Bitcoin's Computing Power Is Growing Again After ...

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Bitcoins Computing Power Is Growing Again After Coronavirus-Related Disruption (current BTC/USD price is $8,821.31)

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Bitcoins Computing Power Is Growing Again After Coronavirus-Related Disruption
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The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
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Cardano's IOHK Plutus eBook; Record Bitcoin Computing Power; $17000 Bitcoin; Litecoin Reward Halved

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Cardano's IOHK Plutus eBook; Record Bitcoin Computing Power; $17000 Bitcoin; Litecoin Reward Halved

Cardano's IOHK Plutus eBook; Record Bitcoin Computing Power; $17000 Bitcoin; Litecoin Reward Halved submitted by cryptoviser to Crypto_Currency_News [link] [comments]

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price submitted by fallenkeith1990 to Bitcoin [link] [comments]

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price submitted by CCNewsBot to CryptoCurrency [link] [comments]

What would be the cost of providing 51% of the bitcoin computing power?

I often read that the computing power by the whole Bitcoin network is 10000x greater than the worlds top 500 supercomputers combined. From my understanding, this is mainly because the mining process requires a totally different way of computing - that's why supercomputers perform so bad at it (relatively). Please correct me if I'm wrong.
So the cost of gaining 51% of the computing power would then be clearly less than 5001x the cost of the worlds top 500 supercomputers. But how high would it then be? How much would it cost to build a computing network (specialized on the mining process) that would outperform the rest of the mining-world?
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Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price

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Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price #bitcoin #eth #fintech https://t.co/M29hqzpTxX - Crypto Insider Info - Whales's

Posted at: July 11, 2018 at 03:07PM
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Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price #bitcoin #eth #fintech https://t.co/M29hqzpTxX
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Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price submitted by BTCNews to BTCNews [link] [comments]

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price

Bitcoin's Computing Power Growth Is Outpacing The Bitcoin Price submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Computing Power is Growing Faster than its Price #blockchain #fintech #ico Mining https://t.co/E90v2XjFMc - Crypto Insider Info - Whales's

Posted at: July 16, 2018 at 03:04PM
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Bitcoin Computing Power is Growing Faster than its Price #blockchain #fintech #ico Mining https://t.co/E90v2XjFMc
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Bitcoin Computing Power is Growing Faster than its Price

Bitcoin Computing Power is Growing Faster than its Price submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Global Bitcoin Computing Power Now 256 Times Faster Than Top 500 Supercomputers, Combined!

Global Bitcoin Computing Power Now 256 Times Faster Than Top 500 Supercomputers, Combined! submitted by explorer4wd to Bitcoin [link] [comments]

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins.

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What would be the cost of providing 51% of the bitcoin computing power? /r/btc

What would be the cost of providing 51% of the bitcoin computing power? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Computing Power

Bitcoin Computing Power submitted by AdamCox9 to Bitcoin [link] [comments]

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins.

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins. submitted by ionised to technology [link] [comments]

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins.

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins. submitted by RealtechPostBot to realtech [link] [comments]

Should we be worried about that mining pools account for 95% of Bitcoin's computation power?

submitted by rockabby to Bitcoin [link] [comments]

The total computing power now dedicated to securing the bitcoin blockchain has set yet another record.

According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July.
Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle.
Assume this additional 6.9EH/s (or 6.9 million tera hashes per second, TH/s) computing power has all come from powerful ASIC miners, such as Bitmain’s AntMiner S17 or MicroBT’s WhatsMiner M20S, both of which boast a mining rate of around 55TH/s and recently hit the market.
That means more than 100,000 top-of-line ASIC miners could have been switched on within the past two weeks. Further, given these products have been sold for at least $2,000 each, this equates to some $200 million in revenue pocketed for major miner makers.
The continued interest in bitcoin mining comes at a time when the cryptocurrency’s price appears to be en route to challenging all-time highs, however distantly, and amid the arrival of the rainy season in China, which leads to cheaper hydropower electricity costs in the country’s southwest provinces – a region that is reported to account for 50 percent of the global mining activity,
Miners in China estimated earlier this year that bitcoin’s hash rate in the summer would break the level of 70EH/s. To be clear, at several single points of time, bitcoin’s hash rate had already crossed that level in June and even reached 80EH/s around Aug. 1.
However, today marks the first time that the two-week average computing power has been able to remain above the 70EH/s threshold. As such, bitcoin’s mining difficulty has also set a new record of nearly 10 trillion.

Market change

Amidst this uptick in mining interest, there have been notable changes in the mining market, where top manufacturers are racing to produce more powerful equipment.
For instance, in Bitmain’s 2018 initial public offering prospectus, the Beijing-based mining giant claimed it had a 70 percent market dominance. Now, it may be facing serious competition from rival players that some believe are capable of shipping more top-of-line products with better profitability.
Michael Zhong, a former mining analyst who now operates mining farms at a startup called Force Mine, told CoinDesk that based on his experience, the production capacity ranking among major Chinese miner makers for their flagship products have changed over the years.
Zhong explained that from 2017 to 2018, Bitmain had topped the list with its AntMiner S9 series miners, followed by Canaan’s Avalon 8 series machines. InnoSilicon, Ebang and former Bitmain design director’s MicroBT were all in the third position at the time.
But from January to June this year, the delivery capacity ranking has reshuffled, with now MicroBT’s WhatsMiner M20 series at the top, followed by Bitmain’s S17 series miners and then InnoSilicon, Canaan, and Ebang, Zhong added.
According to F2pool’s miner profit tracker, Bitmain’s flagship AntMiner S17 Pro ranks third in terms of mining profitability, following BitFury’s Tardis and MicroBT’s WhatsMiner M20S. The cost for WhatsMiner M20S is around $3,000, while that of AntMiner S17 Pro is around $4,000 each, based on the information advertised on the two firms’ websites.
Although orders for these flagship machines have queued up until November and December this year, MicroBT’s founder Zuoxing Yang told CoinDesk previously that the bottleneck of production capacity is the availability of chips from suppliers.
For example, MicroBT uses 10-nm chips for its M20 series, which are relatively more affordable with a higher level of availability compared to more advanced 7-nm chips used by Bitmain for its AntMiner S17 series equipment.
While Bitmain has always been relying on chips supplied by Taiwan Semiconductor Manufacturing Company (TSMC), MicroBT has switched from TSMC to Samsung earlier this year for its flagship products.
Both TSMC and Samsung have estimated in their most recent Q2 earnings calls that the demand for cryptocurrency mining chips will come back in the third and the fourth quarter this year.
Operating miners image courtesy to Hashage
https://www.coindesk.com/bitcoins-computing-power-sets-new-record-as-over-100k-miners-go-online?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
submitted by Muxa84 to Bitcoin [link] [comments]

Worth of the Bitcoin network based on computing power

So I read here that the Bitcoin network (as a whole) has 256x the computing power of the worlds 500 best supercomputers combined with 64 exaFLOPS.
I wanted to figure out how much that is worth, so I went to Wikipedia where the December 2013 price of one Giga-FLOP is .12 cents. Converting this to Exa-FLOPS gives a value of $120,000,000/Exa-FLOP, multiplied by 64 we get a valuation for the combined computing power of the Bitcoin network at $8 billion dollars, pretty close to the value we see today.
Thought this was interesting, forgive me if my maths are incorrect.
submitted by someguitarplayer to BitcoinMarkets [link] [comments]

Is it true that bitcoin became less and less decentralized as the required computing power for mining increased ?

I have read from one of the crypto communities in reddit about this issue and let me qoute one user's response that got me pondering:
"The Bitcoin's Proof-of-Work system is actually a zero-sum game: Only the 'Miner' who was able to solve the recent Hash is being rewarded for his effort, while all the other 'Miners' are at a loss. Since they all invested costly computing power and electricity, and in the end were given nothing in return, they are left at a loss and are more likely to quit from 'Mining' Bitcoin once the losses become unbearable. The problem with this model is that it eventually leads toward centralization. In the end, only the richest and strongest entities, such as governments or corporations, will be able to take part in the expensive task of 'Mining' Bitcoins. That means that just like with the "Survival of the Fittest", in the end, only a small and elitist group of corporations and governments will hold the control over the Bitcoin network (both in terms of reaching consensus and in terms of governing the protocol)."
submitted by Eeji_ to BitcoinBeginners [link] [comments]

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The bitcoin network creates an incentive for people to contribute computing power to verify transactions by awarding bitcoins to a miner who verifies a block (currently 12.5 bitcoins). And more computing power requires more electricity. Although chipmakers continually improve the efficiency of computation relative to power, bitcoin’s automatic reset means that as long as there ... While the growth rate of hashing power may appear anemic, it nonetheless implies that about 5 EH/s in computing power has plugged into the bitcoin network over the past week. The hash rate on the network—that is, the computing power that people are spending on it—has grown drastically over time and tends to fluctuate with bitcoin’s price. This then begs the question—if bitcoin continues to rise in popularity and price, how much more power will be consumed, and will it ultimately be worth the environmental cost? The brand new bitcoin mining issue (a metric which describes how hard it’s to compete to get cryptocurrency rewards about the bitcoin blockchain) is a manifestation of the rise in computing power devoted to mining bitcoin in recent weeks.

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