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  • Ledger Nano S Plus Hardware Wallet Review

    Ledger Nano S Plus Hardware Wallet Review

    The increasing popularity and adoption of cryptocurrency has expanded the wallet market. Now that many well-known traditional and crypto brands accept crypto as a payment option, enthusiasts are constantly on the lookout for safer ways to store their digital assets.

    Ledger is one of the most popular hardware crypto wallets in the sector. Since releasing the Nano S in 2016, Ledger has become a household name in the cryptocurrency space. To date, Ledger has launched three models of hardware crypto wallets, the Nano S, Nano X, and most recently, the Nano S Plus. The Ledger Nano S Plus retails for USD$79.

    CLICK BELOW TO BUY!

    Check out our previous Ledger reviews here:
    Ledger Nano X review
    Ledger Nano S review

    What is the Ledger Nano S Plus?

    The Nano S Plus is Ledger’s third release from its Nano series, a line of pocket-sized hardware crypto wallets. Ledger’s Nano S Plus has all of the features of the original Nano S but with a few upgrades, including support for NFT storage and management. Additionally, the Nano S Plus has built-in support for interacting with various DeFi (decentralized finance) apps and services. (thetelegramnews.com) The wallet is an effective option for people looking to manage crypto, NFTs, and other decentralized services in one place.

    New features of the Ledger Nano S Plus

    Ledger introduced the Nano S Plus with an exciting list of features and improvements over the two previous releases. Some of the major new features on the Nano S Plus include:

    • Bigger display. Same display size of the Nano X but on a smaller device!
    • Expanded cryptoasset support. The Nano S Plus doesn’t just hold cryptocurrencies, but also NFTs and is the first Ledger device to have DeFi app integration.
    • Industry-leading security. The Nano S Plus uses the same industry-leading security with CC EAL5+ certification.
    • Easy setup. USB plug-and-play feature means owners can begin using the device in minutes.
    • Low cost. The Nano S Plus comes at an affordable price of US$79, making it an attractive option for all levels of crypto traders.

    Security features: is the Nano S Plus safe?

    The Nano S Plus uses the same certified secure chip (CC EAL5+ chips) as the Nano X to protect users’ assets. This chip employs state-of-the-art technology that guarantees high-level security and asset protection against phishing and other asset extraction schemes. Additionally, the wallet has industry-standard security features, including a security phrase, PIN code locks, transaction confirmations, password encryption, and more.

    To learn more about the security features of the Nano S Plus and Nano X, click here.

    5/5 Security Rating

    Cryptoasset support

    A major Nano S Plus feature is the huge roster of supported crypto assets and apps. The Nano S Plus supports over 5,500 assets and can accommodate up to 100 different apps. Some supported assets include:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • ERC-20 tokens
    • Dogecoin (DOGE)
    • XRP
    • BNB
    • Cardano (ADA)
    • Polygon (MATIC)
    • Litecoin (LTC)
    • Tron (TRX)

    The Nano S Plus has 1.5MB of storage and with that can run over 100 apps simultaneously. On Ledger devices, an “app” refers to the app required to be installed to access a cryptocurrency on the device e.g. in order to access your BTC on the device you need to install the app on the Ledger first. Meaning that, unlike the Nano S which can only run 3 apps simultaneously, users are not required to delete apps in order to access other cryptocurrencies which do not have the apps already installed.

    But what is truly unique about the Nano S Plus is that it is the first Ledger device to offer NFT support. Users of the Nano S Plus can securely hold, send, and receive NFTs via the Ledger Live app. Ledger has made this process user-friendly, as owners can authenticate transactions right from the wallet’s interface.

    Users of the Nano S Plus can also access several DeFi applications through the Ledger Live user interface. Anyone can securely buy, exchange, lend or stake crypto assets.

    The NFT support and DeFi app access give the Nano S Plus an even bigger boost in features compared to the Nano S and for that reason, we rank this category even higher than the Nano X.

    4.8/5 cryptoasset support

    Hardware design

    Similar to the Nano S, the Nano S Plus also has two hardware buttons located on the top of the device.

    The Nano S Plus has a much larger screen than its predecessor, which makes usage very easy. Same as the Nano X, the 128 x 64-pixel screen makes operating the device simple and helps users navigate the product’s features. The main benefit of the larger screen is that users can see the entire wallet address clearly displayed as one line on the screen. The screen also blends well into the rest of the device, adding to the Nano S Plus’ aesthetic appeal. And whilst the screen size on the Nano S Plus is the same as the Nano X, the Nano S Plus is a much smaller device overall.

    The Ledger Nano S Plus’ measurements are smaller than the Nano X at 62.39 x 17.40 x 8.24 mm, and weighs in at only 21g. The wallet is about the size and weight of an average USB flash drive and is easy to carry around.

    4.5/5 for hardware design

    4.5/5 for ease of use

    What’s in the Ledger Nano S Plus Box?

    The Nano S Plus wallet comes with the following inside the box:

    • The Ledger Nano S Plus hardware
    • A Type-C USB cable to connect the Ledger to a computer
    • An orange box with three notepads for the Secret Recovery Phrase
    • A purple box with the manual instructions
    • A key-holder chain with a Ledger logo

    Final Verdict

    The Ledger Nano S Plus is a great option for enthusiasts looking for a secure, reliable, and easy-to-use hardware wallet. It offers the same features as the original Ledger Nano S and adds a lot more. Furthermore, users looking to upgrade from the older Ledger Nano S can quickly move their assets to the newer S Plus.

    The Ledger Nano S Plus is one of the best hardware wallet options on the market for crypto and NFT enthusiasts who currently own or plan to purchase NFTs or get involved with any DeFi project.

    The Ledger Nano S Plus retails for US$79.

    CLICK HERE TO BUY!

    Ledger Nano S Plus worth it?

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    Product Specifications (Technical Specifications)

    Ledger Nano S Plus Product Specifications:

    Processors
    Compatibility 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors.Also compatible with smartphones Android 7+.
    Connector USB-C
    Security Certification CC EAL5+
    Size Size: 62.39mm x 17.40mm x 8.24 mm
    Weight: 21g
    Supported assets 5,550+ digital assets plus NFTs and DeFi app access
  • Top 7 Countries for Cryptocurrency Investors (Tax-Free)

    Top 7 Countries for Cryptocurrency Investors (Tax-Free)

    Doing your taxes on your cryptocurrency trades has become a necessary burden for many as major nations continue to implement regulations on the industry, and this is actually a positive thing for global adoption. Huge nations such as the United States are currently looking to introduce stricter regulations for crypto and have already been taxing crypto profits. Therefore, to avoid unwanted meetings with the IRS, American investors are having to play by the old rules.

    But if that’s not something you’re into (long live financial freedom!) or you’re a crypto maximalist, the good news is there are several places in the world that might present better options for you.

    This article highlights seven countries around the world that are pro-crypto and some that will even allow you to trade and earn crypto income tax-free. Here’s our video comparing the top best countries for crypto investors. 

    1. Portugal
    • No capital gains tax on crypto
    • No personal income tax on crypto received

    Portugal is one of the most crypto-friendly countries in the world after establishing a Digital Transitional Action Plan in April 2020 to promote decentralization. The country experienced hyperinflation in the early 1990s which almost drove companies to bankruptcy, so it is no surprise the Portuguese people have shown trust towards crypto.

    If you’re making any capital gains from purchasing or selling cryptocurrencies you do not have to pay any taxes, nor is there any income tax on payments received in crypto. If you don’t hold an EU passport then you can invest 350,000 euros in funds in the country for five years to become eligible for citizenship via the Golden Visa Scheme. The best part is you’ll only need to spend seven days in Portugal per year, meaning you don’t have to permanently relocate.

    2. Bermuda

    • No income tax at all
    • No capital gains tax on crypto 

    As an example of Bermuda’s crypto-friendly nature, we only need to look at the Bitcoin ETF that was approved in late 2020 after years of unsuccessful attempts to launch in the United States. The Bermuda Stock Exchange approved Hashtag’s Nasdaq crypto ETF making it one of the first of its kind and proving that the country is likely to continue to be forward-thinking regarding crypto.

    It’s fairly easy to obtain residency in Bermuda as long as you have sufficient income. At least $2.5 million must be invested into real estate, businesses, or bonds in the country in return for a passport.

    3. Malta

    • No income or capital gains tax on long-term crypto investments
    • 35% income tax on crypto trading

    Malta is a southern European island in the Mediterranean Sea that has been using crypto for the longest time. Crypto traders receive 35 per cent in income tax as it is viewed as the same as stock trading by legal definition, but on the plus side, there is no income or capital gains tax on long-term investments in digital currencies. So if you’re a long-term hodler you would love Malta, but not so much if you’re a day trader. 

    If you’re not an EU citizen and want to become one you can buy Maltese citizenship and receive a passport in about one-and-a-half years at a cost of around $1 million dollars. This is more for long-term players who really want to cash out their crypto tax-free.

    4. Singapore

    • No capital gains tax on crypto
    • No existing crypto funds subject to taxation

    Singapore already enjoys the reputation of being one of the most business-friendly places on the globe and is slowly emerging as a safe haven for crypto investors as well. The country’s central bank believes the crypto ecosystem should be monitored to prevent money laundering and other illegal activities, however, also insists innovation should not be stifled. Singapore is known as the fintech hub of Asia as residents and companies do not have to pay any capital gains tax nor are there any existing funds subject to taxation. 

    Residency in Singapore is easy for students, who just need to study there for two years and pass a government exam, but the requirement is much higher for their investor program – at least 2.5 million Singaporean dollars (roughly US$1.8 million) must be invested into new businesses or funds.

    5. Switzerland

    • No capital gains tax on crypto
    • Bitcoin is legal tender in some regions

    Swiss banks were the first in the world to offer crypto companies business accounts in 2018 after recognizing that banking channels would help to eliminate fraud and encourage legitimate businesses in Switzerland. Crypto is classified as an asset and Bitcoin is recognized as legal tender in some regions so the narrative for crypto is generally positive. The Swiss don’t see crypto as a threat to their fiat currency.

    If you trade or hold any crypto as an investment in your own account and qualify as an individual trader you will not be liable for any capital gains taxes. Residency in the country is a bit tricky in comparison to other countries – you must be under the age of 55 and need to invest at least one million Swiss Francs in a way that stimulates new technology developments in the region.

    6. El Salvador

    • No income or capital gains tax on Bitcoin
    • Bitcoin recognized as legal tender
    • Building world’s first ‘Bitcoin City’

    El Salvador made mainstream media headlines and is the undisputed king when it comes to crypto-friendly regulation after Bitcoin was recognized as legal tender in 2021. Consequently, the country has no income tax or capital gains tax on Bitcoin and plans to maintain its status as a crypto hub by building the world’s first ‘Bitcoin City’.

    In the future it might also be possible to buy an extra passport and a new nationality with crypto. The law hasn’t been confirmed yet but ever since Bitcoin became legal tender in the country El Salvador has continued to accumulate and now holds more than 1,800 Bitcoin as they want to continue to build up their Bitcoin reserves. Do not be surprised to one day see El Salvador offering citizenship in exchange for crypto investments.

    7. St. Kitts & Nevis

    • No capital gains tax at all
    • Buy a passport for $150k or BTC equivalent
    • Move freely between Caribbean Union countries

    St. Kitts & Nevis is an island in the West Indies that has welcomed digital assets with open arms and implemented legislation to make crypto transactions easier under its Virtual Asset Bill of 2020. You can use crypto to buy a passport to this tax haven and the best part is you don’t even have to land in the country to get the passport. A passport costs about $150,000 or the equivalent in Bitcoin and you can get it in about four months.

    There is no capital gains tax in the country at all and local banks work happily with crypto investors. The island nation has Bitcoin ATMs placed throughout the country and you can live in any other Caribbean countries that are also part of the Caribbean Union.

    Conclusion

    At the end of the day there are still many countries that consider crypto to be a threat to their sovereignty yet each day more and more nations are realizing the benefits and possibilities of welcoming the innovation of blockchain and crypto. The treatment of digital assets varies depending on each country’s financial regulations and procedures, which is why it’s essential to do your own research and consult a tax advisor before deciding to immigrate.

  • Bitcoin Halving Explained

    Bitcoin Halving Explained

    Bitcoin Halving is expected to happen at  12 May 2020 07:07:39 UTC

    What is the Bitcoin Halving Event?

    The Bitcoin Halving event which marks the point where Bitcoin mining rewards will be cut precisely in half. Many view this as a turning point for the price of Bitcoin because it will drastically reduce the new supply of Bitcoin, creating scarcity. Currently the Bitcoin Halving is expected to happen at 12 May 2020 11:04:30 UTC – the exact time and date may vary due to fluctuations in Bitcoin block creation time. Once the halving takes place, the amount of Bitcoin mined per day will decrease from 1,800 BTC to 900 BTC. It is important to remember this event is permanent and will affect all the Bitcoin mined in the future as well (until the next halving event). From an economics standpoint, the less Bitcoin there is being produced the more scare and less accessible Bitcoin will become.

    Check out my video on what the Bitcoin halving is, and what opportunities it can mean for Bitcoin.

    Reduced Sell Pressure on Bitcoin

    There will be substantially less sell pressure from Bitcoin miners as they’re income of Bitcoin will half. Currently, miners will mint $13 million USD worth of Bitcoin per day. This is no small figure – and one of the reasons why mining is such a trillion dollar industry (Check out our Bitcoin mining guide for how to be part of it).

    bitcoin inflation chart

    Will Miners shut down / got bankrupt?

    After the Halving, miners will receive half of their regular income. This will drastically alter the dynamics and profitability of Bitcoin Mining. For miners who are using older machines (ASICs), the drop in income might spell certain doom. Some miners will yield negative profits and be forced to retire the older less efficient units. This is a common practice in mining – renewing hardware is part of the profitability cycle for miners. This is similar to other tech hardware businesses like server farms which require annual upgrades to hardware.

    There is no risk that Bitcoin be without miners – till is still 900 BTC to be mined each day (~$7.5 Million USD). Miners will be looking to be more competitive and source cheaper and cheaper electricity. In addition, Bitcoin difficulty can drop if there is less hashrate on the network, meaning it will be easier to mine Bitcoin.

    Hype and Expectations

    Bitcoin Halving Memes and Hype

    The Bitcoin Halving comes with a lot of hype and optimism for the future of Bitcoin. Several memes have emerged with charts pointing to “pump” in the price of Bitcoin. The chart above shows the LOG price of Bitcoin over time, with a ascending trend indicating potential prices of $250,000 and even $2,000,000 for the price of Bitcoin. It is important to remember that with cryptocurrencies prices are high volatile and past trends don’t always indicate future trends.

    Stats

    Total Bitcoins in circulation:18,367,900
    Total Bitcoins to ever be produced:21,000,000
    Percentage of total Bitcoins mined:87.47%
    Total Bitcoins left to mine:2,632,100
    Total Bitcoins left to mine until next blockhalf:7,100
    Bitcoin price (USD):$9,987.70
    Market capitalization (USD):$183,453,074,830.00
    Bitcoins generated per day:1,800
    Bitcoin inflation rate per annum:3.64%
    Bitcoin inflation rate per annum at next block halving event:1.80%
    Bitcoin inflation per day (USD):$17,977,860
    Bitcoin inflation until next blockhalf event based on current price (USD):$70,912,670
    Bitcoin block reward (USD):$124,846.25
    Total blocks:629,432
    Blocks until mining reward is halved:568
    Total number of block reward halvings:2
    Approximate block generation time:10.00 minutes
    Approximate blocks generated per day:144
    Difficulty:16,104,807,485,529
    Hash rate:117.64 Exahashes/s
    Current activated soft forksbip34,bip66,bip65,csv,segwit
    Current pending soft forks
    Next retarget period block height631008
    Blocks to mine until next difficulty retarget1576
    Next difficulty retarget ETA10 days, 22 hours, 40 minutes

  • Bitcoin Mining Guide (2020)

    Bitcoin Mining Guide (2020)

    Bitcoin Mining is the process of using specialized computer hardware to earn Bitcoin. The annual production of Bitcoin via mining is $3.5 Billion dollars, with most of that Bitcoin going to Bitcoin miners. As miners earn rewards in Bitcoin, their profits can change greatly on market conditions – making Bitcoin mining a high risk / high reward industry. Anyone can join the Bitcoin network and become a miner. In fact originally Bitcoin can be mined on all personal computers and commonly available hardware. However, in 2020, specialized hardware called Application Specific Integrated Circuits (ASICs). These machines mine Bitcoin at a very efficiency.

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    Bitcoin is now a household name. For an invention that is just over a decade old, this is certainly remarkable. A mysterious entity by the name Satoshi Nakamoto launched Bitcoin in 2008 as an alternative to central bank currency. Bitcoin mining is an alternative to obtaining Bitcoin on top cryptocurrency exchanges. Miners often sell Bitcoin on Over-the-Counter brokers to generate passive income.

    Learn more about Bitcoin with our simple guide for beginners.

    Decentralization is a central tenet of Bitcoin. Essentially, no single person controls either the issue or functioning of Bitcoin. This system can, therefore operate and transfer funds from one account to another without centralized control. 

    Centralized control of a financial system is pretty easy. How then, does a decentralized ecosystem like Bitcoin work? The important question therefore is; how does the ledger automatically update transactions without giving either entity power to control to entire blockchain? 

    How Bitcoin Mining Works 

    The basic feature of Bitcoin is the open-source nature of the Bitcoin protocol. This means that anyone can access and update the Bitcoin code. Similarly, anyone can update the Bitcoin ledger of transactions. All that needs to be done is for your computer to guess a random number that solves an equation from the system.

    The more powerful your computer is, the more guesses it can make per second. Accordingly, having a powerful computer exponentially increases your chances of “guessing right”. This allows you to add the next “block” of bitcoin transactions to the existing chain.  

    A more complicated representation is as follows. On the one hand, you have your miner that makes “guesses”. If your mining equipment makes the right guess, you get the right to add the next block of transactions to the blockchain. The block you create is sent to other computers so that they can validate it.  At the same time, other computers in the network validate the block and update their copies of the Bitcoin blockchain. More computing power translates to greater frequency of making the right guesses. However, in line with natural rules of probability, it is virtually impossible for one computer to get it right all the time. 

    This process is what Bitcoin mining entails in a nutshell. Computers compete to add the next block and in the process generate new blockchain which automatically goes into the network. The computer that solves the block earns a “block reward” and some transaction fees on the transactions entered into the blockchain. Uniquely, the process of validation is automatic and does not rely on centralized control. Miners can decide to hold the bitcoin they create or trade it to other bitcoin community members.  

    Bitcoin Mining Hardware

    In order to profitably mine Bitcoin, you’ll need specialized hardware called ASICs. These machines are designed to specifically mine Bitcoin’s SHA256 algorithm – in essence they only do one thing but do it well.

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    Mining Difficulty 

    Perhaps, you are thinking, if it’s that straightforward, what makes Bitcoin valuable? Well, Satoshi Nakamoto in anticipation of this made mining difficulty increase as computing power increased. The mining difficulty automatically adjusts to the increase in cumulative network computing power as more miners get involved. 

    AThe reason for this is to keep Bitcoin inflation in check. See, if there is a steady stream of Bitcoin, it is easier to have stable rollout process. When Bitcoin was first launched, you could profitably mine Bitcoin using a personal home CPU. As Bitcoin became more popular, miners moved to GPU (Graphics processing Units) to carry out more calculations. A GPU can enhance a computer’s computing power to the equivalent of 30 regular PCs.  

    Later, ASICs (Application Specific Integrated Circuits) came about. These were hardware equipment specifically to mine Bitcoin. Currently, they represent the gold standard in Bitcoin mining equipment and have occasional updates themselves. These ASICs have a higher “hash rate”, measured in hashes per second. Hash rate is the number of “guesses” the device can make per second. Consequently, the higher the hash rate, the higher the chance of earning bitcoins.

    Check out our video below to learn more about Bitcoin mining devices!

    Bitcoin mining-what do they use?

    Mining Pools 

    Even with top of the line mining equipment, the current mining landscape is incredibly competitive for individual miners. This has given rise to mining pools where miners combine computing power to compete effectively. If the pool successfully adds a block to the public chain, the pool spreads the reward among its members.  

    Currently, about a dozen large mining pools dominate Bitcoin mining. Mining pools charge you pool fees for participating which is something that can affect your profitability. 

    Mining farm
    Mining farm

    Top Bitcoin Mining Pools

    According to safestbettingsites.co.uk experts, there are 2 factors to consider when picking a Bitcoin 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.

    Electricity Costs 

    Electricity is a major factor in Bitcoin mining. Bitcoin mining is certainly an electricity-intensive affair. This is because ASIC rigs have high computing power which the process of mining Bitcoin requires.  

    The high power consumption is in both powering the miner and cooling the machines which get really hot. This is why mining farms have cropped up in cold areas like Iceland to take advantage of natural cooling. 

    So, Is Mining Profitable? 

    This is a question that needs perspective. Mining on a personal PC is definitely not going to be profitable. This is because simple computers simply cannot compete with ASIC rigs and mining pools in terms of making more “guesses”. 

    So, the more computers you have and the faster your computer is- the greater your chances of generating the correct number and earning Bitcoin. Thus some people have entire farms of expensive computers to increase their chances.

    Currently, the block reward is 12.5 BTC for every block mined. Thus, you can only profitably mine Bitcoin with sophisticated equipment. Bitcoin mining farms are popular mining method to gain some of the block reward. Block rewards are set to half in 2020, reducing the mining rewards by 50%. This event is known as the “Bitcoin Halvening“. The current estimated date for the Halving is 13th of May 2020, after which the block reward will decrease from 12.5 to 6.25 bitcoin per block.

    One more obvious factor as to whether mining is profitable is the price of Bitcoin at any given time. Miners need to balance this with the expense of mining Bitcoin itself.

    Bitcoin Network Hashrate

    Bitcoin Mining Hashrate graph
    Bitcoin Network Hashrate (Total Mining) graph

    The Bitcoin Network Hashrate is currently above 120,000,000 TH/s. This means that if the hashrate of the network is coming for Antminer s17 (currently most popular type of Bitcoin ASIC), it would require 2.1 Million units. This would consume 5.4 Billion Watts of electricity, which is enough to power a small city! Mining rewards are split according to hashpower, with larger miners getting a high proportion of the daily Bitcoin mining reward.

    Summary 

    In summary, the following are factors which affect the profitability of mining Bitcoin:

    • Hashrate;
    • Block reward;
    • Mining difficulty;
    • Power consumption;
    • Pool fees; and
    • Bitcoin’s price at any given moment.

    Bitcoin mining is, therefore, a complicated task.

    However, investing significantly in a large mining pool is the most efficient way to go about it. The current circumstances make individual mining simply a waste of time when done on a small scale.  

    Nonetheless, it is still an activity that many investors have a significant stake in. The reality, however, is that the task will get progressively difficult with time and a select few with significant hashing power and cheap electricity will thrive.  

  • Bitcoin Mining will make a HUGE comeback in 2020

    Bitcoin Mining will make a HUGE comeback in 2020

    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.

    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.

    Sources

    Size of Defi Industry: https://defirate.com/defi-growth/
    Cryptocurrency Exchanges: https://hackernoon.com/where-the-multi-billion-dollar-cryptocurrency-exchange-industry-is-headed-f697af6fd7c0
    MinerUpdate: https://minerupdate.com

  • What REAL cryptocurrency mining looks like

    What REAL cryptocurrency mining looks like

    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.