Monday, August 31, 2015

Gyft Sees Bitcoin Usage Drop By 80%

According to Vinny Lingham, CEO of digital card platform Gyft, when the company first integrated bitcoin payments they accounted for 90% of the company's sales. Although Paypal and credit card purchases made up the remaining 10%, Mr. Lingham has stated to CoinDesk that the field has shifted dramatically. Since the initial bitcoin integreation in 2013, Gyft has seen an incredible 80% drop of bitcoin's usage, leading to a complete reversal of purchasing trends - now Paypal and credit cards make up 90% of the payment methods, while bitcoin hangs on at 10%. Lingham remains steadfastly fascinated by bitcoin, as he […]

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Bitcoin Price Holding Steady

Bitcoin price has been locked in a sideways course for the past week. We wait for a decisive move in one direction or the other to give more insight into the current price pattern. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 14h04 UTC Bitstamp 1-Week Chart From the analysis pages of xbt.social, earlier today: Slow price action for the past week and let's take a step back and look at the […]

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BitMain AntMiner S7 Batch 1 Now Available for Pre-Order

bitmain-antminer-s7

After the recent announcement of the new BitMain BM1385 ASIC chips for mining Bitcoin or other SHA-256 crypto currencies BitMain has started taking pre-orders for their first miner based on the new chips – the Antminer S7. The new BitMain Antminer S7 miner has a more dense configuration than previous Antminer machines, using 162 chips in the same space that the S5 used only 60 in. The S7 uses just 1210 watts of electricity to deliver 4.86 terahashes per second of mining power per unit, so specification wise the new miners looks very attractive, especially when compared to older hardware.

antminer-comparison-chart

BitMain AntMiner S7 Specifications:
1. Hash Rate: 4.86 TH/s ±5%
2. Power Consumption: 1210 W (at the wall, with APW3, 93% efficiency, 25C ambient temp)
3. Power Efficiency: 0.25 J/GH (at the wall, with APW3, 93% efficiency, 25°C ambient temp)
4. Rated Voltage: 12V+5%, should not be less than 12.0V
5. Chip quantity per unit: 162x BM1385
6. Dimensions: 301mm(L)*123mm(W)*155mm(H)
7. Cooling: 2x 12038 fan
8. Operating Temperature: 0 °C to 40 °C
9. Network Connection: Ethernet

You can get the new miner for $1823 USD or roughly 7.896 BTC with the current exchange rate. When you add a suitable power supply like the 1600W APW3-12-1600-B2 that Bitmain sells for $155 USD (0.671 BTC) and you factor in the cost of shipping and custom taxes, electricity and the slowly increasing network difficulty you are already looking in probably 8-9 months at least to get back what you have paid for the miner. So although specifications wise the device looks very good it is still slow to ROI in the current not so great for Bitcoin conditions, but then again this is probably the best Bitcoin mining hardware available to end users at the moment. You can already pre-order a BitMain AntMiner S7 from Batch 1 with expected shipping date announced as late September of 21~30 with a possible delay of up to 10 days extra.

Updated Ethminer 0.9.41 OpenCL and CUDA for Windows

ethereumpool-statistics-hashrate

Since Ethereumpool has updated their Ethereum mining pool in a way that it requires the use of the latest version 0.9.41 of ethminer and we’ve got requests to post the latest version, we have prepared a package including ethminer 0.9.41 CUDA by Genoil (source) as well as the official ethminer 0.9.41 from the master branch (source) for Windows (64-bit is required!).

Do note that the CUDA version of the miner does support OpenCL mining as well and not only CUDA on Nvidia cards, the OpenCL support should function on both Nvidia and AMD GPUs. The ethminer 0.9.41 CUDA version is based on the new CUDA OpenCL PTX branch that requires at least Compute 3.5 capabilities from your Nvidia-based video card, so it may not work on older video cards. If you are having trouble running the new CUDA miner in CUDA mode on older Nvidia GPU you can revert to an older version or try using ethminer in OpenCL mode. Additionally to get better performance you can try adding the following command line parameters to the ethminer OpenCL and CUDA version:

For OpenCL: --cl-global-work 16384
For CUDA: --cuda-grid-size 8192 --cuda-block-size 128 --cuda-turbo

We have tested the two versions of ethminer version 0.9.41 and they both seem to work well as well as to report the actual hashrate you get when mining using the Ethereumpool mining pool regardless of what hashrate (difficulty) you set via the command line for running the miner software.

To download the latest ethminer 0.9.41 for OpenCL and CUDA for Windows (64-bit only)…

Barclays Set to Start Experimenting with Bitcoin

Barclays is set to become the first UK bank to officially accept payments in Bitcoin, as reported in The Sunday Times. The multinational banking and financial services company announced recently that it is set to become the first bank in the United Kingdom to start accepting Bitcoin as a payment method. Barclays announced that they could start experimenting with Bitcoin as early as by the end of this year. Stating that Bitcoin has the potential to change financial services, Barclays revealed that it has entered into a partnership with an undisclosed Bitcoin exchange. They also revealed that they have been […]

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The Current State of Ethereum Mining Pools

ethpool-to-miner-stats

Having competition among pools is always a good thing for the miners and as more ining pools for Ethereum’s Ether (ETH) coins have appeared recently things have started to move at a more serious pace. We now have multiple big pools as an alternative to ethpool, the first mining pool that was available for mining Ether coins and it seems that more are appearing such as the new CoinMine ETH pool that was just launched. The new ETH mining pool from CoinMine is based on the familiar interface that MPOS uses, similar to the Suprnova pool, so you might want to check it out, but be aware that since it is a new pool there are not much miners initially and solving blocks can take up some time. Other older pools were busy lately adding new features such as hashrate graphs, support for workers, API, earning estimates and so on… not to mention that pool fees were reduced as well as withdraws for the miner coins were reduced as a minimum and transaction fees were lowered. Below you can find a list of the available pools listed based on the total hashrate they currently have:

eth.nanopool.org ~162.5 GHS
ethpool.org ~43 GHS
eth.suprnova.cc ~36 GHS
ethereumpool.co ~8 GHS
weipool.org ~0.06 GHS
alphapool.xyz ~0.05 GHS
http://ift.tt/1Ev8xCF ~0 GHS

How Virginia Teen Used Bitcoin to Support Terrorism; Judge Sentences Him to more than 11 Years

A Virginia teenager sentenced to more than 11 years in jail for supporting terrorism used bitcoin to instruct aspiring jihadists how to mask terrorist funding activities. U.S. District Judge Claude M. Hilton of the Eastern District of Virginia sentenced Ali Shukri Amin, 17, of Manassas, Va. to 136 months in prison along with a lifetime of supervision for conspiring to support a terrorist group, Islamic State in Iraq and the Levant (ISIL), the U.S. Department of Justice announced. Amin, who pled guilty on June 11, 201, admitted to using Twitter to provide advice and encouragement to ISIL and its supporters, […]

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Sunday, August 30, 2015

Bitcoin Price Without a Rudder

Bitcoin price has been spending time meandering around this area of the chart. There are some immediate signals having effect on price, but over all there is nothing to trade at the moment. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 15h04 UTC Bitstamp 1-Day Chart From the analysis pages of xbt.social, earlier today: The smaller timeframes do not give clear signals other than showing the zigzagging ascent followed by pullbacks. A […]

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Bitcoin Community Shows Uneasiness Over Block Size Debate, According To CCN Survey

CCN reached out to the Bitcoin Community via various sources, including Reddit, BitcoinTalk, and our own contacts, in order to gauge the sentiment of the Bitcoin Community in survey form. Included are our answers.  Of the more than 130 people who took our survey, 56.3% believed that Bitcoin should use Bitcoin-XT.  81.6% believe the block size limit should be increased, assuming nobody believes it should be decreased.    As far as the amount of influence Bitcoin developers have over the Bitcoin software, many showed signs of uneasiness.   More than 50% claim the debate and divisiveness over Bitcoin-XT has damaged […]

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Friday, August 28, 2015

Bitcoin Price Has Some Wiggle-Room

Bitcoin price has been going through the motions of ticking out a slow correction above $220 and below the 1-hour 200MA (red). The slow progress means there have been few analysis updates during the past days. At the moment there seems to be a signal in the 4-hour chart. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 04h18 UTC Bitstamp 4-Hour Chart From the analysis pages of xbt.social, earlier today: We have […]

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Revolutionary Coop Promotes Bitcoin To Promote Social Change, Will Take Center Stage At London Art Fair

The Moniker Art Fair has teamed with Fork The Banks, a revolutionary cooperative of artists and techies, in promoting bitcoin, according to artdaily.com. The Moniker Art Fair will return to London’s Old Truman Brewery Oct. 15 to 18, 2015 and will be the first international art fair to accept bitcoin payments. Fork The Banks, based in London, uses the bitcoin “B” in its “FTB” logo. Its motto is “99 Artists. 99 Musicians. 1 Currency.” Its website page features a picture of recent Greek street protests. Its YouTube video claims it seeks to unite artists and computer scientists looking to change […]

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MSI GeForce GTX 950 Gaming 2G Mining Hashrate and Power Usage

nvidia-geforce-gtx-950-msi

Last week Nvidia has announced a new mid-range GPU, namely the GTX 950 that is being positioned between the GTX 750 Ti and the GTX 960. Interestingly enough the GTX 950 has 128 CUDA cores more than 750 Ti and a TDP of 90W with a price point that is a bit higher than the 750 Ti, so the big question is if the GTX 950 can be the new affordable and low-power usage alternative for mining suceeding the 750 Ti. We took an MSI GeForce GTX 950 Gaming 2G video card and have tested how it performs for crypto mining in various algorithms using the latest ccMiner fork from SP optimized fro Maxwell GPUs as the GTX 950 is Compute 5.2 card. We have also tested using Ethminer for mining Ethereum’s Ether (ETH) coins as these are pretty hot and profitable to mine at the moment.

gtx-950-hashrate-tdp-table

The table above does not contain results for the following algorithms that are supported by ccMiner: lyra2, skein, yescrypt, whirl, x14, x17 as when trying to test them we have encountered errors or the miner software crashing. We are not sure if this is directly related to the use of GTX 950 and the default intensity settings not working for some algorithms, or just that there are issues with the specific algorithms in the latest code of ccMiner. The TDP result shows how much power the video card uses for each of the algorithm with 100% TDP being equal to 90W of power usage on a normal GTX 950, but on the MSI factory overclocked Gaming model the 100% TDP is actually equal to 110W. As you can see however very fee of the algorithms are getting close to the maximum TDP of the GTX 950, so the actual power usage could be even lower than 90W on most of the algorithms.

What is the Situation with Litecoin After the Halving

litecoin-ltc-network-difficulty-history

Earlier this week the first block reward halving for the Litecoin (LTC) has happened and although there was a bit of uncertainty about what exactly will happen with the alternative crypto currency it seems that things haven’t changed much actually. The exchange rate of 1 LTC is still hovering around $3 USD or a little lower, but the network difficulty is going down in order to compensate for the decrease in half of the mined coins. So it seems that no imminent price increase is going to happen, but instead the network difficulty will go down because some miners with older hardware are apparently turning it off as it may not be able to even pay for the electricity used. This simply means that things will balance in a matter of days.

In fact the the Litecoin (LTC) network difficulty has been mostly dropping with a few percent throughout most of August before the halving even occurred as a result of the price of the crypto currency going down slightly. After the block reward halving however there was a significant drop of almost 8% and now we are looking at a second drop with about 8% more as an estimate. We’ll have to wait and see how much of a decrease in the total network hashrate is going to be enough before things stabilize. What you should not expect however is to see the total LTC network hashrate and thus network difficulty to drop in half after the halving, but then again who knows…

The Lightning Network Could Solve The Bitcoin Block Size Limit

The Bitcoin block size is a hot topic in Bitcoin. Gavin Andresen has been at the center of the heated discussion of how to scale Bitcoin to accommodate higher transaction volumes. The Lightning Network has garnered much support as a possible solution to this problem. The co-authors of the Lightning Network white paper, Joseph Poon and Tadge Dryja, gained credibility with the release of their ideas. Many projects have already seen the benefit of something like Lightning Network to their projects. And, according to Joseph Poon, this will be an easy thing for them to do. “Most companies can hook […]

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Thursday, August 27, 2015

Updated ccMiner 1.6.6-git fork by tpruvot for Windows

ccminer-1-6-6-git-tpruvot

While there is still no official release of the ccMiner version 1.6.6 frok from tpruvot since there were requests from readers, we have compiled a Windows binary from the latest (source). The latest version includes numerous improvements including performance optimizations, there is support for the new Lyra2REv2 algorithm now available as well as some other algorithms. Our Windows binary is compiled with VS2013 and CUDA 6.5 and supports Compute 3.0, 3.5, 5.0 and 5.2 GPUs, but do have in mind that not all of the supported algorithms may work on older Compute 3.0 GPUs. You can download and try it below, there is an example BAT file setup for testing the multiple pool support.

To download the latest ccMiner version 1.6.6 by tpruvot with various improvements for Windows OS…

Ethereum Still With Little Users, Yet Showing Big Potential

ethereum-unique-addresses-chart

Do you wonder how big is the number of Ethereum users roughly about one month after the official start of the alternative crypto currency? There is an interesting chart over at Etherscan (Ethereum block explorer website) that shows the growth of the number of unique Ethereum addresses (wallets) in the blockchain. Up until now the number of unique addresses are a little over 18 thousand, though the number of actual users is probably higher. This simply means that Ethereum needs to get more user friendly in order to increase its community of users as at the moment it is still quite hard for the average crypto currency user to get started with Ethereum. We have already prepared multiple Ethereum guides to help new people to get started, but there is still need for more work done for an Ethereum client with easy to use GUI, better miners and so on.

augur-crowdsale-state

And even though that Ethereum is still very new and the actual user base is small and slowly growing, it is already showing a lot of interest and huge potential. Let us take for example just one of the decentralized applications that will be using EThereum’s network – Augur, their crowdsale currently running has already passed the 4 million USD mark in BTC and ETH collected from users. There are already tens of decentralized applications that will be using Ethereum’s network that are currently being developed, so there is a big potential for Ethereum to grow and be widely used. And we are not talking just about the underlying crypto currency called Ether, but about the whole idea of the Ethereum that you can say takes crypto currencies to the next level. But in order for that potential to realize as we have mentioned Ethereum needs to get more user friendly and not stay focused only on programmers or advanced users that are currently a big part of the people using it.

More US Colleges & Universities Offering Bitcoin Courses In The Fall

Bitcoin penetrated American academia for the first time in 2014, as top-ranked US universities New York University and Duke University offered their inaugural cryptocurrency courses that year. Since then, Bitcoin courses at US colleges and universities is a new trend.  NYU and Duke were each ranked in the top 10 in relevant categories in the US News and World Report. NYU’s first course was called The Law and Business of Bitcoin and Other Cryptocurrencies. The Duke course was called Innovation, Disruption and Cryptoventures, with a research emphasis on potential businesses that use the block chain. Princeton offers a course, Bitcoin and Cryptocurrency […]

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Investor Michael Terpin On Bitcon Consumer Adoption: "The Consumer Market Is Responding"

Well-known Bitcoin investor Michael Terpin believes Bitcoin is now at the point in its evolution where Bitcoin firms can reach out directly to the consumer, citing Purse.io as an example of success in this pursuit.  “I think now we are the moment in Bitcoin where enough of the infrastructure has been built up we can serve the consumer,” Terpin said. “In January 2014, I said at a conference that you could not have the Google of Bitcoin until you have the Yahoo, and you can’t have the Netscape until you have the Cisco. Cisco is the mining equipment and brick-and-mortar […]

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Financial Bloggers Have Been Predicting the Economy is About to Crash Thanks to a Biblical Calendar

If you pay any attention to the financial blogosphere you might have noticed talk of an impending economic collapse coming to the US and world this Fall. The Economic Collapse Blog issued a “Red Alert” for the last six months of 2015, for instance. In early 2015, The Economic Collapse Blog's Michael Snyder wrote a piece entitled, “The Shemitah: The Biblical Pattern Which Indicates That A Financial Collapse May Be Coming In 2015.”  He, like many of the internet analysts predicting an economic collapse around the end of 2015, cite something called the Shemitah Calendar as a reason for their […]

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Wednesday, August 26, 2015

Bitcoin-XT: A Design Review

The new Bitcoin-XT client - which essentially forks the Bitcoin block chain - has been the subject of much controversy in recent weeks in the Bitcoin community. So much so that coverage has leaked into the mainstream media causing wild fluctuations in the Bitcoin price. Some do not consider BXT to be Bitcoin. Instead, they paint it as an alt-coin.  The debate centers on whether or not certain changes in Bitcoin’s code should be implemented. If such changes are implemented then Bitcoin’s block size - the part of the code that controls the number of transactions which take place - […]

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Bitcoin Price Advancing Slowly - Or Is It?

Bitcoin price has bounced from the recent low and is meandering with no clear direction - now up but with so much zigzagging - and then lower but the sellers don't have the stones to do what they really want in the chart. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 13h29 UTC Bitstamp 1-Day Chart From the analysis pages of xbt.social, earlier today: The 1-day Bitstamp chart shows price trading under […]

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John McAfee Thinks He's Cracked The Ashley Madison Case

John McAfee, one of the most influential cyber-security personalities in the world, writes for the IBTimes UK that Ashley Madison was not hacked.

The post John McAfee Thinks He's Cracked The Ashley Madison Case appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Plan Emerges To Prevent Two Versions Of Bitcoin

A plan has emerged to heal the rift between the established bitcoin and the newly-introduced Bitcoin-XT by adopting some of the ideas behind Bitcoin-XT but preventing the spread of a different version of the currency, according to Bloomberg. A group of bitcoin backers, including BitPay, Blockchain.info, Circle and KnCMiner.com, wrote a letter this week in support of the existing version of bitcoin—provided it adopts some of the central proposed by Bitcoin-XT’s developers, Gavin Andresen and Mike Hearn. Andresen and Hearn were receptive to the proposal. Fork Threatens Bitcoin's Growth Bitcoin-XT has threatened to split the community of hackers, developers and […]

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Tuesday, August 25, 2015

Updated Windows Binary of the ccMiner 1.5.61-git Fork by SP for Maxwell

ccminer-1-5-61-git-spmod

Here comes a new update in the form of a new Windows binary release compiled from the latest Git source code of the ccMiner 1.5.61-git SP-MOD fork of the Nvidia GPU miner optimized for the latest Maxwell-based video cards by SP (source). The latest version includes a lot of fixes and some hashrate improvements, including proper hashrate report on pools for Lyra2Rev2 and higher performance, we are glad to see that solo mining is yet again working as it seem to have been broken in the last few versions. Do note that the SP-MOD fork of ccMiner is designed for Nvidia Maxwell GPUs such as the already available GTX 750, 750 Ti as well as the newer GTX 960, GTX 970, GTX 980 and GTX 980 Ti and GTX Titan X. The Windows binary release we have made available here is with support for Compute 5.0 and Compute 5.2 GPUs or with other words only for Maxwell-based cards compiled with CUDA 6.5 and VS2013.

To download the latest ccMiner for Maxwell version 1.5.61-git by SP for Windows OS…

Bitcoin Value: An Unsafe Haven

Bitcoin price has failed to push higher in the chart and now cannot avoid the strong bearish influence of the green 20MA crossing below the red 200MA in the daily chart. Our outlook changes from consolidation into advance, to correction into decline as bitcoin value is repriced. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Value and Price Analysis Time of analysis: 13h46 UTC Bitstamp 1-Day Chart From the analysis pages of xbt.social, earlier today: In the […]

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Mexican Coffee Chain Begins Accepting Bitcoin At University Coffee Shop

In response to customer requests, one of Mexico’s largest coffee shop chains has begun accepting bitcoin at a university coffee shop. The Café Punta del Cielo coffee shop at the Universidad de las Americas Puebla (UDLAP) has begun accepting bitcoin payments through Bitso, a Mexican bitcoin exchange. Café Punta del Cielo is a gourmet coffee producer and distributor operates more than 100 coffee shops throughout Mexico. The agreement marks another stage of growth for BitsoPagos (BitsoPay) since the Bitso-based merchant service business launched this past February. Another Payment Option For Students “With BitsoPagos, Punta del Cielo can offer another payment solution […]

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Financial Markets are in Turmoil, Crypto Prices are Down

bitcoinwisdom-bitcoin-price-chart

This weeks did not start well for the worldwide financial markets, and things were especially not good in USA and China as a result the exchange rates of Bitcoin and Litecoin as well as other crypto currencies are also down. The crypto currency price volatility is not something new, but the exchange rates dropping at this particular moment, especially for Litecoin, are not that good. Today LTC is expected to have its first block reward halving and the price going down to as low as $2.5 USD means that the mining profitability after the halving will be awfully low if any at all. Though later today we are probably going to see some recovery for both Bitcoin and Litecoin that will also most likely rise the fiat exchange rates for other alternative crypto currencies as well.

Back on to mining LTC, we had high hopes for SFARDS to have their new generation dual-mining ASIC capable of mining simultaneously SHA-256 and Scrypt-based crypto coins such as Bitcoin and Litecoin. The more interesting parts with the SFARDS SF100 miners is their high hashrate for mining LTC only with very low power consumption, roughly 1/3 of the closest competitor in the form of Innosilicon and their A2 Terminator chips. Unfortunately SFARDS is late, they are apparently going to miss the opportunity to release the hardware before the block reward halving, so their pricing will either have to go even lower in order to get user interest if/when they have wider availability. In fact some people have apparently received first batch units from SFARDS earlier this month, very limited early availability, and the feedback was not only positive. It seems that aside from the high initial price of the miners, there is more to be desired from the build quality and in terms of reliability as well. Meanwhile it seems that Innosilicon is selling well their A2 miners as they are currently the best you can get on the market and with good price policy and availability people that want to mine for Scrypt coins such as LTC have no other choice for ASIC miners.

We are going to see how things will work on for Litecoin, but meanwhile it is already experiencing a strong competition by Ethereum (ETH) in terms of market capitalization. Ethereum has been in development for quite a while, but mining has been officially launched at the end of last month along with the network starting to support transactions a few days later. The current high market capitalization of Ethereum is due to the availability of 72 million coins prior to the mining even starting, 60 million of which were sold to early investors and another 12 million to be distributed to early supporters. AS for the mining part, we have not even reached 1 million coins mined by users as we are getting close to the first month of mining. The expected rate of mining for Ethereum is about 30000 ETH a day or less than a million a month, but this does not mean that there are actually very few coins available. At the moment the daily trading volume of Ethereum is between half a million and a million coins, lately a bit lower because of the general drop in price. On the other hand Augur (upcoming application using the Ethereum network) is currently running their crowdsale and have already collected over 1 million Ether coins from users and close to 10000 BTC. So we are going to be keeping a close eye on the Ethereum development as well.

Global Economic Outlook: Market Turmoil

After several few weeks of uneasy quiet following the June and July disruptions international markets, on Monday, began showing signs of volatility that finally erupted into equity and commodity sell-offs that spilled into the currency markets. This is the kind of turmoil that results from investor psychology and is beyond the control of central banks and policy makers. This post is powered by the Bitcoin Trading Network xbt.social - CCN29 and get 29USD off! Economic Indicators World Indexes and Forex Rates   Commodities In the Calendar This Week Tue 25 August UK CPI y/y (expected: 0.0% previous: 0.0%) US Consumer […]

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Monday, August 24, 2015

Bitcoin Price Scraping The Bottom

Bitcoin price has decreased in range and volatility as the XT cult and bitcoin sceptics continue selling hopelessly into the support floor. Without institutional support, the move cannot pull to lower lows. We have to wait for the doldrums to subside on their own. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 15h08 UTC Bitstamp 1-Hour Chart From the analysis pages of xbt.social, earlier today: Little change in price action and our […]

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More Bitcoin Companies Endorse Bigger Blocks and BIP101

blockchain-logo

Blockchain, along with other big names in the Bitcoin industry have just released a public letter in support the implementation of BIP101 and larger Bitcoin blocks. Other companies that have signed the document include BitPay, Circle, Kncminer, Bitnet, Xapo and Bitgo and other companies are encouraged to join. Below is the document quoted and you can also find a link to the contents and signatures of the presidents and CEOs of the companies that have signed it:

Our community stands at a crossroads. The debate about which path to take has, by and large, been a healthy one, and we have not interposed our own positions or interfered in the discourse. Until today, our involvement has consisted of listening, researching and testing. We believe that work is complete, and it is time to communicate our view in a clear and transparent manner.

After lengthy conversations with core developers, miners, our own technical teams, and other industry participants, we believe it is imperative that we plan for success by raising the maximum block size.

We support the implementation of BIP101. We have found Gavin’s arguments on both the need for larger blocks and the feasibility of their implementation – while safeguarding Bitcoin’s decentralization – to be convincing. BIP101 and 8MB blocks are already supported by a majority of the miners and we feel it is time for the industry to unite behind this proposal.

Our companies will be ready for larger blocks by December 2015 and we will run code that supports this.

As our community grows, it is essential – now more than ever that we seek strong consensus to ensure network reliability. We pledge to support BIP101 in our software and systems by December 2015, and we encourage others to join us.

Note that the companies that have signed the letter are pledging that they will be ready for larger blocks by December 2015. Some of the large Bitcoin mining pools have already implemented support for larger Bitcoin blocks, but there is still no consensus among all players in the Bitcoin ecosystem about the matter. We too believe that Bitcoin needs to start using larger blocks in the future in order to be able to scale up with the increased usage, but as to how this should be implement is a different story however.

To see the signed copy of the letter in support of bigger blocks and BIP101 in PDF format…

Suprnova With New Ethereum Mining Pool as Well

ethereum-suprnova-mining-pool

It seems that there is new wave of Ethereum Ether (ETH) mining pools, but the good news is that the next new pool is not operated by some unknown entity, but is instead launched by Suprnova. This means a familiar interface for miners that requires registration, but if you already have one for any of the other Supernova pools you can also use it for their Ethereum pool as well. And while the new Ethereum Supernova pool is still in live beta as it is still being worked on, you can expect good quality of service and reliability, as well as response to possible issues. So definitely a place you might want to check for your Ethereum mining pool needs. The Suprnova Ethereum mining pool allows for automatic and manual request of payouts at any time provided that you have a balance of minimum 0.01 ETH and there is a 0.001 ETH transaction fee applied to payouts.

Getting started with Suprnova:
ethminer -G -F http://ift.tt/1MOeXiW

The above command line is an example you can use to get started mining with ethminer at Supernova, you just need to replace the example yourworker.1 with your own worker and the default hashrate value of 20 (suitable for a single high-end GPU such as Radeon 280X) to the respective hashrate of your mining rig and you are ready to go (registration is required for the pool and you need to create workers if you don’t already have). The above example is for mining using the OpenCL version of ethminer, for using the CUDA fork you need to replace the parameter -G with -U and you should be ready to go. If you are new to Ethereum you might want to first check out our Quick Guide on How to Mine Ethereum on Windows as a good starting point.

To check out the new Ethereum mining pool at Suprnova that was just launched…

Kim Dotcom Just Warned About a Significant Global Stock Market Correction on Twitter, tells followers "Get some #Bitcoin"

Kim Dotcom, the outspoken founder of Megaupload, Mega and other firms, recently tweeted about the Chinese Stock Market. The Chinese stock market experienced turbulence in late July and early August and since global stocks have taken a slide.  Is the China bubble ready to pop? A significant global stock market correction is imminent? Get some #Bitcoin. Just in case. Thank me later. — Kim Dotcom (@KimDotcom) August 24, 2015 In the tweet, he suggests his Twitter followers "Get some #Bitcoin." Dotcom, a German-Finnish Internet entrepreneur, businessman and political activist, was accused of criminal copyright infringement and other charges by the […]

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AlphaPool is Yet Another New Mining Pool for Ethereum

alphapool-ethereum-mining-pool

AlphaPool is a new mining pool for mining Ethereum’s Ether (ETH) coins that has just been launched today, bringing the total number of active pools to 5. While it is never a bad thing to have a choice between multiple mining pools, a few days ago there was just one – Ethpool and when it stopped accepting new miners people had to go solo until new pools started appearing. We are still yet to see someone release open source code for a mining pool for Ethereum however. But back to AlphaPool, it promises some nice things to miners, that is why competition is good, no transaction fee and 0% pool fee for the first week then just 1%, there is also no mention of a minimum amount of Ether to be mined before a payout. One drawback however, there is no option for users to set their miner’s hashrate (difficulty) through the miner which can make it pointless for low hashrate miners to try mining at the pool as they may not be able to get much shares solved and submitted. Since this is a brand new pool there are not much miners on it yet, so it may take a bit more time before enough people gather for blocks to start getting solved.

Getting started with AlphaPool:
ethminer -F http://ift.tt/1V3Y4C7 -G

The above command line is an example you can use to get started mining with ethminer at AlphaPool, you just need to replace the wallet address with your own Ethereum wallet and you are ready to go. Do note that the URL of the pool and the mining address for it are slightly different. The above line is for mining using the OpenCL version of ethminer, for using the CUDA fork you need to replace the parameter -G with -U and you should be ready to go. As already mentioned there is no user set variable to allow for setting up the miner hashrate (difficulty) through the ethminer command line. If you are new to Ethereum you might want to first check out our Quick Guide on How to Mine Ethereum on Windows as a good starting point.

To check out the new Ethereum mining pool called AlphaPool that was just launched…

Sunday, August 23, 2015

Augur Breaks The 1,000 BTC Mark in Prediction Market Crowdsale

Augur has launched the world’s first decentralized prediction market that would be open to the general public. Prediction markets work on the idea that large groups of people are able to make much more accurate predictions than, small teams of experts. Augur enables participants in its prediction markets to now put their money where their mouth is. Participants back their beliefs by placing wagers on the outcomes of diverse events, that range on everything from politics, the economy and even the environment itself. The funds are stored securely on Augur’s platform, and are accessible only to the owners of the […]

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WeiPool, One More New Mining Pool for Ethereum

weipool-new-ethereum-mining-pool

It seems that there is another new mining pool foe Ethereum’s Ether (ETH) coins that has just launched. The new pool is called Weipool and offers a simple web-based user interface for mining Ether coins with the help of ethminer, you can use our Quick Guide on How to Mine Ethereum on Windows, if you are still new to Ethereum. The new pool does not yet have a lot of miners and it is supposed to do payouts every 12 hours if your balance is more than 1 Ether, with 0.01 Ether tx fee and currently 0% pool fee for the first week (1.5% fee after that). Since it is a new pool it may take a while for miners to gather and for the first blocks to get solved, so be careful and do have in mind what happened with Pooleum – a new Ethereum pool that seems to have completely disappeared now. The Weipool does have user controllable hashrate (difficulty) setting, so it should be suitable for miners with lower hashrate. We have tested the pool and currently it does seem to work fine and shares are being accepted, so you might want to check it out.

To check out the new Ethereum mining pool called Weipool that was just launched…

Litecoin Block Reward Halving Countdown

litecoin-block-reward-halving-countdown

There are just about two more days left before the first Litecoin (LTC) block reward halving occurs, this should happen sometime on Tuesday, August 25th. Litecoin’s block mining reward halves every 840000 blocks or roughly in 4 years, and we are going to see the first halving that will bring the coin reward down to 25 coins from the current reward of 50 coins. The total Litecoins mined when the first block reward halving occurs will be 42 million and for the next 4 years before the next halving occurs there will be 21 millions more LTC mined. The question how will the halving affect Litecoin (LTC) and especially the price of the alternative crypto currency is the one that miners are continuing to be asking as the day approaches. If you want to keep a track of when exactly the Litecoin block reward halving will occur, then you should know that there is a countdown on a dedicated website just for that available.

To visit the dedicated Litecoin Block Reward Halving Countdown website…

Bitcoin Trading: Advance or Decline - It's Up To You

Bitcoin price has returned to its support floor for the third time in 2015. Traders must now decide what they want for this chart. The choice seems obvious - provided you understand the value of Bitcoin and its role beyond our generation. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 13h07 UTC Bitstamp 1-Day Chart From the analysis pages of xbt.social, earlier today: Our long-term outlook of a zigzagging consolidation to the […]

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Stanford University to Offer Cryptocurrencies Course in September Through Cyber Security Program

Recognizing the need for advanced engineering to ensure privacy and protection of digital assets, the Stanford University School of Engineering in Stanford, Calif. will offer a new course on this subject in September. The course is called Crypto Currencies: Bitcoin and Friends (CS251). The course will run from Sept. 21 to Dec. 9, 2015. "The technology behind Bitcoin and other crypto currencies can be an indispensable tool for protecting information," said Dan Boneh, a professor of computer science at the school who will be teaching the course. Boneh said virtual currency has the potential to revolutionize business payment transactions. The […]

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Saturday, August 22, 2015

Bitcoin Price Nearing Support

Bitcoin price has been slowly declining today and made a tentative spike toward support a few hours ago. Currently, price is above support but sellers keep piling in and with US traders joining the market soon, selling may intensify. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 15h30 UTC OKCoin-3Mth-Fwd 15-Minute Chart From the analysis pages of xbt.social, earlier today: Compression of the MAs at the 15min candle timeframe was followed by […]

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Getting Started with Ethereum Using cpp-ethereum

Our previous guides regarding mining and using Ethereum’s Ether (ETH) coins were based on the Go Ethereum implementation (source) as we find it easier to be used than the C++ implementation of the Ethereum client (source) even though we are actually using ethminer for the actual mining which is a part of cpp-ethereum and not go-ethereum package. The Go Ethereum implementation (geth) only comes with built in support for CPU mining, while the C++ implementation (eth) contains support for OpenCL GPU mining both as a part of the client as well as a separate miner (ethminer) and there is also a fork of ethminer with CUDA support available (source).

So now it is time to get started with using the cpp-ethereum (eth) client for creatng a local wallet and for mining both solo on a local system or on an Ethereum mining pool using eth and ethminer. Our guide is for using eth and ethminer on Windows with binaries provided only for that OS (version 0.9.40 64-bit), though the usage should be the same or very similar on other operating systems, but you will need to compile or get binaries for the respective OS. We have tried to make the guide easy and simple to follow, so that you can begin using Ethereum and mining Ether in just a couple of minutes.

cpp-ethereum-getting-started

First we need to create a local wallet and this is the first thing you will do when you run the eth client software. But before that a word of warning, if you have a working geth installation you should know that both Ethereum clients will use the same folder for the blockchain data by default, though the contents of the folder will not be compatible. The key files that are needed for you Ethereum wallet however will be stored in different places and each client will use ts own wallet, but we’ll get back to that in a minute. If you want to have two independently working installations of geth and eth, then you might want to use the --datadir parameter for geth or the --db-path for eth to specify different folder for the blockchain data for one or for both applications.

To generate a wallet with eth:
– Run the provided eth-start.bat file and follow the on screen instructions
– You will be asked to enter a master password, this you need to remember as it will be used to encrypt your wallet and you will be asked the password each time you run the client
– The wallet address you will get will be shown under Transaction signer and Mining Benefactor (marked in red in the screenshot above)
– You can write down that address, just add 0x in front to indicate that it is a hex address foe Ethereum
– Don’t worry, you will be able to get your address listed later on should you not write it down now
– Once the wallet address is generated the client will start to sync the blockchain, this could take some time, especially the first run when there is no data downloaded
– During the first synchronization of the blockchain you might see errors such as DISABLE: Disabling capability ' eth '. Reason: Invalid genesis hash, do not be worried by these, they should stop appearing in a bit

To backup your wallet keys with eth:
– The default datadir for eth is %USERPROFILE%\AppData\Roaming\Ethereum
– However unlike with geth with the eth client the key files are not stored inside the datadir
– You can find the wallet key files inside %USERPROFILE%\AppData\Roaming\Web3\keys
– Just backup the key files and on new installation you can just copy them back to make things work
– Make sure that you remember the password used to encrypt the wallet keys, otherwise you will not be able to access them

ethconsole-commands

With the eth client you would need to run a separate executable in order to get access to the console and be able to type in commands such as to see your wallet address or balance or to send coins to someone. In the geth client for example the console is built in and you can access it if you invoke it through a command line parameter when running the geth client. With the eth client you need to have the client running with eth-start.bat and then you need to run the eth-console.bat to access the console. You should run the console via the provided BAT file instead of directly through ethconsole.exe even though there are no parameters being sent via the batch file, the reason for that is that if you run the EXE file directly you will not be able to copy and paste into the console.

Another difference in the eth client console as opposed to the geth client is that here there are no shortcuts that can save you time when typing commands, you need to type the full commands here in order for the eth console to do what you need. In the screenshot above you can see that we have typed eth.accounts in the console to see the wallet address, but got an error, even though this command works just fine in the geth client’s console. This is because geth has the eth as a shortcut for web3.eth, but using the eth console you need to type the whole thing as there are no shortcuts, so typing web3.eth.accounts will work, the same applies for other commands that use shortcuts that work just fine in the geth client as they will not work directly in the eth console.

Useful console commands for eth:
– To check your account address type in the console: web3.eth.accounts
– To check your account balance type in the console: web3.fromWei(web3.eth.getBalance(web3.eth.coinbase), "ether")
– To send Ether coins to someone type in the console: web3.eth.sendTransaction({from: 'your_address', to: 'recipient_address', value: web3.toWei(1, "ether")})
– In the above line of code make sure to set properly your address and the recipient’s address as well as the value you need to send, in the example above it is set to 1 Ether

Next up is mining with eth and ethminer, if you’ve followed our guides for using geth then you will probably already be familiar with the use of ethminer for solo mining as well as for pool mining. The pool mining part is the same here, but we are going to cover it anyway for the people that are new to using ethminer. The Windows binary package available for download below that you can use to get started contains eth as well as and ethminer for OpenCL and CUDA, do note that you can also use OpenCL on Nvidia GPUs and not only run them in CUDA mode. And while the geth client contains build in mining option that can only use the CPU, the eth client comes with a build in functionality for mining both with the CPU and OpenCL (the same mining functionality that is made available thorugh ethminer).

Getting started solo mining with eth and ethminer:
– First you need to make sure you are running the eth clint with eth-start.bat
– Then you need to run a second instance of eth in mining mode with eth-mine-local.bat
– The above example will work if both instances of eth are running on the same system, if you want to connect multiple miners on different machines to a single eth instance for solo mining you need to enter the ip address of the system running the eth client in the eth miner instances
– You can run ethminer instead of eth for solo mining by just replacing eth with ethminer, the mining command line remains the same for both and when the eth client is running in mining mode it behaves just like ethminer

Getting started pool mining with eth and ethminer:
– You can use the eth client in mining mode for pools as well, just run eth-mine-pool.bat
– To run ethminer mining in OpenCL mode in a pool you can use the provided examples for the currently working pools ethminer-ethpool.bat, ethminer-nanopool.bat, ethminer-ethereumpool.bat

The example BAT files contain the pool information, you will need to enter your wallet address as well as to modify the pool difficulty if the pool supports it (only nanopool does not). Have in mind that currently ethpool is not accepting new miners, so you will need to use some of the other two pools available if you are just starting with mining. You can also check our guides for pool mining with geth and ethminer as well as the other one for solo mining with geth and ethminer if you are interested and decide which one works for you better.

Download eth and ethminer compiled for Windows and ready to be used…

Reader's Opinion: Bitfinex “Beta” Platform Fails end Users… and Disappearing Support!

Just like the buying support in the Bitcoin marketplace, Bitfinex support disappears in times of crises. Consider this scenario, which actually happened to me a few days ago. You are trading on margin at Bitfinex, and on the correct side of the direction of the market… the price is falling and you have a target price set to buy, and your order is on the books. Your target price has passed on all the tickers… except your account doesn’t update on your Bitfinex account information page, … at all. You have no idea if your order was filled, or what […]

The post Reader's Opinion: Bitfinex “Beta” Platform Fails end Users… and Disappearing Support! appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Friday, August 21, 2015

Trees CEO Marshall Hayner: "Cannabis will be a bigger industry than big tobacco... And It needs Bitcoin"

The San Francisco-based dispensary, Trees, wants to hook you up with a cannabis kit, so all of your needs are taken care of in one place. The company acknowledges that - with technology like vaporizers, dabs, and so on, cannabis has become pretty complex (especially after a dome straight to the head). So for that reason, Trees stocks the latest tech and glassware for your blazing pleasure and packages in a convenient form. Medicinal use of cannabis in California has been legal since 1996. While in Colorado and Washington cannabis is recreational, in California, the legalization of recreational is on […]

The post Trees CEO Marshall Hayner: "Cannabis will be a bigger industry than big tobacco... And It needs Bitcoin" appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitmain BM1385, a 4th Generation Bitcoin Mining ASIC Chip

bitmain-bm1385-asic-chip

Bitmain has announced that they have their 4th generation Bitcoin ASIC mining chips in the form of BM1385. The new BM1385 ASIC chip is apparently produced using 28-nanometer process by Taiwan Semiconductor Manufacturing Company (TSMC), capable of 32.5 GHS per chip at just 0.216 Watts of power usage per GHS with 0.66V core voltage. The BM1385 is probably going to be the most power-efficient Bitcoin mining chip ever released to public when it hits the market inside the upcoming AntMiner S7 miners that should be available pretty soon.

Since its founding in 2013, Bitmain has successively released three other generations of chips. The first was the BM1380, which utilized a 55 nanometer process node size. After that came the 28 nanometer BM1382, and then the 28 nm, semi-custom BM1384 chip. The new BM1385 chip is Bitmain’s first to feature a full custom design. This means that the chip engineers have to meticulously lay out each and every transistor inside the chip. This process requires significantly more time and effort than semi-custom chip designs, but can also result in faster processing, lower power consumption, and greater density of transistors. A well-designed full custom chip can attain massive performance gains over digital design and semi-custom design, but along with greatly increased investment required in engineer labor and time, there is a much higher risk that the chip will fail at tape-out – a very costly mistake. Bitmain concluded through internal research that a full-custom 28 nanometer chip could greatly outperform chips built on 14 and 16 nm process nodes without the use of full custom design techniques.

The BM1385 chip powered at 0.66V can attain a 32.5 gigahash per second hash rate with a power consumption of 0.216 watts per gigahash second. When compared to the BM1384, Bitmain’s newest generation of chip has a 45% greater hashrate, while simultaneously consuming 50% less electricity. This has potentially huge implications for the bitcoin mining industry, as it can significantly reduce electricity costs of miners. There are other Bitcoin ASIC manufacturers out there that claim to have better and more efficient solutions or that are working on such, however they will not be made available to end users like Bitmain will with their upcoming AntMiner S7 miners that will be based on the BM1385 chips. The AntMiner S7 Bitcoin miners are expected to be available in the third quarter of the year, so we should see them available by the end of next month. There is no word about expected specifications, aside from the fact that they will be based on the new chips and will be capable of 1 THS at just 230W power usage measured at the wall or with other words more than half the power usage of AntMiner S5 for the same hashrate.

Life Inside a Bitcoin Mine in Iceland

life-inside-a-bitcoin-mine

The Bitcoin cloud mining company Genesis Mining has launched an interesting project called Life Inside a Bitcoin Mine that shows live video feeds from one of the company’s mining farms located in Iceland. The website currently has 3 different streaming webcams that you can check from inside the Iceland Bitcoin mining farm as well as some additional information and other interesting videos. Watching at the live streams from the Bitcoin farm you may quickly get that it is not very fun being inside a mining farm as nothing much is actually happening most of the time when everything is working just fine.

WHY A LIVESTREAM?
As many people don’t know how a mining farm looks and operates, we wanted to give everybody a clear idea about it and provide livestreams of a mining farm from Genesis Mining. Coupled with new, ongoing promotional events, we hope to make this a nice entertainment channel.

To check out the Life Inside a Bitcoin Mine website and the live streaming video feeds…

Bitcoin Exchange Harborly Closes, Seeks Acquirer

Harborly, a Houston, Texas-based exchange that allowed customers to buy and sell bitcoin in their local currency, has ceased trading after more than one year as the owners pursue a new opportunity. The company stated in a blog on its website that it is looking for an acquirer “with the resources to see what we started through to the end.” “We would like to state categorically that Harborly’s shutdown has not been prompted by a hack, fraudulent activity, or by a security-related incident,” the statement noted. “While that may have been true for other firms in the Bitcoin space, this […]

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10 People Who Have Been Called The Inventor of Bitcoin, Satoshi Nakamoto

Below is a list of all the people who have been called Satoshi Nakamoto. Are you among them? Well, on a long enough timeline, you might one day be. Heck, you might even think you are Satoshi. 1 -  Nick Szabo - Blogger Skye Grey linked Nick Szabo to the Bitcoin white paper. Szabo is a long-time decentralized currency philosopher and even published a paper entitled “bit gold” which many consider a precursor to Bitcoin. This has nothing to do with the recently launched BitGold. Szabo has denied being Satoshi Nakamoto. Nathaniel Popper wrote in the New York Times that […]

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Bitcoin Trading Eating Through Sell Orders

Bitcoin trading is slowly ticking price up as profit takers close their short positions. The outlook remains cautiously optimistic without taking a strong position until we see confirmation of the larger trend. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 04h27 UTC Bitstamp 1-Hour Chart From the analysis pages of xbt.social, earlier today: The price pattern since the truncated low is unusual. The waves are well articulated although the price pattern still […]

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Thursday, August 20, 2015

Update Your Ethereum Client if You are Using Geth

geth-updated-116522-fix

Ethereum has multiple options for clients that you can run in order to have your wallet and operate with Ether (ETH) coins as well as to have access to the network. This allows users to choose what client works best for them and what they prefer to stick with and can also help with issues like with the fork of the network earlier today. There was a consensus issue that occurred on the Frontier network at block 116522, mined on 2015-08-20 at 14:59:16+02:00 that has affected geth implementations up to and including versions 1.0.1, 1.1.0 and develop (“unstable 1.1.0”), while eth (C++) and pyethereum (Python) were unaffected. There was a fix for the affected Ethereum clients released shortly after and users are required to update their geth client if they are running it.

Since geth is our preferred Ethereum client software and we have been using it for our guides as well, if you also rely on geth you should update it with the fixed version of geth 1.0.2. We have provided a fixed Windows binary in our mining package below that you can download and update on your system. All you have to do is to stop the old client, replace the old geth.exe with the new one provided and run the new geth client software and you should be just fine. After the update it is Ok for you to see an error message like the one marked in red on the screenshot above, this is normal and the error message should disappear after a while when all clients update to fixed version of geth. You are seeing the error message as you are getting connected to a peer with an older version of geth, so once there are no more peers with the older non fixed version the message alert which will resolve itself.

Download the fixed version of the geth client compiled for Windows and ready to be used…

The Bitcoin Block Size Debate Has Been Going On Since 2013

As this debate on BitcoinTalk demonstrates, the current rhubarb regarding increasing the block size limit in Bitcoin has been ongoing since at least 2013 in a public manner... as well as a heated one. The discussion between the Bitcoin core developers goes on for 26 pages. The most recent post is April 2013. It starts with Peter Todd, who still to this day opposes increasing the block size limit in the manner being proposed via Bitcoin-XT. I fear very few people understand the perverse incentives miners have with regard to blocks large enough that not all of the network can process them, […]

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Bitcoin Price Holding at Support Floor

Bitcoin price slammed down to support yesterday and again tested the $220 and 1450 CNY level overnight (UTC). There is never any justification for calling a bottom without confirmation in the chart, yet, there are technical indications that suggest advance. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 07h27 UTC Bitstamp 4-Hour Chart From the analysis pages of xbt.social, earlier today: An overnight (UTC) decline failed to make a new low and […]

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List of Useful Resources for People New to Ethereum

ethereum-ether-accepted-here

In the last few days things about Ethereum were moving pretty quick and we have posted a lot of information, so we have decided to summarize things to make that information easily accessible to people that re new the Ethereum or are just starting with ETH. Our focus was mostly on the mining and trading Ether (ETH), but there is much more to Ethereum than that, so if you still haven’t looked into it, then you probably should as it is much more than just another altcoin.

Mining Ethereum’s Ether (ETH):
Quick Guide on How to Mine Ethereum on Windows
Quick Guide on Solo GPU Mining Ethereum on Windows
ETH Nanopool, One More New Ethereum Mining Pool
Ethereumpool, Yet Another New Mining Pool for Ethereum
Pooleum, a New Ethereum Pool In Pre-Alpha Phase

Useful information regarding Ethereum:
Ethereum Mining Profitability Calculator
Where You Can Buy and Trade Ethereum’s Ether (ETH) Coins
Track Ethereum (ETH) Prices with Ethereum Wisdom
Blockchain Explorers for the Ethereum Network

Other useful information about Ethereum:
How to Backup Your Ethereum Wallet and the Blockchain
Use Ether Wallet To Generate Online and Paper Wallet for Ethereum

It seems that Ethereum has managed to bring back a lot of GPU mining hardware that was taken offline and has managed to sparkle the interest of miners that were fed up with all the different altcoins. It is good to see that the project is finally moving forward and we are expecting to see a lot of good things in the future as well coming from the decentralized apps built on top of the Ethereum network such as Augur for example.

Is There A Privacy Backdoor In Bitcoin XT?

New code advertised by Bitcoin developers Michael Hearn and Gavin Andresen has proven controversial within the Bitcoin community. Bitcoiners are now distressed over what appears to be a privacy backdoor - or bug -  in a new proposed fork. Andresen and Hearn have called the new fork “Bitcoin XT," and designed it to take the place of the existing Bitcoin protocol. The Bitcoin XT project apparently bans Tor nodes. Pseudonymity has been a favorite feature of Bitcoin since its introduction to the world by the unknown programmer, Satoshi Nakamoto. Whether or not Tor nodes being block is a backdoor or […]

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Wednesday, August 19, 2015

CoinWallet Plans To ‘Stress Test’ Bitcoin To Make The Case For a Larger Block Size

CoinWallet, a London, U.K.-based bitcoin wallet, says it will conduct a stress test of the bitcoin network in early September that will render most bitcoin wallet software worthless and create a “nearly 30-day backlog,” according to the International Business Times. They plan to accomplish this by flooding bitcoin wallets with small amounts of bitcoin. CoinWallet’s purpose is to convince developers and miners to implement a hard fork. The upcoming stress test is not CoinWallet’s first such attempt to make the case for increasing the block size. "As part of this test, I will be reconsolidating more than 150 Bitcoin that […]

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Bitcoin Advocates Take Square off Over California Virtual Currency Regulation

A proposed California law to regulate virtual currency has drawn mixed reactions from industry advocates, in stark contrast to the New York BitLicense that met united industry opposition. AB 1236 sponsored by Assemblyman Matt Dababneh requires virtual currency companies to be licensed. The measure passed the Assembly in June and awaits Senate action. The Electronic Frontier Foundation (EFF), based in San Francisco, has launched a petition opposing the measure. Coin Center, a Washington, D.C.-based group, supports the bill, calling it a cautious and well-researched approach to virtual currency regulation. Both groups opposed the New York BitLicense, which recently took effect. […]

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Updated Ethereum Ethminer with Nvidia CUDA Support

ethminer-cuda-new

Genoil, the developer of the Ethminer fork with Nvidia CUDA support (source) has implemented some updates to the code of the project contributed by SP and tpruvot that reduce the load on the CPU when the miner is running. Also the default worksize has been increased form 64 to 128, but other than that there should be no changes affecting the performance of the miner. The reduction of CPU usage may come at the cost of slight hashrate drop, but there is a command line parameter now that you can use to stick with the higher CPU load and get the slightly higher performance --high-cpu-load, so it is up to you to decide. We have updated our package with Geth and Ethminer for OpenCL and CUDA with the latest version of the Ethminer CUDA binary for Windows (requires 64-bit Windows), so you can download and try it. The Ethminer CUDA fork should work on Compute 2.0 or newer GPUs, we have tested it with a Compute 2.1 and it is working fine, but don’t forget that you can run Ethminer in OpenCL mode as well on Nvidia-based video cards and not only on AMD if you are having trouble with the CUDA support or the hashrate you get is lower as compared to OpenCL.

Download the updated Ethminer CUDA fork compiled for Windows and ready to be used…

Ethereumpool, Yet Another New Mining Pool for Ethereum

ethereumpool-co

There is yet another new mining pool for Ethereum’s Ether (ETH) coins that you can try, this is what seems to be the fourth one we know about and the third alternative to ethpool. Ethereumpool is with very simple web interface for the moment, but the pool itself does seem to be working pretty well and it comes with user control over difficulty, so it is suitable even for low hashrate CPU mining users. Like with other new mining pools for Ethereum this one is also in beta with a pool fee of 3% while the pool is under development, but the fee should be lowered. The payout method is proportional, though for the moment the pool stats does not report the number of shares submitted by the user as well as the total number of shares for the current block being solved. We do recommend you give the pool a try as although the web interface part is simple as we’ve said the pools seems to work really good for the moment, if you are new to pool mining you can try with our Quick Guide on How to Mine Ethereum on Windows to get started with this new pool.

To check out the new Ethereum mining pool Ethereumpool (in development stage)…

Giant Dump of Ashley Madison's Breached Data Now Online

A 9.69 GB data dump is now online and believed to contain troves of private and confidential information from millions of Ashley Madison users after the infamous data breach that made headlines in July’s breach of the popular infidelity-favoring dating website.

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Bitcoin Price Drops To The Floor

Bitcoin price teetered on the edge of moving average support near $250 before finally rolling over the edge during the cross-over US/Asia-Pacific hours. Exchange charts show that price had sold off to their support floors near $220 and 1400 CNY before stabilizing near $230 and 1500 CNY. Bitfinex saw the January 2015 low of $160 on a downward spike. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 05h11 UTC Bitstamp 1-Day Chart […]

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Tuesday, August 18, 2015

ETH Nanopool, One More New Ethereum Mining Pool

eth-nanopool-ethereum-mining-pool

It seems that now we have another mining pool for Ethereum available, what seems to be the third one actually. The new pool ETH Nanopool is also in a testing phase with a zero pool fee while in testing period and 0.01 Ether fee per payout with payouts made 2 times a day, the payout scheme used is PPLNS. Do note that there could be issues with this pool while it is in beta testing stage, so you might want to spread your hashrate between the two currently open for new miners pools and maybe even solo mining. Ethminer works just fine with this pool and you can use our Quick Guide on How to Mine Ethereum on Windows to get started with this new pool. There is one important different that ETH Nanopool has compared to the other two mining pools already available and that is the lack of user setting for the difficulty. This should not be much of a problem for people with more hashrate, however for users with less hashpower this pool might not be a very good place to try to mine Ehther (ETH) coins.

To check out the new Ethereum mining pool ETH Nanopool (in beta stage)…

Blockchain Explorers for the Ethereum Network

etherchain-ethereum-block-explorer

Blockchain explorers are a very useful tools for any crypto currency as the allow you to follow transactions and diagnose any possible problems when you are sending some coins or should be receiving them. You can also keep track of blocks that have been solved so far and other useful statistical information such as the accounts with the most coins in them and so on. With Ethereum things have been very active since the launch of the Frontier release at the end of last month and the network transactions actually starting to work a few days later. We already have a couple of useful Ethereum blockchain explorers that might be handy for anyone mining Ether (ETH) or willing to do so in the future, or if just interested on how things are progressing with the Ethereum network. Below is a list of Ethereum blockchain explorers that you might want to try out and see which one works best for you and has all of the information that you may need from such a service:

Etherchain
Etherscan
Etherapps
Ethercamp

We are using most of the time the Etherchain blockchain explorer, however the others do have some interesting features as well that might be useful at times, so we do recommend checking them all as we’ll probably see more similar services becoming available as well.

Block Size: Bitcoin Does Not Scale Effectively

This weekend's official XT release was made under pretense that a bigger block size will supposedly increase Bitcoin's capacity and allow more transactions per second, cheaper fees and wider adoption. So why had the decision caused so much controversy and why didn't the Core developers just implement it already? We all want a large scale Bitcoin with maximum participation, don't we? As it turns out, the XT developers are not telling the whole truth and are knowingly putting Bitcoin's future on the line. Decentralised and Trustless by Design Satoshi Nakamoto based the Bitcoin protocol on a Peer-2-Peer network design. Instead […]

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Venture Capitalist P. Bart Stephens Wants Bitcoiners To Solve Spam

Bitcoiners are ready to change the world. Anybody who has met one of the Bitcoin prophets has heard the spiel about how the legacy banking system is no good and it is time to revolutionize the system. P. Bart Stephens, managing partner of Blockchain Capital, has a more modest revolution in mind - getting rid of the spam in his e-mail's inbox. People with public facing email addresses know it all too well. A litany of spam e-mails can bombard an inbox, from penis enlargement, breast enlargement, money left for you in foreign banks, FBI, Treasury Department spam e-mails, and […]

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Pooleum, a New Ethereum Pool In Pre-Alpha Phase

pooleum-new-ethereum-mining-pool

Since Ethpool, the only Ethereum pool up until now, stopped accepting new miners everyone else that wanted to mine for Ether (ETH) had to go solo mining. The good thing is that the community has reacted to this and started working on solutions to this problem with a Bounty being offered for an open-source Ethereum mining pool and releasing a new mining pool even though it is still in pre-alpha phase and there could be a whole lot of issues with it. The new mining pool for Ethereum is called Pooleum and it functions in a very similar way to Ethpool, essentially offering an alternative, though it is not yet so nice looking or with the full functionality. As already mentioned it is in pre-alpha stage and needs some work, but you can try mining with a single GPU if you have more than one at the new pool and reporting any issues you may find, so that we can get a good working alternative to Ethpool in no time. You can use our Quick Guide on How to Mine Ethereum on Windows to get started with the new pool, just replace the pool information, the rest is the same.

To check out the new Ethereum mining pool Pooleum (in open alpha stage)…

Monday, August 17, 2015

Bitcoin Price: 90% of Users Want It Higher

Like all commodity markets the bitcoin price is a mystery to punters. According to polls conducted by the Bitcoin eXTended cargo-cult leadership, the "economic majority" of Bitcoin stakeholders support a fork to larger blocks. To what end? More adoption, they say. What would be the benefit of that? A price and value increase, of course! This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 04h14 UTC Bitfinex 4-Hour Chart From the analysis pages […]

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Gide Principals Liz Conway and Arika Pierce Discuss Regulation of Digital Currency at the Cryptolina Bitcoin Expo

August 17, 2015 – Gide Principals Liz Conway and Arika Pierce spoke on the state and federal regulatory activity of digital currency at the Second Annual Cryptolina Bitcoin Expo in Charlotte, North Carolina on August 15th. Arika Pierce spoke on a panel moderated by Perianne Boring of the Chamber of Digital Commerce entitled Bitcoin & State Level Regulations: What’s Next? “Right now we are seeing states such as California and North Carolina introduce legislation that could negatively impact the bitcoin industry, which is why it is important that digital currency have a seat at the table when these types of […]

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FinCEN Tightens Its Noose Around Precious Metal Traders Using The Block Chain

As financial service firms expand their use of the bitcoin block chain for trading and business activity, the Financial Crimes Enforcement Network (FinCEN) isn’t missing a beat. FinCEN, an enforcement arm of the U.S. Department of Treasury, has ruled that companies using the bitcoin block chain to transfer precious metals are considered money transmitters and therefore subject to anti-money laundering restrictions. The ruling came in response to a letter from an unnamed company seeking clarification on this point. FinCEN posted the ruling on its website to serve as guidance to financial institutions. Firm Requests Clarification The ruling came in response […]

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First Litecoin Block Reward Halving in About 8 Days

There is just a bit over a week before the first halving of the block reward of Litecoin (LTC) happens. In less than 5000 blocks or sometime on Tuesday, August 25th the block reward for LTC will go down from the current amount of 50 to 25 coins. This is the first block reward halving for Litecoin as the coin in planned to halve the reward every 840000 blocks, so it will not be the last one. If you are a miner you might be worried about the price and profitability of Litecoin (LTC) after the block reward halving occurs, though the Litecoin Association feels “it is critical to mention that the price of Litecoin (while exciting) is not paramount to the goal of what we are trying to achieve as a cryptocurrency”. They have even produced an educational video on it, you can watch the clip embedded in this article. If you are a miner that has invested in hardware and still needs to pay back for the hardware before starting to make profit, then an event such as the halving of the block reward cannot be overlooked. If the price of LTC remains at its current level when the halving occurs it will mean that you will be making half of what you are currently earning mining for Litecoin. This could mean that continuing to mine may not be profitable anymore when you add in the price of the electricity you need to pay for example. As a result of this some miners may stop mining and thus the difficulty will start to go down, or the price could go up and thing may balance out again in a couple of days after the halving occurs.

There is no way to actually predict what will happen, but we know that things will balance and the mining and usage of Litecoin will continue after the halving just as it has happened with Bitcoin already. There is still a concern about the future of Litecoin however and it is related to the mining process, as things have moved past GPU mining for LTC and we’ve moved to the ASIC mining period last year things were still progressing well. But we have not seen new ASIC mining hardware and the first generation of miners are already getting obsolete, so fewer miners are still mining LTC and not much new miners are starting to mine LTC (there are other Scrypt coins also). So the block reward halving is actually not a problem for the future of LTC, it is something that should actually help in resolving the issue with mining in one way or another. However as mining becomes more and more unprofitable for normal people mining LTC and only large mining farms remain things may not end up well for the crypto currency in the future if the situation with the lack of new mining hardware remains the same. This is already happening with Bitcoin and if Litecoin follows in its footsteps things may not end up so well with other new alternatives popping up such as Ethereum that can be mined by a regular users with a GPU.

Telebit Enhances Bitcoin Sending Experience With New Android App

Telebit, a bitcoin wallet that allows fast and easy bitcoin transactions to Telegram users, now offers some additional features. Telebit users can now download a companion Android app that offers the ability to send payment requests to other users and integration with Trezor bitcoin wallet, which has added security features. The new Android app marks another stage of Telebit’s journey in making bitcoin more user-friendly and widely-adopted, says co-founder Jonathan James Harrison. The new app builds on the convenience that Telebit brought to Telegram users earlier this year when Telebit launched. Telegram is a free, cloud-based, open-source, instant-messaging app with […]

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Use Ether Wallet To Generate Online and Paper Wallet for Ethereum

etherwaller-paper-wallet

This is an interesting and quite useful tool for people willing to generate an Ethereum wallet without having to install an Ethereum client on their computer for the moment. Ether Wallet is a web-based service that is in the form of a client-side tool (no data is being sent to a server) for generating Ethereum wallets, Ethereum paper wallets and even to send transactions over the network. EtherWallet is an open source and written in JavaScript client-side tool, you can download the source code here and run it directly from your own computer if you have some privacy worries about the wallets generated on the website.

You can of course import your Ethereum wallet generated with Ether Wallet, even if you printed a paper wallet, into geth for example with your unencrypted private key that you need to save into a file. All you have to do is to run the geth client with the following command line where instead of keyfile you need to type the file name of the file you have saved your unencrypted private key in:

geth account import keyfile

You will be asked to enter a password in order to encrypt the key when your account is being imported in geth and the password you enter will be needed in order for you to unlock your account for executing transactions in the future. So make sure you remember your password and then do a backup of your Ethereum wallet in geth.

To try out the EtherWallet service and generate an Ethereum wallet including a paper one…

How to Backup Your Ethereum Wallet and the Blockchain

ethereum-datadir-check-for-backup

Just like with Bitcoin’s wallet.dat file that contains your wallet address and keys and that you need to backup for safety reasons, Ethereum also has a similar wallet file that you should have a spare copy of. With Ethereum the wallet file has a bit weird name and is not just called wallet.dat, but it has essentially the same purpose and the file works essentially the same way as the wallet.dat with Bitcoin and many other alternative crypto coins. Ethereum’s wallet file is stored in the data directory used by the client to store the blockchain and other files, the default locations for the datadir on different operating systems are listed below.

Default datadir locations:
– Mac: ~/Library/Ethereum
– Linux: ~/.ethereum
– Windows: ~/AppData/Roaming/Ethereum

To get the full path of the data directory on your specific system you can run the geth console and type admin.datadir and you will see a result like on the screenshot above with the full path. Note that the wallet file is not stored in the main datadir folder, but is instead placed in a separate folder under it called keystore. Inside that folder you should see a file with a long name starting with UTC--2015..., this is the wallet file you need to backup. Do note that aside from the wallet file itself you will also need to remember the password (or also back it up along the wallet) that you set when creating your account, without the password needed to unlock it the wallet file won’t be of much use.

If you are moving your Ethereum installation over to a different computer or want to have a copy on another system for solo mining for example, aside from a copy of the wallet file you may also want to make a copy of the blockchain, so that the geth client will not need to download the whole thing again from the network. For the moment the Ethereum blockchain is not that big, but as it continues to grow it can become a very time consuming task to wait for the blockchain to download over the network like it already is with bitcoin for example. So here is how you can also export and then import the Ethereum blockchain should you need to do so.

Export and Import the Ethereum Blockchain:
– Run: geth export blockchain_backup
– Copy the blockchain_backup file to the new system (a bit over 60 MB for the moment)
– On the new system run: geth import blockchain_backup

You can also export and import the blockchain data from a geth console mode, however it seems that when ran inside the console it is doing it much slower than the above method. The commands for the Javascript console are admin.exportChain('blockchain_backup') and admin.importChain('blockchain_backup'), so you can try with them as well, but the first example should be faster.

Download geth and ethminer compiled for Windows and ready to be used…

Global Economic Outlook: Rates Hike a Certainty?

International markets are uneasily relaxed today, as investors and speculators position for a September Fed rates hike. Chinese Yuan devaluation surprised markets last week and may have a subtle influence on that hoped-for September outcome. This post is powered by the Bitcoin Trading Network xbt.social - CCN29 and get 29USD off! Economic Indicators World Indexes and Forex Rates   Commodities In the Calendar This Week Mon 17 August Japan Prelim GDP q/q (actual: -0.4% expected: -0.5% previous: 1.0%) Tue 18 August UK CPI y/y (expected: 0.0% previous: 0.0%) US Building Permits (expected: 1.21M previous: 1.34M) Wed 19 August US Core […]

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