in plain English, along with examples of what makes Ethereum different from other networks.
To explain Ethereum, we must first understand that most of the world operates in a centralized manner. For example, iPhones are mad by Apple, and Apple has complete control over what can and cannot go on the phone. Facebook is a social media platform, and the corporation can make decisions on who gets accounts Facebook accounts, what content gets shared and more important, who gets money (ie Facebook). Taking this example even further, we realize that the Banking world is also the same – central banks have the power to make critical decisions and benefit from the traditional centralized banking infrastructure.
Ethereum offers an alternative to this – instead of trusting a central party such as Apple, Facebook or JP Morgan Chase, we can trust in each other. Instead of centralization, Ethereum offers a solution where we can go in a completely new direction – towards decentralization.
What is Decentralization
The concept of trusting each other was previously impossible without the advent of a few cryptographic technologies. After all, you wouldn’t go on the street and randomly trust a stranger with $1000. Nor would you want to trust a stranger with your social media information, or running your iPhone.
Ethereum Network
Once a program is deployed to the Ethereum network, computers also known as nodes will ensure it is executed exactly the way it is intended. Ethereum refers to the the infrastructure for running smart contracts, dApps, and tokens worldwide. It is commonly mistaken for the currency, Ether, which is the native currency on the Ethereum network. To perform actions such making a transaction on Ethereum, Ether (ETH) is needed.
Decentralized Platform
Ethereum is a decentralized smart contract platform the runs decantralized applications (Dapps) and decentralized finance (DeFi). The vision behind Ethereum was to improve upon Bitcoin by allowing for the execution of a full range of code – via the turing-complete programming language Solidity. Ethereum is currently used to create tokens, such as Basic Attention Token ($BAT), creating digital collectible items (ERC 1155) and decentralized finance (MakerDAO). On the Ethereum network, the currency Ether (ETH) is used as a form of value transfer and to purchase “gas” required to power smart contracts.
Ethereum is an open-source platform for building and deploying decentralised applications i.e. dApps. Its native currency, Ether (ETH) serves as “gas” for running computations and transactions for dApps.
Main features of Ethereum
Ethereum 2
Decentralised: No one party has majority control over the Ethereum network’s computing power.
Ether is a cryptocurrency: It can be used as “gas” to power dApps and is a store of value.
Automatic: Processes on the network can be executed without human intervention.
Public: It is accessible by anyone with a computer and internet connection.
What are dApps?
Users can build and run decentralised applications (dApps) on the network. They serve some particular purpose to its users and must have these common features:
Open source: The dApp’s source code must be publicly available. Changes to the source code require agreement by a majority of users.
Decentralized: Records of how the dApp were used are stored on a public blockchain. This blockchain is not subject to any controlling entity.
Incentivized: dApps must use and provide its unique tokens or digital assets to users as a reward for their contribution.
Protocol: The community of users must agree on a cryptographic algorithm to show proof of value. Ethereum is currently using Proof of Work as its distributed consensus system. In future, this will change to Proof of Stake (PoS). Learn more about Proof of Stake.
Examples of dApps include:
Enjin: a suite of products for creating, storing trading and integrating blockchain-based in-game assets. Learn more about Enjin here.
Bancor: a token exchange.
Enjin coin ecosystem-running on Ethereum
Future of Ethereum
Ethereum’s latest upgrade, “Constantinople” was launched on 28th February 2019.
The next upgrade “Istanbul” is tentatively scheduled for 16th October 2019. It will have several updates. These include a new Proof of Work Algorithm designed to close the efficiency gap available to specialised ASIC miners.
The new Windows 10 May 2019 update adds new security features that break certain browser (Chrome, Brave and Edge) based dapps for Ledger Nano S (and Nano X). This is the latest “big” update that is part of Microsoft’s plan to add additional functionality and security to Windows 10. Currently the update has already been scheduled for public release, although it is not mandatory. A new pop-up will display when connecting to the hardware wallet labeled “Windows Security“.
New Windows Security Prompt to interact with Ledger Nano S
This prompt is not present in previous versions of Windows 10 and is a new feature that is meant to prove hardware security. Unfortunately some websites like MyEtherWallet, MyCrypto and IDEX will have certain delay issues when unlocking the wallet.
Unlock Device error: UNKNOWN_ERROR (0x6804)
Fixing Ledger Nano issues on Windows 10 1903 Update:
To fix comparability issues between Ledger Nano (S or X) and Windows 10, try the following:
Install Latest Ledger Live
Update to the Latest Ledger Nano Firmware
Do not click or interact with the pop-window.
This is not an issue with hardware wallet itself but rather an interaction issue with various websites. These websites need to be updated to reflect changes with hardware security in Windows 10. As of now, there are no known methods to disable new security features in Windows 10. Please refer to the official response from Ledger on this compatibility issue.
Ledger Live is Unaffected
Ledger Live App’s operation is not affected by the new security changes. Currently asset management and Leger Manager operations are fully functional as of this update. It seems that the new security changes only affect the web based applications.
In this article we give you the top 10 best ways to keep your cryptocurrencies safe.
Cryptocurrency and Bitcoin is an exciting emerging field bringing new ways of understanding technology and value. The rewards from investing in cryptocurrencies can also be huge. Therefore, hackers and thieves are constantly stepping up their game. And when theft from a remote location is possible and tracking hackers are almost impossible, it is very easy to lose everything. Therefore, you have to always take vigilance in your hands.
1. Understanding ownership of cryptocurrencies
Ownership of cryptocurrencies is via holding a Private Key. Anyone with this Private Key is able to withdraw your cryptocurrencies, similar to someone knowing your PIN code for your bank account.
With banks, if someone makes an unauthorised withdrawal from your bank account, you always can request your bank to reverse the transaction. This is not possible with cryptocurrency transactions which cannot cannot be cancelled or reversed.
This makes it all the more important to keep your Private Key to yourself.
Notably, many cryptocurrency holders store their cryptoassets on exchanges for trading. Some may also use online wallets for convenient storage and use. In these cases, the exchanges and wallets hold the Private Keys to your cryptocurrencies. Therefore, storing cryptocurrencies on exchanges and online wallets is essentially putting the security of your assets in the hands of third parties. Clearly, this is not something you would want to do.
2. Be wary of phishing scams
Phishing is malicious activity that involves deceptive emails or websites to solicit a user’s personal details. For example a phishing email disguised as a cryptocurrency exchange can direct you to a fake website and ask you to enter your login and password information.
One way to protect yourself is obviously be wary of any emails asking for your login information or requesting you to login onto their website. Especially if you have not done anything that may trigger this e.g. requested to reset your password.
As a good practice, you should also always check website security certificates on your email and any cryptocurrency exchanges you visit. But do note this is not 100% accurate.
3. Protect Your PC or phone against malware
Hackers can find ways to access your desktop wallet remotely using specialized malware. Therefore, always make sure your trading computer does not have any unknown programs.
Antivirus programs can add an extra layer of protection.
Some people may have phones or computers which they only use for trading or transacting with cryptocurrencies.
4. Avoid using public Wi-Fi networks
An additional measure to protect your computer is to avoid public Wi-Fi networks and especially accessing your cryptocurrency wallets or trading in public. These can be an avenue for foreign infiltration and theft of your cryptocurrencies.
5. Use a hardware wallet
Hardware wallets
Hardware wallets are external offline devices you can use to store your private keys and thus your cryptocurrencies. As they are offline, your cryptocurrencies will be protected against malware or viruses.
They do cost money but it is worthwhile for the sake of the security of your cryptoassets.
Examples of hardware wallets include the Ledger Nano X and the Trezor Model T. You can check out our Ledger Nano X review, or our Trezor Model T review for more information.
6. Use a paper wallet (for those who are extra careful)
Paper wallet example
Paper wallets are simply a piece of paper with your private and public keys printed on it. This paper wallet is kept in a safe location. For example, some people may store it in security deposit boxes or in a secure location at home.
This is the safest way of keeping your cryptocurrencies safe, despite being the most rudimentary.
7. Enable two-factor authentication (2FA)
Google authenticator
Two-factor authentication is when you enter 2 separate passwords to log in or to approve any withdrawals. The preferred methods are either by SMS or using Google Authenticator.
SMS authentication is where in addition to entering your username and password, you also request an SMS be sent to you with a unique code to log in.
However this method has been known to be vulnerable to SIM swap attacks. This is where hackers impersonate you to your telephone service provider and request a new SIM card. Therefore the requests for a SMS code will be sent directly to them.
The preferred method for two-factor authentication is using Google Authenticator. This is where a unique string of 6 numbers are generated every 30 seconds. When logging in, you go to the Google Authenticator app and log in with the generated numbers before they expire.
Most cryptocurrency traders enable two-factor authentication for any cryptocurrency exchanges they use, their online wallets (if any) and their email. The latter is because many cryptocurrency exchanges will send you a confirmation email to approve any withdrawals.
8. If it’s too good to be true, it probably is
The most common method for scammers to entice people is to feed upon people’s greed. Many scammers have websites or “exclusive” chat groups promising unreasonably high returns. These groups may require you to pay a membership fee to participate or to give them some of your cryptocurrencies so they can invest on your behalf.
As mentioned earlier, cryptocurrency transactions are irreversible. So you are left with no recourse if you later change your mind. These scammers may also operate in different jurisdictions so you have very little chance of tracking or taking any legal action against them if their promises do not materialise.
9. Keeping your information private
How NOT to maintain your privacy
Telling people how you store your cryptocurrencies or flaunting your wealth is the same as painting a target on your back. Whilst it is certainly wrong for hackers or scammers to steal from you, you do not want to expose yourself as a target.
As mentioned before hackers can operate remotely. Therefore, taking a photograph of your private keys, login information or hardware wallet recovery phrase is essentially the same as posting a photograph of your credit card details online.
Similarly, when setting up any cryptocurrency wallets or exchanges, or accessing or transacting with your cryptocurrencies, make sure you are in a safe location without any cameras around.
10. Test send is your friend
Cryptocurrency transactions are irreversible, so you need to be extra careful in making sure you are sending to the correct address. Here are 2 common pitfalls you will want to watch out for.
The first pitfall is sending your cryptocurrency to an incompatible wallet. For example, you cannot send Ethereum to a Bitcoin address. Another example is for some exchanges like Binance, they have recently switched from Omni to ERC-20 for their Tether (USDT) address. So even if you are sending the same currency i.e. USDT, you need to make sure the address type is the same.
The second pitfall is sending to the wrong address generally. Cryptocurrency addresses are long strings of digits which are case sensitive. So you should check every digit of the address before you press “send”.
For extra security, some people may also request the recipient to send a voice message dictating the first and last few digits of the wallet address. This is to avoid hackers who have taken over either party’s devices and sent out their own wallet address instead of the recipient’s.
Therefore to minimise losses, especially when sending large sums of cryptocurrencies, consider doing a test send with a small amount before sending the remainder of your coins.
Conclusion
Cryptocurrencies bring a shift in the way we hold and transact assets of substantial value. The power of being in full control of your digital assets undoubtedly comes with the duty to ensure their security. With cryptocurrencies, this duty falls squarely on the user. It may seem intimidating, but anyone can store, send and trade cryptocurrencies when armed with knowledge and exercise caution.
With our top 10 best ways to keep your cryptocurrencies safe, you can be sure to navigate this space with confidence.
Further reading
Now that we’ve looked at the top 10 ways to keep your cryptocurrencies safe, we move on to cryptocurrency exchangees. Cryptocurrency exchanges are an inevitable aspect of being involved in the cryptocurrency space when we want to exchange between different types of coins. So be sure to check out our ranking of the top best cryptocurrency exchanges of 2019 here.
This guide is for setting up a physical Vechain Observer Node using Docker on Synology Attached Storage (NAS). We will create observer nodes that will receive transaction data and observe blocks being created on the network. This guide will run the same code that is on the 101 Authority nodes that power the network. This node will allow you to gain access to the Vechain API – so you start programming on the Vechain network and query transactions.
Note: This is a fun exercise that allows you to run a node that observes the network. In order to participate in Block creation (and gain block rewards), you’ll need to be selected as an Authority node by the Vechain Foundation.
Vechain’s code can be found on Github : https://github.com/vechain/thor. Nodes run the ‘thor’ client which is written in the GO language.
This guide requires a Synology Network Attached Storage. These are physical servers that you can store files on and also run software. This guide is tested with DS918+ running DSM 6.2.2.
Install Docker
For this guide, we’ll be using the official Docker package. This allows the easy install of the Vechain Thor node without the hassle of compiling the code from source. Install Docker via the “Package Center”
Pull the Vechain/thor docker image from the Registry
Open up Docker and access the “Registry” tab. Here you’ll get the option to search for “Vechain” and download the Vechain/thor docker image.
Launch the Docker Image
Now comes the final part – launching the Docker image with the correct settings. In the Launch menu, select “Advanced settings” -> “Volume” and add a folder. Personally I created a folder in “docker/vechain” and mounted it to “/root/.org.vechain.thor“. This will allow the client to store the blockchain safely a designated folder on your NAS.
Lastly add the execution command “–network main“. This tells Thor to connect to the vechain mainnet.
After this apply the settings and click “Next” and “Apply” to launch the Docker container.
Happy Observing
Now you’re done! The observer node should will be running and receiving blocks.
Overview of the Vechain/thor Docker Container
You can see the progress of the node as it synchronizes with the network.
