5 Best USB Bitcoin Miners 2020 – Reviews & Buying Guide

Retired Bitcoin Miner here: Can I use my ASIC USB Block Erupters for any other purpose than mining?

Maybe for computing power or something? I have 6 of then and they started collecting dust a while ago since it became non profitable for me to have them running.
submitted by Reddit_III to Bitcoin [link] [comments]

Alternate uses for a USB Bitcoin miner?

So I have a little $20 ASICMiner Block Erupter USB miner I used to mine Bitcoin and Peercoin for a while. Unfortunately, the difficulty of mining Peercoin has risen such that it's not powerful enough to make back its electricity usage. As I understand it, a Bitcoin miner is basically just an ASIC designed to break SHA-256 encryption. With this in mind, is there anything can do with it and my Raspberry Pi (other than crypto mining, of course)?
submitted by ZeoNet to raspberry_pi [link] [comments]

Updated FAQs for newcomers

TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party.
Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this?
Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?"
Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here.
Now, why are these changes so large?
A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010.
In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon.
In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips.
In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race.
ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty.
The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months.
Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase.
And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case.
The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
You can check out the manufacturers and their products below along with a calculator here.
If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice.
Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee.
However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
I actually do not use any of the pools recommended to the left because I think they lack features.
My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap.
Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me.
BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised.
All of them pay out transaction fees.
submitted by Coz131 to BitcoinMining [link] [comments]

HAVING TONS OF TROUBLE GETTING STARTED MINING!!! PLEASE HELP!!!!

Let me start by saying this: My experience with bitcoin mining so far has been HELL. But I really want to do it successfully. I have 6 ASIC block erupters and a Raspberry Pi. While i tried to use BFGminer, i noticed that it SUCKED, and when i used it it started turning off my asics and would only recognize 2 of them I have a high quality powered USB strip. Next I tried MinePeon, I continuously download it and put on the disk image, but it simply DOES NOT WORK. I plug it in and nothing shows up on my screen. I have a Mac and absolutely nothing seems to work for me. Please help me with some recommendations of mining software to use with Raspberry Pi. Thanks
submitted by halfinchpunisher to BitcoinMining [link] [comments]

Back to the game!

This is a somewhat long story.
I started with BTC around 2012, first as a curious, then by joining Slush Pool with GPU mining. It was a good time to mine with CPU/GPU, and I could get around 1.0 BTC. It was that time when the block erupters arrived, and ASICS were still at design level. I crawled through faucets getting some satoshis, played a lot of Satoshidice, and finally discovered the first Exchange in Brazil (will not ad them here, even though I still trade with them).
Then, on July 2013 I had a little bit less than 3 BTC, when I saw at bitcointalk.org [https://bitcointalk.org/index.php?topic=252180.0;imode] what was to become my doom: a guy(?) called vdragon was selling a batch of BTC Erupters. Those provided more hash power than what I had, with less energy consumption. Lots of other guys were jumping the bandwagon, and I decided to do the same. I "bought" 3 pieces, with a total amount of 2.67 BTC which I calculated would be returned with the new mining power within a couple of months. vdragon was trading them at the market price, and trades like this were happening all the time at the forum.
Needless to say all of us who bought the erupters never received them. We opened a thread on the SCAM forum of bitcointalk.org, but it never went further than it. Some investigations pinned vdragon in either England or Germany, but police couldn't do anything else due to lack of evidence and BTC anonymity.
After this, I exchanged part of the BTC I had left, keeping only a few cents (0,027 BTC - I don't really know why). I shut down my fill node, and kept following on the news, but the mere fact of remembering I was stupid enough to blindly trust someone without previous research kept me away of the BTC scene.
Until last month, at least, when I checked the exchange rate between BTC and BRL. I remembered I had a wallet.dat file, and spent 3 weeks trying every password I have used in my life, until I finally found the correct password. Those 0.027 covered all my losses, and suddenly I saw myself HODLing again. I've watched as much Andreas' videos as possible, read "Mastering Bitcoin" on Github (paper version is on the way), bought a few more cents, installed Mycelium and transferred those 0.027 there. Also, my full node is back online and I'm setting a LN daemon as well.
With this amount, I'm trying my best to disseminate the technology to friends and colleagues, and I can proudly say that since last week there are at least 30 new adopters in the city I live, with much more to come. The most interesting part of the story for those who heard me is when I tell them I was fooled, but this fact didn't affected my belief in the technology and its potential.
I'm back to the game!
TL;DR: Lost 2.67 BTC in a scam, left the community for 4 years, and returned after overcoming the shame of being fooled, influencing people in my city.
submitted by andrelam to Bitcoin [link] [comments]

**Why I Am Mining Dogecoin**

I began seriously mining Dogecoin yesterday. I spent the last several days assembling and configuring a computer for this (among other uses). I developed a strong interest in digital currency in the last month, and have been gently wading into this exciting new world that we are all building together. I have a wife, children, and a day job, and have had an unsuccessful time explaining why I'm so interested in this, and why altcoins and Bitcoin are not a pyramid scam, a joke, etc.
Here, I hope to explain my personal reasons for choosing to spend time and money in Dogecoin mining, since it may be useful to others coming into digital currencies, as they are gaining more and more press and publicity lately with many articles in the mainstream press on Bitcoin, Coinye, etc.
Only a month ago, I began to notice that Bitcoin was really being mentioned a lot in the media. I had known about it for several years, but had assumed it would just go away. It never made sense to me (it does now!), but I didn't spend much time thinking about it. I figured, "after all, there's nothing backing it", and left it at that. Obviously, I knew nothing about currencies or monetary systems at the time, and neglected the fact that nothing tangible backs a USD either.
After hearing about the Dread Pirate Roberts / Silk Road bust, I was surprised to learn that Bitcoin was alive and had grown to such an impressive value (it was around $1,000 USD per 1 BTC at the time, as I recall). Later, I heard a longer story about Bitcoin on the radio (on NPR, I believe), and was further surprised that several legitimate, real-life businesses had started to accept Bitcoins. Now, I was hooked, and needed to learn more. By the end of December, I'd read enough about Bitcoin to know I wanted to participate, but wasn't comfortable speculating in it with real money.
I knew it wasn't going to be profitable, but in early January, I spent about $40 on a USB ASIC "Block Erupter" for Bitcoin mining. This runs at 334 MH/s (using Bitcoin's SHA-256 algorithm, not Dogecoin's scrypt algorithm). This has been sufficient to generate approximately $0.75 worth of Bitcoins over the last 2 weeks that I've been running it. It gave me something to play with, but was pathetic compared to what the professional miners were doing (measured in TH/s, tens of thousands of times faster than my capability). Reaching their levels required more specialized ASIC hardware (not just a single USB key-sized device).
The higher performing Bitcoin mining hardware was all backordered or available only from relatively unestablished companies that I would not want to send thousands of dollars for. Furthermore, the hardware seems to only really be usable for Bitcoin mining; it had no other obvious utility.
BUT, through cryptsy it was easily possible to convert other altcoins into BTC or vice-versa. Litecoin, Dogecoin, and others were mentioned in several mainstream news articles. Dogecoin was treated as a joke and novelty. However, on looking into it, along with several other altcoins, I decided it was more than serious.
Dogecoin:
Few or no other altcoins seemed to have all these properties to the same degree as Dogecoin. I started CPU-mining it immediately, lacking any GPU hardware in my house (I am not a gamer).
Even the modest CPU power in my home PCs (used for web surfing, primarily) was able to generate a little less than 1,000 DOGE per day (which was roughly $0.25 - $0.30 at the time). Not super-impressive, but enough to play with and check out the rest of the Dogecoin universe.
I became hooked. I decided that not only was this a fun thing to play with, but it was also potentially a very good investment. Not having much spare cash, not having a high risk tolerance, and not having any desire in being a "speculator", I decided that rather than convert USD to Dogecoin, I would build a more capable mining computer. I will share more details on this later, if there is interest.
Dogecoin mining on GPUs and CPUs is easy, and the cost of building a machine for this is very reasonable, considering that the machine has many other uses, including:
This is vastly superior to me, compared to investing the same amount of money in Bitcoin hardware, which is useless for anything else. Rather than speculating in Bitcoins, I decided there was no risk at all in building a computer with high-powered GPUs that would be useful for Dogecoin's scrypt-based altcoin mining, since even if it never made economic sense, I could use the system for many other things.
I had not built a PC in over 10 years, and would up spending about $2000. Since yesterday night, I am now mining Dogecoin at a consistent rate of 1.2 MH/s (my hardware can go to 1.6 MH/s, but the temperatures did not seem healthy to me, so I slowed it down while I study them).
This is extremely fun, and I'm proud to be contributing to the Dogecoin ecosystem.
submitted by wes_doge to dogecoin [link] [comments]

[WTS] 2 GPU Mining Rigs 1.53 mh/s and 650 kh/s (2.18 mh/s total)

Looking to sell off two mining rigs.
Rig 1 - 1.5 GH/s Bitcoin or 1.53 MH/s Litecoin
Similar setup sold on eBay for $879.99 plus shipping.
I would sell this one for $800 shipped in the continental USA.
Rig 2 - 660 MH/s Bitcoin or 650 KH/s Litecoin
  • AMD A4-5300 Trinity 3.4GHz (3.6GHz Turbo) Socket FM2 65W Dual-Core Desktop APU
  • ASUS F2A55-M LE FM2 AMD A55 (Hudson D2) HDMI Micro ATX AMD Motherboard with UEFI BIOS
  • CORSAIR XMS 4GB 240-Pin DDR3 SDRAM DDR3 1333 Desktop Memory Model CMX4GX3M1A1333C9
  • 2x SAPPHIRE 100355OCL Radeon HD 7850 2GB 256-bit GDDR5 PCI Express 3.0 x16 HDCP Ready CrossFireX Support Video Card
  • LG 24X DVD Burner
  • LOGISYS Computer CS368RB Red & Black Steel ATX Mid Tower Computer Case
  • CORSAIR CX Series CX750 750W ATX12V / EPS12V SLI Ready CrossFire Ready 80 PLUS BRONZE Certified Active PFC
  • Microsoft Windows 7 Professional 64-bit - OEM
  • Western Digital WD Blue WD5000AAKX 500GB 7200 RPM 16MB Cache SATA 6.0Gb/s
SOLD
Both rigs runs Windows and comes with the installation disc (Dell branded), but I was running a live Debian-based OS from a USB drive that will be included (4gb). It supports litecoin and bitcoin, and even the USB ASIC block erupters. It has remote monitoring support, which is mainly why I used it.
Will accept litecoin, bitcoin, Paypal, Dwolla, or Wells Fargo transfers. I would rather not ship outside the USA or part out. If no one is interested here, I will likely just list them on eBay.
submitted by wasabi12 to ltcmarket [link] [comments]

I'm Almost There. I Am So Excited!

I know it's not a big deal for many of you here, but in less than a week I will have my first full bitcoin. It's been a fun 6 months getting to this point, and I am looking forward to going to the moon!
Here's how I got to where I am now.
Back towards the last half of December, 2013 I started purchasing a little bit of bitcoin. .03 one day, .05 the next, etc. It was just a couple of hundred bucks total, but at the time it was all I could afford to lose.
Then around the beginning of January the value of bitcoin rose to where I had doubled my initial investment, and I cashed out at about $400.
I was hooked however, and I used that money to purchase a couple Antminer U1 USB miners. I also started a little cryptocoin blog.
From there I used the BTC I mined, more cash, and some very beneficial trades with a local buddy to increase my mining capabilities. I had a couple Block Erupter Cubes at one point, then later sold them on eBay, and bought an Antminer S1.
But my addiction didn't end there. I continued to reinvest the BTC I was mining, and some cash to purchase a couple more Antminer S1's as well as cables, power supplies, etc. Whenever possible I purchased what I needed from Overstock.com and other places using bitcoin rather than cash.
So, now I have 3 Antminer S1 units, and a few miscellaneous USB miners digging away at about 606 Mh/s. When I got my 3rd Antminer S1 I decided that was enough mining equipment (....for now LOL), and I started letting the BTC accumulate rather than spending it.
I have actually mined almost 2 BTC at this point, but there has never been a point where I had a total of 1 whole BTC at any one time. I kept spending it on mining, as well as a few other items I wanted. Things like bitcoin stickers for my car.
In less than a week that is about to end, and I will be joining those lucky few who actually have at least 1 BTC.
Now that I know the time it's going to take me to get to 1 BTC will not be affected by another difficulty increase I am able to predict the approximate date and time that I will reach a total of 1 BTC.
People outside the bitcoin world just wouldn't understand my excitement at almost reaching a total of 1 BTC. They would think I was nuts (and maybe I am a little bit). But I know that many of you here can appreciate how I am feeling.
Thanks to everyone here for all that you do in support of the bitcoin community! I couldn't have gotten here without you all.
submitted by HypnoticGuy to Bitcoin [link] [comments]

If malicious hackers can pool together tons of phones together to reach considerable hashing power; Can a positive community crowdsource a large batch of cheap USB miners with auto-p2pool configurations? A significant amount of small parts add up to a greater sum!

We now hold the discussion about the danger of GHash's strength, let's use this energy to make a difference.
Let's use frictionless money to make it easy for a bunch of small contributions to make a big difference.
Ghash is popular because it's easy to mine at any amount and get a small payout, even if it doesn't quite break even.
P2Pools offer the same advantage because there is no middleman to collect fees. Yet until P2Pools get larger hashing power, this makes it not advantageous for small miners to individually direct towards P2Pools..
Yet if a bunch of small miners directed towards a single pool, it can make a significant difference
Developers have already created bot-net type applications that use phones to pool together and mine. It has occured on iOS, Android and has been occurring since 2011.
So if developers can do this maliciously, could we use this same mentality in a beneficial way to easily and cheaply secure the network?
Currently you can get small USB miners for a few bucks. And if you want to spend a little bit more, it's easy to get a hub/dock to group more then a few miners together.
Yet even just running one device in the background while online would be useful if many people did this.
So what can we do?
Well the best way to coordinate an effort would be to crowd-fund a kickstarter like campaign to buy a bulk amount of USB miners so that people could spend a few bucks and get a miner or two to give to friends.
It would be great to get a large vendor trying to rid stock could do something like this perhaps?
Ideally I would like to use Lighthouse yet it is not ready. I am unaware of any other decentralized crowd-sourcing applications.
If nothing else arrises then Bitcoin Starter could be a substitute for such a fund.
How many people would be interested in running a small USB miner in the background while your on your computer? If everyone pitched in a buck or two to get a small miner shipped to their house, would you run it?
Please give your thoughts! If you can help please stand up and if your willing to support make that known! If you think this is stupid then say so!
tl;dr: let's see if we can get a community crowdsourced effort to distribute small usb miners to a crowd of people. If they all pointed their dust-amount of hashing power it could add up to a greater sum. If done with a P2Pool it could be a very beneficial action to secure bitcoin's decentralization.
submitted by ForestOfGrins to Bitcoin [link] [comments]

can these be sued for doge coin?

http://www.ebay.com/itm/ASICMINER-USB-Block-Erupters-ASIC-Bitcoin-Miner-336-Mh-s-11-IN-STOCK-/221354561405?pt=LH_DefaultDomain_0&hash=item3389c28f7d
anything like them that can be used for doge coin? are they better than cpu mining for doge OR bitcoin?
submitted by cdoublejj to dogemining [link] [comments]

Dr Jally or: How I learned to stop worrying and love the ASIC.

I was a late comer to the bitcoin love, I started mining last summer, nothing major, have never had more than 600Mh/s to my name really... but on a whim I ordered a Jalapeno in late august, and then I tried to put it out of my mind as everyone else fought over if BFL would ever ship or not, etc.... I just figured that worst case, the money was gone really... lo and behold, it arrived about 3 weeks ago, let me briefly share a few things, as some of my tinkering and experiments may benefit others:
This past weekend I opened the little black box of mystery and had some fun:
I plugged everything back in, powered up my host... and noticed my jally was just flashing like crazy and my host couldn't see it. uh-oh. I powered it off, back on, and it was fine. Since then I've powered it off about 10-20 times, and twice it would go into "super fast flash like crazy but not work" mode. Simply unplugging and replugging would solve it. I have not dug into this at all, but I think it's failing to init or pass the boot up tests. There's word around town that you can tweak the firmware to push speed further or reduce the strictness of the tests it does, but I'm happy with what I've got, so I'm leaving it:
Right now
Other than to change coins or work on my host system (now that it's a raspberry pi I don't think I'll be changing it much more), it's been running non-stop at around that rate/temp since the weekend.
Right now my little rPi host is bashing away, with the jally and three block erupters (I know they'll most likely never reach ROI for themselves by themselves, I just wanted to tinker, but still may add a couple more to break 10Gh total just for bonus points), the jally firmware "upgrade" everyone talks about is really designed for one of the other models (the bigger ones), and that's why I think it reports as "BFL 0h" or "BFL 0d" I assume "d" and "h" are the two ASIC spots on the jally board that actually have chips on them in the jally...
I figure all in I'm looking at around... lets say $650 and 90 watts (max) total for ~8.29Gh/s... The erupters really distort my numbers right now, (without them it'd be more like $350 and 80 watts (max) for ~7.3Gh/s)... but again, hashrate is addictive.
The jally power supply has always seemed to run hot to me, even before I pushed the update firmware, so I may try and find a biggebetter quality PS for it, and more erupters will sadly mean I need a new usb hub, as my current one is only rated for 5v 2A, and it has to be close to that with 3 erupters, the pi, and the usb fan. :/ So I guess I've still got more investment to go, but it's just a hobby, I can quit anytime, right?
right?
tl;dr edition (or what I learned, without the story):
submitted by alpha42 to BitcoinMining [link] [comments]

How do I mine an altcoin using block erupters?

I have 18 of the 330 MHs Sapphire block erupters that I used to use for Bitcoin. How do I connect them to a mining pool for altcoins? I would like to get some more use out of them. They have been sitting for months.
submitted by UHSpartan to altcoin [link] [comments]

A couple of questions to my fellow Shibe's.

Hello my friends! I'm sure many people have asked this but...
http://www.amazon.com/Bitmain-Antminer-Block-Erupter-1-6Gh/dp/B00HIUIGDI/ref=sr_1_3?ie=UTF8&qid=1392249189&sr=8-3&keywords=dogecoin
Does it work for dogecoin or only bitcoin? Also is there a usb miner that could be used for mining dogecoin? Thanks! And Tips would be appreciated :) (greatly appreciated)
submitted by kynect2hymn to dogecoin [link] [comments]

Mining Instructions Made Simple

© Author - Henry - 11 April 2014. All rights reserved.
If you are interested in mining crypto currencies, here are the settings for bfgminer (3.10.0), cgminer (3.7.2), cudaminer (2013-12-01), and cpuminer (2.3.2) for Windows OS. Of course, these settings are for pool mining.
Steps: • Download and Install Wallet - Bitcoin, litecoin, dogecoin, peercoin etc. on your regular PC. • Encrypt and backup Wallet - get in the habit of backing up your wallet. • Join a mining pool of your choice. • Create pool worker at your mining pool site. • Acquire or build mining machine - pay attention to specs, power supply, graphics card etc. • Download and Install mining software - bfgminer, cgminer, etc. • Configure your mining worker - See detailed configuration below. • Mine away.
It's always easier to do the configurations below in a batch file because you could then create a shortcut for them in your startup folder. However, here are both the command line entries and the batch file entries. The timeout instruction in the batch file is used to delay the program for a number of seconds. Therefore, you can vary the time to what suits you or leave it out all together. Remember to replace the personal information portion of the commands.
Cgminer configuration - Scrypt mining dogecoin with fast-pool pool (GPU mining)
cgminer --scrypt -o stratum+tcp://stratum.fast-pool.com:3001 -u mloverboyu.1 -p x --thread-concurrency 8192 -I 13 -g 1 -w 256 • You may vary threaded-concurrency and -I (intensity) depending on your hardware.
Batch File:
@echo off timeout /t 240 setx GPU_MAX_ALLOC_PERCENT 100 setx GPU_USE_SYNC_OBJECTS 1 cd "c:\users\harry\desktop\cgminer-3.7.2-windows" cgminer --scrypt -o stratum+tcp://stratum.fast-pool.com:3001 -u mloverboyu.1 -p x --thread-concurrency 8192 -I 13 -g 1 -w 256
Cpuminer configuration - Scrypt mining dogecoin with dogepool pool (CPU mining)
minerd.exe --algo=scrypt --url=stratum+tcp://us.dogepool.net:2222 --userpass=mloverboyu.1:x --threads=8 • The number of threads equals the number of cores the processor has.
Batch File:
@echo off timeout /t 180 cd "c:\users\harry\desktop\pooler-cpuminer-2.3.3-win64" minerd.exe --algo=scrypt --url=stratum+tcp://us.dogepool.net:2222 --userpass=mloverboyu.1:x --threads=8
Bfgminer configuration - SHA256 mining bitcoin with btcguild pool (ASIC - Block Erupters)
Using ASICS require the Download and Installation of CP210x_VCP_Windows program. This program assigns COM ports to each device. You then need to use the assigned COM ports to form part of your configuration as shown below. You may also need to edit each COM port under device management and change the bit per second rate to match 115200 through Properties - Port Settings.
bfgminer.exe -o http://stratum.btcguild.com:3333 -u mloverboyu_1 -p 123 --icarus-options 115200:1:1 --icarus-timing 3.0=100 -S erupter:\.\COM3 -S erupter:\.\COM4 -S erupter:\.\COM5 -S erupter:\.\COM6 -S erupter:\.\COM7 -S erupter:\.\COM8 -S erupter:\.\COM9 -S erupter:\.\COM11 -S erupter:\.\COM12 -S erupter:\.\COM13
Batch File:
@echo off timeout /t 300 cd "c:\users\harry\desktop\bfgminer-3.10.0-win64" bfgminer.exe -o http://stratum.btcguild.com:3333 -u mloverboyu_1 -p 123 --icarus-options 115200:1:1 --icarus-timing 3.0=100 -S erupter:\.\COM3 -S erupter:\.\COM4 -S erupter:\.\COM5 -S erupter:\.\COM6 -S erupter:\.\COM7 -S erupter:\.\COM8 -S erupter:\.\COM9 -S erupter:\.\COM11 -S erupter:\.\COM12 -S erupter:\.\COM13
Bfgminer configuration - SHA256 mining bitcoin with btcguild pool (ASIC - Antminer U1)
The specs for overclocking these devices are: 1.6G=x0781 1.8G=x0881 2.0G=x0981 2.2G=x0A81
bfgminer.exe -o http://stratum.btcguild.com:3333 -u mloverboyu_1 -p 123 --icarus-options 115200:2:2 --icarus-timing 3.0=100 -S antminer:all --set-device antminer:clock=x0981
Batch File:
@echo off timeout /t 300 cd "c:\users\harry\desktop\bfgminer-3.10.0-win64" bfgminer.exe -o http://stratum.btcguild.com:3333 -u mloverboyu_1 -p 123 --icarus-options 115200:2:2 --icarus-timing 3.0=100 -S antminer:all --set-device antminer:clock=x0981
Bfgminer configuration - SHA256 mining peercoin with ecoining pool (ASIC - Block Erupters and Antminer U1 used together)
bfgminer.exe -o stratum+tcp://peercoin.ecoining.com:3336 -u mloverboyu.1 -p x --icarus-options 115200:2:2 --icarus-timing 3.0=100 -S erupter:\.\COM3 -S erupter:\.\COM4 -S erupter:\.\COM5 -S erupter:\.\COM6 -S erupter:\.\COM7 -S erupter:\.\COM8 -S erupter:\.\COM9 -S erupter:\.\COM10 -S erupter:\.\COM11 -S erupter:\.\COM12 -S erupter:\.\COM13 -S antminer:all --set-device antminer:clocl=x0981
Batch File:
@echo off timeout /t 300 cd "c:\users\harry\desktop\bfgminer-3.10.0-win64" bfgminer.exe -o stratum+tcp://peercoin.ecoining.com:3336 -u mloverboyu.1 -p x --icarus-options 115200:2:2 --icarus-timing 3.0=100 -S erupter:\.\COM3 -S erupter:\.\COM4 -S erupter:\.\COM5 -S erupter:\.\COM6 -S erupter:\.\COM7 -S erupter:\.\COM8 -S erupter:\.\COM9 -S erupter:\.\COM10 -S erupter:\.\COM11 -S erupter:\.\COM12 -S erupter:\.\COM13 -S antminer:all --set-device antminer:clocl=x0981
Cudaminer configuration - Scrypt mining litecoin with wemineltc pool (GPU - NVIDIA)
cudaminer.exe -o stratum+tcp://world.wemineltc.com:3335 -O mloverboyu.1:x
Batch File:
@echo off timeout /t 25 cd\cudaminer64 cudaminer.exe -o stratum+tcp://world.wemineltc.com:3335 -O mloverboyu.1:x
Of course, many other choices exist but you get the picture and these simple steps are more than a basic start. No one else has done it and I'm doing it here for free. So if you wish you may donate to any one of the following addresses. Big thank you.
Bitcoin 13aGKge6HiEd3NV6iaguP79RnKK653JxC9 Dogecoin DQBgjx7sJtLbQqogsEDpTsRJCv2eFCFX9d Litecoin LcdrZdxieYykwn3xUHHAs8NFb8WkyhT8pk Namecoin N7TepHhY5vkgE5zx1ch2d7kPE1hnZfmXGM Peercoin PXRkNKSbF8vHiSkRGoFp2hhNsvjXgXkVZL
submitted by henryb2000 to Bitcoin [link] [comments]

Wealth Formula Episode 187: Ask Buck Part: Part One

Catch the full episode: https://www.wealthformula.com/podcast/187-ask-buck-part-part-one/
Buck: Welcome back to the show everyone and let's get on with the Ask Buck component of today's show. As a reminder this is part one of two. The next one will be airing next week, but we have lots of questions. I want to make sure we give adequate time and yet not bore the lights out of you by making this into a two-hour show. So the first question from Jeffrey Cattell. Jeffrey asked, hey Buck I had a question about investing with an LLC and mortgages. I had heard that purchasing rental properties inside an LLC limits you to getting a commercial mortgage. Can you discuss the differences between commercial and conventional mortgages and how buying within an LLC affects your options.
Yes I can certainly give it a try and of course remember I am not an attorney and I am not an adviser these are my opinions and there are things that I've done etc so don't hold me to it, I'm just giving you my perspective. So let me start out by reminding you a little bit about you know the different kinds of mortgages and they're kind of obvious right I mean there are two really two kinds of mortgages there's two residential there's a commercial mortgage. Now residential mortgages I mean that's the kind that you get for your house that's the kind that you might get for a 1 to 4 unit house or duplex or triplex or quad but you can get a second or third mortgage etc but those are all considered residential mortgages. Pricing is obviously best when it's the first one and it's your primary home but these other residential mortgages that you get as a second or third etc are generally favorable in terms of pricing and amortization and all that stuff as well. Now if your property is already owned by an entity such as an LLC or you're buying it in the name of an LLC by definition you are no longer in the residential category because you're declaring to everybody in the world that this is an investment property in which case you must obtain a commercial mortgage which the major difference between the two frankly is just that the commercial mortgages are more expensive and have less favorable terms than residential ones. So how can you potentially get around this okay. So I let me give you an example and again this is not advice but I'm gonna talk about experience and the experience of others around me so I've had a couple of houses that I own in Chicago one of them that I lived in for a few years and now I rent them all. I bought those houses in my name and therefore at the time we got mortgages and the mortgages are in my name, my wife and my name in this case, but after they were purchased in personal name and mortgages were issued, I then transferred them over especially after obviously when I moved down and I rented the place out into an LLC. So they are now deeded to an entity each shows actually deeded to a separate entity. The process that used to do this is called a quitclaim deed. So if you want to ask your attorney about doing something like this is called a quitclaim deed. Now theoretically and I emphasize the theoretical here if you do this your mortgage could be called. Why? Because in your mortgage usually it's gonna tell you you you know you you know this is a mortgage on you and that if you make these kinds of changes you gotta let them know. In practice though what I have found and this is the part where I keep emphasizing I am not giving you advice is that everyone does this right everyone does a quitclaim deed everyone does it. My dad has been doing this for 50 years and has never had a problem. I'm doing it now and these are major banks they even know about it they don't seem to care. Anyway as long as the mortgage gets paid it seems like no one cares. So bottom line is what most people do what I've done for these smaller properties, buy them in your own name quitclaim deed, so you can't but in your own name get the good better mortgage and then quitclaim. Am I advising you to do that? No. I'm not advising you on anything just what I do what I've done what my dad's done and a lot of people I know have done. Okay all right so that is the first question. Now I'm going to move over to an audio question because some of you weren't chicken. Just kidding I'm kidding about that but audio questions are fun they're fun to hear from people so let's see the so I got have a question here from Garth. Okay Garth here we go.
Garth: Hello Dr. Joffrey this is Garth in Portland Oregon. I understand the definition of accredited investor which I am not one but I've also heard a term sophisticated investor and I'm wondering if that is different than accredited investor and if so what do I need to do to get that title? Thanks.
Buck: Thanks for the question Garth. So the question really is what is a sophisticated investor? Well first of all why does this matter in the first place it's all accredited sophisticated stuff? Well the answer that, for private placements in real estate a certain kind of offering is frequently used called a Regulation D offering, it's the typical structure. Regulation D, a Regulation D offering allows you to move forward with a private offering without pushing it through the SEC for formal classification as the security. Now why would you not want to file with the SEC? Well there's two reasons really cost in time, it's expensive. But the bigger issue in terms of real estate is a very practical one it's the element of time. So if you're doing an SEC filing and you know on an offering it's gonna take you at least a year to get that through the SEC and contrast that with the fact that when you get a building under contract and you know one of the properties that we do an investor club for example, usually you got some under contract you raise capital you close the building and all that it's happening within three months, so you only usually have a very short period of time, you don't have time to send that to the SEC and let them mess around with it. And the SEC in reality knows this so this is not a new new thing this regulation D, it's been around forever you know but so they provide this as an exception to the rule they say if you're not going to file with the SEC you can still do this legally but it has to be under this kind of exemption Reg D and these are limited, these will be limited to investors that are either accredited which we've talked about before, you make $200,000 a year for two years with a reasonable expectation of doing it again the next year, $300,000 if filing jointly and/or a net worth of $1,000,000 outside of your personal residence. That is an accredited investor. What's a sophisticated investor? Well that's the problem right? So that's that's not very clear, it's not very clear at all and it's a little nebulous and when it's not clear frankly often that becomes the area of abuse. There's no clear definition of a sophisticated investor. Sophisticated investors are supposed to be financially savvy. They're supposed to have experience and knowledge and acumen that makes them more qualified to make decisions about these types of more sophisticated investments than your average Joe. But the problem is that it's essentially up to the fundraiser to determine if an individual is sophisticated or not. Now I have seen situations where people join say a real estate gurus organization and immediately upon paying for the course they are somehow deemed sophisticated and start investing in other students deals within that ecosystem, a bit shady if you ask me but it is what it is. Now that's not to suggest that you in particular are not sophisticated because if you're listening to this show there's a very good chance you are sophisticated, you may you know just understand the language well and you may understand real estate well you may own a bunch of real estate and you want to invest passively in a real estate syndication and in those cases you might be sophisticated, you know. I mean it is a little bit random because you know I run into people who are making you know doctors who are making five hundred thousand dollars a year but they've only made it for eighteen months and so therefore they're not accredited, right? So then you have to make some judgment calls but anyway bottom line is sophisticated is subjective but I think the biggest problem for this terminology is that there really is no safe harbor in my opinion at least that makes it really really difficult to deal with from the side of the operator and therefore in our group in general for investor club it's very rare when we will you know not require the true accredited definition and the reality is most major syndicators won't even consider sophisticated investors who are not accredited for this reason, it just becomes one of those situations you don't want to put yourself in trouble. Okay so let's go to the next question or a couple questions from the same individual so that's fine too, okay from Ron.
Ron: I have a question about Bitcoin. Where do the new bitcoins come from in short I know we are accurate we have and they create blocks in those blocks we store transactions and the miners get a fee for building a block that's 12 Bitcoin I believe so are those 12 bitcoins also getting into relation we'll end up with those 21 million bitcoins in the end or is there something else? So that's my question can you help me with that. Thank you.
Buck: Sure Ron pretty straightforward I mean without getting into too much technical the new Bitcoin you mentioned you know the whole mining basically the new Bitcoin come from doing the mathematical work to solve these complex mathematical problems that's what these supercomputers do those are the miners and then there's a competition whoever gets the answer first as you mentioned gets rewarded with this fee, they get rewarded with Bitcoin and that's weird those Bitcoin are actually generated so that's what it means to mine Bitcoin and you're also right they'll never be more than 21 million Bitcoin you know so that's one of the true values of Bitcoin is that it is a finite thing there’ll never be more than 21 million so the fact that some go out of circulation to get lost etc it's deflationary in that regard. The last thing I guess I would point out is you know what happens after mining is complete with 21 million well basically miners get paid for exchanges transfers etc at that point but it'll be interesting to see how that all turns out at that point. All right I think Ron has another question here and I think it's related.
Ron: Hello there Buck. Ron again here with a question, a what-if scenario. What if my thousand dollar worth of Bitcoin explodes and all of a sudden it's 1 million and I started with storing it on my Ledger Nano S. Is that still a good way to go when it's about a million or maybe 10 million or do I need to have some other methods in place due to spread risks or to be safe? Please let me know. Thank you. Bye bye.
Buck: Alright well a good question you know what Ron is talking about is the Ledger Nano S which is a hardware wallet it basically is something that's stored offline. Now listen that's what makes it so resistant to you know any kind of hacking right so you're not it's you're not online if you're not online no one can get to you, you know a hacker and Russia can't get to you, you know. But so if you suddenly end up with a million dollars of Bitcoin or more the reality is that in terms of the ledger it's just as bulletproof as before. I think the issue becomes when people have you know when they get like several million dollars a Bitcoin or Bitcoin million you know multi millionaires and billionaires or whatever then you know I may become a little nerve-racking just to have this little ledger around here right you may want to have you might want to have a little bit more protection than that in which case you might consider some kind of a custodian service like Gemini etc, but that's you know that's not necessary because one of the things about Bitcoin one of the appeals is that itself the ability to self custodian this stuff right you don't need a bank for this. And so I guarantee you that people are walking around with millions of dollars on their ledgers. Now I will point out that you know Ledger Nano S is just one Hardware wallet and you can get a lot more sophisticated and complicated type things you can even get a like a multi signature wallet Hardware wallet would that would require you know multiple people's keys in order to get to the cryptocurrency which you know I mean if you end up with a ton of money in crypto currency that's you know that's probably something that you might want to do. Okay next question from John Jillette.
Hi Buck love your podcast been extremely helpful in increasing my financial intelligence. There's been talk about impending financial crisis from well-known economist Dent, Rickards and Schiff. What do you believe in the percentage chance that we go into a 2008 like financial crisis in the next couple years? Also as the recession is always coming how much dry powder do you recommend having at this point in the cycle scoop up deals when there's “blood in the streets”? Good question John the problem in my view with those guys that you talked about Harry Dent, Jim Rickards, Peter Schiff all super smart guys right and Harry Dent was on the show recently, is that they've all been predicting the same darn thing for at least four or five years now, right? I mean and it hasn't happened and when there is some sort of pull back because as you said there's always gonna be a recession at some point why is it after you blood in the street, you know? The bottom line is that you know Harry Dent in our last show even said you know I said dude it's hard to predict when right yeah it's hard to predict one I absolutely admit that. So what do you do then because let me give you an example of the counter risk to this whole you know this whole world of fear-mongering, and I'm not saying those guys are just doing that on purpose for that reason, I mean I do think that you know if your whole thing is like the world is coming to an end and you need to buy gold and your major business is selling gold then you know it's a little bit hard to swallow sometimes but let me give you an example of what could happen. So six years ago because you know I said before that Peter and you know all these guys have been talking about for five years at least about how you know everything's going to hell. Six years ago there was a company that we work with now called Western Wealth Capital and Investor Club and they have an investor who has put in twenty five thousand dollars and every deal for the last six years and they have a really unique model of people within our group know a lot about it. The total of seven hundred fifty thousand dollars was invested out-of-pocket during that period of time but the principle is now worth four million dollars. Now those are pretty exceptional numbers right that comes out to you know an annualized return of about a hundred percent and I'm not saying that that is you know what's going to happen in the future, but what I would skew to consider is what if we'd been listening to that advice for five years now? If this person had done that would they have done well? Okay well obviously not because you know if you stopped investing because of because of fear then you didn't make any money. Is it a guarantee that they would have lost money? Absolutely not. I mean listen these deals are really solid they go in there and they start to de-risk these things right away by driving up net operating income and maybe you know maybe wouldn’t have made as much money, but would it have lost a bunch of money? Well personally I just don't I don't think so. Now listen I'm not saying there will not be a recession. As I said eventually there will be. The problem is that we cannot time it and we cannot really quantify the magnitude. As much as people would love to talk about this blood and the street thing I mean the major mainstream economists and ITR Economics who I like don't think it's gonna be that big, they think it's gonna be stuck to the manufacturing and industrial sectors. So what do we do? So what do I do? I should say that I stick to quality assets and quality areas, I create value the moment you know that and then we create value in those assets the moment we acquire them, right? So that helps that whole value add concepts helps de-risk any project by dynamically decompressing cap rates. So think about it you you know you you buy something at a certain cap rate all the sudden you're driving in net operating income and you dynamically decompress your cap rates you have a better margin over your debt burden your risk is significantly lowered and if you can get all of your money out of the deal with a refinance all of your risk is gone okay. So now if there is a downturn and you're in one of these things you want to be in a position where you can ride out the storm with assets you already own and then, and then, this is the important part, lean into the downturn right lots of people freeze up when things go south or but the right thing to do is to be greedy when others are scared. So by continuing to deploy on a regular basis my personal belief is that you can volume average your way through a downturn and get capital preservation and then hopefully pick up some really cheap assets, ride them back up and hopefully it you know you end up in really good shape. That's my own approach to this. I'm not sitting around waiting for zombies to you know erupt out of the ground and start you know only accepting silver dollars, you know from a monster box. I'm just that's just not I just don't see it. As for the current financial climate I'd say the banks are, and I think again most economists would tell you that the banks are in a lot better shape than they were in 2008. I don't think that there's necessarily anything that looks like 2008. I think GDP has grown at a record for a record length of time it's been sluggish but on the other hand you know so in other words there will be some kind of recession eventually but why does it need to be blood in the streets? See we have to remember that before 2008 there was such thing as a recession that you just hear about like three months after it happened right it doesn't always have to be cataclysmic. Now you know talking about these guys you know Peter Schiff himself talks about you know the nature of this crisis that he sees happening and what he describes it as, is a dollar crisis. And if it's a dollar crisis what that means is it's gonna result in inflation. Now inflation is good for real estate. Conversely you've got Harry Dent who's talking about a deflationary recession which I have a harder time believing because of how it affects our own ability to pay you know Treasury holders, US Treasury holders, but you know even Harry thinks in his scenario that well you might as well you know own multifamily real estate because the demographics would suggest that that would be a safe place to be now Harry's a demographics guy. Now listen who knows what'll really happen just because Harry said that and Peter said that and I said this it could be completely something different, but if you do nothing and keep all your money in a bank you're guaranteed to lose money with inflation in my opinion because again I don't think it's gonna be deflationary I've been over that before. And as for dry powder it’s always good to have some obviously right I mean it's always good to have some, so it's hard to quantify how much. The way I have done it is I use as you may know I'm sure you know by now I am an advocate for Wealth Formula Banking because I like the option of you know being able to borrow etc. now for this purpose I use Wealth Formula Banking because it's it's sort of a source of liquidity for me that I can access very quickly that it's out of the banking system but how much dry powder I keep, generally relies on my contribution to the Wealth Formula Banking policy every year. So it's one of the things that sort of keeps me honest right I have to put a certain amount every year in there all the way up to the paid up perdition's and so that's basically circulating as my you know almost like a bond portfolio of liquidity in case I need it, so that's how I do it. But that being said, I'm also in a situation where I am very incentivized to invest rather than to keep my money around or invest in anything that's not real estate so I probably could do a better job with keeping a little bit more dry powder around. Anyway right now, so Wealth Formula Banking that's where my dry powder is and like I said that's where it keeps me disciplined, but I do not have a crystal ball and I don't really I'd really don't foresee myself anything horrible happening so I mean if I did if I was sure of it I'd probably I'm sure I would just you know have a bunch of money sitting around but I don't see any serious indication of that frankly. You know and I should point out I saw today you know Ray Dalio came out and said even about the stock market that he's bullish still right on the stock market, right? I'm not saying I'm bullish on the stock market but the point is there's some still some big names not really like hiding out in shorting markets at this point. So anyway I don't know that I even came close to answering your question but I talked a lot so let's see here. Next question Jason got an audio question.
Jason: Buck, this is Jason Beck from The Rock Arkansas. Wanted to see if you had come across any good ways to utilize raw land investments for a tax-advantaged purpose. I've got some land that is timber and some more land that is pasture that we keep some horses on. I want to see if you had seen anybody utilize either various schedules on their tax returns or creation of entities to try to gain some tax advantage from those type of investments?
Buck: Yeah the big one that comes to mind Jason is conservation easements. Now you know as soon as I say that a lot of people think oh that's that one thing that's kind of like that the IRS hates and they write articles about to try to scare people off of them and that's actually not totally the case the thing that IRS really hates are the syndicated conservation easements even those you know they're totally lawful but what I'm talking about is conservation easements on your own land which really are not controversial for the most part at all. So basically here's how that works okay. Effectively what you do in a conservation easement is you commit your land you still keep it you don't give it but you're giving up certain rights, you remember like yeah if you do any kind of real estate you know there's land rights there's ground rights all that kind of stuff. Anyway, in this case you're giving up the right to develop the land and or or in some cases if it's a mining situation, giving up the right to drill on the land. And if you do that what's interesting is that and what's powerful is that you can if you’ve done it appropriately get a valuation on your lands maximum value if it were to be used for that other purpose. Well let's give a give you an example so it's not so nebulous in other words say the alternative of keeping your horse pasture land was to build a multi-million dollar resort and you had all the plans you had architectural drawings etc. In that case you could theoretically get a valuation of how much that resort would be valued at and take the deduction for the amount of the valuation that you got instead of the value that your land currently has. So as you can imagine that could be an enormous potential tax benefit and so I would probably look into that for sure there's some very famous people who use that, Ted Turner CNN that's why he's got so many Buffalo, people say Donald Trump that's one of the reasons why he has so many golf courses but of course we don't see his tax return so we don't know that for sure. Anyway I know the guy you should speak with and I have already sent you a connection via email.
Okay next question when evaluating a private placement opportunity I should say I don't I for some reason I don't have a name on this one so I apologize, but when evaluating a private placement opportunity, how important is it to you that the general partner has their own personal money invested in the deal? Well the answer is it depends okay. Let's take Ken McElroy for example let's take Western Wealth Capital and those guys for example Ken's be a better example because Western Wealth Capital I know got a couple of million dollars in every deal but let's take Ken. In the past you know where he was I've invested in as a limited partner in companies deals where you know I neither Ken was putting any money in and does that bother me not really. Why? Well listen I know Ken's model and he doesn't really get rewarded unless the asset performs. I also know Ken personally and know that he works hard, has a lot of integrity and takes pride in his work. He's got a tremendous track record and I also know that it takes a lot of work to do what he does, so not getting rewarded financially until the you know property starts to really perform the way he pro formas it out is a type of sweat equity because what you're talking about ultimately is skin in the game. Does the operator have skin in the game? And the question really I think is better termed you know does the operator have skin in the game? Because the skin in the game can also come in the form of sweat equity. Now if Ken in his case doesn't get paid unless investors get paid, I would definitely consider that skin in the game knowing how much work that is. Now the problem these days in my opinion is that there is you know there's everybody and their mother is a syndicator. And you know what I'm talking about right? So you've got all these people I was in here, I'm a full-time software engineer we're 50 hours a week and oh yeah and I just went to a guru course and I'm you know I'm taking down a twenty five million dollar asset would you like to join me? Those people are everywhere now and in those kinds of deals personally I would never invest anyway. However, if you do you should demand heavy skin in the game through cash why because you don't you know you don't know what they're gonna do, they don’t have a huge track record, they've got full-time jobs this isn't just about plugging in a property manager and taking your cut that's BS you know but honestly I would stay away from those deals all together personally you don't want to be part of someone's learning curve.
All right let's see next question I have this via email here, I'm gonna read it. Okay so the next question is from Kenny. Kenny French is asking he says hi Buck I'm a podcast listener and Western Wealth Capital investor as well. I'm currently working with Rod Zabriskie to set up Wealth Formula Banking life insurance policy. So far everything has been going pretty smoothly with one exception. One of the features that I really like about the life insurance policy is it offers a way to have money grow that is protected from creditors and it really gives me a peace of mind to know that I will have a good chunk of money set aside for my family that can't or at least is very difficult for creditors or anyone else to touch. In looking how to hold that policy in a trust LLC personally etc I found out that California, where I live, that's where I live too, has terrible protections for life insurance policies. They only exempt a very small amount less than $20,000 presumably of cash values what we're talking about there, but from the little bit of research I did it looks like a Nevada trust may be the way to go, either way I think this would make for a good podcast topic to do a bit of a dive into so that's why I'm reading that and I got Kenny's okay to do this. So I thought was a good question. So what I did is I actually ran this by Doug Lodmell of Lodmell and Lodmell. Doug is of course my asset protection attorney, very smart guy, all-around good guy. I also want to put a plug in for him if you go to wealthformula.com and you go to there's basically some where you can click there and Doug did this really good webinar on asset protection from sort of the very basic to the more complex and he's just really really good so I would highly recommend you consider using him if any of this stuff is relevant to you. So here's the deal, and here's effectively the answer I've got from Doug: life insurance in many states is already a protected asset, so part of the issue is you got to check in your own state like Kenny did, as in some states like Kenny he's talking about California life insurance turns into pretty much just like an asset like any other asset and it has to be put into an asset protected vehicle. But because it is life insurance, there is an additional consideration of what happens when the policy pays out and how that affects the estate and for that reason there's also an additional choice which is an ILIT which stands for irrevocable life insurance trust. So the issue is that life insurance obviously has a death benefit which could impact the size of your estate and this must be a primary driver for where you hold it. If the death benefit will create or increase in estate tax, then the policy should be held by either an ILIT or another type of gift type trust like a dynasty trust. If the death benefit will not affect the estate tax because the total estate is below the exemption then I would suggest using an asset protection trust asset protection structure to hold the insurance if you are not in a state with good protections. He says it also matters if the insured is using life insurance as a savings vehicle and will need it for their retirement, as often we do with these kinds of things. If so then it is better in an asset protection plan. So I know that was a lot. So first of all if you know you're one of these if you have one of these plans I mean Kenny brings up a very good point you you sure look into this if you're looking for the asset protection component of this too. A few thoughts here okay, first of all you know the first thing to do is check your state and see what kind of protections you have. Next you know the ILIT is certainly an option right I mean it's it's just it's not very expensive it is a couple thousand dollars and you can use that, the problem with that it's difficult to to borrow out of. The next thing to consider is okay how big is that life insurance policy right? If it's three four million bucks, may not be a big deal especially if the rest of your estate is sitting outside of your estate or you've got a plan to have it outside of your estate then you can still figure out you know how to keep you know your estate stuff below you know whatever I think it's probably gonna sunset down to five and a half million or something like that for estate taxes. So in that regard, it seems to me that the smart thing to do would be to use like an asset protection trust which is you know certainly an option that that Doug can help you with, and frankly the nice thing about that is that you know you've got the protection from the creditors and it's still available for retirement. Now if you've got a great big you know death benefit on there, the next step really and actually this step that I've got is a dynasty trust, that was a Nevada dynasty trust and I've got one of those. In that situation though you are getting a trustee involved so you're not directly controlling it. Now I can tell you from personal experience that it's actually relatively not that difficult, you know to work with the trustee, but it does make it a little bit more difficult you know to get the cash available for the insured to use so that's the one thing to consider. Now Doug makes the point that you can also in some situations take an asset protection trust that automatically converts to a dynasty trust at death so then it's really the most flexible tool for most people so that might be the way to go. I think based on what I'm hearing and that's actually different from what I did but you know it was before I met Doug but I might have done like an asset protection trust that converted into a dynasty trust later that might have been what I would have done. Anyway complicated question complicated answer and that's kind of where I'll leave it because I've got a little headache from that last one at this point. So that's it for this week and that is just like half the questions we've got. We've been going on for a while. So that's it for me this week on Wealth Formula Podcast for Ask Buck Part One and we'll be back next week with part two.
submitted by Buck_Joffrey to u/Buck_Joffrey [link] [comments]

ROI experiment

Okay guys, since every post on here asking for advice about getting into mining receives at least one comment of "Don't mine, just buy bitcoins from an exchange", I'm going to do an experiment. I recently ordered a Block Erupter Sapphire from ebay for about 50$, and also just ordered .1 BTC from coinbase for $59. I'll take a sixth of my bitcoins and remove them from the experiment for fairness purposes. Over time for however long the experiment is fit to last, I will track the value of my holdings, comparing the market price of .1 bitcoin against the market price of the erupter + everything I mine. Unless someone warns me against the reliability of the service, I will also used mined bitcoin to by GHS from cex.io, hopefully making that graph exponential.
Note: I do not intend to make money from this venture. I just want to put the mining pessimist's advice to the test. I want bitcoin to be a real currency, so my goal, if I have one, is to increase the validity of the blockchain in any way I can.
submitted by bowlercaptain to BitcoinMining [link] [comments]

[WTS] Block Erupter Lapel Pin

I'm selling these wearable block erupter lapel pins. comes in original block erupter Case. I only have a black one and a red one currently available for purchase - These will set you back $19.95 shipping is included for USA, International shipping will cost you an additional 10 dollars. (unfortunately they cannot be used as a mining device, just a decorative lapel pin to spread bitcoin awareness)
submitted by frankenmint to BitMarket [link] [comments]

09-26 20:03 - 'Why is the total number of bitcoins 21 million?' (self.Bitcoin) by /u/24mex removed from /r/Bitcoin within 3598-3608min

'''
Mr. Nakamoto failed to mention in all his public statements why the number was chosen, and a torrent of speculation and logic sprang up online.
How did 21 million come about
Choose 21 million real reasons
[1] 20999999.97690000 bitcoin outbreak timeline:
Choose a few heart to decompose this watch below.

The creation block was born at 18:15:05 GMT on January 3, 2009.The creation block is numbered 0.From "stage 1" at the beginning of the creation block, 50 new bitcoins burst out of each block.
[3] the target height is 210000210000 block
Halving every four years is not a very dignified statement.The bottom line: bitcoin erupts roughly one block every 10 minutes, and 210, 000 10 minutes every four years.This must be the number that satoshi nakamoto USES in particular.
The outbreak will halve for the second time in 2016, but it is too early to plan for now.You're talking about 2016 blocks.
Difficulty arrangement topic spread to dig ore, since again all together decompose.
There are many theories in the collection, some reliable, some unreliable but very enjoyable.

It’s the first half of the answer: 42.翻译:因为21是最后谜底42的一半。天然,他是启打趣的。然而,尔部分最喜佳这个推测,这也是reddit里顶的人最多的。直接瞅视频吧(找了一圈,惟有youtube上有剪辑,所以俺加了字幕搞过来):Because we’re living in the 21st century!翻译:因为咱们生计在21世纪!【谜底3】There is a general answer.Many of nakamoto's USES in bitcoin are really lucky, but "lucky in view of the smell".​

All gold mined in human history can be fit into a cube roughly 21 meters on each side. Satoshi created bitcoin with the idea of being sort of a digital analog of gold (finite supply, mining, etc), as well as the fact that it built upon Nick Szabo’s “Bit Gold” proposal, so I think that 21 million was sort of a clever nod to that.翻译:全天下一切黄金熔在所有,是一个边长大概为21米的正方体。中本聪用这个观念,隐喻比特币是一种假造黄金。【谜底5】

Does god play dice?

The estimator can store at most 2^53 precision double - precision floating point Numbers.The total accuracy of bitcoin in the smallest unit is 2^51, which is just fine.(English is too long to paste)Carefully:[answer 7]This is the most reliable answer to the question, because satoshi nakamoto's past remarks may be seen that he is not a perfectionist, but an applicationist.
'''
Why is the total number of bitcoins 21 million?
Go1dfish undelete link
unreddit undelete link
Author: 24mex
submitted by removalbot to removalbot [link] [comments]

Lottery solomining on my full node for fun, question about connecting few of my friends

Hi,
I setup my own full node and mining on it with USB block erupter with bfgminer, so it uses rpcauth to connect to the node.
Now few of my friends want to connect to my node as well with their miners. How does it work in Bitcoin Core? Do I just create separate credentials for each of them and if so is it safe to do it? If I do it, can they shutdown my node etc?
Is bitcoin core suitable for this (we would 3 all together) or would I need something else?
thanks
submitted by emreddit to Bitcoin [link] [comments]

The Day Bitcoin Was Hacked [Freeman's Perspective]

This is a investment news/thought email I get once in a while and this was at the top. Just sharing. Source.
The Day Bitcoin Was Hacked
In the ninth year of Satoshi, at 9:30am UTC on a cold February morning, Bitcoin was hacked.
The hacker (or hackers) found a way to take advantage of a command in Satoshi’s original code. Then, using some very impressive number-crunching power, they played man-in-the-middle and intercepted transactions as they approached the big Bitcoin miners.
But this required more than impressive number crunching – it required world-class intelligence, as well as access to dozens of major routers. This, however, didn’t become clear for a few hours. During that time, tens of thousands of bitcoins were stolen.
Whoever hacked Bitcoin had access to secret backdoors in the big commercial routers – backdoors that weren’t supposed to exist. A few ex-employees of the big router company had once tried to speak out on this subject, but they had been quickly silenced. (This wasn’t known till later either.)
By the time dawn broke in New York, bitcoiners in Japan, Korea, and all across Europe were in a panic. A couple of dozen key Americans were being roused as well. The old cypherpunk channels were busy for the first time in many years.
A hasty meeting was called in the oldest darknet chat room, and a moratorium was called on all Bitcoin mining (transaction processing), beginning immediately. Only two significant miners refused to acknowledge the move, but they were just being asses on principle. In any event, they joined the moratorium half an hour later. No transactions would be recognized.
Bitcoin had stopped.
It took just over an hour for the big financial sites to figure out what was happening, followed by a roar of victory that crossed continents. Central banks, Wall Streeters, and gold bugs joined together, rejoicing that their joint enemy… the curse that they all wanted to bury… the upstart that had thrown confusion into their lives… was dead. Many of them literally jumped, screamed, danced, and stomped their feet.
Comment boards erupted with glee. “Butt coin is dead!” “Buh-bye TwitCoin losers!” and much worse were posted, over and over and over.
Several thousand neophyte bitcoiners panicked and tried to dump every coin they could on the exchanges, but the exchanges closed as well. The result of this was that the price for Bitcoin, was, for all practical purposes, zero.
At this, the enemies of Bitcoin let out an even bigger cheer than before. Their world view had been restored. Whereas they had been looking like fools – repetitively pronouncing Bitcoin dead as it inexplicably refused to die – it was now the bitcoiners who were the fools. The haters spewed a river of venom, with vigor and with glee.
A couple of dozen cryptocurrency scam artists emptied their bank accounts during that day, cleared out of their apartments, and headed to unknown addresses. They knew an opportunity when they saw one. And so they took advantage of the confusion, getting away before anyone could call the law down on them.
But it wasn’t just the scammers; at least as many Zuckerberg wannabes started looking for new ways to get amorally rich as quickly as possible.
The old chat room, however, remained choked with traffic. Literally dozens of Bitcoin developers, enemy miners, and altcoin developers had been sharing their findings. New information was deposited in the main chat room, while an old cryptographer summarized it all in a second room (where solutions were being discussed) and cross-posted conclusions between the two. In a third room the best programmers divided the code between themselves and hunkered down to find the vulnerability.
It took them all four hours.
An hour after that, a patch was being tested.
Three hours and four versions of the patch later, all agreed that it was ready.
At midnight in London (0:00 UTC), every major Bitcoin miner turned back on , and by agreement (an agreement they all kept), they restarted from block number 684273, which was the last complete block before the hack.
Bitcoin – to the shock and horror of the crypto-hate community – was back. In the end, only a handful of people lost money (mostly by providing products during the hack), and only one of those businesses failed. Bitcoin’s price (as measured in dollars, etc.) lagged for a few days and then returned to its previous trajectory.
Many of the altcoins remained shut for a day or two more, simply because they had less skilled manpower to throw at the problem. But soon enough they came back too, with the exceptions of the scammers who had run away and the get-rich-quickers who had wandered away.
The haters went right back to hating.
submitted by gonzobon to Bitcoin [link] [comments]

Testnet mining or faucets - are there any left?

I need a number of Testnet coins for development and have run out.

All of the faucets are no longer functional, and it doesn't look like you can mine solo using bitcoin core anymore.
And there don't even appear to be working pools for Testnet anymore either, so I don't think I can point my block erupter cube (asic) at anything.

How is one supposed to get their hands on Testnet coins these days?

submitted by replaysMike to BitcoinMining [link] [comments]

New to r/Tokenmining? click here for more in-depth info!

What is EIP:918?

EIP:918 is an Ethereum Improvement Proposal for standardizing mineable token distribution using Proof of Work.
The primary driver behind the standard is to address the very broken ICO model that currently plagues the Ethereum network. Token distribution via the ICO model and it’s derivatives has always been susceptible to illicit behavior by bad actors. New token projects are centralized by nature because a single entity must handle and control all of the initial coins and all of the the raised ICO money. By distributing tokens via an alternative ‘Initial Mining Offering’ (or IMO), the ownership of the token contract no longer belongs with the deployer at all and the deployer is ‘just another user.’ As a result, investor risk exposure utilizing a mined token distribution model is significantly diminished. This standard is intended to be standalone, allowing maximum interoperability with ERC20, ERC721, and future token standards.
The most effective economic side effect of Satoshi Nakamoto’s desire to secure the original Bitcoin network with Proof of Work hash mining was tethering the coin to real computing power, thereby removing centralized actors. Transitioning the responsibility of work back onto individual miners, government organizations have no jurisdiction over the operation of a pure mined token economy. Oversight is removed from an equation whereby miners are providing economic effort in direct exchange of a cryptographic commodity. This facilitates decentralized distribution and establishes all involved parties as stakeholders. The ERC918 standard allows projects to be funded through decentralized computing power instead of centralized, direct-fiat conversion.
The Ethereum blockchain in its current state exists as a thriving ecosystem which allows any individual to store immutable records in a permission-less, invulnerable and transparent manner. Recently, there have been proposals to mitigate some initial ICO investment risks through the introduction of the DAICO model that relies on timed and automated value transfers via the smart contract tapping mechanism. However, this does not align a token smart contract as a non-security and still has the potential to put investors at risk if not implemented carefully, relying on centralized actors to be fair and community intended. Allowing users of the network direct access to tokens by performing computations as a proof of work supplies allows any smart contract to distribute a token in a safe and controlled manner similar to the release of a commodity.
As of 2017, all Ethereum token distribution methods were flawed and susceptible to Sybil attacks. A Sybil attack is a form of computer security attack where one person pretends to be many people with multiple computer accounts in order to manipulate a system in a malicious way. ICOs and airdrops are highly susceptible to these type of attacks so there is no way to verify that all ERC20 tokens distributed by the deployer were doled out fairly or unfairly. Proof of Work distribution is resistant to Sybil attacks. This means that ERC918 tokens are among the first trustless Ethereum tokens in the world. The distribution of ERC918 tokens is fair because they are allotted via an open, decentralized mathematical algorithm (that anyone can view on the mainnet blockchain) and not a centralized human monarchy.
ERC918’s first incarnation (and inspiration) was the 0xBitcoin project that launched in early 2018. Since then, several projects have realized the standard in innovative and creative ways. Catether (0xCATE) erupted early and additionally mints payback tokens during transfer operations to offset gas costs. 0xGold and 0xLitecoin each implement the first on-chain merge-mining with 0xBitcoin and the Mineable Gem project extends the standard onto a non-fungible collectible artifacts, whereby each gem has a unique mining difficulty. The Mineable project is a newer initiative that provides users with the ability to create mineable ERC20 tokens on-chain without writing a line of code and includes a virtualized hashing artifact market that allows miners to purchase on-chain vGPUs to improve mining difficulty and rewards. (written by jlogelin) ​

MINING IN A NUTSHELL

0xBitcoin is a Smart Contract on the Ethereum network, and the concept of Token Mining is patterned after Bitcoin's distribution. Rather than solving 'blocks', work is issued by the contract, which also maintains a Difficulty which goes up or down depending on how often a Reward is issued. Miners can put their hardware to work to claim these rewards, in concert with specialized software, working either by themselves or together as a Pool. The total lifetime supply of 0xBitcoin is 21,000,000 tokens and rewards will repeatedly halve over time.
The 0xBitcoin contract was deployed by Infernal_Toast at Ethereum address: 0xb6ed7644c69416d67b522e20bc294a9a9b405b31
0xBitcoin's smart contract, running on the Ethereum network, maintains a changing "Challenge" (that is generated from the previous Ethereum block hash) and an adjusting Difficulty Target. Like traditional mining, the miners use the SoliditySHA3 algorithm to solve for a Nonce value that, when hashed alongside the current Challenge and their Minting Ethereum Address, is less-than-or-equal-to the current Difficulty Target. Once a miner finds a solution that satisfies the requirements, they can submit it into the contract (calling the Mint() function). This is most often done through a mining pool. The Ethereum address that submits a valid solution first is sent the 50 0xBTC Reward.
(In the case of Pools, valid solutions that do not satisfy the full difficulty specified by the 0xBitcoin contract, but that DO satisfy the Pool's specified Minimum Share Difficulty, get a 'share'. When one of the Miners on that Pool finds a "Full" solution, the number of shares each miner's address has submitted is used to calculate how much of the 50 0xBTC reward they will get. After a Reward is issued, the Challenge changes.
A Retarget happens every 1024 rewards. In short, the Contract tries to target an Average Reward Time of about 60 times the Ethereum block time. So (at the time of this writing):
~13.9 seconds \* 60 = 13.9 minutes
If the average Reward Time is longer than that, the difficulty will decrease. If it's shorter, it will increase. How much longer or shorter it was affects the magnitude with which the difficulty will rise/drop, to a maximum of 50%. * Click Here to visit the stats page~ (https://0x1d00ffff.github.io/0xBTC-Stats) to see recent stats and block times, feel free to ask questions about it if you need help understanding it.

MINING HARDWARE

Presently, 0xBitcoin and "Alt Tokens" can be mined on GPUs, CPUs, IGPs (on-CPU graphics) and certain FPGAs. The most recommended hardware is nVidia graphics cards for their efficiency, ubiquity and relatively low cost. As general rules, the more cores and the higher core frequency (clock) you can get, the more Tokens you will earn!
Mining on nVidia cards:
Mining on AMD cards:
Mining on IGPs (e.g. AMD Radeon and Intel HD Graphics):
Clocks and Power Levels:

MINING SOFTWARE AND DESCRIPTIONS

For the most up-to-date version info, download links, thread links and author contact information, please see this thread: https://www.reddit.com/0xbitcoin/comments/8o06dk/links_to_the_newestbest_miners_for_nvidia_amd/ Keep up to date for the latest speed, stability and feature enhancements!
COSMiC Miner by LtTofu:
SoliditySha3Miner by Amano7:
AIOMiner All-In-One GPU Miner:
TokenMiner by MVis (Mining-Visualizer):
"Nabiki"/2.10.4 by Azlehria:
~Older Miners: Older and possibly-unsupported miner versions can be found at the above link for historical purposes and specific applications- including the original NodeJS CPU miner by Infernal Toast/Zegordo, the '1000x' NodeJS/C++ hybrid version of 0xBitcoin-Miner and Mikers' enhanced CUDA builds.

FOR MORE INFORMATION...

If you have any trouble, the friendly and helpful 0xBitcoin community will be happy to help you out. Discord has kind of become 0xBTC's community hub, you can get answers the fastest from devs and helpful community members. Or message one of the community members on reddit listed below.
Links
submitted by GeoffedUP to Tokenmining [link] [comments]

ASIC Block Erupter (336 mh/s!) [EASY] How To Mine Bitcoin Using ASIC USB Block Erupters ... USB Block Erupter ASIC Bitcoin Mining Rigs How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ... Bitcoin Mining Rig with Block Erupters - YouTube

The process should be similar to mining Bitcoin - you would most likely want to connect to a mining pool or solo mine in a configuration analogous to mining Bitcoin. Also note that Namecoin supports merged mining, meaning that if you mine for a Bitcoin block through a pool that supports merged mining, your proof of work can still be used to create Namecoin blocks. This effectively makes you ... A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California, October 28, 2013. Bitcoin’s rally through the week might have moved too ... Sapphire Block Erupters were the first ever miners to be created. Releasing the power of 330Mh/s of hash power, the user would be able to receive nothing less than $0.01/month thus not enough to earn profitability. Relation to the ASIC bitcoin miner USB, it generates a power of 25 gigahash/second which is, nowadays; almost nothing but not that much due to the rise in difficulty of obtaining ... A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California, October 28, 2013. REUTERS/Stephen Raspberry Pi used as Block Erupter controller for bitcoin mining Source As unlikely as it sounds, the Adafruit learning blog (via the Hackaday blog ) has just shown off a Raspberry Pi based ...

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ASIC Block Erupter (336 mh/s!)

So again I hope this video can help you all to start with you're mining and again if you have any questions or problems just leave a comment below and I will... Raspberry pi and GekkoScience Compac USB Stick Bitcoin Miner 8gh/s+ (BM1384) - Duration: 1:44. The cuban thief pouter 61,745 views Just me showing off my new bitcoin miner. It may be small and not make much but it's great for someone looking to get into bitcoin and see if it's something they might like. New video up on actual ... Donations for any help appreciated :) 1PMrJ6TmkHwKVoChpuBpsjttoH8yEK9C8m Just to actually show you how silent this is - nothing compared to my 2011 rig with ... Though I've gotten a feel for the Bitcoin Mining Environment and don't plan on continuing it myself, I figured it would be valuable to everyone else who's interested in these guys to do a review ...

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